Magnum 1 Minute System

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Aug 26, 2009 12:51pm (14 hr ago) #18
magnumfreak
Member Since Nov 2007
1,410 Posts
Forex Minute Man
Doing homework:
First thing I do is study the previous weeks trades. I look at both the winners and the losers. I keep a
spreadsheet on all of my trades. I will look for statistical patterns. For example, I know that if I take a
trade between U.S. close and Tokyo Open nearly 85% of the time the trade will either be break even or
a loss. Does that mean that is a bad time to trade? It is for me and my system so why should I take the
extra risk?
I will look at things like how did I react to the market. I always assume that the markets want to trend
so I give it the benefit of the doubt at the start of each shift. If the markets get into a choppy mood,
how long did it take me to react to that change. I look for ways to detect that change better. As I get
more data in my spreadsheet I can start to look for patterns related to days of the week or specific
trading days of a month. There may be a pattern that emerges that shows me the second Tuesday of
month EURJPY gets grumpy and won't play nice but GBPJPY is super happy and moves very predictably.
Just an example, I really don't have enough data yet to prove or disprove that statement.
I will then take my charts and expand them out to display as many bars as possible (that's found under
tools, options). I scroll back as far as I can and look at each trade signal. I look for things that are
common among the good trades and what is common about the bad trades. I look for things that can
stop a bad trade but must not interfere with a good trade. Anytime that I make a change, the net pips
gained MUST NOT GO DOWN. In fact, I won't consider it unless the net pips goes up.
Most people consider all of that boring, to me it is a treasure hunt. Finding little nuggets of gold that
lead to big mother loads of gold.
Last thing I do is I run strategy tester in tick by tick mode and just watch price movement like a movie.
Every time a signal shows up I am watching price movement and thinking about what I would do in this
situation.
Hope this helps.

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Aug 26, 2009 8:36pm (7 hr ago) #20
Member Since Mar 2007

bogus 467 Posts
Member
Good journal. Am I simplifying it too much to say that you take a trade on a close outside the "Tunnel"
and that is what the arrows are? For instance the demo trade I just took on GJ.
Cheers, Bogus
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1 of 1 8/27/2009 10:01 AM
Aug 26, 2009 9:14pm (6 hr ago) #21
magnumfreak
1,414 Posts
Forex Minute Man
Quote:
Originally Posted by todor113

Thanks Ogre , good stuff, we all should do that routine .Do you plan to disclose some info about
your trading system how are you able to handle this wild 1 min beast? Dan
Most of my system is listed in a thread in the Interactive Trading forum, there is a 1 minute chart
trading thread there.
How I handle the 1 minute beast? I have a different approach and thought process than most who
attempt to tame the beast. My goal, once I enter a trade, is to find a good opportunity to move my stop
to break even. Once I do, I really don't care what the market does. It would drive my former business
partner nuts that I could watch a trade get up 50-60 pips and then have it come all the way back to
break even and not take any profit. But when you compared end of the month statements I would
always blow him away with % gained with the same risk he had. Now, why is that??
Let's say the trade had 10 lots in it. He would take profit fairly quickly starting at about 25 pips and
every 5 pips after that until he was down to just one lot left, then he would let that 1 lot run. This
would happen fairly quickly as he was shedding about 50% of the remaining position every 5 pips. He
was completely frightened of the market. He was scared to death that the market would turn and take
him out and he would have a losing trade. He is a great trader and can analyze the most complex
charts you have ever seen, but once he entered a trade he just knew inside that the markets and/or
the brokers were going to take out his stops. Mentally he would just go into a fear of loss mode.
Now, for the renegade..... ME! Enter a trade with the full amount of 10 lots and then just
wait........I know I cannot control the markets so what the markets do is entirely up to the
market.........I don't focus on being wrong I already know that will happen I just don't know which
trade(s). Take a look at the attached chart. I entered on the red arrow inside the green box. The price
flirted with the blue line for a bit then headed down. While most people would be super happy with that
move down, I am looking for another sign that the trend will continue. Do you see how the price moved
down then gave me a nice swing high, then turned and headed down again? Once it started back down
again, it's at that point I move my stop to break even. Now I can't lose, no matter what happens the
worst will be a break even. If you think I didn't care what the markets did when I first entered a trade,
you should see me now! LOL!
So now what?? I turn my focus to finding a decent place to exit the trade. Am I looking for a bottom in
this case? Not really. I learned early on if you try to pick bottoms, all you get is smelly fingers. If
my stop is at break even and there is a major news announcement coming up, MAN! I LOVE THAT!! I
just let it go and I find that a large majority of the time, the trade really takes off with the news.
People get too hung up on "after X number of pips I move my stop to break even". Usually it is
something stupid like break even + a few pips because heaven forbid that you should break even on a
trade, that's like losing!! ROFL! Let the markets decide when to move your stop to break even not some
arbitrary number. The markets are different nearly everyday, shouldn't you be also?
I will post more later, hope this helps.
1 of 2 8/27/2009 10:02 AM
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2 of 2 8/27/2009 10:02 AM
Aug 26, 2009 9:17pm (6 hr ago) #22
magnumfreak
1,414 Posts
Forex Minute Man
Quote:
Originally Posted by bogus

