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Gamblers 5 and 15 minute trading system

  • #241
  • Jun 6, 2008 4:10pm Jun 6, 2008 4:10pm
@ Baldi:

GOOD ANSWER. i never look to the news. but the candle said this clearly, sure. soon coming your black belt ...
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  • #242
  • Jun 6, 2008 4:34pm Jun 6, 2008 4:34pm
Quoting Baldi
Hi Ingridk,

After your entry, at 12.30 there was a very important fundamental news which affected the USD quite bad (quite bad unemployment rate figures), so the "trend" changed quickly and the USD started to weaken rapidly. I think you should not enter the market before fundamental news when you are trading on technical basis, you should always check when will fundamental news come out. It is also "normal", that before the news (30-0 minutes before) the market (participants) may be a bit nervous, causing quick moves in prices.

I hope I could help.
thank you,now i will always take a look in the economic calendar
  • #243
  • Jun 7, 2008 3:40am Jun 7, 2008 3:40am
Many traders avoid NFP Friday (the first Friday of every month) all day, this seems to be one of the most volatile days. Trading is very quiet before the NFP data is released at 1.30pm UK time, and then extremely volatile afterwards.

As with many news releases, the volatility can be traded by placing both a long and short order 10-20 pips above and below the price immediately before the news release. I don't tend to do this as price often retreats fairly quickly after a news release back to its starting point, although the weakness in the USD yesterday continued for the rest of the session.

It is also a risky strategy as a price spike may trigger the long and then within seconds the price might fall and trigger the short, effectively giving you a loss within seconds.

In my (admittedly limited) forex experience, NFP Friday is best avoided completely; although I had a short position open in GBPUSD from earlier in the week, I tightened my trailing stop, and sure enough it was taken out within a minute of the news release. In hindsight I could have taken more profit by closing before the news release, but of course the news may have been positive for the USD and the price could just as easily fallen another 100 pips.

The only other news which seems to have a violent impact are interest rate decisions and when Bernanke drops hints in his speeches. Either avoid trading around the red news items in the FF calendar, or at least tighten trailing stops if you already have positions open.

Andy
  • #244
  • Jun 7, 2008 9:57am Jun 7, 2008 9:57am
Quoting ingridk
Hello Guys
im new here i have been reading the forum,so i decided to register.
I have been trying this system for some days and I have one doubt,please if possible take a look in my attached graph,i have opened a sell position in the candle that has a yellow arrow,and the trend went up,i did something wrong? maybe the "uptrend" before the closed candle was so small..or what?!
sorry bothering you with my newbie question
good trading to everybody
regards
You can easily get rid of those false signals by putting buy/sell stop 1pip above/below signal candle
  • #245
  • Jun 7, 2008 10:38am Jun 7, 2008 10:38am
What helps me maximizing Pip$ is a simple MACD.
I'm running this in vHands. I know my signal gives me at least 50 Pips which is also my risk but quite often I could get 200 Pips and this is what I get when watching the MACD Histogramm dropping below the Signal Line.
I use it for entry confirmation aswell. I wait for "The Point of no Return". which is price breaking the T3 with momentum. You could compare this to a man leaning back with his chair to far untill the unevitable happens.
The best thing is that there is not much retracement after my entry so no need to get scared and pull out to soon.

I found my Holy Grail.
Attached Image (click to enlarge)
Click to Enlarge Name: PONR.gif Size: 28 KB
  • #246
  • Jun 7, 2008 10:45am Jun 7, 2008 10:45am
So are you trading from point to point?

I've lot track of this thread a bit, have you posted a template yet?

Quoting Tjpld
What helps me maximizing Pip$ is a simple MACD.
I'm running this in vHands. I know my signal gives me at least 50 Pips which is also my risk but quite often I could get 200 Pips and this is what I get when watching the MACD Histogramm dropping below the Signal Line.
I use it for entry confirmation aswell. I wait for "The Point of no Return". which is price breaking the T3 with momentum. You could compare this to a man leaning back with his chair to far untill the unevitable happens.
The best thing is that there is not much retracement after my entry so no need to get scared and pull out to soon.

I found my Holy Grail.
  • #247
  • Jun 7, 2008 11:11am Jun 7, 2008 11:11am
No I'm not constantly in the market. [Trading Times]
Here's everything I use. Hope the Template works.

You might have to refresh the Auto Pivot once a day. Just go in your indicators window select ##AutoPivot and Edit and Click Ok to get
the levels painted correctly.
Attached File(s)
File Type: tpl Price_Action.tpl   238 KB | 918 downloads
File Type: mq4 ###Auto Pivot.mq4   15 KB | 718 downloads
File Type: mq4 T3.mq4   3 KB | 793 downloads
File Type: ex4 MultiTimeLines.ex4   12 KB | 797 downloads
File Type: ex4 #Signal_Bars_v71.ex4   46 KB | 796 downloads
  • #248
  • Jun 7, 2008 11:23am Jun 7, 2008 11:23am
Quoting Tjpld
No I'm not constantly in the market. [Trading Times]
Here's everything I use. Hope the Template works.

You might have to refresh the Auto Pivot once a day. Just go in your indicators window select ##AutoPivot and Edit and Click Ok to get
the levels painted correctly.
Hi for autopivot autorefreshing try this :http://www.forexfactory.com/showthread.php?t=90024
Bye
  • #249
  • Jun 10, 2008 12:34pm Jun 10, 2008 12:34pm
Hello gambler.And all traders in general.I have been using this system for sometime but i think it would need confirmation from other signals.Or it could act as a confirmation.But I wouldn't trade solely based on the system.Quite interesting gambler.And thanks
Personal Journal...https://www.forexfactory.com/thread/1260265-the-journal
  • #250
  • Jun 10, 2008 2:28pm Jun 10, 2008 2:28pm
Quoting Tjpld
No I'm not constantly in the market. [Trading Times]
Here's everything I use. Hope the Template works.

