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5Min Intraday System

  • #1,401
  • Jun 11, 2007 1:24pm Jun 11, 2007 1:24pm
Quoting petrol
Today was a VERY quiet day. Anyone got any trades?
yes Petrol I tried to pick a trade this morning (8.30 gmt) on AUDUSD, so far it seemed good to me (good slope and distance between the 3 MA) but I was stopped out at -10 pips.
Attached Image
  • #1,402
  • Jun 11, 2007 1:27pm Jun 11, 2007 1:27pm
Hi,

First of all I would like to say hello, I generally don't post, but there are loads of good people, Emacro and Petrol and also Phil, thank you guys!!!

I don't know how to upload the pics graphs, so hear are the trades

EUR/USD
8.25
1.3341 - short
1.3336 - tp

AUD/USD
8.39
0.8428 - buy
0.8433 - tp

Keep up the good work, do not take every setup you see, make sure it meets the criteria and also make sure that you got your stop losses in place and don't be greedy!!! I learnt the hard way!

Thanks and good luck, I will try and post my trades on a daily basis for you all.

Guess
  • #1,403
  • Jun 11, 2007 1:29pm Jun 11, 2007 1:29pm
I took the risk before, just posted... ok, this was not a good setup, but more a hunch, normally would not have risked it and got out quick!

Quoting skyline
yes Petrol I tried to pick a trade this morning (8.30 gmt) on AUDUSD, so far it seemed good to me (good slope and distance between the 3 MA) but I was stopped out at -10 pips.
  • #1,404
  • Jun 11, 2007 1:32pm Jun 11, 2007 1:32pm
What looked good to me was the angle of the SMA indicator, that's why I took the trade.

Quoting skyline
yes Petrol I tried to pick a trade this morning (8.30 gmt) on AUDUSD, so far it seemed good to me (good slope and distance between the 3 MA) but I was stopped out at -10 pips.
  • #1,405
  • Jun 11, 2007 2:30pm Jun 11, 2007 2:30pm
Dont really like trading them using this system they dont seem to have good results on them as of late......
  • #1,406
  • Jun 12, 2007 1:52am Jun 12, 2007 1:52am
0645 GMT. Long the cable at 1.9745 with 12 pip stop. See what happens.
Attached Image (click to enlarge)
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  • #1,407
  • Edited 2:28am Jun 12, 2007 2:08am | Edited 2:28am
0705 GmT. Stopped out. Had some nice small candles in the war zone.(albeit after some volatile emotional candles) Keeping perspective, the beauty of the system is that you will be stopped out before 'real damage' is done to your account. Move on to the next trade is the good way of thinking.

Tot to add that this is a lesson not to tinker with the original parameters. I tried the 3 min instead of the 5 min, thinking it would be more responsive.... Got to stick to the original parameters.
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  • #1,408
  • Jun 12, 2007 3:53am Jun 12, 2007 3:53am
0850 GMT. OK, got into a long USDJPY position at 121.74, almost stopped out for 121.64 (10 pips). Still in see if can pick up the first 10 pips.
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  • #1,409
  • Jun 12, 2007 4:56am Jun 12, 2007 4:56am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting grant_thms
Dont really like trading them using this system they dont seem to have good results on them as of late......
I tried a while back to use this system with aud and nzd crosses and got burned. These currencies tend to have sharper pull backs, hitting my stops I find.

That said, could we maybe put together a list of crosses that we all agree work quite effectivly with this system:

Obviously there are:

  1. GBPUSD
  2. EURUSD
  3. USDCHF
  4. USDJPY

I know a few people use this system of EUR crosses.

  • #1,410
  • Jun 12, 2007 5:01am Jun 12, 2007 5:01am
0958 GMT. Can try to take the 10 pips on the USDJPY long on 1/2 position and then hold the remainder as runner, but we are not there yet. (121.84) Been tough day, starting on wrong foot (GBPUSD), Hopefully the $JPY will alleviate the losses and turn small profit.
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  • #1,411
  • Jun 12, 2007 7:05am Jun 12, 2007 7:05am
1202 GMT. Slow grinding market for $JPY. Close out and call it a day.
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  • #1,412
  • Jun 12, 2007 10:03am Jun 12, 2007 10:03am
I entere these two now. SL as TP = 10 pips

While adding attachements closed half EJ at tp 10 pips and moved sl to BE
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  • #1,413
  • Jun 12, 2007 10:16am Jun 12, 2007 10:16am
Quoting ttitto
I entere these two now. SL as TP = 10 pips

While adding attachements closed half EJ at tp 10 pips and moved sl to BE
Yes, both good ones. I'm out of half the E/U +6 and now stop @ break even. Waiting to see if it will test 1.3300. Close to getting stopped out though.
  • #1,414
  • Jun 12, 2007 10:28am Jun 12, 2007 10:28am
Quoting CHECKstar
I tried a while back to use this system with aud and nzd crosses and got burned. These currencies tend to have sharper pull backs, hitting my stops I find.

