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Thread: Help! I need most prifitable trading strategy for 5 min chart

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    Default Help! I need most prifitable trading strategy for 5 min chart

    Help me.I am new in forex trading.I need most profitable trading strategy for 5 min chart for EURUSD.Please give me template(not indicator) of your suggested system with some description on when to buy or sell & exit.

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    Quote Originally Posted by khan22 View Post
    Help me.I am new in forex trading.I need most profitable trading strategy for 5 min chart for EURUSD.Please give me template(not indicator) of your suggested system with some description on when to buy or sell & exit.
    hello khan u can try this system and if doesnt wotk with u let me know and i'll send u another one late cuz am not on my pc now

    MY RULES: 5 MINUTE INTRADAY TRADING SYSTEM
    THE BASIC RULES
    Adapted from Original developer Phillip Nel
    Version 4 Oct 2007
    1. THE CHART SETUP:
    1.1 Charts & pairs:
    1.1.1 5 min candle chart
    1.1.2 The following 4 pairs:
    EUR$
    GBP$
    JPY$
    EURJPY
    1.2 Indicators on chart itself:
    1.2.1 EMA = 10 & 21
    1.2.2 SMA = 50
    1.3 SMAangle window:
    1.3.1 SMAangle indicator (post #399 on page 27 or page 39 of thread)
    1.3.2 21 EMA based on first indicator data overlaying this indicator (see Attachment A)
    1.3.3 Put the following horizontal lines on the SMAangle indicator:
    0.1, & -0.1, on the EURU$, GBPU$ & U$JPY pairs
    0.15 & -0.15 on the EURJPY pair
    0.4 & -0.4 on all 4 pairs
    1.4 ADX window:
    1.4.1 Open a ADX indicator in separate window set @ 13
    1.4.2 Overlay it with an lsma 3 indicator from HelloDollie safe pips thread (not included in
    example provided)
    1.5 Optional:
    1.5.1 PhilNelsignals indicator (post #399 on page 27 of thread & page 39) downloaded
    from thread
    1.6 Optional The EJ_CandleTime(1)H indicator from the 4h MACD thread to look at the time
    left before closure of current candle.
    Example of Chart:
    2. THE TRADE CRITERIA:
    Criterion 1: 50SMA angle to be more that 20 degree
    2.1.1 It is a subjective measurement and it is not an accurate measurement.
    2.1.2 It was used in the beginning of the thread) and we changed late to the 21MA on the
    SMAangle indicator as a guide (as explained in Criterion 2).
    2.1.3 But it is still very applicable for this system because the angle of the 50MA is the
    main principle behind the system
    Criterion 2: 21EMA on SMAangle indicator to cross the 0.1 or -0.1/0.15 or -0.15 line.
    2.2.1 The area between the 0.1 and -0.1 lines is called the no-trade zone.
    2.2.2 No trades to be taken if 21MA is in the no-trade zone.
    Criterion 3: The price to pull back through 10EMA to 21EMA
    2.3.1 The area between 10MA & 21MA is called the fire or war zone
    2.3.2 In the war zone is where the action is youll enter your trade
    2.4 Criterion 4: The price should stay on the correct side of the small resistance/support
    line
    2.4.1 Draw (Appendix B) a small trend line from the:
     Last High or Low before the cross of the 51MA
     Next high/s or low/s to form a small resistance/support line
    2.5 Optional SMAangle bars to be higher or lower than 0.2 or -0.2 line (I dont use it any more
    the small resistance/support line is more accurate)
    Example of chart:

