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5 minute Wave Analysis. (Intraday price action method)

  • #121
  • Feb 20, 2009 4:14am Feb 20, 2009 4:14am
Quoting rtcw37
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
You should try downloading an IRC client to your computer, you can change the font size and things on mirc for sure. You can find it at www.mirc.com.

I'm packing it in for the weekend though. Started out as a bumpy night, recovered some pips though. Finished up at -57 for the night, +243 for the week, which was 3 trading days.

Look for some info posted over the weekend, I plan on going over a lot of questions I was getting in the chat.

Can't wait to show ya all how a full week goes, have a great weekend,
Brian
  • #122
  • Feb 20, 2009 4:14am Feb 20, 2009 4:14am
Attached chat log for 2008-02-20
Attached File(s)
File Type: txt Brian8182 chat 20 feb 2009.txt   52 KB | 600 downloads
  • #123
  • Feb 20, 2009 4:22am Feb 20, 2009 4:22am
Quoting rtcw37
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
Hi rtcw,
I have a lot of problems with small size text so I use Firefox as my browser.. It allows to enlarge the text by pressing and holding CTRL + scroll the mouse..
Google Firefox, download and install it..
  • #124
  • Feb 20, 2009 4:24am Feb 20, 2009 4:24am
Hi Brian,

Being a PRICE ACTION TRADER myself, I find you method outstanding & simple in its design. NO INDICATORS NEEDED. Keep up the sharing & many should learn to trades as never before.

What are the pairs you trade using this method? What is your preference?

________________________
  • #125
  • Feb 20, 2009 5:47am Feb 20, 2009 5:47am
Thanks Brian, and Clode and all for the help,
Regards Pat
  • #126
  • Feb 20, 2009 5:49am Feb 20, 2009 5:49am
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
When you write up your method over the weekend, I'd be interested to see how you set yourself up to scan : do you put all the H4 charts up on one workspace, then switch M30>M5 ? Nine pairs is a lot to watch.

I also think ozziedave's attempts to clarify exactly how you use the H4 chart swing highs and lows to determine trend direction are valid : not yet totally clear myself.
  • #127
  • Feb 20, 2009 8:37am Feb 20, 2009 8:37am
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
I am having trouble finding the pic's of the charts at http://intradaywave.freehostia.com. I'm not able to attend the chats at that time due to my day job . I was hoping to review the trades during the day. All I see there is the following....

Days Traded: 2

Trades Taken: 15
Trades Won: 11
Trades Lost: 4
Total Pips: 300

Am I missing something? I am looking forward to your updated tutorial on your system. I have been looking for something like this....Simple and effective. Thank you for sharing it with us!
  • #128
  • Feb 20, 2009 10:46am Feb 20, 2009 10:46am
By the time I left, which was around 11:15 or so, we were down -41. Anyone have the final tally?
  • #129
  • Feb 20, 2009 11:31am Feb 20, 2009 11:31am
I have a question regarding this style of trading. Say its midnight 12:00 and the 4h and 30 min chart are in downtrend. I am planning on trading the euro session. By the time euro session kicks in our 30 min chart is in range and then a breakout happen in an uptrend on our 30 mins chart. Now our 4h and 30 min are not aligning. How do we trade then becz our next candle on 4h chart wont close till 4:00 pm. Also, even if we wait for 4hour candle to close and it still does not reflect and uptrend but our 30 min chart is. Should we be still waiting to go long even if our 15min,30min and 5 min are showing an uptrend with the target of next resistance? I just feel we lose out on quite good long trades. Please advice
  • #130
  • Feb 20, 2009 5:28pm Feb 20, 2009 5:28pm
Great question. I agree that you can miss many good chances to make some pips. My suggestion would be that you give this a shot on demo when you see situations like that and relay your results to the thread. I think that Brian trades the way he does because he is scanning multiple pairs (I believe nine of them) at one time so your example is probably something he never runs into. If one pair is ranging, he just moves to the next. I do think you have a great question and you should demo trade those situations to see what type of results you can get and let the rest of the thread know. It may be something worth finding out.

