Simple & almost naked. The dream date or the dream system? - Page 33

View Poll Results: Are you banking some pips using this system?

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  • Hell Yea!

    34 24.29%
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    82 58.57%
  • Breaking even

    24 17.14%
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Thread: Simple & almost naked. The dream date or the dream system?

  1. #321
    jimclt is offline Newbie
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    Quote Originally Posted by blizard View Post
    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

  2. #322
    blizard is offline Senior Member
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    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

  3. #323
    blizard is offline Senior Member
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    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.

  4. #324
    jimclt is offline Newbie
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    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:
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    Name:  2.gif
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    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

  5. #325
    blizard is offline Senior Member
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    Hi Jim you are absolutely correct and the SL is set at the previous dot (opp color).

  6. #326
    jimclt is offline Newbie
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    Quote Originally Posted by blizard View Post
    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?

  7. #327
    blizard is offline Senior Member
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    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.

  8. #328
    sandybeach's Avatar
    sandybeach is offline Superior Master Contributor and Member
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    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

  9. #329
    blizard is offline Senior Member
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    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!

  10. #330
    sandybeach's Avatar
    sandybeach is offline Superior Master Contributor and Member
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    Quote Originally Posted by 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!
    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?

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