Repaints The PAM High Low Chart Setup For ThinkOrSwim

[jay2]

@OGOptionSlayer still using 20 bars for 15m?

 

[OGOptionSlayer]

@OGOptionSlayer still using 20 bars for 15m?

For sure, on 15m, 20 bars is golden for me. If it's a trending market, it won't lead you wrong. If it's choppy, play between the stop loss levels.

I just caught that almost 20 pt drop on $SPX with the 15m chart.

Notice how it gave me the signal way earlier, then tried to retrace but never shook me out because my stop loss was never hit. Easy hit and run. I usually get in with the candle that breaks the resistance first and don't wait for the entry candle.

But just use it as it's designed, it's a risky play but I'm free rolling with my contracts. I typically do crazier plays on Friday because institutionals like to squeeze those premiums.

I typically take a half position on my first entry and wait for the pull back to the Buy Put signal (which occurs quite often), and once I see it start to reverse again, I will take the full position at cheaper contract prices than I got in the original position for.

You can be patient and wait for it to retest, which it does sometimes, and take a full position when you see the clean rejection. It's important to just get a feel of the market and understand the momentum. Squeeze Pro helps with this tremendously.

 

[tradelex20]

created a watchlist column if someone interested

http://tos.mx/GldOOGv

 

[Focus]

You can use Squeeze Pro or the equally as good TTM Squeeze (minus a few upgrades that don't really matter with this setup). First, to identify the trend, I use the 65m timeframe. I have three timeframes always pulled up but I wouldn't suggest using the third one until you are really adept with the indicator or the setup.

1) 65m = To identify the trend, I'm looking at where the 10 SMA and 50 SMA are and ideally, I would like for them to have just crossed within the last two candles. I like to see a squeeze forming but I'm willing to get in when I see that Squeeze Pro is starting to show weakness in the current trend by having bars decreasing.

2) 15m = This is where I'm going to manage my trade. I'm going to get in when the candle gives me the signal and set my stop loss immediately to the stop loss line. The way I get 300-500% gainers is waiting for Squeeze Pro to have to consecutive bars showing weakness (red bars go to yellow for puts, cyan bars go to dark blue for calls). This prevents me from being shaken out by the market makers and retracements on the trend.

3) 1m = I use this for sniper entries and exits. I exit only with this timeframe if I have a hunch that the first new reverse trend candle is going to be huge. For example, if a squeeze has been forming and it's been consolidating but Squeeze Pro hasn't gotten me out of it yet. The 1m chart will show you the very best position you can be in at the start of the reversal. You can use 1 to 5m for this but I don't recommend it unless you know what you are doing because you will get several false signals. This is why I confirm everything on the 65m timeframe before I ever even glance at this chart or the 15m.

Hope this helps.

Thank you! Today was my first time using a Squeeze-Pro. However, the colors used in the indicators are different. I will have to study it to know which colors tell you when a squeeze is coming. Unless the indicator I have is not a Squeeze-Pro. The colors for the bars are green, dark green, gold, and yellow.

 

[OGOptionSlayer]

Thank you! Today was my first time using a Squeeze-Pro. However, the colors used in the indicators are different. I will have to study it to know which colors tell you when a squeeze is coming. Unless the indicator I have is not a Squeeze-Pro. The colors for the bars are green, dark green, gold, and yellow.

I don't think you are using Squeeze Pro. It's not a free indicator and you would have had to get it from somewhere specifically. It's not available on TOS until you pay for it.

 

[Focus]

I don't think you are using Squeeze Pro. It's not a free indicator and you would have had to get it from somewhere specifically. It's not available on TOS until you pay for it.

Oh, okay. I didn't know that. Thank you for letting me know.

 

[Khahuy12]

created a watchlist column if someone interested

http://tos.mx/GldO

created a watchlist column if someone interested

http://tos.mx/GldOOGv

hey man can you explain the count and color?

nvm. its the numeber of candle since the signal fired...

