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1 Min THV Flag Trading

  • #81
  • May 13, 2011 10:50am May 13, 2011 10:50am
Quoting forex-man
Hello every trader

What this indicator number one
It was basically a CCI but was renamed Retracement finder. It has an RSI on top of it. The red and green bar signals when price is within 2.4 pips of 10 SMA. Read more about it in Divergences thread Flag trading the trend they trade on 5 minute TF. Divergence is highly accurate with trades. He has some webinars that he puts on well worth the time.
  • #82
  • May 13, 2011 12:21pm May 13, 2011 12:21pm
Quoting JTee1
It was basically a CCI but was renamed Retracement finder. It has an RSI on top of it. The red and green bar signals when price is within 2.4 pips of 10 SMA. Read more about it in Divergences thread Flag trading the trend they trade on 5 minute TF. Divergence is highly accurate with trades. He has some webinars that he puts on well worth the time.
thank you
  • #83
  • Edited 3:16am May 16, 2011 2:47am | Edited 3:16am
JTee1,
I am very inspired by this system and have a few technical questions:
1. I like the buy script but I can only seem to get buy orders. If above, a stop. If below, a limit. I have tried to change the order type form 1 to 2 and to 0. So please let me know how to do a sell with the script.
2. I would like to know the exact way to enter. You have stated that you enter right at the Donchian channel line. Lets say that line is 1.4120, as it was on a good EU trade this evening. The highest high of price was 1.41199. If I drag the entry line of the script to 1.4120, I will actually enter the trade before it breaks at about 1.4118, because of the spread. Do you allow for the spread? If your spread is 2 pips would you drag the order to 4122? Quite a few systems want to actually break out from the high or the channel. So do you wait for the break or just the matching top? I have been waiting for a break of .5-1 pip, But you have more experience with this. It actually seems to me after only 4 days of doing this that matching the previous high is good enough when all the lights are green. Also, I have noticed that the Donchian Channel is usually a few tenths of a pip above the price high.
What do you think?
Thanks,
Michael
  • #84
  • May 16, 2011 7:34am May 16, 2011 7:34am
Quoting alllivemind
JTee1,
I am very inspired by this system and have a few technical questions:
1....
Michael
For a sell stop drag script below market price to the price u set and price then Drag and reverse TP and SL lines to opposite sides then hit ok.

As far as my entry I typically set right on donchian for entry.

Happy trading
  • #85
  • May 16, 2011 8:38am May 16, 2011 8:38am
No trading until 10:15 for me to much news then market may decide what it wants to do.

Happy trading
  • #86
  • Edited 11:03am May 16, 2011 10:50am | Edited 11:03am
This is Cad sell and had EU buy.

Had wrong setting on EU had first trix set to 5 fast instead of 5 slow. My bad
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: EU 5.16.11.jpg Size: 170 KB
  • #87
  • May 16, 2011 1:10pm May 16, 2011 1:10pm
When u get a 5 slow retrace i set Entry at lowest low of that trend and wait for market to come to me. I didn't have to guess it showed me what market sentiment is.
Attached Image (click to enlarge)
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  • #88
  • Edited 5:24pm May 16, 2011 5:04pm | Edited 5:24pm
Quoting JTee1
Michael
For a sell stop drag script below market price to the price u set and price then Drag and reverse TP and SL lines to opposite sides then hit ok.

As far as my entry I typically set right on donchian for entry.

Happy trading
OK, Thanks! I have the script working on both sides now.

So just to be clear on my example, if the high of price is 1.41199 and the D channel is 1.4120, you are entering a buy stop for 4120, which is the ask price. The bid price when you enter, which for almost everyone is also the price on our charts, will be 1.4118 or 19, which means you are in not only before the break, but before high is even reached. Of course on sells, the entry will be at or very near the bid price or chart low, rather than a 1-2 pips earlier. This is very counter - intuitive for me, but hey, you are getting great results so I will try it!
Thanks, Michael
  • #89
  • May 16, 2011 8:52pm May 16, 2011 8:52pm
hi

thx for your support and help

but i have a question

what this indicator & plz upload it
Attached Image (click to enlarge)
Click to Enlarge Name: 3rd trade 5.4.11.JPG Size: 445 KB
  • #90
  • May 17, 2011 2:12am May 17, 2011 2:12am
Quoting X_mm_x
hi

thx for your support and help

but i have a question

what this indicator & plz upload it
hi
Is for you
Attached File(s)
File Type: mq4 1-Retracement Finder1.mq4   4 KB | 704 downloads
File Type: ex4 !Retracement Finder.ex4   6 KB | 614 downloads
  • #91
  • May 17, 2011 5:06am May 17, 2011 5:06am
I had a great night! Made over 40 pips, but took two positions on most trades. I am going to post my first chart, but I would rather post a losing trade as I think I will learn more. I put a blue arrow on the entry. The "unity" was all green. JTee1, would anything have kept you out of this trade? There was news, but light news for GBP, not EU.
Attached Image (click to enlarge)
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  • #92
  • May 17, 2011 6:32am May 17, 2011 6:32am
Hi alllivemind

While waiting for Jtee reply.

