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5 minute Wave Analysis. (Intraday price action method)

  • #221
  • Edited 4:19am Feb 25, 2009 4:08am | Edited 4:19am
Quoting Vantage
This link has been working fine http://widget.mibbit.com/?settings=3...l=%23brian8182
Are you in the room at the moment Vantage, i have got in but how do you post coments as i see no enter bar to add text chat
  • #222
  • Feb 25, 2009 5:23am Feb 25, 2009 5:23am
Hey everyone,

Sorry I couldn't trade with you today, I had some computer problems and had to format. Took me all night to get everything back up and running properly.

See ya tomorrow,
Brian
  • #223
  • Feb 25, 2009 5:24am Feb 25, 2009 5:24am
Quoting 3mmm
Hello Brian:

If we have a UP wave in 4h TF and it is in a DOWN pullback, the entry has to be done when the price breake UP the last HH of the down move in 30m TF?

Please let us know how do you the end of the pullbacks.
If the 4hr is up, and 30min is down...

We would look for the previous high of the 30min chart to be broken for our long entry. This means that 30min would turn back into an up trend, which typically means the retract on the 4hr chart is over.

Brian
  • #224
  • Feb 25, 2009 5:41am Feb 25, 2009 5:41am
Quoting Brian8182
If the 4hr is up, and 30min is down...

We would look for the previous high of the 30min chart to be broken for our long entry. This means that 30min would turn back into an up trend, which typically means the retract on the 4hr chart is over.

Brian
Thank you very much, it is clear for me now !
  • #225
  • Edited 8:18am Feb 25, 2009 7:59am | Edited 8:18am
Quoting jgadefelth
Jnita what trading result did you have the 24 ?

seems like you had way better than brian the 23 but you have some trades against you also that have great pips against you more than -40 where do you place your stopp ?


best regards

Sorry jgadefelth only saw your message now.

I ended with -41 on the 24th, but I did not take one of the best trades ... the UJ .... because of a slight coffee addiction, so I would have been up for the day if I did.

As for the 23 Feb, I was only up on Brian's results, because on one of the EJ trades I had my SL lower by 5 pips than his, and was not stopped out. So instead of a loss, I turned a large profit on that one trade. As for my last 3 trades on this day, I took buy positions earlier than Brian, because he was away for a break and I saw the moves about 20-40 pips earlier, which helped my result along quite a bit .... I thought I used a method he used in an earlier trade, as it turned out I took the wrong signals (in the right direction), but for me it was very lucky wrong signals.

Today I am -41 again, the trading today has shown me just how unexperienced I am in using this method, because Brian was not there to call the trades... LOL - he makes it look so easy. It took some time before I found my feet and I was able to recover some of my previous losses.

I am sure that by now you understand where we put our SL, but Brian says that he never risks more than 3% of his account (which I think FxTrader said you need a $1500 mini account or a $15000 standard acc if you trade 1 lot... correct me if I am wrong, I hate MM)and it works out to about a 50 SL, and it can be less ... depends on your previous LH and HL. SL are placed on the HL in a long possition and on the LH in a short trade ... and so you follow the HL and LH untill you r stopped out. This is a trading SL method many traders use.

Tomorrow is another day, and I am sure I'll recover the -82pips ... BUT I am still up for the week.
  • #226
  • Feb 25, 2009 8:34am Feb 25, 2009 8:34am
Jnita I shall read up on the strategy i have not seens he updated the first post i just have had an quick look at it i must read up some. But i think this have been a really bad week if you think of what brian say he use to have 200 or so a day i was thinking of tighten up the stopploss but maybe it will do more harm then good but smalllosses and big profit is the name of the game winner


best regards
  • #227
  • Feb 25, 2009 10:14am Feb 25, 2009 10:14am
Jnita, did you trade today, if so how did you do?
  • #228
  • Feb 25, 2009 10:40am Feb 25, 2009 10:40am
I agree, it has been a bad week...but not just for this method but for many others. It's just one of those times in the market right now. Not much one can do but try to keep their losses as small as possible.

Quoting jgadefelth
Jnita I shall read up on the strategy i have not seens he updated the first post i just have had an quick look at it i must read up some. But i think this have been a really bad week if you think of what brian say he use to have 200 or so a day i was thinking of tighten up the stopploss but maybe it will do more harm then good but smalllosses and big profit is the name of the game winner


best regards
  • #229
  • Edited 11:38am Feb 25, 2009 11:28am | Edited 11:38am
This is a pretty good approach. We are always trading with the trend and always cutting losses short and letting profits run. Did very well with it today.

I am using a MTF Hi Lo indicator I wrote for another system on this forum that turned out to be not so good, but it works very well in this application for seeing the 4 hour, 30 minute and 5 minute all on the same chart.

Very easy to trade it.

Congrats on a nice simple method.

PS, please ignore the stuff in the upper left. That is for a long term trade I am testing out
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_049.jpg Size: 81 KB
  • #230
  • Feb 25, 2009 12:08pm Feb 25, 2009 12:08pm
Quoting thatwasme
This is a pretty good approach. We are always trading with the trend and always cutting losses short and letting profits run. Did very well with it today.

I am using a MTF Hi Lo indicator I wrote for another system on this forum that turned out to be not so good, but it works very well in this application for seeing the 4 hour, 30 minute and 5 minute all on the same chart.

Very easy to trade it.

Congrats on a nice simple method.

