Trading the 5 min charts

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Comments

  • bo_brownbo_brown Posts: 551 ✭✭
    SOriginal,

    Glad to see your enthusiasm! I live in Pennsylvania, so we share the same t-zone. I will be trading in the AM, 6-730. Jump into the live chat and I will look for you. ( I'm at work during the day, so 12pm trading is not an option for me.)

    I like the aud pairs, and usdjpy the best.

  • bo_brownbo_brown Posts: 551 ✭✭
    The market was not cooperating today for me. I would have stopped trading tonight after 3 losses, but I was trading with a buddy on skype, so I took a couple more. 4 otms and 2 itms for the day. Worst day since I started this strategy, but "off" days come around now and then. I'm ready for Friday...let's do this!



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  • bo_brownbo_brown Posts: 551 ✭✭
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    soriginal said:

    Hey Bo,

    Joined this forum just to comment in this thread with you as I use the exact same strategy. It would be good both learn from each other to improve our results. I've been trading this strat successfully for two weeks but had a rough time yesterday and today. I too trade with marketsworld which makes it very difficult to follow the 5 min expiry rule of the strategy.

    What timezone do you live in? I'm in the USA, Eastern Standard Time. I've found most of my success after 12pm when london session ends during NY with the AUD pairs, and the least success with the USD/CAD and GBP/USD.

    Which pairs have you had the most success with?

    All the best,

    - SOriginal

    Here is a trick for you "TRACK YOUR RESULTS!" lol simply put keep statistics on the different pairs you trade and times you trade them if you notice certain times and pairs do not give you the desired results then don't trade those times or instruments as they simply don't work for you. This is an objective format to follow with the idea of improving your win % which should be always your prime focus in trading...
  • bo_brownbo_brown Posts: 551 ✭✭
    edited August 2014
    Friday morning brought more market mysteries. Price did not react to s/r lines quite like I have grown to expect them to. I do realize it is a one minute chart, and price is the most volatile, but I'm not ready to give up and change time frames...
    I got 2 otms, then ended with an ITM. No worries. Back at it next week.

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  • bo_brownbo_brown Posts: 551 ✭✭
    I might have to change the name of my journal. I had 2 otms and 2 itms tonight. The last trade I took was on the 5 min chart, with a 10 min expire time. I have noticed that recently price is not moving predictably on the 1 min charts for my strategy. And I can hardly ever get 5 mins on MW's timer for my expire time. The 5 min chart trade won by a nice margin, and I will trade my strategy on the 5 min chart the rest of this week and evaluate how I do.

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  • bo_brownbo_brown Posts: 551 ✭✭
    Won 4 out of 5 today. I won 2 trades this morning on the 5 min charts, but this evening, there were no trades set up on the 5 min chart,so I had to drop back down to the 1 minute charts.

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  • bo_brownbo_brown Posts: 551 ✭✭
    Wednesday trading = 5 itms, 2 otm, and 2 ties. It is lunchtime in Asia. I need to pack it up for the night...

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  • BryanMacBryanMac Posts: 851 ✭✭✭
    Member to keep in mind that market conditions will be changing as US economy seems to be picking up according to economic news and summer trading is over and big money is jumping back in the market. All those hedge fund brats got there ass kicked out of the Hamptons and have to get back to work now.
    Bryan Mcafee
    Hit me up on skype at Brymcafee (McAllen TX)
    www.tradingaxis.com
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    Remember the MM lol.. I want to see you at Level 2 or 3 soon... How are you making out so far?
  • bo_brownbo_brown Posts: 551 ✭✭
    edited September 2014
    Yes yes, thanks for the heads up guys.
    I am proud to say I am sticking to the plan Lotz. I was tempted to revenge trade at a higher amount, but held it at $2. I had a rough patch a few days ago, but I fought my way back up. I'm at $30. I need to grow a pair and do a few marty trades when the set up really moves in my favor. I plan to be at level 3 next friday.

    Today couldve been better, but progress was made.

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  • bo_brownbo_brown Posts: 551 ✭✭
    I had another session with progress. I did win a marty on one of them,too. Bonus!

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  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited September 2014
    Good job a level each week or two makes sense with what you are trading. Remember one of the key things I have taught people is to REWIRE their brains. NGFR is the simple take away, stick to the plan you are doing great... Don't think of it as fighting your way back, think of it as a rough patch you will have them from time to time no big deal look at the great trading you do on the average. Looks fine to me... What matters is consistent trading with low risk and high reward.. Always fight the temptation to break the rules so that you NGFR!!! "REMEMBER Sean Penn went home empty handed!!!"

