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Easy Eyes (No Indicators) Simple Day Trading

  • #41
  • Nov 25, 2010 9:45am Nov 25, 2010 9:45am
Quoting newyear498
no action
hi

can you have a look at my post no. 34 above and answer the last part of my comments.


regards
  • #42
  • Nov 25, 2010 10:42am Nov 25, 2010 10:42am
The way I'm trading is waiting for the 30m close, then if direction of current 5m candle agrees, I set limit order over/under recent closed 1m candle regardless of 1m color. If color of 5m candle changes away, I cancel order. If it changes back, I set order again. How long to wait for this is discretion. If doesn't seem like much will happen I wait til next 30m close. So this is looking like one trade max per 30m which is kind of nice.

If entered, then I will close trade at first close of 1m candle against trade. sl/tp is 10/20.
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  • #43
  • Nov 25, 2010 10:43am Nov 25, 2010 10:43am
I think you are referring to this...?

now say the 30m candle is red. we look at the 5m candle. but that is not red but is white. so we cannot enter here right ? do we wait for the NEXT 5m candle and if that is red then we can enter ? but if that is still not red but white then what ? how many 5m candles do we wait for to see if the colour changes red before we can enter ? can we wait upto five / six 5m candles ? or is that too late ?

..

All this white 5M candles after 6 close will form a new 30M white candle.. so if you are waitng to go short and all those white candles are keeping you out there comes a point where you can look at the 30M chart and you can compare the last 30M red candle to the active white candle..

if that active white candle is looking stronger than the prevous red candle and about 90% about to close(so about 4-5 of the 5M candle were white... I see no problem in deciding to go long..

but than again if you have 5-6 white 5M candles in a row check to make sure the last few are strong looking per my prevous posts.

Honestly.. now were at the point in this discussion where were talking about price action.. so there is a lot to consider

was that helpful? and the question you wanted answered?


I think its also important to keep in mind I'm not exactly an expert either so I am just sharing how I trade from a trader to a trader.. you might come up with better methods or good spin offs of my methods
  • #44
  • Nov 25, 2010 10:50am Nov 25, 2010 10:50am
Quoting jmag
The way I'm trading is waiting for the 30m close, then if direction of current 5m candle agrees, I set limit order over/under recent closed 1m candle regardless of 1m color. If color of 5m candle changes away, I cancel order. If it changes back, I set order again. How long to wait for this is discretion. If doesn't seem like much will happen I wait til next 30m close. So this is looking like one trade max per 30m which is kind of nice.

If entered, then I will close trade at first close of 1m candle against trade. sl/tp is 10/20.
try to measure the last 5M range and go for half of that ranges pips take profit.. and usually what I do.. is once my trade is profitable but hasent hit my target is I start putting my stop loss at the high/low of the previous 1M candles.. (but I still use my exit signals)

and JMAG I am open to any suggestions you have.. I enjoy working with you :-p
  • #45
  • Nov 25, 2010 11:21am Nov 25, 2010 11:21am
where can i find indicator for heikensi candles for mt4
  • #46
  • Nov 25, 2010 12:44pm Nov 25, 2010 12:44pm
Quoting newyear498
I think you are referring to this...?

now say the 30m candle is red. we look at the 5m candle. but that is not red but is white. so we cannot enter here right ? do we wait for the NEXT 5m candle and if that is red then we can enter ? but if that is still not red but white then what ? how many 5m candles do we wait for to see if the colour changes red before we can enter ? can we wait upto five / six 5m candles ? or is that too late ?

..

All this white 5M candles after 6 close will form a new 30M white candle.. so if you are waitng to go...

sorry, your answer is a bit confusing. and i dont think it answers my question. what i meant is:


say we have a 30m candle red, at time 14.00.
now, we look at the 5m candle at time 14.00 (or is it the 5m candle at 14.05 we look at ?). and if that 5m candle is red we can enter short right ?

but what if that 5m candle is not red but white. then we cannot enter short trade right ? and what if the next 5m candle is also white ? again we cannot enter short. remember the 30m candle is still red.

so what do we do. do we just wait until the 5m candle turns red, if so how long do we wait i.e. how many 5m candles can we wait before it becomes a no trade ?


