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5Min Intraday System

  • #1,241
  • May 24, 2007 2:54am May 24, 2007 2:54am
Quoting kunz78
Be careful in 40 minutes there are important news for the €.
And also look at the two bars of the pullback, they are very big.
It could be a reversal and not a pullback.
I would not trade it
Thanks for the advice. I took the short as the EURUSD and USDJPY moved down in sync. Thought that this was a good secondary confirmation as there was no general USD strength or weakness. Would welcome comments on my thinkng, whether right or wrong...
  • #1,242
  • May 24, 2007 3:11am May 24, 2007 3:11am
0807 GMT. Just wonder if this is a day where can see 200+ pip move. Stop is in so maybe see how far it goes. (against the rules, but I think is worth it)
Attached Image (click to enlarge)
Click to Enlarge Name: 20070524 EURJPY 0807 GMT.gif Size: 16 KB
  • #1,243
  • May 24, 2007 3:12am May 24, 2007 3:12am
Quoting kunz78
Be careful in 40 minutes there are important news for the €.
And also look at the two bars of the pullback, they are very big.
It could be a reversal and not a pullback.
I would not trade it
Hi ME

Also (you don't have it) the 21MA on SMAangle is still in the non-trade zone on my chart
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,244
  • May 24, 2007 3:19am May 24, 2007 3:19am
My chart was Ok with all the set up. I just did not feel confident.
Good for Emacro that took at least 20 pips

I'm waiting for the next one
  • #1,245
  • Edited 6:37am May 24, 2007 4:46am | Edited 6:37am
Quoting kunz78
My chart was Ok with all the set up. I just did not feel confident.
Good for Emacro that took at least 20 pips

I'm waiting for the next one
Hi K78

Aa, that trade Phillip calls the "may be" - could have gone the other way. Well done and good for EM.

On my chart it was the first pullback (towards the 10MA or into the zone) and I do like to use the first pullback as my second point for my small resis/supp line. Then I'll take the second pullback into the zone as my trade (if it complies with the rules).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,246
  • May 24, 2007 9:37am May 24, 2007 9:37am
Here is my last trade during the $ news.
I entered in the first pullback after the big move at 1.9855, closed half position at 1.9845.
Attached Image
  • #1,247
  • May 24, 2007 7:52pm May 24, 2007 7:52pm
0045 GMT. Held on to the short on the EURJPY. Good that it is going well, bad as the 5 min trade became an overnight trade. But that was my plan after taking partial profit, to let the remaining lot run, with the stop in place.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070525 EURJPY 0045 GMT.gif Size: 19 KB
  • #1,248
  • May 25, 2007 1:05am May 25, 2007 1:05am
0603 GMT. Looking good for long on USDJPY.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070525 USDJPY 0603 GMT.gif Size: 18 KB
  • #1,249
  • May 25, 2007 1:36am May 25, 2007 1:36am
0633 GMT. Entry long 121.26 with stop, so are now able to take 1st half off.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070525 USDJPY 0633 GMT.gif Size: 19 KB
  • #1,250
  • May 25, 2007 1:56am May 25, 2007 1:56am
0655 GMT. Really nice pattern today on USDJPY.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070525 USDJPY 0655 GMT.gif Size: 18 KB
  • #1,251
  • May 25, 2007 3:35am May 25, 2007 3:35am
0833 GMT. USDCHF setting up for the short.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070525 USDCHF 0833 GMT.gif Size: 18 KB
  • #1,252
  • May 25, 2007 3:57am May 25, 2007 3:57am
0855 GMT. With no momentum, maybe it's time to bail out of the short USDCHF from 1.2271.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070525 USDCHF 0855 GmT.gif Size: 19 KB
  • #1,253
  • May 25, 2007 1:46pm May 25, 2007 1:46pm
Quoting emacro
0855 GMT. With no momentum, maybe it's time to bail out of the short USDCHF from 1.2271.
I have a question your gettin alot of good trades is there a certain time frame you trade on?......and what all are u lookin for to get in on a trade just tryin to get an Idea on how your doing it....Thanks
  • #1,254
  • May 25, 2007 8:19pm May 25, 2007 8:19pm
Grant
Using this system, I ocnsider myself a beginner.(hope is not beginner's luck) But I think pattern recognition is important, and looking at the charts posted by other members of the forum helps a lot.

Hopefully my streak continues.
  • #1,255
  • May 26, 2007 12:23am May 26, 2007 12:23am
Quoting emacro
Grant
Using this system, I ocnsider myself a beginner.(hope is not beginner's luck) But I think pattern recognition is important, and looking at the charts posted by other members of the forum helps a lot.

Hopefully my streak continues.
Hi EM

Put down you rules on paper, study them and then just follow it strictly. Then your "streak" (I don't view it as a streak but experience and commitment coming through) will continue with this system.

But be warned, if you start to deviate from your rules or try and take each and every set-up, your % positve trades will decrease. Stay with the high probability trades as identified by your rules.

This system needs a "human" intepretation of the situation and it is not a total mechanical system.

The past week or so was very difficult and you can tap yourself on the shoulder if you do have a high % positive trade/profit factor. Keep measuring your success against these two parameters.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,256
  • Edited May 27, 2007 2:45am May 26, 2007 11:24am | Edited May 27, 2007 2:45am
I've found in the Metatrader Section of the forum a nice EA that manage your order. I think that could be very useful for this system.
I haven't tried it yet but it look promising and has useful settings.

Thanks to Stockwet , the creator of the EA.

This is the link of the thread with all the instructions

http://www.forexfactory.com/showthread.php?t=9553

Hope that it helps

P.S.
As i said i didn't tried it yet, so it is better demo test it before using it live.
  • #1,257
  • May 27, 2007 2:40am May 27, 2007 2:40am
Quoting kunz78
I've found in the Metatrader Section of the forum a nice EA that manage your order. I think that could be very useful for this system.
I haven't tried it yet but it look promising and has useful settings.

Thanks to Stockwet , the creator of the EA.

This is the link of the thread with all the instructions

http://www.forexfactory.com/showthread.php?t=9553

Hope that it helps

P.S.
As i said i didn't tried it yet, so it is better so demo test it before using it live.
Hi K78

Sorry, I did read your message properly (didn't realise you have tested the EA). Lets go for it and see how it works.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,258
  • May 28, 2007 11:38am May 28, 2007 11:38am
Quoting Golfer
Hi K78

Sorry, I did read your message properly (didn't realise you have tested the EA). Lets go for it and see how it works.
Sorry, I meant "didn't read" & "haven't tested" in previous message.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,259
  • May 29, 2007 3:21am May 29, 2007 3:21am
0826 GMT. USD majors seem to be moving in sync, so maybe got some setups to look for for me.
  • #1,260
  • May 29, 2007 4:09am May 29, 2007 4:09am
0906 GMT. A sttong trend up, with no pullback (yet) into the zone. Maybe later.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070529 EURUSD 0906 GMT.gif Size: 16 KB
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