Ya that's a tough one, as Ive had a long term relationship with mine. Sad to see MT4 does not support Interactive Brokers, your work is great TRO.
Hey TRO, For any prior bar, price opened, moved, and closed. The current bar opens within a proximity to it (upper, lower, middle), a trade may be entered then price moves and closes. The further left you look on a chart the longer the timeframe you are trading. If price is going up, using price turn you can label any prior low open the point where price turns from green to red. When you say only trade in the direction of muliple timeframe bars are these all bars that have closed? For example prior 30 minute bar up, but current 30 minute bar down, as long as price is above prior 30 minute bar open (and 4 hour bar or next longest timeframe), we would enter on a 5 minute bar price turn up? Thank you for all your contributions.
"When you say only trade in the direction of muliple timeframe bars are these all bars that have closed?" NO! The current candle colors are what matters. - their colors should all agree. If W1 , D1 and H1 are the same color, chances are price will continue in the same direction. When the colors are mixed, you are fighting against someone. This is what gets many traders into trouble. A simple rule of thumb of only being long above the weekly open and daily open, weeds out the "weak" long trades. Of course, after price has moved to or past its usual daily trading range, it is time to look for long exits and take profit. EURUSD this week shows how effective this can be,,, The orange line is the weekly open. Trying to short the EURUSD above the weekly open and daily open this week would have drained YOUR bank. But I would imagine there were a few traders putting their shorts on because of what they "thought". Don't trade what you "think"... trade what you SEE!
The monthly traders would defend their shorting using the same argument that you used to defend the trade of this past week. The same argument could therefore be working in one time frame, and leading to losses in another time frame. Any comments on this seeming inconsistency? If what to do going forward early this week is the question, I would start this week by shorting it at 1.3896 and above.
Could 2) and 3) also run in internal inconsistency? Less trivial inconsistencies could also arise between 1) and 2). Less trivial does not mean they do not exist or that they are not the norm. To trade successfully is to select that which does not have inconsistencies, and to control oneself to stay when one should stay and to get out quick when one should get out quick. It then boils down to knowing the whens and wheres of the shoulds. Trading is about rewarding good judgement using the penalties assigned to bad judgement. As a result, there would always be a small number who judge right, and a larger number who judge wrong. My above mentioned eur/usd "trade" is based on my current judgement of the shoulds at the current price and time of eur/usd. (1), 2) and 3) were added to make reference easier)
EUR/USD is trading 50 pips lower, supporting my thoughts about EUR/USD in the two posts I made above.
It has nothing to do with time frame... it has to do with PRICE!! PRICE IS THE SAME ON ALL TIME FRAMES. If you are short, you are short no matter what time frame you are looking at. Profit/loss has nothing to do with time frames. P/L depends on where price is relative to your entry. Otherwise, all one would have to do is switch time frames to turn losses into profits, which is ludicrous.
If the poster named Peternam could jump in, he might give another explanation of my point as he seems to have understood it.