5 minute Wave Analysis. (Intraday price action method)

Hi Brian, great thread on PA,I have being studying PA for a few months now and was delighted to see you posts, quite simply great on indicators, this is what i have been looking for in my trading,and would love to join in the chatroom,if that is ok by you,i was looking at GBP/JPY this afternoon but got confused as the 4 H is in up trend but the 30 M and 5 Min are down, did you thade these moves,today and if you did could you explain ,as i would be greatful, to learn, also what sessions do you trade on, and how close are you to GMT? Hope to learn from this great thread,
Regards and Thanks Pat

Just found this thread via a link from Vantage's thread : love your opening post.

I'm usually back from the school run at 0800 UK time (0900 here in Amsterdam), so I'll check into the chat room after my next week's ski vacation.

Lets see if I understand correctly.... trade I just entered attached

EDIT: Brian if you happen to read this, analysis this and tell me if I entered correctly ... I think I don't get the wave pattern you mention in #1 - ido you count waves or does that just mean analysis the 4h, 30 min same direction and then 5min for entry?

Jnita,
thank you for the file..

sorry it is not the whole chat file, i thought it was, but it obviously deletes some of the chat as more messages gets added.

Just an update of how the trade has gone so far. I can see why Brian do not trade at this time, no momentum.

Hi all from Calgary,

I am really intrigued about this strategy, I am trading as I type USD/JPY, went long at 20:57 GMT, 94.17, and if everything goes as planned I'll make it to 94.61.

What do you think am I insane?

I checked the 4H trend was up, verified 30M trend was up, entered as soon as price bounced of the lower resistance.

Looking for replies or comments.

Right now, 20:12 GMT, it looks stuck between 94.37 and 94.35, should I get out?

OhOh, going down, breaking through 94.37, still hasn't challenged 94.45.

took a nice bounce of 94.32 to 94.42 at 22:20GMT, it will probably break the next resistance at 94.45 and then who knows how high?

Feedback?

Moving stop to 94.32 at 22:30GMT.

OK?

I'm not an expert in this style of trading but from your post I can see that you are managing your trades in a good way. Always be free to the market and open to sudden changes. I would say right now is very dead in the market so moving your stop up is a good thing. This is always a tough time to trade.

When is the best trading times?

looks like support is building at 94.37, I will move my stop there on the next candle if it is not broken, thank you SIUOL, for replying.

Darn! the spread won't allow me to move my stop to 94.37, I guess I'll have to watch real close.

Looks like currency is going sideways, so I'm getting out with a 23 PIP profit.

Cheers!

Good decision!

London session, the overlap between the London and NY session and the NY Session by itself. Those are your best times to be looking for trades. You can make money in other sessions but those are the best 3 (in my opinion of course).

Hi Jinta,

Thanks for the help. What it says on the first post is determine 4hr trend and when 30 agrees with 4hr trend go to 5 minute and look for an entry. Well, it says that in so many words. So I'm having issues with how Brian determines the longer 4hr trend, which again, he states is HH and HL in an up trend. The example I gave EURCHF was clearly not in an uptrend when Brian opened a long position. We didn't have HH and HL so it could have been in an up trend on 4 hr chart. Actualy I'm not sure why we even need to look at the 4hr chart when we're trading on a 5 min chart. Looking at the trend on 30 min chart should give you an idea of the trend. It's ok to follow Brian's tredes blindly but I for one would like to understand his methodology so I can develop my trading skills. Trading Brian's calls won't help you develop as a trader, especially if you don't understand his how he determines trends. I am not bashing Brian here, I just want to understand what he is doing before I put real money on the line.

Dave,

I know what you're confused about. I was gonna try and post this in the chat room last night but you bailed before I could get it up there.

Look at the bar with the down arrow. Brian posted a chart that had a LH there unlike my chart (and I'm assuming your chart). 6 bars later there's a big spike bar that takes out that LH on Brian's chart. This is what changed the 4hr trend to UP. After that, he was waiting for the 30m to change to UP, which happened around 0300 GMT. The changing of the 30m to UP was itself a signal to go long if I'm not mistaken.

Things were pretty busy then and Brian was working 3 or 4 trades at the same time. Before he had a chance to clarify everything you bailed.

I'm just learning the method too so hopefully Brian will verify what I'm saying here.

Rick