5Min Intraday System | Page 84 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex intraday using the 5min chart: EURUSD 108 replies

The Force 5min system 3,806 replies

Intraday Pound Trades on 5min chart [GBPUSD] 36 replies

5min Bollinger breakout system 42 replies

Attachments: 5Min Intraday System
Exit Attachments

5Min Intraday System

  • #1,661
  • Jul 6, 2007 9:46am Jul 6, 2007 9:46am
Hi, I'm Riad here, We had an interesting day today trading 1 min news on skype. First, I would like to share some info about how I trade 1 min news that might be very beneficial to some people.

There is a 30 min time rectangle drawn on the chart below. This marks the release of the news till the time that the currency retraces a portion of original price(Possible pullback). This 30 min rectangle is further divided into two 15 min rectangles. As the price is within first 15 min rectangle, we give more importance to our news analysis and less to our indicators, and as we go through second 15 min rectangle, we give more importance to our indicators and approaching retracement.

This first chart is the Eurusd trade we took on Skype. Note that although Smaangle wasn't according to rules, I took a short at closing of third candle on thumbs up(1.3583). This is because we are still in first 15 mins and the good news for dollar should continue pushing Euro down for a while. Exit took place at +10 pip profit at the mark "x". Second trade, the one marked with an arrow, is where we stand back because ADX has crossed in to wrong zone, and we are approaching the end of our trading rectangle, thus looking our for possible pullback.
Attached Image (click to enlarge)
Click to Enlarge Name: eur.jpg Size: 66 KB
Best Wishes.. -Riad Jarjour
  • #1,662
  • Jul 6, 2007 10:45am Jul 6, 2007 10:45am
Here is an interesting 1 min news trade on cable today. Unfortunately, I missed this because I traded the Euro as I posted above. Explanation about time rectangles is in my post above.

Here, we take a good trade at thumbs and exit with +10 pip profit(Or +12, depending on your style or spread of your broker). Although I would not suggest it, a second trade was possible on the first red circle. I am not proud that I took this second trade, it could have gone another way.

The third is a definite nono, take a look at ADX, it is in a bullish configeration, and we are approaching the end of our 30 min rectangle, so a possible pullback is in place.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.jpg Size: 68 KB
Best Wishes.. -Riad Jarjour
  • #1,663
  • Jul 6, 2007 1:43pm Jul 6, 2007 1:43pm
Quoting Golfer
Hi Eyev

I am getting more impressed every day. Well done. I do like your style of analysis and pivot lines. Hopefully one day you would post your monthly results (like me)!

I also don't like the candles and price movement. Just too big and choppy. 21MA also broken - to me it means that it doesn't find support on 21MA. And will break through it eventually.

A quick risky trade could work but like you said - is it worth the risk? Not to me.
Many thanks for your comments, Willem. When I first started coming on this Forum, one of the things I really liked about it was the many charts that people posted. For me, it's much better to examine a chart, than to try and "mind read" somebody's text report. I've learned so much from examining the many, many great charts that people post, including yours and emacro's and others, that it prompted me to try and post some great examples of both good and bad trades, plus why we entered and, more importantly, why we didn't etc. Like you, Phil, emacro and others, I feel that if the charts can help the relative newbies to this game, then it's well worth the effort.
Keep postin', mate!
Cheers
  • #1,664
  • Jul 6, 2007 2:14pm Jul 6, 2007 2:14pm
This is probably the closest any newbie will ever come to pure trend following. If all new entrants to the market read your post first then there will be long and extended trends in future.

This is the closst I have seen to pure trend folllowing on an intraday basis. Kudos to you Mr. Nel Your method captures the idea of long term movements on an intraday basis.

Trader888
  • #1,665
  • Jul 6, 2007 2:16pm Jul 6, 2007 2:16pm
Quoting eyevoltage
Many thanks for your comments, Willem. When I first started coming on this Forum, one of the things I really liked about it was the many charts that people posted. For me, it's much better to examine a chart, than to try and "mind read" somebody's text report. I've learned so much from examining the many, many great charts that people post, including yours and emacro's and others, that it prompted me to try and post some great examples of both good and bad trades, plus why we entered and, more importantly, why we didn't etc. Like you, Phil, emacro and others, I feel that if the charts can help the relative newbies to this game, then it's well worth the effort.
Keep postin', mate!
Cheers
Pleasure.

That was how I've learned this system - looking charts (my own & others, especially Phillip's charts and his comments) and like you said, asking that questions. Just reading to comments about trades (entry, exit, SL, TP) without illustrations and stories means almost nothing to me.

Like I told Phillip, I do save a picture of each and every trade of mine (Positive and Negative) and look at it again and again. Looking at all the options and each trade must tell/have a story. Not just another enter because you feel like it. Write down the reasons why/why not and review them.

