This one is more in the nature of a scalping opportunity due to the fact that the chart looks great but the time frame is very short, just the 5M chart. Wish they all looked like this.
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Dislikedmelpheos, im not sure which trades ur talking about but if its the ones i think ur talking about then they are very low probability. if u wanna post the screenshots and draw a circle or square on the trades u took i can be more specific. the only 2 trades i see worth taking are on january 30th at midnight so basically january 31st on eurjpy and chfjpy otherwise any other movements didnt trigger any entries so be careful and review some of my charts for what i call the perfect or really good setup. and also the slingshot in a few examples. a gbpusd 1h chart in the morning would have gotten 100 pips+ and it was a great setup with consolidation and 20 and 50 trending down and the 5 pulling back nicely to almost the 80 line. check it out for urself. same with gbpjpy 1h would have gotten more than 100 pips. theres no need to take average trades when u can take the best. and even on higher time frames the 1h provides opportunities quiet often and last week 2 trades off the 4h got me more than 150 pips. but the key is to only look for the best setups
hope this helps
if any of u are interested, a good way of making u understand the method is bring up old charts and find what u think are really good setups and post em and ill tell u if its good or not and if necessary il add something. its like a test for you guys but its a good way to understand so that the next time u see a potential setup u know if its worth it or not. i recommend it and ill answer every time i see a new post.Ignored
DislikedHi there,
That is a fantastic and very generous offer Boxingislife. I shall try to get some of these setups from my platform over the weekend.
I have incorporated your system as part of another system to give confirming signals and am forward testing them atm.
My main question for these sort of systems is that when the longer tf indicators (stoch, ma) are moving in one direction, eg down, and we are looking to enter in that direction on a pull back of the shorter tf indicator, how do we actually determine if this pull back is actually a reversal. I mean, if a reversal does happen, then the first thing that would reverse would be the shorter tf. Eg. last nite, I think a lot of ppl would have gotten caught out on the gbp taking short signals before the news, only to be stopped out because the pull back was a reversal.
The other thing is, what is the ideal tf to actually take the trades. Obviously, you will get in late on the signals using a 1H tf, and maybe get less signals. and your stops would have to be higher. On a 5M and 15M you would get more signals, but they could be fake outs and maybe get stopped out often.
One thing I tried yesterday was take the daily range of the pair, and once the pair had moved that distance, I did not enter any trades in it.
My main problem is trying to figure out the best time frame to take the signal, because not only is there atleast 1 perfect set up in most pairs per day, but there also seems to be atleast more than 1 perfect setup in different timeframes for the same pair, eg going short on a 4H chart, and going long on a 15M chart!!
Looking for further clarification.
Cheers,
K.Ignored
DislikedYes i know that they are not really good setup (that's the one you call half assed tradeand i said that the signal was not very good )
But i'm experimenting here, sometime, not very good signal give very good opportunities...
I'm allmost break even on the first entry on $/CAD and +20 on the second entry.
On the other position well i'll wait :-/Ignored
DislikedI took this trade cuz of the 5 cross, even though the 20 and the 50 were above their signals on the 1H and 4H.
Only after executing the trade did I look back at the M5 which is the only timeframe that really confirms this short. Bad idea?? Should I be waiting for the 20 and 50 to cross their signals on the timeframes I'm "really" watching. Since this trade was confirmed on the M5 should I be looking for relatively less pips than I would be aiming for on the longer period charts? I don't trade the M5 so I'm not sure if I should take my 30 pips (as I type) and run.
Got a little trigger happy, haven't traded since the last charts I posted last week.Ignored
DislikedEntered £$ this morning long @ 1.9648 exit @ 1.9710 is approching (hehe it seems i saw this one just a few second before you ^^ 4 pips down away from you but there was an even better entry point down 15 pips but it was way to early in the morning around 3-4 GMT+1)
I really love this trading technique
Too bad it's too visual to be handled by an EA...
What is your exit point on the £$ trade ?
Btw, i'm short on €£ entry @ 06619 TP @ 06575Ignored
Dislikedlol ahhh u beat my entry by 4 pips. i got in off the 1h chart and closed out my first lot for 23 pips then the second for a little bit more then entered off teh 15 min around 1pm gmt for another 21 pips and there was one more trade right before the spike to the 9730s couple minutes ago but i didnt take it. got out mostly in the 9690s for around 60-70 pips today.
is that the only trade u took and the eurgbp? did u make some pips today?
trust me whats the fun in having an ea trade for u? plus the idea of a program making me money doesnt exactly make me happy i dont know why.
good luck on ur eurgbp tradeIgnored
DislikedBoxingislife,
Quick Q.
If we look at a higher TF for confirmation of the main direction, shouldn't it be the other way around as the smaller time frame makes the bigger one and not the opposite?
I mean, the bigger tf is build from many of the smaller one. The smaller TF is the first one to go to the new direction and than the larger TF will follow.
I hope I am clear with my Q.
Please help here with your opinion and expirence.
T.Ignored