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  • #301
  • Jun 6, 2009 3:23pm Jun 6, 2009 3:23pm
Hi Tony,

What are the rules to this system? Just a little confused and not too sure if you following the rules in the first post.

And again, are you following just playing NY/London/EUR Open?

Thanks,
Vip
  • #302
  • Jun 12, 2009 12:45am Jun 12, 2009 12:45am
tony u still continue to trade without indicators?
  • #303
  • Jun 25, 2009 1:47pm Jun 25, 2009 1:47pm
anyone programmed EA for this method? with strict rules, might be a profitable program
  • #304
  • Jun 26, 2009 10:30am Jun 26, 2009 10:30am
Quoting darkness
anyone programmed EA for this method? with strict rules, might be a profitable program
I have automated it, however it doesn't trade as often as Id like.
Difficult to test, as you must be patient with settings and forward testing.
  • #305
  • Jun 26, 2009 11:53pm Jun 26, 2009 11:53pm
Quoting Ghamm
I have automated it, however it doesn't trade as often as Id like.
Difficult to test, as you must be patient with settings and forward testing.
I've done some testing on this basic strat and some variations, not in MT4. It needs very strict rules. The results from my testing weren't stellar. YMMV
  • #306
  • Jul 2, 2009 6:05am Jul 2, 2009 6:05am
hey guys


i'm a mt4 user who just opened an oanda demo account. my god this platform sucks to mt4....


anyways... trying this 5second method by tony....

trying to get my graph set in 5 pip intervals...

but should my graph be looking this smooshed?

also, how do i know i see a 6 pip candle breakout without taking the time to move my cursor up and down on it to measure it? by i do that, the move is almost over lol

HELP!
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  • #307
  • Jul 2, 2009 11:31pm Jul 2, 2009 11:31pm
Quoting noskool319
hey guys


i'm a mt4 user who just opened an oanda demo account. my god this platform sucks to mt4....


anyways... trying this 5second method by tony....

trying to get my graph set in 5 pip intervals...

but should my graph be looking this smooshed?

also, how do i know i see a 6 pip candle breakout without taking the time to move my cursor up and down on it to measure it? by i do that, the move is almost over lol

HELP!
Hi, the graph looks smooshed because there is no volatility at the time you took the screenshot.... you should trade right after london open or new york open only.... that's when the big moves occur. Then, your graphic will start looking a bit more ''vertical''
Invest in alarm clocks
  • #308
  • Jul 3, 2009 12:54pm Jul 3, 2009 12:54pm
Tony112,
I was wondering if there was a way to translate the 5-second chart to a tick or multiple tick chart. I think this would open your trading system up to some of us who have accounts with brokers other than Oanda. Any ideas?
  • #309
  • Jul 3, 2009 4:18pm Jul 3, 2009 4:18pm
There has got to be a way to program this into an alarm for mt4 or maybe
vttrader . I think Mackus has a good idea. Just because the mt4 only has minutes. maybe we can someone can program an alarm to go off as soon as the 1 minute bar is 10 pips from high to low without waiting for the bar to close. Just an idea. Ive been watching this system on oanda and It looks like it would work to me. But i dont want to stare at the platform until my eyes bleed anymore. This system is pure price action which is what I love about it. Lets see if we can get this to work on something else besides oanda so that we all are free to broker our trades any where we want.
  • #310
  • Jul 4, 2009 7:23am Jul 4, 2009 7:23am
Hi Tony,

Ive been watching my MT4 Indicator for sometime, and as I can see the spikes when I have 3 or more big 5 second candles, It also seems to have many false signals..
I wondering if I need to look at very specific hours. Did I understand you to say that you only look at the London open and NY open?

can you tell me what the hours you trade again?
  • #311
  • Jul 5, 2009 1:26pm Jul 5, 2009 1:26pm
Personally, I have never traded a 5 second candle in any equity or commodity market I have traded over the years. I don't see where there is any edge regardless if you are a PA or technical trader. But even more curious to me is why you would trade a system with rules that promote extreme account exposure, a miniscule stop loss of 3 pips, an unrealistic TP, and a stop loss move to only break even after price moves in your favor. Why?

Please... Please... Please... Pay yourself as soon as possible! Trading is one of the toughest jobs/professions you will ever attempt or aspire to and IMO, forex is the most brutal trading arena of all. I assure you that if you trade a 5 sec time frame taking 3 pip losses and breakeven trades for very long you will not be successful.
  • #312
  • Jul 5, 2009 4:59pm Jul 5, 2009 4:59pm
Quoting lotabulstool
[font=Arial]Personally, I have never traded a 5 second candle in any equity or commodity market I have traded over the years. I don't see where there is any edge regardless if you are a PA or technical trader. But even more curious to me is why you would trade a system with rules that promote extreme account exposure, a miniscule stop loss of 3 pips, an unrealistic TP, and a stop loss move to only break even after price moves in your favor. Why?

Please... Please... Please... Pay yourself as soon as possible! Trading is one of the toughest jobs/professions...
not so my friend, its different stokes for different folks.

