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5Min Intraday System

  • #1,201
  • May 21, 2007 10:42am May 21, 2007 10:42am
Hello everyone. i just went through some of the posts. i understand the Sma and Ema concept. What i wanted to make clear was that. We Go with the trend . If 50sma establishes a strong down trend. then when the candle pulls inbetween the 21 and 10 ma we go short since it is a down trend, or does it depend on the candle if it is bull or bear. one last question is do we wait for the candle to close which pulled into the territory and take the signal from it when it has closed. I plan to test this strategy in demo account but some helpfrom the kind members of this forum will be appreciated. so i can move in the right direction.
Thankyou.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #1,202
  • May 21, 2007 10:42am May 21, 2007 10:42am
Quoting emacro
Long usdjpy on the close of 5 min bar. Entry 121.35. Thought this was the best looking setup to me...
Hi EM

Great example of a two candle pullback entry. Well taken!!!!!!!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,203
  • May 21, 2007 11:02am May 21, 2007 11:02am
The chart on post 1198 by emacro explains a lot. However i am still open to any suggestions and help since iam new. thanks.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #1,204
  • May 21, 2007 11:04am May 21, 2007 11:04am
Quoting BIL2205
Hello everyone. i just went through some of the posts. i understand the Sma and Ema concept. What i wanted to make clear was that. We Go with the trend . If 50sma establishes a strong down trend. then when the candle pulls inbetween the 21 and 10 ma we go short since it is a down trend, or does it depend on the candle if it is bull or bear. one last question is do we wait for the candle to close which pulled into the territory and take the signal from it when it has closed. I plan to test this strategy in demo account but some helpfrom the kind members of this forum will be appreciated. so i can move in the right direction.
Thankyou.
Hi BIL2205

The pullback is method to enter to a trend in progress; it gives you the opportunity to jump in more safely.
We wait for the candle to go between the war zone and then we wait for a confirmation. Personally I look for

  1. a test (or more test) of the EMA ,
  2. 2 or more candle inside the war zone
  3. a candle formation that confirm the trend continuation
  4. The strenght of the trend; if it has trended too much i do not enter.

This what comes to my mind right now.

the more you experience with thi system the more you will find confirmation!

  • #1,205
  • May 21, 2007 12:46pm May 21, 2007 12:46pm
Hey I have a question on the system........you use it of course on the 5min but u can switch to the 1min to get an entry also if theres not one on the 5min but my question is at what point do u switch to the 1min to get an entry what are u lookin for to crank it down to the 1min and how do u make sure its not a premature move?..........Thanks
  • #1,206
  • May 21, 2007 12:59pm May 21, 2007 12:59pm
Quoting grant_thms
Hey I have a question on the system........you use it of course on the 5min but u can switch to the 1min to get an entry also if theres not one on the 5min but my question is at what point do u switch to the 1min to get an entry what are u lookin for to crank it down to the 1min and how do u make sure its not a premature move?..........Thanks
I switch to the 1 min only when there is a fast & strong move that does not produce pullback on the 5 min chart
  • #1,207
  • May 21, 2007 1:11pm May 21, 2007 1:11pm
Thanks because i was wonderin when u do that i seen that happen on the Eur/Usd today but thanks a million you are very helpful.....
  • #1,208
  • Edited 3:37pm May 21, 2007 2:38pm | Edited 3:37pm
Quoting kunz78
Hi BIL2205

The pullback is method to enter to a trend in progress; it gives you the opportunity to jump in more safely.
We wait for the candle to go between the war zone and then we wait for a confirmation. Personally I look for

  1. a test (or more test) of the EMA ,
  2. 2 or more candle inside the war zone
  3. a candle formation that confirm the trend continuation
  4. The strenght of the trend; if it has trended too much i do not enter.

This what comes to my mind right now.

the more you experience with thi system the more you will find confirmation!

Hi K

Well said - I cannot put it better.

Hi B

All my suggestions are in My Rules as posted previously & attached. Just look at my examples on the thread and hopefully you would be able to get an idea.
Attached File(s)
File Type: zip 5 min intraday trading system THE RULES 20070504 no extra examples.zip   430 KB | 1,617 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,209
  • May 21, 2007 2:46pm May 21, 2007 2:46pm
Just another set-up to be aware of: Look at #1,2,3 & 4. Clear resistance found at that level - ?tripple bottom. Very risky to take a short trade.. You need to look for a lower low before consider a short trade.

