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5 Seconds " L "

  • #61
  • Apr 23, 2009 3:16am Apr 23, 2009 3:16am
Quoting Tony112
trading by ''hoping'' like i used to do back in the days. there is no hope in this... the moment you will hope for something here you will lose...
This is an interesting point that I think can be confusing to people...the big difference between:

positive thinking/attitude (which you must have )

and

wishful/hopeful/praying way of viewing market activity (which is a killer ).
  • #62
  • Apr 23, 2009 3:19am Apr 23, 2009 3:19am
Quoting hazel1919
This whole week... but for yesterday afternoon, no decided movement on the EURUSD. Just a quick question, do you have a larger timeframe open to indicate bigger trend direction... for example 5min with 21ma?
I tend to peek at larger time frames to have an idea on what's going on ... but I've made up my mind that I cannot predict larger time frames... everything's so random and unexplainable...even if you think you know what's gonna happen.... the only think right now i try to concentrate on is a real precise entry where I will risk almost 0 pips everytime..... TP will be completely random for me after.. as soon as I know my risk is minimal.
Invest in alarm clocks
  • #63
  • Apr 23, 2009 3:25am Apr 23, 2009 3:25am
Quoting FXSurfer
This is an interesting point that I think can be confusing to people...the big difference between:

positive thinking/attitude (which you must have )

and

wishful/hopeful/praying way of viewing market activity (which is a killer ).

LOL very true... positive thinking is a must and a thirst to succeed. Emotions and boredom can kill too... making you take trades that ultimately and instantly turn against you as if they wanted to frustrate you on purpose lol...no more
Invest in alarm clocks
  • #64
  • Apr 23, 2009 3:27am Apr 23, 2009 3:27am
Quoting seafront
This reminds me of an old saying "goes up by stairs, goes down by elevator".
Nice one, I love sayings and proverbs... this one I didn't know.
Invest in alarm clocks
  • #65
  • Apr 23, 2009 3:29am Apr 23, 2009 3:29am
Working the 5-second chart is a matter of constantly drawing and redrawing those trend lines. They eye picks them out on the move. But also (like for the last 15 mins) recognising that the market is asleep.

When the MKT weaves around the 150WMA... simply no good for trading. Must pull away.... then retrace.

I just want to thank you for drawing our attention to the purest form of scalping... as clost to MKT action that we can get, without drowning in all those misleading past-time based indicators.

Tim.
  • #66
  • Apr 23, 2009 3:34am Apr 23, 2009 3:34am
Quoting Tony112
boredom can kill too
OMG I think that the boredom/impatience "trades" are the worst.
You crank off two or three of those, wipe out your profits that you
worked hard for that night and go to bed kicking yourself. Not a good
feeling.
  • #67
  • Apr 23, 2009 3:36am Apr 23, 2009 3:36am
exactly...what I noticed recently... the less trades I take... the more $ I make... cause you have to select them very carefully
Invest in alarm clocks
  • #68
  • Apr 23, 2009 3:43am Apr 23, 2009 3:43am
Quoting hazel1919
Working the 5-second chart is a matter of constantly drawing and redrawing those trend lines. They eye picks them out on the move. But also (like for the last 15 mins) recognising that the market is asleep.

When the MKT weaves around the 150WMA... simply no good for trading. Must pull away.... then retrace.

I just want to thank you for drawing our attention to the purest form of scalping... as clost to MKT action that we can get, without drowning in all those misleading past-time based indicators.

Tim.
Indicators... I have forgot about those in my first months of trading... if it was about indicators, we will be all rich by learning how to use them. You have to rise above this... that's just an opinion... yes you can make money with indicators...the next year after...you might lose some and come back at where you was. Either way... I heard from a friend of mine that banks use support and resistance levels mostly... no fancy indicators..... for now... my best way to trade this market is to find an entry that will lead you a few pips past your entry 90% of the time... then... you ELIMINATE your loss possibility... by setting a 0$ stop-loss, the rest, you don't care...
Invest in alarm clocks
  • #69
  • Apr 23, 2009 3:49am Apr 23, 2009 3:49am
Quoting Tony112
the less trades I take... the more $ I make...
Wouldn't longer TF make it easier to trade less?

Quoting Tony112
cause you have to select them very carefully
Being selective means you end up missing some good ones, right?

Just wondering.
  • #70
  • Apr 23, 2009 3:49am Apr 23, 2009 3:49am
There's one thing that keeps coming back to my mind. I know that there may be a lot of time that might be thought wasted.... when you try to make it in forex. But. The reward (if obtained) is HUGE and huge is not the word.
Imagine trading on a $500 000 account... 15 pips is $30,000 with a 98% default size orders all the time.....in this case nobody will find it a waste of time. You will be the God of time in this case... cause you make a persons yearly salary in minutes. crazy thought
Invest in alarm clocks
  • #71
  • Apr 23, 2009 3:59am Apr 23, 2009 3:59am
Quoting FXSurfer
Wouldn't longer TF make it easier to trade less?



