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5Min Intraday System

  • #1,421
  • Jun 12, 2007 3:08pm Jun 12, 2007 3:08pm
Quoting ttitto
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
Interesting. Is there something different about your rsi indecator since it has support, resistance & bearish written on it? I never saw that before.
  • #1,422
  • Jun 12, 2007 3:49pm Jun 12, 2007 3:49pm
Hi shreem,
Thanks for all your help with the 5 min tpl. I finally got it all set up and running.
jbone
  • #1,423
  • Jun 12, 2007 10:36pm Jun 12, 2007 10:36pm
Hello Jbone, no problem, my pleasure to be of any help. Hope you will make a lot of pips with this method of Phillip as it is a very great one when you begin to understand the motion of the market and be patient and disciplined to take only the high probability trade.

Best regards

Shreem
  • #1,424
  • Jun 13, 2007 1:09am Jun 13, 2007 1:09am
Golfer

0608 GMT. Thanks for the observation, will take it in. Today, seems JPY pairs made nice moves in the Asian session, maybe will set up some trades.

Quoting Golfer
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.
  • #1,425
  • Jun 13, 2007 2:01am Jun 13, 2007 2:01am
0658 GMT. I got into longs USDJPY at 122.17 and EURJPY at 162.63. Take off 1/2 at 10 pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20070613 USDJPY 0658 GMT.gif Size: 17 KB
Click to Enlarge Name: 20070613 EURJPY 0658 GMT.gif Size: 16 KB
  • #1,426
  • Jun 13, 2007 2:13am Jun 13, 2007 2:13am
0712 GMT. EURJPY stopped out at breakeven.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070613 EURJPY 0711 GMT.gif Size: 16 KB
  • #1,427
  • Jun 13, 2007 4:17am Jun 13, 2007 4:17am
0916 GMT. Looking ok on the USDJPY long.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070613 USDJPY 0913 GMT.gif Size: 17 KB
  • #1,428
  • Jun 13, 2007 5:02am Jun 13, 2007 5:02am
Quoting emacro
0916 GMT. Looking ok on the USDJPY long.

Hi,

You allows look for USDJPY or EURJPY but this pairs dosnt feat to well with this strategie! With JPY traders make carry trade so there are others reasunes for his moves... They arent so corelatted with EURUSD cand USDCHF.
For me i look all the time only at EURUSD and USDCHF. Rarrely at GBPUSD becouse ot the spread (4 pips too much)...
I see a lot of intersting corelations between this pairs and there are at least 1 or 2 possibites in a day with this strategy...
My opinion Sorry may spealing

What do you think?
Rather miss a opportunity than to get involve in a bad trade!
  • #1,429
  • Jun 13, 2007 5:22am Jun 13, 2007 5:22am
1019 GMT. Salcidon, my thinking is to try to use the system to get a good entry, to get on the right side of a trend. Take 10 pips or so off on 1/2 of the position and try to ride the trend. This is slight modification on Phil's pure system. One good trend move can make the difference to the profitability in for the week.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070613 USDJPY 1019 GMT.gif Size: 16 KB
  • #1,430
  • Jun 13, 2007 5:53am Jun 13, 2007 5:53am
Quoting emacro
1019 GMT. Salcidon, my thinking is to try to use the system to get a good entry, to get on the right side of a trend. Take 10 pips or so off on 1/2 of the position and try to ride the trend. This is slight modification on Phil's pure system. One good trend move can make the difference to the profitability in for the week.
ok. we'll do that you are using and other systems?
Rather miss a opportunity than to get involve in a bad trade!
  • #1,431
  • Jun 13, 2007 6:04am Jun 13, 2007 6:04am
Salcidon
I think the best system out there is proper money management. By trying to let profits run with the trend if you happen to be on the right side of the trend, it will go a long way to be consistently profitable, and then the accuracy (% winning trades) won't matter. In the chaos and randomness of the market in fx, it is difficult to get a high % winners, let alone maintain that %.

Is what I think.
  • #1,432
  • Jun 13, 2007 9:36am Jun 13, 2007 9:36am
Quoting emacro
Salcidon
I think the best system out there is proper money management. By trying to let profits run with the trend if you happen to be on the right side of the trend, it will go a long way to be consistently profitable, and then the accuracy (% winning trades) won't matter. In the chaos and randomness of the market in fx, it is difficult to get a high % winners, let alone maintain that %.

Is what I think.
o totaly aprove you
Rather miss a opportunity than to get involve in a bad trade!
  • #1,433
  • Jun 13, 2007 12:23pm Jun 13, 2007 12:23pm
Hi there,

For anyone interested in software ($29.50 fully functional - U.S.) that will show you what the angles are visit this site. I use it and it is great.

http://www.iconico.com/protractor/


Happy trading!

theFXGoods
  • #1,434
  • Jun 13, 2007 2:06pm Jun 13, 2007 2:06pm
Quoting emacro
Golfer

0608 GMT. Thanks for the observation, will take it in. Today, seems JPY pairs made nice moves in the Asian session, maybe will set up some trades.
Hi EM

Sorry but I didn't follow any markets for almost 2 weeks. Was on holiday but I hopefully will start again on Thursday (tomorrow). Just arrived back home today.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,435
  • Jun 13, 2007 2:12pm Jun 13, 2007 2:12pm
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).
Hi Check

My pairs are in order of preference:

EURU$
GBPU$
EURJPY
and lastly U$JPY (very few trades).

I only use my small support/resistance line as a filter so far and I try and stay within my rules (identify the high probability trades). I do agree - there are lost of other trades & set-ups that will give you a positive balance but is it worth it?
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,436
  • Jun 13, 2007 8:31pm Jun 13, 2007 8:31pm
Quoting Phillip Nel
The moment I have 6pips clean gain in my account I set to breakeven.

when you say 'Breakeven', what do you mean?
  • #1,437
  • Jun 13, 2007 11:07pm Jun 13, 2007 11:07pm
Hi,

how and when can i see you guys in the chat room or skype?
  • #1,438
  • Jun 14, 2007 12:27am Jun 14, 2007 12:27am
Quoting watchout4me
Hi,

how and when can i see you guys in the chat room or skype?
Hi W

Anytime, just register with Skype and send your Skype ID to one of the members already in the chat room. He/she will add you to the chat. Just take note that the chat consists of instant message (IM) and not "telephonic conversation". You can have private chats/telephonic conversation with members however.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,439
  • Jun 14, 2007 12:29am Jun 14, 2007 12:29am
Quoting watchout4me
when you say 'Breakeven', what do you mean?
Hi W

You move your SL to break-even - move your Stop loss to your orginal entry price.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,440
  • Jun 14, 2007 6:54am Jun 14, 2007 6:54am
quite day since now.... did you find smth? i trayed eurusd short from 1.2996 but it stopt me out at 1.3304
Rather miss a opportunity than to get involve in a bad trade!
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