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5Min Intraday System

  • #1,941
  • Aug 17, 2007 6:36am Aug 17, 2007 6:36am
Quoting emacro
0927 GMT. Breaks new low. With FX markets going crazy, maybe cna hold to milk the trend.
Hi Keith

Great trade - two great/classic setups. And I do have my dialy S2 pivot line at 1.2088 - right in between the two setups.

If I was watching/trading this pair, I would have taken the second setup because the first setup was right on my support (S2) line.

The price is now rigth at my daily S3 pivot line - 1.2044. I think we can expect a turn around any moment from now on.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,942
  • Aug 17, 2007 7:50am Aug 17, 2007 7:50am
Quoting emacro
0927 GMT. Breaks new low. With FX markets going crazy, maybe cna hold to milk the trend.
Keith
Nice going. I would have taken both trades. I can see what Willem is on about, but even though both trades are near the S2 line, I can still see a possible 10 pips after spread before price actually hits S2. Still, with slight time zone difference, maybe there's a wee discrepancy between our pivot lines.
Much prefer your MT4 charts, by the way, Keith!
Cheers
  • #1,943
  • Aug 17, 2007 10:08am Aug 17, 2007 10:08am
Quoting eyevoltage
Keith
Nice going. I would have taken both trades. I can see what Willem is on about, but even though both trades are near the S2 line, I can still see a possible 10 pips after spread before price actually hits S2. Still, with slight time zone difference, maybe there's a wee discrepancy between our pivot lines.
Much prefer your MT4 charts, by the way, Keith!
Cheers
I agree - it was possible to get 10pips from it. Once again - personal style of trading.

Go for it!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,944
  • Edited 11:31am Aug 20, 2007 11:04am | Edited 11:31am
Just a quick 10pips on a high risk trade. As you can see, I've already drawn my second small resistance line. And just liked the previous setups - looks like resistance found on 21MA and what looks like a triangle being formed.

I was prepared to take only 10pips - didn't look like a big move was on the horizon. But wow, look at it now. Like I told told Checkstar on the site - don't cry over a nice big move that you've missed like this one. Many more to come

10pips profit is 10pips profit. You cannot take that away from me.

Specially for Checkstar:

Just look what happened after my TP - another 90pips in 25min. Am I upset? Little bit but then I didn't expect it - so why be upset?
Attached Image (click to enlarge)
Click to Enlarge Name: 200708020 ey 5min trade 1.jpg Size: 73 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,945
  • Aug 20, 2007 11:24am Aug 20, 2007 11:24am
Hi Willem,

thanks for your posts.

A question: Why haven't you took the one at 14:55 (Short at your trendline)?

Regards - Xaron
  • #1,946
  • Aug 20, 2007 11:44am Aug 20, 2007 11:44am
I was also looking at the EUR$ chart at the same time I've entered the EY trade - I would like to see them in tandem.

The triangle on the EUR$ is more visible - just look at the next support rectangle and my small resistance line and the breakout within the first two third of the triangle. However the EURJPY gave me the first pullback to the 21MA. When I wanted to enter the EUR$, the move has already started and I don't believe in "jumping in a trade too late".

Just look at how the rectangle turned into resistance ("1 & 2"). Another possible trade setup if you see that.

Also for those you are not familiar with pivot levels - just look at how the price turned on my daily pivot line ("3"). Take profit there with the first trade. That is why myself as well as Eyevoltage don't trade without them.
Attached Image (click to enlarge)
Click to Enlarge Name: 200708020 e$ 5min triangle.jpg Size: 76 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,947
  • Edited 12:24pm Aug 20, 2007 11:54am | Edited 12:24pm
Quoting Xaron
Hi Willem,

thanks for your posts.

A question: Why haven't you took the one at 14:55 (Short at your trendline)?

Regards - Xaron
Hi Xaron

Well spotted - unfortunately I wasn't at my computer at that stage. But if I was, that would have been my first trade. I won't have entered on the first pullback (after the 5 blue candles) - too steep. But then you do have the two Doji just to make you think. Still making it a high risk trade for me. But like you see - it can produce a profit today but what about tomorrow?

That was a classic 2 candle entry from the 21MA - you should have entered on the opening of the second candle. Perfect - a few pips away from 21MA. Can't get any better.

I hope you are doing great with the trading - if you do see setups like that I should not even ask.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,948
  • Aug 20, 2007 12:11pm Aug 20, 2007 12:11pm
And there you have it - three positive trades in row and finished for this move:

First trade at candle "0"with exit at "3". Second trade at candle "1" with 10pips TP. Third trade at candle "4" with 10pips TP. Take your 10pips profit (even less than 10pips if it looks like the price is not moving) because the daily pivot line is so close.

