Trading the 5 min charts
bo_brown
Posts: 551 ✭✭
I thought I would start a fresh thread for this system I have been practicing with. I am finding consistent success, and I want a clean thread with one strategy. Zombie Zone was the old me. I wanted to commit to something, but I just was not done exploring all the strategies out there.
I am set on this strategy presented here.
I cannot take credit for creating it. It is explained on this website. http://www.realbinaryoptionsreviews.com/strategies/5-minute-trading-strategy
You may have to create a profile, but that is free. I AM NOT affiliated with this guy in any way. I just want to give credit where it is due.
It will be fairly simple to see my chart set ups if you watch the video, or not. I am using standard settings bollinger bands and stochastics on freestockcharts. 1 min charts, and trading 5 min contracts.
Here are two winners from today...
I am set on this strategy presented here.
I cannot take credit for creating it. It is explained on this website. http://www.realbinaryoptionsreviews.com/strategies/5-minute-trading-strategy
You may have to create a profile, but that is free. I AM NOT affiliated with this guy in any way. I just want to give credit where it is due.
It will be fairly simple to see my chart set ups if you watch the video, or not. I am using standard settings bollinger bands and stochastics on freestockcharts. 1 min charts, and trading 5 min contracts.
Here are two winners from today...
Comments
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I had 1 win and 1 loss today. The loss happened because I jumped in one candle too soon when I was timing the end of the uptrend. I did not wait for the fast stoch line to cross and separate from the slow one. The verticle line is the expired candle, and you can see the huge red candle right after that. Here is the loser picture....
[IMG]http://spotware.ctrader.com/c/S7bwn[/IMG]
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Sorry, here is the chart...
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Here is the itm...
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I have been trading with a free bonus from beeoptions. I had a trade close ITM tonight, at 135.954. Entry was at 135.958. Timer hit zero, I then watched a good two seconds go by, and they closed me OTM at 135.963.
I contacted live chat to see if they reverse it. Who knows. I still have Marketsworld as my go to broker.
Check out my chart. Again, one candle later, and there would be NO controversy. The down arrow is entry, up arrow is exit..
I traded at the close above the BB, according to the video strategy rules. I have been noticing if I wait for separation of the fast stoch line to drop under the slow one, the trend change is more developed. I will keep watching and practicing. -
Here is a cleaner win from this morning...
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2 itms, 1 otm...
Here is the OTM. I entered where previous resistance held price in check. But not this time, the bulls marched on up...
Have a nice weekend everyone... -
nice charts bo_brown. i almost trade the same like you but i have 5m chart and expiry is 15m to 30m. scalpeur from FF uses almost the same strategy in spot forex. he's using macd instead of stochs. his thread is 'scalpeur journal, scalping the bollinger band'.
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I have been reading your thread. Very impressive results. I look forward to watching your progress!!botsog said:nice charts bo_brown. i almost trade the same like you but i have 5m chart and expiry is 15m to 30m. scalpeur from FF uses almost the same strategy in spot forex. he's using macd instead of stochs. his thread is 'scalpeur journal, scalping the bollinger band'.
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I had a close one today. I waited an extra candle before I entered the trade, watching for separation of the fast stoch line under the slow one, and it almost lost. My expire candle dropped seconds before it climbed up and closed. Lucky for me my 300 minutes expired ITM..
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2 itms, 1 otm today.
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I lost a few tonight. I tried trading just the green line and ignoring the red line, like the video showed, but my timing was too early. I really like to watch for the red AND green lines to be out of bounds, then watch for the green to hook over, then trade. The ITM I had was by watching price action and the stoch. It was not out of the bol bands, but showed a very nice repeating range to trade. It won easily.
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Back with a vengence...6 itm, 1 otm
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good bo_brown. just continue posting bro, we are learning from each other.
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I wrapped up the week 2 out of 3 today. And, like many of my OTM's, it was ONE candle too soon. I was almost 3 for 3...
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This next one was frustrating. My entry candle was nice and red and under the trendline, until seconds after i entered the trade. The rest of the candles respected the trendline. Just not the one I entered with. I suck.
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I noticed cTrader was freezing up at the end of the one minute candles a little too often. I switched back to freestockcharts, and started winning again. I feel more comfortable with reading them, I suppose. All I know, is that I'm happy to see green pluses consistantly again!
I have a ways to go to catch up to botsog's leverage, but I'm heading in the right direction.
I started incorporating fibonacci lines into some of my trades. Some of the trades on MW did not have exactly 5 min contract times, so I took a couple at 9 and 10 minutes.
5 trades with freestockcharts= 4 itm and 1 tie.
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The Asian session seems to be better to trade this method. I had good entries this morning at the end of London, but they did not end well.
I had one tie today. That put me at 3 itms and 3 otms for the day. Slight loss, but still enjoying the strategy.
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I can't complain. Of the 5 trades today, I had 3 itms, 1 tie, and 1 otm. MW is still a little tricky for my strategy. Getting an expire time of exactly 5 minutes is not always an option when trading off the one minute chart.
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The trading you are doing is fine, you now need a money management strategy. Come in the tinychat room known as the live chat at the top of the page and I will walk you through how to get to the next level to help you grow your account to where it should be. Between 8am-10am est
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Ending the week with 2 itms, and 0 losers.
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Textbook trade for Monday. Not much time, so just one trade today. ITM
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3 nice ITM's tonight. I'm looking forward to climbing through my money management levels. Off to a good start...
A big thanks to Lotz for some awesome guidance! -
You are welcome in a few months should see you trading some nice size
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I had 2 purrrdy trades this morning. Then I screwed the pooch on the first one after work. I immediately recognized a solid red candle stalling at the bottom of a previous pinbar. This is a great set up for a 60 sec trade, so I jumped in and won that one. Those two trades happened so fast, they are on the same chart.
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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
