Last Bar On Chart Indicator
This indicator and a complete strategy guide is available to download as part of our free indicator pack.
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We’ve all been there . . . You sit patiently awaiting an entry signal, completely focused on the unfolding price action. You’ve followed your trading plan to the letter. Your carefully tested setup is picture-perfect. . . Your entry criteria have been met, and you confidently hit ‘buy’ . . .
It’s usually just a few seconds later that you realize you’ve entered a position in the middle of a five minute price bar that’s still forming, and there’s nothing to do but watch in horror as the bar begins to reverse. By the time the five minute bar actually closes, everything has changed – this entry signal definitely wasn’t in your back-testing!
Nearly all screen traders have made this mistake at some time, becoming so engrossed in the screens that they forget to wait for the price bar to close before entering a position. The Delphic Last Bar On Chart indicator is a very simple tool designed to address this problem . . .
If you make use of any kind of candlestick charting practices in your trading, then waiting until the close of the bar before taking action is critical. Though a five minute bar may be trading near its highs after a couple of minutes, by the close of the bar a clear shooting star could have formed.
“ The amateurs open the market, and the professionals close it . . .”
Old Floor Trader Saying