I use daily charts but a 60 minute candlestick is my preferred choice for entry/exit. During its duration, it can be a long red candlestick only to end up as a white one with a tail for instance. Is it better to wait till the final 10 mins. or so to make trading decisions as early on it can give rise to erroneous ones? Ofcourse I can check the 15 min. or 5 min. chart but it has its own set of indicators and that just makes the process more complex.

asked Dec 02 '11 at 13:41

ollielee's gravatar image

ollielee
696 815

closed Oct 03 '12 at 11:56

The question has been closed for the following reason "Question has been answered" by ollielee Oct 03 '12 at 11:56


I am trading more and more off 60 minute charts especially in is wonderful volatility we have. If you trade off 60 minute charts that means you take your signal at the end of the hour. That is when the official candle is done, I trade with the Elder Impulse System which makes decisions a lot more mechanical with color coded candles. You may want to look into that by clicking on the link.

You have to decide your primary time frame and always trade off that timeframe. Of course you have to look at multiple time frames to trade with the trend but you need to decide if you want to trade off the dailies or the 60 minute charts. You can find a lot more short term trades off the 60 minute charts and if you trade big enough lot sizes they can be very profitable.

Peace & happy trading :)

link

answered Dec 02 '11 at 13:57

Love_To_Trade's gravatar image

Love_To_Trade
6.1k 1918

You say to take the signal at the end of the hour for 60 minute charts but what if you encounter a big long white/red candle (Marubozu candle)? Do you pull the trigger earlier? I have yet to read Alexander Elder's book. Thanks.

(Dec 02 '11 at 14:24) ollielee ollielee's gravatar image

I won't pull the trigger early. I wait, until the candle is done.

(Dec 02 '11 at 15:22) Love_To_Trade Love_To_Trade's gravatar image

I also have trailing stops which give the trade room to breath.

(Dec 02 '11 at 15:29) Love_To_Trade Love_To_Trade's gravatar image

Let's say the candle is done and you get your signal, do you wait for the next open or you don't bother? Thanks.

(Dec 02 '11 at 15:34) ollielee ollielee's gravatar image

I will pull the trigger on any candle if I think it will make money. Even large ones. I'll take price over fear any day of the week.

(Dec 02 '11 at 15:36) Love_To_Trade Love_To_Trade's gravatar image

I get it. What you are saying is 'Don't wait'.

(Dec 02 '11 at 17:00) ollielee ollielee's gravatar image

Yes and have an exit strategy if things don't go your way.

(Dec 02 '11 at 18:21) Love_To_Trade Love_To_Trade's gravatar image
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Asked: Dec 02 '11 at 13:41

Seen: 1,992 times

Last updated: Oct 03 '12 at 11:56