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Trend Follower 5 Minute System

  • #3,441
  • May 13, 2010 9:20am May 13, 2010 9:20am
Attached Image (click to enlarge)
Click to Enlarge Name: audusd 1205 3808 (b).gif Size: 92 KB


Hi Pilatus

Just wondering whether you would take this trade or not?

This resistence line was tested was tested very early on in the far left of the screen as a support line, we then take the trade because of a the resistance tested in the far right, which is also a daily pivot.

let me know what you think
  • #3,442
  • May 14, 2010 6:17am May 14, 2010 6:17am
Quoting mic7000
Attachment

Hi Pilatus

Just wondering whether you would take this trade or not?

This resistence line was tested was tested very early on in the far left of the screen as a support line, we then take the trade because of a the resistance tested in the far right, which is also a daily pivot.

let me know what you think
If you ask me it is good trade not because of previous tested resistance only but because of price action before signal. Always look on price action before signal, if price is steady before signal you have a good chance that signal could be valid.
BUT, I would not take this trade because of another reason. I am looking for a trending price previous days/hours. On this example we are not sure if price is trending down or it is possible reversal for long, especily if you look sudden up move from the morning.
  • #3,443
  • May 14, 2010 6:51am May 14, 2010 6:51am
Quoting pilatus
If you ask me it is good trade not because of previous tested resistance only but because of price action before signal. Always look on price action before signal, if price is steady before signal you have a good chance that signal could be valid.
BUT, I would not take this trade because of another reason. I am looking for a trending price previous days/hours. On this example we are not sure if price is trending down or it is possible reversal for long, especily if you look sudden up move from the morning.
Just wondering, at the point the trade is taken, what do you think of the thick blue support line which has already been tested?? Should this deter you away from this trade??
  • #3,444
  • May 14, 2010 12:32pm May 14, 2010 12:32pm
Quoting mic7000
Just wondering, at the point the trade is taken, what do you think of the thick blue support line which has already been tested?? Should this deter you away from this trade??
do not understand you point....please give example and mark those supports and what blue line?
  • #3,445
  • May 17, 2010 5:58am May 17, 2010 5:58am
Quoting pilatus
do not understand you point....please give example and mark those supports and what blue line?

You see at price 0.88890, there is a thick blue support line. This has been tested earlier, so would this deter you away from taking this trade.

Thanks
  • #3,446
  • May 17, 2010 7:55am May 17, 2010 7:55am
I like the trendfollower 5m system, but maybe there is too much lag. I mean lagging indicators must be combined with one price action indicator for example !
  • #3,447
  • May 18, 2010 12:37am May 18, 2010 12:37am
Quoting mic7000
You see at price 0.88890, there is a thick blue support line. This has been tested earlier, so would this deter you away from taking this trade.

Thanks
No if prevailing trade is short. So answer is NO.
  • #3,448
  • May 18, 2010 12:37am May 18, 2010 12:37am
Quoting Bulgaria
I like the trendfollower 5m system, but maybe there is too much lag. I mean lagging indicators must be combined with one price action indicator for example !
Which one for example?
  • #3,449
  • May 20, 2010 11:20am May 20, 2010 11:20am
This is a trade on gold, 9 am (GMT +2)

Steady price action before hand, my concerns were a support line developing around 1196.69 (thin red horizontal line)

Let me know what you think, laguerre looks good, MACD is negative.

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: gold 1005.gif Size: 85 KB
  • #3,450
  • May 20, 2010 1:27pm May 20, 2010 1:27pm
first thing: right-click and refresh your chart.
if you win you can share if you loose you can try to sell your shit.
  • #3,451
  • May 20, 2010 2:03pm May 20, 2010 2:03pm
Pleas see below
Attached Image (click to enlarge)
Click to Enlarge Name: gold 1005 (2).gif Size: 84 KB
  • #3,452
  • May 20, 2010 2:33pm May 20, 2010 2:33pm
your chart switch from 7 May to 10 May, i think it gives wrong view of the price action and the rainbow, tho
if you win you can share if you loose you can try to sell your shit.
  • #3,453
  • May 21, 2010 3:02am May 21, 2010 3:02am
Quoting mic7000
Pleas see below
If macd is not in proper order I would not take this trade.
  • #3,454
  • May 21, 2010 5:46am May 21, 2010 5:46am
Quoting pilatus
If macd is not in proper order I would not take this trade.

Hi Pilatus

MACD is negative, and prevailing trade is short, therefore there are no issues. WOuld you take it??

Michael
  • #3,455
  • May 21, 2010 5:47am May 21, 2010 5:47am
Quoting kikoolol
your chart switch from 7 May to 10 May, i think it gives wrong view of the price action and the rainbow, tho
Reason it jumps is because it was the weekend, happens on all MT's.
  • #3,456
  • May 21, 2010 7:00am May 21, 2010 7:00am
you're right, i trade only forex and i never noticed such gap during the week-end. o.O
if you win you can share if you loose you can try to sell your shit.
  • #3,457
  • May 21, 2010 10:29am May 21, 2010 10:29am
Quoting kikoolol
you're right, i trade only forex and i never noticed such gap during the week-end. o.O

This kind of thing does happen
  • #3,458
  • May 22, 2010 4:13am May 22, 2010 4:13am
Quoting mic7000
Hi Pilatus

MACD is negative, and prevailing trade is short, therefore there are no issues. WOuld you take it??

Michael
Then yes, of course, sorry did not see picture properly...
  • #3,459
  • May 23, 2010 6:59am May 23, 2010 6:59am
Quoting mic7000
This is a trade on gold, 9 am (GMT +2)

Steady price action before hand, my concerns were a support line developing around 1196.69 (thin red horizontal line)

Let me know what you think, laguerre looks good, MACD is negative.

Thanks

I have drawn a temporary support line here, this is the thin red horizontal line. Would you still take this trade taking that into account.

** See image in post #3452.**

Cheers
Michael
  • #3,460
  • May 24, 2010 12:54am May 24, 2010 12:54am
Quoting mic7000
I have drawn a temporary support line here, this is the thin red horizontal line. Would you still take this trade taking that into account.

** See image in post #3452.**

Cheers
Michael
Yes I would. Sometimes you must risk, You will be always faced with some support for short to be breaken or resistance for long, but, question is how strongs are those s/r.
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