Quoting ajanjua
I have a question regarding this style of trading. Say its midnight 12:00 and the 4h and 30 min chart are in downtrend. I am planning on trading the euro session. By the time euro session kicks in our 30 min chart is in range and then a breakout happen in an uptrend on our 30 mins chart. Now our 4h and 30 min are not aligning. How do we trade then becz our next candle on 4h chart wont close till 4:00 pm. Also, even if we wait for 4hour candle to close and it still does not reflect and uptrend but our 30 min chart is. Should we be still waiting to...
  • #131
  • Feb 20, 2009 8:11pm Feb 20, 2009 8:11pm
Quoting jtrade
When you write up your method over the weekend, I'd be interested to see how you set yourself up to scan : do you put all the H4 charts up on one workspace, then switch M30>M5 ? Nine pairs is a lot to watch.

I also think ozziedave's attempts to clarify exactly how you use the H4 chart swing highs and lows to determine trend direction are valid : not yet totally clear myself.
Hi Brian,

I've loaded my FXDD charts and I see where the swing high was broken on the 4hr EURCHF chart we were disucssing. I guess like any trading methodology alots going to depend on your data feed and your GMT offset time on the platform. Since your actually placing trades based on 5 min chart entries is there a need to confirm trend direction on a 4hr chart. Could you use the 1hr swing highs and lows instead.

I am very intested in seeing a more detailed decription of your trading methodology.
  • #132
  • Feb 20, 2009 8:35pm Feb 20, 2009 8:35pm
Quoting ozziedave
Hi Brian,

I've loaded my FXDD charts and I see where the swing high was broken on the 4hr EURCHF chart we were disucssing. I guess like any trading methodology alots going to depend on your data feed and your GMT offset time on the platform. Since your actually placing trades based on 5 min chart entries is there a need to confirm trend direction on a 4hr chart. Could you use the 1hr swing highs and lows instead.

I am very intested in seeing a more detailed decription of your trading methodology.
Hi Dave,

I asked Brain in the chatroom the same question yesterday, and he said that using H4 is much more reliable than H1, and that the H4 trend usually stays for a few days.

I hope this helps.

And Brain, thanks for sharing this method and setting up the chatroom to help us, this simple yet effective method is inspiring.
  • #133
  • Feb 20, 2009 9:30pm Feb 20, 2009 9:30pm
Quoting dreamtrader
Hi Dave,

I asked Brain in the chatroom the same question yesterday, and he said that using H4 is much more reliable than H1, and that the H4 trend usually stays for a few days.

I hope this helps.

And Brain, thanks for sharing this method and setting up the chatroom to help us, this simple yet effective method is inspiring.
Hi dreamtrader,

Thanks for that explanation.
  • #134
  • Feb 20, 2009 10:56pm Feb 20, 2009 10:56pm
Hi Brian,

I've attached a 4hr and 30M GBPJPY chart. On the 4hr chart we have higher highs and higher lows so we are in an up trend...correct. I have identified the last swing high to low with yellow lines. We have a swing low established @ 132.73 which would signify a pullback on the 4hr chart. So at this time it looks like we are going to resume the up move.

Ok, now lets look at the 30 min chart. On this chart we have a swing high and swing low identified by the orange lines. So if price breaks the swing high @ 135.31 do we go long or do we have to wait until price breaks the 4hr swing high @ 136.35 before we look for long trades.

I know you look for entries off of the 5M chart but I'm just trying to understand at what point is the 30M chart in agreement with the 4hr chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chf 4hr example t1.gif Size: 30 KB
Click to Enlarge Name: chf 30hr example t2.gif Size: 24 KB
  • #135
  • Feb 21, 2009 12:58am Feb 21, 2009 12:58am
I have given it a lot of thought and infact i tried this strategy yesterday in the euro session and was able to take good profit out. However, i did couple of things differently. I looked into the following indicators for confirm signals.

1. MACD Divergence (either histogram divergence or regular divergence)
2. Chart Patterns (Outside bar,Hammer,double bottom,double top etc formation on 15 min,30min for quick outcome prediction)
3. Support and Resistance (Is a key). Can also offer good scalping opportunities

