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  • #1,861
  • Sep 1, 2010 6:00pm Sep 1, 2010 6:00pm
I'm impressed with the number of trades some people have taken already. I've entered 8 positions so far. Mostly very small gains with a few BE. Three positions still open. Lets see what happens today.
  • #1,862
  • Sep 1, 2010 6:02pm Sep 1, 2010 6:02pm
Morning Everyone,
Well its been a frustrating week so far. If you look at the 4hr chart for the Yen you will see wicks everywhere so you can imagine what its been like on the 5min chart!
I just want to share with you a thought I had this morning which helped me put things in perspective.
Since the start of this thread I have read a couple of books on trend following. The basic theory is to find a good breakout/exit system and have good money management. Above all you need to be disciplined and never miss a breakout because 1 breakout could be the difference between profit and loss for that particular year. Both books touch on the psychology of taking weeks maybe months of losses yet still been able to perform the entries.
Well in my mind what has happened to me on the 5min chart in the last 3 days has been a highly condensed lesson in the above principles. 25 trades at loss or break even is hard to bear, but at least it has only taken me 3 days to find that out and minimal loss. It could have taken me 6 months and thousands of pips to gain the same lesson on the daily/weekly chart. Graeme has already touched on this but I just thought I would share it with you.
Regards and Good luck,
Ben
  • #1,863
  • Sep 1, 2010 8:02pm Sep 1, 2010 8:02pm
Quoting leggo
Morning Everyone,
Well its been a frustrating week so far. If you look at the 4hr chart for the Yen you will see wicks everywhere so you can imagine what its been like on the 5min chart!
I just want to share with you a thought I had this morning which helped me put things in perspective.
Since the start of this thread I have read a couple of books on trend following. The basic theory is to find a good breakout/exit system and have good money management. Above all you need to be disciplined and never miss a breakout because 1 breakout could be the...

hey Ben, thanks for sharing with us mate.

i to have taken hits, 10 trades to date this week, 3 of those are from this morning, the others all stopped at either BE or a smallish loss,(avg 16pips).
but all is good, as long as we keep positioning our selves in the market consistantly, annd mminimise our losses, we will eventually hit the home run, not a matter of if but a matter of when!
It is very easy to get caught up in the hustle and bussle of the 5min chart, but i find switching back to 1 hr and 4hr give me perspective, and hey if the stops are getting hit, then the trade wasn't right, i recall graeme and other saying the best trades are the ones that dont look back, so we keep putting on our trades till those ones come along.

cheers
Geoff
  • #1,864
  • Edited 8:38pm Sep 1, 2010 8:27pm | Edited 8:38pm
Hi all,

I've taken few hit in the beginning of week for 5 and 15mins chart.

I reviewed and we should ALWAYS analyse 4hr,1hr chart for flying buddha, inside or outside bar or wick analysis and only then we go smaller timeframe 5 or 15mins for stacking positions(we can use wicks, 50% or volatility (123) breakout). Safer.

The only way to take 5 or 15min FB is when the pair u trade is really in trend and FB is adding on to the trend.

Hindsight is one basis but if market prove that hindsight is wrong, u have to switch side.

I saw some charts showing jpy pair in which the wicks is going down... and many were trying to Long because of hindsight Buy. Don't forget to analyze the price action.
  • #1,865
  • Sep 1, 2010 8:49pm Sep 1, 2010 8:49pm
Quoting leggo
Morning Everyone,
Well its been a frustrating week so far. If you look at the 4hr chart for the Yen you will see wicks everywhere so you can imagine what its been like on the 5min chart!
I just want to share with you a thought I had this morning which helped me put things in perspective.
Since the start of this thread I have read a couple of books on trend following. The basic theory is to find a good breakout/exit system and have good money management. Above all you need to be disciplined and never miss a breakout because 1 breakout could be...

Good Morning All.

I agree with you Ben. You do get a sample of the pain in trend trading in this short term as well..

Just an hypothetical question:
What would have been your experience this week, had your hindsight been the opposite to begin with?

I mean would you have more profitable positions or at least less losses?

