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5Min Intraday System

  • #1,881
  • Aug 10, 2007 1:03am Aug 10, 2007 1:03am
Quoting eyevoltage
So are you saying that under these conditions, we ignore the SMAAngle Zone rules, mate? Just carry on regardless, sort of thing? If so, I must have missed this whilst reading the rules!

Also, whilst I'm on, would you PM me explaining the lsma3 on your ADX? I recall asking you before, but I think you said that it was purely experimental.

Cheers
Hi Eyev

Sorry, I didn't put that trend pattern of the EYRJPY previously on the thread because I don't want to confuse people/beginners.

You still need to wait for the 21MA to come out of the non-trade zone on the SMAangle. You can just ignore the 0.4/-0.4 line rule. And you can trade from the 10MA if you see it acts as support/resistance.

No need for a PM on the lsma indicator on the ADX. I just use it as an indication where the price is in relation to the overbought and oversold area. Also to see if it is green (up), yellow(careful) or red (down). I don't really use it as an indicator of filter but I'll be careful when it is in the overbought or oversold area.

I definitely do use it in my 15min Dollie system.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,882
  • Edited 1:24am Aug 10, 2007 1:06am | Edited 1:24am
Quoting eyevoltage
Hi folks.
I'm posting this chart, but I have to admit that I didn't take these trades as I was busy with other things at that time.
The first trade seemed ok, nicely placed in the war zone and coming across the M2 line, plus, everything solid in the two indicator windows. Because of that, I'd like to think I'd have let it run for a while before closing at around 28 pips. The second one, on the other hand seems open to interpretation. At first glance, it seems a great trade. However, apart from the slight piercing of the 21ema by the upper shadow, the other thing is the SMAAngle indicator. It's WELL over the -0.5 line, which makes this a non-trade, according to the rules. Which begs the question: Wouldn't it make sense to sometimes "take a chance" in cases like this? After all, it ran to around a 63 pip profit, which would have most traders weeping into their beer because the rules said "NO!" I know rules are rules, but I just think that sometimes you have to play it by ear. What do you think?
Hi EYEv

This is a situation where I would consider closing only half my position after 10pips and move the SL as close as possible to that 10pips profit line (your SL should have been already at BE at that stage). Let the other half of the position run and follow it with your SL.

Like I've done with last Friday's NFP release. You know it is possible for the price to run and I follow the price with a 15pips trailing SL. I collected 100pips with my second half of my position. I think I posted it a page or two ago.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,883
  • Aug 10, 2007 4:57am Aug 10, 2007 4:57am
Many thanks for clearing up the one or two items I wasn't clear about, mate. To be honest, I've never been too clear re the 10ema line, because I always assumed the price had to be IN the "war-zone" before a trade could be considered. Still, you learn something every day!

I would like to discuss that Dollie thing with you, mate, but obviously this isn't the right place. I'll PM you re that, as I have been using the earlier version, which I'm quite pleased with.

Take care, mate, and thanks again.
Cheers
  • #1,884
  • Aug 10, 2007 5:03am Aug 10, 2007 5:03am
Quoting CHECKstar
Some of my best trades have been when price had found support of the 10 EMA - probably most likely because that would suggest a strong, fast moving trend?
Hi Check and thanks for your response.
As I said to Willem, you learn something every day, and both you and he have put me right re the 10ema.

"Never assume you know it all, 'cos it'll just come back and bite you in the ass."

Words to live by?

Cheers
  • #1,885
  • Edited 8:13am Aug 10, 2007 5:39am | Edited 8:13am
Quoting eyevoltage
Many thanks for clearing up the one or two items I wasn't clear about, mate. To be honest, I've never been too clear re the 10ema line, because I always assumed the price had to be IN the "war-zone" before a trade could be considered. Still, you learn something every day!

I would like to discuss that Dollie thing with you, mate, but obviously this isn't the right place. I'll PM you re that, as I have been using the earlier version, which I'm quite pleased with.

Take care, mate, and thanks again.
Cheers
Hi EyeV

Please do contact me regarding Dollie (PM or on her thread - you'll see me there regularly) - I am very excited about it. Even try and combine the 5min strategy with Dollie.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,886
  • Aug 10, 2007 5:44am Aug 10, 2007 5:44am
Quoting eyevoltage
Many thanks for clearing up the one or two items I wasn't clear about, mate. To be honest, I've never been too clear re the 10ema line, because I always assumed the price had to be IN the "war-zone" before a trade could be considered. Still, you learn something every day!

I would like to discuss that Dollie thing with you, mate, but obviously this isn't the right place. I'll PM you re that, as I have been using the earlier version, which I'm quite pleased with.

