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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #1,761
  • Jul 23, 2007 2:18am Jul 23, 2007 2:18am
Quoting emacro
Hey Golfer
What is the trigger that gets you in the 3 sisters trade? Looks like it is a reject from 21 ma on the 3rd sister, am I correct?
Hi Em

Yes, this one was a bounch of the 21MA.

What I'm looking at is:

Wait for the third sister to be formed:

In this case the blue candle with the tail was the 3rd sister. But now you want to make sure that it was the 3rd sister. You could have entered on the red candle just after the blue candle (3rd sister) but I wanted to make sure the 3rd sister was completed. Sometimes it is possible for the next candle to move pass the previous high (sister 2) and then the pattern (3 little sisters) is cancelled.

Look for some sort of resistance/support:

Therefor you need to wait for a confirmation of resistance/support after the 3rd sister was formed. Look for a bounch of the 21MA or even from the 10MA for an entry point. A pullback (next candle) through the war zone after the third sister was formed could also be used as an entry.

In this case it came from the 21MA. The resistance found on 21MA was my confirmation and my entry was on the second candle after the 3rd sister.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,762
  • Jul 23, 2007 3:20am Jul 23, 2007 3:20am
Golfer
Thanks for the reply. From the chart, I guess the small trendline won't matter anymore, correct?
  • #1,763
  • Jul 23, 2007 3:48am Jul 23, 2007 3:48am
Quoting emacro
Golfer
Thanks for the reply. From the chart, I guess the small trendline won't matter anymore, correct?
Hi Em

Correct - this is one instant where I'll ignore the small R/S line but look at the price pattern. But still all the other rules are applicable.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,764
  • Jul 23, 2007 6:42am Jul 23, 2007 6:42am
Nice setup developing ... usd chf .. see below.

Let's see the developing and if it breaks the res. line
Attached Image (click to enlarge)
Click to Enlarge Name: usd-chf 23 jul.jpg Size: 76 KB
  • #1,765
  • Jul 23, 2007 7:06am Jul 23, 2007 7:06am
Quoting eyevoltage
Hi folks.

Incidentally, I'm only getting on this forum sporadically lately, as for some reason, I'm having trouble actually accessing it. I'll call it up from my favourites, and then things seem to just grind to a halt for reasons that are quite beyond me. I have very little trouble with any other site, but FF just lately is driving me nuts!
I recomand you to use Opera Browser .. last version here

It is FAST and never had any problem with FF.com
I use it 99.99% of my time. Quite remarcably.
  • #1,766
  • Jul 23, 2007 7:12am Jul 23, 2007 7:12am
Something happened in the market at 12:00 GMT... The results - below. What would have been a nice setup it is ruined now.
Attached Image (click to enlarge)
Click to Enlarge Name: usd-chf 23 jul_2.jpg Size: 74 KB
  • #1,767
  • Jul 23, 2007 8:57am Jul 23, 2007 8:57am
hi
i think this method is used only for eur/usd,gbp/usd,jpy/usd and eur/jpy.
so can we use this method in other pairs like usd/chf ?
  • #1,768
  • Jul 23, 2007 9:11am Jul 23, 2007 9:11am
Quoting bshadroo
hi
i think this method is used only for eur/usd,gbp/usd,jpy/usd and eur/jpy.
so can we use this method in other pairs like usd/chf ?
Hi BS

I only follow 4 pairs (EUR$, Cable, $JPY & EURJPY) because of my experience with the pairs and my downfall in Apr 2007 (I was trying to follow as many pairs as possible looking for all the possible setups to trade).

Phillip's advice was to concentrate on only a few pairs because "random will take you out". He tested the system on the EUR$ and Cable. Therefore I think it is a personal choice but my recommendation is to study your pairs carefully and get the feel for their price movements/motions.

The reasons for my 4 pairs. I don't even consider trading other pairs - I'll just have a look at the other pairs if somebody is mentioning a possible setup. Then it is also just to evaluate the setup.

I'll post an example of the EURJPY price movement later today that I've seen a few times now on that pair. That is how you'll start to recognise some price movements of pairs (e.g. 3 little sisters on cable)
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,769
  • Jul 23, 2007 10:36am Jul 23, 2007 10:36am
A possible set-up today on EURU$ but luckily My Rules kept me out of a possible BE trade.