 

[maddy91]

I don't think you are using Squeeze Pro. It's not a free indicator and you would have had to get it from somewhere specifically. It's not available on TOS until you pay for it.

Here you go

https://usethinkscript.com/threads/john-carters-squeeze-pro-indicator-for-thinkorswim-free.4021/

 

[Trader Raider]

@OGOptionSlayer, wanted to show you this chart. It's a 15 min chart with candles colored for 15 min signals (cyan and magenta). Dotted lines are 30 min levels (low of the HH and high of the LL). Overnight there were some false signals but it was easy to see not to take them because there wasn't good follow through on the 30 min levels.

Just after 4am there was a short signal with some follow through that could have gained a modest profit. But the money-making signal came just before 10 am with good follow through above the 30 min level. The short signal a few bars later was a fake out that various indicators should be able to catch (not a fan of JC's squeeze, sorry, don't know if it caught it or not). Even so, it's hard to sit through a near 50% retracement, at least for me. But hanging on is worth it as price went to both long targets (fibs based on first leg of the move) after the head-fake.

Watched this pattern play out over and over this week when the lower timeframe is aligned with the higher. Best wishes, happy trading, and Happy New Year

https://imgur.com/a/aonrP1o

 

[Focus]

@OGOptionSlayer, wanted to show you this chart. It's a 15 min chart with candles colored for 15 min signals (cyan and magenta). Dotted lines are 30 min levels (low of the HH and high of the LL). Overnight there were some false signals but it was easy to see not to take them because there wasn't good follow through on the 30 min levels.

Just after 4am there was a short signal with some follow through that could have gained a modest profit. But the money-making signal came just before 10 am with good follow through above the 30 min level. The short signal a few bars later was a fake out that various indicators should be able to catch (not a fan of JC's squeeze, sorry, don't know if it caught it or not). Even so, it's hard to sit through a near 50% retracement, at least for me. But hanging on is worth it as price went to both long targets (fibs based on first leg of the move) after the head-fake.

Watched this pattern play out over and over this week when the lower timeframe is aligned with the higher. Best wishes, happy trading, and Happy New Year

https://imgur.com/a/aonrP1o

What's your style in trading this and do you use the High-Low-Range?

 

[IPA]

Do you think 65m, 15m, and 5m can be used for this strategy?

You'd just have to be very careful with repainting indicators.

 

[Focus]

You'd just have to be very careful with repainting indicators.

Thank you for the heads up. I thought there was a way to make the candles not to repaint. @OGOptionSlayer @halcyonguy can you make the code not repaint? @IPA can you do it?

 

[IPA]

Thank you for the heads up. I thought there was a way to make the candles not to repaint. @OGOptionSlayer @halcyonguy can you make the code not repaint? @IPA can you do it?

https://usethinkscript.com/threads/answers-to-commonly-asked-questions.6006/#post-57833

 

[Ramesh16]

You can use Squeeze Pro or the equally as good TTM Squeeze (minus a few upgrades that don't really matter with this setup). First, to identify the trend, I use the 65m timeframe. I have three timeframes always pulled up but I wouldn't suggest using the third one until you are really adept with the indicator or the setup.

1) 65m = To identify the trend, I'm looking at where the 10 SMA and 50 SMA are and ideally, I would like for them to have just crossed within the last two candles. I like to see a squeeze forming but I'm willing to get in when I see that Squeeze Pro is starting to show weakness in the current trend by having bars decreasing.

2) 15m = This is where I'm going to manage my trade. I'm going to get in when the candle gives me the signal and set my stop loss immediately to the stop loss line. The way I get 300-500% gainers is waiting for Squeeze Pro to have to consecutive bars showing weakness (red bars go to yellow for puts, cyan bars go to dark blue for calls). This prevents me from being shaken out by the market makers and retracements on the trend.

