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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #1,461
  • Jun 17, 2007 8:51am Jun 17, 2007 8:51am
Quoting watchout4me
Hi, I've signed up to Skype. My user ID is 'watchout4me2'. can someone add me into the chat room?

i understand, it's only instant message and not telephonic conversation.

thanks
Hi,

I have a spyke id too. That is daniel.ciuntuc . Can someone add me into that room too? Thank you

There is necesary a link or smth.?
Rather miss a opportunity than to get involve in a bad trade!
  • #1,462
  • Edited 11:00am Jun 18, 2007 10:26am | Edited 11:00am
My EURU$ trade today. I did like the flat type of pullback ("F") on the chart and I entered a buy trade of the 21MA (all according to my rules).

But just look at what happens next - the price broke through my small support line ("1"). If that happens, I usually try to get out of the trade as quickly and as near as BE as possibe. Why? I just feel that if the 21MA is broken, the price can go either way. It becomes a high risk trade now. Excellent advice from Phillip to remember - BE is also a outcome. Don't wait for the trade to go to your TP level. It might not get there and it may quickly turn around resulting 10pips loss. Ask me - I've been there several times.

What I've found is that my small resistance and support line tends to reverse. In this case it was a support line and you can see how it changed into a resistance line ("2"). Luckily for me it didn't happen on my exit candle ("X").

I got away with 2 pips profit and the maximum move was 10(+2pips spread)pips. I could have made my 10pips profit but look at what happened after that. That downward movement could have happened just after my enter.

Follow the trade on your chart.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,463
  • Jun 18, 2007 10:48am Jun 18, 2007 10:48am
The two trade today on Cable. I just looked at the slow movement up from 02:00GMT and draw my small support line. Then I saw a pullback to 21MA and enter first trade "A". As discussed last week - just look at the 5-6 candles rule (the move came during the 6th candle). I was about to close the trade.

Then I saw the pullback (little too steep but not that much) and enter my second trade "B". I was little bit worried when I saw the tail through the 21MA but this time it moved quickly.

After the high "2" (lower high) one should start think about the 3 little sisters and don't consider trading the next set-up. And there they were, knocking on the door for a cup of tea ("1, 2, 3"). Too bad it was on the wrong side of the 50MA and SMAangle.

Just look at how the small support line works even after a "run" is finished ("C"). Very interesting.

This is another example to show that there is on average only 2-3 trades in a "run/trend". But if you start at 02:05GMT (21MA crossed the 0.1line), you'll find 2 other possible set-ups.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,464
  • Jun 18, 2007 10:58am Jun 18, 2007 10:58am
3 trades resulting in 22pips.

Just be careful when you look at the EURU$ and Cable during the London session. It almost caught me today again. They tend not to move in the same rhythm during the London session.

When I was looking at Cable this morning and saw the move, I switched to the EURU$ to make sure about/confirm it. And it didn't really follow Cable's movements.

Just an observation.

It is different story during the NY session.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,465
  • Jun 18, 2007 12:20pm Jun 18, 2007 12:20pm
Thank you Phillip, Golfer and Emacro for all your hard work in keeping this thread going. I have learned much and wish you all the best of luck.

Luke
  • #1,466
  • Jun 18, 2007 12:42pm Jun 18, 2007 12:42pm
hello everyone. i was going through teh attatchments of this thread and i saw an attatchment "philnel signal." is that an indicator , i tried to attatch it to my chart on MT4 but nothing happened. please help. thanks.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #1,467
  • Jun 18, 2007 2:27pm Jun 18, 2007 2:27pm
I saw this set-up too late but look at it to identify similiar future set-ups.

Ignore candle A as trade set-up - big single downward candle, went through 21MA, close on wrong side of the 21MA and 21MA on SMAAngle is in no-trade zone (even if it has crossed the 21MA).

Just look at the nice flat pull-back into the zone with resistance found (rectangle)- triangle being format. Use candle D to start your small support line towards the red candle on 21MA after 14:15GMT.

