Friday 15th May
I’ve been getting a few e-mails from readers missing trades because they think that the PTP’s didn’t happen at the same time.
What you have to understand is that a PTP alert will only happen once a bar is fully formed. So if you get a PTP on the first bar on the 5 minute chart this will appear at 5 minutes past the hour. Likewise, a PTP alert on the first bar of the 15 minute chart will happen, obviously, at 15 minutes past the hour. But to qualify as a trade the two PTP’s must happen in corresponding time periods. So if you had a PTP on any of the first three bars on the 5 minute chart, this will correspond with a PTP on the first bar of the 15 minute chart, because there are three bars on the five minute chart for every one bar on the fifteen minute chart. And likewise, for every one bar on the 10 minute chart, you have two bars on the 5 minute chart, so if a PTP appeared above the 11.05 or 11.10 bars in the 5 minute chart, this will correspond with a PTP above the 11.10 bar in the 10 minute chart.
So quite often you won’t get the PTP’s appearing at exactly the same time because of the fact that the bars need to be fully formed before they appear, but they still qualify as happening within the same time period if the PTP’s appear within this period (within ten or fifteen minutes depending which chart it’s on). Also, good old common sense comes into play too… if you have your charts above one another as I do, then you can actually see that the PTP’s line up. If you’re not sure then count the bars to make sure they share the same time period. For the 5/10 and 5/15 combinations the correlation will be exact… two bars in the 5 minute for every one bar on the 10 minute, or three bars on the 5 minute for every one bar in the 15 minute. The only combination that can be ambiguous is the 10/15 combination because it’s not an exact fit but usually you can tell by the fact that visually they line up and the 15 pip difference between the entry points helps too… if it qualifies on this and it looks like it lines up visually then it’s pretty certain it’s a qualifier.
I will be doing a video of a live trade just to clarify this for everyone and the only thing stopping me at the moment is the fact I am having a loft conversion done at the moment (discovered my loft is massive!) and my house looks and sounds like a building site so I will attempt to do this downstairs as far away from the noise as possible.
A winner on cable this morning. This was on the 10/15 combination but you can see the PTP’s clearly line up and the difference between the entry point is only 2 pips:
And then a winner at the end of the day on the EURUSD 5/15 combination:
A good week this week with over 200 pips profit.0 comments