Just to discuss how much hindsight matters

Regards,
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #1,866
  • Sep 1, 2010 8:49pm Sep 1, 2010 8:49pm
Quoting songbo
Hi all,

I've taken few hit in the beginning of week for 5 and 15mins chart.

I reviewed and we should ALWAYS analyse 4hr,1hr chart for flying buddha, inside or outside bar or wick analysis and only then we go smaller timeframe 5 or 15mins for stacking positions(we can use wicks, 50% or volatility (123) breakout). Safer.

The only way to take 5 or 15min FB is when the pair u trade is really in trend and FB is adding on to the trend.

Hindsight is one basis but if market prove that hindsight is wrong, u have to switch side.

I saw some...
I Agree,
Its easy to loose sight of the 4hr when trading the 5 minute. Its a steep learning curve. The losses I have incurred are probably more than if I had just traded the 4hr with hard stop loss. I need to up skill my entries considerably to take advantage of the lower risk on the smaller time frame.
I wont give in though!!!
Regards,
Ben
  • #1,867
  • Sep 1, 2010 8:59pm Sep 1, 2010 8:59pm
Quoting TradeStar
Good Morning All.

I agree with you Ben. You do get a sample of the pain in trend trading in this short term as well..

Just an hypothetical question:
What would have been your experience this week, had your hindsight been the opposite to begin with?

I mean would you have more profitable positions or at least less losses?

Just to discuss how much hindsight matters

Regards,
TradeStar
Hi T.S.,
I cant say it would have made much difference with the Yen. You could have made short term profit on both sides but most legs in either direction would be wiped out. I like the hindsight idea because it gives you areas to focus on and achievable goals, its just a case of keeping losses low. The longer you go the harder this gets. I have found I try and give legs more breathing space as the day goes on. I am trying to convince myself I'm right when its obvious I'm wrong. This is something I really need to work on. I think it stems from fatigue/desperation as it only happens in the late hours before I go to bed.
Regards,
Ben
  • #1,868
  • Sep 1, 2010 9:12pm Sep 1, 2010 9:12pm
I too have had a bit of a 'realisation' moment since following this thread. I am finding the 5 min charts really hard, often it seemed I got in too late as I was waiting for some form of confirmation or I was just too cautious and hesitant. There is so much happening on a 5 min chart and I found it quite stressful.
With Graeme pointing out the 5 min chart is really no different in looks to any other time frame made me think about using a set up strategy that I am more comfortable using on the longer time frames that I usually trade from. They do not give me the razor sharp entries or stacking traits but the entries are still quite good.
Looking back over the last three days on the 5 min chart using my simple set up and the hours I trade, I would have had a total of 16 trades. 2 were losses (-26) 10 went back to BE. One made 100 then back to BE. Three made 100 and are still running legs. EURUSD.

I feel a bit more confident now to face the 5 min charts.
  • #1,869
  • Sep 1, 2010 9:26pm Sep 1, 2010 9:26pm
Quoting SwingMan
Here is a dash board to identify the FlyingBuddha pattern on H4 and H1 time frames....
Anyone using this indicator from Swingman?
Could someone please help on loading the EA version

Thanks
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #1,870
  • Sep 1, 2010 10:10pm Sep 1, 2010 10:10pm
Quoting TradeStar
Anyone using this indicator from Swingman?
Could someone please help on loading the EA version

Thanks
TradeStar

I was able to get in faster because of Swingman EA alert... very good alert.

Just put at MT4 folder expert Swingman_DashBoard_EAv2.ex4
(i rename the file but it should be EA .ex4 extension)

You can have all timeframe alert from 5mins to monthly.
His default is 1hr and 4hr. You can add 5,15mins or daily into the TimeFramelist.
Attached Image (click to enlarge)
Click to Enlarge Name: aa.png Size: 77 KB
  • #1,871
  • Sep 1, 2010 10:35pm Sep 1, 2010 10:35pm
Quoting TradeStar
Anyone using this indicator from Swingman?
Could someone please help on loading the EA version

Thanks
TradeStar
I have it running and use it to get a macro view on all the pairs and to validate my own understanding of PA. Open any line chart, load the indicator and EA and let it run for a while. Soon the alerts will keep popping up based on TF selected in the settings. Save it in a template as I am not sure why but every time I open MT4, I have to load the template to make this EA/indicator work.

