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4:33 pm
December 13, 2009
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rmess
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| Member | posts 3 |
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I am looking for an average move in a 5 minute time frame. Normal volatility during pit hours!!!
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11:24 pm
December 13, 2009
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Andre
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| Member | posts 6 |
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Hi,
When oil is range bound (trading in a channel) the 5 min will have about 40-60 pips to play with. Determine the channel top and bottom and the use your candle reversal signals and slow stochastic (15:3) to indicate entry points.
If the market is not range bound but trending (determined bu our 4hour ,1 hour and 30min trend) then we use the 5min to get the best entry and ride the wave until a candle reversal on the 30min takes us out.
5min swing trading: I use a exp moving average 3 and 8 with my slow stoch and a RSI.
Enter: when the 3&8 cross for the long I wait for the bar to fin. And if the next bar takes out the HIGH of the bar that caused the 3&8 to cross I will enter long. 5-10pips and I'm out.
Same with the short, wait for the low to be taken out before you enter.
Im currently testing this on a 1min chart but will keep you updeted.
Hope this helped
Cheers
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1:36 pm
December 14, 2009
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rmess
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| Member | posts 3 |
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Andre,
I got pretty chopped up this morning trading this. Any thoughts, what I may be doing wrong or what I should be looking for. I am a short time frame trader, high frequency. Today I put on 98 trades and lost 1340.00.
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4:52 pm
December 14, 2009
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jgrennay
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| Member | posts 5 |
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I have a trading system that I use that you may be interested in that works great. I average about 250 pips a week. Ive been trading the 5 minute chart with it for about a month now. If your interested, let me know and I'll send you the link.
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5:00 pm
December 14, 2009
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rmess
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| Member | posts 3 |
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yes i would be interested.
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10:48 am
December 15, 2009
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jgrennay
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| Member | posts 5 |
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Post edited 5:33 am – December 17, 2009 by Administrator
– Link edited by Administrator. Reason: No affiliate links please –
http://www.theoilbiz.com/
Just click on that link, and it will take you to the website where he wxplains everything. It's really a great system in my opinion. he also has one for gold and Forex if you want to trade those. He puts the results daily on his website and they are legit. It's 149 and it also has a 60 day no questions asked refund through clickbank which is great. but there ya go, if you have any questions about the system let me know, i have been using it for about two months now.
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12:22 am
December 16, 2009
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Andre
| | South Africa | |
| Member | posts 6 |
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Hi, Without looking at every trade you made the only thing that I can do is inform you of the mistakes I made.
1. If you don't wait for the high or low to be broken and enter the trade to soon it can form a tweezer top or
bottom and go against you.
2. If the trade you are in make a retracement before going up again you get a fright and take the loss,
I trade with a very small exposure 5% of my equity, so on the pullback I will do a top-up (Buy another position)
at a better price.
3. Use a manual stop-loss at a significant resistance or support line( must close below or above).
4. As long as my trend on the 30min chart is long I will only trade long and ride the wave.
If I trade against the trend of the 30min chart on the 5min I WILL ONLY TAKE 5PIPS profit and get out (scalp).
Monday I took 87pips on this method
It does take patience and practice.
Never buy or sell close to support or resistance of the day chart.
Hope this help.
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4:29 pm
January 10, 2010
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Steven
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| Member | posts 13 |
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How is your system working Andre. Is is still holding up? How are your results of the total of 2009?
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7:03 am
January 14, 2010
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Andre
| | South Africa | |
| Member | posts 6 |
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Post edited 7:11 am – January 14, 2010 by Andre
Hi Steven,
I have made 346 pips for the year so far, Trading from the 7th only up to now, 14th.  So far fantastic.
I average about 300pips per week 1200pm and about 15000 per annum.
I must say that I have a lot of trading experience and have a good feel for when to let my profit run. this is NOT only on the 3&8 strategy.
cheers
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