The following capture is on the EURUSD 5 minute chart showing notations for both long and short positions.
First-long:count back method-open at 1.32944 and close @ outer BB on 20,2.5 at 1.33845=90.1 PIPs.
Second-Short: at BB outer band at 1.33845 and close @ 4th countback bar which is 2nd green bar @1.33413=43.2 Pips.
Third-long: at 1.33413 (2nd green bar) or 1.33404 (5th count back) and close @ 1.33640 (BB) or 1.33608
(2nd red bar) =max 23.6 PIPs & min 19.5 PIPs
Next short at close of last trade is only a few PIPs, depending on your move of the stop, as this is in an uptrend. Price pulls back to BB midband, before bouncing.
Forth-Long: at 2nd green bar or 1st bar >45 on CCI @ 1.33639 and close at 1.33817 (1st CCI bar >-45)=17.8 PIPs
Short at close and exit at new long=1.33817-1.33643=17.4 PIPs.
Long at 1/33643 and close at next short at 1.33907=26.4 PIPs.
Short at 1.33907 and close at 1.33778-801 (MA on uptrend)=aprox 10 PIPs
Long at close of short or at 1.33981 and close at 1.34145 (2nd red bar)=16.4 PIPs
Short at close at 1.34145 and close at 1.33574 or 1.33559 or still holding at 1.33317 in this downtrend
With this system, you can see that most of the time, you are either short or long in the market.
Good trading and Happy New Year!
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Because of those who thanked me, I thought I would show 2 other time frames, 30 Min on AUDUSD and 60 Min on EURUSD. It is not necessary to catch all the trades to be successful. Once you understand what to look for on the charts, the trades will jump of the charts at you. It will become second nature. As you probably already know, you will need to use larger stops as you increase the value in ticks or minutes of each bar. You may need to experiment with it. It will vary on the volitility of the market, time of day, and the market traded. You may consider trying 35 PIPs on 30 min and 65 PIPs on 60 minutes and then change to what best works for your trading. I also consider support and resistance levels and BBs. Whatever I use, I move the stop to at least 1 PIP gain as the trade moves to profitability by several PIPs. This prevents a winning trade from becoming a loser. Perfect your trading before putting money at risk.
I hope this helps some of you and that this is your best year of trading for you all.
Happy New Year!!!!
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I was just about to post one of my favorite trades when I saw your post. I will add more when I can. My system works on all time frames, but the protective stop will vary. Check out this 5 min chart on the EURUSD and see the notations. Hope this helps. Good trading.
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Finally, I had a chance to add another chart as you so desired. Hope this helps. I do not trade such a short time frame. You can see the potential for many trades using this method. It will work on any time frame. Try it.
Last edited by ESFXtrader; January 19th, 2011 at 11:37 PM.
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