Swingman-Wondering if it is possible to add the daily/weekly/monthly % changes as in the attached screenshot in the settings for this EA? It would be great addition to this tool to have alerts based on % price changes. i.e. true/false, % threshold and TF.

- Vee
Attached Image (click to enlarge)
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Attached Image
Staying in my lane...
  • #1,872
  • Sep 2, 2010 1:01am Sep 2, 2010 1:01am
Quoting VEEFX
I have it running and use it to get a macro view on all the pairs and to validate my own understanding of PA. Open any line chart, load the indicator and EA and let it run for a while. Soon the alerts will keep popping up based on TF selected in the settings. Save it in a template as I am not sure why but every time I open MT4, I have to load the template to make this EA/indicator work.

Swingman-Wondering if it is possible to add the daily/weekly/monthly % changes as in the attached screenshot in the settings for this...
- You need only the EA, not indi+EA
- Please use the "...EA.ex4", and not the "...INDI.ex4". In the left upper corner I see in red the warning!
- I don't change the indicator for other possible signals.
  • #1,873
  • Sep 2, 2010 1:43am Sep 2, 2010 1:43am
Soldiers multiply!
Attached Image (click to enlarge)
Click to Enlarge Name: soldiers.jpg Size: 152 KB
  • #1,874
  • Sep 2, 2010 2:13am Sep 2, 2010 2:13am
Thanks Songbo and VeeFx

TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #1,875
  • Sep 2, 2010 2:15am Sep 2, 2010 2:15am
Regarding the previous posts and the 5m chart, personally I'm trying to wait for the right time to enter on the 5m chart, like a breakout, or wicks, candles formation etc... the same as I use on the higher timeframe to prompt me to want to look for entries in a trade.
  • #1,876
  • Sep 2, 2010 3:15am Sep 2, 2010 3:15am
Any comments / opinions on the kind of movement we had today on EurUSD especially in London / Frankfurt sessions


I thought it was pretty indecisive movement. May be because of tomorrow's NFP release?

Regards,
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #1,877
  • Sep 2, 2010 3:43am Sep 2, 2010 3:43am
Quoting TradeStar
Any comments / opinions on the kind of movement we had today on EurUSD especially in London / Frankfurt sessions


I thought it was pretty indecisive movement. May be because of tomorrow's NFP release?

Regards,
TradeStar
Yes maybe, plus there is an ECB rate decision due in 1 hour.

With kind regards,
MK
  • #1,878
  • Edited 5:39am Sep 2, 2010 5:04am | Edited 5:39am
Since we are all talking about our experience lately. I almost never traded lower than 1H so 5m has been a learning curve. I find that you have to pick good trading times. You can't sit at your computer for 12 hours staring at 5min charts because you pretty much have to be glued to the screen.

I find the first 2 hours of Asian session, 2hours before to 2 hours after London open, and the first 4 hours of US to be the best. For me that means staying up late, getting 3 hours sleep, getting up and staring at the screens for a couple hours then back to bed. If I don't do this I find I miss a lot of good entries unfortunately. I'll probably end up skipping the London open most days and just getting up early for US open which for me is 5am.

I have gotten a lot better at entries thanks to Graeme's advice. I can now see how Graeme can have 80% with no loss. On 5min trading with higher time frame trend it can be done. So far this week I have made about 10 entries and NO losses. Most stopped out at BE but I find just knowing I can have a high percentage with no loss and entering with tight SL makes it easier for me to enter stress free with no second thoughts.
  • #1,879
  • Sep 2, 2010 5:11am Sep 2, 2010 5:11am
Quoting pip_daddy
Since we are all talking about our experience lately....
For anyone interested
Attached Image (click to enlarge)
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  • #1,880
  • Sep 2, 2010 5:52am Sep 2, 2010 5:52am
Quoting songbo
For anyone interested
thanks songbo for the img ;

i use a yahoo widget on my desktop called fxmarkethours,
so i can see which is open; towards close ; closed

http://widgets.yahoo.com/widgets/fxmarkethours

or for google desktop

http://desktop.google.com/plugins/i/...urs.html?hl=en
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