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X50 - M5 trend following

  • #121
  • Jan 23, 2008 4:10pm Jan 23, 2008 4:10pm
It's actually pretty easy to post charts in the room. I've posted instructions at http://www.reallybig.com/mtfs/mtfs-h...creenshots.pdf

Hope that helps...

Quoting grkbear
Hi CanuckCT,

I was in your trading room this morning and someone had mentioned perhaps using a different one where you can share charts live and post charts also. Tradingrooms.com is such a site that allows this and is also more user friendly. Just a suggestion. Thanks for starting this thread. System seems to work well.
Jeff Singer, K2KV
  • #122
  • Jan 23, 2008 4:20pm Jan 23, 2008 4:20pm
Quoting k2kv
It's actually pretty easy to post charts in the room. I've posted instructions at http://www.reallybig.com/mtfs/mtfs-h...creenshots.pdf

Hope that helps...

Thanks.
  • #123
  • Jan 23, 2008 4:24pm Jan 23, 2008 4:24pm
Hi k2kv,

Can you also post a live chart and follow it for all to see, or is it just only a captured image you can catch and post? I made that recommendation only because you can do that at trading rooms and didn't think you could in the current room.

Thanks.
  • #124
  • Jan 23, 2008 4:48pm Jan 23, 2008 4:48pm
As far as I know, you can only post captured images, not live charts, in the current room.

Quoting grkbear
Hi k2kv,

Can you also post a live chart and follow it for all to see, or is it just only a captured image you can catch and post? I made that recommendation only because you can do that at trading rooms and didn't think you could in the current room.

Thanks.
Jeff Singer, K2KV
  • #125
  • Jan 23, 2008 4:52pm Jan 23, 2008 4:52pm
Quoting k2kv
As far as I know, you can only post captured images, not live charts, in the current room.

Thanks k2.
  • #126
  • Jan 23, 2008 6:07pm Jan 23, 2008 6:07pm
CanuckCT,
Thanks for the great system. Can you clarify something?
Quote
The stoch crossing 50 is important only when MACD cross zero within the next bar or two, that's how I view it.
For a good setup does the MACD need to cross zero within two bars of only the 5,3,3 stochs crossing 50 OR both the 5,3,3 and 14,3,3 crossing 50 line?
  • #127
  • Jan 23, 2008 6:33pm Jan 23, 2008 6:33pm
This is a neat idea...posting a live chart in a room and following it.

How do you do this. I couldn't even find where to set up a room, let alone post a live chart. I'll have to check that out again.

I do like it better than what we now have.

Cheers,
CanuckCT

Quoting grkbear
Hi k2kv,

Can you also post a live chart and follow it for all to see, or is it just only a captured image you can catch and post? I made that recommendation only because you can do that at trading rooms and didn't think you could in the current room.

Thanks.
  • #128
  • Jan 23, 2008 6:37pm Jan 23, 2008 6:37pm
My idea of a good setup is macd had crossed zero and 5-3-3 has crossed 50, with 14-3-3 also heading up...is doesn't need to be over 50 but if it's following the 5-3-3 it will be by the time AS confirms. The tighter the 5-3-3 and 14-3-3 are, the better.

Within a couple (1 to 3), the signal should be confirmed. I'm trying to clarify this a bit more, but as you know, it's not an exact science. But it is just numbers that you relate to each other and I'm working on that for an indicator.

Cheers
CanuckCT
Quoting psymantis
CanuckCT,
Thanks for the great system. Can you clarify something?

For a good setup does the MACD need to cross zero within two bars of only the 5,3,3 stochs crossing 50 OR both the 5,3,3 and 14,3,3 crossing 50 line?
  • #129
  • Jan 23, 2008 9:21pm Jan 23, 2008 9:21pm
Here are 3 trades that I just made as follows:
Macd below zero so predominent trend is down

trade 1
5-3-3 stoch went above 50 and crossed back down...was good separation on as so sold for +10 pips

trade 2
same...5-3-3 stoch went above 50 and turned back down...was good separation on as so sold for +28

trade 3
this time 5-3-3 went all the way to 80 which was the 208 round number and turned. Once it cleared 85 sold and closed for +22. This trade was a bit tricky because AS had crossed. However stochs and macd in agreement and as never really separated much before it cross back. Was only looking for 15 or 20 pips...down to 208.50.

When playing the cross of stoch like this not waiting for candle close...just waiting for the cross.

That's 5 trades today included EURCHF and GBPCHF from this morning....

Cheers
CanuckCT
Attached Image
  • #130
  • Jan 23, 2008 11:32pm Jan 23, 2008 11:32pm
Sold AUDUSD @0.8728 .
Was it good setup?
Attached Image (click to enlarge)
Click to Enlarge Name: audusd1.gif Size: 18 KB
  • #131
  • Jan 24, 2008 1:24am Jan 24, 2008 1:24am
Setup looked fine to me...

Canuck has mentioned that waiting for the second bar on the MACD is often a good idea. If u entered on the close of the bear candle, the very next candle went enough against you to move the MACD back above zero, I would have got out of that trade for around -10, and waited for the next setup.

Good luck.
  • #132
  • Jan 24, 2008 5:30am Jan 24, 2008 5:30am
Hello neshat,

The only comment I'll make is that for ideal setups the AS indicator should cross and be pointed in the opposite direction...the steeper the angle the better and both the blue and red lines should have crossed their respective signal lines. Not sure what this would have looked like live...probably looked great, judging by the 4 bearish candles. But looking at it now, it seems like the AS indicator lines still quite close even though they have crossed. Better luck on the next one.

BTW, the signal before this one and the next 3 signals (see blue lines on image) would have have netted positive pips if you had taken on the macd cross and AS cross, exactly what you did here.

