Matt,
Very frankly, I am still in the process of developing an intraday method. Unfortunately, different traders gauge things differently from different time frames, so I cannot "impose" a trading time frame of my choice. I've pinpointed an algorithm for an hourly method, which seems to stand the test, but I cannot rely on it unless completely satisfied.
I am posting the latest updated chart of the hourly EUR-USD chart with my set of algorithms.
The band on the bottom indicates the current
secular trend. The dots above or below the price bars, indicate the
short term trend. A glance should display whether trades on the long or short side should be contemplated.
There are two more windows in the chart. The middle window plots my Candle Strength Bullish and Bearish indicators.
Depending on the strength of the various candles, the Bullish/Bearish Indicators will rise or fall. The rising indicator means increasing strength, and the falling indicator means increasing weakness.
Thus a rising
bullish indicator will indicate increasing
bullish strength, and a rising
bearish indicator will indicate increasing
bearish strength.
There are times, when either of the indicators
The Candle Strength Osc (plotted in the top window) moves like any other Osc, which should be obvious also from the chart.
However, there still is a lot of work and research to be done on this method.
Dusant
PS: It is a sound technique to follow the trend. If the trend is weak, shorting opportunities should be looked at.
