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Trend Follower 5 Minute System

  • #1,301
  • Jan 24, 2008 2:58pm Jan 24, 2008 2:58pm
Quoting TheWicker
I don't advise trading before EU open because of the chop-chop season. However an exception could be the JPY pairs/crosses (still don't recommend it though).
To The Wicker,

Ive been following this thread and system for a while, and its awesome. Thanks for sharing.

One quick question regarding times if you don't mind. You advise EU open to US close but what exactly are these times in GMT?

As I understood it was 7AM - 8PM. However this question has been asked before on this thread and people have put up market hours links, which also have different times to each others and mine.

Thanks for clearing this up in advance.
  • #1,302
  • Jan 24, 2008 5:13pm Jan 24, 2008 5:13pm
Quoting Pipinaintez
To The Wicker,

Ive been following this thread and system for a while, and its awesome. Thanks for sharing.

One quick question regarding times if you don't mind. You advise EU open to US close but what exactly are these times in GMT?

As I understood it was 7AM - 8PM. However this question has been asked before on this thread and people have put up market hours links, which also have different times to each others and mine.

Thanks for clearing this up in advance.
http://fxtrade.oanda.com/resources/fxmarkethours/
  • #1,303
  • Jan 24, 2008 5:49pm Jan 24, 2008 5:49pm
Quoting A_3
http://fxtrade.oanda.com/resources/fxmarkethours/
Cheers for the reply, but this is one of the links I was talking about that is already on the blog and is causing me confusion.

According to this US closes at 2200 GMT right? But Ive also read 2100 GMT, 2000 GMT and even 2300GMT on other links. Which is it? Also with EU open is it 0700 GMT open or 0800 GMT.

Thanks again and sorry for this basic level confusion
  • #1,304
  • Jan 24, 2008 6:33pm Jan 24, 2008 6:33pm
There is some variation of GMT opening times depending on season but this is taken into account by the oanda link you were given.
  • #1,305
  • Jan 24, 2008 7:06pm Jan 24, 2008 7:06pm
Quoting FxFocus
There is some variation of GMT opening times depending on season but this is taken into account by the oanda link you were given.
Ok thanks very much for that!
  • #1,306
  • Jan 24, 2008 7:34pm Jan 24, 2008 7:34pm
Quoting Pipinaintez
Cheers for the reply, but this is one of the links I was talking about that is already on the blog and is causing me confusion.

According to this US closes at 2200 GMT right? But Ive also read 2100 GMT, 2000 GMT and even 2300GMT on other links. Which is it? Also with EU open is it 0700 GMT open or 0800 GMT.

Thanks again and sorry for this basic level confusion
London open is 08:00 GMT, Frankfurt Open is 07:00 GMT

US Close is 21:00 GMT
  • #1,307
  • Jan 24, 2008 7:50pm Jan 24, 2008 7:50pm
On Summer time London time is GMT +1 which means everything minus 1 hour

so London Open is then 07:00 GMT and Frankfurt Open is 06:00 GMT (CET = GMT +2 -> Summer time)

US Close at 20:00 GMT

Summer time begins on last day of March


But at the moment we still have Winter time so London = GMT, Open -> 08:00 GMT
  • #1,308
  • Jan 25, 2008 12:47am Jan 25, 2008 12:47am
Quoting wiper
Ok, thanks but I personally think 25 pips is a bit small for the GBPUSD
If you have a great signal (we should be looking to trade these only) 25 pips will be enough most of the time. If the signal is sloppy however, then yes, this stop loss can be to small. As we are looking only for the best trades, this should not be an issue.
  • #1,309
  • Jan 25, 2008 8:37am Jan 25, 2008 8:37am
Quoting A_3
On Summer time London time is GMT +1 which means everything minus 1 hour

so London Open is then 07:00 GMT and Frankfurt Open is 06:00 GMT (CET = GMT +2 -> Summer time)

US Close at 20:00 GMT

Summer time begins on last day of March


But at the moment we still have Winter time so London = GMT, Open -> 08:00 GMT

Thanks A_3. Loads of help. Much appreciated. http://www.forexfactory.com/images/icons/icon14.gif
  • #1,310
  • Jan 25, 2008 11:20am Jan 25, 2008 11:20am
Quoting TheWicker
If you have a great signal (we should be looking to trade these only) 25 pips will be enough most of the time. If the signal is sloppy however, then yes, this stop loss can be to small. As we are looking only for the best trades, this should not be an issue.
Ok, thanks for your explanation. What do you mean "if the signal is sloppy"?
Only trying to learn more...

