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Gamblers 5 and 15 minute trading system

  • #81
  • Mar 18, 2008 6:03am Mar 18, 2008 6:03am
Quoting Tjpld
Yeah who started talking about engulfig stuff? No one mentioned it.
The main flaw I see in this system is that you don't know when to get out.
You could get 5 pips but could have gained 30. The next bad trade will kill you because you risk more than you gain.
Yeah cos the market knows when to get out of its own trade but you don't,and so you dont get smarter than price with it
  • #82
  • Mar 18, 2008 6:50am Mar 18, 2008 6:50am
The only way to make it more profitable is by increasing the sucess rate.
I added a T3 along with my 5 EMA 8 SMA. I only take trades in the direction of those MAs. No exeption. PT is 8-10 Pips all the time.
Testing this on a demo so far.
  • #83
  • Mar 18, 2008 9:15am Mar 18, 2008 9:15am
I'm still testing this on the 4H TF.

On the GBP/USD I entered at 20038 at 0000 EST after the previous candle closed up. At 0830 EST I closed the trade at 20188 for 150 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart69.JPG Size: 89 KB
  • #84
  • Mar 18, 2008 10:51am Mar 18, 2008 10:51am
Quoting Tjpld
Yeah who started talking about engulfig stuff? No one mentioned it.
The main flaw I see in this system is that you don't know when to get out.
You could get 5 pips but could have gained 30. The next bad trade will kill you because you risk more than you gain.
I used the term engulfing pattern to describe what Gambler180's system appears to do. I realize it is not a true engulfing pattern, however, the term does (at least in my mind) describe what Gambler180 looks for when he trades.

Over the years, I have scalped on the 1M, 5M , and 15M TF's. If one TF does not offer the R/R ratio you are looking for, then switch time frames. I now prefer the longer TF's to trade, and I believe this system has the potential to be viable for use on the 4H TF (although it will take quite a bit more forward testing before I put my money on the line.)

Gambler180's system is not perfect (but what is?) It does, however, offer some potential for profit. When used in conjunction with pivot points, pattern recognition, trend lines, and risk management, it is a viable tool. It is not a panacea and will not work in all markets every time. I use elements from different systems and philosophies in my trading. If one tool does not give me a clear understanding of the market, I switch tools until the understanding appears (if it doesn't, then I go for a walk or spend time with my family.)

If this system offers a viable entry, but no clear exit, then look for a system that offers a viable exit.
  • #85
  • Mar 18, 2008 1:10pm Mar 18, 2008 1:10pm
I have earned 10 pips today
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #86
  • Mar 18, 2008 4:32pm Mar 18, 2008 4:32pm
Here are some of my personal rules.
Long only if 5/8 is above T3.
T3 has to point up.
If all 3 converge -> no trade.
Short is 5/8 is below T3.
T3 has to point down.

Only use M15. Only trade during London and US Session.
Valid pairs EUR/USD, GBP/USD, USD/CHF, USD/JPY.
  • #87
  • Edited 3:27am Mar 19, 2008 3:15am | Edited 3:27am
Quoting Tjpld
Here are some of my personal rules.
Long only if 5/8 is above T3.
T3 has to point up.
If all 3 converge -> no trade.
Short is 5/8 is below T3.
T3 has to point down.

Only use M15. Only trade during London and US Session.
Valid pairs EUR/USD, GBP/USD, USD/CHF, USD/JPY.
I think your trend following filters are a good idea. Excuse my ignorance but what is a T3?
Quote
I have earned 10 pips today
great, my home run was very good but i would swap it for ten pips everyday!
BTC Return This Year: na
  • #88
  • Mar 19, 2008 5:02am Mar 19, 2008 5:02am
Shorted both the EUR/JPY and GBP/JPY at 0400 EST.

Entered EUR/JPY at 155.65 and exited at 155.11 for 54 pips. The GBP/JPY was entered at 199.49 and exited at 198.40 for 109 pips.
  • #89
  • Edited 6:06am Mar 19, 2008 5:52am | Edited 6:06am
T3 is a special Moving Average. I'll attach the indicator.
For now trading has become ALOT more efficient with this setup.
You can expect 10-20 pips at least. I caught a 90 pip move in the GBP/USD.
Works good on 4H too.

I take trades if the candle openes well below or above the T3 even if not everyone of the other MAs is on the right side of the T3.

