I would suggest looking for the lowest common denominator on the timeframe you are exploring. The floor used to hand chart and trade on a 15 min timeframe as that is when the buzzer sounded. Start there.
I would like to quantify it in order to have a systematic approach to picking the best time frames for trend following strategies. Problem seems to be that I will have correlated equity curves since, my stops increase with lower time-frames in order to avoid constant shake outs.By making stops wider, i am capturing same trends i would on higher time-frame hence defeating the point almost. The lower in time-frames I get the more noise and false break outs I would get.Perhaps my method isn't Robust enough, or there aren't many smooth sustainable trends on 5 in charts and intraday stuff is better suited for mean reversion. Hmm, perhaps its better to test this stuff on many instruments and decide based on performance. Anyways, Nice chart, is that NInja Trader 7? or 6.5? I got a 6.5 collecting dust. Your chart there reminds me of Fibonacci Trader by Krause.Is the code available or something you coded yourself?? Thanks
This is correct. Start with the largest and work to the smallest. If you are trading a 1M chart you must know the significance of the 1 and 4H charts. The number of charts you view will depend on your ability to relate one chart to another and using too many to begin with will throw you into confusion. There is no way a single chart can provide the structural information that multiple time frame charts can.
=============== Sla/Vancouver; Figure 1 year & 10 year charts [ very helpful]-but be sure its long enough to include bull AND bear market/TREND.Not usually true with average 1 year chart................................................................ 1-5 minutes charts are what is called/named noise ; fine for entry, fine to study[because enough 1-5 minute charts add up to 10 year chart]............................................but still noise
Xspurt, here's some unlimited mt4 demo providers http://www.brocompany.com/ https://www.fxpro.com/ http://fxtrade.oanda.com/trade-forex/metatrader/demo-account-setup last week North American brokers changed to 'summer time' while the rest of the world won't be doing so until this coming weekend Broco - Mauritius, Saint-Petersburg, Russia in addition to fx pairs, cfds, and some stocks they also have major indicies and futures contracts FxPro - Cyprus and London, UK office may have an earlier start time of 2 rather than 3pm PST regardless of 'summer time', some futures Oanda - US, Canada, Asia is the only broker ? that uses its own feed - Oanda offers 24/365 trading, doesn't have any holiday closings; while that's ok for their FXTrade platform, I don't want the extra weekend price data included in the charts I have an unlimited demo from Alpari - New York, Moscow, London, UK after asking them to provide me with one: http://www.alpari-us.com/ most fx brokers provide a gold and silver contract, gold/usd some also gold/jpy
I will make this really easy. Beware, the scammers and ET gurus will disagree: All charts show the same info. Any particular chart, such as 4 minutes, or 5 minutes, or 50 ticks, or 500 constant volume, or any unit, has no quantifiable advantage over any other chart. They all show the same info, it's just how it's divided up. There is no magic in fib numbers. Run the fuck away from anyone who tells you you need to use a certain chart value "because it's a fibonacci number." Same thing with perfect squares, or magic numbers, or any other of that voodoo crap. The only time chart values matter is if you need to reference a particular timeframe, such as daily charts. Sure, you can get the daily info from a 5 min chart, but it's much easier to use a daily chart. Or, if you want to see like the high of the first hour or something, that's often easier if you're using hour charts, because it's right there. Other than that, it's all a personal preference of what kind of scale you want the data to appear in. In some cases, you might get data that appears a little more "smooth" by using a certain number of tick chart or constant volume charts, but it's still the same data that you would get from any other chart. It's really a matter of how quickly you want the bars to print, and what you're comfortable looking at. There is no appreciable difference between, say 500 tick charts and 501 tick charts. I encourage you to laugh heartily at anyone who suggests otherwise, because I promise you they are not a profitable trader and are just trying to swindle your money (because the only people who insist on stuff like this are people who sell trading systems). You might not believe what I've said here, so I tell you what; bookmark this post, and if you're still trading in 5 years, come back to it, and you'll see that it's 100% true (most likely after you've lost money by buying and trading unsuccessfully a few systems that claim that magic fibonacci charts hold the answers).
NT 7: multi Data Series - timeframes - setup: Menu/File/New/Chart: in Data Series window, dbl clk on 6E , set Type to 15 min set Session template to 24/7 , OK from chart, Menu/Data Series icon, as above with Type 5 min and Visual/Panel and clk on 1 , repeat for 1 min if using a Chart Template, apply to first chart, and adjust each new Data Series after being applied to the chart slavduja, while your original question has been about Multiple Timeframes, the question is stretching into 'how to trade a price movement' RCG Trader wrote " . . . the waveform you are in." the basis of my understanding, analysis and trading any price movement has been developed over many years, after first reading in 1980 'Elliott Wave Principle: Key to Market Behavior' by Frost and Prechter the problem with Elliott Wave being unreliable, is, the price movement is IRREGULAR and it's not therefore possible imo to predict the forthcoming wave formation what Does work for me is the fibonacci ratio using the Fibonacci 'Retracement' tool for price targeting based on the fibo levels - when the price / wave hits a fibo level it may interact with it - end / change direction so just drawing a fibo on the H-L of a wave is a fug of a lot easier than trying to EW the wave, and much easier to trade with the markets now run 24 hours each trading day there are 288 - 5 min price bars in a 1 bar 24 hour day if your trading session is 8 hours, there'd be 96 - 5 min bars in the 8 hours 480 - 1 min bars in the 8 hours depending on your location, you may or may not be trading during the New York session 8am-4pm EST, only significant because the majority of the trading volume occurs between 7-10am EST large price moves are Not linked to the high volume period, they can and do begin and/or end at any time also, while one may be able to time target the end / start of a wave, it may not occur during one's trading session as said, I believe individual tfs are discrete, and thereby tradeable, provided one has an understanding of the overal trend and where the tf being traded fits within the trend a 5 and 1 min chart is attached to illustrate the simple, basic use of fibos, Standard Error Channel, and 8 hour trading periods in terms of the 2 tfs chart program is MetaStock which has for me the best fibo tool, only because I can use it for C/R fibos as well as P fibos and add / remove fibo levels (the tool re-sets to a default with each new use) and which I prefer to the Fibonacci Extension tool however, one still has to make some sense of 'waves'