1m Intersection Set Up

[joesmoe]

Hi everyone,

Id like to thank all the contributors to this forum and there willingness to share. I would like to give back now with this system.

This was hard to come up with. I found it hard to find anything that would work on a 1 minute chart.
By turning on Heiken Ashi that helped clear up the gaps. I don't use candles or even line graphs. I just turn that off completely and go with Heiken Ashi.

The next problem was Figuring out a good enouph gap to make the best possible amount of pips per trade. By using TRO's 3lzz_Dashboard Indicator(which he gives away for free-Thanks Tro) it helped me achieve that. So by waiting tell the 1 minute chart and the 5 minute chart set up with a NUMBER 3 I was getting greater pull backs and more pips.

The next issue was I would start to see price slow down and reverse but it would end up being faulse. I Spent countless hours trying to figure out anything that would help me Idenitfy the faulse signals. I eventually ran into E. Lang's Thread. He uses certain indicators and MA's with his trading style. He trades in the M30, 1hr,& Daily. I like the 1m, & 5m time frames

So I use some of his but I added one more. Little did I know that combinding the indicators together that I would find what I needed to keep me out of faulse indicators.

So the set up Plate Form goes as follows:

1- Heikin Ashi on both 1m and 5m charts
2- Click on Line Graph or change it to grey background so it won't show up
3- Tro's 3lzz-dashboard.tpl (Look him up on this site and on the net. I have learned a great deal from him.)
4- Put Tro's 3lzz on both time frames.
5- Yellow RSI (10) add a 50 level it won't do it automatically
6-Stoch (12,3,3)
7-Momentum(8) Drag the Yellow RSI, Stoch and Momentum into the same space
8- Mac D(5,10,10

A Picture of the Plateform is below


The set up Rules:

1-I wait tell a number 3 sets up on the 1m and the 5m chart at the same time.

2- I wait for at least the second Heiken Ashi reversal candle.

3- I see if all the indicators I have. Stochastics, RSI, Momentum are Crossing the 50 line. They show they are all intersecting or coming together and crossing the 50 line.

4- I then see if the Mac D is showing a Reversal or crossing the 0.00 line. (See chart below for explainations)

If all of them are lined up and are intersecting and crosses the 50 line I take the trade.

5- Exit- There are a couple of different exits we will chat about that as we all try and practice this in demo to set up.

I've included a picture of a trade I hope its big enouph to see the set up and the explaination

Please Please make any comments. I want some feed back. If anyone has any suggestions or would like to code this plate form that would be great.

Here is my 5 minute Trading Set Up. This link below will take you right to were I wrote those rules. You have to be signed in to get to this thread from here.

5 minute 70/30 HA set up

Great Trading


Joesmoe

[joesmoe]

.................................................. ....

[joesmoe]

Here is another profitable set up.

JoeSmoe

[joesmoe]

Another Profitable Trade. Not seeing many people Interested. I must not be catchy enouph to read.

JoeSmoe

It looks like this trade ended up making some good profit. I attached a picture below. We are still in that move. Let see if will keep going.

JS

[cryten]

Try Forexfactory.com if you want interest

[CyberEviL]

Very nice system... thanks for sharing joe. I have used something like this in the past and has worked great for short term profits...

[mp6140]

being a great believer in HA candles, I must point out some of your "errors" while using them.

HA candles are used for TREND FOLLOWING and the candles LAG the action because of the computations needed to create the candle in the first place, which makes them fine for trading the longer timeframes where a few pips doesntt really matter, but being hell on wheels when trading the lower timeframes WITHOUT MORE GUIDANCE !

first, any DOJI in the HA candle means a reversal, or it would never have appeared, so NEVER ignore a doji when swing trading !

for scalping, using candles that follow the trend is giving you an INITIAL advantage, but you are giving away many a pip by using them without knowing proper support and resistance areas, since a reversal candle forms in HA one candle AFTER the fact !

by using support and resistance overlays, you will immediately see when your HA candle hits resistance (or support) and be able to react accordingly. Using the HA candles alone will simply leave you much behind the action !



enjoy and trade well

mp

Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

[joesmoe]

Originally Posted by mp6140

being a great believer in HA candles, I must point out some of your "errors" while using them.

