Trading off of 5 minute charts

[TheRumpledOne]

I agree, scalping on the M5 chart can be highly profitable especially when the reward is worth the risk!


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[leo11]

I hate to be redundant.(I guess that's not true) but I scalped last month only missing 4 days of trading. I had one losing day and the rest were profitable. I made 41% based on a $5,000 account. I'm sure there are more on this site that made much more than that.

[TheRumpledOne]

Originally Posted by leo11

I hate to be redundant.(I guess that's not true) but I scalped last month only missing 4 days of trading. I had one losing day and the rest were profitable. I made 41% based on a $5,000 account. I'm sure there are more on this site that made much more than that.

Is your method mechanical or discretionary?

[pablopluto]

Leo you had a losing day must have been a Friday or Sunday

[leo11]

My losing day was August 8th. My plan is mechanical but since I have so many conditions and am not able to code it into tradestation I am forced to call it discretionary.

[TheRumpledOne]

Originally Posted by leo11

My losing day was August 8th. My plan is mechanical but since I have so many conditions and am not able to code it into tradestation I am forced to call it discretionary.

NLA_3.jpg


I could probably code it. Have coded over 200 if not 300 or more TradeStaton indicators. I am better at EasyLanguage than MT4


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NEVER LOSE AGAIN!!

[TheRumpledOne]

Or eSignal.

By the way, I DO NOT CODE FOR MONEY!!

I will code it for FREE, if I think it is worth doing or I just want to understand it or if I want to see if it works...

[leo11]

I'm not sure how to even code my trading. I have written about 200 strategies but this one is so hard to reduce to a formula. For instance, I will trade gold off of the petroleum stocks report if there has been a sufficient run (measured by rsi) and has had a pullback. I look at the longer term charts and determine where the underfunded accounts have their stops and where those that have good profits would exit. If they coincide then I will place my order. I also use tick volume for a filter before placing trades.(in futures). I will use size of range in the forex as a pseudo-indicator for volume. That is only 1 example of many that give a set-up. Then the exits are variable depending on how the market reacts when it hits my entry price. I generally place a breakeven order in when only 50-100 ahead and if it doesn't slide through the price with some volotility I'll just take the pop. If it moves well initially I'll trail it with pivot points and exit on a blowout in my direction for a good profit. I also use support/resistance levels intergrated with all this abiguity. I'm not even able to clearly define every entry, let alone code it. I just know out of 17 days traded I had one losing day of $200 and made $2050 that can be traded on a 5k account. I trade with the trend many times but prefer to trade a rejection of a continuation as that is usually a trap for inexperienced traders and a good profit point for the profitable ones. I have probably rambled on enough but as you see the plan is somewhat incoherent, but profitable.

[TheRumpledOne]

Originally Posted by leo11

I'm not sure how to even code my trading. I have written about 200 strategies but this one is so hard to reduce to a formula. For instance, I will trade gold off of the petroleum stocks report if there has been a sufficient run (measured by rsi) and has had a pullback. I look at the longer term charts and determine where the underfunded accounts have their stops and where those that have good profits would exit. If they coincide then I will place my order. I also use tick volume for a filter before placing trades.(in futures). I will use size of range in the forex as a pseudo-indicator for volume. That is only 1 example of many that give a set-up. Then the exits are variable depending on how the market reacts when it hits my entry price. I generally place a breakeven order in when only 50-100 ahead and if it doesn't slide through the price with some volotility I'll just take the pop. If it moves well initially I'll trail it with pivot points and exit on a blowout in my direction for a good profit. I also use support/resistance levels intergrated with all this abiguity. I'm not even able to clearly define every entry, let alone code it. I just know out of 17 days traded I had one losing day of $200 and made $2050 that can be traded on a 5k account. I trade with the trend many times but prefer to trade a rejection of a continuation as that is usually a trap for inexperienced traders and a good profit point for the profitable ones. I have probably rambled on enough but as you see the plan is somewhat incoherent, but profitable.

Ok... piece by piece.

How do you do that?

[leo11]

I trade the 1 and 2 minute charts so "long term" in my case is 5,15, or 60 min charts. I think most trade the 5. I think the inexperienced are also the underfunded. I believe they will many times take a trade after they have realized they may have missed the move and are the "last hurrah" of the move. If there is a low volume break of the resistance and a pullback then I think they start sweating because they can't afford to risk a lot and were hoping the breakout would be valid. Likewise, those who initiated early and rode it to the same resistance point are happy to lock in some profit. I place my entry where I think their stops are. (after a pause of a few bars I would sell new lows out of the consolidation). Then I exit as I basically outlined in the previous post.