Candle B is excellent candle for entry (price still above small supp line and 21MA has crossed 0.1 line). 19pips move afterwards - enough to take 10-15pips profit.

Now look at the different type of pull-back (trendline C). Steep! Why not try and enter at candle D? It is a nice pull-back candle. No, because of the steep angle and the small supp line is broken. Ignore any further trade-set-ups - only high risk trade from here on (and not worth it).

Look at the difference between pullback A, B and C and decide for yourself.

Hope it makes sense.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,468
  • Jun 18, 2007 3:20pm Jun 18, 2007 3:20pm
Hello Dear Golfer, just wanted to tell your that your last post is great. Stressing the importance of chossing the right kind of setup is very important. The profondity of your analysis in helping people choosing the proper kind of pullback (smooth one) is really formidable.

Thank Your very much for your input.

Shreem
  • #1,469
  • Jun 18, 2007 11:19pm Jun 18, 2007 11:19pm
I'd appreciate input from anyone who can help me with this . I've spent hours pouring over the thread, and got my template up and running, installed the SMA angle indicator with the green histogram bars, and tried to put on the red 21SMA, but so far, can't seem to get it. I opened the indicator folder, dragged moving average to the SMA window, but can't find the first indicators data. Nothing comes up when I finish What am I not doing, or doing incorrectly?

Thanks

mac18
  • #1,470
  • Edited 12:11am Jun 19, 2007 12:04am | Edited 12:11am
Quoting mac18
I'd appreciate input from anyone who can help me with this . I've spent hours pouring over the thread, and got my template up and running, installed the SMA angle indicator with the green histogram bars, and tried to put on the red 21SMA, but so far, can't seem to get it. I opened the indicator folder, dragged moving average to the SMA window, but can't find the first indicators data. Nothing comes up when I finish What am I not doing, or doing incorrectly?

Thanks

mac18
Mac18,

Someone posted this template on the thread a while back, just make sure you have the indicators in your folder, copy this file to your template folder, restart mt4 and load the template. Once you have it up, just edit the colors as you need.

Luke

Well I cant get the file to upload so just go through the forum files by clicking on the paper clip icon. Look for the file "5 min ea template.tpl" http://forexfactory.com/forumdisplay.php?f=71#
  • #1,471
  • Jun 19, 2007 12:57am Jun 19, 2007 12:57am
Quoting mac18
I'd appreciate input from anyone who can help me with this . I've spent hours pouring over the thread, and got my template up and running, installed the SMA angle indicator with the green histogram bars, and tried to put on the red 21SMA, but so far, can't seem to get it. I opened the indicator folder, dragged moving average to the SMA window, but can't find the first indicators data. Nothing comes up when I finish What am I not doing, or doing incorrectly?

Thanks

mac18
Hi M18

I hope you'll manage with the template (post #1460). It works - I've downloaded and tested myself.

Otherwise make sure you do use the MA indicator in the "indicator" folder and not the MA indicator in the "Custom indicator" window. Don't use the option "Attach to chart" but click, hold & drag it to the SMAAngle window.

Once it is there, look at "Parameter" option, the option "Apply to", click on drop down and select the very last option "First indicator data".

That's all!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,472
  • Jun 19, 2007 2:27am Jun 19, 2007 2:27am
0724 GMT. Depending on how this retracement goes, might look to set up shorts using the 5 min retracement into the warzone.

Oh and Golfer, keep up the charts posting, v good work.
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  • #1,473
  • Jun 19, 2007 2:59am Jun 19, 2007 2:59am
0755 GMT. Nice retracements with small candles to just inside the zone. Got to be decisive in the entry for this one. Note the time on my charts are in Singapore time (GMT+8)
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  • #1,474
  • Jun 19, 2007 3:54am Jun 19, 2007 3:54am
0853 GMT. If partial profits are taken at 10 pips, and if we can get 2 or 3X the risk for the runner position, the profitability of the system is enhanced in the longer term.
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  • #1,475
  • Jun 19, 2007 4:53am Jun 19, 2007 4:53am
Hello everyone,

This is my first post here and in a forex forum in general, total newbie here, been watching for a long while and this is to thank you Philip for explaining this strategy , I tried it today and made 13 pips out of three trades (2 good, one bad) , all on a demo account.
I really appreciate the faxt that there are people like the gentlemen in this forum that enlighten and teach in a very positive attitude.

