Trading the 5 min charts

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  • bo_brownbo_brown Posts: 551 ✭✭
    3 trades this morning, 3 trades tonight. Marching on. Feeling good.

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  • guddiguddiguddiguddi Posts: 6
    would love to get more updates on this method from bo_brown
  • joshNjoshN Posts: 6
    I have been testing this method out over the last week. Currently I am 68% ITM over about 35 trades... I will keep testing it over the next 30 days and see how it turns out.
  • bo_brownbo_brown Posts: 551 ✭✭
    I had some really bad habits that I have finally grown out of. Hence the reason I have not posted in a few months. I will start posting again this week.
    I have changed to just trading off the 5 min charts. The 1 minute chart was just too jumpy for me. The 5 min is more my style, but do what works for you.
  • bo_brownbo_brown Posts: 551 ✭✭
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited March 2015
    Good I hope the markets b*tch slapped you into reality. The number of talented traders I come across you one of them that can't control their emotions/discipline is overwhelming. On the bright side you keep grinding it out you will become a very good trader, you just have to get tired of banging your head against the wall and wondering why it hurts... Limit your trade sizes and number of trades a day according to the statistics of what you produce. This will force you to make better trades as well but requires a good deal of focus and control over your feelings especially when you lose trades...
  • bo_brownbo_brown Posts: 551 ✭✭
    You're a tough coach, and I am glad you are. Thanks for giving a rats a$$. I appreciate it. I didn't forget my dinner promise when I hit level 10.
    95 south, here I come.
  • bo_brownbo_brown Posts: 551 ✭✭
    Starting the week off with 1 out of 2 in last night's Asian session. And 3 out of 3 this morning's London session.

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  • bo_brownbo_brown Posts: 551 ✭✭
  • bo_brownbo_brown Posts: 551 ✭✭
    edited March 2015
    Is there a way to edit my thread title here? I don't use 1 min charts anymore....

    Anyway, I took one trade this morning. I don't always look for divergence between the candle price action and the stochastic indicator, but it was really standing out today. I dropped two trendlines on the price going up, and the stoch going down. This usually means price will fall through the trendline to match up with the stoch direction. Nothing is ever a guarantee, but it worked for me today. You will notice that the R1 resistance line rejected price. That reinforced my trade decision.
    And some of you thought Divergence was just a movie!

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  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    sure what would you like to call the thread instead just type it out..
  • bo_brownbo_brown Posts: 551 ✭✭

    sure what would you like to call the thread instead just type it out..

    "Trading the 5 min charts"

    Thx Lotz

  • bo_brownbo_brown Posts: 551 ✭✭
    3 of these loses would have been winners if I had one more candle. I should've re-entered but I was being overly cautious..

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  • mrsbearmrsbear Posts: 43
    Is this Bogdan's strategy (using 5 min rather than 1 min charts) from Realbinaryoptionsreviews? I found it works really well when the BBs are flat and not sloping. Unfortunately there's no way of telling an alert (which is how I like to trade) that you want flat BBs and not to bother you with sloping ones!
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited March 2015
    Key is you keep on rollin when things are not good you reduce leverage & trade less, when things are good you increase leverage and trade more often. Its hard but disciplined logical thinking along with good money management is priceless. I was under 60% today market beat me solid and that is ok, from the start I saw things were slow so I reduced leverage and did not trade as much. I lost 1/10th of what I made yesterday applying this thinking. One of the rules I gave Bo was if you notice or feel the markets are not favorable you can always reduce trades or trade size. In time you will be able to feel out the markets and even if not your stats will tell you to reduce naturally if you are disciplined and focused on trading well.. If you still feel the need to gamble or trade when things don't look favorable then do so with demo accounts or very small leverage. Its cheaper to lose my ego with monopoly money then lose $$$ to my broker lol...
  • bo_brownbo_brown Posts: 551 ✭✭
    mrsbear said:

    Is this Bogdan's strategy (using 5 min rather than 1 min charts) from Realbinaryoptionsreviews? I found it works really well when the BBs are flat and not sloping. Unfortunately there's no way of telling an alert (which is how I like to trade) that you want flat BBs and not to bother you with sloping ones!

