Does anyone have or know of a good system for trading 5 minute charts, I am also looking for a system to trade 15, and 30 minute charts. I don’t have the tempermant to be a long term trader. I am currently using the 20 dma, and 100 dma on the 5 minute chart. I am new to fx trading so I could use all the help and advice I can get.
Hi Marvin,
Maybe you don�t have the patience to trade longer time frames but the 5 minutes chart it�s only noise of the market, it�s like flipping a coin (50% chance either to win than to loose, and a lot worst because of the commission… in the best case you would have like 30% chance to win… I wouldn�t go against probabilities).
I would recommend you to trade at least the the 4H chart, and if you gain patience you can try the best 1 day strategy I ever seen (301 Moved Permanently).
My advice would be that you open 2 demo accounts, one in which you trade the shorter time frames that you like to learn, and you use the other one to give it a try to any daily system (the best is to use the link above… I didn�t create that system I just found it and I think is the best thank to ForexPhantom). And at the end of the month you will find what work best for you.
See you and happy trading!!
Seriously! You do know that he doesn’t even use a stop loss? I would advise against following him or his methods. From what I’ve read in his posts around the forum, he lacks some knowledge that every trader should have.
I’d suggest instead looking at james’ 40-100 thread with his simple and proven Inside Bar system.
I completely agree though that 5 min isn’t really a good place to start for a new trader. Like you said, 4H or even daily is better.
Slower, less exciting - better
Hi o990l6mh,
You are totally right that we always must use a stop loss, so you can perfectly use that system if you add a stop loss (I use 300 pips because is a daily system).
I also agree that ForexPhantom is not the most experience guy in this forum but most of the times the best ideas come from less experience people because they still have creativity. And if you are experience you can take a great idea and just adjust the things that you think are laking. For this system I would add the 300 pips stop loss and Confirm the Daily signal with the Weakly signal… I mean the Daily signal still the one to enter and exit the trade but must be always in the same direction that the Weakly signal.
Just to conclude it would be great if you could give it a try if possible with the 2 above changes that I just describe (you won�t regreat) and share your thoughts with the rest of us.
Happy trading!!
P.S. I will give it a try to the “james’ 40-100 thread” but only in the Daily time frame because I can�t be glued to the computer all day long.
i disagree with some of the above posts, i have a 5min strategy, that with practice and commons sense is over 50% right. remember targets are not as big, and stop losses are not as big, im not discouraging you to trade 4hr, there are big advantages as well as disadvantages to almost anything you do, this strategy requires lots of time, if thats what you like…
so marvin if your interested, join SKYPE
my user name is yfz450bence, ill fill u in only there.
There’s definitely ways to make money off the 5 min chart. I am a long term and short term trader. I use daily charts for my long term trades and 5-30min charts for my short quick trades. I’ve been successful in both. Try looking at the overall trend of the 30min or 1hr chart then drop down to the 5-15min chart for entries.
I would suggest only trade when there’s high volumes like the opening of the UK and/or US market. That’s when you see the market move and it’ll be easier to scalp.
On the other hand, if you are just starting out, I would stick to the higher timeframes just to get use to the flow of price and trends.
I am newbe in trading. But I don’t have any problem with time frame. My concern is to be Trend following or counter trend trader. Right now i am still looking good system for both strategies that available in this forum. I hope it’s have a good backtest and then to make forward test by my self and therefore I will ignore any bias review because i do it my self.
Regards
Ronald
feel free to forward test my 5min cross, you just need to know the rules, and demo testing is a good idea
combo = macd + stoch + ema 10 25 50
I like ur advice , i think is solid and to the point.
hi i’m just new and i want to learn different strategies and techniques using the M5. i need some advice.