3) 1m = I use this for sniper entries and exits. I exit only with this timeframe if I have a hunch that the first new reverse trend candle is going to be huge. For example, if a squeeze has been forming and it's been consolidating but Squeeze Pro hasn't gotten me out of it yet. The 1m chart will show you the very best position you can be in at the start of the reversal. You can use 1 to 5m for this but I don't recommend it unless you know what you are doing because you will get several false signals. This is why I confirm everything on the 65m timeframe before I ever even glance at this chart or the 15m.

Hope this helps.

Could you pl post the screen shot if you dont mind!

 

[MagicQuotes]

To

here is an updated version,

fixed a couple issues
.. removed duplicate arrows and bubbles, so only the first ones appear
.. added dashed lines for rule#10 , 50% beyond a buy level. can set the % number. (i suggest 1 to start)
. (in this version, nothing happens if price crosses the % line)

i didn't tidy this up, the code is messy. it has a lot of commented out stuff, code that may or may not be used in the future.

# High_Low_range_carter_00e

#https://usethinkscript.com/threads/looking-to-setup-a-high-low-range.13750/
#Looking to Setup A High-Low Range
#OGOptionSlayer  12/19
##1
#So I use a very specific setup. It's kind of a mashup between what John Carter teaches with one of his in Mastering the Trade and TradingWarz Golden Indicator. I've used it for about 2 years now and it's extremely profitable. Honestly, I haven't backtested it but I would love to but I'm just not as technical as most in here. I know it brings me immense profit and on Friday, my port grew 11% using it. It's not a small port either. It's a reversal setup and it's solid with tight stop losses. I use it with a Darvas Box but TOS has a great Darvas Box study.

#I'm looking to see if someone can create an indicator for it. To keep this post as short as possible, here is the setup:

#1) Only using the last 20 candles on any timeframe.
#2) Find the high and low of last 20 candles. As a new candle is created, it disregards anything not in the 20 candles.
#3) On the high candle, place a "Priceline" that is the low of that candle (wicks included).
#4) Once a candle closes a LL below that "Priceline", place a bubble called "Buy Puts" on that candle. It has to close below the low of the highest candle. It would be great if the candle could be painted a custom color. I use black in keeping with John Carter's concept.
#5) A stop loss "Priceline" is drawn on the "High" of the highest candle. This is a great stop loss and keeps risk at a low with confirmation that the trend is not reversing but also keeps you from getting shaken out by MM's.
#6) On the low candle, place a "Priceline" that is the high of that candle (wicks included).
#7) Once a candle closes a HH above that "Priceline", place a bubble called "Buy Calls" on that candle. It has to close above the high of the lowest candle. It would be great to have this candle also painted a customer color. Again, default should be black.
#8) A stop loss "Priceline" is drawn on the "Low" of the lowest candle. Again, another great stop loss to keep your risk at a minimum but also confirms that the trend reversal is not manifesting.


# 9  Also, I would like the indicator to have a trailing stop loss. I forgot to include this important point.

# 10  Once it has moved 50% from current entry,
#   for puts, put a stop loss at the HH of the last two candles
#   for calls, put a stop loss at the LL of the last two candles
#     to lock in profits


#=======================================


def bn = BarNumber();
def na = Double.NaN;

input buy_bubbles_on = yes;

input buy_type = { default completed_bar , active_bar };
def buyoff;
switch (buy_type) {
case completed_bar:
    buyoff = 1;
case active_bar:
    buyoff = 0;
}
# used in #4  buy puts , #7 calls


#---------------------------
# choose_wick_body01
#input plot_type = {default SMA, "Red EMA", "Green EMA", WMA};
input candle_levels = {default "wick" , "body" };
def highx;
def lowx;
switch (candle_levels) {
case "wick":
    highx = high;
    lowx = low;
case "body":
    highx = Max( open, close);
    lowx = Min( open, close);
}

#addlabel(yes, "choose=" + candle_levels + "..high=" + highx + "..low=" + lowx);
#-----------------------------



#1) Only using the last 20 candles on any timeframe.
input bars = 20;
def period = (!IsNaN(close) and IsNaN(close[-bars]));
#addverticalline(x,"-");



#2) Find the high and low of last 20 candles. As a new candle is created, it disregards anything not in the 20 candles.

