DislikedHi pilatus
I'm very glad to see you here in the new 2009.
Plz tell me, do u trade only by this trading system? If yes, I think you look at your monitor every 10-15 minutes in during the day. So every day.
Of course I try to do as you. But I working....in the my real life. And very hard to сombine this system with...Ignored
I have never made statistics how often signal occur, because that does not depend on time, that depends on TREND. I can make every month 200 pips. Not week. I enter a trade rear time, because I have job to do and do not want to enter a trade on signal which is only good because all conditions are met. Next, conditions on market changed during time when trend follower was developed, and that means that price sometimes make signal often, sometime not. If you look on gbp/usd whole 2008 you wil find very rare signal at all. Why?? Who knows, probably because conditions on market changed.
I can not tell you if I can make 500 pips per week because that do not depends on my judgment, that depends on TREND again. I do not want to trade a lot this system because it is not scalp system, I want to trade rare and take what market is giving me, but I certainly do not want to enter every trade where conditions are met, just because they are. I want judgment to find a good signal, that is for me support and resistance level. That is way I am posting here signal which I took or I would took if I could. Ok maybe I made a mistake to not post signal when I lost trade. Ok I will do that in the future.
Next, I do not look much on 5 min timeframe, the most thing I do is that I evalute higher time frame, putting there trend lines, fib, and looking for significant support and resistance and PLAN where on chart, or, on what level signal can occur. Then, when I have my idea where market can go, I am looking for signal on 5min according to the rules of system. A lot of time price go in that direction but I do not get signal and I do not trade. I wait for antoher oportunity.
Conclusion!
This system is good but need some rules to be obeyed.
1. It need trending conditions
2. Need that all conditions are met with guppy contracted and steady price-and all that with rebound of significant support/resistance level - hooooh a lot of requirements-but this is way I trade this system.
3. MOST significant rule-need PATIENCE and not only for signal to occur, even for giving price time to develop in nice positive ride/trend.
Hope that helps!