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5Min Intraday System

  • #1,041
  • Apr 30, 2007 8:27am Apr 30, 2007 8:27am
Quoting Xaron
Just a note: I think 6 Pips SL for the EUR/USD is ok, but for the GBP/USD much to less. You need at least 10 Pips SL and of course a higher TP or am I wrong?

Regards - Xaron
Hi Xaron

I do agree. I think is as a matter of personal choice. What ever you feel comfortable with. Go for it and practice to see what is right for you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,042
  • Apr 30, 2007 8:55am Apr 30, 2007 8:55am
Quoting Xaron
Just another question:

Regarding your SMAangle for the 21 EMA you write

"Wait for 21EMA on SMAangle indicator to cross the 0.1 or -0.1/0.15 or -0.15 line"

As I don't use Metatrader what does this indicator mean? Is it just the angle of the 21'er EMA like the 20° angle of the 50'er SMA?
Does this mean the 21'er EMA should have an angle above 10°?

Thanks and best regards - Xaron
Hi X

You need a MT4 platform to use the SMAangle indicator and the 21MA on it. If you don't use a MT4 platform, you can need to look at the angle of the 50MA as stated by Phillip in the begining of the thread. The SMAangle with the 21MA on it is just a "replacement indicator" for the angle of the 50MA. We are using it currently to determine the entry time and when the price is in the no-trade area.

I hope it helps you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,043
  • Apr 30, 2007 8:56am Apr 30, 2007 8:56am
Quoting kunz78
I took this one on USD CHF.

enter at 1,2079
Partial profit at 1,2089
exit at 1,2099
For a total profit of 20 pips
hi K78

Great - what a beauty! Well done.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,044
  • Apr 30, 2007 8:56am Apr 30, 2007 8:56am
Thank you, golfer!

I've just installed MT4...

Regards - Xaron
  • #1,045
  • Apr 30, 2007 9:32am Apr 30, 2007 9:32am
Quoting Xaron
Thank you, golfer!

I've just installed MT4...

Regards - Xaron
Hi X

Great, good luck and wellcome to the Family. You won't be disappointed. Let us know how you are doing.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,046
  • Apr 30, 2007 9:39am Apr 30, 2007 9:39am
Just a great big thanks, its appreciated.

Cheers again,



W.
  • #1,047
  • Apr 30, 2007 9:48am Apr 30, 2007 9:48am
Quoting wilczek
Just a great big thanks, its appreciated.

Cheers again,



W.
Hi W

It is just my pleasure - hope it can assist you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,048
  • Apr 30, 2007 10:00am Apr 30, 2007 10:00am
The cable set-up today - great example of 2 candle pullback entry.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpu$ 20070430 ascending triangle.jpg Size: 79 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,049
  • May 1, 2007 2:43am May 1, 2007 2:43am
Quoting Golfer
Hi X

Great, good luck and wellcome to the Family. You won't be disappointed. Let us know how you are doing.

Thanks, I will post my trades. It's a great place to learn about my own mistakes.

I've already traded with this system but almost with +/- in the long term as I take too many "wrong" trades.

Just another question: Do you use a fixed TP (like 8-10 Pips) or do you let it run? Another possibility would be to sell the half of the position at 10 Pips and let the other half run...

Regards - Xaron
  • #1,050
  • May 1, 2007 6:57am May 1, 2007 6:57am
Last trade on gbp jpy
10 pip profit
Attached Image
  • #1,051
  • May 1, 2007 9:27am May 1, 2007 9:27am
Hi all

can someone be so kind as to explain how you apply the SMA to the MAangle indicator (cant find it on thread) or maybe post their template they are using.. as the Phil Nel template crashes my MT4?..

Thanks in advance

Lee
  • #1,052
  • May 1, 2007 10:23am May 1, 2007 10:23am
I had to go somewhere so i closed early and did not wait for the close above the 21EMA
Attached Image (click to enlarge)
Click to Enlarge Name: News 1.jpg Size: 61 KB
  • #1,053
  • May 1, 2007 11:15am May 1, 2007 11:15am
Quoting Xaron
Thanks, I will post my trades. It's a great place to learn about my own mistakes.

