5 minute Wave Analysis. (Intraday price action method)

Hi DavidH...

I agree with you that we should be looking at support & resistance before we enter into trades. I noticed several times we were entering at those levels when we should be waiting for the breaks or the rejections.

Optik,

You mentioned that you would share an illustration of your setup on this method, and how you monitor 10 currencies at a time on 1 screen.

I sure would like to see that!

Thank you in advance.

Sir Viver

LOL, couldn't find my cat ...

Here's is what my screen looked like this morning (pdf attached). I trade a 2nd method on my 2nd monitor using similar setup. I just installed MT4 into a separate directory and called it /Meta Trader 4(2). Then I open 1st MT4 on one monitor for this method and open 2nd MT4 on the 2nd monitor for the 2nd method... and manage 18 pairs (9 pairs x 2 screens) on 2 monitors.

I should mention that I've been trading for a number of years and my screen management is second nature. It gets easier with practice

I hope this helped.

optik thanks for sharing your display with us. i was wondering if our metatrade platforms had a difference. did u mean sell stop at chart #6? in my platform a sell limit order can only be set to an higher price than the market price.

yes.. typo... fixed... pdf corrected

What was numbers for Friday? I wasn't able to trade for all that long.

David

tickticker,

as per your request the last 500 lines of Fridays chat - attached

Thanks Jnita

Hi folks!

I'm new here and have been following this thread (and others) with interest. While reading about this system something struck me... If you establish the presence of a trend by looking at 4 hr chart and a 30 min chart and then enter using a 5 min chart, would it not be equally effective to put a 6 bar SMA and a 48 bar SMA on the five minute chart to illustrate what the 30 min and 4 hr trends were doing? Five minutes x 6 = 30 minutes and five minutes x 48 is four hours, so by using SMAs 6 and 48 on the five minute chart you could monitor the movements of the two larger time frames without having to switch between charts. Any thoughts on this?

It's possible that I'm over-simplifying things and that having three charts and using candlesticks to monitor the 30 min and 4 hr trends is a better way of doing it - I'd be interested to learn others' thoughts on this.

Hi! friends why was there no trades or updates today ?

how is it going 4 u jnita ?


best regards

I ended +98 Friday... BUT... I take profits along the way and trail pip-for-pip for the first 20 until b/e. Then go from there. I follow the system but manage my trades a bit differently once open. More conservative in that regard. Not sure how folks in the chat did.

Where is brian ??


optik how did you on the 26?


best regards

Thurs the 26th... I did +72. Not much this morning. Had to sleep so I can go golfing (priorities )

2 things I do differently...

1. I do not take trades running into major S/R areas
2. I trail pip-for-pip for first 20 and take profits near major S/R areas

I backtested this system on vhands for the past 6 months and it DOES in fact produce 100s of pips on some trades when the market is TRENDING. However, the past few months rarely showed a systained trend, so I switched to a more conservative mode. Once it starts showing trends again, I will switch back to exactly as this system advocates.

Brian.. If you don't want me posting how I trade and prefer to stick to exactly-as-written.. just let me know... it's your thread, man.

Looks like this 'system' died as quick as it started. Brian disappeared and took the site down...... Ahh.. we need a new chatroom :-)

David

We all still at the chat via mibbit or xchat, so if anyone still want to chat, sign in, or come up with a new chat room.....

I would suggest someone to make skype chat, it is really easy to use and comfortable as well

Does anyone have a good idea of where we could go? I will look into the possibility of setting up skype to work for us?

http://www.forexfactory.com/showthread.php?t=80290

brian was utilizing the ircforex servers for his chat,
ircforex.com hosts many trading related chatrooms, if you dont have an irc client you can utilize the mibbit chat window which is featured in the link in my signature.