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Trend Follower 5 Minute System

  • #2,421
  • Nov 14, 2008 4:09pm Nov 14, 2008 4:09pm
Just want to give thanks for this system, I'm getting back into trading after a period of pussying out! This system is very straight forward, I'll be forward testing starting next week and will post my trade results. If anyone who's mastered the system has any feedback or corrections regarding my trading decisions please let me know, I'd like to improve and criticism would be greatly appreciated.

So thanks again 'The Wicker', I'll read through the post to try and find as many answers as possible. One suggestion though....I think EA's are a great discussion but this thread is scattered with talking about the EA. Could we make a seperate thread for it? Just a suggestion thanks
  • #2,422
  • Nov 15, 2008 3:39pm Nov 15, 2008 3:39pm
Hello everybody, I have created a thread for Trend Follower 5 Minute System. Click here to go to the journal, I just wanted to post this so if anybody wants to post their results and not get lost with all of the other discussions taking place on this thread.

I will be posting every trading day starting Sunday and hope this is helpful. Please criticize my trades and give any input you think would be helpful.

Thanks again to 'The Wicker' and everyone involved!!!!!
  • #2,423
  • Nov 16, 2008 12:03am Nov 16, 2008 12:03am
Ok, I will participate..


quote=Kush;2352244]Hello everybody, I have created a thread for Trend Follower 5 Minute System. Click here to go to the journal, I just wanted to post this so if anybody wants to post their results and not get lost with all of the other discussions taking place on this thread.

I will be posting every trading day starting Sunday and hope this is helpful. Please criticize my trades and give any input you think would be helpful.

Thanks again to 'The Wicker' and everyone involved!!!!![/quote]
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #2,424
  • Nov 16, 2008 5:39am Nov 16, 2008 5:39am
Keep it going ! Im in too lets keep apipin !
  • #2,425
  • Nov 16, 2008 9:44am Nov 16, 2008 9:44am
Hi Wicker thanks for your strategy I believe it will be helpful but looking back the chart how easy can we maximise profit since there's a lot of criteria to be met and waiting for these criteria may have hoover off the best part of the profit.Or can you tell me how many pips on the average should i be prepared for at a go.
  • #2,426
  • Nov 16, 2008 9:07pm Nov 16, 2008 9:07pm
I took a trade on the EUR/USD and will post the results on my journal. I got the signal and everything lined up, price was between two pivot points and the distance was very short...25 pips between pivots.

This is how I executed the trade. I opened a position .10 lots on a mini which is ten cents a pip, when I hit break even I closed out half of the position and set stop loss to break even...clumsily I was only able to set the stop loss at 1 pip below break even.

Which looking back I did not follow the rules on exit and stop loss...Please people take a look at the attached picture and let me know if you have any tips or comments.

NOTE: if I had of followed the rules I would still be in and be up.

EUR/USD 11/16/08 3:37 GMT Loss of 1 pip
Account Starting Balance 3000
Current Balance 2999.95
Trades taken to date 1
Attached Image (click to enlarge)
Click to Enlarge Name: Eurusd5m111608.jpg Size: 233 KB
  • #2,427
  • Nov 17, 2008 12:52am Nov 17, 2008 12:52am
What did you expect with a 1 pip SL?

If you can draw a line on the chart where you took the trade, it might help.


Quoting Kush
I took a trade on the EUR/USD and will post the results on my journal....
Starting to see instead of just looking.
  • #2,428
  • Nov 17, 2008 1:30am Nov 17, 2008 1:30am
I had been reading a bunch on money management and how to execute my trades with minimal risk. One of the articles I read talked about closing out half the position and then moving the stop loss to break even.

The rules say to have a 20pip SL, next trade I will do that. My entry, BTW I will mark it clearly next time on the image, was on the signal arrow down. From what I saw MACD and the Laguerre gave supporting signals so I took the trade.

Looking at the trade now, if I had of followed the rules I would have had a successful trade. Price touched the next pivot level, the light blue level.
  • #2,429
  • Nov 17, 2008 8:01am Nov 17, 2008 8:01am
Hi everyone,

I'm busy reading through the entire thread and have a couple of quick questions if someone can help me with them please?

1) the Slope Direction Line- my understanding is that this doesnt have to be the right colour to enter the trade, it is more to do with exits?

2) Fixed SL & TP. I like to trade with fixed stop losses and targets and on Cable which is my preferred pair ( just familiarity not for any other reason!) I use a stop loss of 30 and a take profit of 20. Anyone using the same or have any thoughts on this?

Kind regards

Mark
  • #2,430
  • Nov 17, 2008 9:17am Nov 17, 2008 9:17am
Read something about Money Managment, there's an article about risk-reward. I use 1:3,.
For example, lets assume 10 trades with a 60 pip take profit, with a -20 pip stop loss and trading 5 contracts where 7 were losers and 3 were winners (risk/reward 1:3)

60 * 3 = 180 pips * 5 contracts = $9,000
-20 * 7 = -140 pips * 5 contracts = $-7,000
Net them out and you have a profit of $2,000




Quoting mark r
Hi everyone,

I'm busy reading through the entire thread and have a couple of quick questions if someone can help me with them please?

1) the Slope Direction Line- my understanding is that this doesnt have to be the right colour to enter the trade, it is more to do with exits?

2) Fixed SL & TP. I like to trade with fixed stop losses and targets and on Cable which is my preferred pair ( just familiarity not for any other reason!) I use a stop loss of 30 and a take profit of 20. Anyone using the same or have any thoughts on this?