If the trade cannot tell a story - it was probably a high risk trade.

After each trade, I can tell you in detail why I took it. Every trader should be able to do that. Not just "I had good feeling about it". One of most important lessions learned from Phillip - he always has a "story" for a setup.

As soon as I realise a setup is starting to form, I begin to read the story.

Enjoy the trading!!!!!!!!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,666
  • Edited 7:41pm Jul 6, 2007 7:30pm | Edited 7:41pm
Quoting Golfer
It is an instant message (IM) chat on Skype where members discuss the charts/setups as it develops (not a verbal conversation). You need to register with Skype, get an Skype ID and then somebody can add you to the chat.
And what about creating some public chat in skype [similar to '4 Hour Strategy (300+ Pips per Month)' http://www.skype.com/go/joinpublicch...gD3oXyiVzAtTJA ] ?
  • #1,667
  • Jul 7, 2007 3:46am Jul 7, 2007 3:46am
There's no doubt that EUR/JPY has been throwing up some good examples lately of "get-in" trades and "stay-out" trades. This one from around 1600 GMT yesterday is a good example. At 1505 GMT the price pierced the R3 pivot, and then for the next 7 periods just "danced" along it. Beneath it, the 21ema and the 50sma were in a gradual up-trend, giving me a heads-up that there might just be something worth waiting for. At 1550 GMT we get the first candle to open below the 10ema and close right on it. The next candle "staddles" the R3, and strictly speaking, I should have waited for the next candle. However, the SMAAngle and 21ema was strong, and the ADX was in a VERY positive frame of mind. In addition, as I said, the two MA's were climbing, so I entered the trade (first arrow). A lovely sequence of upwardly mobile candles followed, giving me an 11 pip profit, whereas I exited the trade at the second arrow. Quite honestly, they just don't get any better than this one. e.g. Everything seeming to fall into place at the right time.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy66.gif Size: 19 KB
  • #1,668
  • Jul 7, 2007 4:21am Jul 7, 2007 4:21am
Quoting eyevoltage
There's no doubt that EUR/JPY has been throwing up some good examples lately of "get-in" trades and "stay-out" trades. This one from around 1600 GMT yesterday is a good example. At 1505 GMT the price pierced the R3 pivot, and then for the next 7 periods just "danced" along it. Beneath it, the 21ema and the 50sma were in a gradual up-trend, giving me a heads-up that there might just be something worth waiting for. At 1550 GMT we get the first candle to open below the 10ema and close right on it. The next candle "staddles" the R3, and strictly speaking, I should have waited for the next candle. However, the SMAAngle and 21ema was strong, and the ADX was in a VERY positive frame of mind. In addition, as I said, the two MA's were climbing, so I entered the trade (first arrow). A lovely sequence of upwardly mobile candles followed, giving me an 11 pip profit, whereas I exited the trade at the second arrow. Quite honestly, they just don't get any better than this one. e.g. Everything seeming to fall into place at the right time.
Just to share my throughts with you on this pair. I've been watching this pair for a while and there are a few features like this one:

 

  1. The price tend not to have a steep pullback but rather move in a channel indicated by the 4 green rectangles.

  1. Next you will find a quick 1 candle pullback into the zone. Sometimes close to the 21MA (candle 1).

  1. Then a big candle away from th 21MA (candle 2). This candle is your entry point. Sometimes this candle can even trigger your 10pip TP.

The more I see this pattern, the more I tend to like it as a trade set-up.

Another issue with this pair is the 50MA - tend to be more of a resistance/support than for other pairs. But let us leave it at that.

I do enjoy trading this pair with the 5min system but be careful: Look for specific price movements & patterns.

Attached Image (click to enlarge)
Click to Enlarge Name: 20070706 ey channel set-up.jpg Size: 75 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,669
  • Jul 7, 2007 4:32am Jul 7, 2007 4:32am
Just another few EURJPY channel formation examples. As you can see, not all are that clear and well defined.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20070615 ey channel set-up.jpg Size: 67 KB
Click to Enlarge Name: 20070625 ey channel set-up.jpg Size: 82 KB
Click to Enlarge Name: 20070626 ey channel set-up.jpg Size: 77 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,670
  • Jul 7, 2007 5:04am Jul 7, 2007 5:04am
Quoting Golfer
Just to share my throughts with you on this pair. I've been watching this pair for a while and there are a few features like this one:

 

  1. The price tend not to have a steep pullback but rather move in a channel indicated by the 4 green rectangles.

  1. Next you will find a quick 1 candle pullback into the zone. Sometimes close to the 21MA (candle 1).

  1. Then a big candle away from th 21MA (candle 2). This candle is your entry point. Sometimes this candle can even trigger your 10pip TP.

