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
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.
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.
Hi Jim you are absolutely correct and the SL is set at the previous dot (opp color).
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.
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
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?Originally Posted by blizard