Thanks,
Wiper
  • #1,311
  • Jan 25, 2008 11:54am Jan 25, 2008 11:54am
hi, i want to ask something. how to make the EA by pmurfin to play custom .wav?

at MT4 option setting there are :-
Expert Advisor -alert.wav
Expert Confirmation -alert.wav
Alert -alert.wav

I assume that the alert beep will sound through the EMA crossover signal indicator by Wicker. Now i want to differentiate the sound between the EMA crossover(signal potential trade) and pmurfin's EA (time for entry)

which setting should i modify ? And can it use custom. wav? cos i need a prolonged sound as i might be sleeping or other room.....
  • #1,312
  • Jan 25, 2008 2:45pm Jan 25, 2008 2:45pm
Hey all!

Somewhere in the thread, someone posted a comment on how long this system would work for and if it would need updating? WICKER, please lay my worst fears to rest and tell me that this system will be valid for a long time to come?

From my own understanding I don't see how it could become ineffective, but I am a novice on this subject. Could anyone confirm my belief?

Thank you

P.S. I've found this system to be fantastic this week its taken a lot of pips, my latest was EUR/USD which took 40 pips. Entered deal at around 1530 GMT and exited on slope changing colour at about 2030 GMT 5 min time frame. Don't know how to post chart sos. Nice way to finish for the weekend!!!!! (Still demo trading tho)
  • #1,313
  • Jan 25, 2008 2:56pm Jan 25, 2008 2:56pm
The problem is that you get someone who backtests the system without doing any forward testing then they claim it does not work or is doom for failure. I can say that for any system, what works for one may not work for the other person, each trades according one's style or how he/she interprets the signals.....

I never trust backtest of any system no matter how great the results are. We have in our mind where the market had gone previously, and we can force it to provide the best modelling quality, its what you do live that counts most of all.
  • #1,314
  • Jan 25, 2008 3:25pm Jan 25, 2008 3:25pm
Quoting et_phonehome_2
The problem is that you get someone who backtests the system without doing any forward testing then they claim it does not work or is doom for failure. I can say that for any system, what works for one may not work for the other person, each trades according one's style or how he/she interprets the signals.....

I never trust backtest of any system no matter how great the results are. We have in our mind where the market had gone previously, and we can force it to provide the best modelling quality, its what you do live that counts most of all.
Cool, course live matters most. And the system has been working fine for me. I'm just thinkin worst case scenario..... do you reckon it'll work for a long time? I know its impossible to say for definite, but I don't know how it could become ineffective? Can it?

Cheers
  • #1,315
  • Jan 26, 2008 4:47am Jan 26, 2008 4:47am
Quoting wiper
Ok, thanks for your explanation. What do you mean "if the signal is sloppy"?
Only trying to learn more...

Thanks,
Wiper
Well that's basically a bad signal. We've covered many of such in previous threads. It means that indicators somewhat agree, but the movement has already been large in the past 30 minutes, or the guppy MA's are not properly aligned. Browse a little back, we must have covered some of these just one or two pages back with eng forex.
  • #1,316
  • Jan 26, 2008 5:17am Jan 26, 2008 5:17am
See you on the chat then !!!




Quoting WilteredFire
We took a nice trade today together in our paltalk room on the EURUSD...
We got a signal to go long, guppy seemed nicely contracted enough, so we took the trade, and it turned out to be quite nice

I entered after the signal candle, 30pip s/l with a 30pip take profit, ideally, since the price looked it it was away from the pivot headed up, resistance level 1 would have been the right take profit target, could have gained another 10+ pips atleast if i had held on. Well im still learning though. Heres my signal on the 5minute EURUSD chart with the signal...
  • #1,317
  • Jan 26, 2008 10:09am Jan 26, 2008 10:09am
Hey pierre!!!

hope you alrite buddy! not heard from you this week. I cant wait to trade the system again for this coming week, hope to learn and practise this system more and more.

This should be a good week i hope! See you there on monday.

Wicker: Thanks for your advice in previous posts about taking only the perfect setups, im starting to realise how important it is, Im finding if i be more patient and take only the good trades, im lowering my chances of having bad trades crop up on me. Thanks once again!
  • #1,318
  • Jan 26, 2008 1:08pm Jan 26, 2008 1:08pm
Quoting TheWicker
Well that's basically a bad signal. We've covered many of such in previous threads. It means that indicators somewhat agree, but the movement has already been large in the past 30 minutes, or the guppy MA's are not properly aligned. Browse a little back, we must have covered some of these just one or two pages back with eng forex.
ok,thanks for your explanation.
  • #1,319
  • Jan 27, 2008 5:11am Jan 27, 2008 5:11am
"Follow The Trend Down The Yellow Brick Road", thats the name of the room"


Is this room still there? I couldn't find it





goldrush55
  • #1,320
  • Jan 27, 2008 4:00pm Jan 27, 2008 4:00pm
hey goldrush,

Im only keeping it open monday to friday as this is when people normally trade anyway, its open for almost 17 hours everyday as im having to keep my pc on for that long to keep it open. 8.30am to 12pm midnight monday to friday GMT london time.

See you there.
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