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Microtrading the 1 minute chart

  • #21
  • Dec 4, 2006 3:30am Dec 4, 2006 3:30am
Quoting Warmagus
cesarnc, thanks for posting that system.
You're mostly welcome, Warmagus. I'm here in a big rush to learn all the stuff I can in order to get real at this market. Guess I'm not the only one to whom any piece of information is a huge deal.
  • #22
  • Dec 4, 2006 4:38am Dec 4, 2006 4:38am
"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."

I don't use any indicators on a 5 min chart. If the chart is making lower lows and lower highs, its going down. If its making higher highs and higher lows, its going up. If its doing neither or both its going sideways.


Ken
  • #23
  • Dec 4, 2006 6:16am Dec 4, 2006 6:16am
Quoting ProdiG
a consistent 10 pips/day can turn 1k into 1million within 1 year.(have the spread sheet if anyone is interested)
@ ProdiG

sure I'm interested! Please post the spread sheet. Many thanks in advance.

  • #24
  • Dec 4, 2006 6:18am Dec 4, 2006 6:18am
Quoting Geldschlucker
Please post the spread sheet. Many thanks in advance.
I'd like to see it as well. Thanks
  • #25
  • Dec 4, 2006 6:39am Dec 4, 2006 6:39am
Quoting ProdiG
i only shoot for 10 pips a day because making a consistent 10 pips/day can turn 1k into 1million within 1 year.
I've just checked it with my calculator. You are right. With 10 pips each day and a full margin of 1:50 you make a profit of 3% each day. Let it compound and 12 months later you've even made 1.2 Million ...

Now imagine to compound this 1.2 Million for another year ... you do the math ...
  • #26
  • Dec 4, 2006 7:40am Dec 4, 2006 7:40am
Here's one spreadsheet for calculating the compound return based on weekly returns. It'll show you the lots you need to trade for each level.

I didn't build this, btw, just found it on another board.
Attached File(s)
File Type: zip _Forex Trade Progress.zip   32 KB | 1,701 downloads
  • #27
  • Dec 4, 2006 7:56am Dec 4, 2006 7:56am
Quoting cesarnc
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?
I would be interested in seeing the rest of the article, you can PM me or perhaps just post the link or file here for all.
Thanks, Johnedoe
By the way great little scalping tech. thanks for sharing
Same Whore .... Different Dress
  • #28
  • Dec 4, 2006 8:03am Dec 4, 2006 8:03am
Quoting 4xCoder
Here's one spreadsheet for calculating the compound return based on weekly returns. It'll show you the lots you need to trade for each level.

I didn't build this, btw, just found it on another board.
Hi 4xCoder,

interesting stuff. THANKS for sharing!
  • #29
  • Dec 4, 2006 1:30pm Dec 4, 2006 1:30pm
Unless I'm doing something wring there is no way this will make money. Unless you have a broker which doesn't charge a spread.:
  • #30
  • Dec 4, 2006 4:34pm Dec 4, 2006 4:34pm
i don't know how to attach excel spreadsheets onto the forum. if you want pm your email address to me and ill just send it to you and post it if you know how to.
  • #31
  • Dec 5, 2006 1:29am Dec 5, 2006 1:29am
Hi guys,

As I've received many requests for the whole pdf material on forex, however, I facing difficulties to upload it here. A problem with memory or something.

It's got 2.5MB, is that the reason?
  • #32
  • Dec 5, 2006 10:55am Dec 5, 2006 10:55am
Hello! I'm assuming the 20 SMA is a worthy replacement for the middle bollinger band as the Intellicharts version I am using contains no provision for a third bollinger band. Many thanks!
  • #33
  • Dec 5, 2006 4:41pm Dec 5, 2006 4:41pm
Hi all,

I was working with the spreadsheet posted by 4xCoder here and changed a few things to fit my needs. Please have a look at it attached.

Main parameters figures wasn't changed. Just dates and the beginning balance.

Now, starting with $1,000 (NBD*) / 100pips a week (NBD???*) / 5% risk / -30pips stop loss / max 200 lots per trade (NBD*) you make $2 MILLION within 1 year.

(NBD) - Not a Big Deal

Well, Excel takes everything. Question is: is this REALLY feasible? As far as I can see, key figure here is 100 pips a week (average, of course) which doesn't seem a delusion to me... Am I wrong?

I'm trying to establish achievable goals to myself and I'll be able to work full time in Forex during 2007. Are you guys saying that I'll make TWO freaking million dollars THAT WAY? I can't believe it, but I couldn't find the mistake here...

