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Trend Follower 5 Minute System

  • #3,301
  • Jan 2, 2010 2:13am Jan 2, 2010 2:13am
So if you want to find good signal you can not just wait for signal, you need to analyze higher time frame to find significant support and resistance, you need to determine trend, use some fib. that you had said. so can you tell me, according to the 5TF system, we analyze which timeframe to find s and r?
  • #3,302
  • Jan 2, 2010 2:52am Jan 2, 2010 2:52am
Quoting jerrydeng
So if you want to find good signal you can not just wait for signal, you need to analyze higher time frame to find significant support and resistance, you need to determine trend, use some fib. that you had said. so can you tell me, according to the 5TF system, we analyze which timeframe to find s and r?
jerrydeng,
I think read somewhere in the thread he said H1 mainly if I'm not mistaking.Personally I do main bias analysis at H4 first and sometimes looking at higher TF using an approach I learnt from this thread

http://www.forexfactory.com/showthread.php?t=182506[Hourly Fibonacci Method (Day Trading)].



But for trading this system at M5 Tf I seek trade opportunities wrt Hr , if H4 support the H1 Tf trend bias then that's great for me and if not I trade with caution in the direction of H1 trend.
Normally you do your trade bias analysis using about 5 time frames apart e.g if you want to trade say at M5 Tf taking high probability trades of let's say Longs then do your analysis at around M30 - H1 Tf to ensure trend is bullish and identify significant s and r there.Well this is how I understand and do it. And of course I'm not a guru a anyway, just learning like you. Please let' keep learning together Jerry. I'm trading this system on my live account and it has been good. How about you?
  • #3,303
  • Jan 2, 2010 3:40am Jan 2, 2010 3:40am
Quoting jeffokes
jerrydeng,


I think read somewhere in the thread he said H1 mainly if I'm not mistaking.Personally I do main bias analysis at H4 first and sometimes looking at higher TF using an approach I learnt from this thread

http://www.forexfactory.com/showthread.php?t=182506[Hourly Fibonacci Method (Day Trading)].





But for trading this system at M5 Tf I seek trade opportunities wrt Hr , if H4 support the H1 Tf trend...
Correct, that is good approach to look for nice s/r levels. Just keep doing. Yes I look mostly 1h charts for analysis but sometimes and 4h and daily.
IF you look only 5 min you are blind and can not spot correctly where is significant s/r.
  • #3,304
  • Jan 2, 2010 6:52am Jan 2, 2010 6:52am
Isn't the S/R the same for all timeframes or are you talking about something different? From what I gather, when referring S/R on the hourly chart, does that mean you only taking into consideration the S/R of the hourly bars?
  • #3,305
  • Edited 2:05pm Jan 2, 2010 10:32am | Edited 2:05pm
Quoting et_phonehome_2
Isn't the S/R the same for all timeframes or are you talking about something different? From what I gather, when referring S/R on the hourly chart, does that mean you only taking into consideration the S/R of the hourly bars?
Yes you are right, yes for all questions. Support and resistance are the same on 5 min, 30min, 1h, or weekly tf, all the same...what I am talking about is that on higher time frame they are easier to recognize. Look at my last post with attacment, on 5 min I had to zoom out to show the resistance of day before, so my suggestion is: look higher time frame for 2 reasons; 1. to spot the mayor trend,
2. to spot significant s/r levels.
  • #3,306
  • Jan 3, 2010 7:07am Jan 3, 2010 7:07am
hello, everybody, who can supply the ffcalender indicator here, i need it, thank you.
  • #3,307
  • Jan 3, 2010 9:51pm Jan 3, 2010 9:51pm
Quoting jeffokes
jerrydeng,

But for trading this system at M5 Tf I seek trade opportunities wrt Hr , if H4 support the H1 Tf trend bias then that's great for me and if not I trade with caution in the direction of H1 trend. Normally you do your trade bias analysis using about 5 time frames apart e.g if you want to trade say at M5 Tf taking high probability trades of let's say Longs then do your analysis at around M30 - H1 Tf to ensure trend is bullish and identify significant s and r there.
I always thought that the highest MA part of the rainbow on 5m TF showed you the long-term sentiment anyway?
  • #3,308
  • Jan 4, 2010 1:54am Jan 4, 2010 1:54am
today gu +21pips.
demo account, that's just my 1st trading this system. see the pic below, i think this is a valid signal, but can't confirm whether good signal? sorry for my english. your comment will help, thanks.
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  • #3,309
  • Jan 4, 2010 2:01am Jan 4, 2010 2:01am
i dont know the precise eu open time, anybody know? GMT time 9:00 or GMT GMT time 8:00 or another?
  • #3,310
  • Jan 4, 2010 3:54am Jan 4, 2010 3:54am
Hi Pilatus,
I have been studying your approach of trading this system and it does fit for me. This USDCAD chart below is a signal I ignored based on the facts that
I wanted to take signals that are below the current ADR low (not apart of the sysem I know) shown as black dotted line and the previous Fridays low shown as red dotted line for safety sake.I also missed taking a AUDUSD valid signal for similar reason (i wanted to see price break above the Friday's high. I hoped to see a possible price retracement rebounce on a fib or significant s and or r with a signal, but ofcourse that hasn't happen yet. Ofcourse I'm not regreting nothing is cast on stone in this market...everything only has the probability of happenning. The same reason account for my not taking the trade Jerrydeng has above (Jerrydeng, that was a valid signal! ). But I don't know if I'm being too careful here. Please comment.

