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Forex intraday using the 5min chart: EURUSD 108 replies

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Attachments: 5Min Intraday System
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5Min Intraday System

uj
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Quoting Morelands
Here is a loss. I was looking for the 3rd sister. Resistance was the 21, the previous resistance price level, and a trendline. Today was a bad day for me, 2 losses (the other is not according to this system). 1 trade I tried to place (It did not go though and I'm not sure why) would have been a win. What a frustrating day. Today was also the day when I bumped up the % I was allowing myself to trade.
If I was wrong or ingored something ,plz correct me!
Also, I notice u change MACD from (5,13,1) to (10,22,1), a lot of people did it, Why? which TF can be apply for it?
Best regard!
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Quoting bshadroo
uj
Hi, Bshadroo
I want to ask u 2 questions about ur U/J trade, See pic attached

Beat regard!
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Quoting yuyudada
Hi, Bshadroo
I want to ask u 2 questions about ur U/J trade, See pic attached

Beat regard!
Q1:my SL was at 95.13=95.10+(3pips spread ),so u maybe dont consider spread in ur calculation
Q2: i think the best TL is shown in attached chart,i'd rather the TLs with most touches

hope it helps
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Quoting yuyudada
If I was wrong or ingored something ,plz correct me!
Also, I notice u change MACD from (5,13,1) to (10,22,1), a lot of people did it, Why? which TF can be apply for it?
Best regard!
Hi Yu

Not bad at all - well done. Nice tendlines, and seems like you are getting the hang of it. This is what price action is all about - price reacting to certain levels to form resistance/support/trendlines.

I did send you a pm regarding the MACD setting.
Willem Forex recipe for success = Patience, discipline & hard work.
Quoting Golfer
Hi Yu

Not bad at all - well done. Nice tendlines, and seems like you are getting the hang of it. This is what price action is all about - price reacting to certain levels to form resistance/support/trendlines.

I did send you a pm regarding the MACD setting.
hi willem
macd settings are changed ? i didnt recognized that ,would u plz give some info about?
thx
Quoting bshadroo
hi willem
macd settings are changed ? i didnt recognized that ,would u plz give some info about?
thx
Hi Bs

No, it hasn't changed. I did sent the mentioned pm to you as well.

To all other members - please keep with the original MACD settings.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,848
  • Quote
  • Aug 16, 2009 11:25pm Aug 16, 2009 11:25pm
Greetings to all. I trade two months on the given system, for the additional filter I use Trend Magic and StochasticDiNapoli_v1.
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Quoting bshadroo
Q1:my SL was at 95.13=95.10+(3pips spread ),so u maybe dont consider spread in ur calculation
Q2: i think the best TL is shown in attached chart,i'd rather the TLs with most touches

hope it helps
Hi,Bs
I'm still comfusing with the drawing of trendline, obviously, U didn't consider the the possibility of double bottom. otherwise, U would entry under 94.95(DB) or TP above 94.95. I'm studing this system, sorry for so many questions!

Best regards!
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Quoting yuyudada
Hi,Bs
I'm still comfusing with the drawing of trendline, obviously, U didn't consider the the possibility of double bottom. otherwise, U would entry under 94.95(DB) or TP above 94.95. I'm studing this system, sorry for so many questions!

Best regards!
double bottom is the beast place for price to pullback to trend line and aslo i liked the powerfull candle to the down from the upper TL ,so when the price is coming down my first priority is to look for a sell aportunity .
  • #6,851
  • Quote
  • Aug 18, 2009 10:25am Aug 18, 2009 10:25am
Quoting bshadroo
double bottom is the beast place for price to pullback to trend line and aslo i liked the powerfull candle to the down from the upper TL ,so when the price is coming down my first priority is to look for a sell aportunity .
Why not entry below that hammer? all conditions looks satisfied.

Thanks a lot!
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  • #6,852
  • Quote
  • Aug 19, 2009 10:18am Aug 19, 2009 10:18am
Quoting yuyudada
Why not entry below that hammer? all conditions looks satisfied.

Thanks a lot!
i was waiting to price to come near the TL from high
  • #6,853
  • Quote
  • Aug 19, 2009 12:03pm Aug 19, 2009 12:03pm
recently i have not enough nerves to let my profit run
my tp was 20pips higher
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Greetings to all. Has noticed law of a turn of currency. Look...
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  • #6,855
  • Quote
  • Edited 5:57am Aug 21, 2009 5:41am | Edited 5:57am
Quoting Morelands
Here is a loss. I was looking for the 3rd sister. Resistance was the 21, the previous resistance price level, and a trendline. Today was a bad day for me, 2 losses (the other is not according to this system). 1 trade I tried to place (It did not go though and I'm not sure why) would have been a win. What a frustrating day. Today was also the day when I bumped up the % I was allowing myself to trade.
Hi Ray

Yes, the signals were there to go short:

Possible 3rd sister busy forming just below resistance level
3 consec lower highs

But I would be worried after a great upmove (impulse wave - strong) like that - I would rather expect an area of consolidation than a quick move downwards. Or even just a corrective wave (which are rather weak and would trigger your Sl very easily) before continuation upwards.

Hope it helps.
Willem Forex recipe for success = Patience, discipline & hard work.
yesterday's trade
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Today's trade for 15 pips that it barely made.
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Quoting mdowd
Today's trade for 15 pips that it barely made.
Hi,
Ur trade looks didn't according to this 5M system, en?
10pips
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Quoting bshadroo
10pips
I also trade this setup
+10 pips
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