    Yes, it is the same strategy. And yes, alerts would be nice. For now I just scroll through the pair's offered at MarketsWorld. Sometimes I miss a trade on one pair while I'm staring down a set up on another pair.
    Freestockcharts offers a paid version of their charts in which I could set an alarm onto the stochastic window to buzz me when it's out of bounds. I'm debating on paying for that.
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    Let me trade with you one night and I will see what it is you are looking at. Maybe I can find you something more useful or at least advise you as if I think it would be worth it for what you are trading/looking at. Pick a night during the week and let me know ahead of time so I don't piss off my GF lol..
  • mrsbearmrsbear Posts: 43
    edited March 2015
    Bo, have you thought about opening an account with Ameritrade (no deposit required to open an account) in order to use their ThinkorSwim platform? I think it's one of the most sophisticated platforms in the business and the study alerts are incredibly versatile and could be set to notify you by buzzer, email and even SMS when any of your preferred currency pairs are overbought/sold and above/below the BBs. Like Freestockcharts the market price on TOS is pretty much identical to the broker price. I don't know if it's my age or if I'd have been the same when I was younger but I can't concentrate on the charts for very long and have realised that without alerts I'm not going to make it as a trader. I've also used the study alerts at ig.com which are good and would suit your strategy but nowhere near as wide-ranging as those with TOS. I have the greatest respect for those of you with the powers of concentration to watch the charts for long periods.
  • bo_brownbo_brown Posts: 551 ✭✭
    I have always heard positive things about TOS. I will take a look this weekend! Thx mrsbear!
  • mrsbearmrsbear Posts: 43
    Before I sidetracked myself talking about TOS I meant to say that I traded this system for a couple of months last summer but without your refinements. In the end I developed a strong dislike of bollinger bands - I was sick and tired of seeing them start to go up/down into a trend right after I'd placed my trade! For the next few weeks I'm going to trial a combination of this strategy and Orkane's 15-30 minute strategy and see how that works. I'm only going to use the SMA 50 and the stoch indicator and for an asset that is above the 50 SMA I'll only take call trades and one that's below the SMA 50 only put trades. The big difference between this and Bogdan's strategy is that I won't take the trade when the asset is overbought/sold but only after it starts moving back in its original direction, i.e. crosses back above/below 20/80. The theory behind this is that once an asset returns from being overbought/sold to its original direction there's a greater chance of it continuing in that direction. Logically speaking that should be the case 6 out of 10 times and that's all it takes........ But we'll see. Alerts are set and I'm ready to go.
  • mrsbearmrsbear Posts: 43
    edited March 2015
    A picture being better than 1000 words here's a screenshot from Friday's trading that illustrates what I'm planning. The EUR/USD was in an uptrend and had a pullback and went into oversold territory. My entry point would be once the stochastic moved back above 20.

    https://us.v-cdn.net/5020941/uploads/FileUpload/40/71230c194d0c8f0bdf6247922a2310.png
    Screen Shot 2015-03-22 at 14.57.27.png
    492 x 599 - 70K
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited March 2015
    Trading is not that complicated all you need to do is hold above 60% to be profitable of course the more focus and discipline you have the higher ground you can hold. There are so many factors in trading it goes way beyond any system/indicator set you use. Example the money management you use is likely the #1 factor in you being successful in trading. Once you have learned to gain a consistent average of positive expectancy in your day to day trades. From there its just rules, example you have a bad day and you trade an average of 5 times a day and you notice you are down 3 in a row maybe you might want to stop for the day. Many traders will try to trade their way out of a poor market instead of trading less/using less leverage so that sets them back. Example yesterday I was in the red just for whatever reasons could not keep green and that is ok happens. Yet the day before I made over 10 times more then I lost friday because I simply did not like the price action = trendy choppy slow and reduced my leverage and # of trades naturally because for me it was a wonk day. That is the kind of stuff that you need to learn in time and that is really experience. From there its just a grind of increasing your balance over time.
  • mrsbearmrsbear Posts: 43
    I know you're right Lotz but I'm still stuck on the first line of your explanation - "all you need to do is hold above 60% to be profitable". However, I like the feel of the strategy I'm about to try and plan to give it a real good go so I anticipate in a few weeks time moving on to the second line of your post!
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    That is fine no rush all good things in good time. If you like I was going to help BO one night this week if he does not mind maybe you or a few other that were interested could sit in with us to exchange ideas in the live chat room. What I will do is use live charts share trading ideas/setting give pointers ect ect all in real time to see if I can help you guys a bit to keep you on the right path.
  • bo_brownbo_brown Posts: 551 ✭✭
    I don't mind having other traders in our chat, lotz.
  • bo_brownbo_brown Posts: 551 ✭✭
    mrsbear said:

    Before I sidetracked myself talking about TOS I meant to say that I traded this system for a couple of months last summer but without your refinements. In the end I developed a strong dislike of bollinger bands - I was sick and tired of seeing them start to go up/down into a trend right after I'd placed my trade! For the next few weeks I'm going to trial a combination of this strategy and Orkane's 15-30 minute strategy and see how that works. I'm only going to use the SMA 50 and the stoch indicator and for an asset that is above the 50 SMA I'll only take call trades and one that's below the SMA 50 only put trades. The big difference between this and Bogdan's strategy is that I won't take the trade when the asset is overbought/sold but only after it starts moving back in its original direction, i.e. crosses back above/below 20/80. The theory behind this is that once an asset returns from being overbought/sold to its original direction there's a greater chance of it continuing in that direction. Logically speaking that should be the case 6 out of 10 times and that's all it takes........ But we'll see. Alerts are set and I'm ready to go.

    You have a winning attitude, and you are on the right track. I would like to suggest to watch out for support/resistance lines, and or fibonacci retracement lines. They provide a nice point of reference when looking for price to reverse direction.

  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    Cool we will have it here tonight starting around 7-8pm till around 10-11pm not sure exactly what time in the Asian you finish. I will have live charts streaming that we can setup to look and follow anyway you guys would like. I will bring the beer! If you want to watch or join in feel free!

    http://www.binaryoptions.net/chat/
  • bo_brownbo_brown Posts: 551 ✭✭
    2 out of 3 this morning. My OTM was just one candle off. The next candle was nice and green.

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  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    here is a good S/R trade with divergence no indicators needed on the tick charts of MW alone... Trade wins by over 8 pips in under 2 mins..

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  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    Come on BO BO we are waiting! lol
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