    3. THE TRADE SET-UP:
    Rule 1: Small trend line rule:
    3.1.1 Ensure that the price and candles stay on the correct side of the small trend line.
    3.1.2 Any break-out cancels the set-up/possible trades
    Rule 2: Specific manner of pullback of candles towards war zone:
    3.2.1 Smooth and flat pullback of candles no steep pullback
    3.2.2 Smooth rounding of top/bottom (wave-like pullbacks) no sharp V shape change of
    direction
    3.2.3 Ascending of descending triangle being formed between resistance/support level and small
    trend line drawn
    Rule 3: Pullback into war zone:
    3.3.1 Identify the first candle to enter the war zone towards 21MA
    3.3.2 Wait for second/more candle to pull back from 21MA towards 10MA
    3.3.3 Enter the trade on the pullback a few pips away from the 21MA
    Rule 4: Additional ADX rule (not yet fully tested):
    3.4.1 For a long trade, the positive line (Blue) must be above the negative line (Red) with Isma
    line crossed the red line to go in between Blue and red line
    3.4.2 For a short trade, the negative line (Red) must be above the positive line (Blue) with Isma
    line crossed the blue line to go in between Blue and red line.
    3.4.3 The trend line must be above 25 level
    3.4.4 If the ratio between the positive and negative line is almost 2:1, expect the pullback only up
    to the 10MA and enter the trade.
    Example:
    4. THE TRADE:
    4.1 Use a market order to enter within the war zone as specify
    4.2 Put Stop Loss 6+spread pips away
    4.3 Move stop loss to breakeven after a clean 6 pips gain/profit (brokerage/spread included
    4.4 No Trailing Stop Loss
    4.5 Put/activate profit limit on 10-15 pips
    4.6 There are plenty of chances to get in a trade:
    4.6.1 Dont try to trade every signal that might work
    4.6.2 Wait for the good setup to occur
    4.6.3 Wait for the High probability ones
    4.6.4 Rather miss an opportunity than to get involve in a bad/wrong set-up
    4.7 The Entry looks:
    4.7.1 Small candles
    4.7.2 Flat type of pull back
    4.7.3 Some sort of Resistance (up trend) and Support (down trend) to form a small
    acsending or decending triangle awaiting a breakout within the war zone.
    5. PHILLIPS ORIGINAL CHART:
    Page one the thread
    6. NEW SET-UP & TRADE ON CHART

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    there is a strategy for the 5min frame
    use the following:
    1- moving average
    2-IDX
    3-IDM
    4-dynamic zone
    5-selfadjustRSI
    use this items and you would got great results

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    draw support and resistance based on pivot points
    then buy when resistance broken
    and sell when support close

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    Both system works nice. However, i would prefer the first one, seems easy than the second one.
    Last edited by onlinestock11; 02-27-2009 at 08:18 AM.

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    Wouldn't say that this is the most effective one, but worth a try (to tell you the truth, have heard of this one, not tested it myself )

    "The idea behind scalping at Pivot levels is simple. Pivot points are excellent levels of support and resistance. The moment price comes and touches them it bounces off like a rubber ball.

    The rules for scalping with pivot points in Forex are simple:

    Calculate Daily pivot points for your favorite currency pair. For calculation use data from 5 pm Eastern time to 5 pm next day Eastern time.

    Sit and watch 1 minute chart. Be patient. Let price touch any of pivot point lines, or come at least on pip away from it. Believe me, your patience will pay off. The price do touch pivots 90% of the times. 90% is a lot. Enter with larger than you would regularly do order, but be reasonable.

    Set stop loss 3 pips + spread on the other side of the pivot line.
    Take profit once available - I would usually close my trade within the first completed 1 minute candle and as soon as I'm profitable."

  7. #7
    Andrew Ang
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    Default How to get the support and resistance based on pivot points

    Quote Originally Posted by forexdude View Post
    draw support and resistance based on pivot points
    then buy when resistance broken
    and sell when support close
    Hi, i am using this way to trade but sometimes i found that my accuracy is not there. I am thinking of may be is the way of drawing support and resistance is incorrect. How can get the more accurate support and resistance based on pivot points. How to calculate the pivot points.

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    well that is a very good question,because the market moves any how,but the support and resistance level is very good to predetermine a move.well what i think you should do is watch out for price level that has been tested like 3 to 4 times,using mainly higher time frame like 1 hour.
    OSAWE EMMANUEL OSAWARU

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    ANDREW


    i should let you know that there sites that display daily support and resistance level,so with them you dont need to stressyour self about locating the right values,all you need do is to test the level.
    OSAWE EMMANUEL OSAWARU

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