Good journal. Am I simplifying it too much to say that you take a trade on a close outside the
"Tunnel" and that is what the arrows are? For instance the demo trade I just took on GJ.
Cheers, Bogus
There are actually several things, there must be a cross with a confirmation candle. A confirmation
candle is one that moves in the right direction. They must also be a reasonable size. At least 0.5 pips
but less than 10.0 pips.
That's why I have the arrows, I don't have to do the math or measure candles. I am way too lazy for
that. LOL!
BTW: Great job on simplifying your charts.

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Last edited by magnumfreak, Aug 26, 2009 9:31pm (6 hr ago)
1 of 1 8/27/2009 10:03 AM
Aug 27, 2009 3:18am (45 min ago) #25
magnumfreak
1,414 Posts
Forex Minute Man
Quote:
Originally Posted by winningfx

hi magnumfreak,
i have put your lines on a chart. they look pretty good. can you explain your exits with your
system?? when do you decide to take them?? what will make you close your trades, other than
your stops getting hit?? how do you avoid fakeouts with your system?? thanks
exits:
Nice thing about trading the 1 minute chart is that even if you exit too soon, in a little while there will
be another entry and you can just catch the next wave. I am not really worried too much over exits.
Like tonight for example. I got out with 218 pips, some could (and I am sure they will) argue that I
could have made 50-100 more pips by just letting it go. My philosophy is why cry over the 50 you
missed when you should be celebrating the 200+ you kept. I was on the phone with a friend of mine
one time when he started cussing and yelling at the monitor (like the monitor really cared, LOL). When
he finally calmed down I asked him what was wrong. He told me that he had just exited a trade and
price moved 5 more pips in the right direction and he missed them....... 5 pips?? Good grief. I asked
him how many pips he had made on the trade....95 he responded. He was upset because he wanted a
100 pip profitable trade....that just does not make sense to me in any way.
That's why break even stop outs really do not bother me at all. I have had streaks of 10-12 break even
stop outs in a 24 hour period before. Some of those trades were up 50+ pips before coming back to
break even. I am not in control of the markets, I am only in control over my emotions. Around the 10th
stop out I started laughing out loud. My kids thought I had totally lost it, but in reality I was having a
blast! I know my broker loved me. I wasn't losing money so why be upset? I knew based on past
experiences, something big was about to happen and all I had to do is wait it out. And sure enough
something big was about to happen. About 12 hours later, I started a trade that was the biggest trade
of my career. Mentally, where would I have been if I gave up on number 10 and the trade took off
around 11 or 12? Never give up.
When I started trading my first goal was just to get to the point of being profitable on a consistent
basis. Maybe not everyday, but at least over the course of a week. After hitting that goal, I went on to
set another of getting to the point of making as many pips in a day that I used to average in a week.
So I guess the main message is to not stress so much over the exits. If you are happy making 100 or
heck even 10 pips a day what right does anyone have to tell you that you are exiting the trade wrong if
you are hitting your goals? And, if you are not hitting your goals, who is to say the problem isn't in the
entries and not the exits? When you really get comfortable trading you will eventually get rid of daily
targets. That is when it becomes fun again. 'Click' how many pips am I shooting for??? I dunno... who
cares?
fakeouts:
You cannot eliminate fakeouts completely. For example, I do not trade every cross. To go long I look for
two consecutive up candles between the white and upper yellow lines between 0.5 and 10 pips in length
(just the body not the wicks). Short is just the opposite, two consecutive down candles between the
1 of 2 8/27/2009 10:03 AM
blue and bottom yellow lines between 0.5 and 10 pips in size. That is why I created the arrow indicator
to help show me where these conditions exist. I will release that indicator when I finish adding a few
things to it. But I get stopped out, it happens. Do I get upset about it?? Nah.... as Timone and Pumba
from the Lion King say "Hakuna Matata" LOL!
Fake outs will usually stop me out no more than 2 consecutive times on any given pair. Occasionally it
is more but only one time in the last 18 months and that was just 3 times in a row. I only trade during
times that the markets are moving reasonably well. I talk about in one of my other posts about why I
don't trade between the U.S. close and Tokyo open.
Hope this helps to clarify things somewhat.