Thank you all.
  • #1,476
  • Jun 19, 2007 6:43am Jun 19, 2007 6:43am
Once it is there, look at "Parameter" option, the option "Apply to", click on drop down and select the very last option "First indicator data".

That's all![/quote]

Hi Willem,

Thanks for that - it is was this last piece that I did not have, till you explained it. No-one else has put it that way in the entire thread, so I was spinning my wheels. May the pips be with you

Now, I am up and away. Thanks for all your efforts, and of course Phil and several others for spending time to explain this system to all who want.

mac18
  • #1,477
  • Jun 19, 2007 6:52am Jun 19, 2007 6:52am
Quoting mac18
Once it is there, look at "Parameter" option, the option "Apply to", click on drop down and select the very last option "First indicator data".

That's all!
Hi Willem,

Thanks for that - it is was this last piece that I did not have, till you explained it. No-one else has put it that way in the entire thread, so I was spinning my wheels. May the pips be with you

Now, I am up and away. Thanks for all your efforts, and of course Phil and several others for spending time to explain this system to all who want.

mac18[/quote]


Hi M18

Pleasure is all mine. Don't worried, a few months ago I had the very same problem - not familiar with MT4 and I was using the platform for almost 2 years.

That is the beauty of this website - learn for free. I think it was Chandra at that stage writing how to put the 21MA on SMAangle.

Looking forward to see your trades on the thread.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,478
  • Jun 19, 2007 6:56am Jun 19, 2007 6:56am
Quoting Golfer
Hi Willem,

Thanks for that - it is was this last piece that I did not have, till you explained it. No-one else has put it that way in the entire thread, so I was spinning my wheels. May the pips be with you

Now, I am up and away. Thanks for all your efforts, and of course Phil and several others for spending time to explain this system to all who want.

mac18

Hi M18

Pleasure is all mine. Don't worried, a few months ago I had the very same problem - not familiar with MT4 and I was using the platform for almost 2 years.

That is the beauty of this website - learn for free. I think it was Chandra at that stage writing how to put the 21MA on SMAangle.

Looking forward to see your trades on the thread.[/quote]


Hello, What platform do you use? There is a demo for that one? Mt4 i understand... But where i can find it? Thanks
Rather miss a opportunity than to get involve in a bad trade!
  • #1,479
  • Jun 19, 2007 7:14am Jun 19, 2007 7:14am
Hi Golfer,
Thanks - I don't feel too bad now - I did read Chandra's explanation, and printed out the various set up sheets, just did not realise that the first indicators data was part of the drop down list on Apply - duh!

Salcidon, I am using a demo from Interbank FX. You can do a search for all the MT4 brokers, and download a demo FOC. I think as long as you use it once every so often (?20days) it does not expire. Great to test out strategies initially. I have had an EA inadvertently activate on my live account from another strategy - ouch!! So, I do not load templates or EA's unto my live account till I am SURE that I know how to use it, and am confident!

mac18
  • #1,480
  • Jun 19, 2007 8:01am Jun 19, 2007 8:01am
Hi folks.

I've been with this thread for a while now after reading all the initial stuff from Phil and Golfer etc.

I understood the basics of the system, but I was having trouble with the pesky indicators, which, like a few people on here it seems, I couldn't seem to set up properly. However, that problem seems to be ok.

I'd like to show a demo trade I did this morning, just so the more experienced can possibly show me where I went wrong, what I did right etc? I ended up with a 9 pip profit after the spread, so I guess it didn't go so bad, did it?

Anyway, thanks to all the guys for all the advice and all the charts etc. Learning on this forum is never tedious, that's for sure!!
Cheers.
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