Apart from Pilatus, anyone can freely comment as well. We are all here to exchange knowledge.
Thanks
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  • #3,311
  • Jan 4, 2010 5:30am Jan 4, 2010 5:30am
Quoting jeffokes
Hi Pilatus,
I have been studying your approach of trading this system and it does fit for me. This USDCAD chart below is a signal I ignored based on the facts that
I wanted to take signals that are below the current ADR low (not apart of the sysem I know) shown as black dotted line and the previous Fridays low shown as red dotted line for safety sake.I also missed taking a AUDUSD valid signal for similar reason (i wanted to see price break above the Friday's high. I hoped to see a possible price retracement rebounce on a fib or significant s and...
It is good to be too careful, do not worry about that, better to be too careful than lose money. I wouldn't take that signal too. You have everyday oportunitiy for another signal. If you ask me the GU signal which Jerry took is better althogh it didn't make a lot of move. Price before signal should be steady, small range. Always keep an eye on pivots, (daily, weekly and monthly). I use this apporach: if daily is below weekly and weekly is below monthly pivot than we have downtrend and vicecersa. This is approach that gives you instant trend direction and is easy to spot it. Everytime you spot a good signal ask yourself why would price go in direction of signal. If you find more "yes" answers, take it. Regard to that look for s/r levels, pivots, trend, fib levels on higher time frame and price movement before signal. And one thing else, if you see big candles on 5 min time frame, like 20 pips or more candles, be very careful. One thing for crosses. IF you spot eur/jpy signal be very careful, take the signal only if you see that eur/usd and Usd/jpy are moving in same direction, if you don't, do not take that signal or you will be stacked in range.
  • #3,312
  • Edited 6:22am Jan 4, 2010 5:45am | Edited 6:22am
Was waiting for a possible signal here,it came but languere is not in agreement (or so I think) since it did not reach the 0.75 mark. It was tempting given the state of the other parameters (s turned r ! etc).But I stayed with the rules of the system. I waited for hrs for this move and then it seems to be turning out "not so valid"! I take it as a test of my discipline to follow trading system rule.That's the nature of this business uh! Interesting and Funny!!!
P.S
At the moment the move seems to have been ,maybe,temporarily halted at the current ADR. I could be lucky...let's waite and see.

O yeah - GU,AUDUSD and USDCAD also seem to be doing a similar thing to me! I'm waiting!!The day is still long,it can still be mine and if it turns out not to be as long as I'm not loosing money it still will be a good day and tomorow sure is another - " he who fights and runs away lives to fight another day" - Bob Marley(?)!
Cheers!!!!!
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  • #3,313
  • Jan 4, 2010 6:07am Jan 4, 2010 6:07am
Pilatus,
Thank you over a million times!! This so refreshing and educative. You not only have me consoled but greatly educated in one post.I'm sure many will gain from this as I have.Thank you! Thank you!! Thank you!!!
  • #3,314
  • Jan 4, 2010 6:25am Jan 4, 2010 6:25am
Quoting jeffokes
Pilatus,
Thank you over a million times!! This so refreshing and educative. You not only have me consoled but greatly educated in one post.I'm sure many will gain from this as I have.Thank you! Thank you!! Thank you!!!
no problem buddy
  • #3,315
  • Jan 4, 2010 7:42am Jan 4, 2010 7:42am
Pilatus,
What's your opinion about possible long GU trade in the making?
  • #3,316
  • Jan 4, 2010 9:19am Jan 4, 2010 9:19am
Quoting icamp330
PSAR for exit strategy.
Hi ICamp, I really like the simplicity of that chart and how uncluttered it is, could you please post a .zip file with the indicators and template as you have them loaded in that chart's image so that I could try it out. Thank you in advance.
  • #3,317
  • Jan 4, 2010 10:17am Jan 4, 2010 10:17am
beatiful signal,pilatus,agree?? but i exit too early becoz of my less experience. i'm very tired these days for studying.
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  • #3,318
  • Jan 4, 2010 12:32pm Jan 4, 2010 12:32pm
Quoting jerrydeng
beatiful signal,pilatus,agree?? but i exit too early becoz of my less experience. i'm very tired these days for studying.
if you want to say that last signal is good it is not. Told you in few post before, be very careful when you see big candles above 20 pips.
  • #3,319
  • Jan 4, 2010 5:21pm Jan 4, 2010 5:21pm
Quoting pilatus
if you want to say that last signal is good it is not. Told you in few post before, be very careful when you see big candles above 20 pips.
thank you. i learn a little more.
  • #3,320
  • Jan 4, 2010 10:20pm Jan 4, 2010 10:20pm
Quoting pilatus
if you want to say that last signal is good it is not. Told you in few post before, be very careful when you see big candles above 20 pips.
Hi Pilatus, was this in the Trend Follower rules? I don't remember seeing this.
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