# define group of x bars
def first = (!IsNaN(close[-(bars - 1)]) and IsNaN(close[-bars]));
AddVerticalLine(first, "-", Color.WHITE);



#----------------------------

# price level of the highest high
def hihi = if bn == 1 or isnan(close) then 0
#  else if first then Highest(high[-(bars - 1)], (bars - 1))
  else if first then Highest(high[-(bars - 1)], (bars - 0))
  else hihi[1];

# find bn of just the first occurance of hihi
def hihifirstbn =
  if hihi == 0 then 0
  else if hihifirstbn[1] > 0 then hihifirstbn[1]
  else if (hihi == high) then bn
  else hihifirstbn[1];

# bars after the hihi
def hi_bars = (hihifirstbn > 0 and bn >= hihifirstbn);

# hihi price level from 1st highest bar
def hihi_level = if bn == 1 or isnan(close) then na
#  else if hihifirstbn > 0 and bn >= hihifirstbn then hihi
  else if hi_bars then hihi
  else na;

# true on the hihi bar
def ishi = if bn == 1 then 0
  else if hihifirstbn == bn then 1
  else 0;




addchartbubble(0, low,
bn + "\n" +
hihifirstbn
, color.yellow, no);




#-------------------------------------

#def lolo = 0;


# find lowest low
#def lo = if bn == 1 then 0
#  else if first then Lowest(low[-(bars - 1)], (bars - 1))
#  else lo[1];

##def lo2 = (lo == low);
#def islo = (lo == low);


# price level of the lowest low
def lolo = if bn == 1 or isnan(close) then 0
#  else if first then lowest(low[-(bars - 1)], (bars - 1))
  else if first then lowest(low[-(bars - 1)], (bars - 0))
  else lolo[1];

# find bn of the first occurance of lolo
def lolofirstbn =
  if lolo == 0 then 0
  else if lolofirstbn[1] > 0 then lolofirstbn[1]
  else if (lolo == low) then bn
  else lolofirstbn[1];

# bars on and after the lolo
def lo_bars = (lolofirstbn > 0 and bn >= lolofirstbn);

# lolo price level from 1st lowest bar
def lolo_level = if bn == 1 or isnan(close) then na
#  else if lolofirstbn > 0 and bn >= lolofirstbn then lolo
  else if lo_bars then lolo
  else na;

# true on the lolo bar
def islo = if bn == 1 then 0
  else if lolofirstbn == bn then 1
  else 0;









input test1 = no;
AddChartBubble(test1, 38,
hihi + "\n" +
#hi2 + "\n" +
ishi + "\n" +
lolo + "\n" +
#lo2
islo
, Color.YELLOW, yes);




input hilo_arrows = yes;

plot z1 = if hilo_arrows and ishi then high else na;
z1.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
z1.SetDefaultColor(Color.CYAN);
z1.SetLineWeight(3);
z1.HideBubble();

plot z2 = if hilo_arrows and islo then low else na;
z2.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
z2.SetDefaultColor(Color.CYAN);
z2.SetLineWeight(3);
z2.HideBubble();


#3) On the high candle, place a "Priceline" that is the low of that candle (wicks included).

# buy put
def put_buy_hilo = if bn == 1 or isnan(close) then 0 else if ishi then low else put_buy_hilo[1];
plot z3 = if put_buy_hilo > 0 then put_buy_hilo else na;
z3.SetDefaultColor(Color.RED);


#4) Once a candle closes a LL below that "Priceline", place a bubble called "Buy Puts" on that candle. It has to close below the low of the highest candle. It would be great if the candle could be painted a custom color. I use black in keeping with John Carter's concept.




