Trading off 1min charts

[shiva]

Hi using theses 1 min charts, what would be the exact point to buy. As said in the pdf file i bought/sold when the charts moved as spcified, but EVERY time i made losses. So I was thinking "there must be an exact point where the order must be placed" Is this right? If so which point?

Thanks

[tomydispik]

I have been trading hap-hazardly for a while now and just started putting the Cowabunga system to work for me.

My tweeks have been to look at the 1, 5, 15 minute charts along with planned announcements to determine short term momentum and whether I should plot a same day exit strategy. I use the news releases to anticipate whether there is going to be a wild swing that I should avoid like the plaugue! My normal exit strategy is between 1 and 3 days though. So I look to the daily and weekly charts to determine long wave momentum again using the scheduled news releases to steer clear of wild swings.

[tonymand]

[quote=tomydispik;21145]I have been trading hap-hazardly for a while now and just started putting the Cowabunga system to work for me. My tweeks have been to look at the 1, 5, 15 minute charts

Then stop! You are setting your learning back by doing this which is what virtually every new trader does. Anything below 15 mins is noise and fraught with difficulty and you have to be exceptional to trade it successfully. 1 min and 5 min can be useful at news time but again it takes a lot of practice to trade these. Everyone (especially male traders according to the literature) wants to 'tweak' things and they do this before having any legitimate track record in the thing they are tweaking. Your saviour is that you are now looking to the Cowabunga system. This, or any other, proven system is the perfect place to start to see if to start with you can get the same/similar/or at least acceptable results, then you can move on from there - good luck

[tomydispik]

While I appreciate your input, I also chalk it up to just one more persons opinion. And had I listened to the number of people telling me not to play the currencies I would not have produced a running average of $400/day while working.

Sometimes I right and sometimes I am wrong...then again aren't we all.

[quote=tonymand;21180]

Originally Posted by tomydispik

I have been trading hap-hazardly for a while now and just started putting the Cowabunga system to work for me. My tweeks have been to look at the 1, 5, 15 minute charts

Then stop! You are setting your learning back by doing this which is what virtually every new trader does. Anything below 15 mins is noise and fraught with difficulty and you have to be exceptional to trade it successfully. 1 min and 5 min can be useful at news time but again it takes a lot of practice to trade these. Everyone (especially male traders according to the literature) wants to 'tweak' things and they do this before having any legitimate track record in the thing they are tweaking. Your saviour is that you are now looking to the Cowabunga system. This, or any other, proven system is the perfect place to start to see if to start with you can get the same/similar/or at least acceptable results, then you can move on from there - good luck

[maurizio77]

It is not impossible to trade the 1Min and 5Min charts.

All timeframes have a certain pattern to their action. The 1Min and 5Mins are no exception.

To prove this to yourself, just put a Bollinger band on them, you'll see what i mean.....the price will usually bounce from one outer band to the next, in a ranging market this can make you alot of money......in a trending market this can kill you....as you will ALSO see that the Bollinger bands are broken frequently and that the price will continue in one direction for ages.

My opinion is to use timeframes to determine the length of time you are in any particular trade, the higher the timeframe, the longer you should be in a trade.

Many people can make money in Forex, what sets the winners apart from the losers is the ability to RETAIN the money that they make.

When you trade short timeframes your system has to be spot-on, if you don't have at least a 65% winning average with your system, don't even think about the lower timeframes.

The proffessionals use nothing lower than 15min timeframes, and even that is the domain of highly skilled and proven traders.

In short, 1Min and 5Min timeframes are possible, but not reccommended.


Hope this helps,

:0)

[tymen1]

Exactly right, Maurizio77.

It takes a while for new people to believe what you say and they do the exact opposite.

But after losing all their money a few times, they wizen up and become more conservative.
They then listen to what you say with more attentive ears and are more likely to take your advice.

As a candlestick trader with a good system going which also involves scalping, I trade no lower than a 20 minute chart and only use the 1/5 minute charts with Bolinger bands for gettting the best entry.

I cannot possibly see how you can trade the noise bands with indicators.

[tonymand]

[quote=tomydispik;21199]While I appreciate your input, I also chalk it up to just one more persons opinion.
Of course and that is your right and the purpose of a forum like this. If you are one of the rare individuals who can trade the lower timeframes and cope with the huge psychological pressures then good luck to you. For others reading the thread they need to know that it is an exceptional skill possessed by few