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View Single Post Thread: M1 only traders thread, any Pair,
Aug 18, 2009 6:57am #436
magnumfreak
1,416 Posts
Forex Minute Man
If I would have been looking at any other time frame for confirmation I would have missed out on this
trade. Entry is on red down arrow on left side of screen. Although I trade the 1 minute chart, I can be
in trades for hours. I was in this trade about 150 minutes prior to the big drop at 0830 eastern on the
U.S. news. This is just another example of the markets giving clues as to what is going to happen, long
before it happens. What you see in the image is what I see on my charts. I am still in on this trade.
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1 of 1 8/27/2009 10:31 AM
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1 of 1 8/27/2009 10:32 AM
Aug 25, 2009 6:36pm (33 hr ago) #475
magnumfreak
1,416 Posts
Forex Minute Man
Quote:
Originally Posted by Turveyd

NICE WORK dude!!
Nice bit of downtrend on EJ and GU for sure!!
Thanks, here is a screenshot of the GBPJPY trade. The EURJPY trade was nearly identical so there is no
need to post it. Entry was on the red arrow inside the green box. White line is moving average based on
high, blue line is moving average based on low. The two yellow lines are mostly for a visual cue. Let's
say I get a signal and I am not in the room, as long as price has not gone outside of the yellow lines I
can still take the signal. Exit was around where the space shuttle is pointing. Why there, no real reason
other than rocket rides like this one tend to fizzle out quickly.
Attached Thumbnails
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1 of 1 8/27/2009 10:34 AM
Aug 25, 2009 6:54pm (33 hr ago) #477
magnumfreak
1,416 Posts
Forex Minute Man
Quote:
Originally Posted by Turveyd

