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5Min Intraday System

  • #1,681
  • Edited 6:04am Jul 10, 2007 5:47am | Edited 6:04am
This is a much better example of the sort of pull-back to look for. In the blue rectangle, the price hit R2 and was engulfed by a large bearish candle. At first, not a good sign, as it indicated a potentially similar pull-back to the EUR/JPY one I showed you in the previous example. However, the price settled down to creeping sideways for a while, before starting to gently drop through the 10ema before starting to reverse mid-way between the 10ema and the 21ema. (There's even a very helpful little doji candle to light me on my way!) The first blue arrow indicates my entry trigger, my entry being at 1.3645. (The ADX is still around the 25 mark, with the +DI starting to rise......a positive sign.)
A nice sequence of candles took the price up to 1.3657, at which I exited the trade. (2nd blue arrow) Taking the spread into account, a nice 10 pip profit.
How very nice of Forex to provide me with two contrasting examples in such a short period of time!
Attached Image
  • #1,682
  • Jul 10, 2007 5:59am Jul 10, 2007 5:59am
Quoting MD27
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
Hi MD,
just wait until Phil as admin aproves your access to this '4H MACD system' chat
  • #1,683
  • Jul 10, 2007 6:13am Jul 10, 2007 6:13am
Hi.
Further to my last chart example (EUR/USD), you'll note that right after I exited the trade, three bearish candles took the price to the 21ema. Aha! Another potential trade looming, you'd think. However, have a look at the ADX. After my trade, it literally nose-dived, and it really doesn't pay to ignore the ADX. So, no trade, and a good job too, as it just moved sideways from then on. See what I mean about taking note of the "big picture"? It'll tell you everything you need to know, I promise you.
Cheers for now.
  • #1,684
  • Jul 10, 2007 6:32am Jul 10, 2007 6:32am
Quoting anbu
I added you to my account. When you accept I can add you to the forex chatroom.
Hi

=> anbu:
I'm not sure if your message was for me. But if it was, thank you.

Now what do I have to do to accept?

=> Rem:
Thanks for the answer. I'm waiting for Phil to do that. Does he usually take long? Because I still get the same situation. I did send Phil a skype message, hope he gets it.

Thanks

MD
  • #1,685
  • Jul 10, 2007 7:16am Jul 10, 2007 7:16am
1212 GMT. Look at the EURUSD 5 min today, notice how the ADX told us it was a 'strong trend'. At least 2 entries.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070710 EURUSD 1212 GMT.gif Size: 18 KB
  • #1,686
  • Jul 10, 2007 7:25am Jul 10, 2007 7:25am
Quoting eyevoltage
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.
I do like your style of analysis - make sense and is very simple yet very effective.

I did take the EY trade and just manage to make 10pips out of it. I'll post my chart later today.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,687
  • Jul 10, 2007 7:45am Jul 10, 2007 7:45am
Hi Golfer.
I'll look forward to seeing your chart, mate. I wouldn't have taken the trade, as I said, but if you did, and made 10 pips, what can I say? Well done!

emacro, I can see on your chart where I took my trade, but can you please point out the second one for me? Feeling a little dense this good day! By the way, what part of the world are you in? I estimate you're roughly GMT+6.....am I right?

Cheers.
  • #1,688
  • Jul 10, 2007 8:13am Jul 10, 2007 8:13am
This is a beautiful trade. The price dropped rather fast, but then there was a gradual pull-back to the 10ema. I took the trade just as the candle crossed the S1 line. Look at those lovely candles dropping like a stone and bouncing off the S2 line! Beautiful. Even though the ADX was VERY healthy, the SMAAngle was entering the 0.4 danger zone, which is a very good place to get the hell outta Dodge!! Result: 21 pips. I wish they were all like that!
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  • #1,689
  • Jul 10, 2007 8:30am Jul 10, 2007 8:30am
I wrote the attached indicator to alert me to potential 5-min chart setups in mt4. Put it on each open chart. Feel free to comment/suggest .
Attached File(s)
File Type: mq4 phillipNel.mq4   3 KB | 1,003 downloads
  • #1,690
  • Jul 10, 2007 8:46am Jul 10, 2007 8:46am
Nice and simple system - and my guts tells me it works.
However, I couldn't quite figure out what is the 21MA is used for?
  • #1,691
  • Jul 10, 2007 9:33am Jul 10, 2007 9:33am
1428 GMT. The trend ocntinues. The market retracement is a 'classic' with small candles for the continuation of the trend today. Look at the 30 min chart, shows the trend.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20070710 EURUSD 1428 GMT.gif Size: 16 KB
Click to Enlarge Name: 20070710 EURJPY 1431 GMT.gif Size: 16 KB
  • #1,692
  • Jul 10, 2007 9:51am Jul 10, 2007 9:51am
Quoting Haggais
Nice and simple system - and my guts tells me it works.
However, I couldn't quite figure out what is the 21MA is used for?
Hi H

On page 103 of this thread, you'll find My Rules where I explained the usage of the 21MA on the SMAangle indicator. The other 21MA on the chart itself is used to form the war-zone where you'll take your trades.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,693
  • Jul 10, 2007 10:54am Jul 10, 2007 10:54am
My trade today:

My small support line between Candle 1 & 2 nd extended.

