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Attachments: X50 - M5 trend following
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X50 - M5 trend following

  • #41
  • Jan 18, 2008 3:45pm Jan 18, 2008 3:45pm
Quoting CanuckCT
Hi Everyone,

A few of us had been chatting and trading together in a room. We didn't get a lot of traction in the room, but I still think the idea was a good one. Since everyone trades at different time, it's often difficult to meetup with someone. So I offer the room up to anyone who would like to drop by and trade this method. I keep strange trading hours...sometime early morning or late evening...maybe an hour during the day. Hope to see some of you there.

Getting into the trading room is as follows:

!. Go to http://ensign.editme.com/chat and click on the download link, just under INSTALLATION.

2. Download and save the setupchat.exe file and follow the setup instructions at the ensign site. It's easier than it looks, and you will be setup completely in less than five minutes!

4. Login to our room #56 - x50 Password is x50

Look forward to seeing you there!

Cheers
CanuckCT
Canuck and Jeff and whoever else,

Do you guys trade the opening of the euro and london sessions? I'm on the west coast so that's 11pm and midnight respectively (for me). Good times to trade for night owls with day jobs like myself.
  • #42
  • Jan 18, 2008 3:51pm Jan 18, 2008 3:51pm
I generally trade 9:00 AM to 12:00 noon here on the east coast (GMT-5), and occasionally the early Asian session from around 9:00 PM to 11:00 PM.

Quoting ocelot
Canuck and Jeff and whoever else,

Do you guys trade the opening of the euro and london sessions? I'm on the west coast so that's 11pm and midnight respectively (for me). Good times to trade for night owls with day jobs like myself.
Jeff Singer, K2KV
  • #43
  • Jan 18, 2008 4:06pm Jan 18, 2008 4:06pm
Canuck,

I have to say this method is pretty solid. I took 40 pips last night. I have a day job, so i pretty much just trade the asian session. I'm sure i'll see you in the room.

happy trading,

cl
  • #44
  • Jan 18, 2008 4:39pm Jan 18, 2008 4:39pm
I like this method
I dropped the 5 minute a long time ago for longer timeframes to capture bigger moves and reduce the impact of spread. However, contrary to popular opinion, I have found it much more stressfull. You can be in positions for days at a time and that is a fulltime job. You dont get a break. The trade is always on your mind. I am on holidays atm but I had an open position that needed quite a bit of attention given recent moves. Obviously, this is not an ideal way to live. Well done in developing a system that allows me to trade on my terms and get my life back. I am very familiar with spud and phill nells work so your system is an easy step for me. I look forward to switching off both myself and my pc next time I trade
BTC Return This Year: na
  • #45
  • Jan 18, 2008 5:25pm Jan 18, 2008 5:25pm
Thanks for the template and system.

Just curious why and how you use the Absolute Strength indicator?

Thnaks,
  • #46
  • Jan 18, 2008 6:49pm Jan 18, 2008 6:49pm
I use this indicator because another system I'm reviewing for H1 timeframe uses it. The cross and steeper angle seems to coincide with a good entry. You'll notice the MACD cross and AS cross appear together on the good setups. Do you have any suggestions/comments about this indicator?

Cheers
CanuckCT

Quoting KudzuFX
Thanks for the template and system.

Just curious why and how you use the Absolute Strength indicator?

Thnaks,
  • #47
  • Jan 18, 2008 6:54pm Jan 18, 2008 6:54pm
Hey MAC
This is precisely why I ended going back to M5. I was having a stressful time with higher timeframes. I would like to go there, but right now I'm just not smart enough to do it. With this, you have two hours, you trade two hours, and then get on with your life. A successful futures and bond trader I met several years ago told me never ever hold a position overnight. You should be able to make you living and sleep at night with your cash in the bank. He traded a breakout type system which I guess is what this is. I've never forgot that advice, nor have I been able to implement it. Hoping this method will allow me to do it.
Cheers,
CanuckCT

