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-   -   how do YOU trade the 5min eurusd? (https://www.forexfactory.com/showthread.php?t=125600)

nikolaou Nov 11, 2008 6:16pm | Post# 1

how do YOU trade the 5min eurusd?
 
i have been trading for a while now with not much success, i know i am a scalping type trader, but i cant seen to get continued success, i would like to trade the 1 and/or 5min EURUSD but i cant seem to find a system that is sufficient.

what do you like to do to trade it?

Andrie Nov 11, 2008 7:22pm | Post# 2

try using correlation index CCfp and CCI...

but i really dont think it is a good idea to trade in 5 min/1min chart...you enter position too many, you scalp only small profit and you expose yourself to great danger of loss...

nikolaou Nov 12, 2008 12:35am | Post# 3

lots of people successfuly trade the 1 and 5min charts, i just have not been able to master it.

shadowninja Nov 12, 2008 4:46am | Post# 4

i know i am a scalping type trader, but i cant seen to get continued success,
Doesn't that tell you something?

I do trade off M5 charts even though I dislike it; I just use support and resistance. Much prefer to swing trade a la Jacko, though.

shadowninja Nov 12, 2008 4:49am | Post# 5

you enter position too many, you scalp only small profit and you expose yourself to great danger of loss...
Certainly, it is very easy to over-trade and take small profits for a fixed size of loss per trade (eg stop loss 25 pips, grabbing 10 pips here and there). You need some method of cherry picking the best trades that give you the big pippage. I only look for strong support/resistance where I expect a minimum of 60 pips and thus I only take about 4-5 scalps a day on GBPUSD and 1-2 on EURUSD.

8fingers Nov 12, 2008 9:44am | Post# 6

what he said!
 
Certainly, it is very easy to over-trade and take small profits for a fixed size of loss per trade (eg stop loss 25 pips, grabbing 10 pips here and there). You need some method of cherry picking the best trades that give you the big pippage. I only look for strong support/resistance where I expect a minimum of 60 pips and thus I only take about 4-5 scalps a day on GBPUSD and 1-2 on EURUSD.
Shadowninja is "spot on" with his advice. Playing support and/or Resistance Breaks or Rejections is one of the best ways to trade with the least risk. I use this method for all time frames. I wouldnt recommend 1 minute chart though,as this 1 will burn u more often then longer time frame. stick to 5 minute chart at S/R zones and only place trade in direction of Main Trend (use 4hr or daily for that). My 2 cents-good luck bro!

Jetson Nov 12, 2008 6:42pm | Post# 7

It is in practice a well-developed strategy though i've been using a quite similar method few months ago trading with EUR/USD cross. Scalping is good trick, not just for newbies, you'll probably not see a lot of pips at once, but one way or another you will get some stability day after day improving your technique.

nikolaou Nov 12, 2008 6:51pm | Post# 8

hey guys, thanks for all the good advice,

today i decided to stick to what i know, instead of trying all these systems with lots of indicators.

i used the 5 mostly and 1min and was trading chart patterns, and trendline breaks.

i was using some candlesticks and divergences with macdhistograms and i managed to take 23ish pips from eurusd.

fugly Nov 12, 2008 7:57pm | Post# 9

hey Nikola
 
Hi Nikola,

Don't lose heart, I'm sure success will come in time.

Anyway coming back to your question, I'd request you to try just one more strategy.

Try it for a week to see if it suits you, if not move on you have nothing to lose, I've found it works reasonably well on Euro/Usd which is what you're looking for. Regarding the time frame forget about 1min especially for newbies like us. 1 hour is more reliable though if you want you can try 30 mins but as I said anything below 1 hour will be difficult for us at this stage.

Anway its a mixture of trend following and pattern recognition, basically buying retracements in strong trends ...... as old as the hills, nothing new there.

What sets it apart is that its very well documented. Initially execute only Level 1 buys in uptrends, in downtrends you can execute levels 1,2 & 3.

I keep looking for a better system, something that requires less work, like an EA or a set and forget breakout system, I'm jumping from system to sytem but I always seem to come back to the floor trader method Well all the best and remember what I told you ..... don't lose heart ...... even at the end if at all you can't find a trading method that suits you

So what !

Big deal !

Try something else, there are a lot of self made millionaires in the world and the majority of them haven't made their fortune from trading.