Thats definately keeping it simple!!!
What's your SMA setting for your High / Low and how is that green box generated ??
green box is just i-sessions, helps me to see when I am supposed to be trading. Moving average is 89
smoothed, 200 ema will draw close to the same. You can set the yellow lines by adding a level to the
moving average. The upper yellow line is 20 pips from the blue and the lower yellow line is 20 pips
from the white.
Red and green arrows are generated based on several criteria on the cross of the moving average. So I
do not just take the cross, there has to be a confirmation candle and both candles must be between 0.5
and 10 pips. Entry arrows will only show when all of the criteria have been met before price gets to the
yellow line.
Short trades are closed early if price crosses back over the white line, long trades get closed early if
price drops below the blue line. This keeps the stops tight (typically less than 12 pips plus spread).
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1 of 1 8/27/2009 10:40 AM
Aug 25, 2009 7:24pm (33 hr ago) #479
magnumfreak
1,416 Posts
Forex Minute Man
It will vary at times as far as getting the really early entry. The criteria is so strict that on occasion it
won't signal until much later like when it pulls back into the moving average area then starts back
down again.
Here is the i-sessions indicator. I will post my arrow indicator once I have finished with it. I have a few
more features to add to it.
Attached Files
i-Sessions-02.mq4 (6.4 KB, 17 views)
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1 of 1 8/27/2009 10:44 AM
Aug 25, 2009 7:50pm (32 hr ago) #482
magnumfreak
1,416 Posts
Forex Minute Man
Since I only trade the Asian and U.S. markets I like to use i-sessions to draw a box around those times.
It really helps when I scroll back and do some homework. It is a bit of a resource hog, so during the
week I keep the number of days it draws a box at 2, then when I study on the weekends I will put it at
500 or whatever. Since there is no data coming in on the weekends, it won't slow things down at all.
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1 of 1 8/27/2009 10:44 AM
Aug 26, 2009 8:15pm (8 hr ago) #495
magnumfreak
1,417 Posts
Forex Minute Man
People have asked me over and over why I spend so much time analyzing the markets, figuring out
best times to trade, etc. Here is a good example of why. On the left of the image you will see 5 signals
some up some down but as soon as it gets inside my trading time box, what happens?? Yep, down signal
followed by significant follow through. Doing your "homework" will lead to good test scores. LOL!
Attached Thumbnails
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1 of 1 8/27/2009 10:45 AM
Aug 26, 2009 9:30pm (7 hr ago) #496
magnumfreak
1,417 Posts
Forex Minute Man
Another great Asian session. I am almost to the point of just trading Asia everyday, grab 100+ pips
then just shut down and go to bed.
Problem is that I am addicted to trading. Even if I am not trading, I really like being in front of the
computer watching the markets. Yep, I got it bad.
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1 of 1 8/27/2009 10:45 AM
Aug 27, 2009 6:02pm (1 hr 51 min ago) #29
magnumfreak
1,424 Posts
Forex Minute Man
Quote:
Originally Posted by winningfx