NOW I need some help....

César
Attached File(s)
File Type: zip Pip progress - rev cesarnc.zip   10 KB | 952 downloads
  • #34
  • Dec 5, 2006 4:50pm Dec 5, 2006 4:50pm
I make all my trades on the one minute chart. Its the only chart that will tell you what the market is doing. The others tell you where its going. If you study the monthly down to the one min. you will see the overall trends.
A. Finesse Williams Making Millions One Pip At A Time!
  • #35
  • Dec 5, 2006 4:59pm Dec 5, 2006 4:59pm
Quoting cesarnc
Hi all,

I was working with the spreadsheet posted by 4xCoder here and changed a few things to fit my needs. Please have a look at it attached.

Main parameters figures wasn't changed. Just dates and the beginning balance.

Now, starting with $1,000 (NBD*) / 100pips a week (NBD???*) / 5% risk / -30pips stop loss / max 200 lots per trade (NBD*) you make $2 MILLION within 1 year.

(NBD) - Not a Big Deal

Well, Excel takes everything. Question is: is this REALLY feasible? As far as I can see, key figure here is 100 pips a week (average, of course) which doesn't seem a delusion to me... Am I wrong?

I'm trying to establish achievable goals to myself and I'll be able to work full time in Forex during 2007. Are you guys saying that I'll make TWO freaking million dollars THAT WAY? I can't believe it, but I couldn't find the mistake here...

NOW I need some help....

César
A million dollars can easily be made if you trade everyday and trade no less than 10 lots. The object is to trade correctly. If you can trade .1 to 1 pip and achieve success, you can do the same with any amount of lots. You just have to have the money in the bank to cover such a large bet. Otherwise a margin call will wipe you out. I have made $26,000+ in 11 hours and $36,000+ in 7 hours last month. And thats just two of the trades I did. And I trade everyday that I can. And I did that with 10 lots. With $10,000 in your account, you can make 6 figures every month if you are trading a volatile currency like the pound.
A. Finesse Williams Making Millions One Pip At A Time!
  • #36
  • Dec 5, 2006 8:02pm Dec 5, 2006 8:02pm
What trading style/techniques have you found that has been so good to you?
Stan
Quoting aswilled
A million dollars can easily be made if you trade everyday and trade no less than 10 lots. The object is to trade correctly. If you can trade .1 to 1 pip and achieve success, you can do the same with any amount of lots. You just have to have the money in the bank to cover such a large bet. Otherwise a margin call will wipe you out. I have made $26,000+ in 11 hours and $36,000+ in 7 hours last month. And thats just two of the trades I did. And I trade everyday that I can. And I did that with 10 lots. With $10,000 in your account, you can make 6 figures every month if you are trading a volatile currency like the pound.
  • #37
  • Dec 5, 2006 9:22pm Dec 5, 2006 9:22pm
Hi aswilled,

As your statement says it all about profiting huge amounts, what system are you using? Can you teach us novices on how to trade and timeframe to achieve what you have done?

Thanks,
  • #38
  • Dec 5, 2006 9:23pm Dec 5, 2006 9:23pm
Quoting Pip Rage
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
Hey "PR",

Your methos sound good enough, maybe you could post a pic if a typical trade my friend.

AlexFX
  • #39
  • Dec 6, 2006 4:48am Dec 6, 2006 4:48am
Alex,
I don't want to hijack this thread but next time I trade on the 1 min chart(and I only do it when my weekly position is flat), I'll start a new thread and post a chart - win or lose.
I gotta warn you though, this method is not entirely mechanical. It is my method and probably mine alone.
I've never had any success using the methods of others and wouldn't expect many people to have success with something created by me for me.
The reason is purely pschological. I just can't strictly follow or stick with something created by someone else whose personality, circumstances and time zone is differnt to mine.
There are good reasons why there are an almost infinite number trading methods out there.
Anyway, I'll still post the method in greater detail even if its just for vanity's sake. Just not now and not on this thread.

Ken
  • #40
  • Dec 6, 2006 4:56am Dec 6, 2006 4:56am
Other interesting thing that I noticed.

If you have ALL signals for a minute scalp BUT the market has no volume, forget it. It will go oversold/overbought way to fast, in a matter of 3-5 pips (you may not even scap this pips, though).

One important key point that was left aside in this pdf file is exactly this: Scalp the signal AND the volume...

100% of the times I tried with no volume I lost.

César
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