5 minute Wave Analysis. (Intraday price action method)

its just freezing, cant get logged back in.

do we move sl on GJ?

Yes I moved the stop loss to 138.60 and was stopped out. If you are still in the trade, move your stop to 138.40.

Have you tried the chat link on the website?

Yes, chat login gives nick error. Ok stopped on GY and EY, only GU in. move stop to 4622?

Looks like mibbit is having problems, just had a ton of people drop from the chat.

Yes, I have mine at 4621. Keep trying the mibbit link, hopefully they correct whatever the problem is quickly

Hi Brian, i can not log into any of the sugested links for chat rooms, any sugestions?, Pat

chatlog for 2009 Feb 23 attached

i think we must do detailed step by step setup on mirc client. Tehy are more stable than Mibbit.

For the people who struggle, download xchat, its free.

the server: irc.ircforex.com/6667

channel: #brian8182

hi, it is a quite good system, straight forward.

I have one query about the entry in 5 minutes TF.

Could Brian explain your entry rule? Price action such as star, 123, or what?

Read the first post. You will find your answer there.

Jnita:
What was last night's result for Brian? I left early. Appreciate your time to post the chat here in this forum.

Thanks,

-FX_California

FX

These are my results for 23 FEB:
EJ= 73
EU= -24
GU= 14
EU= -37
UC= -53
GU= -40
AU= -26
GJ= 204
GU= -40
GU= 68
EJ= 0
AU= -21
GJ= 16
EJ= 5
GU= 0
total= 139

.... but I entered the last 3 trades earlier than Brian (I took them when he was away having a coffee break). Brian had 1 extra trade on the EJ (think it was the EJ), my SL was not hit, so I remained in the same trade, where he took another buy.

Regards,
J

That's impressive. Thx for the update

Hello,

I have been in Brian's chat the past two times (will be there again tonight/upcoming morning). Have a good understanding of how he defines a "wave" now.

Anyways, last night was a strange night as we did see some spikes (in our favor!) on a number of our first trades. To only have them retrace and hit the stops based on the rules of the system.

I do think some consideration should be taken though in those "too far, too fast" moves (which I did take into consideration last night, ended up $757 in about 2 1/2 hours of trading trading 1 standard lot in demo).

Forex has proven when it makes a strong move quickly, it most likely will retrace back to the levels it was at or even further. Since this system depends solely on stop loss for getting out of a trade, and that stop loss is based on the last peak or valley on the 5 min chart, you don't get a chance to move your stops due to the strong move, then strong retrace.

I moved my stops to the low of the prev bar since the bars were moving 15 - 25 pips during the 5 mins span to lock in those profits. Of the trades I was in, only the EURJPY one got me stopped out a little earlier (in profit). But, I re-entered at the next valid signal to continue profit.

I think the same should be considered for entry. On the USDCHF trade, I did not take it because it had moved over 30 points in a matter of minutes. The stop loss was some 45 or so points. USDCHF immediately turned and retraced to get stopped out, no opportunities to move the SL up. Another example of too far, too fast.

We didn't see that last Friday morning, and will be interesting see what this morning brings as far as quick moves.

All in all, this is a modified 123 or ABC type of system, we when done properly can work out quite well.

Thanks,

David

Hi Brian,

I sent you and e-mail pointing out what I think would be an alright solution to your trade room hosting needs. Check it out and see what you think.

Cheers

oo7_ts

Can you post some trades, to look at some trades made?

Tonight's trading will begin in about 30 minutes from the time of this post, if the chat on the website is not working, please try the link below it, if that is not working, please download an IRC client to your computer and use that to connect. I still haven't figured out the best chat solution yet, hopefully by tomorrow night.

Brian

Can some people add me to their skype lists so I can test a few things out there?

My skype name is brian.8182

Thanks,
Brian

Hey Brian, I added you to my list. My skype name is "aaaxac".

Does anyone know if skype's chat feature supports 100+ people?