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5 minute Wave Analysis. (Intraday price action method)

  • #101
  • Feb 19, 2009 4:50pm Feb 19, 2009 4:50pm
I just read the rest of your post and have more to say:

If you would have read the thread info more carefully and paid more attention in the chat room you would have seen that nobody was following Brian's calls blindly. He has explained EVERYTHING in great detail. He must have answered about 100 questions in the room.

So, slow down, take a deep breath and approach this thing again. There's good value here if you have the patience to learn it. And it doesn't even require that much patience, it's not that complicated.

As far as insisting on trading WITH the 4hr and 30m trends, what do you find so unreasonable about that? A change of trend on the 4 hr represents a very big shift in the momentum in the market. Same with the 30m. Trading in the same direction as the 4hr trend amounts to a huge tailwind for your trade.

Rick
  • #102
  • Feb 19, 2009 4:56pm Feb 19, 2009 4:56pm
Quoting rick86
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...
Hi Rick,

That candle isn't a swing high and makes no sense to me at all in determining a trend. So why isn't the first candle that breaks the swing low considered the trend change if all we need is a higher high than the last closed candle.
  • #103
  • Feb 19, 2009 4:57pm Feb 19, 2009 4:57pm
Quoting ozziedave
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...

Hello ozzie. I sent you a picture of Eur/Chf in the chat last night that does show the last swing high being broken on my broker. I believe differences in the closing time of a bar is what is causing your confusion.

http://img153.imageshack.us/img153/8098/4hrbreakyc5.gif

Here is that image with labels again. 4hr EC was in an up trend according to my analysis. I only trade in the direction of the 4hr trend.
  • #104
  • Feb 19, 2009 5:02pm Feb 19, 2009 5:02pm
Quoting Jnita
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?

Hello Jnita,

I would not have taken this trade. The reason for that is the 4hr is still in an up trend. It is not the color of the bar we follow, but the direction of the trend based upon HH or LL.

I am working on a better description and some pics which I think will clarify a lot of questions.

Brian
  • #105
  • Feb 19, 2009 5:09pm Feb 19, 2009 5:09pm
That candle isn't a swing high and makes no sense to me at all in determining a trend.
It is a swing high on Brian's chart. It makes total sense because it's the market taking out the previous swing high. That's a very rational way to conclude that the trend has changed to up.
Like he said in the intro material, many would criticize that as being too aggressive but it definitely gives the advantage of getting in as soon as the trend changes. And since he also requires there to be a trend change on the 30m, I don't think it's too aggressive at all.

So why isn't the first candle that breaks the swing low considered the trend change if all we need is a higher high than the last closed candle.
I don't know what you're talking about here.
  • #106
  • Feb 19, 2009 5:27pm Feb 19, 2009 5:27pm
Hello Everyone,

Here is the new chat link:
http://intradaywave.freehostia.com/chat.html
That shouldn't block people out after the user list fills up. I've updated the link in the first thread as well.

More stuff coming up soon
Brian
  • #107
  • Feb 19, 2009 5:55pm Feb 19, 2009 5:55pm
Hi Brian, truly great thread, i tried to log into the room but could not get in, and would love to follow along, and learn from you as i think it is so simple and logical way to trade, what part of the US are you from, and what time is it there compared to GMT, so i can be on same times as you, looking forward to examples with great antipication. Hope to chat soon.
Regards Pat
  • #108
  • Feb 19, 2009 7:06pm Feb 19, 2009 7:06pm
Quoting rtcw37
Hi Brian, truly great thread, i tried to log into the room but could not get in, and would love to follow along, and learn from you as i think it is so simple and logical way to trade, what part of the US are you from, and what time is it there compared to GMT, so i can be on same times as you, looking forward to examples with great antipication. Hope to chat soon.
Regards Pat
Have you tried the new chat link or the old one?

The best method for getting into the chat is to download an IRC client. Like the one at www.mirc.com and configure it using the settings in the first post.

Thanks for the kind words, I look forward to seeing you in the chat,
Brian
  • #109
  • Feb 19, 2009 7:59pm Feb 19, 2009 7:59pm
Alright guys,

I'm gonna try something new tonight. I will be posting pictures of each time frame for each trade I take at the time of opening the trade.