The more I see this pattern, the more I tend to like it as a trade set-up.

Another issue with this pair is the 50MA - tend to be more of a resistance/support than for other pairs. But let us leave it at that.

I do enjoy trading this pair with the 5min system but be careful: Look for specific price movements & patterns.

Yep, it's a nice pattern, mate. Something else I've just noticed from your chart, which I didn't notice on mine........it looks very like one of your "three little sisters" formations, but I might be wrong. It has been known!

Re your attachments: In the 2nd one, I liked the pattern just prior to the ellipse with the sharpish pull-back to the 21ema before the 3 red candles. That's the sort of pattern we all wait for with our tongues hanging out! The next one INSIDE the ellipse would be a hard one to call.......I think different people would enter at different points on that one. Possibly one to leave alone, I would have thought. On the 3rd chart, wouldn't the action in that ellipse be irrelevant? It's just after a crossover, and going by your rules, not a qualifier....or have I got that wrong?

Great examples, mate. I do like the ellipse you draw on your charts. Pin-points things just nicely!
Cheers for now.
  • #1,671
  • Jul 7, 2007 2:32pm Jul 7, 2007 2:32pm
Quoting eyevoltage
Yep, it's a nice pattern, mate. Something else I've just noticed from your chart, which I didn't notice on mine........it looks very like one of your "three little sisters" formations, but I might be wrong. It has been known!

Yes, it is a possible 3 little sisters formation. But it didn't work this time because it was a trending market. And I've see this trending market movements a lot on the EY pair.

Re your attachments: In the 2nd one, I liked the pattern just prior to the ellipse with the sharpish pull-back to the 21ema before the 3 red candles. That's the sort of pattern we all wait for with our tongues hanging out! The next one INSIDE the ellipse would be a hard one to call.......I think different people would enter at different points on that one. Possibly one to leave alone, I would have thought.

Yes, I agree. Some of the setups are very hard and difficult to trade. If one doesn't feel comfortable with a setup, let it passes. Wait for the next more familiar setup.

If the pullback is that steep - I'll be careful. I do like a more flat-type of pullback. But it is trending market and steep pullbacks can be expected.

On the 3rd chart, wouldn't the action in that ellipse be irrelevant? It's just after a crossover, and going by your rules, not a qualifier....or have I got that wrong?

Yes, you are right and well spotted. I was looking for similar patterns randomly and did't look for specific setups that comply with My Rules.

Great examples, mate. I do like the ellipse you draw on your charts. Pin-points things just nicely!
Cheers for now.
Enjoy!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,672
  • Jul 8, 2007 12:28am Jul 8, 2007 12:28am
Ive seen that some people look at horizontal S/R, but how much is it used with this system?I look at it and find it very interesting for different entries on the 5m chart, not that I dont look at the system for what it is.
  • #1,673
  • Jul 8, 2007 12:36am Jul 8, 2007 12:36am
Quoting richerich
Ive seen that some people look at horizontal S/R, but how much is it used with this system?I look at it and find it very interesting for different entries on the 5m chart, not that I dont look at the system for what it is.
Im not byist, where is it going?
  • #1,674
  • Jul 8, 2007 7:24am Jul 8, 2007 7:24am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting Richard7
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
Hi Richard, sorry to take so long...

I have gone back to the drawing board on my risk management/trade blotter spreadsheet to try and let it include jpyusd.

I have posted it here on my live trading journal.

I think that it will be of use to many people using this method or any similar method.

Some notes.

  1. This spreadsheet assumes that your account is in USD.
  2. It is also only set up for USD crosses.
  3. At the moment the only ccy's it recognises are AUDUSD, EURUSD, GBPUSD, USDCHF, USDJPY. If you want to trade other USD crosses you can add it to the currency look up table on the first tab (just make sure that you note if the ccy is quoted directly or indirectly).
  4. The trade blotter allows for multiple entries on the one trade.

I have put some sample trades on it just to give you a feel of how it works.

Of course, nothing is set in stone, and I welcome people playing around with it. Currently it does what I need it to do, but that is not to say that it can't be improved!

  • #1,675
  • Jul 8, 2007 9:45pm Jul 8, 2007 9:45pm
Quoting CHECKstar
Hi Richard, sorry to take so long...

I have gone back to the drawing board on my risk management/trade blotter spreadsheet to try and let it include jpyusd.

I have posted it here on my live trading journal.

I think that it will be of use to many people using this method or any similar method.

Some notes.

  1. This spreadsheet assumes that your account is in USD.
  2. It is also only set up for USD crosses.
  3. At the moment the only ccy's it recognises are AUDUSD, EURUSD, GBPUSD, USDCHF, USDJPY. If you want to trade other USD crosses you can add it to the currency look up table on the first tab (just make sure that you note if the ccy is quoted directly or indirectly).
  4. The trade blotter allows for multiple entries on the one trade.

