ok......................................per my observation
and for all u newbies who are bored and happen to come across this journal...
you must must must must must must must
wait for ema's to come out of consildation and adx agreeing PLUS trix cross on the 5m.
THEN....go to the 1m. IF the adx is in tact, and the trix on the 1m crosses near zero within 6 minutes or so of when the 5m cross (obviously, same direction)....take th trade. this is your sure fire trade. these are the trades where if you wait these out and take these trades NON STOP, you will win 70% of the time regardless of s/r and the lot.
1m trades coming out of a compression and adx and trix in full agreement are NOT sure fire trades. they can fail.
sir, who the heck is going to post in my journal anyways? it's just you and me. and then in the end, just me dude.
post away!
anyways per my observation...........the 5m MUST agree. then camp out on the 1m chart for your entry. HOPEFULLy...it wll happen within 10 minutes at least.
i just took a eur/usd trade for +23pips. the 5m all worked out. but it took 13 minutes before the 1m agreed.
i was very skeptical as i was telling pips r us, so i only took 1 mini lot (1 usd per pip).
no regrets though. as i am still very new and learning.
at first i was going to through the charts looking at the adx on all 3 tf's on the pipware charts.
then i thought i would go through every chart on screen and look at the 1m trix.
but i think looking at the 5m trix is the best way to get there on time. it means the trade, may or may not happen. if it does, i'll take it sometime within the coming 15 minutes when the trix crosses on the 1m as well. the 5m and 1m trix May cross at the same time. LOOK FOR THE 5M TRIX TO CROSS FIRST. the 1m either does it at the same time....or soon to follow (within 15 minutes)
if you waste too much time looking at ema's and analyzing other stuff, your brain is gonna get fried pretty soon.
Look for 5m trix to cross. look at the 1m trix to see if there is any chance it may cross within the next 10->15 minutes.
if it's "possible", then look at the adx set up (it's on the same screen anyways).
then look at the ema's on tf15, tf5, tf1.
this is the only work flow i can think of, if your doing this for extended periods everyday, without frying your brain...
oh yeah baby, now this, THIS is the work flow that will work for even 10+ hours work a day.
get a timer. or a stop watch. set it to 5m. let it go off once every 5 minutes. then reset it. don't assume you will be able to scan it every 5 minutes on your own. it's all about making it mechanical.
you can type e-mails, watch tv, surf, or play psp even during the in between times.
it's not always going to be like. ultimately, your going to get in a trade and or find one which you will need to study.
this work flow will work.
just be prepared for 2 hours of doing nothing but psp'ing....
i took at trade on the gbp/usd. but i couldn't wait for the +20 pips. not because i was inpatient. but because of the crazy long bar. i only got 7 pips off that.
anyways. this is the way to do it. if you don't got a work flow. your screwed. i really wasn't going to trade tonite. but i'm waiting for my g/f to get home. and i saw it. and it was there. and i didn't want to take it. but it was there, so i just said "ahhh...shit....fine. i'll take it....there goes 200 usd..."
but it moved in my favour immediately. and i didn't want to sell either but i said "ah...shit. that long bar is so long..."
-take trades where the 5m trix and 1m trix cross in your favour at roughly the same time. (you'll probably always be too late to take this trade camping on the 5m trix)
-take trades where the 5m trix crosses and the 1m trix crosses within 15 minutes. at the time you take this trade, the 5m trix is still in your favour, and are evenly spread apart. u may get a picture where the fast and slow were both opposite colour of the 5m trix. in this case, you are waiting for the fast trix to change to the same colour as the 5m trixes. it may or may not happen.
