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Gamblers 5 and 15 minute trading system

  • #121
  • Apr 15, 2008 2:52pm Apr 15, 2008 2:52pm
Quoting 4xplosion
"G" that's not a trading system...that's called an ATM!!!
Hehe. I think I have just found another way to be a multimillionaire very fast. Maybe I will tell how at some time
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #122
  • Apr 15, 2008 3:04pm Apr 15, 2008 3:04pm
How is that?
  • #123
  • Apr 15, 2008 4:20pm Apr 15, 2008 4:20pm
Quoting Gambler180
Hehe. I think I have just found another way to be a multimillionaire very fast. Maybe I will tell how at some time

what can I say? ROF(really)LMAO......I can "smell money"
  • #124
  • Apr 16, 2008 3:24am Apr 16, 2008 3:24am
Quoting Gambler180
Hehe. I think I have just found another way to be a multimillionaire very fast. Maybe I will tell how at some time
I have to thank you for this simple refreshing and straigth forward trading approach. Some People look at 30 Indicators and wait for all to agree where the only thing you need is Price Action.

For now I've tossed the AO and AC and am trading only with BBs and 5/8 MA Setup just for visual confirmation.
Hope to hear new stuff from you soon.
  • #125
  • Apr 16, 2008 5:15am Apr 16, 2008 5:15am
I was not able to find an edge using indicator based rules either. I am making discretionary entries based on price action, taking into account support/resistence and longer term trend. I still watch stochs for overbought/sold, RSI for momentum and macd to monitor divergence. I also keep an eye on MTF's. If I get price action (reversal candles) and enough indicator agreement at a S/R level, its very high probability trading. I have not lost a trade this week however, profits are usually taken early at less than 10 pips per trade.The exit is the most discretionary part, totally winging it once the trade is live. Its early days but it is the most reliable scalping I have ever done winning 11/11 trades and adding 5% to my account over the last 3 London sessions
BTC Return This Year: na
  • #126
  • Apr 16, 2008 6:56am Apr 16, 2008 6:56am
thank you ur good system...
  • #127
  • Apr 16, 2008 7:21am Apr 16, 2008 7:21am
Quoting Tjpld
I have to thank you for this simple refreshing and straigth forward trading approach. Some People look at 30 Indicators and wait for all to agree where the only thing you need is Price Action.

For now I've tossed the AO and AC and am trading only with BBs and 5/8 MA Setup just for visual confirmation.
Hope to hear new stuff from you soon.

I've been following your posts and I was using the AO and AC myself because of the OzFx setups I've been monitoring for a few weeks, but am now weening myself off this "indicator madness".....anyway, what Time Frames have you been using for entry/exit? This would help me narrow things down a bit more...thanks!
  • #128
  • Apr 17, 2008 10:13am Apr 17, 2008 10:13am
I only use M15. There is too much noise when trading M5 and everything above is too bulk. You might see a nice steady trend on M15 which is just one H1 Candle. And I only use GBP/JPY since it trends the most and yields at least 50 Pips quite often so my 50 Pip Stop gives the trade nice room to breath and maintains a 1:1 ratio. Which means I only need 51% sucess.
You might wonder why I don't trade EUR/USD?
Sure it will give you some pips most of the time. But it's usually 10-15 Pips. Would you take a 10 Pip stoploss? With 3 pips spread? No. 10 Pips just isn't worth it. If you always aim for 10 pips and take a 25 pip SL you need to be right >70% of the time which is way to much. Being right only 50% is much easier of course.