What looks like a great pullback ended in a break of my small R/S line (Candle 1). Just after Candle 1 you'll find a close on the wrong side of the 21MA. Aleady two rules broken. Some of you could have entered on Candle 3 - pullback through the war zone. Results could have been BE or 8pips profit.

But just look at how narrow the gap is between the 10 and 21MA ("2"). Be careful. It becomes now a high risk trade. Good luck for those who are high risk traders.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070723 e$ setup.jpg Size: 75 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,770
  • Jul 23, 2007 10:40am Jul 23, 2007 10:40am
Here is the setup I am familiar with the EURJPY. Look in the ellipse and you'll see the support found on the 21MA - 5 times before it eventually breaks through. Sometimes it gave 7-8 pullbacks.

Beautiful to trade - #3 & 4 once you identify the pattern.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070723 eurjpy setup.jpg Size: 78 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,771
  • Jul 23, 2007 10:47am Jul 23, 2007 10:47am
Quoting petrol
Something happened in the market at 12:00 GMT... The results - below. What would have been a nice setup it is ruined now.
Hi Bs

I don't follow the Swizzy but just to show my chart of the swizzy - the reason why I said people should not agree to enter trades simultaneously on the Skype chat because of examples like this.

Look at the nice setup "1" - support on the 21MA meaning a pull the trigger setup. Even setup 2 - support on the 10MA. But that one is not for me.

Then came candle 3 - like you said. And you do have the 1st R daily line ("A"). Stay out - high risk trade. It can work but why take the risk?
Attached Image (click to enlarge)
Click to Enlarge Name: 20070723 swizzy setup.jpg Size: 79 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,772
  • Jul 24, 2007 2:50am Jul 24, 2007 2:50am
Hi folks.
My first post for a while. It's still a bit of a trial getting on this forum, but Petrol's suggestion of using OPERA sounds interesting, although I tried FIREFOX once but I didn't like it much. Anyway, I'll see if access is getting any better on this one for time being.
Following chart shows an opportunity that, unfortunately, was around 3.00am my time, so I was fast asleep!
Following an admittedly sharp rise in the price, culminating in a sudden stop at R2 (magenta arrow), there was a nice gradual decline through M4 until the price found a nice supporting base on the 21ema. The next candlestick rises simultaneously through the 10ema and M4 (1st yellow arrow and my proposed entry point), and the next candlestick pushes up until closing just above R2, and the exit point (2nd yellow arrow), giving a profit of around 11 pips after the spread. SMAAngle, 21ema and ADX were all looking good at the entry point, so for me it would have been all systems go, had I not been fast asleep in my little bed! Nevertheless, I thought it was another fine example of how pivot points can sometimes enhance the possibility of a good trade.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpuse223.gif Size: 17 KB
  • #1,773
  • Jul 24, 2007 3:16am Jul 24, 2007 3:16am
The following example was roughly the same time as my previous post's example. The EUR/USD, as you can see, also sharply rose until it started a gradual, and rather untidy, decline, until it ended up hammering a base out on the 21ema. However, I wouldn't have been confident here, purely and simply because of that hammer's tail sticking right though the ema. I like a nice clean base with nothing showing at all underneath. Because the price here was so near to the M3 line, it would have been obviously prudent to wait until a positive indication of the M3 line being pierced....WITH AUTHORITY. In other words, really punching through. That wasn't the case and, in addition, the ADX at this point was looking very fragile for a possible entry. This, for me, would have been a "no-go" situation.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd45.gif Size: 15 KB
  • #1,774
  • Jul 24, 2007 3:22am Jul 24, 2007 3:22am
Could you please add me to chat room. My skype name is - pikor88 , thanks..
  • #1,775
  • Jul 24, 2007 4:37am Jul 24, 2007 4:37am
Quoting eyevoltage
The following example was roughly the same time as my previous post's example. The EUR/USD, as you can see, also sharply rose until it started a gradual, and rather untidy, decline, until it ended up hammering a base out on the 21ema. However, I wouldn't have been confident here, purely and simply because of that hammer's tail sticking right though the ema. I like a nice clean base with nothing showing at all underneath. Because the price here was so near to the M3 line, it would have been obviously prudent to wait until a positive indication of the M3 line being pierced....WITH AUTHORITY. In other words, really punching through. That wasn't the case and, in addition, the ADX at this point was looking very fragile for a possible entry. This, for me, would have been a "no-go" situation.
I do agree with your analysis.