  • TripackTripack Posts: 28
    Niiiice ! To be honest I don't fully understand the logic behind your trades but that does not matter at all, what does matter is that your brains are connecting stuff at the right places for you. Keep doing and indeed think about risk and mm. Well done !!
  • bo_brownbo_brown Posts: 551 ✭✭
    Thanks Tripack. And Lotz, too funny bro, but so true!
  • holyfire_germanyholyfire_germany Posts: 29 ✭✭
    BO whats up? Missing you posts.
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    Yeah don't let any down turn stop you from moving forward.. All mistakes are great teachers as long as you learn from them...
  • bo_brownbo_brown Posts: 551 ✭✭
    Thank you guys for the support. I will be back posting this week.
    holyfire, do you have a thread of your current trades?
  • holyfire_germanyholyfire_germany Posts: 29 ✭✭
    edited October 2014
    bo_brown said:

    Thank you guys for the support. I will be back posting this week.
    holyfire, do you have a thread of your current trades?

    Great your back. Well I lack the commitment to do this. I am strictly trading my plan. Gain the amount of three wins or stopp at the amount of two losses from the starting balance. Always same trade size.

    I trade a mix from TA (15 min) with CCI Divergence, and still hold to Bryans summer trading template.(15min).
    Here and there I jump on a nice PA trade.

    Two things that hindered me from success :
    1 - I had a MM that did not include a "Stop trading rule", sadly learning from pain here.

    2 - When I left the need to be succesful and achieve big profits from little starting capital ( I so badly wanted to do this fulltime that I carried to much pressure which clouded my thinking) - once I abandoned this idea and didn't care about when this will happen but that it will happen, I was able to see consistent ITM.



  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    Exactly you are not chasing the market you are letting the trades come to you and thinking in an objective manner, not subjectively = emotional. Trading is a grind day after day, the ones of us who can do it for a living are GRINDERS! Like Holy'sBallsRonFIRE! pointed out when you think subjectively about things that have nothing to do with trading you CLOUD your mind. The market does not care what you think or feel its all statistics so think in a statistical objective manner always aiming to be in alignment with the prevailing market conditions.
  • bo_brownbo_brown Posts: 551 ✭✭
    Great advice..
    Heres my trade list from this morning and tonight. I was trading with a buddy in the chatroom tonight. Hence the big list of trades. If I am trading solo, 3 wins, or 3 losses and I am shutting down for that session. Example, this morning, I had three ITM's in a row, so I shut the laptop and took the dog out.

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  • bo_brownbo_brown Posts: 551 ✭✭

    Exactly you are not chasing the market you are letting the trades come to you and thinking in an objective manner, not subjectively = emotional. Trading is a grind day after day, the ones of us who can do it for a living are GRINDERS! Like Holy'sBallsRonFIRE! pointed out when you think subjectively about things that have nothing to do with trading you CLOUD your mind. The market does not care what you think or feel its all statistics so think in a statistical objective manner always aiming to be in alignment with the prevailing market conditions.

    Grinding away like the movie Rounders. Love that movie.


  • bo_brownbo_brown Posts: 551 ✭✭
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited October 2014
    You need to focus on your averages, example I see 2 strings of 4 wins a in a row. What do your averages produce? The average string of losses vs average string of wins and daily ITM%. Another thing your payouts dropped on trades to 70% because you are trying to catch the short term trades not taking the 5 min trades that pay higher? WTF same trade higher payout do you think because you are doing the shorter term trades you win more? You might be making more trades but be mindful of your win % the smaller TF with the lower payout you might think about skipping. I don't think you really count or focus on the stats of what you are doing this will make you inconsistent or worse can lead to emotional tilt moments.. Go back to the basics really look at your numbers and break them down examining all different variables of your trading to see what works what does not and what you can do better. Another thing is your trade size you have all the same trade size then you go 3x to 9x up? WTF that is unstable... You need to really put in both Money Management and Risk Management Rules to keep you level. I can see why you have issues keep your bet sizes 2 levels only grow through the money management of completing a level with consistent trading that is called earning your size. I gave you the rules, apply them don't be retarded...
  • bo_brownbo_brown Posts: 551 ✭✭
    I do agree on your MM template. I was chasing candle exhaustion and martingaled those couple of trades to keep a profit on demo. I do realize that does not always work. Back to real money soon. And consistent trade sizes.
    But as far as the 60 sec trades verses 5 min trades, I wish they always were a higher percentage. Once in a while I find a 75 or 82% trade, but usually its 70% whether I trade 60 sec, or 5 min expire times.
  • bo_brownbo_brown Posts: 551 ✭✭
    I did not have time to trade tonight. I only traded the end of London this morning...

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  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    cool if you go back through your statistics of trades and traded 4-7 trades a night in your average statistically using the money management formula over time where do you think you would be if you traded each trade the same size over time..
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited October 2014
    Because what i see is positive expectancy overall with your trading even with the downturns you face.. The key to trading is not just knowing how to win but more importantly knowing how to lose...
  • bo_brownbo_brown Posts: 551 ✭✭
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    nice keep up the good work just know trading is a grind stick to the MM and don't marty trades beyond 2 steps unless you apply a winning marty...
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