Was it a bar formed from news, and the subsequent followthrough?
I may consider trying this out in the next few days, once I see the big bar, hop down to the 1MIN chart for the entry after retracement period.
Yep I tried the Cat and Mouse for a bit, but even as PPF says, it took him months before he had the hang of it. Itās almost with how I trade you really have to have a feel of the market, itās not something you can jump right into and expect to be profitable.
No, there hadnāt been any news releases around that time, it was just a particularly long bar and I saw it fall back and wick. It was the first bar in a Bollinger Band trumpet, so that caught my eye.
I may consider trying this out in the next few days, once I see the big bar, hop down to the 1MIN chart for the entry after retracement period.
Yeah, I didnāt even think to drop down to the 1min.
Watch out looking at the 1 min chart a big 1 min candle may not be even a big 5 min candle. I am not saying donāt do it but do some test trades first. You will see it takes some getting used to. Its a mater of scale you may want to have the bid and ask line up if your platform has that capability that will give you a visual representation of the spread.
Yeah, the idea with jumping to the one minute chart is just after the 5MIN bar closes, youāre watching the retrace so to get the best possible entry, the 1MIN chart making lower lows on a per candle basis would be a sign. Even a break of the 5MIN candleās low would do it for an entry.
I keep the bid and ask prices up always! I just need that visual to help me.
And yeah just like I said in the previous post the minute chart would come after that 5 minute candle so Iāve seen the big move in one direction, now I just want to sort of āzoom inā on that retrace to pull off the best possible entry.
Worth a shot. I find the precision of 1minute charts good enough for me to pinpoint my entry. I donāt think Iāll ever go down to the 10second chart though haha! There are some over at ForexFactory that do :eek:
I missed this trade as I was making breakfast;
Based off the 30MIN chart on the EU there was a S/R Line at 1.32650, clean break to the upside and would have easily netted 5 pips on the one trade in a few 1MIN candles.
Just thought Iād post it as it happened, the trade would have been at 08:36EST. I donāt trade around news so I let the news swing happen at around 8:32 (hence youāll see more than one break of the line); things settled down after 2 or so minutes making that line valid for the break again.
The way this trade went, I probably would have closed on the doji for about 3 pips profit when the move slowed down instead of going for the full 5 pips. Itās easier to say looking back that I could have got those 5 pips but in reality, I would have been the conservative type and closed with less.
Just had one more trade, was a loser but as soon as I entered I knew I shouldnāt have. Not because there was not enough momentum, because that was a factor caused by the REASON I shouldnāt have got into the trade.
Entry Chart:
Master candle is between two yellow lines showing the high and low of the particular candle. What I didnāt take into consideration when entering was the price action and where it was on the Ichimoku chart.
Exit Chart:
Note the position price was in when I entered on the Ichimoku chart. Clearly still in the S/R Zone which should have invalidated my trade. As you see I took about 3.5pips in loss.
Learn as I go; stick to the rules.
Hereās another interesting one as I just took it; +3.8 pips.
Noted the downward momentum as a short term S/R Line was taken out (Missed the initial break posting here:() Watched and noted the short retrace- Thatās the one green bar, third last one in the picture. Waited for the momentum to take full force again and the sellers came through, breaking the low of the candle before the green retracement candle constituting a short entry. Got in and out within the 2 minutes and 3.8 pips.
I apologize, no trades posted friday, I will resume monday with some more trading 
Upcoming week is busy now that school is over and my part-time job takes over- the hope is soon I wonāt need one crosses fingers 
Nice trades:D
Do you trade long and then short based only on the 1 min chart or do you pick a direction based on a higher time frame. I do see you look to longer time frames to find some S/R. I have found I do much better if I pick a direction based on a longer time frame and pick pips only one way.
My MM plan allows me to let a trade run against me in certain situations. The chances of one of these trades eventually going my way is much better if I am going with the flow on every trade. And to be upfront I rarely look at the 1 min chart mostly the 5 and 15 for me.
Yep I like to pick a direction from the hourly chart most of the time, just because I know that with trades being so short, Iām trading intra-hour/intra-day swings or trends. They daily chart is to identify major S/R lines which sometimes means a no trade. I find these lines make for volatile conditions and my finger is not yet as fast as Iād like it to be :p.
The way I trade, I like to go straight to profit, if a move beings to retrace on me Iām finding reason to exit with little to no loss. If Iām not in profit within the first minute or two Iāll even close at BE or 0.1 pips and move on.
Yes ive found that, the charts are poor
I canāt complain really though. For simple systems you donāt need much more than simple charting with a few MAs maybe. I prefer it to MT4 now that Iām using it; I donāt need custom indiās anymore.
The only thing I find bugs me is when the Java platform gets buggy and freezes up when you wish it wouldnāt.
So I set up a chart layout for all the pairs Iād like to try this with (some have spreads just too larger to scalp the 5m). How have you been doing trading these breakouts of the master candles on the 5m? Is it possible to have any luck with the slower periods of the day, like the second half of the NY session?
Soul I have a question too, how did you implement the MasterCandle? I have that one in MT4 but on Oanda?
BTW I never had a java freeze from Oanda on me yet
In regards to the 5M candles, Iāll be honest I havenāt experimented too much with them. They happen less frequesntly throughout the day so my quick analysis would be more winners with a possibly larger TP target.
I like the swift 1Min charts, even 5 tends to be a drag for me 
Time of the market I think is key for scalping, there is no use waiting for 10 or 15 minutes to net 3 pips if I can do so in 10 to 15 seconds. Thatās why I stick to 1Min charts.
I recently read a book called the 80/20 principle. Definately an interesting way of looking at life. The philosophy behind it, or I guess ideal, is that 80 percent of our profits, come from 20 percent of our time available. Now if we focus on that best 20 percent of time, we can vastly improve our trading performance. Just like the old adage, [I]Less is more.[/I] This is just one application of that 80/20 principle, Iāve applied it to trading but it can be applied anywhere in life (topic for another discussion.)
Mastercandles on Oanda are something you have to train yourself to see. I used an MT4 indicator created by Nickb (some may know of him, I frequent his blog and chatroom), but began to realize that even between brokers, a master candle may form on IBFX but not Oanda (IBFX is my other Live broker).
Trading higher TFs though, a master candle is a master candle whether youāre on any broker. The market doesnāt change THAT much between brokers, and if it does, one of your brokers is really screwing with prices. I can accept if 1MIN charts have a few differences.
I used MT4 to alert me, but now I find myself being able to identify a master candle as the charts form real-time. If Iām away from the computer though, I turn my volume up and wait for a sound to alert me one has formed.
I attached the indicator from NickB here, for anyone that wishes to use it. Itās good for any TF so enjoy Mastercandles anywhere from 1MIN to 1 Week charts 
mc-ind.zip (1.51 KB)
I have NickB master candle for at least 2 year +, itās on all my MT4 charts.
still would like to be able to trade just from Oanda without MT4.
I like the Madscalper M5 and taught I start watching how it could be adapted to Oanda, no easy way yet.