# replace , draws many bubbles
#def buyput = if close[1] crosses below hilo then 1 else 0;
#def buyput = if close[buyoff] crosses below put_buy_hilo then 1 else 0;
#AddChartBubble(buy_bubbles_on and buyput, high * 1.0005, "Buy Put", Color.RED, yes);





# chg signal, remove dup signals
#  when triggered on first time, keep signal at 1.
#  then check for transition 0 to 1

# chg words ?   option ., stock oriented , or options
#  long-open , short-open
#  buy call , buy put

# bp = buyput
def bp1 = if period and !first then (close[buyoff] crosses below put_buy_hilo) else 0;
def bp2 =
  if bn == 1 then 0
  else if bp2[1] then bp2[1]
  else if bp1 then 1
  else bp2[1];
def bp3 = if !bp2[1] and bp2 then 1 else 0;

AddChartBubble(buy_bubbles_on and bp3, high * 1.0005, "Buy Put", Color.RED, yes);



addchartbubble(0,low*.997,
 close[buyoff] + "\n" +
 put_buy_hilo + "\n" +
 bp1 + "\n" +
 bp2 + "\n" +
 bp3
, color.yellow, no);





# buy only on first signal
#def buyput = if !period then 0
#  else if buyput[1] then buyput[1]
#  else if close[buyoff] crosses below hilo then 1
#  else buyput[1];

#def bp =  !buyput[1] and buyput;
#addchartbubble(bubbles_on and bp, high*1.001, "Buy Put", color.red, yes);


AddChartBubble(0, low * 0.997,
period + " p\n" +
#buyput + " bp\n" +
close[buyoff] + " cls\n" +
put_buy_hilo + " hl"
, Color.YELLOW, no);








#5) A stop loss "Priceline" is drawn on the "High" of the highest candle. This is a great stop loss and keeps risk at a low with confirmation that the trend is not reversing but also keeps you from getting shaken out by MM's.


# hihi_level

#def hilo = if bn == 1 then 0 else if hi2 then low else hilo[1];
#plot z3 = if hilo > 0 then hilo else na;

# put stop , short stop
#def put_sell_hihi = if bn == 1 then 0 else if ishi then high else put_sell_hihi[1];
#plot z4 = if put_sell_hihi > 0 then put_buy_hilo else na;

plot z4 = hihi_level;
z4.SetDefaultColor(Color.RED);
z4.SetStyle(Curve.MEDIUM_DASH);


#6) On the low candle, place a "Priceline" that is the high of that candle (wicks included).

# buy call
#def call_buy_lohi = if bn == 1 or isnan(close) then na else if islo then high else call_buy_lohi[1];
# chg to 0 , simpler
def call_buy_lohi = if bn == 1 or isnan(close) then 0 else if islo then high else call_buy_lohi[1];
plot z5 = if  call_buy_lohi > 0 then call_buy_lohi else na;
z5.SetDefaultColor(Color.GREEN);



#7) Once a candle closes a HH above that "Priceline", place a bubble called "Buy Calls" on that candle. It has to close above the high of the lowest candle. It would be great to have this candle also painted a customer color. Again, default should be black.





# may bubbles
#def buycall = if close[1] crosses above lohi then 1 else 0;
#def buycall = if close[buyoff] crosses above call_buy_lohi then 1 else 0;
#AddChartBubble(buy_bubbles_on and buycall, low * 0.9995, "Buy Call", Color.GREEN, no);



# just first bubble
# bc = buycall
#def bc1 = if period and !first then (close[buyoff] crosses above call_buy_lohi) else 0;

# use offset so first bar of call_buy_lohi  checked is after the buy signal. so its not trying to cross above a na
#def bc1 = if period and !isnan(call_buy_lohi[1]) then (close[buyoff] crosses above call_buy_lohi) else 0;
def bc1 = if period and !first then (close[buyoff] crosses above call_buy_lohi) else 0;
def bc2 =
  if bn == 1 then 0
  else if bc2[1] then bc2[1]
  else if bc1 then 1
  else bc2[1];
def bc3 = if !bc2[1] and bc2 then 1 else 0;

