JTrader
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Hi guys
what do you know, I've still not managed to drag myself away from the charts yet! as I'm still summarising/refining/improving my approach.
.
I'm now leaning towards returning to trading on an EOD basis, as I've come up with a logical & fairly simple set of rules that work rather nicely.
Trading EOD i can trade 10 instruments simultaneously, pretty easily, as I'm finding that each instruments typically trades around twice per month of the daily charts.
What I am finding by looking at the daily charts is that the profitable trades tend to be supported by the weekly charts confirming the chosen trade direction as being correct, and that the losing trades more often than not involve the weekly chart not showing the same general direction consensus as the daily chart.
Therefore, looking at the next "standard" timeframe (weekly), and then only taking trades off my primary daily TF when the weekly TF confirms that I am trading in the correct general direction, seems to be providing an additional "edge".
So in essence the weekly chart acts as an extra filter. Removing a large % of the losers, while only removing a small number of the winners from - if i was just trading off the daily chart. This filter means that overall, I will also be entering into less trades.
Anyway -
My (largely unrelated) question is -
MT4 for example has standard TF's of M1, M5, M15, M30, H1, H4, D1, W1, MN1.
Are these generally considered to be the "standard" TF's across the board in forex trading/trading in general?
It is possible to to setup "custom" chart TF's in MT4 such as M10, H6, H12 etc. However, whenever I have tried/tested a set of rules on a "custom" TF, they generally do not seem to work as well as on the nearest "standard" TF. eg. M15 will work better than M10.
What i am not sure of is this just a coincidence, or is there a logical non-coincidental reason why the non-standard TF may not provide equally good results?
Cheers.
what do you know, I've still not managed to drag myself away from the charts yet! as I'm still summarising/refining/improving my approach.
.I'm now leaning towards returning to trading on an EOD basis, as I've come up with a logical & fairly simple set of rules that work rather nicely.
Trading EOD i can trade 10 instruments simultaneously, pretty easily, as I'm finding that each instruments typically trades around twice per month of the daily charts.
What I am finding by looking at the daily charts is that the profitable trades tend to be supported by the weekly charts confirming the chosen trade direction as being correct, and that the losing trades more often than not involve the weekly chart not showing the same general direction consensus as the daily chart.
Therefore, looking at the next "standard" timeframe (weekly), and then only taking trades off my primary daily TF when the weekly TF confirms that I am trading in the correct general direction, seems to be providing an additional "edge".
So in essence the weekly chart acts as an extra filter. Removing a large % of the losers, while only removing a small number of the winners from - if i was just trading off the daily chart. This filter means that overall, I will also be entering into less trades.
Anyway -
My (largely unrelated) question is -
MT4 for example has standard TF's of M1, M5, M15, M30, H1, H4, D1, W1, MN1.
Are these generally considered to be the "standard" TF's across the board in forex trading/trading in general?
It is possible to to setup "custom" chart TF's in MT4 such as M10, H6, H12 etc. However, whenever I have tried/tested a set of rules on a "custom" TF, they generally do not seem to work as well as on the nearest "standard" TF. eg. M15 will work better than M10.
What i am not sure of is this just a coincidence, or is there a logical non-coincidental reason why the non-standard TF may not provide equally good results?
Cheers.