Being selective means you end up missing some good ones, right?

Just wondering.
Well for the moment, the only way to risk 0-3 pips is on the 5 second chart ...I could not use a larger time frame and risk as much as 10 pips.... I prefer to set a stop-loss to 0 pips

selective, yes, you will miss some... but the next bus always comes ...it's better to miss some, than enter where you shouldn't have and then regret after and ask your self, why did I enter here...
Invest in alarm clocks
  • #72
  • Apr 23, 2009 4:01am Apr 23, 2009 4:01am
Quoting Tony112
Well for the moment, the only way to risk 0-3 pips is on the 5 second chart ...I could not use a larger time frame and risk as much as 10 pips.... I prefer to set a stop-loss to 0 pips

selective, yes, you will miss some... but the next bus always comes ...it's better to miss some, than enter where you shouldn't have and then regret after and ask your self, why did I enter here...
  • #73
  • Apr 23, 2009 4:34am Apr 23, 2009 4:34am
Just three pips per day (consistantly) when compounded is enough to create wealth. But the key is consistancy. For this reason I like Oanda's percentage based facility. If you believe in your system then setting the allotment size to 98% is quite in order. (if you did not trust your system... then why trade in the first place)

Don't underestimate the power of the pip. Better 3 consistant pips per day then wild swings of 30 up one day and 50 down the next.

Few have come to understand this. And for this reason, I believe 5 second chart trading is perfect Hard Right Edge trading.

See attached spreadsheet.

Tim
Attached File(s)
File Type: xls Daily_compounding_over_one_year.xls   59 KB | 1,010 downloads
  • #74
  • Edited 10:51am Apr 23, 2009 10:36am | Edited 10:51am
  •  yzn
  • | Joined Dec 2008 | Status: A Trader from Shanghai | 10 Posts
I don't know how I can get a 5 sec chart on MT4? Could anybody tells me. Thanks in advance.
Peter Yang
  • #75
  • Apr 23, 2009 12:35pm Apr 23, 2009 12:35pm
Quoting hazel1919
Just three pips per day (consistantly) when compounded is enough to create wealth. But the key is consistancy. For this reason I like Oanda's percentage based facility. If you believe in your system...
Hi Tim,

I agree. But the problem is always the stop loss. When you go for 3 pips which sl do you take?
  • #76
  • Apr 23, 2009 12:50pm Apr 23, 2009 12:50pm
Tony112, some questions that may benefit all reading this thread.

I understand moving SL to 0 as soon as we are in profit... but what if the trade goes pear-shaped right away? I guess my question is, on the 5-second timeframe, how many pips do you let it go before calling it a bad trade? -3? -5? -7?

Optimaly, we are looking for three primary things for the "perfect" setup. 10 - 15 pips away from 150WMA... a reversal... and a break of that reversal with a long (3-5pip) candle. Is this more or less how you see it? Anything else I am missing?

Do you use the Oanda TP setting... if so, how much?

Last question, what percentage of trades are winners so far.

Here are my results for today (London morning and afternoon)
+1.6, +0.6, +2.1, +0.6, +0.6, +0.7, +0.6, +1.3, +1.0, -6.3, +0.8, +0.8, -5.3, +2.8, +0.8 TOTAL +9.9 for the day...

Very happy with that for starters.
  • #77
  • Apr 23, 2009 12:53pm Apr 23, 2009 12:53pm
Quoting Alderlug
Hi Tim,

I agree. But the problem is always the stop loss. When you go for 3 pips which sl do you take?
Look at above post with questions for Tony. The jury is still out on my stop loss.... but my feeling is that once you go below -5... you are in trouble. You can see from my results posted that increments of pips do add up.
  • #78
  • Apr 23, 2009 1:15pm Apr 23, 2009 1:15pm
Quoting yzn
I don't know how I can get a 5 sec chart on MT4? Could anybody tells me. Thanks in advance.
Nothing less than 1 min. on MT4, that I'm aware of. Just use Oanda. Easy.
  • #79
  • Apr 23, 2009 4:08pm Apr 23, 2009 4:08pm
Hi Tony,

A quick question, are you still using your central bank 6pip+ breakout or are you concentrating solely on the L-shape? I tried to do the 6pip+ breakout today but never got a chance to as all three of my potential setups failed to rally further.

Thanks
  • #80
  • Apr 25, 2009 2:34am Apr 25, 2009 2:34am
Results for Friday 24th April

+0.5, -2.6, +1.2, -2.2, +1.8, +.4,-1.2, +1.1, +0.4,+8.2

Total, +8.6 (none of these drew down further than -4pips)

Folks, remember to keep a detailed journal of ALL your trades... good or bad. This forces discipline and gives you a written record or success and failure.

Tim.
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