30pips with 3 high probalility setups. Can you see why one shouldn't just take any pullback into the war-zone? Look at the bigger picture for example the candles, support/resistance, pivots, patterns, where to exit.
Attached Image (click to enlarge)
Click to Enlarge Name: 200708020 e$ 5min triangle.jpg Size: 77 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,949
  • Aug 20, 2007 12:16pm Aug 20, 2007 12:16pm
And while we are busy with the EUR I hope somebody traded these 3 little sisters on Cable. As you can see, I would have ignored the break of the 21MA and even the 50MA of sister 3 to trade this setup.
Attached Image (click to enlarge)
Click to Enlarge Name: 200708020 cable 5min 3 little sisters.jpg Size: 79 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,950
  • Edited 1:48pm Aug 20, 2007 12:34pm | Edited 1:48pm
I've already counted 10 possible positive trades on my four pairs (E$, cable, $Y and EY) since 14H00 GMT. Please don't let today mislead you to think everyday is like this and you can have 10 positive trades per day.

Please take note - today is not like every day and be careful in future. Follow your rules.

Remember Phillip recommended only three trades per day. Use you own judgement and don't get upset when you decide not to trade a setup and it turns out to be a great trade.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,951
  • Aug 20, 2007 4:18pm Aug 20, 2007 4:18pm
hi dear golfer
whould u plz send me the daily pivot lines indicator?
thx
  • #1,952
  • Aug 20, 2007 6:06pm Aug 20, 2007 6:06pm
Here it is!

The FXGoods
Attached File(s)
File Type: mq4 Pivot Points.mq4   9 KB | 487 downloads
  • #1,953
  • Aug 20, 2007 10:22pm Aug 20, 2007 10:22pm
Hi Bs

I am using this one but there are lots of others posted by Eyevoltage earlier in this thread.
Attached File(s)
File Type: ex4 MultiplePivotsV2.ex4   24 KB | 396 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,954
  • Aug 21, 2007 1:50am Aug 21, 2007 1:50am
Thanks for your reply, Willem!

I think yesterday was a little bit difficult. After some vacation I want to start over with this system, maybe I can post some charts again.

I only trade EUR/USD and USD/JPY...

Regards - Xaron
  • #1,955
  • Aug 21, 2007 2:38am Aug 21, 2007 2:38am
Quoting Xaron
Thanks for your reply, Willem!

I think yesterday was a little bit difficult. After some vacation I want to start over with this system, maybe I can post some charts again.

I only trade EUR/USD and USD/JPY...

Regards - Xaron
Hi Xaron

Welcome back.

Just trust your system and respect your rules (which should be written). But most important "be patient". Don't trade evey setup. Only the high probability setups.

I've just looked at my results for Aug and I could'nt believe what I see:

20 trades only
17 positive
2 BE
1 loss

253pips up but that include the NFP run of 105pips.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,956
  • Aug 21, 2007 2:45am Aug 21, 2007 2:45am
Yep, I try to trade the high probable ones only.

First trade was a success today:

http://www.leidel.net/dl/fx/charts-i...jpy_210807.png

Made 15 pips with an initial SL of 9 pips. Well as I saw the momentum I wanted to take my TP out, but it was to late.

Regards - Xaron
  • #1,957
  • Aug 21, 2007 2:47am Aug 21, 2007 2:47am
thx golfer and fxgoods for reply
  • #1,958
  • Aug 21, 2007 3:48am Aug 21, 2007 3:48am
Quoting Xaron
Yep, I try to trade the high probable ones only.

First trade was a success today:

http://www.leidel.net/dl/fx/charts-i...jpy_210807.png

Made 15 pips with an initial SL of 9 pips. Well as I saw the momentum I wanted to take my TP out, but it was to late.

Regards - Xaron
Hi X

Great trade. I've missed it becasue of other work.. Just look at my chart and my pivot levels and you'll see why you need pivot levels on your chart. The initial pullback was a bit steep but it was just below my pivot line - the reason why I would have taken it.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070821 $y.jpg Size: 79 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,959
  • Aug 21, 2007 3:55am Aug 21, 2007 3:55am
Thanks willem,

I already use pivot points, but only for EUR/USD. I will use it in the other pairs, too. Thanks.

I've also found out that pullbacks (in a trend) to pivot points (and the S1-3, R1-3) are very "secure" trades.

I went short again in USD/JPY during the pullback from the EMA 21 around 8:05 GMT but got stopped out at BE.

Regards - Xaron
  • #1,960
  • Aug 21, 2007 4:00am Aug 21, 2007 4:00am
hi
first audusd that was ok.i enterd with the arrow

seccond GU: i dond know where the mistake was?! every thing seems good,the trend line ,round pulling back down ...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: aud.jpg Size: 62 KB
Click to Enlarge Name: gu.jpg Size: 62 KB
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