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Brilliant work Herman.
First to clarify my statments on EOD patterns:
a) (for daily bars and above) - a pattern than can be observed in one
timeframe can be better executed by reference to the detail available
in the lower timeframe (one level down) e.g. at the moment I am
working on a system that I identified and tested (originally) in
daily bars and that I will execute in intra-day bars (somewhere
around 5min bar - I haven't settled on a timeframe - from your
comments I guess I don't want to go too close to the boundary where
continuity breaksdown - depending on volumes being traded).
b) where volume is sufficient to establish continuity (wave) patterns
are evident. They (wave cycles) are independent of time so that when
(time based) bars are constructed they actually fragment the wave
cycles and introduce a some pattern error (not necessarily serious to
macro traders).
Any trader who wants to eliminate that error can do so by following
the macro trends in daily bars (daily bars also approximate the
underlying cycles but relative to the macro patterns the error is
quite small (in simple terms weekly traders who like to buy early can
time their entry by the daily cycles).
So I am drawing a line under pattern trading just below the daily
timeframe.
Which brings me to your work.
I am not 100% sure what you mean by "intraday bars are not
synchronized at any point in time".
However my question is:
Do you consider that intraday trading is in anyway analagous
to 'pattern trading', albeit with different patterns to those that
exist in daily bars, or is it something else altogether?
Re "Of course, in the majority of cases, you can be sneaky and
calculate HL precedence by assuming that the price follows path of
least resistance from the Open to the Close... or subscribe to real-
time data".
It's not wise to make assumptions too often, especially in trading.
I'll take the subscription thanks.
brian_z
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