Support and Resistance are key especially when we are trying to align 4hr with 30min and 15 min. For example lets suppose in a 4 hour chart we are in a downtrend confirmation done by price making lower lows. Now at that point the previous closed candles on our 4 hr chart can offer support and resistance by taking its high and low into consideration. On the other hand suppose price starts to take turn now our next target should be to check on our 4 hour chart the previous low which can offer resistance if that is broken then we can target next resistance offering opportunity for going long and the opposite is true for selling. The importance of candles lows and highs especially on 240 minute are important becz they are nothing but rejection points and since 240m is a big time frame one must not ignore when these support and resistance are breached. Thus instead of waiting for the 4 hr candle to break the high of the previous candle we can still make money by going long till the previous candles high is broken. Of course confirmation needs to come by MACD or chart patterns. The other indicator helpful can be rsi if it goes below 30 or 20 market has been oversold at that point then offering good opportunity to buy.
  • #136
  • Feb 21, 2009 3:42am Feb 21, 2009 3:42am
The first post has been updated with a better description of step 1 (determining the 4hr trend.) I'll try and get to these questions as soon as I can. I want to get finished with the descriptions of steps 2 and 3 first.

Also, I think next week's live trading will answer a lot of questions.

Thanks,
Brian
  • #137
  • Feb 21, 2009 7:06am Feb 21, 2009 7:06am
Quoting ozziedave

I know you look for entries off of the 5M chart but I'm just trying to understand at what point is the 30M chart in agreement with the 4hr chart.
Hi Dave, for what I've understood, Brian goes down the 5min only if the trend is confirmed on both TF, so if it is obvious. Otherwise he might consider a breakout of the 30min or wait for a break of sup/res level before looking for a trade or switching to another pair were the trend is confirmed.
Brian will sure explain this better then me.
  • #138
  • Edited 7:27am Feb 21, 2009 7:15am | Edited 7:27am
Quoting Brian8182

The best way to learn this system is to demo it live with me every night starting at 1am EST/6am GMT.




Please go to: http://intradaywave.freehostia.com/ for the chat room for live trade postings.
Trades and stop loss updates are posted live as I take them in the chat room.


Pictures for each trade are posted on the forum for questions and further analysis shortly after their taken.




Hello Everyone,

I have been trading this system...



Brian thank you very much for giving us 5 minute Wave Analysis. (Intraday price action method).
very simple and effective method. please Keep it up.
Regards
Hemant
  • #139
  • Feb 21, 2009 8:54am Feb 21, 2009 8:54am
Quoting Jnita
Dave,

I know what you mean, it feels wrong to trade against the major trend. But I don't think Brian's objective is to trade a long term trade, it is an intraday system that is traded mainly from the 5min and sometimes from the 30min.

What I understand is this:
He looks at the 4h (present) - say it is up....
[color=red]he then looks at the 30min (present) and if it is also up and he can see that the market has been trending well, then he will go to the 5min and make...

I tried to go and edit the post (but is is locked) to indicate that the above in RED is wrong - just so no-one gets mislead
  • #140
  • Feb 21, 2009 11:00am Feb 21, 2009 11:00am
First of all I would like to Thank you Brian for sharing your innovation with us, to me it looks like this Trading Style could be a very reliable way to make profitable Trades.
I was not posting very much on FF, mostly looking through the Threads on my search for the Holy Grail but today i send this to you Guys incl. a Chart (first time) which referes to Brianīs update (same Date, same TF) on page 1 just to make sure that i got the first step. So if I interpret anything wrong, please guys, correct me.

1. The Distance from 1 - 2 is considered as a wave and it is the last wave in a 4 hour uptrend.
2. Point 2 itself, shows the last Higher Low of the Uptrend
3. The Distance from Point 2 - 3 also shows a wave but this wave breaks the last higher low from Point 2 and creates the first Lower Low of a begining Downtrend.
4. Distance from Point 3 - 4 is the first completed wave of the begining Downtrend with a first Lower High and a first Lower Low in the Candle Nr. 5
5. In the Candle with the No. 5 itself you see the black dashed line going in from the last Higher Low and a check sign you see in the Candle, This would be later on our Entrance Point on the 5 MIN CHART, if the 30 Min Chart is aligning with the four hour Chart.

I hope i didnīt write too much and I confused nobody and I hope I got the picture, as i said please correct me if itīs not right.
Btw my Mt4 Platform is on GMT (IBFX), is this the Reason why the Chart looks different, I guess so, should I do my Charting on another Platform (Timeframe)? And I guess the Chat Room is closed during the weekend, looking forward to meet you guys there on Monday.

See ya, tick
Attached Image (click to enlarge)
Click to Enlarge Name: Brian III.JPG Size: 80 KB
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