Check up the linuxtroll rainbow method uses 1sec charts and very profitable there was a huge thread about it here at ff, but linuxtroll got so popular he relocated to his own private forum.

Lots of people use the system profitably since a few years and its not even on the 5sec but the 1 sec chart and even smaller stops than this system.

Shorter timeframes are unquestionably harder than longer ones but it can be done and quite profitably I should add.
  • #313
  • Jul 5, 2009 5:06pm Jul 5, 2009 5:06pm
Quoting lotabulstool
[font=Arial]Personally, I have never traded a 5 second candle in any equity or commodity market I have traded over the years. I don't see where there is any edge regardless if you are a PA or technical trader. But even more curious to me is why you would trade a system with rules that promote extreme account exposure, a miniscule stop loss of 3 pips, an unrealistic TP, and a stop loss move to only break even after price moves in your favor. Why?

Please... Please... Please... Pay yourself as soon as possible! Trading is one of the toughest jobs/professions...
Ok the opposite should prove you wrong. Would you place a trade of 100 pip stop-loss and a 3 pip profit throughout the whole year and expect to be profitable... You probably wouldn't because that 100 pips stop-loss would have to get hit only a few rare times to wipe you out. I have figured a whole calculations sheet about this... and I have to mention that I trade with no chart at all nowadays... it's a mathematical thing to me. No charts or crystal balls. Maybe you will find this funny but I currently set a 300 pip TP on a 4 pip stop-loss... it's all about timing. Good luck
Invest in alarm clocks
  • #314
  • Jul 5, 2009 5:28pm Jul 5, 2009 5:28pm
Quoting fugly
not so my friend, its different stokes for different folks.

Check up the linuxtroll rainbow method uses 1sec charts and very profitable there was a huge thread about it here at ff, but linuxtroll got so popular he relocated to his own private forum.

Lots of people use the system profitably since a few years and its not even on the 5sec but the 1 sec chart and even smaller stops than this system.

Shorter timeframes are unquestionably harder than longer ones but it can be done and quite profitably I should add.
Fugly, you missed the point of my post.

I am very familar with multi-moving average cyrox rainbow system. Again, I really don't believe there is an edge in that system for the trader but at least this group of traders absolutely adhere to my number 1 rule of paying yourself first.
  • #315
  • Jul 5, 2009 5:40pm Jul 5, 2009 5:40pm
Quoting Tony112
Ok the opposite should prove you wrong. Would you place a trade of 100 pip stop-loss and a 3 pip profit throughout the whole year and expect to be profitable... You probably wouldn't because that 100 pips stop-loss would have to get hit only a few rare times to wipe you out.

I have figured a whole calculations sheet about this... and I have to mention that I trade with no chart at all nowadays... it's a mathematical thing to me. No charts or crystal balls. Maybe you will find this funny but I currently set a 300 pip TP on a 4 pip stop-loss......
Tony112, Good Luck to you cause in my opinion you will need more than your fair share. For sure your enthusiasm and ambition will help you along your trading journey.
  • #316
  • Edited 8:17am Jul 6, 2009 6:15am | Edited 8:17am
Hi all!

I was thinking about strategy about trading naked charts only with price action, because I don't need indicators to tell me where the price was, but I need to know what other traders are doing right now. This thread is just what I was looking for. Like it read my mind.
Acctualy I was thinking of an indicator that measures the strength of bulls and bears. The ninjatrader has one, but I haven't tested it yet. I'm thinking trading only on 5 ticks TF, so I can ignore the time. So when the 5 ticks candle closes, I wait for 2-3 ticks consolidation and enter the trade.
I think Tony's strategy is really promising, because you can see the strength of bulls and bears. The bigger the TF, the harder you'll see how price moves. Afterall, the risk/reward is so much bigger.
Keep it up, Tony!

Regards
  • #317
  • Jul 7, 2009 7:31am Jul 7, 2009 7:31am
i like your method a lot. So you trade the london and ny open? 3 hours of each.

Have you considered using the ATR to determine the candle size for entry? i.e. take the ATR(10) and use a percentage of that to determine what would be a breakout from low volatility?

Some days 6-7 pips might be too much in 5 secs.

btw, what specific hours do you trade?

thanks!
  • #318
  • Jul 7, 2009 8:27am Jul 7, 2009 8:27am
lets see what happens - US to open in 2/3 mins.

Quoting HAGeek
i like your method a lot. So you trade the london and ny open? 3 hours of each.

Have you considered using the ATR to determine the candle size for entry? i.e. take the ATR(10) and use a percentage of that to determine what would be a breakout from low volatility?

Some days 6-7 pips might be too much in 5 secs.

btw, what specific hours do you trade?

thanks!
  • #319
  • Jul 9, 2009 2:46am Jul 9, 2009 2:46am
I waited and waited (waited)
I dun ran outta patience (patience)
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  • #320
  • Jul 9, 2009 2:50am Jul 9, 2009 2:50am
42 pips worth 16.21$ each
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