Stories of Life.
THIS is the chart I want to time my trades off of.Can you explain that line? Is that an atr line or MA ? Obviously you cant send out alerts every 5 minutes. Is this an indicator I can set up on my system ?thx.
I thought it was pretty cool, too. It's a 3-line break chart with my Trend Following algorithm applied. I don't know yet if it is tradable, it will take a lot more real time observation. The algorithm works well with traditional bar and candlestick charts, even on 5 and 3 minute charts. Does it work as well with 3-line break charts? We'll have to see about that.
See,I dont know what you mean by '3-line break'.Ive never heard of that.I spent alot of time today watching the S+P on a one minute time frame,sometimes 5 minute,and before the market opened, drew out all the fib retracement points from thursdays wave action and from the ,what I thought was the beginning of the 'wave 5 down'....and the fibs took me to a bottom of 1071-1073...and thats exactly where it went.but I saw all that by charting it on a one,and five minute time frame.I dont know if that happens so precisely all the time but today it did. So I took away from it that its possible to 'time the trigger' on a 1 ,or 5 minute chart.In forex trading thats standard proceedure.Seems logical it could be seen with stock and index price points as well.
Allan,You may find, as I have, that although they appear smooth, these intraday and daily 3-line-breakand Renko charts cannot be traded well. By setting an arbitrary value by which they must move before a new block appears,they are always lagging the actual prices. Additionally, without the candlesticks, the very valuable candelstick patterns cannot be read.I decided not use them for my trading.If you find them useful for success in your own trading, please let us know.In the end, I decided to stick with the traditional candlestick charts.Stan
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