Only trade during high volume times when the trend starts and you get your signal according to Gamblers System enter and let the volume carry you to you profit target. It might be possible to trade EUR/USD with it but you need a higher timeframe to get considerable pips. Which would be worth taking a bigger stop loss.
  • #129
  • Apr 17, 2008 10:20am Apr 17, 2008 10:20am
Quoting Tjpld
I only use M15. There is too much noise when trading M5 and everything above is too bulk. You might see a nice steady trend on M15 which is just one H1 Candle. And I only use GBP/JPY since it trends the most and yields at least 50 Pips quite often so my 50 Pip Stop gives the trade nice room to breath and maintains a 1:1 ratio. Which means I only need 51% sucess.
You might wonder why I don't trade EUR/USD?
Sure it will give you some pips most of the time. But it's usually 10-15 Pips. Would you take a 10 Pip stoploss? With 3 pips spread? No. 10 Pips just isn't worth it. If you always aim for 10 pips and take a 25 pip SL you need to be right >70% of the time which is way to much. Being right only 50% is much easier of course.

Only trade during high volume times when the trend starts and you get your signal according to Gamblers System enter and let the volume carry you to you profit target. It might be possible to trade EUR/USD with it but you need a higher timeframe to get considerable pips. Which would be worth taking a bigger stop loss.
See a chart of your entry and exit to understand?
Thanks

eagle
  • #130
  • Apr 17, 2008 10:43am Apr 17, 2008 10:43am
Quoting Gambler180
Hehe. I think I have just found another way to be a multimillionaire very fast. Maybe I will tell how at some time
  • #131
  • Apr 17, 2008 10:46am Apr 17, 2008 10:46am
Quoting Gambler180
Hehe. I think I have just found another way to be a multimillionaire very fast. Maybe I will tell how at some time
Buy the boat...eh eh
Attached Image
  • #132
  • Apr 17, 2008 11:43am Apr 17, 2008 11:43am
I got curious about this thread. seems that the big challenge for some is to spot entry/exit.

This strategy is very similar as spotting and trading fractals. The so-famous V-formation, which in higher time frames is very accurate.

Maybe you guys can consider using a fractal. As an indicator, I really don't know as I don't trade on metatrader (which seems to be very popular here) I assume you probably have some sort of indicator to spot fractals. If you do here's a word of caution: make sure it delivers a real-time signal...not a lagging one.

If you guys can do that, you will still trading price as the author of this thread suggest, at the same time you'll have a visual helper whenever the formation appears.

Just try it to see what happens
Peace
  • #133
  • Apr 18, 2008 3:16pm Apr 18, 2008 3:16pm
Quoting Gambler180
I trade all 17 pairs at marketiva. I'm not using any stop loss or target. I just check once a day and close the profitable orders. If there is both profitable and not profitable trades but there is more profit than loss I will some times close all orders for a combined profit.
When you say close the profitable trades, do you mean move the stop losses? otherwise it might take a while to get a reversed order. Thanks
  • #134
  • Edited 6:00pm Apr 18, 2008 5:49pm | Edited 6:00pm
Quoting Tjpld
@Clansman
Thanks. I'll take a look at it.

@francois443
Look like you're using VTTrader just as me. Usally I have my indicators on MT4 and enter the signals on VTTrader. But for this system everything is available for VTTrader.

@Topic

My newest System looks like this.
Add Awesome Oscilattor and Accelerator Oscillator.
Both have to be the same color to confirm the trade.
And my previous rules also apply. I'd like the bar to open on the other side of the T3. There is a signal on my example which would have been fine but the next was more secure.
Seems to work best on GBP/JPY M15. I just set a 50 Pips PT and SL. So I need only 51% hitrate to be profitable which this system does with ease.
Still have to test a bit.

http://img86.imageshack.us/img86/7605/aogf9.jpg

Nice one!!
This becomes a hybrid of Ozfx-Pip Nailer!!
Well...Will it work well in H4 TF and other pairs??
Thx will be nice if we could use OzFX DGC EA as MM.....(just to use it as manage profit/loss advisor only)

DGC EX
example:

Upon attached EA to the chart..SET EA mode to """"2""".....

open 0.5 lots with 50 pips SL (-50 pips) and 50 pips TP (+50 pips) (the open lot must dividable by 5)....
*the pips value are changeable upon your risk appetite.

