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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #1,261
  • May 29, 2007 6:20am May 29, 2007 6:20am
To the people with problems determining the angles...You're making it too hard on yourself.

The way I determine an angle is real simple...Just take a look at your clock...they just don't tell time but give you angles at certain times...

SMA line pointing to 12,1, and 2 o'clock = uptrend 12 and 1 being very strong.

Sma pointing at 3 o clock = sideways,flat, stay out and wait.

SMA pointing at 4,5, and 6 o'clock = downtrend, 5 and 6 being very strong.

These are the numbers from the right side of your clock 12,1,2,3,4,5, and 6.
Very effective and easy method to determine an angle, no indicators needed. I myself have been trading this type of method without any angle indicators for a long time.
  • #1,262
  • Edited 8:23am May 29, 2007 7:57am | Edited 8:23am
1253 GMT. The EURUSD pulls back into the zone at around 10 GMT, giving possible long by Phillip's rules for the 5 min system.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070529 EURUSD 1249 GMT.gif Size: 17 KB
  • #1,263
  • Edited 9:48am May 29, 2007 8:24am | Edited 9:48am
Quoting emacro
1253 GMT. The EURUSD pulls back into the zone, giving ample opportunity for the long, although patience was important.
Hi Emacro it's a couple of days that i'm playing with ema's.
Look at this image:

the brown line is a 600 ema that it is equal to a 50 ema on a 1hr chart
the light blue line is a 2400 ema that is is equal to a 50 ema on a 4hr chart.

Look how price tested those emas berore going further up!
I bought when the candle penetrated the brown line; took a partial profit near the 2400 ema and closed everything 1at 1.3495 cause was afraid of the 3500 barrier (round number)

i understand that this is not a classic set up but i think it is quite interesting.
There is a thread in another forum (tsd) that use this method
Attached Image
  • #1,264
  • May 29, 2007 11:34am May 29, 2007 11:34am
Attached a document on how to compile the SMAangle indicator and the 21MA on it. There are also website links to instructional videos on how to work with the MT4 platform.

The websites are very helpful to understand and be able to use the features on the MT4 platform.

Hope it helps some of you who are not "very" familiar with MT4 platforms - like me.
Attached File(s)
File Type: doc 5min system My Rules The SMAangle indicator window.doc   27 KB | 2,222 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,265
  • May 29, 2007 2:54pm May 29, 2007 2:54pm
I had 10 min before I had to go out with friends and I saw the set-up of the EURU$ - 2 small Doji candles, another small candle, relative flat pull-back, below my resistance line and 21MA has just crossed (but the ADX is Blue).

That is why I decided to to trade it from the 10MA. ST was 10pips and TP was 10pips (which was triggered). I left the laptop 4 candles after my entry. But just look at the number of candles before the move - 9. My enter was a bit quick. But then my resistance line would have kept me out of that trade.

The main reason was the 3 small candle pullback (relatively flat).
Attached Image (click to enlarge)
Click to Enlarge Name: euru$ 20070529 trade 1.jpg Size: 66 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,266
  • May 29, 2007 6:32pm May 29, 2007 6:32pm
Quoting Golfer
I had 10 min before I had to go out with friends and I saw the set-up of the EURU$ - 2 small Doji candles, another small candle, relative flat pull-back, below my resistance line and 21MA has just crossed (but the ADX is Blue).

That is why I decided to to trade it from the 10MA. ST was 10pips and TP was 10pips (which was triggered). I left the laptop 4 candles after my entry. But just look at the number of candles before the move - 9. My enter was a bit quick. But then my resistance line would have kept me out of that trade.

The main reason was the 3 small candle pullback (relatively flat).
Golfer,
I took my first demo trade today on the eur/$ two candles after you at 1.3475 and closed it out at 1.3448 for 27 pips. Thanks Phil, Golfer, Kunz78 and every one for all your educational posts.

Can someone please answer this question? How do you MT4 users follow the systems rules (setting the SL 6 pips + spread, taking profit at 8-10 pips and moving the SL to breakeven after 6 pips gain) when the MT4's minimum SL and target price is 10 pips from the market price?

Many thanks
Jbone
  • #1,267
  • May 29, 2007 11:26pm May 29, 2007 11:26pm
Quoting jbone
Golfer,
I took my first demo trade today on the eur/$ two candles after you at 1.3475 and closed it out at 1.3448 for 27 pips. Thanks Phil, Golfer, Kunz78 and every one for all your educational posts.

Can someone please answer this question? How do you MT4 users follow the systems rules (setting the SL 6 pips + spread, taking profit at 8-10 pips and moving the SL to breakeven after 6 pips gain) when the MT4's minimum SL and target price is 10 pips from the market price?

Many thanks
Jbone

Hi JB

It depends on which broker you are using. I do have a live & demo mini account with Interbankfx and a demo account with Crown forex. Interbankfx allows a minimum of 5 pips SL (you can use the rules as it is) but Crown on the other hand allows 10 pips SL.

