Ross Hooks (or other patterns) entries based off of stop loss distance
- Thread starter trademan1
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The red arrow down on the highest (and most powerful time frame) the 4500 is in a SELL zone so I am looking for a short entry in the 500 congestion. Either the lower high marked by the first red arrow or the divergent double test (second red arrow) on the 500t would be acceptable entries. The trade went about 15 points until it put in a higher low on the 4500 to begin an uptrend.
The point as discussed before is what appears as "chop" is pullback on a higher tf. While the short entry zone was part of a higher high on the 4500, it was still in my sell zone with lower tf's momentum rolling over.
The point as discussed before is what appears as "chop" is pullback on a higher tf. While the short entry zone was part of a higher high on the 4500, it was still in my sell zone with lower tf's momentum rolling over.
I dislike candles, myself: of course, both give exactly the same information, but with candles the visual emphasis is strongly on the opens and closes (which are subjective and user-defined) whereas with bars it's on the highs and lows (which are objective and factual).
Maybe I'm biased through trading price action, but for me OHLC or HLC bars are way easier to use.
You might find it interesting that while charts are still printed using candles in Japan, the candlestick pattern analysis that they invented is virtually dead here in Japan.Nice to see someone using bars instead of candles.
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My printer doesn't take candles, rather ink cartridges, but that's a cool invention - only in Japan I guess, the leaders in technical innovation
Very insightful, and great explanation. Thank you for that.
I will be digesting that for a bit.
One thought, if the larger TF (4500) has more significance than the middle TF (1500), when/what do you really use the middle TF for? It seems as though you could have done a trade based off of the 500 and 4500. (I realize the 1500 offers more information, but it just seemed a mute point in this example as it signaled buy)
I will take a setup off of any of the three charts, it depends on the price action and momentum dynamics across all three. The 4500 is not in play nearly as often as the others but when it is, it's wise to pay attention.
Do you ever take trades against the 4500 if momentum is showing different than the 2 lower TFs?