Microtrading the 1 minute chart

Quoting ProdiG

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i was just curious does anyone on here use the 1 minute chart for trading?
i primarily use it for scalps and sometimes that leads to reversals. i was always told to stay away from short period charts but was bored last weekend and tried it out. i don't want to just use this week as a basis of constant success because its too early to tell. can any one share their experience with this time frame?

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Quoting ProdiG

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well i currently use the 1 min for alerts and follow longer term trend. like last night when the gbp ran like crazy i got the alert earlier and that was good for over 50 pips. today when the gbp showed exaustion i got an alert and shorted it for a quick 15 pips. slower markets are only good for 3-5 though. if you trade 2 lots a quick 5 pips is a quick $100 in like 5 minutes. beats a job imo

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Quoting Geldschlucker

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@ cesarnc

have you just started to scalp?

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Quoting cesarnc

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Hi ProdiG,

Today (Fri) Euro soared to such a level that I supposed I could make a few pips out of the natural descent. I have this material - attached - from which I took only the "Micro Trading" part to share. - the whole file is 2,5MB, but I can send you if you wish.

I followed e-x-a-c-t-l-y the steps in this material - charts, studies, wait for this and that and BANG!!! made myself 20 pips in about 20 minutes...

I advise you to read this material along with EUR-USD's today historical to see when you would be confortable going Short and when get out with 20 pips in the pocket ...

But hey! it looks like this strategy's to scalp a few profit only, ok? Wait too long and you'll find yourself mourning loss.

Hope that helps you out...

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Quoting clam61

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how does your alert work?

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Quoting Pip Rage

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While my main trade for the week is the break-out of the weekly opening range(the first 18 hours), I'll switch to 1 minute charts if my weekly limit or stop is hit(I won't re-enter because there's only one weekly opening range each week)
I've found that while using a 5 min chart for direction (or lack thereof), the 1 min is superb for taking tiny bites out of a trending or oscillating market during the early European session.
I use a 20 period EMA and 20 period CCI(+100/-100) to time my entry. The beautiful part of the 1 min chart is that if you only enter when the 1 min pull-back is weakening(according to the CCI) then your heat tolerance can be really, really low. In fact, if your timing is right, you'll know your position is in serious trouble when you're only 5-6 pips down. It takes patience but its very reliable.
The equivalent knowledge in a 15-min chart could easily cost 30-50 pips and if that's your risk profile, you might as well trade opening ranges, shoot for 100 pip profits and check your positions twice daily.
I've become very disenchanted with every time frame between 5 mins and daily. They just don't seem to give me value for money(or value for the time invested).
But there's rarely a day that little pieces of gold aren't available for anyone prepared to watch a 1 min chart for a couple hours.
Just wait for the right time to strike, be happy with 5-10pips and make sure your method is no more than a crude profit-taking vehicle. Complex models seem to struggle on low time frames.
Just my opinion.


Cheers
Ken

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Quoting Pip Rage

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While my main trade for the week is the break-out of the weekly opening range(the first 18 hours), I'll switch to 1 minute charts if my weekly limit or stop is hit(I won't re-enter because there's only one weekly opening range each week)
I've found that while using a 5 min chart for direction (or lack thereof), the 1 min is superb for taking tiny bites out of a trending or oscillating market during the early European session.
I use a 20 period EMA and 20 period CCI(+100/-100) to time my entry. The beautiful part of the 1 min chart is that if you only enter when the 1 min pull-back is weakening(according to the CCI) then your heat tolerance can be really, really low. In fact, if your timing is right, you'll know your position is in serious trouble when you're only 5-6 pips down. It takes patience but its very reliable.
The equivalent knowledge in a 15-min chart could easily cost 30-50 pips and if that's your risk profile, you might as well trade opening ranges, shoot for 100 pip profits and check your positions twice daily.
I've become very disenchanted with every time frame between 5 mins and daily. They just don't seem to give me value for money(or value for the time invested).
But there's rarely a day that little pieces of gold aren't available for anyone prepared to watch a 1 min chart for a couple hours.
Just wait for the right time to strike, be happy with 5-10pips and make sure your method is no more than a crude profit-taking vehicle. Complex models seem to struggle on low time frames.
Just my opinion.


