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The paint bar study is called AuctionBars by Fat Tails (it isn't in futures.io (formerly BMT) download section), by coloring the candle it is easier to identify patterns. The study incorporates several patterns (see pic attached). As a countertrend hunter I am interested in reversal bars, gold for reversal down and dodgerblue for reversal up. The problem with candle patterns is reliability, I found these candles particularly reliable after a long up/down trend. I use them to manage the trade and when they are in favor of it they give me a good psychological edge, which is crucial for my analysis.
Reversal Bars
-> They must have a tail.
-> The length of the tail must must exceed a threshold in terms of average true range.
-> The length of the tail must be significant compared to the prior bar's range.
Concerning your suggestion it is a good idea, the only problem I see is that for smaller targets you might miss the momentum, especially if the market is moving fast. I also noticed that by averaging down or up without waiting for a reversal pattern I always position myself close to the bottom or top of the reversal, and consequently increase the odds for a better profit.
Can you help answer these questions from other members on NexusFi?
Totally agree on your view on "missing the move" or being positioned in anticipation of the reversal . As long as the odds are in that concepts favor and you're positioned consistently Im convinced its worthwhile . Im familiar with the auction bars and thats some brilliant work by Fattails . I have found though that the retracement preceding the reversal pattern is where my focus is best placed . The testing of a supply or demand level , even a slight one in relation to market mood , sets up the watch for a candle pattern back towards the bias for me .
Redratsal, I want to tell you I really appreciate you sharing your template with us and your trading method. I have some questions on your templates, if I may.
Where can I find the following and what are the settings for your indicators:
1. Auction Bar
2. Fibonacci Zone
3. VWAPV32
4. Jeffs Volume Alert
Once again I want to thank you for your kindness.
"One candle that lights another candle losing nothing but gains a brighter room."
Exported using NT Version 7.0.1000.26
Indicator will only run on NT 7.0.1000.5 or later
The indicator displays the Volume Weighted Average Price of the selected session. It can be used on all types of charts.
You can apply the indicators to …
I was very interested to see your high churn volume indicator........it is virtually identical to one that I use......Jeffs Volume Alerts........the only difference is that the one I use has an audio alert when the volume reaches the predetermined …
Redratsal, may I ask what the indicator is on the bottom of your range chart, its a histogram of something it looks like. Also on your VWAP may I ask what your settings are.