Take care, mate, and thanks again.
Cheers
To all other readers:

Please be very careful when trading bounces from the 10MA. It is very risky and I don't normally recommend it. Only in special cases like when the EURJPY is in a trending move. Don't try it when a pair is range bound or when you are not familiar with the pair - you'l get burned
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,887
  • Edited 12:02pm Aug 10, 2007 8:06am | Edited 12:02pm
Just to show you what could happen if you think you can trade from the 10MA. At point A & B it looks like resistance was found on 10MA. What happens at point C? And you thought point D was a great entry because it was near the 10MA and it will continue to the short side. It even went through the war zone and close on the wrong side of the 21MA. Burned!!!

Be careful - it is usually small candles with a steady up- or downward movement. Look at those big candles after the 50MA cross. Not easy to see in real time but very easy to see afterwards.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,888
  • Aug 10, 2007 12:28pm Aug 10, 2007 12:28pm
Quoting Golfer
Just to show you what could happen if you think you can trade from the 10MA. At point A & B it looks like resistance was found on 10MA. What happens at point C? And you thought point D was a great entry because it was near the 10MA and it will continue to the short side. It even went through the war zone and close on the wrong side of the 21MA. Burned!!!

Be careful - it is usually small candles with a steady up- or downward movement. Look at those big candles after the 50MA cross. Not easy to see in real time but very easy to see afterwards.
Willem
Isn't this situation just ASKING for a trend line of some sort in order to avoid the possible bad trade? I get the feeling you've considered this already, but it would be instructive to know WHY you didn't construct one. I know you always look for the first pull-back to the 21ema and use that point, but isn't there a suitable alternative where the 10ema's concerned?

Just wondering.

Thanks for your earlier posts, by the way.
Cheers
  • #1,889
  • Aug 10, 2007 12:40pm Aug 10, 2007 12:40pm
Quoting eyevoltage
Willem
Isn't this situation just ASKING for a trend line of some sort in order to avoid the possible bad trade? I get the feeling you've considered this already, but it would be instructive to know WHY you didn't construct one. I know you always look for the first pull-back to the 21ema and use that point, but isn't there a suitable alternative where the 10ema's concerned?

Just wondering.

Thanks for your earlier posts, by the way.
Cheers
Hi EYEV

Thanks - I didn't even think about it because of the big candles. But here it is. Interesting! Even with the small resistance line the 10MA (candle D) trade was still on.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,890
  • Aug 10, 2007 1:13pm Aug 10, 2007 1:13pm
Willem
Just as an example of what I was saying in my previous post.......

The chart shows exactly the same period as yours. I'm not sure about the first point for the trend-line, but I think it's about right. I thought that if we could wait for the highest point INSIDE the war-zone, then join the two, it would result in what I've got on my chart. Obviously, it's very similar to your original idea, but this is where we have the 10ema trading situation, which by your own admission, is very risky trading, and in need of a decent filter.

Just kicking ideas around, really.

Cheers
Attached Image (click to enlarge)
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  • #1,891
  • Aug 10, 2007 1:25pm Aug 10, 2007 1:25pm
I didn't expect you to reply so soon, mate!!

After I posted my chart, I was gob-smacked at how fast you'd replied! I think we'll change your username to "quick-draw"!!

Anyway, we seem to be roughly in agreement, mate, although I would debate the fact that trade D was still on or not. We'd still be looking for a continuance after the pull-back, wouldn't we? So we'd be looking for a red candle on yours and a white one on mine. Am I right? However, it's blue on yours and black on mine, which says "LONG" to me, and no reason to enter a short trade. Or have I missed something again? It wouldn't surprise me!

Isn't this fun?

Cheers
  • #1,892
  • Aug 11, 2007 3:03am Aug 11, 2007 3:03am
hi
wait for close of candle or not? which one is correct? sometimes i wait for close then price goes an never comeback to zone for a trade,somtimes a say myself:"no it will become a shadow ,take it soon" and just according this chart it goes and close above )
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  • #1,893
  • Aug 11, 2007 9:16pm Aug 11, 2007 9:16pm
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting bshadroo
hi
wait for close of candle or not? which one is correct? sometimes i wait for close then price goes an never comeback to zone for a trade,somtimes a say myself:"no it will become a shadow ,take it soon" and just according this chart it goes and close above )
The only advice I can say is wait for a close. This is your confirmation. When the candle or bar closes, you can then use candlestick or bar chart analysis to determine which way price is most likely to move. A simple trick I use is to only sell after the close of a down candle/bar and only buy after the close of an up candle/bar. Also I don't mind it when a candle will pierce the 'war zone' but not close within it... to me that is a great signal to jump in. Also don't be afraid to miss a couple of points because you didn't enter in the war zone, I will quite often wait for a price patter confirmation, which means that I am entering a trade just as price is leaving or has just left the 'war zone'.

This is just my two cents though.
  • #1,894
  • Aug 12, 2007 10:46am Aug 12, 2007 10:46am
Quoting eyevoltage
I didn't expect you to reply so soon, mate!!

