Little Chico - Yes, I used to use the 5 to factor by using the weekly trend to trade the daily chart. I finally decided that trading a weekly chart was really slow to react to market conditions. But I know it will work.
My paper trade of the 30 min chart signaled a close with the 1230 bar when ADX dropped. I closed the trade just after 1300 at 47.16. Since I was now looking for a long trade, I switched to the 10 min chart to see what kind of long signal I got. It gave a long signal at 1310 for a 4719 entry. It was a very bad entry as the market turned in just a couple of bars. So here is an example where the 10 min chart did not give a good entry for the 30 min chart. Maybe it was the 3 to 1 time factor (10 min to 30 min).
I traded the 5 min chart today only on the short side, staying with the 30 min trend. By my trading, the trades were entered at 1000, 1145, and 1355. If the trading had been perfect it would have generated 40 ticks. My trading was not perfect but I did get 30 ticks. But it took my attention all day long.
As I said at the beginning, I closed out the paper 30 min trade at 47.16. The trade began on 8/15 and gave a return of 2.0%. This ups my total for the month to 6.4%. Closing in of the 8% number for the month. Market looked like it was wanting to turn at the end, so it will be interesting to see what it does in the morning.
Here is another way to look at the day. By closing out the 30 minute trade at 47.16, that was a 41 tick gain for the day. Trading the 5 min chart all day long gave 40 ticks. The 30 min chart is such an easy time frame to trade. Lots of time to not pay attention but just keep aware of what the market is doing, and today the results were the same.
What I am more concerned about is the longer term trend. It looks like this bull run is about to break. All my signals are looking bad. One more down day and I will start looking for exits to save some of my gains. Too much bad news and it just will not stop. The 30 min chart is now in cash looking for a long, but if it gets another short signal, I think the total bull run will be erased before it ends.
I live in Edmond OK, which is really a part of Oklahoma City. However, our little 5 inches must be nothing to what you are getting in FL. One more day to go here, so I may get to trade some more tomorrow. Stay dry.
Jon
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