5 & 60 min system.

I have been watching for a while and I have been taking a lot in.
So let me give back a little. I have used this chart set up for about four years and it works quite well. I have a real job so I can only trade as I can. I still get 150-200 pips a week.

I trade only on the 5 min and the 60 min charts. The 60 min chart, I set and forget. I might speak more about this time chart later, if anyone wants me to.

I am going to share what I do on the 5 min charts.

I use Oanda's charts, I know their charts suck but they are okay for me, I use four MA set at 2 ema blue, 5 ema red, 50 ema white, 50 wma purple and I use the the Full Stochastic at 14 -3 -3 which is white and purple - the purple is the fast line.

I use the two 50 mas and the Full Stochastic to see which way I should be going in my trading. Both purples over both whites, then I am looking to go long. Both whites over both purples I am looking to go short.

I mostly trade the first big dip in an up trend, that is then the full Stochastic goes under the 20 line and back up. The Purple 50 wma is over the white 50 ema and the space between the two is getting bigger. - I love that!

I also look to start a trade in a strong up trend, when I have both purples are over the two whites and the 2 ema crosses over the 5 ema and price breaks and stays over an important swing high.

last, if I see an inside bar and the four ma's & the Full Stochastic are all going the same way I will take it.

In a bear move just turn everything I have said on its head.

and thats it.

I will add more later when I get sometime

Dan

Looks like a clean and simple method...just my type.

Thanks for sharing...do you trade this method live?

I for one would be interested in 60min chart.

Mike

And when do you exit?

I would be interested in the 60 M chart too.

had some great trades with the 5 min charts last night
well over 500 pip on 7 trades.

The eur/jpy was my big star with 3 trades
( Sunday nigh is great to trade)

It looks like it is setting up again on the hour chart!

When I have more time I will put more details in as I see most people want to hear about the 60 min charts. Personally I like the 5 min charts.

For the hour Charts: Just wait for the two purples over whites
then the blue over the red .

Stop loss is the last big swing low and off we go!

Dan

Buy 131.58
Sl 131.22 (I will move it up as the trade hopefully goes on)
TP 132 (May change as the trade goes on)

But this is not the best time.

I like later in the afternoon or before work on the morning
for the hour.

The 5 min is good anytime

Dan

Would you mind showing some graphical examples?
I am sure graphics would be clearer.
Thanks.

I would, but I have no Idea how.
If you want to tell me how to post charts I would
If someone else can post the charts that would be fine.

Dan

TP @ 132. for 41 pips

Dan

You say that when purple is above white, you go long and vice-versa. You took a long trade at 11:23am today where the purple was clearly below the white(50ma's), signaling shorts were in order, not longs.

I double checked all of the information to make sure that I had it set up correctly, and I do. I also checked several brokers(FXDD,IBFX, FXPRO) to see if that made a difference, it didn't seem to. Was just wondering if you could clarify that trade.

Thanks.

Well that is a good question.

I don't like being in at 12 noon so I will often close down a trade or look for a real easy exit, ie 98 or 48 with the eur/usd. & make my SL close

Also around big news events, I will move my SL very very close.

other wise I let the trades die normally. I keep moving up the stop loss 50 pips 48,98,48 98 etc. I always seem to exit.

once I am in I try to get a "free trade" so I can not lose. Then I just let it run.

Oanda doesn't have trailing stops which is a pain I lost 68 pips on two trades each on the Eur/Jpn this morning because I didn't move up the stop I was working.

Dan

not on my charts.. what charts are you using ..
and what time frame?

Dan

5 AND 60 TEMPLETE

I was on the 5M chart and I tried it on several different brokers. I assume you were trading the EURJPY. I'll have to check Oanda....

I took the trade on the hour chart!!
I did pull the SL & TP off the 5 min charts ... swings

in post 5 I said " .....The eur/jpy was my big star with 3 trades
( Sunday nigh is great to trade)

It looks like it is setting up again on the hour chart!..."



Dan

Dan,

No problem. I just assumed that you only trade if the 5M and 1H were in agreement.

I had seen that the 1H was purple above white

HI,
Got a question for the correct indy...
You have 50 ems listed...
Did you mean 50 ema or sma?
Thanks much.
CCE

Thanks for the temp...
I've got a question posted regarding which indy is ment...
50 ems... meaning simple moving average or was it a typo intending to mean 50 ema?
Appreciate your work.
CCE

50 ema white & 50 wma purple

dan

Does anyone have any thoughts on making this system better.
Did any one use it?

I was using both the 5min and 60min last night.
I traded last night I don't often do that ( Work is slow)

I had a great night last night -
1 big big win with the eur.yen,
a few good runs with the eur.gpb,
and a funny night with the aud.usd.
2 trades were give back by Oanda after a bad spike for "0"
one big win
and 3 other trades got SL (all 3 of them together I think I was a head 7 pips.)

this system is having a great week

~~ looks like the eur. gbp is setting up again on the 5 min chart
( I missed one on the eur.usd a bout an hour ago .. I was driving ...Darn)

Dan