Once suggestion would be to watch the entry in relation to the last "high/fractal" (in the case of an uptrend) that was formed. In this case the "high" was close to a significant pivot (R1), you would notice that earlier the R1 level was tested 3 times but failed to cross over.

So i would wait for the the candle to close above this line(and confirm the movement up) before I enter.

One bit of advice on the THV thread, was to always remember that the indicators confirm entry, but we also need to watch how price interacts with S&R Levels
  • #93
  • Edited 9:36am May 17, 2011 8:32am | Edited 9:36am
*Had a question, but I just found the answer so I erased my question.
Always a Student, Never a Master - Emulate What Works
  • #94
  • May 17, 2011 1:25pm May 17, 2011 1:25pm
Quoting alllivemind
I had a great night! Made over 40 pips, but took two positions on most trades. I am going to post my first chart, but I would rather post a losing trade as I think I will learn more. I put a blue arrow on the entry. The "unity" was all green. JTee1, would anything have kept you out of this trade? There was news, but light news for GBP, not EU.
Allivemind

Cypr3ss has your answer I would have either let price broke The R1 then waited for retrace. or taken an early entry at 1 pip above the 9:28 candle which is the first Green Ret Setup and 1 minute Fast trix green combo. I'll post chart. Early entry allowed a good 10 pips to R1.
If you noticed my cad BE a week ago same scenario, R1 staring me in face I was lucky to BE.


JT
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  • #95
  • Edited 2:53pm May 17, 2011 2:31pm | Edited 2:53pm
I normally Scalp .3 lot trades. On a 123 trade I usually trade .1 lot and is a longer trade. I will normally be in this trade before a scalp trade if i'm at my pc.
It's a simple pattern and can be seen and traded on any timeframe. The MTF trix is not a part of this trade but as you see on this blowup it timed the 4 TF about perfect and was the largest initial move. It will usually get you in on 3 MTF lights.
I Use the zig zag arrows as my point count and as u can see there is mini 123's within larger 123 but price must break break previous swing and set a new HH and HL for uptrend then retrace or the opposite LH and LLfor downtrend then retrace. This trade is at trend change only. Set script then wait for price to come to you.

Happy Trading
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 123.jpg Size: 155 KB
  • #96
  • May 17, 2011 11:13pm May 17, 2011 11:13pm
Cheers JTee for this system - I have seen many trading systems in the past that basically waited until all timeframes agreed and then entered the trade - and I have been looking at ways to combine this with the flag trading method.

This system does it quite well.

I will probably trade this system on the 5min over 5 or 6 of the currencies with which I can get the best spread, but I am having success on the 1min so we will see.

Why did you choose the donchian entry over the traditional flag entry of +-50 +-10 - it looks like you basically enter at the same time on the 1m as you would get an entry on the 5min - is this why?

Have you tested that this is better than taking the traditional flag entry on the 1min?

It seems to me either performs okay - which is why i ask.

Thanks again mate - you have done well!
Enter Signature
  • #97
  • May 17, 2011 11:38pm May 17, 2011 11:38pm
I see a set of indies with a template was posted early on in this thread but then there were indies that were removed. Can someone pls tell me exactly which indicators are being used atm and is the template on page 1 the most up to date one being used?
  • #98
  • Edited 5:30am May 18, 2011 5:19am | Edited 5:30am
Quoting JTee1
I normally Scalp .3 lot trades. On a 123 trade I usually trade .1 lot and is a longer trade. I will normally be in this trade before a scalp trade if i'm at my pc. ......
Happy Trading
Thanks!
JTee1,
Are you saying you entered 1/3 (or 1/4, if you entered another .3 later) of your position at the red line? Simply because you went from 3 green to four green at what seemed to be a pt #3 of the 1-2-3?
I am going to analyze tonight's chart, which is very choppy. I did manage to make about 18 pips though, using this system.
Michael
edit: last night looks very difficult to number, and the breakouts don't go far. Just a choppy night, or a good night to take off!
  • #99
  • May 18, 2011 9:41am May 18, 2011 9:41am
Hi JTee1,

Firstly thanks for sharing a great system, i love it. I enjoyed your post about the 1 2 3 trades and was just wondering what your zig zag indicator values are, mine are set at Depth 12 - Deviation 5 - Backstep 3. Do you use similar settings?

Once again thanks JTee1 for sharing.

Happy Trading!
  • #100
  • May 18, 2011 3:25pm May 18, 2011 3:25pm
StLeon

Yes these are my settings.

Glad to be of help.

JTee
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