Each trade will get a post at: http://intradaywave.freehostia.com.

That way questions can be asked and answered for each individual trade, and everyone will see exactly what I see.

Hope to see ya there, as far as I can tell, the chat problems are resolved with the new chat link found in the first post of this thread.

Brian
  • #110
  • Feb 19, 2009 8:00pm Feb 19, 2009 8:00pm
Quoting Brian8182
Hello ozzie. I sent you a picture of Eur/Chf in the chat last night that does show the last swing high being broken on my broker. I believe differences in the closing time of a bar is what is causing your confusion.

http://img153.imageshack.us/img153/8098/4hrbreakyc5.gif

Here is that image with labels again. 4hr EC was in an up trend according to my analysis. I only trade in the direction of the 4hr trend.

Hi Brian,

I tried 2 different platforms and neither one has a swing high. I do have FXDD somewhere. I'll try loading that so I can better follow along.
  • #111
  • Feb 19, 2009 10:26pm Feb 19, 2009 10:26pm
Great Brian. It's nice to see that you are thinking of ways to teach and help us even more. We appreciate it. Thanks. Talk with you in 1 1/2 hours.

Quoting Brian8182
Alright guys,

I'm gonna try something new tonight. I will be posting pictures of each time frame for each trade I take at the time of opening the trade.

Each trade will get a post at: http://intradaywave.freehostia.com.

That way questions can be asked and answered for each individual trade, and everyone will see exactly what I see.

Hope to see ya there, as far as I can tell, the chat problems are resolved with the new chat link found in the first post of this thread.

Brian
  • #112
  • Feb 19, 2009 11:00pm Feb 19, 2009 11:00pm
Quoting Brian8182
Hello Jnita,

I would not have taken this trade. The reason for that is the 4hr is still in an up trend. It is not the color of the bar we follow, but the direction of the trend based upon HH or LL.

I am working on a better description and some pics which I think will clarify a lot of questions.

Brian

Hi Brian,

Thanks, I understand. So I am Lucky the trade worked out - LOL.
  • #113
  • Feb 19, 2009 11:39pm Feb 19, 2009 11:39pm
Getting ready to start scanning pairs now. If you would like to follow along, join up at: http://intradaywave.freehostia.com/chat.html

Brian
  • #114
  • Edited 2:29am Feb 20, 2009 2:10am | Edited 2:29am
Quoting Brian8182
Stop Loss: Set your stop loss at the valley the previous wave, and trail it at every wave valley.

Exit when your trailing stop has been hit.
Do you put the stop loss at the valley of the previous wave on the M5 timeframe? Or H4 or M30?

Can you elaborate on where and how to put the trailing stop? How much should it be?

Thanks

This is a cool system, I am trying it right now but just using a 10 pip T/P
  • #115
  • Feb 20, 2009 2:11am Feb 20, 2009 2:11am
Quoting Brian8182
Getting ready to start scanning pairs now. If you would like to follow along, join up at: http://intradaywave.freehostia.com/chat.html

Brian
Brian - which pairs are you scanning / trading, please ?

J.
  • #116
  • Feb 20, 2009 3:15am Feb 20, 2009 3:15am
Hey everyone,

I know there is a lot of questions. I plan to put together a very detailed tutorial on exactly how I trade this system, how I trail my stops, what I consider a wave, and a lot more answers.

Look for it all over the weekend.

Brian
  • #117
  • Feb 20, 2009 3:41am Feb 20, 2009 3:41am
Hi,can anyone tell me how to add text chat in the room, i can write text but cant post it. Anyone able to help? Thanks Pat
  • #118
  • Feb 20, 2009 3:59am Feb 20, 2009 3:59am
Quoting rtcw37
Hi,can anyone tell me how to add text chat in the room, i can write text but cant post it. Anyone able to help? Thanks Pat
At the end of the text press Enter..
  • #119
  • Feb 20, 2009 4:05am Feb 20, 2009 4:05am
Thanks Clode, but there is on enter anywhere on my chatroon?
  • #120
  • Feb 20, 2009 4:08am Feb 20, 2009 4:08am
Hi Clode. Can you also change the text size,in the room, as the text is hard to read on my laptop,do you have the same problem
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