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Trend Follower 5 Minute System

  • #3,081
  • May 6, 2009 8:02am May 6, 2009 8:02am
Quoting Pipinaintez
Sure enough it failed.

Thanks to the logic of Pilatus that volume line was very strong resistance. I am learning a lot from Pilatus and ABC 997. I am not on your level yet but hopefully I can learn more from you and I look forward to discussing this and other trades with you both when you come on.

Thanks Guys.
Excelent buddy, I just saved that example like example of what to not trade but you were faster. Just be patient and wait for signal to be above max yestrday for long or bellow for short signal. If rebounded from that level before signals it is better.
  • #3,082
  • May 6, 2009 8:14am May 6, 2009 8:14am
Quoting Pipinaintez
Sure enough it failed.

Thanks to the logic of Pilatus that volume line was very strong resistance. I am learning a lot from Pilatus and ABC 997. I am not on your level yet but hopefully I can learn more from you and I look forward to discussing this and other trades with you both when you come on.

Thanks Guys.
Thank Pipinaintez, I am learning from Pilatus too. Myself not yet a graduate for this system.
My main concern for this trade is that the price was not steady prior to the signal. With a lot of Doji candles, price ranged within 65 pip, a bit too much for me. Without backing of S/R and/or clear price pattern/ trend on H1, I don't think I would take this one.
This couple of days are a bit boring, even trading with M1.
Learning never stops...
  • #3,083
  • May 6, 2009 8:39am May 6, 2009 8:39am
This couple of days are a bit boring, even trading with M1.[/quote]

Cheers Guys

Are the next few days boring because of Interest rate decisions tomorrow and NFP on Friday ? Is it worth trading on these days or is there there too much volatility, so a trend is unlikely to develop?
  • #3,084
  • May 6, 2009 9:20am May 6, 2009 9:20am
Just know trendy days are good, but not sure what kind of days would be more trendy.
Learning never stops...
  • #3,085
  • May 6, 2009 9:23am May 6, 2009 9:23am
Pilatus, do you think this one worth taking. The S/R is a bit far, 25 pips for AUDUSD.
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Learning never stops...
  • #3,086
  • May 6, 2009 10:58am May 6, 2009 10:58am
Quoting abc997
Pilatus, do you think this one worth taking. The S/R is a bit far, 25 pips for AUDUSD.
If we ignore news and look just signal like it is and all other stuff we study to enter a signal, then I would say YES. Look volumes for that pair and use first 3 data and put it on chart. You will notice that price rebounded from second volume data. Of course all that if we ignore news.
But in your example you do not have valid signal.....that is second candle after signal.
  • #3,087
  • May 6, 2009 9:04pm May 6, 2009 9:04pm
Thank pilatus for your comment. It was a valid signal, at least on my broker. I marked on the bar that I may enter the trade, so it may be misleading a bit. By the way, what kind of news would you like to prevent? There is a lot news about USD every day on Calendar.
Learning never stops...
  • #3,088
  • May 7, 2009 3:02am May 7, 2009 3:02am
Quoting abc997
Thank pilatus for your comment. It was a valid signal, at least on my broker. I marked on the bar that I may enter the trade, so it may be misleading a bit. By the way, what kind of news would you like to prevent? There is a lot news about USD every day on Calendar.
Ok I get it. Well, according to news I use forexfactory calendar and look to avoid every news which has red label. Speech and interest rates like it will be today I strongly recommend to avoid. So interest rates, employment change, speech are news that have high impact on market.
  • #3,089
  • May 7, 2009 4:50am May 7, 2009 4:50am
Quoting pilatus
Ok I get it. Well, according to news I use forexfactory calendar and look to avoid every news which has red label. Speech and interest rates like it will be today I strongly recommend to avoid. So interest rates, employment change, speech are news that have high impact on market.