Put your SL 15-20 pips away just in case something happens (you need to have a physical SL in place - my personal opinion), Now draw a horizontal line 10 pips away from your entry (where you want to close your trade). If the price touches the line, close the trade manually. The same with moving your trade to break-even (BE) - visually. It is a visual excerise.

But you need to be very committed and sit in front of the PC until the the trade has ended. Don't let your losses becomes to big. Keep to the lines.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,268
  • May 30, 2007 1:17am May 30, 2007 1:17am
kunz78
Looks good. Excellent trading. In trading, there is no right or wrong, only what works or now.(heard that from some guy)

0616 GMT Scanning the markets, I'd be inclined to look at USDJPY and GBPUSD for 5 min trades today.

Cheers.

Quoting kunz78
Hi Emacro it's a couple of days that i'm playing with ema's.
Look at this image:

the brown line is a 600 ema that it is equal to a 50 ema on a 1hr chart
the light blue line is a 2400 ema that is is equal to a 50 ema on a 4hr chart.

Look how price tested those emas berore going further up!
I bought when the candle penetrated the brown line; took a partial profit near the 2400 ema and closed everything 1at 1.3495 cause was afraid of the 3500 barrier (round number)

i understand that this is not a classic set up but i think it is quite interesting.
There is a thread in another forum (tsd) that use this method
  • #1,269
  • May 30, 2007 1:44am May 30, 2007 1:44am
0642 GMT. The GBPUSD (cable) was the one triggered, with 4 to 5 candles testing the 10 exp mov avg. Short on the break of the horizontal line.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070530 GBPUSD 0642 GMT.gif Size: 18 KB
  • #1,270
  • May 30, 2007 2:00am May 30, 2007 2:00am
0659 GMT.Wigh cable trading 19777/79, think is best to take one lot profit, and put in the stop to let remainder run.(as one of the forumers posted)
  • #1,271
  • May 30, 2007 6:19am May 30, 2007 6:19am
1117 GMT. Position closed on a trailing stop 1.9760. This was a nice trade, entry with 5 min method (a bit of discretion), peeled off 1/2 position with profit and letting the remaining run. I think this is the way to get better returns from trading the 5 min system.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070530 GBPUSD 1115 GMT.gif Size: 18 KB
  • #1,272
  • May 31, 2007 2:14am May 31, 2007 2:14am
0712 GMT. I like the look of EUrUSD, not trading 1.3435, for a further push down, to set up possible 5 min retracement trades on the downside.
  • #1,273
  • May 31, 2007 3:07am May 31, 2007 3:07am
0806 GMT. Almost an hour without significant movement EURUSD, so shelve the plan and start waiting. Doesn't seem to be much action.
  • #1,274
  • May 31, 2007 3:28am May 31, 2007 3:28am
Quoting emacro
0806 GMT. Almost an hour without significant movement EURUSD, so shelve the plan and start waiting. Doesn't seem to be much action.
Yes, looks like we all wait something to happen
  • #1,275
  • May 31, 2007 3:29am May 31, 2007 3:29am
Quoting emacro
0806 GMT. Almost an hour without significant movement EURUSD, so shelve the plan and start waiting. Doesn't seem to be much action.
Hi EM

Yes, a few movements (choppy) but no real set-ups to speak about. Almost everytime the 21MA is broken indicating choppiness (to me).

Did you manage with the MT4 platform?
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,276
  • May 31, 2007 6:25am May 31, 2007 6:25am
Check GBP/USD NOW!
  • #1,277
  • May 31, 2007 7:12am May 31, 2007 7:12am
Ok, this was good hunt. I entered at 1.9775 and exit was on 1.9784. Got +9 pips. Not bad for beginner.
  • #1,278
  • May 31, 2007 8:30am May 31, 2007 8:30am
Good observation Hegan and a good trade! Good for you and well done!
  • #1,279
  • Edited 10:44am May 31, 2007 10:17am | Edited 10:44am
Quoting hegan
Ok, this was good hunt. I entered at 1.9775 and exit was on 1.9784. Got +9 pips. Not bad for beginner.
Hi Hegan

Great trade but why was it great? Get into the habit of analise your trades afterwards - profit of loss. My opinion of the set-up and I was just too late to enter (never try and enter after the set-up):

Beautiful flat pullback against resistance (brown line) and a classic 2 candle entry in the war zone (first hand). You also could have entry where the second hand is - a bit more difficult.

The third and fouth hand are still correct trades but remember, it is already the third set-up - it becomes risky now. Phillip's advice is to try and trade the second/middle set-up. Resistance changed into support - could fool you to entry on the third and fouth hand. Nothing wrong with that except.....

I do save pictures of all my trades and analise them later - just like I did right now. This will help you to identify the high probability trades easily.

Well done!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpu$ 20070531 great set-up.jpg Size: 79 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,280
  • May 31, 2007 10:27am May 31, 2007 10:27am
My EURJPY trade today - also a beauty of a set-up. You could have entry where I put the "correct" mark but I entered on the candle with the "hand".

Just look at the difference between pull-back angle A & B - makes a difference between a high probability trade and a risky trade!
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy 20070531 trade 1.jpg Size: 74 KB
Willem Forex recipe for success = Patience, discipline & hard work.
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