regards
  • #47
  • Nov 25, 2010 3:19pm Nov 25, 2010 3:19pm
Quoting Alihuzaifa
where can i find indicator for heikensi candles for mt4
Hello, here it is
Attached File(s)
File Type: ex4 Heiken Ashi.ex4   3 KB | 595 downloads
  • #48
  • Nov 25, 2010 3:29pm Nov 25, 2010 3:29pm
Quoting whatfx
sorry, your answer is a bit confusing. and i dont think it answers my question. what i meant is:


say we have a 30m candle red, at time 14.00.
now, we look at the 5m candle at time 14.00 (or is it the 5m candle at 14.05 we look at ?). and if that 5m candle is red we can enter short right ?

but what if that 5m candle is not red but white. then we cannot enter short trade right ? and what if the next 5m candle is also white ? again we cannot enter short. remember the 30m candle is still red.

so what do we do. do we just wait until the...
whatfx,

you are always looking at the last closed candle.. so the last closed candle for 30M is red.. look to last closed candle for 5M.. if its 11:24 look at the 5M candle thats closed etc. etc.

how many candles to look back on? well I would look at all the data.. look at the last 5-10 30M candles and see if the newest candles are getting stronger or weaker.. look at the last 5-10 of the 5M candles and see if there getting stronger or weaker.. stronger candles are stenching further than there prevous same color candles.. weak candles are smaller than previous candles or look like doji's .. if you see on the 30M 6 red candles but the last few are smaller and turning into doji's sit back and wait for a bit to see if you can catch a strong reversal.. if the last 6 red candles are getting bigger and further down hope on the next 5M red candle.

at the same time if you have on the 30M about say 6 red candles followed by 1 nice strong green candle your looking to go long so check the 5M for your entry point or if its safe to enter(aka a green candle)

HONESTLY, you ask so many question lol, I really thought you were trolling me for the last couple of posts.. it seems from other posts you've made you ask many similar question on other forums.

I suspect you are just a very intense learner so I will try to help you but it seems like everything I try to explain does not help you so I am about to give up and you might need to play around and learn on your own.
  • #49
  • Nov 26, 2010 4:54am Nov 26, 2010 4:54am
Quoting newyear498
whatfx,

you are always looking at the last closed candle.. so the last closed candle for 30M is red.. look to last closed candle for 5M.. if its 11:24 look at the 5M candle thats closed etc. etc.

how many candles to look back on? well I would look at all the data.. look at the last 5-10 30M candles and see if the newest candles are getting stronger or weaker.. look at the last 5-10 of the 5M candles and see if there getting stronger or weaker.. stronger candles are stenching further than there prevous same color candles.. weak candles are smaller...

yes, indeed iam an intense learner. have learnt so much since coming on ff.

what you said is ok, but not the questions i posed.

t
basically what i want to know is if the 30m candle is red, we look at 5m candle. but what if the 5m candle is not red, but white. what do we do then ? do we wait for the NEXT 5m candle to see if that one is red, and if it is then we enter ?

but what happens if this next 5m candle is also white ? do we now wait for the 3rd 5m candle to see if that one turns red ?

how long do we wait like this ?


regards
  • #50
  • Nov 26, 2010 5:36am Nov 26, 2010 5:36am
Newyear498, just wanted to thank you for your ideas here. Some nice stress free scalps off a couple of pairs for me during London so far. Nice way to trade, and it lends itself well to the Oanda charts, which i also use.
  • #51
  • Nov 26, 2010 7:17am Nov 26, 2010 7:17am
Quoting whatfx
yes, indeed iam an intense learner. have learnt so much since coming on ff.

what you said is ok, but not the questions i posed.

t
basically what i want to know is if the 30m candle is red, we look at 5m candle. but what if the 5m candle is not red, but white. what do we do then ? do we wait for the NEXT 5m candle to see if that one is red, and if it is then we enter ?

but what happens if this next 5m candle is also white ? do we now wait for the 3rd 5m candle to see if that one turns red ?

how long do we wait like this ?


regards
Your obviously only looking for something that's 100% mechanical. That's your mistake. Not many 100% mechanical methods make money.

Why don't you try stepping back and actually looking at the chart and stop worrying what color is what, at what time. If you see one of those mechanical signals, then look over to past price action and decide if there's room for the price to move. Is there resistance approaching? How about support? If there's room to move and no huge round number coming up, then enter the trade. No need to make it more difficult then it needs to be.

thx,
todd
  • #52
  • Nov 26, 2010 7:29am Nov 26, 2010 7:29am
well i just entered a buy on the 30m candle at 14.00 est. the candle was white. the 5m candle was also white. so buy entered.

but the 5m candle then turned red. market went down hit my stop - 10 pips.
  • #53
  • Nov 26, 2010 7:43am Nov 26, 2010 7:43am
Quoting whatfx
well i just entered a buy on the 30m candle at 14.00 est. the candle was white. the 5m candle was also white. so buy entered.

but the 5m candle then turned red. market went down hit my stop - 10 pips.

