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I should have mentioned that time of day is very important here. You need to do this ONLY from 11 PM to 2 PM US/Eastern time. That's say, 3 PM to six Am if your in Japan. this is important because you need the volatility from Japan to lead you into the opening US and European markets. For example, trading from 3 PM through 9 PM US/Eastern time is disastrous. It's a dead zone.
Hi, thx for sharing
I just think you mixed up some times here.
If you mean 11pm - 2 pm EST, it is not 3pm - 9 pm in japan.
I am watching the chart setup for hours now (since 11pm est, 5.5hrs now) and I barely see a signal basicly because the ADX14 on the tick chart is never moving significantly over 20, and if, it drops below again in a matter of seconds.
If I understood right we have the following rules for a setup:
LONG:
1min chart
Damiani: TRADE
Mom: not overbaught spiking
Tick Chart:
ADX 14 > 20 with +DI dominating
DMI 14 crosses 20 up
ADX on the tick chart moves insanely fast. let me put it this way. Say RSI on the 5 min chart has moved from oversold to overbought. ADX on a tick chart for the same period would have moved through 20 at least a dozen times. Again, it just depends on when you are trading.
ADX is a measurement of the trend. Basically when it moves above 20 it's just saying "hey, the price is really moving here." It happens constantly in a cycle.
I probably did get the times wrong, thanks for correcting it.
O! I might know what's going on. Sorry..if your tick chart ADX comes with DI+ and DI- attached remove them. When your looking at your tick chart ADX you are ignoring the +DI and -DI lines. Just use the third line, the line that is a measure of trend strength. That's the line to watch. When it breaches 20 and if MetaTrader is telling you you can trade then go in the direction indicated by DMI on your tick chart. The momentum indicator is used as a guide only. If it's severely over sold be wary of sell signals. Be looking to buy when it hooks upward.
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Question was if you trade from 1 tick charts.
Because in my 1 tick charts ADX rarely moves over 20 and if you wait for DMI going below 20 to cross up again, the move is mostly over.
In the time that DMI needs to cross below 20 to cross up again, ADX is below 20 again.
I will post a screen in a few.
I use ninjatrader for tick charts.
And I agree, a screen here would help alot to understand the trade.
Here is what I mean.
This is a 40 pip up move last night at around 1am EST.
ADX moves up over 20 when it goes.
But when DMI crosses 20 up again ADX is below 20 again.
I dont see any signals on my charts the way you describe.
Also, the entry is pretty much at the end of the move.
There must be something I am missing, or our charting package shows different things.
O! I might know what's going on. Sorry..if your tick chart ADX comes with DI+ and DI- attached remove them. When your looking at your tick chart ADX you are ignoring the +DI and -DI lines. Just use the third line, the line that is a measure of trend strength. That's the line to watch. When it breaches 20 and if MetaTrader is telling you you can trade then go in the direction indicated by DMI on your tick chart. The momentum indicator is used as a guide only. If it's severely over sold be wary of sell signals. Be looking to buy when it hooks upward.
Aaaah! I re-re-re-read it 10 times and I think I get it now.
If Damiani says TRADE, you wait for the ADX on the tick chart to break 20 and than enter in the direction of the dominating line like in this screen.
Linear Mode
