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Trading Made Simple

  • #6,341
  • Jun 27, 2011 1:32pm Jun 27, 2011 1:32pm
eur aud
1h chart,
seems to meet the rules i guess.
does this look like a good entry point.
cheers
Attached Image (click to enlarge)
Click to Enlarge Name: eur aud.gif Size: 26 KB
  • #6,342
  • Jun 27, 2011 1:55pm Jun 27, 2011 1:55pm
Quoting sadler
eur aud
1h chart,
seems to meet the rules i guess.
does this look like a good entry point.
cheers
Should your stochastc setting be 8,3, 3. With it at 5,3, 3 you could be getting in too soon.
  • #6,343
  • Jun 27, 2011 1:58pm Jun 27, 2011 1:58pm
Quoting mgs1f
Should your stochastc setting be 8,3, 3. With it at 5,3, 3 you could be getting in too soon.
i didnt know i need to set it to 8,3,3
why do we set it to this value
cheers
  • #6,344
  • Jun 27, 2011 2:23pm Jun 27, 2011 2:23pm
Its the setting that the system uses
  • #6,345
  • Jun 27, 2011 2:36pm Jun 27, 2011 2:36pm
Well said...doesn't get any more complicated then that...

Quoting bez3000
I only trade from the 4h TF but i use Daily to check trend direction. I don't have time to trade 1h or anything smaller, i want the bigger moves 4h provides.
My advice to all is keep it simple, use the indicators provided and trade with the trend. KISS!!!
I get exercise just pushing my luck
  • #6,346
  • Edited 3:05pm Jun 27, 2011 2:52pm | Edited 3:05pm
signals differ from FXCM and FXDD.. still awaiting a response on that

and enter at the start of the FIRST candle? that seems iffy to me since we want to make sure the TDI is going our way don't we? Start of the 2nd is just close of the 1st, I understand that.
  • #6,347
  • Jun 27, 2011 4:28pm Jun 27, 2011 4:28pm
Quoting ceebs
Cristi01

This should work
I cant seem to make this work after I import it using ninjascript...am I doing something wrong?
  • #6,348
  • Jun 27, 2011 5:09pm Jun 27, 2011 5:09pm
Greetings All.

Firstly to Eric - hope you are recovering and thank you so much for all of the continuing education on 5 Method.

I first encountered the Craig Harris thread about 3 weeks ago as I was moving to H4 and Day charts with a view to completely re- engineering my trading plan to an overnight strategy, so was really pleased by about page 203 - post 3031 to find you had moved to similar timeframes.

Now with the new forum and the evolution of the system I believe that it has transitioned as follows - comments and critiques more than welcome folks.

1, Initial set up with the price bar / HA crossed the MA and closing above below with the entry on the next candle. Supporting indicators on TDI and Stochastics.

2. Moved to higher time frames and using the TDI as an entry point as the green crossed the TDI 50 level with support as needed from Stochastics

3. TDI used as primary entry signal with green crossing red, with HA crossing MA and entering on candle 1, 2 or possibly 3 if PA / momentum is supporting - relationship between the TDI 50 level and the green/red cross seems to have minimal effect on the outcome?

For Exit Strategy I have run with a 50 pip TS but this looks to surrender too many pips, so I have started to close or modify SL settings at 06:00 PST, certainly closing the position when large wicks kicik in at the end of a move.

Still back testing as well as live demo trading with fantastic results (for my trading history). So far my MT4 demo account is showing 800 pips for the past month - about 550 are from the 5 Method, with several trades running concurrently overnight. Testing on the day chart looks to generate 300 - 400 pips per month regardless of the currency pairs.

1 more month of testing and then back to live trading if these results continue on the live demo account.

Biggest lesson to date is that whenever I mess with the 5M system it costs me pips.

Good pip hunting everyone.
Best Regards - David C.
"To live with Passion, it takes Courage and Grace to survive"
  • #6,349
  • Jun 27, 2011 8:13pm Jun 27, 2011 8:13pm
Quote
Below i have included my current trades for today, hopefully someone will find them useful.

cadjpy = +30
euraud = +115
eurgbp = +30
eurjpy = +62
gbpcad = +100

Total = +337 for today.

Thanks for sharing your charts. I find it very interesting that they were ALL crosses. Learning the game and been focusing only on dollar pairs predominantly. Not anymore.