Thanks my friend!
Learning never stops...
  • #3,090
  • May 7, 2009 5:32am May 7, 2009 5:32am
Hi.
Possible long signal on eur/usd. Hope it will be another one after news...
  • #3,091
  • May 8, 2009 5:34pm May 8, 2009 5:34pm
Hi guys, I'm a newbie here and was curious about something in this thread. Can anyone tell me where I can get that yellow max volume line that's in the screenshot at the top of the page? Thanks.
  • #3,092
  • May 12, 2009 3:48am May 12, 2009 3:48am
Quoting qb8488
Hi guys, I'm a newbie here and was curious about something in this thread. Can anyone tell me where I can get that yellow max volume line that's in the screenshot at the top of the page? Thanks.
Hi

Been away for a couple of days (work!)

Its from www.trading-evolution.com

Read #3020 and #3023 from Pilatus on this thread.

Cheers
  • #3,093
  • May 12, 2009 4:10am May 12, 2009 4:10am
Hi Pilatus, abc997 and all

Haven't been on since last Wednesday, how has trading been?

Thought I would get your opinions on this trade guys.

USD/CHF 08.15 GMT

Good things are steady price movement before signal around 30 Pips. Confirmation of downward trend on higher timeframes. Guppy contracted and ordered. Below max volume yesterday 1.10754. (not marked on chart)

Downside is that area around S1 is pretty strong support as price had bounced from there before, and is only 23 Pips away from entry so R/R would be quite poor.

Trade is still going but half position would be closed.

Was still asleep so I missed it, (man's gotta sleep sometimes) but i thought I'd put it up and see what you think? Good trade or should have give it a miss?

Cheers
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  • #3,094
  • May 12, 2009 4:13am May 12, 2009 4:13am
Testing S1 again.

Let's see if it can make a significant break
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  • #3,095
  • May 12, 2009 5:43am May 12, 2009 5:43am
Reversed out.

Would not have made much from this trade maybe 10 -15 Pips, once you closed half and exited other half on slope direction line colour change.
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  • #3,096
  • May 12, 2009 6:41am May 12, 2009 6:41am
Hi Pilatus and abc997

How do you guys approach a situation like this.

EUR/USD Signal 12.20 GMT

There seems to be a bit of a resistance area between the dashed green resistance 2 line and the thin red line, drawn manually, at price 1.36757, the day high.

My concern with this trade is the resistance area. That's why I did not take it. It wasn't very far from open of the trade only 20 or so pips.

How would you trade this? Would you get in and close half postion at resistance area or move Stop loss to BE. Or would you not enter this trade until it breaks through the resistance area?

Thanks guys comments much appreciated in advance!
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  • #3,097
  • May 12, 2009 7:29am May 12, 2009 7:29am
Good time to be in trades for Eur/USD USD/CHF and GBP/USD.

all in profit..... only slightly for GBP/USD Move stops to BE and see what happens when news comes out at 13.30. If it goes against dollar all above trades do well if against then you would have broke even anyway. almost like free trades.

Damn I sat out all of them!
  • #3,098
  • May 12, 2009 10:21am May 12, 2009 10:21am
IMHO, USD/CHF is better than the EUR/USD one, although it turns out that the EUR/USD gave more profit. The USD/CHF has a more steady pre-signal movement and narrower rainbow than the EUR/USD one. Yes, I am caution about the resistance in the EUR/USD case too.
Learning never stops...
  • #3,099
  • May 12, 2009 11:08am May 12, 2009 11:08am
Excelent Pipinaintez, everything is ok just go on.
  • #3,100
  • May 12, 2009 11:12am May 12, 2009 11:12am
Quoting Pipinaintez
Hi Pilatus and abc997

How do you guys approach a situation like this.

EUR/USD Signal 12.20 GMT

There seems to be a bit of a resistance area between the dashed green resistance 2 line and the thin red line, drawn manually, at price 1.36757, the day high....
Well I do next: if r/r ratio is ok I will enter a trade, when price reach resistance stop loss to breakeven, took half and let other half to go. Always look on r/r ratio before enter a trade no matter what resistance or support you see in front of you.( pivot, volume, etc)
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