That said, could we maybe put together a list of crosses that we all agree work quite effectivly with this system:

Obviously there are:

  1. GBPUSD
  2. EURUSD
  3. USDCHF
  4. USDJPY

I know a few people use this system of EUR crosses.

Hi Check

Good point. Currently I am looking at just 4 pairs and that is exactly what Phillip is recommending. You need to get familiar with the price action of each pair you are following. It is of no use jumping from one pair to another to trade each possible set-up visible. It will work for a while but you'll get burned eventually. That's what happen to me and I was starting to lose money. I want to share this with everybody. That's why I went back to the drawing board and revised my rules (posted somewhere on this thread).

Nowadays I just look at the other pairs if somebody is mentioning a pair and a set-up and then I'll just evaluate the set-up. Definitely not to start trading that set-up or pair.

Just my opinion based on my own experience and Phillip's valuable advice.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,415
  • Jun 12, 2007 10:43am Jun 12, 2007 10:43am
Quoting emacro
1202 GMT. Slow grinding market for $JPY. Close out and call it a day.
Hi EM

Just one observation from your charts and also one of my rules:

Once you do have tails coming through the 21MA it seems like the trade set-ups thereafter become high risk trades. I therefore won't enter a trade if I have a close on the wrong side the 21MA untill there is another degree of support or resistance shown on the 21MA.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,416
  • Jun 12, 2007 11:51am Jun 12, 2007 11:51am
Quoting ttitto
I entere these two now. SL as TP = 10 pips

While adding attachements closed half EJ at tp 10 pips and moved sl to BE
Hi ttitto,
What is the name of the middle indicator on your charts?
thanks
  • #1,417
  • Jun 12, 2007 12:58pm Jun 12, 2007 12:58pm
Quoting Phillip Nel
I am using this 5Min intraday strategy with great success on the EurUsd and Gpb/Usd. Three deals max. per day. Open position when the angle of the 50 Simple moving average are greater than 20Degrees and the price retrace back into the zone of the 21 Exponential moving average and the 10 Exponential moving average. Set stoploss at 6 pips plus spread and profit taking at 8-10 pips. Move stoploss to breakeven as soon as 6 pips gain is obtained. Using this strategy is at your own risk. Hope someone will benefit from it.
Hi Phillip,
I have been reading about your system and I got to about 30 and then tried to search this thread on this.. but what session do you seem to get the best moves out of (US, EURO, or ASIA)?

thanks!
  • #1,418
  • Jun 12, 2007 2:03pm Jun 12, 2007 2:03pm
The middle indicator is RSI. I do not use it . I just like to watch how it determines trend and price action. The is an article in "trading naked" about Trend determination with RSI.

I atually do not use any of the 3 indicators I have on my charts. Do not ask me why they are there - I do not know
  • #1,419
  • Jun 12, 2007 2:05pm Jun 12, 2007 2:05pm
  •  Trader#0000
  • | Status: Unregistered Trader
Thanks Golf. I have had some good success with EUR and GBP (boy, does that GBP like to trend! ). I have looked a JPY briefly, but find it a bit too choppy and am having troubles workinig JPY crosses into my risk management spreadsheet/trade blotter. Recently (only last fortnight) been sitting up to take a look at CHF. Finding the characteristics quite different. Pull backs are either quite strong or quite soft - rarely in the sweet spot. To compensate, I have tried to apply RSI and MACD filters (trading with ONADA, so can't use custom indicators).
  • #1,420
  • Jun 12, 2007 2:29pm Jun 12, 2007 2:29pm
Quoting CHECKstar
Thanks Golf. I have had some good success with EUR and GBP (boy, does that GBP like to trend! ). I have looked a JPY briefly, but find it a bit too choppy and am having troubles workinig JPY crosses into my risk management spreadsheet/trade blotter. Recently (only last fortnight) been sitting up to take a look at CHF. Finding the characteristics quite different. Pull backs are either quite strong or quite soft - rarely in the sweet spot. To compensate, I have tried to apply RSI and MACD filters (trading with ONADA, so can't use custom indicators).
Check,

Your risk management spreadsheet/trade blotter sounds interesting. I have to admit I don't really have a method to track my trades historically, other than my trade journal. Care to share what you've got there?

Richard
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