Practical Exercise 5
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July 4, 2015 at 4:09 pm #1374Nigel SouthonParticipant
Hi all,
Attached is my charts for Exercise 5
I was unable to insert 3 DOR due to the chart kept going back to the current day, even with Auto Scroll switched off. I maybe because I carried out this exercise on a Saturday.
Therefore, I focused on setting up one DOR correctly, and used the 9am, 3rd July candle on the 1 minute chart, and the high was 1.56143 and the low was 1.56132. Zooming out on the one minute chart shows the price was below the DOR, so I was looking for Bearish sell signals.
On the 15 Minute chart, I found 3 Bearish Engulfing patterns below the DOR giving sell signals indicated by the arrows.
On the 5 Minute chart, I found only one crossover, where the 5 Minute Exponential Moving Average (EMA) crossed the 14 EMA. On my chart the Red = 14 EMA, and Blue = 5 EMA
Attachments:
You must be logged in to view attached files.July 5, 2015 at 12:54 pm #1381John MurphyParticipantNigel,
Looking at your engulfing candles I’d suggest the first is not really valid as it spans the DOR. I think Rich advises that there is a definite signal direction which would mean it having to be outside of the DOR completely.
John
July 6, 2015 at 9:30 am #1383Rich FittonKeymasterHi Nigel,
Good identification of the entry patterns 🙂
I know at this stage we’re just practising spotting the patterns in isolation but a bit further down the line, When it comes to taking all aspects of your analysis into consideration, the point John raises about seeing price action clear the DOR on your engulfing candles can certainly help… it can keep you focused on opportunities where the market is demonstrating good potential directional bias on the day.
July 7, 2015 at 7:06 pm #1389Nigel SouthonParticipantThanks John and Rich for your comments
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