BÄM just took 20 pips out the GBP/USD again with my highest probability setup.
T3 pointing down. Price below T3. 5/8 crossed to downside. Good angle and seperation.

http://img36.picoodle.com/img/img36/...3m_e07831c.jpg

Green: T3
Red: 8 SMA
Black: 5 EMA
Attached File(s)
File Type: mq4 T3.mq4   3 KB | 1,072 downloads
  • #90
  • Mar 19, 2008 5:59am Mar 19, 2008 5:59am
Quoting Tjpld
T3 is a special Moving Average. I'll attach the indicator.
For now trading has become ALOT more efficient with this setup.
You can expect 10-20 pips at least. I caught a 90 pip move in the GBP/USD.
Works good on 4H too.

I take trades if the candle openes well below or above the T3 even if not everyone of the other MAs is on the right side of the T3.

BÄM just took 20 pips out the GBP/USD again with my highest probability setup.
T3 pointing down. Price below T3. 5/8 crossed to downside. Good angle and seperation.
Does it work with 1Min/5 min set up?

http://i32.tinypic.com/35j09it.jpg
  • #91
  • Mar 19, 2008 6:39am Mar 19, 2008 6:39am
I will trying out this system that follows Tjpld(Thx Sir)!



http://i31.tinypic.com/2r5t2lh.jpg

Green: T3
Red: 8 SMA
White: 5 EMA




Rules
Long only if 5/8 is above T3.
T3 has to point up.

If all 3 converge -> no trade.

Short is 5/8 is below T3.
T3 has to point down.

Only use M15. Trading from ASIA
Testing Pair:: USD/JPY.

http://forexfactory.com/images/buttons/quote.gif

  • #92
  • Mar 19, 2008 7:12am Mar 19, 2008 7:12am
It will probably work on 5M too.
I just prefer M15 because it is not toooo fast and you get more pips with the trend. Also seems to be more reliable.
Backtest it manually just to get a feeling for the behavior of the ma's.
  • #93
  • Mar 19, 2008 7:25am Mar 19, 2008 7:25am
Today I have also earned 10 pips with my system just as it is.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #94
  • Mar 19, 2008 7:38am Mar 19, 2008 7:38am
Well i earned 120.
Only one pair.
  • #95
  • Mar 19, 2008 8:47am Mar 19, 2008 8:47am
how do you know when to exit?? Good System
"Do or do not, there is no try"
  • #96
  • Mar 19, 2008 9:01am Mar 19, 2008 9:01am
With my personal rules it's very likely that you'll get 10-20 pips.
I enter with two lots close the first after 10-20 pips and let the other one trail with stop at BreakEven.
  • #97
  • Mar 19, 2008 7:13pm Mar 19, 2008 7:13pm
At 0800 EST the AUD/JPY, AUD/USD, and the GBP/USD presented entries per Gambler180's entrance rules. I shorted all three pairs. Several hours later, the AUD/JPY netted 106 pips, the AUD/USD closed with 98 pips, and the GBP/JPY returned 88 pips.

The testing on the 4H TF has gone better than I expected. I am going to go ahead and try trading the 4H TF on my live account.
  • #98
  • Mar 19, 2008 9:46pm Mar 19, 2008 9:46pm
Quoting Clansman
At 0800 EST the AUD/JPY, AUD/USD, and the GBP/USD presented entries per Gambler180's entrance rules. I shorted all three pairs. Several hours later, the AUD/JPY netted 106 pips, the AUD/USD closed with 98 pips, and the GBP/JPY returned 88 pips.

The testing on the 4H TF has gone better than I expected. I am going to go ahead and try trading the 4H TF on my live account.

Are you using the same rules for the 4 hour TF? Any modifications?
What SL are you using?
Thanks
  • #99
  • Mar 20, 2008 12:31am Mar 20, 2008 12:31am
Quoting Gambler180
Today I have also earned 10 pips with my system just as it is.
would you mind posting a chart of your trade/s so we can get a clear understanding of which trades you pick and which you dont, what the drawdowns were etc. there are many signals during a session and not all produce profit. the losers are much bigger than the wins so you must have someway of determining a high probability signal from one that is not so good or you will toast your account in no time.
BTC Return This Year: na
  • #100
  • Mar 20, 2008 2:21am Mar 20, 2008 2:21am
Great system!
I've had ideas of break of previous high/low to enter, but break of previous trade side's open is even smarter I'm sure!!!
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