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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- #183
- Feb 1, 2007 2:45am Feb 1, 2007 2:45am
- Joined Jan 2007 | Status: Stochastic pipster | 1,657 Posts
melpheos, 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.
and 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 :-/
Hi 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.
if u want post a chart and draw a circle on the area ur talking about that way i can explain more.
about timeframes theres no ideal timeframe. each has its own characteristics and what not. last week i took 2 or 3 trades off the 4h chart all winners. yesterday 2 trades off the 15 min gbpusd each good for 15-25 pips. there was also a short gbpusd 1h yesterday good for near 100 pips or so. each timeframe has its own stops and targets and all this stuff. it can depend on ur availability. if ur available around volatile times for a while then trade off the 15 min unless theres a nice 1h signal. if u can periodically check then the 1h chart should give nice trades pretty often. it also depends on the pair. dont trade a pair with a 15 pip spread off the 5 min chart. tahts just asking to lose money. and dont trade the euro for example off the 5 or 15 min during the asian session. ur chances of that trade making pips is very low. so it really depends on all this stuff and i cant actually tell u what to do and when and what to trade coz one thing might work for me but not u but in the end u can make all timeframes work and any pair. i suggest u start with 15 min and 1h and if u dont ahve alot of time study the 1h and 4h charts.
as for contradicting signals on different time frames, dont confuse urself with too many timeframes. if ur unsure just dont trade simple as that. its what i do. just because the 15 is pointing down but the 1h is pointing up doesnt mean one is gonna win. the price could go down according to 15 then go up. remember different time frames are different timeframes and they will contradict each other sometimes. also try not to look at a 5 min chart then a 4h chart for confirmation lol thats just silly. for 15 min try confirming with 1h and for 1h try confirming with 4h. also trading the 5 min chart can be rewarding i consider it advanced and dont look at it too much. too many false signals.
i hope this helps everybody. people keep it simple trust me dont look into it too much
theres nothin perfect if the trade fails it fails even the best traders will have bad trades it happens.
Yes i know that they are not really good setup (that's the one you call half assed trade
But i'm experimenting here, sometime, not very good signal give very good opportunities...
I'm allmost break even on the first entry on $/CAD and +20 on the second entry.
On the other position well i'll wait :-/
I took this trade cuz of the 5 cross, even though the 20 and the 50 were above their signals on the 1H and 4H.
Only after executing the trade did I look back at the M5 which is the only timeframe that really confirms this short. Bad idea?? Should I be waiting for the 20 and 50 to cross their signals on the timeframes I'm "really" watching. Since this trade was confirmed on the M5 should I be looking for relatively less pips than I would be aiming for on the longer period charts? I don't trade the M5 so I'm not sure if I should take my 30 pips (as I type) and run.
Got a little trigger happy, haven't traded since the last charts I posted last week.
ur confirming a 4h trade with a 5min chart? lol
well the 20 and 50 were sort of flat so just by lookin at the setup and its a 4h chart i knew it would give some pips. jsut dont expect alot. i dont take trades like that but alot of times they bring some pips even a little bit but not only its an average setup, but ur risk reward would be pretty bad coz on the 4h u need a big stop and with a setup like that dont expect to make more than 30 pips or so. just be careful with those
- #189
- Feb 1, 2007 8:48am Feb 1, 2007 8:48am
- Joined Jan 2007 | Status: Stochastic pipster | 1,657 Posts
Entered £$ 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 @ 06575
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 @ 06575
Entered £$ 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 @ 06575
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 trade
- #191
- Edited 1:27pm Feb 1, 2007 9:46am | Edited 1:27pm
- Joined Jan 2007 | Status: Stochastic pipster | 1,657 Posts
- #194
- Edited 3:13pm Feb 1, 2007 2:35pm | Edited 3:13pm
- Joined Jan 2007 | Status: Stochastic pipster | 1,657 Posts
?
Edit : now the 20 have crossed
yes bagovino good analysis . the 1h might trend down for a bit but when the 4h is ready to continue up then the 1h will reverse. the 4h is up and thats the main trend. look for trades when the 1h and 15min start trending up but when watching the 15 min be careful with trades before the european session.
if this trend up continues, tomorrow should bring some decent pips.
. the 1h might trend down for a bit but when the 4h is ready to continue up then the 1h will reverse. the 4h is up and thats the main trend. look for trades when the 1h and 15min start trending up but when watching the 15 min be careful with trades before the european session.if this trend up continues, tomorrow should bring some decent pips.
