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Top and Bottom M5 Trade

  • #41
  • Feb 23, 2010 9:25am Feb 23, 2010 9:25am
I got in at 1,3545 less by 20 pips, but getting nervous


Quoting chamane
Just entered this one. Let's see what happens.

http://i46.tinypic.com/2ujkydw.jpg
  • #42
  • Feb 23, 2010 9:48am Feb 23, 2010 9:48am
GJ time has not come to go long because the MACD H 1 has not started to recede to the bullish mode

EU the MACD H 1 bars right now is not deep down spike up could be possibel
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 41 KB
  • #43
  • Feb 23, 2010 9:48am Feb 23, 2010 9:48am
This one gave me 20 pips loss. Next time I will wait till MACD crosses back 0 line as Paulus suggested. This is one case where the crossing of resistance line would have been a nice confirmation signal.

http://i49.tinypic.com/2vw8azb.jpg
  • #44
  • Feb 23, 2010 9:59am Feb 23, 2010 9:59am
Hi chamane

You could have waited for the EU before the close
  • #45
  • Feb 23, 2010 10:02am Feb 23, 2010 10:02am
This one gave me 35 pips gain. another proof that one system don't fit 2 traders

Quoting chamane
This one gave me 20 pips loss. Next time I will wait till MACD crosses back 0 line as Paulus suggested. This is one case where the crossing of resistance line would have been a nice confirmation signal.
  • #46
  • Feb 23, 2010 10:03am Feb 23, 2010 10:03am
See the H1 chart in EU the MACD is not deep down. There is buying interest
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 40 KB
  • #47
  • Feb 23, 2010 10:09am Feb 23, 2010 10:09am
Right. You probably got in before I did. Where did you put your stop loss?
  • #48
  • Feb 23, 2010 10:09am Feb 23, 2010 10:09am
Sphinx?
  • #49
  • Feb 23, 2010 10:25am Feb 23, 2010 10:25am
Quoting chngster
Harigp and team,

Could you explain how in the G/J 1H chart what I am missing? There was a divergence (triple peaks even) and I've marked it where I think you should go long based on your rules.

Thanks,
Chngster
chngster,

I think you are using a MACD indicator with the OSMA histogram wich is different from the MACD histogram (see pic). However, it should give valid divergence signals as well. I would suggest to use a slightly faster MACD like (8,18,6). Of course, it doesn't work out 100% as I just realized on my 5min chart.

http://i46.tinypic.com/10xhk61.jpg
  • #50
  • Feb 23, 2010 10:35am Feb 23, 2010 10:35am
sl was @ 1,3525


Quoting chamane
Right. You probably got in before I did. Where did you put your stop loss?
  • #51
  • Feb 23, 2010 10:39am Feb 23, 2010 10:39am
chngster ans CHAMANE charts, take at them good look. notice how MACD was bouncing 2 times between divergences? what a good hint!
  • #52
  • Feb 23, 2010 3:06pm Feb 23, 2010 3:06pm
I am getting confused. M5 charts, H1 charts or both?
  • #53
  • Feb 23, 2010 3:18pm Feb 23, 2010 3:18pm
Quoting Jaquille
I am getting confused. M5 charts, H1 charts or both?
It doesnt' matter. Divergence is a great tool, on every TF

Remember, market doesn't have TFs... it's an electronic delusion... :nerd:

shorter TFs, more signals, less reliability

longer TFs, less signals, more reliability...

It's up to everyone to choose the comfort zone

Anyone tried this on Asian session (JPY pairs)?

Cheers!
Many share my views with me. But I don't share them with them...
  • #54
  • Feb 23, 2010 3:31pm Feb 23, 2010 3:31pm
HI is used to see the big picture and trade can be executed in M5

For Eg In H1 you are seeing bullishness , but you missed the entry flip to the M 5 chart to see any retrace is possible to enter for the trade and vice versa. if you are looking for a very short trade say 10 to 30 minutes
just use M 5 ONLY.
  • #55
  • Feb 23, 2010 5:00pm Feb 23, 2010 5:00pm
Quoting HouseTrader
It doesnt' matter. Divergence is a great tool, on every TF

Remember, market doesn't have TFs... it's an electronic delusion... :nerd:

shorter TFs, more signals, less reliability

longer TFs, less signals, more reliability...