Also, look at how narrow the war zone has become near your first arrow. Another issue to consider in the setup and sometimes one tends to forget about it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,776
  • Jul 24, 2007 5:18am Jul 24, 2007 5:18am
Quoting Golfer
I do agree with your analysis.

Also, look at how narrow the war zone has become near your first arrow. Another issue to consider in the setup and sometimes one tends to forget about it.
You're absolutely right, Willem, and I should have mentioned the narrowing of the "war-zone". That's the beauty of this system; there's all sorts of signals indicating "GO" or "NO-GO". In short, the ideal system for a newcomer to get involved in, as it literally "forces" him or her to study the chart intently before getting ready to pull the trigger.

Thanks for pointing that out, mate.
Cheers
  • #1,777
  • Jul 24, 2007 7:32am Jul 24, 2007 7:32am
Quoting eyevoltage
You're absolutely right, Willem, and I should have mentioned the narrowing of the "war-zone". That's the beauty of this system; there's all sorts of signals indicating "GO" or "NO-GO". In short, the ideal system for a newcomer to get involved in, as it literally "forces" him or her to study the chart intently before getting ready to pull the trigger.

Thanks for pointing that out, mate.
Cheers
Hi Eyev & all readers

Thanks for that input.

yes, that is what my posts in this thread is all about. It is to show readers what to consider before entering a trade. To show people how to write a story about a trade setup - in other words - have some reasons why you enter a trade. Not just "there is a pullback into the zone - lets pull the trigger". I've seen that so often on the Skype chat -"GU is moving into the zone, what do you think?". Have your own "story"!

Talking about Skype chat - I do find this thread more helpful because you can see the examples. On Skype you don't really know what the other members' charts look like. That is why I'll continue post interesting trade & setup on this thread. During a trade you need to concentrate and you don't want to be distracted by chatting (reason why I don't really chat on Skype).

And I do not mind other opinions on my charts and "stories"- in fact I do appreciate it. That is how we learn.

Keep posting.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,778
  • Jul 24, 2007 10:37am Jul 24, 2007 10:37am
An example of a high risk trade I made on my mobile phone (without SMAangle and pivot levels) and how to get out of it.

I had to draw 2 small R/S lines before a setup waws identified. I was worried about the tails going through the 21MA meaning the price doesn't find support on 21MA. Then there was that flattish type of pullback and I decided to enter within the zone (hoping the 21MA will hold as support).

But what happens next - 21MA and small S/R line were broken ("A"). Now you need to get out of the trade as quickly and as close to BE as possible. Result is a +3pip profit. Later it reached my TP of 10pips but it could have turned downwards right after "A".

Now look at setup B. Here I am looking for a valid setup with two small S/R lines already drawn. Any setup before line C is null and void because 21MA on SMAangle is still in non-trade zone.

Just an example to show ho important all the indicators & pivot levels are when you decide to enter a trade. I didn't have it on my mobile phone and I was trading only on the moving averages - very risky.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070724 $y 5min trade 1.jpg Size: 87 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,779
  • Jul 24, 2007 10:47am Jul 24, 2007 10:47am
Cable today and I saw on Skype chat somebody got burned today on Cable:

Setup A and all setups before 09H55GMT line is null and void (21MA on SMAangle in non-trade zone. After that the market became very choppy - big candles. That is when I usually decide to stay aside.

Then came trade 1. Looks like a triangle being formed between rectangle and small R/S lines. But look at how the triangle is broken up - the trade was never on because of several rules being violated. Results is -10pips loss because there was no change to get back to BE. Get out earlier e.g. -5 or -6 pips loss.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070724 cable 5min trade 1.jpg Size: 90 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,780
  • Jul 24, 2007 3:00pm Jul 24, 2007 3:00pm
As requested
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File Type: ex4 PhilNelExpert.ex4   8 KB | 755 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
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