5 chances to get in this move on ej, we took 2. GU was not looking good to us.
Scripts for Limit entry, Stop entry, Market entry 46 replies
FXCM - No Entry Orders before the... 43 replies
short on eur/us..my entry order got blown by 11 replies
15 min indicator on 5 min chart 3 replies
DislikedGood to see the setups still coming.
Your descriptions of the entries are very clear. Can you say (write?) a few words about the trade management? In the end, this is where the game is won or lost. I presume stops are a pip or two below the recent high/low for that swing, which I guess coincides with the recent 5 min low. Do you scale out at all? or just let the trade run? Will you close if price comes back to your entry level and wait for another shot? - or do you have a target in mind, and will sit and wait for either stop or target? Is the...Ignored
DislikedGood to see the setups still coming.
And for anybody who wants something to show when all three indicators line up (RSI crossed up, MACD rising and stoch rising) I put together an adaptation from a similar indicator for the Force 5, which is attached. The first blue bar shows the first occurrence when all 3 indis are rising and the first red bar shows first occurrence of them all falling. For me, it makes it slightly easier to look at the candles and ema's and then just glance down at the indicators to see the state of play.Ignored
DislikedHi V,
Thanks for your continuing excellent work! - a benefit to all. Something keeps calling me back to this approach whenever I stray, so I am going to knuckle down and focus, and seek the proficiency you have.
You have mentioned waiting for price to exceed the signal bar on the 1min chart. I was wondering do you do the same for the 5min before you officially call it a hl/lh etc, or do you call it at the close of the 5m candle, or something else? The question is when exactly in real time you say, that's a hl/hh etc.
Also with the 5min candle,...Ignored
We are looking more and more at the 1 min chart for entry. What we want to do is get in on the first 5 min hl/lh of session. If we miss then we revert to 1 min entry to get in the move.
There are a couple of other set ups we will consider. A 1 min hesitation candle like in the System II (with irony) and what I will describe as Mrs V's failed lower channel breakout in uptrend and failed upper channel breakout in downtrend. The latter trades must show divergence. These are a work in progress, I'll show a chart but don't want to focus on this.
See 2 examples GU 1 min, GBP in strong uptrend from yesterday, it goes into channels, see stoch divergence after break lower, tl's drawn where price lower but stoch waves higher. 1 min signal generates with ema flat/slightly down.
Like I said this trade is a work in progress so mess with this at your own risk!!
I suppose the advice is find something (anything) that you can make work for you. Stick to it. If you find another method of trading that is a distinct set up (like Islanders Frankies hour trades) work on that.
There is nothing wrong with having a few different set ups that you trade, each one being a system that you can have some rules and to stick to. There is also nothing wrong having 1 system and sticking to that.
All the best.