Actually, your strategy seems similar to mine, except that I don't wait for 30/15/1 to line up. I only trade off of the 5 min bar and I use MACD as confirmation. I use the 30 min bar to find important S/R and for gauging the general direction of the market. If we are in down trend on the 30 min bar, then I will be watching 5 min bar for shorting opportunities (opposite for long). Works well! I tend to be systemic with my entry/stop/exit. Right now I am using 20:40 pips R:R. I don't get 9/10 though. My best month would be 6/10, but with a 2:1 R:R I close with a profit.
Forgot to add, I also use the 10/20simple moving avg on the 5 min bar. I will not buy unless current price is above 10 and 20 SMA (opposite for short). So in summary, I use S/R on 30 min, MACD and SMA on 5 min.
I agree with Jerry that S/R is very important in forex, and agree wholeheartedly with his concept of getting out very quickly and not ride for "too long". Forex is pretty mean reverting in these time frames. Shame he won't answer any more as my question would be if he buys the breakout or anticipates it and tries to add/get in some distance away from the S/R.
No, I do not generally anticipate breakouts. I don't see the value in them for as they are less common then s&r bounce offs. I play the highest odds for my trading session when it starts. I figure if the market has traveled that high already the chances of a pull back or reversal become much greater so why I'd anticipate on a breakout just for a 20 pips is beyond me. The only exception is if the market is in a clear up or down trend. I mean 100% clear even the layman can spot it out - then my system is void and would go in the hands of a trend trader. Now, in the rare case that the breakout continues to move the market up based on high buying or selling at that moment, I will generally concede my position after that support or resistance breaks and just call it a day. No need to chase every move when I can play a better odds game in ranges. By the way: I never was classified a range trader. It is true I trade ranges but I trade whatever looks strategic. I enjoy trading pull backs, ranges, reversals, tops bottoms of s&r on price and macd. I determine these strategic trades all by analyzing 30, 15, and 1 minute multiple time frames and where the macd is at on those time frames. I don't waste time with break out anticipation because there's a greater chance there won't be a breakout than there actually will. Someone asked me via pm if I use stop losses. I do not. I do not trust them. -Jerry
Gabbyjay: thats very nice of you to post a system to try and help out other struggling forex traders.....I been trading that multi time frame style as well(over 2 yrs now), and achieve over 300 pips /week consistently. And if people on here want to flame your thread, then fuck them! They need to resolve some personal issues and get a life.... I do use mental stops on ocassion though.....if I did use preset hard stops I wouldnt be too worried about stop hunting since I trade thru an ECN broker.
scout, what is the point of posting a lame response with a dead link? Are you trying to be a smartass bcuz you crave attn or something?
lol..cut winners early and cut losses early so that gabbyjay can ass rape you on commissions and fees!!!!!!!!!