I've already traded with this system but almost with +/- in the long term as I take too many "wrong" trades.

Just another question: Do you use a fixed TP (like 8-10 Pips) or do you let it run? Another possibility would be to sell the half of the position at 10 Pips and let the other half run...

Regards - Xaron
Hi X

I put a fix TP on my trades just because I cannot stay with my PC all the time. Sometimes I have to leave my PC - I do have a full-time job.

But it is really up to you how you take your profits. I do like pips in my pocket - that's all.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,054
  • May 1, 2007 11:20am May 1, 2007 11:20am
Quoting Golfer
Hi X

I put a fix TP on my trades just because I cannot stay with my PC all the time. Sometimes I have to leave my PC - I do have a full-time job.

Thanks, me too. I'll start tomorrow and post my trades if there are some opportunities...

Regards - Xaron
  • #1,055
  • May 1, 2007 11:40am May 1, 2007 11:40am
Quoting leeshindig
Hi all

can someone be so kind as to explain how you apply the SMA to the MAangle indicator (cant find it on thread) or maybe post their template they are using.. as the Phil Nel template crashes my MT4?..

Thanks in advance

Lee
Hi Lee

1. Download SMAangle indicator to your mt4 platform - Program files, MT4 platform, experts, indicator

2. Re-start your mt4 platform

3. Drag SMAangle to your chart and open it

4. Go up in your navigator windows of the platform to "Indicator" (not the other Custom indicator icons) icon and find the moving average.

5. Drag it to the SMAangle window (not the chart itself) and set it to 21, exponational and first indictator's data

Hope it works well. My platform crashed about 2 weeks ago as well.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,056
  • May 1, 2007 11:42am May 1, 2007 11:42am
Yes. Post your trades for discussion. Not to criticise but to let the people that learned the hard way(losing some money first) give some advice and pitfalls to watch for. The 5min is all about patients and if it does not look right, walk away.
  • #1,057
  • May 1, 2007 11:46am May 1, 2007 11:46am
Quoting Phillip Nel
I had to go somewhere so i closed early and did not wait for the close above the 21EMA
Hi Phillip

Beauty, looks like a classic 1 min news set-up. Well done! Played golf and missed the news.

Hope this is the way it will go for the rest of the year!!!!!!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,058
  • May 1, 2007 12:31pm May 1, 2007 12:31pm
Quoting Phillip Nel
I had to go somewhere so i closed early and did not wait for the close above the 21EMA
Hi Phillip

If I am not mistaken, You would have exit at 15:05GMT @1.3602 (cross the 21MA) 50pips profit - great!!!!!!!!!!! Very good strategy. Hope the "had to go somewhere" knows what you've missed.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,059
  • May 1, 2007 12:45pm May 1, 2007 12:45pm
My trade today on EURU$ showing you what can happen when one breaks the rules. Look at this trade and use you rules. If I use my rule chekclist, it makes about 50% adherence to the rules. Just made 10pips with lots of sweat. I was thinking of closing it after 5 pips profit but the move was slowly downwards.

I didn't feel comfortable with the set-up but it was the lower high at 16:15GMT as well as the 2 candle pullback set-up that convinces me to take the trade. My initial aim/TP was the support at 1.3593
Attached Image (click to enlarge)
Click to Enlarge Name: euru$ 20070501 1.jpg Size: 70 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,060
  • May 1, 2007 1:23pm May 1, 2007 1:23pm
thanks Golfer, but Ive tried this and the MA only seems to go up with the MAangle moves and not down??


I added maangle.. dragged Moving average from top indicator windoe (not custom).. set to ema 21.. and first indys data..

hmm.. back to drawing board...

http://img77.imageshack.us/img77/6194/yenju2.gif
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