Quoting M.A.C.Doug
I like this method
I dropped the 5 minute a long time ago for longer timeframes to capture bigger moves and reduce the impact of spread. However, contrary to popular opinion, I have found it much more stressfull. You can be in positions for days at a time and that is a fulltime job. You dont get a break. The trade is always on your mind. I am on holidays atm but I had an open position that needed quite a bit of attention given recent moves. Obviously, this is not an ideal way to live. Well done in developing a system that allows me to trade on my terms and get my life back. I am very familiar with spud and phill nells work so your system is an easy step for me. I look forward to switching off both myself and my pc next time I trade
  • #48
  • Jan 18, 2008 7:16pm Jan 18, 2008 7:16pm
Quoting CanuckCT
Hey MAC
This is precisely why I ended going back to M5. I was having a stressful time with higher timeframes. I would like to go there, but right now I'm just not smart enough to do it. With this, you have two hours, you trade two hours, and then get on with your life. A successful futures and bond trader I met several years ago told me never ever hold a position overnight. You should be able to make you living and sleep at night with your cash in the bank. He traded a breakout type system which I guess is what this is. I've never forgot that advice, nor have I been able to implement it. Hoping this method will allow me to do it.
Cheers,
CanuckCT
Canuck;
Do you have a favorite pair for this strategy or do you preferred looking for opportunities with various pairs?
Also do you trade only during specific time period?

Thanks
  • #49
  • Jan 18, 2008 7:27pm Jan 18, 2008 7:27pm
No favorite pair - GBPJPY, EURUSD, AUDUSD....but I scan about 10 pairs for opportunities on the 4th minute of every 5 minutes to identify opportunities and then focus on 2 or 3 opportunities, and pick one, sometimes 2. MACD near crossing is easy to identify and that's what I look for...then the stochs and AS need to make sense.

I'll trade any time period if there is some evidence of momentum.

Cheers
CanuckCT

Quoting aelimian
Canuck;
Do you have a favorite pair for this strategy or do you preferred looking for opportunities with various pairs?
Also do you trade only during specific time period?

Thanks
  • #50
  • Jan 18, 2008 8:08pm Jan 18, 2008 8:08pm
hi canuck,
thanks share the system, i'll try it next week.
one question: macd above/below water line, but stoch already into overbought/oversold zone, do you still buy/sell?
  • #51
  • Jan 18, 2008 8:26pm Jan 18, 2008 8:26pm
Quoting yellowbrick
hi canuck,
thanks share the system, i'll try it next week.
one question: macd above/below water line, but stoch already into overbought/oversold zone, do you still buy/sell?
In my opinion, overbought/oversold is something that you have been told to believe in, but doesn't really exist.
"Keep your eyes on the helpers" - Mr. Rogers
  • #52
  • Jan 18, 2008 9:40pm Jan 18, 2008 9:40pm
If you are trying to buy or sell into a trend, price is likely to stay over 80 or below 20 for long enough to make you some pips. I'm not that concerned about about ob and os areas, in fact I want it to be near there. In my opinion, stoch is great for entry but not so good for exit. Selling above 80 with a fast moving stoch like 5-3-3 is a great way to get creamed.
Cheers
CanuckCT

Quoting yellowbrick
hi canuck,
thanks share the system, i'll try it next week.
one question: macd above/below water line, but stoch already into overbought/oversold zone, do you still buy/sell?
  • #53
  • Jan 18, 2008 10:07pm Jan 18, 2008 10:07pm
Sure No problem!

My third trade hit my stop at break even.