Cheers
Ken

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Quoting Pip Rage

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Al,
I mainly trade the pound because its the volatility king and even during quiet times you can still squeeze something out of it. But if its too choppy, then the Euro is usually a reliable back-up. If the their both too choppy then I figure the market's trying to tell me something and I close up shop.

Stan,

If the market's moving, your time frame is irrelevant. This method will work on greater time frames and I reckon any method that doesn't work on virtually any time frame is flawed, poorly tested, too complex, curve-fitted or all of the above.
I use 1 min time frame because it suits my risk profile and the amount of time I have available. I work full time in Melbourne and can't really trade until the kids go to bed. I can't wait for a 15 min chart to deliver its signal. I also set humble profit targets for the same reason. I can get 10 pips within 2 hours normally but the actual trade time might only be a couple of minutes.
A 10 pip profit can easliy present itself and then promptly disappear in the time it takes a 5 min candle to form. It also doesn't take me very much time or money to realise a trade has gone horribly wrong.
BTW if I get the chance trade a range breakout that heads my way immediately, I ll take it over any method involving indicators. There's nothing more satisfying than quick profits and nothing more reliable than raw price data.
I suppose I'm saying its an individual thing. Some people love to trade away all day or night. I find that good trading is boring stuff. I'd rather spend 30 minutes making 20 pips then turn it all off and watch a movie with the wife. I hope I've answered your question.

Cheers
Ken

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Quoting Thruline

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Just add in the same period moving average. If BBs are calculated on sma, use sma.

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Quoting Pip Rage

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I use 1 min time frame because it suits my risk profile and the amount of time I have available. I work full time in Melbourne and can't really trade until the kids go to bed. I can't wait for a 15 min chart to deliver its signal. I also set humble profit targets for the same reason. I can get 10 pips within 2 hours normally but the actual trade time might only be a couple of minutes.
A 10 pip profit can easliy present itself and then promptly disappear in the time it takes a 5 min candle to form. It also doesn't take me very much time or money to realise a trade has gone horribly wrong.
BTW if I get the chance trade a range breakout that heads my way immediately, I ll take it over any method involving indicators. There's nothing more satisfying than quick profits and nothing more reliable than raw price data.
I suppose I'm saying its an individual thing. Some people love to trade away all day or night. I find that good trading is boring stuff. I'd rather spend 30 minutes making 20 pips then turn it all off and watch a movie with the wife. I hope I've answered your question.

Cheers
Ken

Ignored

Quoting Pip Rage

Disliked

While my main trade for the week is the break-out of the weekly opening range(the first 18 hours), I'll switch to 1 minute charts if my weekly limit or stop is hit(I won't re-enter because there's only one weekly opening range each week)
I've found that while using a 5 min chart for direction (or lack thereof), the 1 min is superb for taking tiny bites out of a trending or oscillating market during the early European session.
I use a 20 period EMA and 20 period CCI(+100/-100) to time my entry. The beautiful part of the 1 min chart is that if you only enter when the 1 min pull-back is weakening(according to the CCI) then your heat tolerance can be really, really low. In fact, if your timing is right, you'll know your position is in serious trouble when you're only 5-6 pips down. It takes patience but its very reliable.
The equivalent knowledge in a 15-min chart could easily cost 30-50 pips and if that's your risk profile, you might as well trade opening ranges, shoot for 100 pip profits and check your positions twice daily.
I've become very disenchanted with every time frame between 5 mins and daily. They just don't seem to give me value for money(or value for the time invested).
But there's rarely a day that little pieces of gold aren't available for anyone prepared to watch a 1 min chart for a couple hours.
Just wait for the right time to strike, be happy with 5-10pips and make sure your method is no more than a crude profit-taking vehicle. Complex models seem to struggle on low time frames.
Just my opinion.


Cheers
Ken

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