-anytime a trade is viable, look at 3 ema's and 3 adx. remember, even the 15m ema needs to be in your favour.
if trix JUST crossed.
immediately look at the ema's on the same TF. if same direction as trix
look at 1m to see if it has any chance of crossing within the next 10 minutes. if there is a chance, use this time to analyze to make sure all 3 ema's aligned. adx aligned. take trade when 1m trix crosses in the direction of the 5m.
the only way that we could be in a trend and still have the 5m trix to cross in the direction of the trend (which means the trixes would have been away from the trend to begin with, how else would we have a scenario where it would need to cross into the direction of the trend?) followed by the 1m trix to do the same (meaning the 1m trix at some point was pointing away from the direction of the trend too), is if we either have a retrace within a trend, OR the beginning of a trend.
either way, we are covered.
1) 5m trix clean cross. check 5m ema to be in same direction
2) 1m ema must be same as 5m ema direction
3) wait for the 1m trix to cross. this should happen within 15 minutes. the sooner the better though. sometimes, it will cross at the same time as the 5m trix
i think as a very good tip, as beginners, (like myself), we have to take it one step at a time, otherwise, we ain't ever going to make it. so we need a gameplan. not something that will work for sure. but something that can get us started in a safe way.
this gameplan in my opinon, will help newbies a great deal:
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STEP ONE
ONLY trade using 5m.
Take ALL trades anytime you get a trix cross that agrees with the trend on the 5m (for trend: look at the ema's or rainbow. do not trade against it, just like you would not trade against the coral).
take a 20 pip TP or 15 pip SL.
you'll win some, you'll lose some. you are going to win more than lose. only problem is...the darn spread. so this ain't gonna cut it.
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STEP TWO
do all of the above, except look at the adx on the same tf. if it looks real ugly, try to pass on those trades. as newbies, we may still take the trade. don't worry, it's still an OK trade.
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STEP THREE
as time passes, you are pleased that you ain't losing your shirt, BUT you are curious, as you begin to get this feeling that after the moment you enter a trade, you feel helpless in knowing the direction your trade will take in the ensuing 2-4 minutes. after you've done step one and step two for maybe 50->100 trades, this is the inevitable question you will ask yourself. assuming you are a complete newbie, you would have made at least SOME errors, or like me, many. which means at this stage, you should be in the negative overall (although i truly, truly believe any individual doing nothing else but avoiding trades or liquidating trades before the news and only doing step's 1&2 will be in PROFIT).
So step three is, do everything you did in step 1&2, except just b4 entry, flip to the 1m trix JUST to see what it is doing. that's it. don't try to make any meaning of it. just look at it. still take the trade off the 5m as you would in the past. heck you've been doing it all this time and you've been fine, why stop now? but your brain will begin to piece the 1m trix into the context of your trade plan through time. your brain will begin to memorize how 1m trix pictures effect the outcomes of your 5m trades.
the 1m is either going to be both red, one red, or both green, not to mention, different heights etc.. it's impossible to post all the nuances of what is going on in the 1m that will effect your 5m. even if all 30 possible scenarios were posted, it still ain't going to help anyone, because the brain has to make meaning of it in a very short amount of time to use the information properly.
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STEP FOUR
at some stage, it will click, and when it does, the confirmation of the ema's on 15m and 1m and adx off the 15m and 1m adx, and if your good, even the 15m trix will come naturally. at that stage, when you are asked to mentor someone, you will have a hard time. because even you don't know at which point it clicked.
This is already your shortcut, as miss pips said, 10,000 hours screen time. but with the help of thv, this is like a super crash course. if you set everything up and have never traded. and move IMMEDIATELY to do step one and worry about nothing else, you will be pleased. you will only lose a little.
Now, a complete newbie might think, "i've got an idea...why don't i do step one, two and three all together? after all, step three is pretty easy and will speed things up".
you can try, i did, but it confused me. i guess it would be "ok" if you don't try to make any sense of what your seeing, but if you are trying to use step 3 as an added filter to judge whether you should take the trade or not in step 1&2, as a newbie your going to hurt your already slim win rate.
you try to do too much, too fast. you end up with nothing. even if your a great looking guy, it's not a good idea to court 3 different girls from the same classroom. if you just focused on one (at least at first), success. you do it all together, it's going to backfire (they might talk amongst)
