CL, Going to the 1 min refines the ability to monitor if the price moves against you immediately. If you enter and the price falls below the high of the last bar, that is a red flag. Go to the 1 min. If price and volume continue to degrade, leave the trade. You are not to make routine trading decisions on the 1 min chart. It will fray the nerves. Best Regards Oddi
Thanks. Thats how I read it . Though it is a 1 minute chart, the MACD and STOCH readings are from the 5 minute data. You can see that the volume, MACD,and STOCH readings are identical even though the left chart chart is displaying 1 minute bars and the right is displaying 5 minute bars.
Market opened right into a beautiful rocket this morning. I hope you caught it. The early short rockets are far and away the best ones, imo.
Does this model look like it replicates the basic rules for beginner rockets ? Does not include "wash trade" exit logic.
This looks like automation. Make sure that you have code that will not take the trade if volume does not confirm the breakout. Volume should exceed DU, and price should maintain it's strengh through the next bar. If price goes against you immediately, you could get hurt badly on a spike if you are not there to oversee the trade. On three of you short trades you could have gotten out earlier than you did if you were doing it by hand. There is monitoring that needs to be done, this is not a "set it and forget it" system. Best Regards Oddi