With that kind of bank I guess spreads are just a minor nuisance.
  • #6,350
  • Jun 27, 2011 9:31pm Jun 27, 2011 9:31pm
Thank you Seller9 for your reply on post 6254 to my relative strength question. What i meant to ask has anyone tried trading only strong vs weak currencies as per a currency strength comparision meter, or Recent Strength meter such as the CCFp meter? Recent Strength uses those colored wiggle lines, and compares EUR NZD GBP USD CHF AUD JPY to each other and graphs weak to strong at a given time frame. It seems one would gain an advantage with any system including this system by only trading weak/strong pairs. Comments please. Ron
  • #6,351
  • Jun 27, 2011 9:52pm Jun 27, 2011 9:52pm
Quoting davlo
Did anyone else enter on this trade

Attachment
I was in that, original TP was at 40pips but i exited at +12 as i thought it was having trouble getting through some resistance to the left.
  • #6,352
  • Jun 27, 2011 11:09pm Jun 27, 2011 11:09pm
Quoting ronemshoff
Thank you Seller9 for your reply on post 6254 to my relative strength question. What i meant to ask has anyone tried trading only strong vs weak currencies as per a currency strength comparision meter, or Recent Strength meter such as the CCFp meter? Recent Strength uses those colored wiggle lines, and compares EUR NZD GBP USD CHF AUD JPY to each other and graphs weak to strong at a given time frame. It seems one would gain an advantage with any system including this system by only trading weak/strong pairs. Comments please. Ron
In theory trading strong currencies vs. weak ones makes sense. Problem is strength and weakness could be subjective. A currency could be strong for the last hour but weak for the last 4. So we don't and never will know where to look...
  • #6,353
  • Jun 28, 2011 1:48am Jun 28, 2011 1:48am
Quoting AmishBuggyFX
That is awesome!! I was wondering if you had started trading live, yet?
No just demo for a couple more weeks.
  • #6,354
  • Jun 28, 2011 1:53am Jun 28, 2011 1:53am
Quoting AlienFrog
Bez, now you have my curiosity and I have to ask you if you don't mind would you share which 21 pairs? I'm just trying to start with something that is obviously working for you, rather than test them all one by one myself.

I appreciate all the info you are sharing!
Pairs i watch

adusd
eurchf
eurjpy
chfjpy
gbpjpy
gbpchf
audcad
euraud
eurcad
audjpy
nzdjpy
gbpcad
audnzd
gbpaud
cadchf
cadjpy
usdcad
usdchf
eurgbp
nzdusd
gbpusd
usdjpy
eurusd
  • #6,355
  • Jun 28, 2011 2:01am Jun 28, 2011 2:01am
Quoting 33drifter
I was in that, original TP was at 40pips but i exited at +12 as i thought it was having trouble getting through some resistance to the left.
Using TP can be counter productive with this meathod i think, i am +65 in this trade the problem with TP means you can not let your winners run!
Just my opinion.
  • #6,356
  • Jun 28, 2011 2:02am Jun 28, 2011 2:02am
Quoting bez3000
No problem i watch and 21 pairs which allows me to trade only what i think are the A+ setups.
I am still learning myself and still make mistakes this is my third week of trading this strategy.
In week one i made over +1000 pips but last week i was -70 so running total is a little over +1200 but it's early days i want to see what the next 3 or 4 weeks give me.
Getting up at 4am is commitment i don't do that i need my sleep to much
Hi bez

Without sounding intrusive, would you mind sharing what you look for in an A+ set up.

Cheers
Ezzy
What you do is a reflection of you....what I do is a reflection of me.
  • #6,357
  • Jun 28, 2011 2:05am Jun 28, 2011 2:05am
Hi,

GBP/USD and EUR/JPY on H4 looks good to me. Anyone on it?
  • #6,358
  • Jun 28, 2011 2:14am Jun 28, 2011 2:14am
Could someone explain me in more detail how to look at the charts at the higher timeframe that we are trading. What I mean is, if Im trading hte 4H then what do I have to watch for at the Daily?
I'm having problems figuring out when to enter a trade. Lets say I have a sell signal at 4H and I swith to daily where I see it trending up, then I swith to 1H and I see the downside movement is coming to an end. Do I still take the 4H sell signal?
I'm getting kinda confused with those timeframes.
Thanks in advance !
The Mind creates reality.
  • #6,359
  • Jun 28, 2011 2:24am Jun 28, 2011 2:24am
Quoting Ezzy
Hi bez

Without sounding intrusive, would you mind sharing what you look for in an A+ set up.

Cheers
Ezzy

  1. Trading with the trend, if Daily is trending don't trade against it (it will win).
  2. Good angled cross on TDI.
  3. cross below 50 if long or above 50 if short.
  4. Good looking candle with wick.
  5. Not trading straight into SR.

Are the things i look for to qualify as an A+ trade to me

  • #6,360
  • Jun 28, 2011 2:27am Jun 28, 2011 2:27am
Quoting DayTraderBiH
Could someone explain me in more detail how to look at the charts at the higher timeframe that we are trading. What I mean is, if Im trading hte 4H then what do I have to watch for at the Daily?
I'm having problems figuring out when to enter a trade. Lets say I have a sell signal at 4H and I swith to daily where I see it trending up, then I swith to 1H and I see the downside movement is coming to an end. Do I still take the 4H sell signal?
I'm getting kinda confused with those timeframes.
Thanks in advance !
I only look at the Daily to see if it is trending, if so i don't normally trade against it. Thats all, nothing complicated just trading with the dominant trend my friend!
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