I have put some sample trades on it just to give you a feel of how it works.

Of course, nothing is set in stone, and I welcome people playing around with it. Currently it does what I need it to do, but that is not to say that it can't be improved!

Thanks for posting this. I"ll give it a go.

R
  • #1,676
  • Jul 9, 2007 5:52am Jul 9, 2007 5:52am
Quoting rem
And what about creating some public chat in skype [similar to '4 Hour Strategy (300+ Pips per Month)' http://www.skype.com/go/joinpublicch...gD3oXyiVzAtTJA ] ?
Hi Rem,

I don't understand these skype "services" that are mentioned here.

People say here that we only have to give our skype contact, and someone will add.

I did state here my skype (jmadept) and when I start skype ... nothing happens.

That link you mentioned (like one that Phil posted on the H4 thread I think, about the daily strategy)...

Well i go there...but the skype window (for the specific chat I believe) mentions "connecting to admin, please wait"...and stays like that forever...

Do i need to do anything on skype?

Thanks

MD
  • #1,677
  • Jul 9, 2007 7:01am Jul 9, 2007 7:01am
I added you to my account. When you accept I can add you to the forex chatroom.
Best Wishes.. -Riad Jarjour
  • #1,678
  • Jul 9, 2007 1:59pm Jul 9, 2007 1:59pm
The $JPY setup I watched today and waited for a trade.

After I've drawn my Small resistance line, the pair went in overdrive. Just look at the beautiful fast mode (ellipse A) after the first pullback just inside the war zone. Fast speed meaning resistance/bounch off the 10MA. This is very hard to trade - no signal given. Go and look at the 1min chart - I think I saw one set-up afterwards for 20pips.

Then came point B and my resistance line was broken ("B") - I decided not to consider any more setups. And what happen in ellipse C - a 8 pip (8-3spread 5pips) not even getting to BE. And a double bottom ("1" & "2") right on my daily pivot line - another two danger signs.

The end result - no trade for me. Hope somebody got some on the 1min chart.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070709 $y setup.jpg Size: 76 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,679
  • Edited 2:50pm Jul 9, 2007 2:22pm | Edited 2:50pm
Cable was my second set-up I was trying to get a high probability trade out of:

First my Small Support line between "a" and "b". What a great pullback "c" - the reason I started looking at Cable. Then came candle (big) "A" and broke my line. No more high probability trade. Just look at the two big blue candles "B" - another danger sign.

After that I deceided - not for me, thanks.

Pullback "C" was a classic 2 candle entry point. I would have waited for the second candle (blue) to pass the close of the first candle (red) and then enter. A high risk trade giving you 17pips (17-4spread=13pips).

But then again the double top ("1" & "2") right on my daily pivot R1 line. Another two danger points. And Candle "A" broke my line as well as the 21MA - another two danger points. 4 danger points - enough for me to walk away from cable at that stage (setup becomes a high risk trade setup and a possible loss this time - no so lucky as with the setup C & $JPY).
Attached Image (click to enlarge)
Click to Enlarge Name: 20070709 cable setup.jpg Size: 77 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,680
  • Jul 10, 2007 5:12am Jul 10, 2007 5:12am
This example of EUR/JPY from this morning, shows how important it is to view the "big picture" before making a trade. As you can see, the price steadily rose, and actually went through the Pivot Point, and touched the M3 line, before starting to fall back. Just below the M3 line there is what looks like a Hanging-Man candlestick, which could signal a reversal, only needing another bearish candle to confirm. Well, we got the bearish candlestick alright, forming an engulfing pattern with the Hanging-Man, AND a Dark Cloud Cover with the Hanging-Man and the previous candlestick to that. In other words, a pretty strong reversal signal. A further bearish candlestick straddled the Pivot Point AND the 10ema, and the next one was bullish, (Blue Arrow) which did exactly the same thing, only this time going up. THIS candle could have been the Trade Trigger, but follow the vertical dotted line down and have a look at the indicators. Although the SMAAngle/21ema is very strong, the ADX is, in actual fact, weakening all the time, indicating that a reversal from the pull-back isn't very likely. In any event, you would have wanted to wait for the next candlestick to open above the Pivot Point, before making any decision. Obviously, it didn't, and the Pivot Point formed a VERY strong resistance line, with the price continuing sideways, and going through the dotted trend line. As Golfer is always pointing out, the sharp pull-back (indicated this time by those two large bearish candles) is always a warning that things are possibly not what they seem, so when you see that sort of reversal, beware. A nice gradual rounded pull-back is the best thing since sliced bread, so look out for them instead.
Attached Image
1 trader viewing now