AddChartBubble(buy_bubbles_on and bc3, low * 0.9995, "Buy Call", Color.GREEN, no);



addchartbubble(0,low*.997,
 close[buyoff] + "\n" +
 call_buy_lohi + "\n" +
 bc1 + "\n" +
 bc2 + "\n" +
 bc3
, color.yellow, no);
#, (if bc3 then color.yellow else color.gray), no);




#8) A stop loss "Priceline" is drawn on the "Low" of the lowest candle. Again, another great stop loss to keep your risk at a minimum but also confirms that the trend reversal is not manifesting.

#  call stop , long stop
#def call_sell_lolo = if bn == 1 then na else if islo then low else call_sell_lolo[1];
#plot z6 = call_sell_lolo;
plot z6 = lolo_level;
z6.SetDefaultColor(Color.GREEN);
z6.SetStyle(Curve.MEDIUM_DASH);



#9) Also, I would like the indicator to have a trailing stop loss. I forgot to include this important point.





# 10  Once it has moved 50% from current entry,
#   for puts, put a stop loss at the HH of the last two candles
#   for calls, put a stop loss at the LL of the last two candles

#input gain_stop_percent = 50;
input gain_stop_percent = 20;

def offx = 2;
def ref_bubble_x = (!IsNaN(close[offx]) and IsNaN(close[(offx-1)]));


# puts
#  draw stop ref line at (buy put $$) - 50%
# putreflevel = hilo - ( hilo * x%)


# puts
def putreflevel = put_buy_hilo - (put_buy_hilo * (gain_stop_percent/100));
# dashed line for stop , gray/red. draw dash line first
plot z23 = if put_buy_hilo > 0 then  putreflevel else na;
# this color will appear as longer dashes than next color
z23.SetDefaultColor(Color.light_red);
#z23.SetDefaultColor(Color.light_gray);
z23.SetStyle(Curve.medium_DASH);
plot z24 = z23;
z24.SetDefaultColor(Color.light_gray);
#z24.SetDefaultColor(Color.light_red);


addchartbubble(ref_bubble_x, z23[offx],
gain_stop_percent + "%  put stop ref"
, color.yellow, yes);



addchartbubble(0, low,
  put_buy_hilo + "\n" +
 putreflevel + "\n" +
 z23
, color.yellow, no);



# calls
def callreflevel = call_buy_lohi + (call_buy_lohi * (gain_stop_percent/100));
# dashed line for stop , gray/red. draw dash line first
plot z25 = if call_buy_lohi > 0 then callreflevel else na;
# this color will appear as longer dashes than next color
z25.SetDefaultColor(Color.green);
#z25.SetDefaultColor(Color.light_gray);
z25.SetStyle(Curve.medium_DASH);
plot z26 = z25;
z26.SetDefaultColor(Color.blue);
#z26.SetDefaultColor(Color.gray);
#z26.SetDefaultColor(Color.light_red);


addchartbubble(ref_bubble_x, z25[offx],
gain_stop_percent + "%  call stop ref"
, color.yellow, no);

#

Great work! : Might I add that one way to modify the possible limitation of the 20 bar setup for Identifying scalping ideas is to consider adding and modifying the interactive 1 day chart in the following fashion: 1. add a couple of VWAPs to include volume variable 2. In addition I find using a 2 min chart seems to create a more robust sampling of the High Low price discovery, thereby avoiding early closing excessive overreactive one candle charts near the opening and closing of the day's trading session[ while overnight stops and limits are hunted down and rapidly executed until the majority of the live trades begin to reflect real time order flow.] Thank you to all, especially Halcyonguy for the coding and GoOptionSlaye for sharing the Set up. Grateful, Happy New Year

 

[MagicQuotes]

