15 Minutes TF trading (15 Minutes TF trading) | Forex indicator download - MT4/MT5 resources
Some time ago I came across a system that looked very profitable. I'm currently doing demo trading using these rules and am happy with the results. This is:
set up:
1) Open the GJ 15 minute chart; change to candlestick; zoom in as much as possible
2) Add Parabolic SAR, default settings;
3) Add 5 LWMA (closing price); this is the signal line
4) Add 20 LWMA (closing price);
5) Add RSI (5); add levels 10, 20, 70, 80
Entries (2 conditions!):
1) As a general rule, I would trade when the RSI is between:
-70 and 80, but preferably 80 and above If I go short, and
-20 and 10 but preferably below 10 when going long.
2) I would also look at candlestick patterns and only enter if I see a trend reversal pattern.
Note that if both 1) and 2) exist, enter them.
Goal (or exit):
There are 3 indicators that can be used for short-term entry/exit for more precise positioning: 5 and 20 LWMA and Parabolic SAR.
- After opening a position, you should look for the 5 or 20 LWMA lines, whichever comes first (usually, the 20 MA is your first target, but in some cases the SAR is located between these 2 MAs.
- The next target after the 5 and 20 MA crosses (be careful if they cross!) is the Parabolic SAR (but sometimes the 20 LWMA).
Tips and Tricks:
1) The most critical indicators are candlesticks and the Relative Strength Index ; RSI will be used as an advanced warning system next to the candlesticks. RSI (5) is the fastest signal and will signal a reversal before any changes occur on any other indicator.
As you gain experience reading the RSI, you may decide to take some "risk" and get in early when the RSI is not in its best position.
2) The RSI (5) range on the 15 minute time frame is around 100-125 pips, so depending on when you enter, you will know exactly where you need to exit.
The RSI (5) range on the 5 minute time frame is between 35-40 pips (depending on where you enter, but closer to 35). Therefore, if the best entry opportunity of 15 minutes is missed, you can use a shorter time frame to make a profit of less than 100 pips.
3) Sometimes if you learn to read candlesticks you can even be ahead of the game as you can sometimes enter based on candlestick patterns even before the RSI signal reverses. I recommend Steve Nissen's "Japanese Candlestick Charting Technique".
4) I also use MTF_RSI (5) and MTF_PSAR 30 minutes on an actual 15 minute chart. If I get the same signal from 2 different TFs, the chances of the trade closing successfully are greater. Plus, it helps me understand what’s coming next.
5) Beware of RSI divergence.
6) Don't trade on the news unless you really know what you are doing. If this happens, always be ready to close your trade if the opposite is true.
7) Avoid going against the trend; for example, if the trend is up and the RSI is between 70 and 80, you would be tempted to go short. Well, don't do it unless the candlestick configuration actually indicates this. You will find that in most cases the RSI will drop to around 50 (while price stays almost the same!) and then rise again (but this time with the price).
I only used this strategy for GBP/JPY, but I think it can be used for any other currency pair.
Well, good luck with the transaction and I'm waiting for your feedback!
PS: I have attached the MTF indicator and my template.
set up:
1) Open the GJ 15 minute chart; change to candlestick; zoom in as much as possible
2) Add Parabolic SAR, default settings;
3) Add 5 LWMA (closing price); this is the signal line
4) Add 20 LWMA (closing price);
5) Add RSI (5); add levels 10, 20, 70, 80
Entries (2 conditions!):
1) As a general rule, I would trade when the RSI is between:
-70 and 80, but preferably 80 and above If I go short, and
-20 and 10 but preferably below 10 when going long.
2) I would also look at candlestick patterns and only enter if I see a trend reversal pattern.
Note that if both 1) and 2) exist, enter them.
Goal (or exit):
There are 3 indicators that can be used for short-term entry/exit for more precise positioning: 5 and 20 LWMA and Parabolic SAR.
- After opening a position, you should look for the 5 or 20 LWMA lines, whichever comes first (usually, the 20 MA is your first target, but in some cases the SAR is located between these 2 MAs.
- The next target after the 5 and 20 MA crosses (be careful if they cross!) is the Parabolic SAR (but sometimes the 20 LWMA).
Tips and Tricks:
1) The most critical indicators are candlesticks and the Relative Strength Index ; RSI will be used as an advanced warning system next to the candlesticks. RSI (5) is the fastest signal and will signal a reversal before any changes occur on any other indicator.
As you gain experience reading the RSI, you may decide to take some "risk" and get in early when the RSI is not in its best position.
2) The RSI (5) range on the 15 minute time frame is around 100-125 pips, so depending on when you enter, you will know exactly where you need to exit.
The RSI (5) range on the 5 minute time frame is between 35-40 pips (depending on where you enter, but closer to 35). Therefore, if the best entry opportunity of 15 minutes is missed, you can use a shorter time frame to make a profit of less than 100 pips.
3) Sometimes if you learn to read candlesticks you can even be ahead of the game as you can sometimes enter based on candlestick patterns even before the RSI signal reverses. I recommend Steve Nissen's "Japanese Candlestick Charting Technique".
4) I also use MTF_RSI (5) and MTF_PSAR 30 minutes on an actual 15 minute chart. If I get the same signal from 2 different TFs, the chances of the trade closing successfully are greater. Plus, it helps me understand what’s coming next.
5) Beware of RSI divergence.
6) Don't trade on the news unless you really know what you are doing. If this happens, always be ready to close your trade if the opposite is true.
7) Avoid going against the trend; for example, if the trend is up and the RSI is between 70 and 80, you would be tempted to go short. Well, don't do it unless the candlestick configuration actually indicates this. You will find that in most cases the RSI will drop to around 50 (while price stays almost the same!) and then rise again (but this time with the price).
I only used this strategy for GBP/JPY, but I think it can be used for any other currency pair.
Well, good luck with the transaction and I'm waiting for your feedback!
PS: I have attached the MTF indicator and my template.
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