Microtrading the 1 minute chart

OK, took a trade this morning after the London open. The 5 min (not shown) RSI14 was above the 50 line. You can see the 1 minute RSI was right at 50 and the MACD was below the zero line, but I let the 5 min chart tell me to get in. This was a strong move and I took about 12 pips out very quickly. I did take 4 pips earlier but this was a different set-up that I'm looking at. I'm looking at a tentative goal of taking 10 pips a day with very little screen time during the London open and some post news release events. I'll give myself no more than an hour for this becuase I have a day job. The screen time this morning was about 30 minutes.
smjones: If this thread needs to be moved to the trading system thread (and I think it does) then by all means do so.

Other stuff:

The RSI was extremely overbought this morning and was trending down for a while. There were several false signals during this time after I made that trade above. But, since I bagged the pips already I was done. I was thinking that price was going to return to a pivot point or previous high and it did. I like to use the word 'thinking' instead of 'guessing'. Also, there are flat periods when price is not moving well which = more false signals. This, as many methods are, is a discretionary system. Just because there is a signal does not mean get in. This is a work in progress so we'll se how things go.....

Hey,

I have been looking at this and I agree with you. For this to be effective you really need to wait for the European and london sessions to kick in with their increased volumes and volitility.

All the best...

A

Yup, ya need the movement. There are doldrums before the NY market opens as well; the end of the London session. Haven't looked too much at the Asian session but as long as prices are moving up or down (volatility) and the MACD histo lines are 'long' I'll be watching. Everything has to 'line up' though. There's been some movement today even though the stock market is closed but since I banked some pips this morning I really don't feel like giving anything back since I hit my target already.....

OK:

Today's London open was still stuck in the range from yesterday's open and I took no trades on the 1min chart. I'm giving my self no more than an hour for this because as stated before I have a day job and have to get up...again.. So what makes today different from yesterday??? Check out the 15min chart. Look at yesterday's LO (London open) the first dashed vertical line vs. today's LO, the second dashed vertical line. Look at the RSI and how overbought it is during yesterday's open. Also, look at the MACD around these two opens (is there a better word for 'opens' here?). It's got a lot further to move during the first open and it was flat until price broke through the channel to the downside this morning. I did put a sell stop in below the channel because I was thinking a little correction to the down side and made 20pips. So, getting up that early was worth something. Anyway, the MACD has to be 'hilly' like what those little Hobbit dudes went through to get to Mordor, not flat like Paris Hilton for things to work. If I would have given myself some more time there were numerous short entries on the 1min after the channel was broken but I need to follow my rules, including sleep rules. I traded the LO before with different method but on 15min charts and was up too long. I was very tired in the afternoon during work and had to abandon trading during that time. I'm hoping this method will be a little different...

Just closed this out a few moments ago for 12 pips...

There seems to be very little interest in this thread so I'm going to discontinue posting. I've had 9 winners in a row since last Friday and I'm almost finished with the EA that I'll demo for a while but I'll continue to trade it live also. Since backtesting on any timeframe with MT4 has its faults I'm going to hold off on any of those results.

Cheers

i am actually very interested in it.

let us know what your results are!!!

Hey Palmer i just got around to reading some of your stuff. its pretty funny because me and you seem to have a very similar trading style. except i don't use ma crosses i use more ma positioning. but your system does sound interesting.

Please keep posting, we are actually very interested in your posts, just don't have the confidence to post our own trades yet, still learning.
thanks for all your work and sharing your setups
thanks
faddy

True volume isn't available in the forex market so I don't know what these volume studies you use are actually based on. You could avoid low volume trades by not trading during the twilight zone at the end of the NY session and beginning of the European session.

it is available only in future, but it may diversife by a little, but in general, when future is trading, usually the forex moves as BPH future...and vice versa ....

I've got access to CME Globex futures and volume and depth of market can be useful but that's completely different to what is being displayed in the MetaTrader screenshots.

Greetings all... And Palmer, ya know there are lurkers amongst us. Next time i'll post a hello the from the get go. This looks intersting with the filters and in combination also with "MicroChannels" as taught in the SRDC II thread there can be a powerhouse model for the LO.

Get something rolling and i'll get a spot up at my currency trading resource page since i'm focusing once again on the LO with renewed energies.

: ) Thom

Hellllllllo everybody...Thom, well that did it...OK here I am. The live experiment will continue. What I've been seeing as far as the London session is that the 5min filter takes about an hour to get going, so I'll wake up a little later. I have a bad feeling that I'm going to run into the same problem that I did before when I was trading this session, I'll be dead tired at about 2pm at my real job. So, I'll give myself no more than an hour of chart time, that's it and I'll see how it goes. As far as the EA goes, I really think it's worthless because the timeframe is so small. So, I'm back to work on the breakout thingy, another story.

After the NFP last Friday the market was flat for a few hours and I took no trades at all, got tired of watching. I was off from work last week so I had the time. I'll post charts in the evening that I took that morning. You'll just have to trust me on the charts. Since I'm not selling anything whad'ya have to bug me about anyway? If anyone is interested, I came across a website that has a running live demo vs. an excellent backtest of an EA. I think the site is updated on the weekend. I PM'd one of the 'hall monitors' on FF to see if I can post the link on the MT4 forum so I'll wait before I post it. You can PM if you want the link. I didn't know there were so many FX books out there....

Oh! We call it trading? I call it scalping... LoL

I even trade/scalp from 5-30 sec charts... All moves must pass through me...

Cheers,

Put a 5,15,50 Hull MA on a 5m. Trade with the 50 direction. when they all turn-GO. Get out on the 5 or 15 change depending on your risk or priceaction.

xpMA attached
MA_Period 5, 15, 50
MA_Type 8
Set stepback to 1

Everything else default.
This isnt my idea, and i am in the process of testing refinements. The original had a 60 and 80 in place of the 50 but I found they were just a tad lagging.

And Linux. Have you tried a Hull rainbow??? Been playin with that also.

Just completed these two trades:

First trade: when the RSI and MACD both cross the zero 'about' at the same time I went long and made 5 pips...

Second trade:

Normal long signal on the 1 minute...8 pips = total 13 pips, back to bed with the goal of 10 pips in the bag.....zzzzzzzzzzzzzzzz

The long signal at the 08:00 GMT ish time at 1.9305 ish area was nice. I was in bed at the time so i missed that entry. I did get in after the price was still bull ish on the 5m and 1m charts at the 9350 area but as i post it is stalled out. Time will tell.

It was a fun afternoon looking back a bit on the 5m chart looking at the possible setups, but hindsite is only so good.

: ) Thom

PS, well the day was a BULL day, so buying was a good thing if profits were banked. For myself i had my SL to tight as i was unsure of the market so i was actually stopped out. But there's another bus coming. I have to remember that if i'm trading the Gbp, a better SL is 50 or 60... not the usual 25 or 30 we can get away with on the Euro.