Just look at #5 - beautiful smooth round top. If that was within the zone - a certain trade.
Attached Image (click to enlarge)
Click to Enlarge Name: euru$ 20070521 triple bottom.jpg Size: 79 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,210
  • May 22, 2007 1:15am May 22, 2007 1:15am
Looking around the pairs, I decided to take the gbpusd long 1.9713 today.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070522 GBPUSD 0611 GMT.gif Size: 18 KB
  • #1,211
  • May 22, 2007 2:20am May 22, 2007 2:20am
Hello everone,
Could you please tell me if anyone would take this trade today ?

Thanks !
Attached Image (click to enlarge)
Click to Enlarge Name: yesorno.GIF Size: 13 KB
  • #1,212
  • May 22, 2007 2:31am May 22, 2007 2:31am
I took this trade on the cable but ended with a loss.
I entered at the second candle between the two ema but I was kicked out by a strong move down.

Enter 1.9724 exit with 8 pips loss
Attached Image
  • #1,213
  • May 22, 2007 2:49am May 22, 2007 2:49am
Quoting domchik
Hello everone,
Could you please tell me if anyone would take this trade today ?

Thanks !
Hi Domchik

Technically I would have taken that trade: there were few candle testing the 10 ema so a move down was probable. But today I do not see any chance for the yen to strenghten further. So I would not take any short position with Y pairs
  • #1,214
  • May 22, 2007 9:38am May 22, 2007 9:38am
I recalled one of the pdf files with '3 little sisters' formation. Is this one on the GBPUSD, and can someone tell me the parts of this type of setup? Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070522 GBPUSD 1434 GMT.gif Size: 17 KB
  • #1,215
  • May 22, 2007 10:00am May 22, 2007 10:00am
Quoting kunz78
I took this trade on the cable but ended with a loss.
I entered at the second candle between the two ema but I was kicked out by a strong move down.

Enter 1.9724 exit with 8 pips loss
Appears your polarity is reversed......all your indicators say you should have gone short...not long.
Same Whore .... Different Dress
  • #1,216
  • May 22, 2007 10:10am May 22, 2007 10:10am
Quoting johnedoe
Appears your polarity is reversed......all your indicators say you should have gone short...not long.

Oh thanks for the advice Johnedoe, I'll check my polarity ASAP
Yes actually was a premature entry...
  • #1,217
  • May 22, 2007 10:29am May 22, 2007 10:29am
Quoting kunz78
I took this trade on the cable but ended with a loss.
I entered at the second candle between the two ema but I was kicked out by a strong move down.

Enter 1.9724 exit with 8 pips loss
Hi K78

I was watching the same set-up/time frame - just on the EURU$. Just before the pull-back, I didn't feel comfortable with the set-up and changed from my live account to demo account. I've decided to practise my entry from 21MA - what a great entry it was - initially and afterwards the candle changed to a red candle.

All the criteria and rules were checked OK but I just didn't like the look/choppiness around area #3 - the reason I've decided this was a "may be" trade for me.

The result - 10pip loss.
Attached Image (click to enlarge)
Click to Enlarge Name: euru$ 20070522 bad trade.jpg Size: 75 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,218
  • May 22, 2007 10:34am May 22, 2007 10:34am
Yes Will,

Today was a really bad day.
I could not spot a good set up with all the pairs.

Anyone has made a nice trade??
  • #1,219
  • May 22, 2007 10:41am May 22, 2007 10:41am
Quoting domchik
Hello everone,
Could you please tell me if anyone would take this trade today ?

Thanks !
Hi D

My chart & analysis for your possible trade.

The mentioned set-up is the first pullback into the zone - yes, the trade could be on but I like to look for the second set-up under my small resistance line. That set-up now determines my 2nd point for the supp/resist line.

All the other rules seems OK for a trade. BUT the line was broken at candle #3 meaning no future/next trade for me during this trend.

Sorry to say it again but this supp and resis line kept me out of a lot of bad trades. Not to be mistaken - also a few good one. But look at Phillip's new logo under his posts.
Attached Image (click to enlarge)
Click to Enlarge Name: $jpy 20070522 bad trade.jpg Size: 68 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,220
  • May 22, 2007 10:44am May 22, 2007 10:44am
Quoting kunz78
Oh thanks for the advice Johnedoe, I'll check my polarity ASAP
Yes actually was a premature entry...
Hey.. don't feel bad I used to say I was going to start a signal service and all you had to do to make a ton of money was enter your trades oppisite of me
Same Whore .... Different Dress
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