hi magnumfreak,
thanks for your reply. regarding exits. what i would most like to know is how you determine.
when the trend that you are riding is reversing or ending??
my trading mentality at this point is a bit like the friend that you mentioned. traders like us are
scared of retracements and loathe give backs of profits. hence we like to book small profits or
take them when we can. although we might miss out on a big haul.
i believe you are already at the stage of being able to "sit tight when you're right". if i remember
correctly,...
So, on a trade like the one below that I would have taken if I traded the U.S. session today, if I got in
near the red check mark going long what would keep me in during the red box area (by the way, the
check mark and red box were added manually, they are not part of any indicator).
There are 3 things that I keep in mind when I am in a trade:
1. It's only 2% and probably much less. I base my risk calculation on a 20 pip stop, I will usually close a
trade before the stop is hit when it crosses back over (in this case) the blue line.
2. The markets like to trend. Take a chart of EURJPY or GBPJPY zoom out as far as you can, now scroll
back and see how the majority of the time they either trend up or trend down. Only occasionally getting
choppy. But the markets also like to breathe. So I can either let the markets breathe or choke it off and
both of us suffocate.
3. Even if I get stopped out, I know that in just a few minutes I will get another shot at the move.
Maybe in the opposite direction, maybe in the same direction, I'm not picky. LOL
But all that doesn't answer your question. How do I know when a trend is ending?? Quite frankly.... I
don't and neither does anyone else. ok, most likely the big banks know where a trend will end, but
not us little guys. Now I am sure the support and resistance, fibonacci, pivot point and/or price
projection specialist here and on every other forum in the world will argue that point with me. They will
toss up charts with hundreds of lines on it and point to the one that just happened to be right at the
stopping point while ignoring the 8-10 lines price just blew through to get to that one. Now I am not
knocking those methods, some people make really great money trading that way and I would be one of
the first to offer a high five to their success. My simple mind is unable to grasp those concepts so I just
stay away.
In a nutshell..... when you exit really doesn't matter. The only thing I caution against is exiting based
on fear. Big banks are not out to get you, most brokers are not out to get you and what Joe Schmoe on
the forum is doing really has no impact on your decision making process. In fact, tell him to keep his
"hot tips" to himself. Don't worry so much about knowing when a trend will end. It really isn't
important. Why did I exit the trade when I did last night??? 'Cause I wanted to. I was happy with my
results and decided that was enough for the day. The trend continued, ok that's cool. But while
everyone else was worried about when to get out if they were in that run, I was sitting back drinking a
1 of 2 8/28/2009 1:53 AM
cold one watching TV. Would the trade have been any less successful if I would have exited with 100
pips profit? While I would have made less money, in my opinion, the trade would have been equally as
successful. I made the decision to get in, I made the decision to get out and most importantly there was
no fear involved.
I realize that all of this goes against everything the so called "experts" say is the right way to trade. But
this is what works for me, it's what allows me to stay at home and avoid the rat race of a job. I am as
happy taking in 20 pips in a day as I am taking in 200 in a day. I can look at the charts and see that I
missed at least 200 pips in the U.S. session today and that really doesn't bother me. In fact I am really
happy to see the markets getting back into longer and longer trends.
I hope this clears it up some.... If not, just ask again. Take a little time to scroll back and look at your
trades to see how often price turned and came back against you. I believe you will find it happens less
often that you really think.
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Nov 8, 2009 6:03pm (1 hr 23 min ago) #114
magnumfreak
1,565 Posts
Checking in once a day.
yep, I agree 100%. I have a bunch of things to post so I will get started tonight.
I apologize to everyone who has been waiting and asking and following this thread. I get distracted and
just don't think about it.
I have a few new additions to the normal trading. I had gone completely naked (nothing but trend
lines) for a few weeks but now I have added back the basic system (89 smoothed) and I like it much
better. If I miss a good entry with a trend line I can wait for normal system signals to enter the trade. I
will start to show everyone how to incorporate trend lines into your trading when using this system.
Hopefully I will be able to communicate what I am seeing with trend lines and how much better it
makes trading with the 89 smoothed system.
I do much better in my trading if I am not posting in a forum, however, I must also say that it may not
be worth it. Sure I can make extra pips each day but I get brain fried by the end of the week. If 200+
pips a day isn't enough, I should really get a check up from the neck up. LOL!
I am going to try and show some examples of trades as they happen (or very near when they
happened) but everyone must understand that my trading comes first. I have set some tough but very
achievable goals for myself.
And yes, if smjones wants to he can post the indicator he made. There are other entry points that I will
describe this week that aren't in his indicator but at least you can have the basic entry signals.
Ready to get started? I'm not. LOL! Time for some food. Ogre's eat all the time.
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1 of 1 11/9/2009 2:27 AM
Nov 8, 2009 7:17pm (9 min ago) #116
magnumfreak
1,565 Posts
Checking in once a day.
How about some psychology to mess with your head?
Thank you sir for posting that.
Making excuses..... Now that is a good subject for someone like me. LOL! But I am referring more
towards making excuses not to trade.
Do you remember when you first started trading? Remember how easy it was to open a trade? What
happened after you had a few losing trades? Yep, the pendulum swung all the way to the opposite side.
Now you start making excuses NOT to take a trade. "Oh the volume was low so I didn't take it" "I don't
trade during Asian session", "The banks in Japan were closed." blah blah blah blah.
Bad part of this is when you skip on a trade because of an excuse you made up, and the trade would
have been stopped out, mentally you make an association that says "SEE I WAS RIGHT!". Then you
actually felt good that you didn't take the trade. Very quickly it becomes more and more difficult to take
a trade because making excuses is easier.
Well, how do you get out of this pattern? First thing is to recognize that you have entered it in the first
place. Next look at your rules for taking a trade and ask yourself if the excuse you are making fits
within those rules. If it doesn't fit then take the trade. When I found myself making excuses, I printed
out my rules and posted a copy on each of my monitors. Underneath the rules I wrote "NO EXCUSES!".
Every time I would scan the currency pairs I would see the "NO EXCUSES!". Over a period of a few days
the message began to sink in and my trading improved tremendously.
I see many people who make the excuse of not having enough time to trade because they have a job.
And while I agree that it can make it more difficult, it is not a valid excuse for not trading. I used to
work as an industrial electrician which made for many many weeks of working 12 hours a day 7 days a
week. During that time I started and ran several businesses with reasonably good results. If the drive
and determination is there, you will make excuses that allow you to trade. If your goal is to do this full
time, then turn off the t.v., turn off the game console and focus on trading every second that you have
available. There will be plenty of time for reruns after you make it.
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1 of 1 11/9/2009 2:27 AM