The first pullback was a bit steep but then the channel (3) was formed - that was when I started to look at the set-up. My support line was broken but the channel motivate me to stay with it.

I entered on the pullback from the 21MA with a TP of 10pips on the doji candle.

But just look at another channel formed (4). Unfortunately the 21MA ws still in the non-trade zone. If the lower band of the channel is extended, it acted as resistance later on.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070710 ey trade 1a.jpg Size: 86 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,694
  • Jul 10, 2007 11:03am Jul 10, 2007 11:03am
Another type of pullback one should be on look out for. Just look at the nice smooth formation of the pullback. I would have entered on the opening of the candle under the finger. Or the candle before. As soon as the pullback formation is visible.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070710 $y setup.jpg Size: 75 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,695
  • Jul 10, 2007 11:40am Jul 10, 2007 11:40am
Quoting MD27
Hi

=> anbu:
I'm not sure if your message was for me. But if it was, thank you.

Now what do I have to do to accept?

=> Rem:
Thanks for the answer. I'm waiting for Phil to do that. Does he usually take long? Because I still get the same situation. I did send Phil a skype message, hope he gets it.

Thanks

MD
I dont get a skype name like that on skype search. (jmadept). Can you pleas confirm the skype name and I will add you. Skype me chanan13 and I will add you. Greetings
  • #1,696
  • Jul 10, 2007 12:17pm Jul 10, 2007 12:17pm
Quoting Phillip Nel
I dont get a skype name like that on skype search. (jmadept). Can you pleas confirm the skype name and I will add you. Skype me chanan13 and I will add you. Greetings
Hi Phillip,

I confirm that my skype name is jmadept.

I think i got the problem (i was not getting your skype on skype search as well)...I did not have the skype me feature active. Now I have it and the search did get your skype name.

Sorry for this confusion...i don't have much experience with skype...

Can you please try now?

Thanks

MD
  • #1,697
  • Jul 10, 2007 1:24pm Jul 10, 2007 1:24pm
Golfer! I swear I wanted to post that bounce off the 10ma earlier but I was too tired and slept instead! Good job on that, it is a very strong move...

Have I not had 2 tests in my uni today I would've definitely taken at least 2 of the trades emacro and evolt have posted, and great analysis from you guys, good work!

Here is a recent trade I stayed out off. Normally, I would enter at the thumbs up. First, notice the 2 candles that the arrows are pointing at. First we get a bullish 30 pips long candle, and after a while we get a bearish 20 pips long candle. Big candles turn us off, and we should avoid them!

Then there's the other turn off, thats the smaangle is well above 0.4 level, suggesting a pullback.
Attached Image (click to enlarge)
Click to Enlarge Name: eur.jpg Size: 56 KB
Best Wishes.. -Riad Jarjour
  • #1,698
  • Jul 10, 2007 3:53pm Jul 10, 2007 3:53pm
[quote=anbu;1490636]Golfer! I swear I wanted to post that bounce off the 10ma earlier but I was too tired and slept instead! Good job on that, it is a very strong move...

Have I not had 2 tests in my uni today

(I hope you are like me - standing in front of the class and not actually writing the tests - LOL)

I would've definitely taken at least 2 of the trades emacro and evolt have posted, and great analysis from you guys, good work!

Don't worry about it, many more to come. I only had one trade today with 10pips profit. Can you belief it - with all the setups? That is why - relax if you miss some trades.

Here is a recent trade I stayed out off. Normally, I would enter at the thumbs up. First, notice the 2 candles that the arrows are pointing at. First we get a bullish 30 pips long candle, and after a while we get a bearish 20 pips long candle. Big candles turn us off, and we should avoid them!

Great - now you getting Phillip's message about price motions.

Then there's the other turn off, thats the smaangle is well above 0.4 level, suggesting a pullback.

I am looking at the 21MA on the SMaangle - move above 0.4/-0.4 line. I don't look at the actual SMAangle bars anymore. I saw you and Eyevoltage mentioned the actual bars on the SMAangle indicator crossing the 0.4/-0.4 lines. Do you use that as your filter? If so, great to have a filter.

My Small resistance and support lines and the 21MA on the Smaangle indicator are now my filters. I used to use the bars on the SMAangle indicator.

Also don't ignore price patterns (ascending and descending triangles, double tops/bottoms, lower highs/higher lows) formed on the 5min chart even though it is a short time frame.

Well done!!!!!!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,699
  • Jul 10, 2007 4:13pm Jul 10, 2007 4:13pm
This is not the first time that I see a spike (in the ellipse) like this in the EURJPY. I had two other trades like this in the past.

Great place to take your profit and don't wait for the market to run more in your favour. Because usually it doesn't.

Just thought I want to share it with some of you.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070710 eurjpy setup.jpg Size: 74 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,700
  • Jul 10, 2007 5:00pm Jul 10, 2007 5:00pm
Hi folks.
It's 22.55 here in the UK, and I'm wondering if anyone knows why there's so much price activity at a time when things are normally chugging along at a sleepy pace.

Plus, the daily ranges of the pairs I'm looking at seem to have gone mad. Cable is fairly normal at 161, Eur/usd is 194, Eur/jpy is 153, and Usd/jpy is presently at 223.

Anyone got any info?

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