HA candles are used for TREND FOLLOWING and the candles LAG the action because of the computations needed to create the candle in the first place, which makes them fine for trading the longer timeframes where a few pips doesntt really matter, but being hell on wheels when trading the lower timeframes WITHOUT MORE GUIDANCE !

first, any DOJI in the HA candle means a reversal, or it would never have appeared, so NEVER ignore a doji when swing trading !

for scalping, using candles that follow the trend is giving you an INITIAL advantage, but you are giving away many a pip by using them without knowing proper support and resistance areas, since a reversal candle forms in HA one candle AFTER the fact !

by using support and resistance overlays, you will immediately see when your HA candle hits resistance (or support) and be able to react accordingly. Using the HA candles alone will simply leave you much behind the action !



enjoy and trade well

mp

Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

Mp,

Thank you so much for your comments. I love to learn from others perspective.

You mentioned my "errors" while using HA candles. They are only errors if I'm not aware what is happening.

I do understand and agree with most everything you are saying about missing pips, support and resistance etc.

Being aware of the fact that HA does lags behind as do almost all indicators. I'm not worried about lagging behind. If I were to have bought just one candle prior to the HA I would have hit my stop loss before hitting my TP.

I was looking for at least a 20-30 or more pip move. I'm okay if I missed out on 2-3 pips. I use the HA candles to give me a clear Trend with the understanding it is a bit behind but it's the 1m chart so I'm feel I'm okay.

HA helps you to fill in the gaps and show you the Trend and gives you a cleaner picture. Now if I can catch the biggest move on the 1 minute chart I will in a sense be ahead in the 5 minute, 15m, 30m etc. As Tro says (Never Loose again) points out. Price is either going up or down. So if its going up in the 1m then the 5m, 15m, 30m, 1hr etc. is also going up. So missing a couple of pips is not so much my worry because I know I'm ahead in every other time frame. How many pips is what I'm after. The biggest move I can get in the 1minute.

There are very few if any systems or set ups for the 1m chart that allow you to get as many pips as I believe my set up. I would love to hear more about how you would use support and resistance with the 1m chart. I have searched high and low and have not found much of any worth for that time frame. So please share it.

Just load all the settings I recommend and watch it. When you do see the intersection of the indicators and them all crossing the 50 line you will see that they will move quit a bit more and you won't get as many faulse directional changes. Make sure the 1minute and 5minute first get a Number 3. Wait tell they all cross and you will see.

With that said its not 100% accurate. If it was I would be as dead as everyone who has come up with an alternate to using gasoline and has tried market it and use it.

Thanks for your comments

JoeSmoe

[mp6140]

Originally Posted by joesmoe

Mp,

Thank you so much for your comments. I love to learn from others perspective.

You mentioned my "errors" while using HA candles. They are only errors if I'm not aware what is happening.

While i might have chosen a better word, using the HA candles exclusively on the one minute chart will lead to "errors" simply because of what makes these candles so good at what they do, which is TREND FOLLOWING !

I do understand and agree with most everything you are saying about missing pips, support and resistance etc.

Being aware of the fact that HA does lags behind as do almost all indicators. I'm not worried about lagging behind. If I were to have bought just one candle prior to the HA I would have hit my stop loss before hitting my TP.

Most likely, if you had bought one candle before, your sl would have been in a different place completely and NOT hit, but thats prob a philosophical question that could be discussed forever !

I was looking for at least a 20-30 or more pip move. I'm okay if I missed out on 2-3 pips. I use the HA candles to give me a clear Trend with the understanding it is a bit behind but it's the 1m chart so I'm feel I'm okay

WELL --- when a broker hits the resistance point, their next move is AWAY from that point as fast as they can move --- when they move away, if youre even a touch slow. you can lose WAY MORE than a few pips --- often they can take it to zero profit faster than you can push your button, and then theres the word "slippage" to contend with !

Using the one minute chart to gain 20 pips is usually a study in frustration as those moves occur on the higher timeframes, or else youre hooking into a trend and suffering thru the multiple reversals in the one minute --- therefore, in reality, you should just be playing the 5, 10 or 15 minute chart !