It's up to everyone to choose the comfort zone

Anyone tried this on Asian session (JPY pairs)?

Cheers!
I agree with the TF comment.

But your signature, "Arguing on the internet is like competing in the special olympics. Even if you win, you're still retarded...", that's not very nice. One of your fellow FF members may have a special needs person in their family.
  • #56
  • Feb 23, 2010 5:03pm Feb 23, 2010 5:03pm
Quoting harigp
HI is used to see the big picture and trade can be executed in M5

For Eg In H1 you are seeing bullishness , but you missed the entry flip to the M 5 chart to see any retrace is possible to enter for the trade and vice versa. if you are looking for a very short trade say 10 to 30 minutes
just use M 5 ONLY.
I needed clarification so I won't post an off topic chart.
  • #57
  • Feb 23, 2010 5:13pm Feb 23, 2010 5:13pm
Attached Image (click to enlarge)
Click to Enlarge Name: jaquille.gif Size: 13 KB


Slight positive divergence. Agreed with my M5 2-Bar break out.
  • #58
  • Feb 23, 2010 6:44pm Feb 23, 2010 6:44pm
Quoting Jaquille
I agree with the TF comment.

But your signature, "Arguing on the internet is like competing in the special olympics. Even if you win, you're still retarded...", that's not very nice. One of your fellow FF members may have a special needs person in their family.
Just for instance, I do have.

Maybe it can be a little raw for some people, but that's not the intention.... Just a little humor intended, that's all... but as the philosopher say, "One man's fun can be the other's hell"....

Nature is not personal, so I don't see a reason for anyone to take it personally.

Retarded, handicapped, special... the name couldn't matter less. And I really don't think that any of these "different" people (which I may say again, I have in my family) can be considered worse or inferior than "we", who call ourselves "normal"... BTW, There's nothing more retarded than discussing it on an online board...
Many share my views with me. But I don't share them with them...
  • #59
  • Feb 23, 2010 8:29pm Feb 23, 2010 8:29pm
This is how I look into the trade based on H1 and M 5

In GU one hour chart eventhough the price has dropped, i have noticed that the Bullishness is still noticable in H1 chart if you compare the MACD
with the last fall and the MACD of yesterdays fall which is marked now
in the H1 chart.

Taking the above overall view from the H1 chart I look into the M 5 chart for
the right entry level for long by looking into all the entry rules as per M 5
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 38 KB
  • #60
  • Feb 23, 2010 9:57pm Feb 23, 2010 9:57pm
Quoting harigp
This is how I look into the trade based on H1 and M 5

In GU one hour chart eventhough the price has dropped, i have noticed that the Bullishness is still noticable in H1 chart if you compare the MACD
with the last fall and the MACD of yesterdays fall which is marked now
in the H1 chart.

Taking the above overall view from the H1 chart I look into the M 5 chart for
the right entry level for long by looking into all the entry rules as per M 5
harigp,

So you are looking for overall trend on 1hr and then wait for right signal on 5min? Do you use divergence then?

I have been trying a few plain classical divergence signals but too many for me were losers. I know there is lots of information on the subject on FF and elsewhere. It seems that everybody has its own way with it. On one of my earlier post, I said that one strategy with divergence is:
1-wait for divergence
2- wait for the cross of trendline
3- wait for the cross of support/resistance
4- wait for the cross of 5ema/13ema
5- exit at support/resistance

Those are rules I got from a Guru's video. I remember another Guru telling that after divergence, we should only wait for the cross of a trendline. Another one was saying to wait for the cross of lowest/highest support/resistance between peeks after divergence.

I would personally be tempted to be safe before entering a divergence trade and wait, on top of the cross of MACD signal lines, for at least the cross of a trendline because classical divergence means the weakening of the trend, but sometimes the trend turnover. And I should add to wait for a reverse 1-2-3 pattern before entering a trade for that same reason.

Also, divergence on 5min charts should be done with the lowest possible spread currency pairs and in situations where volatility is sufficient (e.g. ATR>5 pips) IMO.

I would be interested very much to hear what everybody has to say about that.
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