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!!!
This 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
Depends 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?
I 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.
Interesting 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...?
a) 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?