Once reach first +50 pips, EA sell 0.1 lots...move to 0 (BE level)
Once reach +100 pips, EA sell another 0.1 lots...move to +50

it goes on till last 0.1, it leave it on, u can either sell or let it run.
Attached File(s)
File Type: mq4 T3.mq4   3 KB | 631 downloads
File Type: pdf OzFX_D1_EA instructions.pdf   29 KB | 1,036 downloads
File Type: mq4 OzFX_D1_EA_v1[1].0.mq4   7 KB | 693 downloads
  • #135
  • Apr 19, 2008 3:59am Apr 19, 2008 3:59am
Read my last 2-3 posts I talked about other pairs there.
I think evey pair has it's own timeframe where it trends the most with less whipsaw moves.
  • #136
  • Apr 19, 2008 1:47pm Apr 19, 2008 1:47pm
Gambler,

Excellent... you have just opened my eyes, we always look for optimal entries by adding loads of indicators and looking for a no loss system.

Why do most people lose, cause there system tells them to enter a trade when most of time it is too late and most of the move has already occurred by the time and then it goes the other direction.

Possibly the only reason I would like to use indicators in this system is to see if the market is ranging, again, another holy grail... lol...I see how that works.

Otherwise, I am looking for net profit of 10 pips per day... standard lot and then finish for the day, which is more than capable with this system.

I am back testing this and I get a few losses but more winners than losers!

Need to look at the MM of this system and I think that is the holy grail in Forex, you could take a hit of 10 losses, but then needing 1 win to break even.

Regards,
Guess
  • #137
  • Apr 20, 2008 4:06pm Apr 20, 2008 4:06pm
hi francois,

can you please talk us through rules and trades that you have taken?

thanks,
guess

Quoting francois443
I tried the strategy this monday. So far it looks very interesting. I managed to get around 400 pips.

I traded on 15 min chart.
  • #138
  • Apr 27, 2008 7:45am Apr 27, 2008 7:45am
Quoting Tjpld
If you have dojis I'd simply be more carefull because they indicate indicision in the market. And that is not what we want.
I just found this thread after trying to keep up with Gambler's journal. Actually, a doji is not a bad signal. Yes, they do indicate market indecision but if you see one at the top of a trend chances are the doji signals a reversal in the trend. That's how they are typically used. Same with shooting stars.
  • #139
  • Apr 27, 2008 8:07am Apr 27, 2008 8:07am
Following up my previous post, I've attached a 30-min chart of EURUSD showing candles on April 18, 2008 and April 21, 2008. The first circle on the left shows a hanging man while the second shows a doji. I drew rough trendlines on the chart to show the direction of the 30-min trend at the time. Notice how the trend reverses after both the hanging man and doji patterns form. Both patterns indicate indecision for the existing trend to continue and, in most cases, the indecision results in a trend reversal.
Attached Image (click to enlarge)
Click to Enlarge Name: haning man and doji.jpg Size: 115 KB
  • #140
  • Apr 28, 2008 1:02am Apr 28, 2008 1:02am
Quoting RickyRudy
Following up my previous post, I've attached a 30-min chart of EURUSD showing candles on April 18, 2008 and April 21, 2008. The first circle on the left shows a hanging man while the second shows a doji. I drew rough trendlines on the chart to show the direction of the 30-min trend at the time. Notice how the trend reverses after both the hanging man and doji patterns form. Both patterns indicate indecision for the existing trend to continue and, in most cases, the indecision results in a trend reversal.
That's GBP/JPY. Thank god the EURO is not at 207 vs the Dollar.
That'd be something.

I've improved my strategy abit in the past week.
I still use nothing more than T3, 5 EMA 8 SMA.
What I look for is the candles riding the 5 up and down.
Usually there is a turning point where the candles start riding the 5 EMA
down with the 5 EMA above them. If a candle closes above the 5 EMA while riding it down it's a get out signal for me.
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