Simple & almost naked. The dream date or the dream system?

[jimclt]

Hello, instead of taking 3-4 trades on the 1 minute chart, i can get the same number of pips on 1 trade on the 5 minute chart. Also as you increase the time frame the signals become that much more reliable. Honestly i got 100 pips on a trade I took on an hourly chart a couple of days back but I like to take 3-4 trades daily instead of just waiting for the 1 hour chart and the days I really feel like getting busy and scalping I would go back to 1 minute. The only variable is the minBars setting. I would suggest minBars "2" for 5 minutes and above and 3 or 4 minBars for 1 minute chart.

thanks

Blizard, U mentioned in your earlier posting that the setting for minbars 4 will suit all time frame. Out of curiosity, how is the setting of 2, 3 or 4 affects the outcome of the dot? Thanks in advance.

JiM

[blizard]

Hello, the higher the MinBar setting the more significant the level of support or resistance. However, the higher the settings, the less opportunities are presented so its a balancing act. On the 1 minute chart, minBars 3 or 4 still gives you good entries that occur many times. On the five minute chart you can have the minbars at 2 which is my suggestion. Every trader has a different style so its a really personal choice depending on the number or trades you can take or the time you can dedicate to watching the charts.

thanks I hope that helps

[blizard]

Hello, im in Toronto, Ontario Poutine. Usually on the 5 minute chart im happy with 10-12 pips. I usually check the SL and try to aim for a 1 to 1.5 Risk to Reward ratio whenever possible but at times I just take the profits and run prematurely I admit.

[jimclt]

Blizard, Thanks for the sharing. I believe that this setup works. I agree with u that a single trade in 5min TF may covers 2-3 trades in the 1min TF. Likewise, the lost or SL could be similar. With some tweaking of the minibar and switching the TF between 1min and 5min, u may realise that the dots in 5min may appear in the same candlestick as in the 1min and the "2-dots" line (for 5min) is still "relevant and valid" in the 1min. However, the 1min will have more dots in between the 2 dots that appeared in the 5min.

Here is the pic of 1min and 5min:



In other words, the analysis in different TF will augment each other. But, I opine that we should not over analyse.

Btw, prior entering a trade, do u know where will u TP? For SL, it is set at the previous dot (opp color). The strategy seems to suggest that u should exit when the trade is unfavorable, for both TP or SL.

Thank you in advance.
JiM

[blizard]

Hi Jim you are absolutely correct and the SL is set at the previous dot (opp color).

[jimclt]

Hi Jim you are absolutely correct and the SL is set at the previous dot (opp color).

What about TP? Do u leave it "blank" during the entry?

[blizard]

Hello, i usually set the TP and SL to 15 in case my computer crashes. Then i adjust it after im in the position and draw out fib extensions or notice strong support or resistance levels.

[sandybeach]

This is one awesome strategy Blizzard, thanks !!

How have your 5 min trades been doing?

The 1 min trades are perfect for me before i go work and during my lunch break

[blizard]

Hi sandybeach, things are going well. The trades are good on 5 minute but i have to wait so much longer than the 1 min chart. I may just switch back, im missing all the fun!

[sandybeach]

Hi sandybeach, things are going well. The trades are good on 5 minute but i have to wait so much longer than the 1 min chart. I may just switch back, im missing all the fun!

Lol, you see your 1 min stratwgy ia pwrfect for me, on avwrage i get 1 good trade an hour, sometimes more, sometimes less depending on the market, but the 5 min does produce good results though, have you used your strategy on any higher timeframes?