5 minute setups - do they perform on 60m charts and onward to Daily, Weekly and Monthly charts?

E

easymon1

Do the lessons learned about setups and entry triggers from 5m charts apply equally well to 60m charts and to Daily, Weekly and Monthly charts?

There are two questions here:
1) Do simple price action setups and triggers work in any timeframe?
Yes? - pls go to question 2...
No? - nuff said. Thank you for your input.

2) Yes / No - tell us more...


e.g. The Trend Bar Failure trading setup
"As shown in the many examples above, you can use this price action trading setup in time-frames ranging from intraday trading to longer-term monthly analysis."
https://www.elitetrader.com/et/thre...t-right-here-baby.335635/page-27#post-5571065
>
 
Bottom Line... "Price TA works the same in all time frames and in ALL MARKETS!"

The longer the time frame of the bar, the more of the "action" is masked... but it's all there.

KISS, baby! :)
 
Handle123 said:
Backtesting shows your answers.
More...
Markets change so some setups work better in trending whereas others work better in range-bound markets.
Artistic and intuitive traders have methods apart from this rather concrete attempt at evidence based rationale and those methods are not in this wheelhouse.

Backtesting can take many forms.
Some automated backtesting methods operate over a population of samples numbering in the thousands and over a timeframe of decades.
Sounds great. Be prepared to work a task before the task, learning how to run the automated backtest machine.

Alternatively, some immediate non-automated backtesting can be done by anyone interested in a well defined setup with written rules.
A trader can find online numerous examples of simple setups that include the premise for the trade, definitions, rules and examples.

Many believe that from these beginnings a trader can conclude an aproximate probability of success for trades taken in the future based on the written rules tested on past examples.

What are some ways that you traders have tried over time to test your setups?

Here's one way to go about it. -
If you don't mind being rules based trader you could whip up a list of steps that answer these questions.
What triggers a buy or a sell to open?
What triggers an exit?
Here's the rest...
https://www.elitetrader.com/et/threads/range-bound.365459/page-2#post-5558000
 
easymon1 said:
A trader can find online numerous examples of simple setups that include the premise for the trade, definitions, rules and examples.
More...

A trader should find those, engrave them in stone, and place them on his desk!
 
easymon1 said:
If you don't mind being rules based trader you could whip up a list of steps that answer these questions.
What triggers a buy or a sell to open?
What triggers an exit?
More...

That's all Price TA. You shouldn't have your money at risk until you know.
 
Scataphagos said:
A trader should find those, engrave them in stone, and place them on his desk!
More...
Credit where credit is due...
A tip of the hat to Robert Morse for his post from which this was lifted,

'What is your process?
What triggers a buy or a sell to open?
What triggers an exit?
How do you size your trades?
When you made money, why would you say that worked when you did the same thing on another trade and it failed?'
https://elitetrader.com/et/threads/...solid-trading-plan.340340/page-4#post-5031706
 
Last edited:
easymon1 said:
When you made money, why would you say that worked when you did the same thing on another trade and it failed?'
More...

A message in this... that is, "All you need for the market to knock you on your ass is to keep doing what worked before". What??

That is, the market has "moods", and they change. To succeed, you need to be able to tune-in to changes and adapt your behavior.

If you know Price TA, you can see such changes and keep from making big mistakes.
 
easymon1 said:
Markets change so some setups work better in trending whereas others work better in range-bound markets.
Artistic and intuitive traders have methods apart from this rather concrete attempt at evidence based rationale and those methods are not in this wheelhouse.

Backtesting can take many forms.
Some automated backtesting methods operate over a population of samples numbering in the thousands and over a timeframe of decades.
Sounds great. Be prepared to work a task before the task, learning how to run the automated backtest machine.

Alternatively, some immediate non-automated backtesting can be done by anyone interested in a well defined setup with written rules.
A trader can find online numerous examples of simple setups that include the premise for the trade, definitions, rules and examples.

Many believe that from these beginnings a trader can conclude an aproximate probability of success for trades taken in the future based on the written rules tested on past examples.

What are some ways that you traders have tried over time to test your setups?

Here's one way to go about it. -
If you don't mind being rules based trader you could whip up a list of steps that answer these questions.
What triggers a buy or a sell to open?
What triggers an exit?
Here's the rest...
https://www.elitetrader.com/et/threads/range-bound.365459/page-2#post-5558000
More...
Hello easymon1,

Two simple questions

1. Do you have time and energy to manual back test these setups on X timeframes and Y instruments? X means number of timeframes you want to test these setups. Y means number of instruments you want to test the setups. For example, test setup A on the 2 minute chart and RTY instrument.

2. Do you have time and energy to program and back test these setups on X timeframes and Y instruments? X means number of timeframes you want to test these setups. Y means number of instruments you want to test the setups. For example, test setup A on the 2 minute chart and RTY instrument.

For simplicity , please respond with Yes or No answers.
 
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