My yesterday's trades, only the morning. I ended up flat. Nothing much to say, I was probably not agressive enough, I think it has to do with those High/Low bars, I can't see the momentum as clearly as with candlesticks.
Yes you are very right I think! The 1 min chart, is a to slow of a chart to see what is happening in the very small picture, and therefore as you say - it would serve better as a chart to identify trend reversals. However, IMHO, when you look at big formations like that HS, that clearly take shape in a 1 min chart, watching volume in even such a "slow" chart will serve as an extra edge and confirmation. Like Shakira pointed out, that retest of neckline with much smaller volume is an example of that. Another example can be consolidation after a big trend, which maybe start shaping up to a triangle or some other geometrical shape in a 1 min chart. When that shape is broken, preferably in the same direction as previous trend, it is very helpfull to see volume confirmation in that 1 min chart as well. Here is an illustration of a continuation pattern in a 1 min chart, with volume studies. Maybe not the best example, but with my limited historical data it was the best I could come up with for now. veggen
How about color painting the bars? If bar closes higher than open, light green. - If bar closes higher than open, and higher than previous bars high, dark green. If bar closes lower than open, pink - if bar closes lower than previous bars low, dark red.
Yes this is what I normaly do (with candlestick), but DanioZ just (seem to) have the regular Blue/Red colors.
I use regular High/Low bars. My entry criteria: If i have a trend: 2hh/2hl or db+1hh/hl for uptrend of course then around pivot or tl I look for 3br then wait for magic tick. Magic tick is only a signal, not a price to enter, I send a limit somewhere between high of 3rd bar and low 2nd bar. I limit my stoploss to 3,5pts. I place my stoploss 2 ticks above/below 2nd bar. I merge bars if they have the same low or high. I look for at least 7pts profit, I do not move my stoploss to b/e, never. I move only if there is a new hl or lh. (above or below them) I do not cancel my order so sometimes I'm filled in the next wave for very good price. I hope you can understand what I mean, if not I will try to explain.
If you use 3bar reversal as an entry you don't need any color. You look for only for that formation around specific area and that's all. Strong bars, weak bars, 3br or even stoch cross give probably the same entry but alone is not good entry. You need more confluence - S/R, TL, trend etc.
Beautifull 2B reversal pattern this morning. It happened pretty much exactly on anchor chart 50% fib retracement from previous High/Low swing.
Thank you for your answer. I perfectly understand your explanations, because this is exactly what I try to do. Your entry is what I call "Piscuy's style", having the MT make it unnecessary to look for a strong bar. I ususally enter MKT, because I am afraid of missing a good move. I will give it a try. Its interesting what you are saying about not cancelling orders, when the price retraces that far you get a DB w/ uptrend entry. Thanks for sharing.
Yesterday's chart I was no very proud of me yesterday : I missed the big upmove, and totally f...'d up the DT entry and exit. I was really pissed. The lesson is : 1- I shall not trade break out, or not yet 2- if I'm afraid of big stops necessary for DT/DB plays, I should not play them, or with a smaller size, 3- I shall not sleep in front of the screen ! Have a nice trading day.