Jump to content



Photo

Hourly buy


  • Please log in to reply
149 replies to this topic

#21 Waver

Waver

    Member

  • Traders-Talk User
  • 802 posts

Posted 08 December 2018 - 07:28 PM

Interesting
Thanks for the info
I am definitely going to watch and track this in real time
Maybe Ill get comfortable with it
Thanks again

#22 Waver

Waver

    Member

  • Traders-Talk User
  • 802 posts

Posted 08 December 2018 - 07:45 PM

CLK

The cash trading day is 6.5 hours.

Does the 1st 60 minute brick start at 9:30 and end at 10:30? As a result the last brick of the day is only a 1/2 hour brick that completes at 10 AM the following day?

Also there is zero consideration for the other indicators you show such as RSI, Volume and MACD?

Thanks in advance!

#23 CLK

CLK

    Member

  • Traders-Talk User
  • 10,787 posts

Posted 08 December 2018 - 08:00 PM

CLK

The cash trading day is 6.5 hours.

Does the 1st 60 minute brick start at 9:30 and end at 10:30? As a result the last brick of the day is only a 1/2 hour brick that completes at 10 AM the following day?

Also there is zero consideration for the other indicators you show such as RSI, Volume and MACD?

Thanks in advance!

 

The indicators don't mean much, I just have them up as a reference.   The 9:30 prints at 10am, the rest are one solid hour. But if a brick is right at the turn level at top of the hour, you absolutely must make sure it printed and not just jumped after the fact. I use the inspect line function to line up with the brick to make sure, or you can use an ohlc candle to see that it closed right, within the last hour. You have to set the chart for 10 points/close, ATR or Hi/Lo won't work. If the market goes into tight range chop, the drawdowns could be a lot more, right now that is not the case, all one can do is trade what the market gives.

 

In other words, say I am monitoring the 11am close, and I know that SPX will print an up brick at 2650, right now it's 2630, and at 10:59 it is at 2649, well if at 11 it could have printed 2650 but actually printed it at 11:00:05, now I have to make sure the brick that printed says 10am because the brick will always have the start time stamp on it, not the close time.


Edited by CLK, 08 December 2018 - 08:07 PM.


#24 CLK

CLK

    Member

  • Traders-Talk User
  • 10,787 posts

Posted 08 December 2018 - 08:21 PM

You cannot act on a brick that turns between hourly closings as it can be taken off the chart as price moves around, it only locks in and prints at top of the hour. This is important and cannot be overlooked.


Edited by CLK, 08 December 2018 - 08:21 PM.


#25 Waver

Waver

    Member

  • Traders-Talk User
  • 802 posts

Posted 08 December 2018 - 08:28 PM

I use the inspect line function to line up with the brick to make sure

Meaning you may think it printed and it didnt (like visually thinking it printed and it didnt)?
Or you mean StockCharts printed it incorrectly?

#26 Waver

Waver

    Member

  • Traders-Talk User
  • 802 posts

Posted 08 December 2018 - 08:29 PM

You cannot act on a brick that turns between hourly closings as it can be taken off the chart as price moves around, it only locks in and prints at top of the hour. This is important and cannot be overlooked.


This is what you meant?
I see!

#27 CLK

CLK

    Member

  • Traders-Talk User
  • 10,787 posts

Posted 08 December 2018 - 08:47 PM

 

You cannot act on a brick that turns between hourly closings as it can be taken off the chart as price moves around, it only locks in and prints at top of the hour. This is important and cannot be overlooked.


This is what you meant?
I see!

 

 

 

I think you understand but go back and read this part carefully:

 

In other words, say I am monitoring the 11am close, and I know that SPX will print an up brick at 2650, right now it's 2630, and at 10:59 it is at 2649, well if at 11 it could have printed 2650 but actually printed it at 11:00:05, now I have to make sure the brick that printed says 10am because the brick will always have the start time stamp on it, not the close time.

 

 
If it's right at the turn number it can show up a few seconds after 11:00 as price is moving around and if you don't check you assume it printed at exactly 11, it's not a print, the brick will say 11am not 10am when the inspect line is placed over it.
 
 
In other words, if it's close you can refresh the quotes as fast as you can to try to see the exact hour print but you still have to go back and make sure. if price was at 2655 at 10:59 then there would be little doubt, it wasn't close to 2650. I still check it though.

Edited by CLK, 08 December 2018 - 08:53 PM.


#28 CLK

CLK

    Member

  • Traders-Talk User
  • 10,787 posts

Posted 08 December 2018 - 09:18 PM

The system is not based on all of the price movement, you are looking for levels, in this case in 10 point increments, 20 points at turns.

 

Just remember that anything in between hour closings that shows up in the chart is subject to just go away, you can't trade 

at those times.


Edited by CLK, 08 December 2018 - 09:19 PM.


#29 Waver

Waver

    Member

  • Traders-Talk User
  • 802 posts

Posted 08 December 2018 - 09:32 PM

Thanks for the elaboration.

And I didnt catch that at first.
The brick will move up/down based on a 10 point change during that hour.

Meaning if there down draft (multiple red bricks in a row), it will not have an up brick until there is at least a 10 point rise from the end of the last hour to the end of the current hour?

#30 CLK

CLK

    Member

  • Traders-Talk User
  • 10,787 posts

Posted 08 December 2018 - 09:39 PM

Thanks for the elaboration.

And I didnt catch that at first.
The brick will move up/down based on a 10 point change during that hour.

Meaning if there down draft (multiple red bricks in a row), it will not have an up brick until there is at least a 10 point rise from the end of the last hour to the end of the current hour?

 

 

No, up turns are 20 points from the bottom of the last red brick to the top of the first white brick. If you watch the chart in real time you will see bricks filling in and then they will be gone as price is moving around, they only print for good at top of the hour close, that's why you can't make a decision on a trade until the hourly closes. 

 

I could take a position and the market move 3 bricks against me, but by the end of the hour give it all back and I'm fine instead of panicking and taking the loss.


Edited by CLK, 08 December 2018 - 09:39 PM.