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
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
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.
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:
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
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?
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.
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 
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?
Hi, i did take a trade on a 1 hour chart a while back which was great but i really like the 1or 5 minute for entering the trade. I do however keep a 1 hour , 4 hour and daily chart open just so i can identify fib pull backs to 61%-76% levels or 161% or 261% extension levels. I have attached a nice fib pull back to the “sweet spot” on the 4hr chart. This is a pull back between 61%-76%. If i were to identify this in the 4hr chart, then i may want to just enter buy trades on the 1 or 5 minute as there will a lot of support at these levels.
thanks
Alternatively, you can also let the initial breakout go and wait for the pull back to this sweet spot. This will give you the lowest SL possible and allowing for the best risk to reward ratio. I have attached an image that identifies the initial breakout. Usually we would enter on this candle however, if you are patient and wait for the pull back, your trades will be much more profitable. Now when i see the breakout, i wait for the pull back to the sweet spot of 61%-76% fib levels using the dots and often the price will extend to the 161% or even the 261% profit levels.
The main benefit is the location of the SL. Now the stop loss can be on the other side of the 76% fib level only a few pips away instead of way down there on dot of the opposite color. You could also take a few pips on the candle break, wait for the pull back and then re-enter the trade again.
thanks
Here is a trade on the one min chart. You can clearly see the pull back and extension to the 261% fib levles. I drew the fibs backwards so you can see the 161% and 261% extension levels. Very Powerful!
The key is the sweet spot of 61%-76% fib levels. When you see this pull back after the breakout, it is an extremely low risk place to enter a trade and place your SL.
Nice! Blizard what fib indicator do you use?
Thanks
I use the default “Fibonacci retracement” tool in MT4 to draw out the lines.
thanks
Hello, the proof is in the pudding as they say so I have decided to post my actual live results from my live trading account. This is to inspire traders out there and I hope with continued success i will be able to post the results weekly and i encourage others to do the same so we can really take this system to the next level.
Almost 1k for the week and the account size is still small only about 5k. I admit I could have let profits run a bit but i definitely cut my losses short.
I am also considering setting up a live gotomeeting type webinar for those who are interested so we can start trading live as a group. I think this will help my trading as i will avoid making emotional entries and really think things through. I hope this helps other also finally make some money trading Forex.
here is the legal disclaimer:
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thanks
Congrats man! and thank you for this simple and efficient strat.
I trade the m15 E/U. m1 is too fast and too expensive (spread vs TP).
All best.
Great results Blizard, is there any chance you could post a screen shot of your eur/usd setups from today? I’ve struggled a bit this week and I want to see if we get the same set ups in different time zones, and from looking at your eur/jpy ones we dont :S
cheers