PS, please ignore the stuff in the upper left. That is for a long term trade I am testing out
Hi thatwasme,

Can you post your indicator, it looks very interesting. It's hard to keep up with updating the 4hr and 30M support & resistance lines on multiple time frames and pairs.
  • #231
  • Feb 25, 2009 1:29pm Feb 25, 2009 1:29pm
It consists of just using the same indicator twice. One instance is a 30 minute (Blue for High, Red for Low). The other is a 240 minute (Green for High, Tomato for Low).

Included is the indicator and the template I am using.
Attached File(s)
File Type: mq4 #MTF High Low.mq4   4 KB | 1,030 downloads
File Type: tpl m5 wave.tpl   1 KB | 859 downloads
  • #232
  • Feb 25, 2009 3:37pm Feb 25, 2009 3:37pm
Hello,

It was interesting trading last night without Brian in the room. I think we worked pretty well together on identifying entries and SL, but some of us did take into consideration support and resistance. I ended up +41 of the night, but I did get out the UJ and EU trades (which accounted for 37 of those 41 pips). But we got out of those trades at tough resistance (both were long trades) to lock in profits. Both trades bounced off that resistance and took out the SL as no valley was every created (which had hurt the trades all week so far, the retraces are too fast).

But the other interesting part was folks (just a handful :-) ) taking trades against the rules of the system, only to get stopped out. Then they wonder why the system doesn't work.

While we did talk about support and resistance in the room (I know, not part of the rules), I think the entry point is much more critical.

On those 30min entries, I'd consider those fairly high risk trades. Because that is a point of solid support and resistance, plus the SL seems to be fairly large. GBPJPY was a good example of that last night. We needed to see it break the 30m HH to become a long again (as the 4 hr was long). It broke this HH by a few pips, then headed south quickly! Same thing happened on that pair the night before. That pair may not suite this system quite as well as you do need a larger stop, and the spread is pretty large. Haven't really seen a good 30m trade occur yet.

Seems like the most ideal trade is when all 3 timeframes are headed the same direction. When the 4hr and 30m are long, and the 5 min is in a retrace with down-waves and it breaks one of the LH, that seems to be a bit more risky than having the 5 min showing nice upward waves. When you see those upwards waves seems to be the best time to trade.

All and all, nice simple method. Exit rules probably should take into consideration support and resistance, but that's up to Brian :-)

See you in the room tonight!

DavidH
  • #233
  • Feb 25, 2009 8:07pm Feb 25, 2009 8:07pm
Hey Thatwasme,

Thank you for sharing your indicator & template.
Really makes it easy for me to visualize what's happening in all 3 time frames on one chart.
Now I can monitor 4 currencies at the same time easily.

Also thank you Brian! Your method is well thought out, and you can't do better than trading on price action. Watching you trade live in the chat room makes it much easier to grasp your concept. I appreciate your time and willingness to share.

Many pips to both of you!!!

Sir Viver
“The waiting is the hardest part” Tom Petty
  • #234
  • Feb 25, 2009 8:50pm Feb 25, 2009 8:50pm
Quoting thatwasme
It consists of just using the same indicator twice. One instance is a 30 minute (Blue for High, Red for Low). The other is a 240 minute (Green for High, Tomato for Low).

Included is the indicator and the template I am using.
Thanks thatwasme, nice indicator.
  • #235
  • Feb 26, 2009 8:12am Feb 26, 2009 8:12am
Rough day today, but if -297 is your worst day in 11 months, I don't think you have anything to worry about, especially if your average take is around 200 per day.
Life is too short to have anything but delusional notions about yourself.
  • #236
  • Feb 26, 2009 8:18am Feb 26, 2009 8:18am
Quoting hoss
Rough day today, but if -297 is your worst day in 11 months, I don't think you have anything to worry about, especially if your average take is around 200 per day.
Yes, it was definitely a very rough day. I have no doubt we'll be out of the red in no time. A great example of why money management is so very important to successful long term investing. You must always protect yourself from the worst of draw downs, they can come at anytime, without warning.
  • #237
  • Feb 26, 2009 8:24am Feb 26, 2009 8:24am
Quoting DavidH
Hello,

It was interesting trading last night without Brian in the room....
Hello David,

You are dead on correct about the best trades. Typically when the 5min shows down trend, that means that 30min is retracting. Right when the 5min flips back to an up trend, we enter. This usually means we are getting in right when the 30min retract is over and will usually take a nice ride.
  • #238
  • Feb 26, 2009 8:40am Feb 26, 2009 8:40am
Brian what do you think about MM maybe we shall stop trading after some losses call it for the day 3 losses in a row or 5 in the same day or something like that or do you think it will also effect the winnings negative ?


best regards
  • #239
  • Feb 26, 2009 12:46pm Feb 26, 2009 12:46pm
I do think last nights trading was a prime example of where support and resistance killed the system. A lot of pairs are trying to break through areas they haven't been able to break in months, but some of the trades taken were right at those levels.

If these pairs can break these levels though, look out! Could ride a nice long wave.

David
  • #240
  • Feb 26, 2009 4:47pm Feb 26, 2009 4:47pm
That's why I implemented my own little filter. Once I hit 4 losses in a row... I draw a box around the range and call it "no-trade-zone". Then I put the chart on 30M and wait for a bar to break out and close with AUTHORITY in the direction of 4H trend. Then I switch back to 5M and look for a pullback, then entry on next break as usual.

Of course, just as soon as I do that, the next one is a big winner which would have made me more than all the 4 losses combined () but I know that I do crazy things after that 4 loss threshold is reached... better for me to walk away.

Oh.. and I HEARD that on frustrating days like today... kicking the cat is very therapeutic
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