Trading off of 5 minute charts - Page 3
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  1. #21
    dobro is offline Superior Master Contributor and Member
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    Default 4xfanatic

    Quote Originally Posted by 4xfanatic View Post
    I've scalped on a 5 minute chart with just a 10 ema, buying above it and selling below it..that kind of thing.

    Problem is I usually end up breaking even at the end of the day. I never know when to stop! My only concern is that when you win like 3-4 trades in a row, itís hard to stop so if you can control yourself I think you should be in good shape.
    I suspect there is more to the equation by your "...that kind of thing" - care to elaborate? I have always thought that scalping was the truest, purest style of trading price action; I'm just not very good at it but have never found a mechanical non-discretionary style. I think yours might be so if you will please elaborate. d

  2. #22
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    Quote Originally Posted by 4xfanatic View Post
    I've scalped on a 5 minute chart with just a 10 ema, buying above it and selling below it..that kind of thing.

    Problem is I usually end up breaking even at the end of the day. I never know when to stop! My only concern is that when you win like 3-4 trades in a row, itís hard to stop so if you can control yourself I think you should be in good shape.



    When to stop?

    WHEN YOU REACH YOUR GOAL!


    EMA(10) works nice though I prefer the EMA(5) based on statistical studies.


    FROM A FRIEND OF MINE...

    Hello all.

    Just some food for thought. One of the best books I've read - or
    rather, perused is "The Encyclopedia of Technical Market Indicators"
    by
    Robert W. Colby. (Note this is a reference manual - pretty dry
    reading,
    but the knowledge is priceless). What he does is take about 80
    indicators and backtest, then forward walk them through about 60
    years
    of data. He uses the Metastock program to do this, but the results
    are
    striking. He has a summary of the results in tabular format. He
    compares the results to a "buy and hold strategy" over the same
    timeframe (taxes and commissions, slippage, and stop losses were not
    taken into account).

    The number one profitable trading strategy was a 5 day exponential
    moving average going long on the 5 day price crossing the EMA, and
    selling short when the price retraces below the EMA. Altough this
    strategy yielded about 60 trades per 62 trades/year (which might
    qualify
    you as a daytrader under the new NASD rules), it was a little less
    than
    767,000 times more profitable than a buy and hold strategy. Yep.
    Which
    if my math was correct equals about $822 million or so over the 60
    year
    period.

    Surprisingly, an indicator like the bollinger bands actually lost
    ground
    to a buy and hold strategy by -35%. One reason is probably due to
    how
    Bollinger Bands are used. No shorting was used, first of all, and
    buy
    signals were only generated based on the lower bollinger band. And,
    my
    guess is that in most every major breakout the price is going to be
    hitting the extremes of the bollinger bands, and run into the 3rd
    standard deviaition throughout bold moves. The sell signals were set
    at
    the closing price +/- 2 standard deviations --- so in effect probably
    much of the BIG increases over time were in fact missed.

    There's about 60 or 70 indicators listed. I just picked two of them
    to
    share.....

    Anyway - for what that is all worth, I figured I'd share my "book
    review". It literally was an eyeopener. Plus the formulas are there
    if
    you want to copy them to a custom indicator. But, the results don't
    lie. Take them in the context that they were used. Thanks,

    FREE MT4 INDICATORS HERE

    NEVER LOSE AGAIN!!

  3. #23
    dobro is offline Superior Master Contributor and Member
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    Default Tro

    I don' understand the "5 day price" - was this 5EMA traded on the Weekly TF?

  4. #24
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    Quote Originally Posted by dobro View Post
    I don' understand the "5 day price" - was this 5EMA traded on the Weekly TF?
    The number one profitable trading strategy was a 5 day exponential
    moving average going long on the 5 day price crossing the EMA, and
    selling short when the price retraces below the EMA.

    Day means DAILY. That would be D1 on MetaTrader.

  5. #25
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    Have to love those 5 minute scalps!

  6. #26
    dobro is offline Superior Master Contributor and Member
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    Quote Originally Posted by TheRumpledOne View Post
    The number one profitable trading strategy was a 5 day exponential
    moving average going long on the 5 day price crossing the EMA, and
    selling short when the price retraces below the EMA.

    Day means DAILY. That would be D1 on MetaTrader.
    Thank you for the clarification. d

  7. #27
    I've been scalping off a 5 minute chart. Since I started keeping track of my stats here's what I have:

    Wins - 24
    Loses - 11
    Win Rate - 68.57
    Pips Won 240
    Pips Lost 157

    Now I'm just trying to figure out what's the best money management strategy. Right now I'm doing a 10TP 20SL. And please, if you're just going to reply based on the assumption that the current setting is a failure, don't. When you figure in winrate and size of position, you can come out ahead despite.

  8. #28
    Join Date
    Sep 2008
    Posts
    3

    Default Positive trades on 5 minute

    I've been working with a system called the 4xrazor and it has been treating me well. It uses a minute and five minute chart and four indicators, the macd, rsi, stockastics and ADX. It's pretty simple and i'm in and out in less than a few minutes.

    It's been working.

    Is there anyone else that is trading that system?

    A

  9. #29
    Quote Originally Posted by atlefler View Post
    I've been working with a system called the 4xrazor and it has been treating me well. It uses a minute and five minute chart and four indicators, the macd, rsi, stockastics and ADX. It's pretty simple and i'm in and out in less than a few minutes.

    It's been working.

    Is there anyone else that is trading that system?

    A
    Lemme summarize for you.

    "I'm selling a system for $99. Wanna buy it?"

  10. #30
    Join Date
    May 2008
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    Quote Originally Posted by mastergunner99 View Post
    Lemme summarize for you.

    "I'm selling a system for $99. Wanna buy it?"
    Give the poster a chance to post the method/system/indicators BEFORE you make accusations.

    So let's see the system.

    Post a chart with explanation.

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