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Trend Follower 5 Minute System

  • #1,941
  • Jun 7, 2008 11:24am Jun 7, 2008 11:24am
Quoting TheWicker
I'm very busy ATM, so will reply shortly.

In essence, both signals are valid. The 1h is trending south and we get a signal on the 5 min. However, these are certainly not good signals. Look at how the GMMA's are expanded in both snapshots. GMMA is the basis of this system and you should apply much importance to it. In addition to the GMMA (volatility) you have quite a high move in the last few minutes on GBP.

I personally wouldn't trade any of the signals. As I said before I'm looking for the best signals, not just any signal. And the best signals are those which have a pretty steady movement before the signal.
Thanks Wicker, nice to see you here again.
  • #1,942
  • Jun 7, 2008 11:53pm Jun 7, 2008 11:53pm
SignalTrendFollowerEA-V1.2.mq4

in backtest
It ocurred many "OrderModify error 1".
Why ?

e.g. USD/JPY 5min
2008/3/2 - 2008/5/31
  • #1,943
  • Jun 11, 2008 11:12am Jun 11, 2008 11:12am
Hi!
I'm new to this forum but not to the forex market. I used this method since march and I think it's excellent! I've made a lot of pips... in the end the only problem with this system is that it cannot be authomatic. No one EA bring success on long term.
Can anybody posts his results here? This week I got +59 pips profit, because I cannot stay so much on pc. I ask to myself if this can really be a true method to earn some money...

I'm still testing...
  • #1,944
  • Edited 4:29am Jun 12, 2008 3:49am | Edited 4:29am
Friends, you can join us on Skype http://www.skype.com/go/joinpublicch...UwiJts8VzAzGua

This way we can compare entry and discuss possible market outlook. You won't feel alone as two heads are better than one. C ya

This room is open 24 hrs, 7 days a week.
  • #1,945
  • Jun 12, 2008 7:33am Jun 12, 2008 7:33am
Quoting tayser
The EA would have told you to go Short... BUT...... look at the GMMA.

http://thehoddlegrid.net/dump/nzdusd1.gif

(I'm assuming the blue dot is where you entered).

The GMMA is significantly expanded - the likelihood of retracement is much greater.

Even though there weren't any valid signals, look at the left of the chart above: the GMMA's are all compressed which means that traders and investors are in agreement on price and the likelihood of breakout is increased.


I highly recommend reading more about GMMA's. The best book being "Trend Trading" by the man himself - the book is geared toward EOD ASX trading, but the principles are discussed at great length throughout the book.

http://www.guppytraders.com/trend_cover.gif
Could you please explain why this was not a good signal, I cannot understand your explanation exactly.
  • #1,946
  • Jun 13, 2008 7:26am Jun 13, 2008 7:26am
I have a question about using pivot points when open a new position.
Please look at the screenshot.

http://image.nbcforum.de/bild.php/2,1929,ilh0o.jpg
  • #1,947
  • Jun 13, 2008 9:23am Jun 13, 2008 9:23am
Pierce,

In your screenshot, you actually wouldn't want to go down because green is still above red.

For shorts, the green lines need to be below the red lines.


On pivot points: If I get a signal and I'm very close to a resistance or support line, I might wait for the price to break through it and then get in.
  • #1,948
  • Jun 13, 2008 10:07am Jun 13, 2008 10:07am
No, I think you missunderstood my screenshot.
I marked the pivot lines and the entry, it was not so clear.
So here another screnshot wich schould make it clearer.

http://image.nbcforum.de/bild.php/2,1930,mywz6.jpg
  • #1,949
  • Jun 14, 2008 7:49am Jun 14, 2008 7:49am
Quoting Pierce
No, I think you missunderstood my screenshot.
I marked the pivot lines and the entry, it was not so clear.
So here another screnshot wich schould make it clearer.

http://image.nbcforum.de/bild.php/2,1930,mywz6.jpg
Pierce, it was what appears to be a valid signal, but the market was still ranging. You can see how MACD was so narrow and moving above and below the zero line. Judging from the indicator at the top right corner, longer TFs (e.g. M30) were in a downtrend. So, I would study M30 first, if the downtrend looks likely to happen/continue based on M30 indicators, I would go short placing good SL, and then WAIT. In situations like these, I lost quite a few trades because I either exited too early, or becuase my SL too tight. Let the trend develop; if it doesn't, your SL will take care of it.

Also, it was Friday, 13 June (nothing to do with 13 - if that was EST, I think some major US news were coming out, so the market was too indecisive at that time.

In a nutshell, you cannot treat signals on a single (especially M5) timeframe in an isolation; you have to look at a bigger picture too (M30 and H1), as welll as at the news.
One Chart is Worth Ten Thousand Words.
  • #1,950
  • Jun 14, 2008 8:49am Jun 14, 2008 8:49am
Quoting Forex007
Pierce, it was what appears to be a valid signal, but the market was still ranging. You can see how MACD was so narrow and moving above and below the zero line. Judging from the indicator at the top right corner, longer TFs (e.g. M30) were in a downtrend. So, I would study M30 first, if the downtrend looks likely to happen/continue based on M30 indicators, I would go short placing good SL, and then WAIT. In situations like these, I lost quite a few trades because I either exited too early, or becuase my SL too tight. Let the trend develop; if it doesn't, your SL will take care of it.