Cheers
CanuckCT

Quoting neshat
Sold AUDUSD @0.8728 .
Was it good setup?
Attached Image (click to enlarge)
Click to Enlarge Name: au.gif Size: 23 KB
  • #133
  • Jan 24, 2008 10:36am Jan 24, 2008 10:36am
Just my thoughts on this trading system so far. I opened a demo account a couple days ago and I have exclusively traded using this method. It seems as though every account I have entered into has been positive at one point in time. Granted I am totally new to forex, just started reading on it like 2 months ago so I don't know a whole lot. Of the 26 trades I have entered into, only two I have closed for a negative gain. The other 24 have either been breakeven or positive. I need to work more on an exit strategy. I was up almost $3,000 on a trade this morning and tried to let it ride out until the indicators all turned against me, and ended up settling for like a $500 profit. I'm sure I would not be trading this aggressively if this was my own money, but I had turned a $1,000 deposit into almost $6,000 in 3 days time. I also work full time so I am sure I have missed a few other trades. Anyways, just wanted to give my two cents on the system. I hope everyone else is experiencing good returns using this system. Thanks again CanuckCT, I feel this system has promise!
Attached File(s)
File Type: doc x50Demo.doc   128 KB | 555 downloads
  • #134
  • Jan 24, 2008 12:17pm Jan 24, 2008 12:17pm
Hi cfossy04,

Great to hear. Seems like you need to be taking profits more quickly and to start to practice money management like trying to risk certain % of your account on each trade. Most trades I have entered have been positive and most are closing for positive pips. I'm working on exit strategies. More on that later, but usually a good idea to take profits before all indicators turn against you.

I'm attaching a money management calculator and pip log that's i've been using. I'llprobably be adding a sheet for actual trade details and an equity curve chart and will share when available.

Can you share how you deciding which trades to enter? I'm a few weeks away from have indicator and EA to help with trade selections so I can trade several pairs at once. Tons of great signals every day regardless of the bigger trend. In fact, ranging markets are great trending markets on M5.

The other thing I'm exploring is watching the M5 entry for initial entry and then glancing at H1. If entry on M5 correspond to an entry on H1, the moves seem to be great. So, as most systems go, when you have agreement over more than one timeframe, the trade has a much greater chance of success. Food for thought.

Many ways to trade x50.

Cheers
CanuckCT



Quoting cfossy04
Just my thoughts on this trading system so far. I opened a demo account a couple days ago and I have exclusively traded using this method. It seems as though every account I have entered into has been positive at one point in time. Granted I am totally new to forex, just started reading on it like 2 months ago so I don't know a whole lot. Of the 26 trades I have entered into, only two I have closed for a negative gain. The other 24 have either been breakeven or positive. I need to work more on an exit strategy. I was up almost $3,000 on a trade this morning and tried to let it ride out until the indicators all turned against me, and ended up settling for like a $500 profit. I'm sure I would not be trading this aggressively if this was my own money, but I had turned a $1,000 deposit into almost $6,000 in 3 days time. I also work full time so I am sure I have missed a few other trades. Anyways, just wanted to give my two cents on the system. I hope everyone else is experiencing good returns using this system. Thanks again CanuckCT, I feel this system has promise!
Attached File(s)
File Type: xls MM Calculator and Pip Log.xls   75 KB | 624 downloads
  • #135
  • Jan 24, 2008 12:46pm Jan 24, 2008 12:46pm
I am working on creating an Expert Advisor (EA) for this method and hopefully will have it finished later today or tomarrow.
  • #136
  • Jan 24, 2008 1:17pm Jan 24, 2008 1:17pm
hello
what is stop loss for this system?
  • #137
  • Jan 24, 2008 1:39pm Jan 24, 2008 1:39pm
Oromis
Member
Oromis and I were in a new room at www.tradingrooms.com last night. Much better setup for trading as we shared a live chart from my computer to his. Very, very cool. Thanks to grkbear for the suggestion. Watching a live chart together and talking thru a trade was most helpful to me and I think oromis got something from it as well. I called a trade on GY that was closed for +35. Neither of us took the trade...more of a here's how I do it session...when and why to enter and when and why to exit. The room is called x50 under the community rooms. Drop by if you have a chance...trading can be lonely at times. I don't think we should be calling out trades per se, but just have it as a meeting place to chat.

Cheers
CanuckCT
  • #138
  • Jan 24, 2008 2:17pm Jan 24, 2008 2:17pm
Hi nea,

that sounds really nice, is it possible that you could also make an indicator for it? If trading many pairs it is difficult to track all set-ups, so an alert and/or email function would be awsome

Happy trading,

PC
Quoting nealc99
I am working on creating an Expert Advisor (EA) for this method and hopefully will have it finished later today or tomarrow.
Less is more...
  • #139
  • Jan 24, 2008 4:51pm Jan 24, 2008 4:51pm
Quoting CanuckCT
Oromis
Member
Oromis and I were in a new room at www.tradingrooms.com last night. Much better setup for trading as we shared a live chart from my computer to his. Very, very cool. Thanks to grkbear for the suggestion. Watching a live chart together and talking thru a trade was most helpful to me and I think oromis got something from it as well. I called a trade on GY that was closed for +35. Neither of us took the trade...more of a here's how I do it session...when and why to enter and when and why to exit. The room is called x50 under the community rooms. Drop by if you have a chance...trading can be lonely at times. I don't think we should be calling out trades per se, but just have it as a meeting place to chat.

Cheers
CanuckCT

No problem CanuckCt,

I hope this makes it a little easier to talk about the trades and maybe even watch them live.

Nick
  • #140
  • Jan 24, 2008 11:41pm Jan 24, 2008 11:41pm
trading room is very good idea
but i couldn,t find the room
thx, good luck
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