After I posted my chart, I was gob-smacked at how fast you'd replied! I think we'll change your username to "quick-draw"!!

Anyway, we seem to be roughly in agreement, mate, although I would debate the fact that trade D was still on or not. We'd still be looking for a continuance after the pull-back, wouldn't we?

Correct. But the candle continue upwards and not a continuance. I would like to see a bounce of the 21MA on the second candle. You can even enter outside the war zone. TWith the round smooth pullback your enter should be outside the war zone because that is when you'll identify the pattern.

So we'd be looking for a red candle on yours and a white one on mine.

Yes. I like to wait to see what is going to happen with the next candle (usually).

Am I right? However, it's blue on yours and black on mine, which says "LONG" to me, and no reason to enter a short trade. Or have I missed something again? It wouldn't surprise me!

No, you are on the right track so don't worry. Go for it.

Isn't this fun?

Yes, that is what this thread is all about. Sharing opinions to fine-tune your own system and ideas. Not to critize each other or be nasty to each other. That is what I like about the people on this thread.

Cheers
Hi Eyev

Yes trade D was still on but if it is from the 10MA it is a high risk trade. See my comments in your message.

Tx for your input - I do enjoy the interaction and the useful information.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,895
  • Aug 12, 2007 10:56am Aug 12, 2007 10:56am
Quoting bshadroo
hi
wait for close of candle or not? which one is correct? sometimes i wait for close then price goes an never comeback to zone for a trade,somtimes a say myself:"no it will become a shadow ,take it soon" and just according this chart it goes and close above )
Hi Bs

It all depends on personal style and I do agree with checkstar. You can enter outside the war zone if a proper setup was formed within the zone. If you enter outside the war zone after a proper setup, just be careful not to enter too late resulting in loss. I'll move SL to BE as soon as possible to avoid a loss.

I would rather ignore the setup and wait for the next setup. There will be many more. I got burned too many times because of a "late" entry.

Patience is what the 5min system is all about.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,896
  • Aug 12, 2007 4:41pm Aug 12, 2007 4:41pm
Your valuable comments duly noted and filed away for future reference, mate.

I agree with you most heartily, my friend, re the interaction between folks on this thread. It's all very friendly and conducted in the right spirit, which is the right and proper way to go.

What I like about the Trading Systems posts, is that someone will come up with a system they've been working on for maybe months at a time, and refining it until it works like a charm. Then they'll come on, introduce it to the general population and then say....."if anybody out there can see any obvious improvements, then let's all hear them, so that we can all benefit."

I love it, I really do.

Cheers
  • #1,897
  • Aug 12, 2007 4:45pm Aug 12, 2007 4:45pm
hi
thx dear golfer an chekstar for ur answers,but there is a problem io think ,
if i entered after a good setup an abroad the war zone,then the sl should be more than tp and i should forget the money management and the result may be like this: 2profit=-(1los)
  • #1,898
  • Edited 5:48am Aug 13, 2007 5:24am | Edited 5:48am
Quoting bshadroo
hi
thx dear golfer an chekstar for ur answers,but there is a problem io think ,
if i entered after a good setup an abroad the war zone,then the sl should be more than tp and i should forget the money management and the result may be like this: 2profit=-(1los)
Hi Bs

I don't really understand your argument. You should still use the very same principles. A 10pip SL from where for your entry was (it doesn't matter if it was in the zone, on the 10MA or just outside the zone), move SL to BE after 6pips move in your direction (may 4 or 5 in this instant) and 10pips TP down the line.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,899
  • Aug 13, 2007 5:40am Aug 13, 2007 5:40am
Quoting Golfer
Hi Bs

I don't really understand your argument. You should still use the very same principles. A 10pip SL from where for your entry was (it doesn't matter if it was in the zone, on the 10MA or just outside the zoen), move SL to BE after 6pips move in your direction (may 4 or 5 in this instant) and 10pips TP down the line.
i got it now,put ur sl 10pip from where i entered.no matter where u enter.
great thx
  • #1,900
  • Aug 13, 2007 5:51am Aug 13, 2007 5:51am
I thought this trade was worth posting as it's another good example of the art of patience. In other words, waiting just for the right moment to pull the trigger. As you can see from this chart of EUR/USD, there's a spinning top, then a fairly strong bullish candle (1st yellow arrow). Another strong bullish candle then straddles the M2 line giving the indication that this could be more than a mere pull-back. However, the price stalls at said M2 line, and then just wanders along sideways for the next half-hour, DOUBLING the resistance of M2 by adding the 10ema to it! The 2nd yellow arrow points to a doji, signifying uncertainty, so we wait to see what happens. With the 21ema and the 50sma showing a healthy downtrend, it's no surprise that finally, the price starts dropping (magenta tick) and I pulled the trigger. Unfortunately, S1 proved to be a strong support, so I finished up with only 8 pips after the spread. A profit, nevertheless, and they're always worth waiting for.
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