Hope this helps.

SunTrader Nov 12, 2008 8:02pm | Post# 10

lots of people successfuly trade the 1 and 5min charts, i just have not been able to master it.
Lots of people tell stories.

LongToBeFree Nov 12, 2008 8:14pm | Post# 11

I'm still a rookie, but BY FAR the most common mistake that leads to a blown account seems to be the quick timeframes. Why put yourself through that when a combination of the H1, H4 and D1 charts provide more than enough action throughout the day.

traderjai_inhi Nov 12, 2008 9:28pm | Post# 12

i have been trading for a while now with not much success, i know i am a scalping type trader, but i cant seen to get continued success,
You should seriously read this statement again. How do you know you are definitely a scalper if you are not successful at it?

Just watch any of the beginning shows of American Idol, now those fools ALL think they can sing, but very few are really any good.

Maybe you should step back and think, are you really a scalper?

MilliMu Nov 12, 2008 9:38pm | Post# 13

If you want to denominate yourself scalper you can do it. You can do what you want. Donít let anybody to tell you the opposite. Just take in mind to be scalper you need very good technical training because it demands candle pattern recognition and other stuff. Check this if you are really interested: http://www.fxwords.com/j/japanese-candlesticks.html, to begin of course

shadowninja Nov 13, 2008 5:03am | Post# 14

Lots of people tell stories.
Yep. You don't truly know who is a successful trader and who is a dreamer. Sure, you might meet a person from a trading forum in real life and see their Ferrari parked outside but did they buy that with their salary from their lawyer job? Did their parents buy it for them? Did they rent it? Did they make the money giving seminars on how to trade? Very easy to fake accounts, too.

To paraphrase The Killers, are we human or are we chancers?

Jetson Nov 13, 2008 6:36pm | Post# 15

mm how about no! Do you really think that there's a point in loging in making up stories about profiting pips and successful account managing? If people log in here it is because they have some confidence when talking about their own strategies. No one is going to say that he/she makes 150 pips entering the market just once and then upload the chart images for other poeople to see it and try those out. Not as suntrader says...

i mean...people do tell stories, but i don't think it happens here! this is a serious forum.

Hdsn Nov 13, 2008 6:41pm | Post# 16

Probably the thing is about trading strategies, not all of them work for others, I mean I could have developed a pretty good strategy, however it’s probably not going to fit on everybody’s style. When you develop your strategy you are using your own experience, although sharing winning strategies is good because it helps to develop a criteria, so you know when something is going to work or not.

traderjai_inhi Nov 13, 2008 6:59pm | Post# 17

mm how about no! Do you really think that there's a point in loging in making up stories about profiting pips and successful account managing? If people log in here it is because they have some confidence when talking about their own strategies. No one is going to say that he/she makes 150 pips entering the market just once and then upload the chart images for other poeople to see it and try those out. Not as suntrader says...

i mean...people do tell stories, but i don't think it happens here! this is a serious forum.
Seriously? My naive little friend, Ive got a bridge for sale... interested?

mtuppers Nov 14, 2008 7:48am | Post# 18

try my system

super simple system
http://www.forexfactory.com/showthread.php?t=118843

Jetson Nov 14, 2008 6:56pm | Post# 19

Seriously? My naive little friend, Ive got a bridge for sale... interested?
hehe thanks for your apreciation dude... i'm on this forum to contribute and to improve my skills somehow. What i meant was...that this is a serious forum...compared to some others around, and what i think is that there's no point in coming in...signing up to talk bull***t about forex. This is not a place for entertaining...it is for trade and learn...

end of comunication.

Hdsn Nov 14, 2008 9:49pm | Post# 20

Yep. You don't truly know who is a successful trader and who is a dreamer. Sure, you might meet a person from a trading forum in real life and see their Ferrari parked outside but did they buy that with their salary from their lawyer job? Did their parents buy it for them? Did they rent it? Did they make the money giving seminars on how to trade? Very easy to fake accounts, too.

To paraphrase The Killers, are we human or are we chancers?
I believe everyone who comes to Forex looking for a winning strategy is aware about the risk of losing. There is no point on comparing a lyric with someone who is determining his /her trading style; I don’t think all Forex traders have a gift for trading, its matter of discipline and practice.


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