You might have to refresh the Auto Pivot once a day. Just go in your indicators window select ##AutoPivot and Edit and Click Ok to get
the levels painted correctly.
Hi Tjpld your set up looks good, how do you do your take profit and when do you move to break even.

With many thanks

David-T
  • #251
  • Jun 11, 2008 2:27am Jun 11, 2008 2:27am
Hi,
Any one can explain more about how to apply this strategic for forex?
Because i not so understand about below words. Please advice. Thanks.

Buy when a candle close above the last down bar in a downtrend
Sell when a candle close below the last up bar in an uptrend
  • #252
  • Jun 11, 2008 2:46am Jun 11, 2008 2:46am
HLang.

It is called an engulfing bar or a bullish/ bearish outside bar, this good solid basic price action...this bar will sometimes show a reversal point in the price. Better odds when played off confluence and even better on a longer time frame.
  • #253
  • Jun 12, 2008 3:40am Jun 12, 2008 3:40am
Quoting David-T
Hi Tjpld your set up looks good, how do you do your take profit and when do you move to break even.

With many thanks

David-T
My minimum TP is 50 Pips which works extremly well you'll reach it almost all the time. So you could move Stop to BE after 50 Pips and hope that you caught a 100-200 Pip move which will give you a great RR Ratio.
Right now I try if watching the MACD drop below the Signal Line can help me maximize Profits. If Price starts to consolidate watch out when Price starts to ride to 5EMA in the opposite direction. In trends Price like to ride the 5.
You can see this on the turning points on my last example.
  • #254
  • Jun 13, 2008 5:22am Jun 13, 2008 5:22am
Quoting Tjpld
My minimum TP is 50 Pips which works extremly well you'll reach it almost all the time. So you could move Stop to BE after 50 Pips and hope that you caught a 100-200 Pip move which will give you a great RR Ratio.
Right now I try if watching the MACD drop below the Signal Line can help me maximize Profits. If Price starts to consolidate watch out when Price starts to ride to 5EMA in the opposite direction. In trends Price like to ride the 5.
You can see this on the turning points on my last example.
Thanks Tjpld for the reply could you please tell me how long have you been trading the syterm this way also do you wait for bar close or just go for it when it looks like it as gone to the point of no return.

David
  • #255
  • Jun 13, 2008 3:24pm Jun 13, 2008 3:24pm
I have just decided to make a journal. Anyone who is interested can read it at http://forexfactory.com/showthread.p...42#post2055142
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #256
  • Jun 13, 2008 3:50pm Jun 13, 2008 3:50pm
Quoting David-T
Thanks Tjpld for the reply could you please tell me how long have you been trading the syterm this way also do you wait for bar close or just go for it when it looks like it as gone to the point of no return.

David
I've been trading this from the beginning of this thread. You ALLWAYS wait for the bar to close. With every system. Most of the time when a full hour closes there will be quite some volume because every 5 15 30 and 1H candle will close and people consider new positons.
I have seen millions of bars which looked very bullish just seconds before closing and turned into dojis.
  • #257
  • Jun 18, 2008 4:23pm Jun 18, 2008 4:23pm
Anybody willing to post their results from trading this system? If so, please specify the pair you trade, timeframe, win/loss ratio and average amount of pips achieved daily. Hope that is not asking for too much but I'm just curious to see how people are doing with this system. Seems like a pretty solid system.
  • #258
  • Edited Jul 6, 2008 5:29am Jul 5, 2008 5:59pm | Edited Jul 6, 2008 5:29am
I think this system is possible to make an EA for and I think it is very easy for a skilled programmer. Here is what the EA should do.

1. Record the highest opening price for up bars within in the latest 5 bars
2. record the lovest opening price for down bars within the latest 5 bars
3. If the price close below the highest recorded opening price for an up bar it should sell.
4. If the price close above the highest recorded opening price for a down bar the EA should buy.
5. If the EA is in profit when the bar is finished the position should be closed.
6. If the EA has bought and a bar close below the opening prize of the bar where the EA bought the position should be closed.
7. If the EA has sold and a bar closes above the opening prize of the bar where the EA bought the EA should close the position.
8. If the EA should be traded on a small timeframe it is probably a good idea to have a time setting to prevent it from trading in the choppy hours.

Anyone that is interested in making an EA for this system? It would be nice to see how the system would have performed over a number of years.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #259
  • Jul 6, 2008 11:14am Jul 6, 2008 11:14am
Here's everything I use. Hope the Template works.--- Tjpld

Hi Tjpld, thanks for sharing your strategy ! Can you tell me what is the parameter of your indicators ? Because the template don t working !

Thanks a lot !

Luk
  • #260
  • Jul 6, 2008 12:27pm Jul 6, 2008 12:27pm
Hi,

I jumped when I started to read this thread since the system is very similar, but not eqivalent to how I have been trading on daily charts for a year with good profits. My system uses previous day's candle as soon as it closes. No indicators, just price. I am trading this daily breakout system because it takes very little time. I have a bit more time now, so I will try this for sure! I like the concept of looking at candles to determine where price will go next. I think I will be using the Shi-channel with this system to determine the general trend. Very visual just like this system is.
//C
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