Current preferred ES count-
Trend/Osc hourly and daily trends on the ES remain UP
The EUR broke it's uptrend line on the hourly chart and closed right at the uptrend line on the daily chart. This is the 1st component of a sell signal on the hourly, the Dynamic Oscillator needs to break below 80 with prices remaining below the uptrend line for a completed sell signal on that time frame. Same applies to the daily, so this market bears watching (no pun intended!).
Do you "need" a trendline break & drop of the Osc below 80 in both time frames in order to get buy/sell signals or is just one time frame enough? Jordan
ReplyDeleteThe short answer is no.
ReplyDeleteThe long answer is it depends on your risk appetite and trading preference. The daily will react more slowly than the hourly, so waiting on the daily could mean ignoring an earlier signal that occurred on the hourly. But that earlier hourly signal may not have indicated a change in the longer term daily trend.
I currently trade only the ES using the hourly. On the other markets, I'm planning on trading the hourly only in the direction of the daily trend if it is an established trend, if it's a possible new daily trend I may trade both long and short trend signals generated by the hourly.
Thanks Al...how do you establish trend? Jordan
ReplyDeleteRead the preliminary write up titled "Trendline/Oscillator System" in right sidebar
ReplyDelete