5Min Intraday System

Thank you phillip. I cought the last wave ..

Hi Petrol! How did you decide, that was the last wave?

It would be very funny for ME to decide .. I just saw what happened. I cashed the TP and after that the Euro-USD went down.
That's all.

1215 GMT. General USD weakness. Two setups here worth putting in the memory bank: sideways type pullbacks to the mov avg.

I have found this to be useful, having a 'currency dashboard' to show the USD pairs. The objective is to determine whether the USD based pairs are 'in sync'. Knowing this one can determine whether the USD is in strength or weakness and thus helps in entering the setup with more confidence. Kunz78 pointed me to go in this direction.(thanks Kunz78)

I have been using a 5 minute intra day strategy for 4 years and find it to be one of the most simple and most accurate ways to trade. Its all about the indicators you use and how you visually "see" the market. Moving averages, along with pivot points and support and resistance levels make this as simple as it gets. The other component is the pairs you trade and how much they typically swing throughoutthe day. This strategy is an easy 20-50 pips a day or more, depending upon economic announcements, etc.

1340 GMT. EURJPY steep retracement, small rounding. Would you take this trade? I think is well worth the risk reward to take the short here.

In these days the Yen pairs are too volatile for me...
everybody is waiting for the chinese bubble to explode.

I wouldn't have taken it

1410 GMT. Stopped out for 12 just after the news.

The pullback to the zone was to steep and fast. Very nervous candles.
But I have noticed you people making some nice trades.
Phillip

Info

Thank you Phillip. Nice lesson.

kunz78 wrote: "Yen Pairs too nervous. In these days the Yen pairs are too volatile for me... everybody is waiting for the chinese bubble to explode."

Yesterday I looked for the first time at GBP YEN. My God, what variations! Made me think at a mustang ... hard to ride.

0808 GMT. Shorted EURJPY (on a higher risk setup) at 164.15.

20070606 0923 GMT. Status of EURJPY.

Hello guys!

im new to this thread. the first i have to say is "THANX PHIL!".
And now look to the pic...lot of chances today in the cable.

panther

Hello to all. This is my first post here, and I want to thank Phil first of all, but also all the others who have been diligent to help and explain how this works. I've read through the entire (90 pages!) thread and I'm starting to see how it works pretty well.

I'm not sure how the attachment function works so I don't know if you can see this chart, but we had a nice trade @ 11:35GMT on the U/J short. In @ 121.12 (red down arrow), 1st profit @121.02 (1st check mark), 2nd @ 120.92 (2nd check mark), then out BE on the last when the down TL was broken.

Thanks again to all who help out here, and maybe I can be of assistance in the near future.

By the way, is the SKYPE chat still going? I'd like to get in on it.


Richard

1317 GMT. Nice angle down on 50 sma on EURJPY paves way for more short opportunities.

On the E/J, notice that the angle of the 50 is flattening somewhat as shown by the SMA angle indicator. See that price has gone down while this is happening. Is there such a thing as angle to price divergence and should we consider this?


Richard

Hi Emacro,
I looked at eur/jpy this morning as well. It moved very nicely. I switched to 1 min and there were many more and clearer signals. I guess it's a good idea to switch to this type of timeframe when jpy pairs start moving.

Hi Richard7,
Personaly I don't use this indicator(don't know how to put it anyway). If you look at the chart there were two signals just before the area of the chart you're referring. So price has done it's run already and it's better to keep the powder dry on the third signal me thinks. Hope this helps. Would like to join skype as well - we could help each other. Thanks