Also, it was Friday, 13 June (nothing to do with 13 - if that was EST, I think some major US news were coming out, so the market was too indecisive at that time.

In a nutshell, you cannot treat signals on a single (especially M5) timeframe in an isolation; you have to look at a bigger picture too (M30 and H1), as welll as at the news.
You helped me a lot.
Thank you for your great support.


_____________________________________________

And what is the meaning of compressed GMMA lines and what is the meaning of expanded GMMA lines (or when only the red lines are expanded/ compressed)?
  • #1,951
  • Jun 18, 2008 10:16am Jun 18, 2008 10:16am
Can nobody answer my question?

And what is the meaning of compressed GMMA lines and what is the meaning of expanded GMMA lines (or when only the red lines are expanded/ compressed)?

And do you open a trade when it is near pivot point/ resistance-support lines?
  • #1,952
  • Edited 4:58pm Jun 18, 2008 2:11pm | Edited 4:58pm
So...
I've read most of all posts... I've seen you have created an EA for this method. It works perfectly for the entry but not so well with close orders, right?
Now my question is...
Have you ever tried it with a take profit? At this time, markets are very imprevedibile, I opened positions thats needs to stay open up to 20 hour! I cannot stay on pc so much time! I think the close positon in this methos can be very difficult to choose, but at the end I see that almost every entry signals bring sooner or later to a secure 20 pips profit. Almost... 80% minimum of total trades. Not bad. You can stay on pcs trying to make much more pips, sometimes up to 200... but now I want to test this strategy with a low take profit orders. Close positions manually is a great effort due to hours spend on pcs and increase risk. Why risk for more when we have a great opportunity to make secure pips?
Secure Pips = Secure Profit
Low Profit = Low Risk.
I choose low risk, with secure profit.

Wicker, you have discovered a true fantastic method to find breakouts (trend changes), entrys are PERFECT, exits are nebolous...
Now I test the TrendFollowing with Stop Loss set to 10 (+spreads) and Take Profit set to 20 (+spreads)... I thik this can be a good method, tell to me your opinions, mates!

Keep Trading!
  • #1,953
  • Jun 24, 2008 3:50pm Jun 24, 2008 3:50pm
Quoting stella_effah
hi
I am new here, read this forum, everyone seems cool,
I am using an fx broker which charges only 1 pip spread for EUR/USD, USD/YEN, GBP/USD AND USD/CHF, micro mini and standard account available, margin 1:500
http://www.fxclearing.biz/

cheers
stella
I wouldn´t go with a broker that demands 8min duration trades minimum, never ever.
Have a look at OANDA if u want tight spread.
  • #1,954
  • Jun 26, 2008 3:02am Jun 26, 2008 3:02am
Quoting deforexit
Parameters:
•only London session from 8:00am to 5:00pm GMT (I live in Italy)
•6 pairs: EUR/USD – GBP/USD – USD/JPY – EUR/JPY – EUR/CHF – USD/CHF.
•Size: 1 mini-lot
•TP: 2 pips below/above the first pivot (Daily pivot point, R1, R2, R3, S1, S1, S3 the same with weekly or monthly)
•SL: 5 pips below recent low or above recent high
•From entry point to first pivot resistence (for long) or to first pivot support (for short) we must have at least 10/12 pips.


1° week 10/14 march +232 pips
2° week 17/21 march +346 pips
3° week 24/28 march - 78 pips
4° week 31/04 april +221 pips

Total +721 pips



------------------------------------

Hi - I'm just trying to understand what he means about the pivot points, I have it all setup on my chart and I can see

Green dotted lines with Resistance 1,2,3 etc. And then I have Red lines that say D_R1, D_R2, D_R3 and I understand that if you were going long you would use these.

And if you were going short you would use the Support 1,2,3 etc and the Blue lines. And then you have the Weekly ones and also monthly.

What I'm trying to understand is - do you go for whichever one is closests? as long as its further than 10/12 pips away from where you enter? Or do you use the dotted lines that are Resistance/Support 1,2,3 ??? Really confused about that.

If anyone could please get back to me and help me to understand that would be really good, thanks a lot.

Btw this post is the best thing I have ever come across. Thanks Wicker!

Cheers,
  • #1,955
  • Jun 26, 2008 9:52am Jun 26, 2008 9:52am
hi guys,

could you please comment on my trade?

all indicators were along with system, but what did i not take into account?


all comments appreciated
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy_bad.JPG Size: 145 KB
  • #1,956
  • Jun 26, 2008 5:50pm Jun 26, 2008 5:50pm
I had that same loss too mate. Must be just one of those ones you put down as a loss.
  • #1,957
  • Jun 27, 2008 1:28am Jun 27, 2008 1:28am
I've logged into skype chat posted earlier, but they discuss different strategy there. is there a separate skype chat for this thread?
  • #1,958
  • Jun 27, 2008 2:03am Jun 27, 2008 2:03am
hi
could u please tell me where is the lastest ea for this system .
thanks
  • #1,959
  • Jun 27, 2008 2:42am Jun 27, 2008 2:42am
sir
hi how are you all i think you are fine dear im new trader plz send me all trader tacnicals plz send me all
  • #1,960
  • Jun 27, 2008 5:43am Jun 27, 2008 5:43am
hi
is trendfollower 3 an ea taking trades , or just to allert us when there is a signal
thanks
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