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Forex Factory - View Single Post - The Ogre's Trading Journal http://www.forexfactory.com/showpost.php?

View Single Post Thread: The Ogre's Trading Journal

Aug 26, 2009 12:51pm (14 hr ago) #18

Hope this helps.

View Single Post Thread: The Ogre's Trading Journal

Aug 26, 2009 8:36pm (7 hr ago) #20

Member Since Mar 2007

View Single Post Thread: The Ogre's Trading Journal

Aug 26, 2009 9:14pm (6 hr ago) #21

Originally Posted by todor113

I will post more later, hope this helps.

View Single Post Thread: The Ogre's Trading Journal

Aug 26, 2009 9:17pm (6 hr ago) #22

Originally Posted by bogus

BTW: Great job on simplifying your charts.

View Single Post Thread: The Ogre's Trading Journal

Aug 27, 2009 3:18am (45 min ago) #25

Originally Posted by winningfx

Hope this helps to clarify things somewhat.

View Single Post Thread: M1 only traders thread, any Pair,

Aug 18, 2009 6:57am #436

View Single Post Thread: M1 only traders thread, any Pair,

Aug 25, 2009 6:36pm (33 hr ago) #475

Originally Posted by Turveyd

Nice bit of downtrend on EJ and GU for sure!!

View Single Post Thread: M1 only traders thread, any Pair,

Aug 25, 2009 6:54pm (33 hr ago) #477

Originally Posted by Turveyd

View Single Post Thread: M1 only traders thread, any Pair,

Aug 25, 2009 7:24pm (33 hr ago) #479

View Single Post Thread: M1 only traders thread, any Pair,

Aug 25, 2009 7:50pm (32 hr ago) #482

View Single Post Thread: M1 only traders thread, any Pair,

Aug 26, 2009 8:15pm (8 hr ago) #495

View Single Post Thread: M1 only traders thread, any Pair,

Aug 26, 2009 9:30pm (7 hr ago) #496

View Single Post Thread: The Ogre's Trading Journal

Aug 27, 2009 6:02pm (1 hr 51 min ago) #29

Originally Posted by winningfx

There are 3 things that I keep in mind when I am in a trade:

View Single Post Thread: The Ogre's Trading Journal

Nov 8, 2009 6:03pm (1 hr 23 min ago) #114

View Single Post Thread: The Ogre's Trading Journal

Nov 8, 2009 7:17pm (9 min ago) #116

How about some psychology to mess with your head?

Thank you sir for posting that.

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