Quoting CanuckCT
That's great trading. Perhaps you could post a few screen shots of your entries. 30 to 40 pips on GJ is a nice target on one trade. Glad to hear it's working for you also. Have you looked at any other pairs?
Cheers,
CanuckCT
Attached Image (click to enlarge)
Click to Enlarge Name: x5.gif Size: 27 KB
  • #54
  • Jan 19, 2008 1:51am Jan 19, 2008 1:51am
thx for sharing ur system , i am goona try it next week.

good luck
  • #55
  • Jan 19, 2008 8:14am Jan 19, 2008 8:14am
Cannuck, Jeff, Glenn and all others,

thanks for sharing this system, I'm very impressed so far and definitely would like to trade this but there's one problem: I don't use metatrader (and do not plan to do so) that's why I can't use the AS Indicator. I looked into the file by opening it with MS Word to see if I can "translate" it. But obviously I'm not very good in understanding MQL. So is there any possibility to get an explanation how this indicator works and maybe an easy language code?
I know that it has been posted in other threads before but couldn't find details about it. Can anyone help?
I want to code it for CMC, IT-Finance and Pro-Realtime Users. Hopefully my abilities in this language are not as limited as they are regarding MQL (but I can't promise anything)

C U
  • #56
  • Jan 19, 2008 8:34am Jan 19, 2008 8:34am
Hi joka,
Go to http://www.metaquotes.net/ and download the free demo. Use it for charts and use your own broker for trading. Otherwise, not sure how to help you as far as writing code for a different platform.
Cheers,
CanuckCT

Quoting joka
Cannuck, Jeff, Glenn and all others,

thanks for sharing this system, I'm very impressed so far and definitely would like to trade this but there's one problem: I don't use metatrader (and do not plan to do so) that's why I can't use the AS Indicator. I looked into the file by opening it with MS Word to see if I can "translate" it. But obviously I'm not very good in understanding MQL. So is there any possibility to get an explanation how this indicator works and maybe an easy language code?
I know that it has been posted in other threads before but couldn't find details about it. Can anyone help?
I want to code it for CMC, IT-Finance and Pro-Realtime Users. Hopefully my abilities in this language are not as limited as they are regarding MQL (but I can't promise anything)

C U
  • #57
  • Jan 19, 2008 8:38am Jan 19, 2008 8:38am
Hey WHTenn,
I think we are on to something here for sure. I had no idea there would be the interest there seems to be. Thread had over 3000 views in a very short time. Thanks for the 5-star. Now let's all make some money.
Cheers
CanuckCT

Quoting WHTenn
This system is presented nicely. I tested it and this is a good system that is profitable. The simplicity is easy to understand. This is one of the few 5-minute trading systems that I like. I gave it a 5-star rating.
  • #58
  • Jan 19, 2008 9:16am Jan 19, 2008 9:16am
Thanks Cannuck. I guess thats the best and easiest way.
Have a nice weekend
  • #59
  • Jan 19, 2008 8:18pm Jan 19, 2008 8:18pm
I shall try to get to the room after work, I think it is an excellent idea for a really good method.

Reading back thru the thread, and looking at the chf/jpy loss that you incurred, I had an idea. Though I believe that losses are part and parcel of trading, I still believe that it should be possible to minimize the losses, or know when to take profits. obviously, the targets on gbp/jpy would not be the same as eur/usd in number of pips. I'd be happy with 10-12 pips on a 5M candle on the eur/usd anytime, but would really be aiming for 20-25 pips on the gbp/jpy etc

For the coders amoungst us, wonder if it is possible to make an indicator, that lists the no. of pips of each 'x' number of candles. eg. last 5 candles were of pip size (basically difference between high and low) 20, 15, 25, 12, 18. Now, since we can see that the movements seem to be around the 16-20 pip mark, it can give us an idea/bias as to where/when to take profits, or atleast bring the trade to be. I have just chosen the numbers as random, hopefully I have managed to get my idea across.

Regards,
K.
  • #60
  • Jan 19, 2008 8:34pm Jan 19, 2008 8:34pm
Quoting CanuckCT
If you are trying to buy or sell into a trend, price is likely to stay over 80 or below 20 for long enough to make you some pips. I'm not that concerned about about ob and os areas, in fact I want it to be near there. In my opinion, stoch is great for entry but not so good for exit. Selling above 80 with a fast moving stoch like 5-3-3 is a great way to get creamed.
Cheers
CanuckCT
thanks reply.
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