@halcyonguy,

Best to all. Q Is it possible to insert a Binary Buy Call or Buy Put binary Plot added for a Watch List plot so that instead of adding to a chart, it
is added to a watch list column:
I need help here: for someone more experienced in coding to accomplish this for this indicator:
Example: AssignBackgroundColor (if "Buy Put" then color.Red if "Buy Call", then color. Green, else color.White);
**AddLabel (Conditions for Buy Put are in place,"BuyPut",color.Red;
AddLabel (Conditions for Buy Call are in place, "BuyCall",color.Green;
To Halcyonguy.. hope you see this.. It seems logical to be able to have this so the user is not "chart bound" but can utilize a custom watch indicator along the lines of logic that your indicator codes.. With my Best wishes.

nvm. its the numeber of candle since the signal fired...

created a watchlist column if someone interested

http://tos.mx/GldOOGv

Great, that's what I was trying to create as a watchlist and have failed.

 

[MagicQuotes]

created a watchlist column if someone interested

http://tos.mx/GldOOGv

This is great work, great work. Makes the Watch and chart list and particular charts very interactive. My personal philosophy is to be as Watchful of the order flow and the intraday market sentiment : $Tick,$Add (Advance Decline Nyse issues,)and $VOLAD (up-down volume on the NYSE) and $TRIN. When the intraday breakout occurs this WatchList Column code adds to the signals to see it unfold in real time (with the watch lists and the charts.) As many others have articulated, the market becomes an organic living entity of price discovery right on the monitor so you can "see-think-feel it". The first principal: In order to understand it you need to visualize it. The second : In order to trade it in real time you need the right tools to see it. And this will be added to my personal tool box. Happy New Year and Good trading to all.

 

[Trader Raider]

What's your style in trading this and do you use the High-Low-Range?

Same as the other I posted . Will post one more trade I just exited in the hope it explains better how I use the high-low-range. This pic is a 5 min chart. I drew a fib from the high to low (yellow circles) of the leg containing the signal candle (magenta candle). I didn't enter at that point. I got in after price breached the low of the highest high on a higher timeframe chart, in this case the 30 min chart (the magenta dotted line in the white oval is the 30 min level). Waiting until a higher timeframe level is breached helps me avoid false signals. Price usually bounces around but eventually makes a move to both targets (green lines). The hard part of this strategy is sitting through the up/down gyrations until price heads to the targets.

Have only traded this method for a week but so far it's been very good on the few instruments I trade. Haven't had a chance to do much optimization or back testing yet.

Best wishes, happy trading, and happy new year!

https://imgur.com/a/squXDQB

 

[Khahuy12]

How's everyone do today? Started out with that outside candle then fat red...wanna go short badly but feel like I was fomo at that point ...didn't take the trade before spy slowly bled out

 

[Focus]

Same as the other I posted . Will post one more trade I just exited in the hope it explains better how I use the high-low-range. This pic is a 5 min chart. I drew a fib from the high to low (yellow circles) of the leg containing the signal candle (magenta candle). I didn't enter at that point. I got in after price breached the low of the highest high on a higher timeframe chart, in this case the 30 min chart (the magenta dotted line in the white oval is the 30 min level). Waiting until a higher timeframe level is breached helps me avoid false signals. Price usually bounces around but eventually makes a move to both targets (green lines). The hard part of this strategy is sitting through the up/down gyrations until price heads to the targets.

Have only traded this method for a week but so far it's been very good on the few instruments I trade. Haven't had a chance to do much optimization or back testing yet.

Best wishes, happy trading, and happy new year!

https://imgur.com/a/squXDQB

Thank you. I'm trying to figure out how to trade well. I was watching SPY today and on the 65m chart, it indicated a downtrend in premarket. Then I started watching 5m and 15m. I didn't take any trades and you are spot-on on holding through the pain. This is the third time in a row I've seen the 65m getting the trade right. It has good accuracy. Hopefully, I can start 2023 with good trading.