Hmm..interesting. So, it would appear that you are saying that the "obvious" to you is very dependent on candle patterns in m5? I've heard others who are at one with the market claim that candle timeframes are irrelevant. Obviously a great looking pin bar in m5 can totally lose it's "look" in m3 or m7....but somehow I don't think it's just about candles patterns viewed in one particular timeframe? A daily candle has infinitely more important information than an m5 candle. I'd be very interested to hear more of your thoughts though
Why Is The Obvious Not So Obvious?
- Thread starter nysestocks
- Start date
Relative importance maybe, based on timeframe, but to a 3minute stop, target, and entry trigger, that Daily candle ain't necessarily more important.
On the other hand, investor looking at a 8mo hold timeframe, that 3min candle ain't necessarily more important.
Depends on context, purpose.
Oh for sure I agree, but yesterday's H,L, close and midpoint (from that daily candle) are all very important points to watch..even for an m1 scalper, wouldn't u agree ?
A picture's worth a thousand words...
https://www.elitetrader.com/et/threads/charts-for-no-reason.344272/page-26#post-5628654
Agree, each has something to offer. It still surprises me that so many traders are of the opinion that 5m charts are noise. Here's the daily chart for today of the 5m 3xLongEtfProxychart linked above. Bar for bar they look to me to have equal portions of 'noise' and 'signal'.
https://www.elitetrader.com/et/threads/my-lord-that-nas-djia-sp500-divergence.368182/#post-5628533
Yes, I've come to the same conclusions as you. There is no "noise". Maybe because players in m1 or m5 who are playing for 20 or 50 pips get a 100 pip spike against them they label it "noise". But the reality may be that it is someone playing the daily or h4 who has stepped in with a massive order as price is at "their" level now. I think it's always slightly dangerous to scalp without regarding where price is on the higher timeframes. But in my experience it is usually some news driven event that is used to move the price quickly and aggressively. So as long as a scalper is not starting trades 5 mins before market open or NFP etc, then they should avoid most of the crazy moves.
Not really. I see a lot of claims, but no proof of any successful trading that's worth the effort trying to solve the so called puzzles of this thread.
If any proof was presented it would quickly spread to all the prey in the market, which would adopt it and become a giant target.
The point of this thread "obviously" flew over your head!
I mean no disrespect by this....
There are only two ways out of this that I can see, to change from being preyed upon:
1. become a predator, which most here are trying to do, it seems
2. become the farmer
Maybe...
To be clear, I didn't expect anyone to post broker statements. But there's no harm making a few calls or live trades to demonstrate actual trading skill.
Certainly it would be far quicker to do than posting all these riddles.
So, this thread is a bit like religion as the OP claimed to hold the keys to the kingdom and everyone is believing without anything else than the claims being made. Seems a bit gullible, doesn't it?
None taken.
I don't necessarily share that view or metaphor. I don't see the market as a competition. It's simply a neutral facility which facilitates trading between buyers and sellers. There's prices going up or down and they will continue doing so regardless of what I do or don't do.
My only job is to be buying when price goes up and selling when it goes down.