Kind regards...
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #2,431
  • Nov 17, 2008 9:27am Nov 17, 2008 9:27am
Hi Ikki

thanks for your response. I follow money mangement.

My rationalle is that I like to aim for 20 pips at a time and build that way, and on cable, 20 pips giving a more traditional R:R of 1:1 is too small a stop Loss- its too volatile hence I tend to use 30.

I just wondered if anyone had followed this system with fixed targets etc and if so any success or are you varying them depending on support/resistance etc?

Thanks again

Mark
  • #2,432
  • Nov 17, 2008 11:37am Nov 17, 2008 11:37am
Kush this signal is not worthy to enter a trade.
That is not good trade and not good stop loss. Following the rules your stop loss should be at least 1.2595. Why? Because it is 5 pips +spread above last high price. So, R/R is not even good because you can expect for price to go to the recent low which is 30 pips from price when signal occured. IF your stop loss is more than this 30 expected pips it is not good to enter a trade although signal is VALID. Next, guppy are to much expanded. Rather wait for better oportunity.
  • #2,433
  • Nov 17, 2008 10:35pm Nov 17, 2008 10:35pm
Has anyone had any luck trading the system OUTSIDE of the recommended hours from EU open untill US close?
  • #2,434
  • Nov 18, 2008 12:06am Nov 18, 2008 12:06am
I don't recommend you trade in Tokio Session is so flat. Read this pdf it might help you.

Quoting chims
Has anyone had any luck trading the system OUTSIDE of the recommended hours from EU open untill US close?
Attached File(s)
File Type: pdf Forex_Traders_Cheat_Sheet.pdf   321 KB | 1,815 downloads
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #2,435
  • Edited 1:58am Nov 18, 2008 12:54am | Edited 1:58am
Quoting ikki
I don't recommend you trade in Tokio Session is so flat. Read this pdf it might help you.
Yeah, I am in Tokyo and it has been flat all day.
Until I caught the CHF/JPY short for 30 pips bounce off the 50 fibo.

http://img511.imageshack.us/img511/3055/chfcl6.jpg
Starting to see instead of just looking.
  • #2,436
  • Nov 18, 2008 5:50am Nov 18, 2008 5:50am
Hi,

another question!

I made a trade today that failed. On analysing it, this was due to me not following the rules properly.

I've posted the chart below. Basically, I entered on a Buy where the red arrow is.

There were two problems with it that I can see:

1) the price is below the Slope direction line, which in itself wouldnt be a bar to the trade but just make it less attractive?

2) More significantly, the Laguerre had not crossed below the 0.15 line, it hit it only therefore the signal was not valid

Am I on the right track with this?

kind regards

Mark
Attached Image (click to enlarge)
Click to Enlarge Name: gu 18.11.08 trend.gif Size: 31 KB
  • #2,437
  • Nov 18, 2008 8:31am Nov 18, 2008 8:31am
Quoting mark r
Hi,

another question!

I made a trade today that failed. On analysing it, this was due to me not following the rules properly.

I've posted the chart below. Basically, I entered on a Buy where the red arrow is.

There were two problems with it that I can see:

1) the price is below the Slope direction line, which in itself wouldnt be a bar to the trade but just make it less attractive?

2) More significantly, the Laguerre had not crossed below the 0.15 line, it hit it only therefore the signal was not valid

Am I on the right track with...
If I am correct you went LONG right at the point where the Yellow was guppy was moving down. Short term traders were unloading their trades. The MACD had already peaked out and was on it's way back down. The lag was not above the 0.15 mark and you had a short entry signal at the point you went LONG.
Starting to see instead of just looking.
  • #2,438
  • Nov 18, 2008 9:16am Nov 18, 2008 9:16am
Quoting mark r
Hi,

another question!

I made a trade today that failed. On analysing it, this was due to me not following the rules properly.

I've posted the chart below. Basically, I entered on a Buy where the red arrow is.

There were two problems with it that I can see:

1) the price is below the Slope direction line, which in itself wouldnt be a bar to the trade but just make it less attractive?

2) More significantly, the Laguerre had not crossed below the 0.15 line, it hit it only therefore the signal was not valid

Am I on the right...
Hi There!
This signal is not VALID one. Guppy are ok but not contracted. Price is not steady. Lag is not cossing 0.15 for long which is important. So not good signal.
One thing else for you and for all others. This system has a name TREND follower. That means that it is based to follow the ESTABLISHED trend and find the best time to enter a TREND. Now, look at the higher time frame 1H or more and you can easily see that we DO NOT HAVE TREND these days, so be very very careful with signals.
  • #2,439
  • Nov 18, 2008 11:07am Nov 18, 2008 11:07am
Quoting pilatus
Hi There!
This signal is not VALID one. Guppy are ok but not contracted. Price is not steady. Lag is not cossing 0.15 for long which is important. So not good signal.
One thing else for you and for all others. This system has a name TREND follower. That means that it is based to follow the ESTABLISHED trend and find the best time to enter a TREND. Now, look at the higher time frame 1H or more and you can easily see that we DO NOT HAVE TREND these days, so be very very careful with signals.
Pilatus. are you still managing to trade reasonably well with Trendfollower or are have you reverted to another system?

I noticed that it is hard to find a decent signal recently. In fact the the market is so choppy that trades move almost in the opposite direction to most indicators very often.

I am still watching this system but am relying more on fibs and taking more SHORT trades off the top of these spikes.
Starting to see instead of just looking.
  • #2,440
  • Nov 18, 2008 12:26pm Nov 18, 2008 12:26pm
hi I"m new to this system & I wold like to discuss it with sumbody If someone is intrasted to help me pl.send me an email [email protected]
thanks
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