Please upload templates and metrics. Thanks!Knight wrote: Tue Apr 04, 2023 7:09 am Woah! It just hit me like a light bulb.
I totally get the logic now!!
Amazing!!!
Re: Honje's Holy Grail： Day Trading, The Trend Is Your Friend Trading System
11Re: Honje's Holy Grail： Day Trading, The Trend Is Your Friend Trading System
12Be patient therefore, brethren, until the coming of the Lord. Behold, the husbandman waiteth for the precious fruit of the earth: patiently bearing till he receive the early and latter rain.
Behold, we account them blessed who have endured. You have heard of the patience of Job, and you have seen the end of the Lord, that the Lord is merciful and compassionate.
Behold, we account them blessed who have endured. You have heard of the patience of Job, and you have seen the end of the Lord, that the Lord is merciful and compassionate.
Re: Honje's Holy Grail： Day Trading, The Trend Is Your Friend Trading System
13This looks super promising. It's a genius application of top down analysis and principle.honje19960321 wrote: Tue Apr 04, 2023 4:24 pm
The direction of the trade determined by the opening of the higher time candle
It also looks great via backtesting.
The only limitation I forsee with this, is the fact that you can't really tell the direction of a candle from the open line alone. You don't really know what a candle would be until closes either bullish or bearish.
Take a bullish pin bar for example on a higher Timeframe. Technically, it did open and close bullish, but on the lower timeframe the most profitable trend was the sell that made the long wick before the buy reversal that established the wick and the bullish close.
How do you intend to deal with this or get better Directional Bias confirmation?
Re: Honje's Holy Grail： Day Trading, The Trend Is Your Friend Trading System
14Depends on your risk control, how much profit you want, how much risk you want to takeKnight wrote: Tue Apr 04, 2023 4:41 pm This looks super promising. It's a genius application of top down analysis and principle.
It also looks great via backtesting.
The only limitation I forsee with this, is the fact that you can't really tell the direction of a candle from the open line alone. You don't really know what a candle would be until closes either bullish or bearish.
Take a bullish pin bar for example on a higher Timeframe. Technically, it did open and close bullish, but on the lower timeframe the most profitable trend was the sell that made the long wick before the buy reversal that established the wick and the bullish close.
How do you intend to deal with this or get better Directional Bias confirmation?
Be patient therefore, brethren, until the coming of the Lord. Behold, the husbandman waiteth for the precious fruit of the earth: patiently bearing till he receive the early and latter rain.
Behold, we account them blessed who have endured. You have heard of the patience of Job, and you have seen the end of the Lord, that the Lord is merciful and compassionate.
Behold, we account them blessed who have endured. You have heard of the patience of Job, and you have seen the end of the Lord, that the Lord is merciful and compassionate.
Re: Honje's Holy Grail： Day Trading, The Trend Is Your Friend Trading System
15
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- These users thanked the author Jedidiah for the post:
- RodrigoRT7
Be patient therefore, brethren, until the coming of the Lord. Behold, the husbandman waiteth for the precious fruit of the earth: patiently bearing till he receive the early and latter rain.
Behold, we account them blessed who have endured. You have heard of the patience of Job, and you have seen the end of the Lord, that the Lord is merciful and compassionate.
Behold, we account them blessed who have endured. You have heard of the patience of Job, and you have seen the end of the Lord, that the Lord is merciful and compassionate.
Re: Honje's Holy Grail： Day Trading, The Trend Is Your Friend Trading System
16I don't want to spoil your heureka-moment butKnight wrote: Tue Apr 04, 2023 4:41 pm The only limitation I forsee with this, is the fact that you can't really tell the direction of a candle from the open line alone. You don't really know what a candle would be until closes either bullish or bearish.
Xard (and millions of others before him) have used the daily open line (part of the custom daily candle etc) for directional bias.
If price is above the daily open line: look for buys
If price is below the daily open line: look for sells
(that price-bias is down, if the daily candle closes red, is simply logical - how else could it be? What you found it is the fact that a falling price sequence that goes on for 24 hours forms a red daily candle. The candle is only a visualization of a falling price sequence over a period of time.)
The limitation may rather be: people trade in different time zones; so where exactly is your daily open line and why...?
Re: Honje's Holy Grail： Day Trading, The Trend Is Your Friend Trading System
17Interesting take, my daily open line is based on my broker time.josi wrote: Tue Apr 04, 2023 5:09 pm I don't want to spoil your heureka-moment but
Xard (and millions of others before him) have used the daily open line (part of the custom daily candle etc) for directional bias.
If price is above the daily open line: look for buys
If price is below the daily open line: look for sells
(that price-bias is down, if the daily candle closes red, is simply logical - how else could it be? What you found it is the fact that a falling price sequence that goes on for 24 hours forms a red daily candle. The candle is only a visualization of a falling price sequence over a period of time.)
The limitation may rather be: people trade in different time zones; so where exactly is your daily open line and why...?
I'm trading from Nigeria, which is WAT or GMT +1.
How would I adjust my daily open line to get a better accuracy?
Re: Honje's Holy Grail： Day Trading, The Trend Is Your Friend Trading System
18a) there is no "better accuracy" - whatever that may meanKnight wrote: Tue Apr 04, 2023 6:55 pm How would I adjust my daily open line to get a better accuracy?
b) it very much depends on which instruments you trade because this again refers to where and when they are traded most (Apple vs EURUSD in London vs New York vs Chicago vs Sidney etc)
c) if you think like Adam Grimes you will probably believe that almost any vertical line anywhere on the chart will sooner or later give an interesting signal (as you simply need a reference point for bias; e. g. it doesn't matter whether you take SMA50 or SMA200 or EMA20 as a reference point: buy above, sell below etc; same goes for H4, daily, weekly, monthly pivots etc; same goes for H4, D1, W1, Mth hi-low or open-close etc) - simply try it...
Re: Honje's Holy Grail： Day Trading, The Trend Is Your Friend Trading System
19
- These users thanked the author Jedidiah for the post (total 2):
- Chickenspicy, Knight
Be patient therefore, brethren, until the coming of the Lord. Behold, the husbandman waiteth for the precious fruit of the earth: patiently bearing till he receive the early and latter rain.
Behold, we account them blessed who have endured. You have heard of the patience of Job, and you have seen the end of the Lord, that the Lord is merciful and compassionate.
Behold, we account them blessed who have endured. You have heard of the patience of Job, and you have seen the end of the Lord, that the Lord is merciful and compassionate.
Re: Honje's Holy Grail： Day Trading, The Trend Is Your Friend Trading System
20HH and HL
Attachments
Be patient therefore, brethren, until the coming of the Lord. Behold, the husbandman waiteth for the precious fruit of the earth: patiently bearing till he receive the early and latter rain.
Behold, we account them blessed who have endured. You have heard of the patience of Job, and you have seen the end of the Lord, that the Lord is merciful and compassionate.
Behold, we account them blessed who have endured. You have heard of the patience of Job, and you have seen the end of the Lord, that the Lord is merciful and compassionate.
