Trading from a weekly perspective will offer me too few trade opportunities, plus I have no idea how long it will take me to get into the routine of checking my charts every four hours without fail. On the other hand, this "three-hour-six-hour-flow" indicator looks like it will alert me to from zero to two trade setups per day per foreign currency pair, so I plan to test it out next week. I'm hoping it lives up to is apparent potential, because now that I've published my math book and have it on the market and have recorded most of the song ideas I accumulated in my music and lyric journals over the years, this would be the ideal time to begin trading full bore. (Once the alarm sounds traders must wait for the asset to form a peak or valley, meaning that precise entry levels must be identified by dropping down from one-hour to five-minute or one-minute charts.) That would lead me to begin backing my trades with ever-increasing amounts of capital which would in turn lead me to begin taking real steps to establishing an "incubator prop firm franchise."
I disagree with myself. I SHOULD be concerned with the four hour measures, except on an hourly chart rather than a four-hour chart, or better yet, on a five-minute chart in tandem with the three-hour AND 90-minute measures as well—not to mention the 13-minute price flow too. I should let the three- and four-hour flows inform me as to the direction a given pair is ultimately or will eventually be headed, and look to enter following pullbacks to the contrarian sides of the 13- and/or 90- and/or 180-minute price range envelopes when the gist of the general overall directional tendency of all four of these measures agree. This means I continue to concur with my prior view that I should only trade during the hours I am conscious (awake) and able to hear any alert signals.
Sunday | November 10, 2024 So then, this morning I coded the alert from the one-hour chart configuration I said I planned to test this week adapted to one-minute charts to identify entry opportunities at the granular level...
Taking what one-minute charts suggested with respect to entering intraday positions, and moving it up to five minutes...
Live trading revealed that indicator (above) was actually flawed. Here is the new corrected version...
Okay, but I actually want to be trading more frequently than the above indicator suggests. So, evaluating/analyzing Friday's price action and then moving back down to the one-minute environment, here is the newest culminating alert that is being recommended to me... "Let Me Follow You" indicator
I was looking for buying opportunities on my four-hour charts with respect to the yen pairs, which never came. And if fact, EURJPY and GBPJPY have now turned bearish. I'm therefore shifting to looking to enter short positions the next time these pairs pull back to the north.
The trades executed this morning that were profitable, even when the markets were not trending well, suggested I code the alert pictured below. However, this indicator is not to be trusted in and of itself. It merely sounds the alarm to get my attention when a possible trade setup might be unfolding. The trigger for actually entering a position is when the lower-panel oscillator makes contact with or crawls below or climbs above the upper or lower threshold level, as appropriate (see the pink and pale green vertical lines).