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Im following along here locust . Im not familiar with your platform do please bear with me . Green = buy , blue = sell and red = sell short ?
I have read through the Toby Crabel epic book but dont use any of his concepts except ORB as an entry technique . Ill admit too that book made my brain numb reading all those stats and primitive charts .
Yes, green = buy / red = sell / blue = exit ( long exit or short exit )
I know what you mean, already looking at the typewriter style his book was printed in, makes you feel sick after a while.
But it is worth it. I am stilling working on the idea of using his setups as a guideline, to come up with similar ideas.
Some of them work already in lower timeframes. Combining them with timezones during the day seems to be another great field. So ultimately a Yale Hirsch - for intraday future trading - e.g. "Don´t buy the CL on mondays between 12:00 and 15:00, buy the CL on tuesdays between 9:00 and 10:00 when you have an NR4......
Interesting and sounds like a big task . Ive done a lot of work with bar patterns and the interrelations between bars and find that most conventional wisdom about candle patterns are non practical . The relation between bar patterns and momentum against support or resistance is more valid though not infallible . For example Ive found that simply if price is leaning to the bearish side or losing bullish momentum as detected on any oscillator and price trades below the last upbar ( close>open) thats as good a sell signal as most popular patterns .
The blue line indicates the price where the position was exited, and yes it is based on a trail of the previous high / low + / - the slippage.
Yes, it is a pattern,
Like i have written before, it is a variation of the ross hook plus a few tweaks to make the signal more accurate. The idea is to find an entry point for a countertrend in an established trend, it only has a high prediction for the next few bars,
therefore the trail. If the system is lucky it hits the end of a major trend and rides the new trend, if not it is responsive enough, not to break the bank, in case the signal was wrong. I first used it as a filter on eod systems because of the high success rate for the next bar. Intraday the high / low trail usually reaches break even within one completed bar, which allows to trade quite a few entries waiting for the right move to come.
In my experience that is the more true the lower you go in your timeframe and once you have reached enough signals a day
it gets more statistically valid.
I you are standing at a roulette table and a consecutive line of 18 times red in a row is being thrown, and you happen to know that
a.) the table is not rigged and
b.) the longest ever recorded line of one color in a row has been 19.
On which color do you put your money red or black?
Locust
On Average the DAX had 14 Up-Days in row.......