Easy 5 minute Trading

[windsorftw]

windsorftw - does the "movestopexpert" indicator work with any daily strategy or is it coded for your strategy only? Seems like it should work with any pair traded daily or perhaps any TF. I will "test drive" on demo this strat next week with the only problem being that I'm an early-to-bed early-to-rise type so waiting for 23:00 CDT may be iffy. It will be fun to find out and I thank you for sharing your work here. d.

dobro, the movestopexpert EA works on any time frame and with any pair. You simply input whichever order number you want it to work with. Then you set the desired target, and what you want the SL moved to. Simple as that. If you have multiple trades on the same pair, simply have more than one chart up, with the EA on each chart controlling the different order numbers. It's very simple but beware you don't make a mistake because it could be costly!

Also, on the daily chart, since we're waiting for the retracement to pass the 50.0 line before we get into our trades, we could potentially enter them later than normal. Sure a late entry would mean slightly less pips, but better than no pips at all. I typically trade 3 hours into the Asian session, or 3 hours after the open of that 3rd candle, and the price I find is usually floating around the 50.0 line already so it's perfect. Since these trades can last days/weeks, someone living in Europe can certainly benefit in late entries as well.
I would advise to tighten up the SL a little bit though on late entries. No point in risking more for less. Just doesn't make sense.

[FXMarmy]

windsorftw, your fibonacci indicator doesnt just give the retracement %value, but also the corresponding exchange rate..

--> is this the mt4 standard fibo indicator? if so, I cant find the settings to make the quotes appear!

--> if it s a customs indicator...could you post it here!

thanks....would save me some time to place my trades!))

[darkg]

windsorftw, your fibonacci indicator doesnt just give the retracement %value, but also the corresponding exchange rate..

--> is this the mt4 standard fibo indicator? if so, I cant find the settings to make the quotes appear!

--> if it s a customs indicator...could you post it here!

thanks....would save me some time to place my trades!))

Hi FXMarmy,
Its just a built-in function of MT4 fib lines.
Just type "@%$" into the Fibo description and the currency price will appear on the Fib lines.
e.g. To show the currency price of the 100% Fib line, i would enter this in my Fib line description "100%% @%$" without the quotes.

Cheers

[LyallNZ]

Love the simplicity of this system.
Love the infrequency of trades.
Love the clarity of the rules.
Suits my lifestyle perfectly.
Thanks for sharing.

[windsorftw]

Love the simplicity of this system.
Love the infrequency of trades.
Love the clarity of the rules.
Suits my lifestyle perfectly.
Thanks for sharing.

Thanks for the feedback LyallNZ! If you can add any sort of filter or ideas on how to avoid the repainting issue please share.
So far though, it's working rather well.
Last night, the EURGBP finally hit T2.



There are several pairs that are still 'waiting' while I think it was the AUDUSD that painted a new dot in the opposit direction while we were waiting, though I'm guessing the new dot will be repainted, it would probably be in our best interest to avoid the trade altogether. I will post a screen shot of what I'm talking about later on when i get home from work.

Happy pipping everyone!

[dobro]

Just so I have the rules straight last night the GBP/USD had a candle close to the right of the dot and indicated a short/sell trade. When I placed the fibo the price was at the 100% level already. Question: does one wait for price to go back up to the 50% level and then enter a trade? Which could take a while. Thanks, d.

[windsorftw]

Just so I have the rules straight last night the GBP/USD had a candle close to the right of the dot and indicated a short/sell trade. When I placed the fibo the price was at the 100% level already. Question: does one wait for price to go back up to the 50% level and then enter a trade? Which could take a while. Thanks, d.

Technically, yes, you should wait until it hits the 50% level then enter a the trade. In the screen shot above, I had originally drawn the fibs incorrectly and thus entered the trade earlier than I should have. Waiting for the 50% level may help reduce the repainting issue.
There are 3 or 4 pairs that are in this situation, once they retrace to the 50% level they'll be good to go, unless they keep moving past and the dot gets moved on us, which it just might.

[billpenwarden]

Technically, yes, you should wait until it hits the 50% level then enter a the trade. In the screen shot above, I had originally drawn the fibs incorrectly and thus entered the trade earlier than I should have. Waiting for the 50% level may help reduce the repainting issue.
There are 3 or 4 pairs that are in this situation, once they retrace to the 50% level they'll be good to go, unless they keep moving past and the dot gets moved on us, which it just might.

have been following this thread looks good but...would like clarifaction on times and where to draw fibs in est time

[firecapt]

Great system, thanks for sharing. Looking at the e/j and it looks like it has pulled back past the 50 fib line. Am i correct with this observation. I wish i could post the chart.

Best Regards,

[windsorftw]

have been following this thread looks good but...would like clarifaction on times and where to draw fibs in est time

Bill, I'll get some screen shots and clearly outline the entry and where to draw the fib lines later on today for you.