...which pair?, i'll take a look and see if i'd have done anything different.
  • #54
  • Nov 26, 2010 8:48am Nov 26, 2010 8:48am
Quoting whatfx
well i just entered a buy on the 30m candle at 14.00 est. the candle was white. the 5m candle was also white. so buy entered.

but the 5m candle then turned red. market went down hit my stop - 10 pips.
I use the exit strategy with the 1m bar and just took 2 pips on first trade today using it.
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  • #55
  • Nov 26, 2010 9:14am Nov 26, 2010 9:14am
Quoting newyear498
try to measure the last 5M range and go for half of that ranges pips take profit
Hi Ny, If I would have done that yesterday in us session, I would not have taken the 11 pip trade but only around 5 pips. I think it is good to leave tp's longer. We want to let profits run when they will.

I am considering shortening up the stop because with the 1m bar exit, the largest stop I've seen so far is 4 pips. I think a larger loss will be from a fast move that would have been closed anyway with the 1m exit.
  • #56
  • Nov 26, 2010 9:42am Nov 26, 2010 9:42am
Interesting trade for 4 pips. Closed 30M bar was long. The 5m bar went short so I canceled and didn't place order. Third 5m bar turned long again and I placed order above 1m bars for retrace. I exited on a doji (is that what that is?) because I had some pips. By the way this is mountain time, est-2.
Attached Images
  • #57
  • Nov 26, 2010 9:46am Nov 26, 2010 9:46am
Quoting whatfx
yes, indeed iam an intense learner. have learnt so much since coming on ff.

what you said is ok, but not the questions i posed.

t
basically what i want to know is if the 30m candle is red, we look at 5m candle. but what if the 5m candle is not red, but white. what do we do then ? do we wait for the NEXT 5m candle to see if that one is red, and if it is then we enter ?

but what happens if this next 5m candle is also white ? do we now wait for the 3rd 5m candle to see if that one turns red ?

how long do we wait like this ?


regards...
wait as long as it takes.. your gonna need some patients.. if you have a few strong red candles on the 30M and whites on the 5M.. you might consider having a limit sell under the lows of the whites.. (since it might just be a retracement)

so when price finally starts failing your get in the main trend of the 30M which is down..

but at same time if you have 4 white candles and last one is red on 30M.. and all the 5M's are coming out white.. wait a half hour to see if the next 30M closes white.. because price might be continuing its uptrend..

theres is so many things to consider.. Since your new to it tho.. try ignoring the how many candles to wait rule.. trade some and eventually I think you'll come up with your own rule as to how many candles to wait..

or.. I don't think you can go wrong if you requite two 30M same color candles in a row to take trades in that direction.. some suggestions
  • #58
  • Nov 26, 2010 9:51am Nov 26, 2010 9:51am
Quoting whatfx
well i just entered a buy on the 30m candle at 14.00 est. the candle was white. the 5m candle was also white. so buy entered.

but the 5m candle then turned red. market went down hit my stop - 10 pips.
I pray to god your using a demo account if your on a live account I really don't know what to say..

I think todd made an appropriate comment.. there are a lot of mechanical systems in the strategy section..

you might find something easier to start getting your first pips.. then you can focus on more complex price action methods in the future.. Theres only so much I can suggest
  • #59
  • Nov 26, 2010 10:02am Nov 26, 2010 10:02am
Quoting jmag
Interesting trade for 4 pips. Closed 30M bar was long. The 5m bar went short so I canceled and didn't place order. Third 5m bar turned long again and I placed order above 1m bars for retrace. I exited on a doji (is that what that is?) because I had some pips. By the way this is mountain time, est-2.
This looks good, very nice trades and I can see your making much improvements as the days move forward.

how are you currently using your take profit and stops? I am definitely open to letting them run
  • #60
  • Nov 26, 2010 10:06am Nov 26, 2010 10:06am
I have sl at 10 and tp at 20, but all my trades so far I exited manually at 1m reversal (and 1 doji).
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