1. I would recommend only trading in the direction of the current
trend. I am not one for you have to follow the daily trend,
I think that's silly on the 1 and 5 min charts... but you should be
trading in the same direction as the hour.
At the beginning of each hour look at the hour candle and
see if it starts down. Pretty simple- is it up or down from the last hour candle so if its up,
you only take longs for the next hour on the 1/5 min
if its lower, you only take shorts.
There is also a buyzone indicator that is supposed to
tell you that, updating each hour automatically
with the buy zone and sell zone based upon
the hourly candle.
You also have the thv trix, so you could use their histogram bars and
only take trades that agree with the 60 min trix on the 5 min
and the 30 min trix on the 1 min.
You can also or instead use a channel indicator.. I
always use one myself..there are the very good
SHI series indicators which include the shi channel
and also you could use something like autotrendline
This is another way to do 2 things
a. make sure you are only trading with the trend
trade in the direction of the channel AND
only when there is space in the channel
you don't want to take a long at the top of the
channel..its just a much lower probability trade.
b. only trade when they show a channel! there
are whipsaw times and sometimes you
won't see a channel, if you don't see
the channel-don't trade that pair then!
The second thing is strength of move... you could use
rsi, you could do what I just saw someone do
just now on this thread and overlay the cci
over the trix or qqe, for the 5 min the 14 is good..or
you can just put a +1 and -1 level on the Fxtrend oscillator
you are already using and only take trades where the histogram
is touching the 1 for a long, or the -1 for a short (at least touching or
higher/lower).
Love to hear if any of this helps you
Brian
PS: If anyone wants me to post any of these, let me know and
I gladly will.
trend. I am not one for you have to follow the daily trend,
I think that's silly on the 1 and 5 min charts... but you should be
trading in the same direction as the hour.
At the beginning of each hour look at the hour candle and
see if it starts down. Pretty simple- is it up or down from the last hour candle so if its up,
you only take longs for the next hour on the 1/5 min
if its lower, you only take shorts.
There is also a buyzone indicator that is supposed to
tell you that, updating each hour automatically
with the buy zone and sell zone based upon
the hourly candle.
You also have the thv trix, so you could use their histogram bars and
only take trades that agree with the 60 min trix on the 5 min
and the 30 min trix on the 1 min.
You can also or instead use a channel indicator.. I
always use one myself..there are the very good
SHI series indicators which include the shi channel
and also you could use something like autotrendline
This is another way to do 2 things
a. make sure you are only trading with the trend
trade in the direction of the channel AND
only when there is space in the channel
you don't want to take a long at the top of the
channel..its just a much lower probability trade.
b. only trade when they show a channel! there
are whipsaw times and sometimes you
won't see a channel, if you don't see
the channel-don't trade that pair then!
The second thing is strength of move... you could use
rsi, you could do what I just saw someone do
just now on this thread and overlay the cci
over the trix or qqe, for the 5 min the 14 is good..or
you can just put a +1 and -1 level on the Fxtrend oscillator
you are already using and only take trades where the histogram
is touching the 1 for a long, or the -1 for a short (at least touching or
higher/lower).
Love to hear if any of this helps you
Brian
PS: If anyone wants me to post any of these, let me know and
I gladly will.
DislikedPlease do, anything constructive is welcome although this has nothing to do with the original system just what i've picked up on this thread.Ignored
) to develop. 