HA helps you to fill in the gaps and show you the Trend and gives you a cleaner picture. Now if I can catch the biggest move on the 1 minute chart I will in a sense be ahead in the 5 minute, 15m, 30m etc. As Tro says (Never Loose again) points out. Price is either going up or down. So if its going up in the 1m then the 5m, 15m, 30m, 1hr etc. is also going up. So missing a couple of pips is not so much my worry because I know I'm ahead in every other time frame. How many pips is what I'm after. The biggest move I can get in the 1minute.

There are very few if any systems or set ups for the 1m chart that allow you to get as many pips as I believe my set up. I would love to hear more about how you would use support and resistance with the 1m chart. I have searched high and low and have not found much of any worth for that time frame. So please share it.

SURE --- use BOTH the HA and the reg candle with support and resistance -- use the HA as you do to illustrate the trend, and use the reg candles AND s+r to illustrate when you reach your tp point. Using s+r, I simply sit there with NO sl and perhaps a tp or perhaps not, depending on how fast the movement, but i sit there with my finger on the CLOSE button and wait till the candle hits the resistance area, and then close the trade in a millisecond, grabbing the maximum amount of pippage --- if im interested in more, I "may" simply let the trade go (if im lazy that day) till it hits my tp point on the 15 minute chart, but usually I will trade the up and down of the one minute while holding a 15 minute trade ---- this can add 80 pips to a 20 pip "total" move, what with trades long and short !

Just load all the settings I recommend and watch it. When you do see the intersection of the indicators and them all crossing the 50 line you will see that they will move quit a bit more and you won't get as many faulse directional changes. Make sure the 1minute and 5minute first get a Number 3. Wait tell they all cross and you will see.

With that said its not 100% accurate. If it was I would be as dead as everyone who has come up with an alternate to using gasoline and has tried market it and use it.

somewhere you mentioned TRO, who I have traded with many times --- ask him how i will give him the ABSOLUTE top tp point on any scalp HE does, and find out what my success rate is ! Im not bragging, but pointing out that youve gotten PART of the equation down (for THIS particular method) but there are many an improvement you can add -- thats all !

Thanks for your comments

JoeSmoe

enjoy and trade well

mp

Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

[joesmoe]

Originally Posted by mp6140

enjoy and trade well

mp

Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

Mp,

Again thank you for commenting on my set up. I'd love to improve all trades and this is what this Forum is for or one of the big reasons I shared this trade.
1- To let others use it if they so choose.
2- To see if there is by chance something else I can add.

I do use a regular candles and along side HA. I have quite a few computer screens up showing me different time frames and indicators. I'm sure there are alot who do.

To Keep It K.I.S.S. I just showed the 1m,5m charts and figured if someone wanted more info it would come out in this forum discussion;

If you don't mind sharing do you have a indicator that I could put in my experts/indicator MT4 folder. The one you might use along side this Intersection System. I would love to see what Support, Res you would use along side this.

If you also have time could you use a picture as an example to what you are talking about in a 1 minute chart Were you said

"WELL --- when a broker hits the resistance point, their next move is AWAY from that point as fast as they can move --- when they move away, if youre even a touch slow. you can lose WAY MORE than a few pips --- often they can take it to zero profit faster than you can push your button, and then theres the word "slippage" to contend with !

Using the one minute chart to gain 20 pips is usually a study in frustration as those moves occur on the higher timeframes, or else youre hooking into a trend and suffering thru the multiple reversals in the one minute --- therefore, in reality, you should just be playing the 5, 10 or 15 minute chart !"

I have found that support and resistance on the smaller charts does not help much. I found that they push right through support and resistance. When you scale out to bigger charts you see what your are talking about but in the smaller time frame it seems to be less helpful for when to enter a trade.

Also you said this "somewhere you mentioned TRO, who I have traded with many times --- ask him how i will give him the ABSOLUTE top tp point on any scalp HE does, and find out what my success rate is ! Im not bragging, but pointing out that youve gotten PART of the equation down (for THIS particular method) but there are many an improvement you can add -- thats all !"

I would also like for you to tell me the ABSOLUTE top tp point on any trades I do or how to figure that in. I might just get a better exit.

I would love to know what you can add to this or what you would use to improve it. I'm always open to improving this system. If I could I would be very greatful.

JS