I like the thread and I don't want to get in the way with a lot of my posts so I shall just do one big one now and I can reduce it or delete it as the OP wishes.
In my thread "Swing trading with Heiken Ashi and Stochs" I have been slowly moving towards longer and longer timeframes and reading various threads such as this about longer term position building has got me thinking.
I love the idea of taking entries on the 5 min chart but I'm not sure why you are so happy to lose so many of your initial entries? I'm sure these could be refined and a more aggressive policy of moving to break even after a small number of pips may improve your overall win/loss ratio.
In terms of an entry system and a method for determing the overall trend I can't think of anything better than using heiken ashi with stochastics and 1 or 2 moving averages. I would say that because it is my system but I honestly think this is the best method. The beauty of it is that it works in any timeframe. The idea that this and a few other threads has given me is to start with the weekly chart, wait for a signal. The pair must give a positive or more or less neutral swap in the direction you intend to trade.
Once you have determined the weekly trend you watch the daily for a pullback. Once the daily has turned in the direction of the weekly then you wait for a pullback on the hourly. Once you have a pullback on the hourly then you trade the first pullback on the 5 min chart and keep attempting to enter until you either have a trade in profit or the hourly/daily signal invalidates itself.
For entries on the 5 min I recommend using the HA and stoch cross but also using a 25 pip round number grid as quite often the best trades involve a bounce from one of these levels. A 15 pip stop is usually enough and I would get to break even after 10 or 15 pips. If the trade survives then you have an open trade in the direction of the weekly trend.
I would add on at every hourly pullback and attempt to get two or three trades to break even and hold them. I would never close partial lots, I would only ever close all the trades together and to do that I would either trail behind the 10 ema on the weekly chart or close on a heiken ashi change on the weekly chart.
The above amounts to a similar but quite different system and I may or may not open a seperate thread.
Sorry to the OP if this messes up your thread, I will remove it if you wish. Good luck to all.
In my thread "Swing trading with Heiken Ashi and Stochs" I have been slowly moving towards longer and longer timeframes and reading various threads such as this about longer term position building has got me thinking.
I love the idea of taking entries on the 5 min chart but I'm not sure why you are so happy to lose so many of your initial entries? I'm sure these could be refined and a more aggressive policy of moving to break even after a small number of pips may improve your overall win/loss ratio.
In terms of an entry system and a method for determing the overall trend I can't think of anything better than using heiken ashi with stochastics and 1 or 2 moving averages. I would say that because it is my system but I honestly think this is the best method. The beauty of it is that it works in any timeframe. The idea that this and a few other threads has given me is to start with the weekly chart, wait for a signal. The pair must give a positive or more or less neutral swap in the direction you intend to trade.
Once you have determined the weekly trend you watch the daily for a pullback. Once the daily has turned in the direction of the weekly then you wait for a pullback on the hourly. Once you have a pullback on the hourly then you trade the first pullback on the 5 min chart and keep attempting to enter until you either have a trade in profit or the hourly/daily signal invalidates itself.
For entries on the 5 min I recommend using the HA and stoch cross but also using a 25 pip round number grid as quite often the best trades involve a bounce from one of these levels. A 15 pip stop is usually enough and I would get to break even after 10 or 15 pips. If the trade survives then you have an open trade in the direction of the weekly trend.
I would add on at every hourly pullback and attempt to get two or three trades to break even and hold them. I would never close partial lots, I would only ever close all the trades together and to do that I would either trail behind the 10 ema on the weekly chart or close on a heiken ashi change on the weekly chart.
The above amounts to a similar but quite different system and I may or may not open a seperate thread.
Sorry to the OP if this messes up your thread, I will remove it if you wish. Good luck to all.