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Attachments: TEB 5ema & 12ema and 21 RSI (MTF)
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TEB 5ema & 12ema and 21 RSI (MTF)

Training wheels question for TEB or others.

I tried this today with some modest success during the New York session.

As the shorter timeframe builds the longer and thus the 5 minute trends before the 30, it seemed the trend on 5 min was prime for a retrace at about the time the 30 would alert. With just a 10 pip SL I thought I could be taken out easily.

Do you, should you alternatively look for the first retrace and continuation as a much safer entry - or just boldly buy into 5 or so consecutive up/dwn candles?

I imagine this is one of those 'it depends' questions. LOL

Thanks
Quoting davidt76
Training wheels question for TEB or others.

I tried this today with some modest success during the New York session.

As the shorter timeframe builds the longer and thus the 5 minute trends before the 30, it seemed the trend on 5 min was prime for a retrace at about the time the 30 would alert. With just a 10 pip SL I thought I could be taken out easily.

Do you, should you alternatively look for the first retrace and continuation as a much safer entry - or just boldly buy into 5 or so consecutive up/dwn candles?

I imagine this is one of those...
thats the point.
you get the trend 1st ie the 30 mins
then buy into the trend ie. on the 5 mins;.
the 30 min must be happening 1st.

cheers
teb
Quoting ozziedave
Hi Teb,

Why did you name this the 21 RSI when you actually use a 20 period RSI???

doesn't really matter I put 21 up by mistake
I use a 21 stoch

if you can and want to please change it to 20 rsi
thanks


teb
Hey Teb,
I've enjoyed all of your systems and posts for a couple of years, and now that I'm a FF member I can express my appreciation. Looking forward to more.

Rob
Hello Teb,

Thank you very much for your help. I am following all system very simply and profit.
Regards.
Bülent
Thanks teb... It´s for you.
Attached File(s)
File Type: mq4 MTF RSI.mq4   4 KB | 1,074 downloads
  • Post #47
  • Quote
  • Edited 7:01am Apr 6, 2010 6:25am | Edited 7:01am
Quoting davidt76
Training wheels question for TEB or others.

I tried this today with some modest success during the New York session.

As the shorter timeframe builds the longer and thus the 5 minute trends before the 30, it seemed the trend on 5 min was prime for a retrace at about the time the 30 would alert. With just a 10 pip SL I thought I could be taken out easily.

Do you, should you alternatively look for the first retrace and continuation as a much safer entry - or just boldly buy into 5 or so consecutive up/dwn candles?

I imagine this is one of those...

Ok here is what you do
(* you can do it with two charts
or just one you flip back and forth to between 5 and 30 mins)

1. You look on the 5 min chart you are looking for trades
a. Rsi is down so I am only looking to go dowm
b. Prices under the 5ema under 12ema (stacked. Unless its a cross)
c. Go to the chart and look for trades
- crosses
- candle formations
- breaks etc
(see ie. in the boxes with lines on the 5 min charts)
2. Then check on the 30 min
a. Rsi is down so I am only looking to go dowm
b. Prices under the 5ema under 12ema (stacked. Unless its a cross)
*** If it is trending down on the 30 min take the trade..

Attached Image (click to enlarge)
Click to Enlarge Name: 5 15.gif Size: 57 KB


you can do the times you like
natural times would be
`Month/week
`week/day
`day/4 hour(or hour)
`4 hour(or 3 hour) /1 hour(or 30 min)
`1 hour /15 mins
`30 mins(or 15 min)/5 min
`5 min/1 min
(never none it on a lower time frame)

BUT the Bigger time frames need bigger SLs and targets
that is why I like 30/5 mins and 5/1 mins.

cheers

TEB
hi guys

aud/usd is on a down trend after a rate increase?(on the 5 min chart)
things that make you go huuu?
And there is money coming.

teb
Quoting TEB63
hi guys

aud/usd is on a down trend after a rate increase?(on the 5 min chart)
things that make you go huuu?
And there is money coming.

teb
AUDUSD is still in an uptrend, it's just bumping up against two strong downward resistance lines: (best seen on Weekly) July '08 - November '09, and November '09 - January '10. Last night's increase was anticipated so it was already built into the price.

Rob
Hi Teb,

I am watching the AUDUSD as well using the 30 and 5 min with the 2 ema´s and the 21 RSI.

Don´t wanna bug you but it would be cool if you could post a screenshot how you trade this down move.

Right now RSI on the 30min is just below 50.
On the 5 min the RSI is down for approx. 45 min.
Attached Image (click to enlarge)
Click to Enlarge Name: Bild 1.jpg Size: 175 KB
BTW similar situation on the EUR/GBP.

Missed the SHORT around 0.883 though.
I appreciate your insight into the live trading.

Testing the ema-rsi indicator shared earlier as a way to track multiple currencies by just using the faster time frame in the 5 min / 30 min pairing.
Attached Image (click to enlarge)
Click to Enlarge Name: metatrade1.gif Size: 23 KB
Here are the indicators I use for the method. As I said earlier, I personally use the 5ema(close)/8ema(open) crossover, but the 5 ema/12ema (close) gives similar results. The first MACD displays the crossover of the current TF and the second one 5 times higher (25ema(close)/40ema(open)). The arrows represent the same information so you can use wichever you prefer. I like to look at ADX, sometimes it helps to decide wether to enter or not. Also, the ATR value can be the first profit objective. On the 5min TF it equals often 10 pips as TEB suggests for targets.

http://i43.tinypic.com/2z9mvzm.jpg
Attached File(s)
File Type: zip TEB5ema&12ema20rsi.zip   31 KB | 1,255 downloads
Quoting TEB63
hi guys

aud/usd is on a down trend after a rate increase?(on the 5 min chart)
things that make you go huuu?
And there is money coming.

teb

up 51 pips !!!
I will be closing out 1/2 my trade at .9296

teb
This is pretty much how you described it, right? I actually started taking trades earlier at the magenta arrow based on PA. Overall, I like it. Simple, manageable.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_m5-30_04_06_10.gif Size: 43 KB
More lovely easy to take trades...
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_m5-30_04_07_10.gif Size: 44 KB
Another one from yesterday afternoon ...
Attached Image (click to enlarge)
Click to Enlarge Name: Bild 1.jpg Size: 185 KB
on the eur/usd 1.3323
is a possible reveral point;
if so the whole market might reverse .
or not

1.3334 might be a lot of buyers


cheers


teb
Teb..

The only problem I have is taking one lot out at 10 pips.. seems like when I have used this method, the overall % of the time that I get stopped out on the 2nd lot at break even is higher than if I had just stayed with 2 lots and either taken them both out at 10 pips or allowed them both to run.

Especially if I drop down to 5 min/1 minute for entries.

This system is very consistent in producing at least 10 pips per entry.
"I know how hard it is for you to put food on your family." George W. Bush
Quoting TEB63
on the eur/usd 1.3323
is a possible reveral point;
if so the whole market might reverse .
or not

1.3334 might be a lot of buyers


cheers


teb

1st lot taken out at 13 pips (?)
other 2 move up the stop up one swing low


teb
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