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5Min Intraday System

  • #2,021
  • Aug 27, 2007 2:53pm Aug 27, 2007 2:53pm
Here is one trying to bounce off lower channel. Note the EMA's are converged. Thus far channel support holding.

http://img267.imageshack.us/img267/6186/eurjpyyy2.png
Check Mate GAME OVER
  • #2,022
  • Aug 27, 2007 2:57pm Aug 27, 2007 2:57pm
Disregard last chart channel has been broke. Chop chop chop!!!
Check Mate GAME OVER
  • #2,023
  • Aug 27, 2007 2:59pm Aug 27, 2007 2:59pm
Quoting Golfer
Hi J2

No problem - My Rules om page 103 are based on Phillip's rules with one or two additions as discussed with Phillip. Recently I am trying to look for certain price patterns when there is a possible setup. You'll see several examples in the last few pages.

Please try and read all Phillip's posts and comment. Look at the charts posted to get a feel for the system and price actions within the war zone.
Muchoz Grassiass! I shall head directly to page One Hundred and Three.

And yes, I will hit every page of this thread. But I am a new forex goer, and my sponge (brain) is over soaked at the moment with Cyrox rainbows, Bar Chart Price Action; OH YES and I still need to wring it out and squeeze the last bits of fundamentals and oscillators from my sponge too. They take up too much space

Be aware my Gelugon will probably be watching your every move now and be reporting back to me.
"Please sir, may I have some more pips?"
  • #2,024
  • Aug 27, 2007 3:27pm Aug 27, 2007 3:27pm
hi
thx dear gofler for the answer.
i have another question: i think 10pip sl for eurjpy or even GU is a very risky sl because of more volatility of thease pairs(for EU its ok),dont u think we should put at least 15pip sl and tp for thease pairs?
thx
  • #2,025
  • Aug 27, 2007 7:03pm Aug 27, 2007 7:03pm
I use a 10-15point SL on the USD/JPN, also look at the ranges of the day. When it came out a days range was 50-70 points, now it's 120. If the range is bigger the stop and gain is bigger.
Keep taking CT trades, I need more money
  • #2,026
  • Aug 27, 2007 7:04pm Aug 27, 2007 7:04pm
I am in the US EST and trying to find the best times for me to watch this. At night my time it's slow and it seems to start pretty early in the day. Any good times I should watch? Also I did not find any good trades today
Keep taking CT trades, I need more money
  • #2,027
  • Aug 27, 2007 9:33pm Aug 27, 2007 9:33pm
Quoting Ryanmcd
I am in the US EST and trying to find the best times for me to watch this. At night my time it's slow and it seems to start pretty early in the day. Any good times I should watch? Also I did not find any good trades today
Watch the ATR (average true range) on a one hour chart and see where there this chart peaks. This is a time of greatest volatility. You will see it cycle throughout the day. Usually this is shortly after the open of the market. JPY is around 1900 EST (I am in this time zone as well) it also has a spike at the London Open (3am). Suck it up and set an alarm if you want to catch the action. I trade the LO and am getting up around 2:15, doing my morning routine of reading news, confirming calendar times (I don't trade the 5Min at news times), read pearls of wisdom from Golfer and Phillip, and define S/R points.

Happy Trading
Rick
  • #2,028
  • Aug 28, 2007 1:08am Aug 28, 2007 1:08am
Quoting bshadroo
hi
thx dear gofler for the answer.
i have another question: i think 10pip sl for eurjpy or even GU is a very risky sl because of more volatility of thease pairs(for EU its ok),dont u think we should put at least 15pip sl and tp for thease pairs?
thx
Hi Bs

Yes, I know the Sl of 10pips on EY is very tight and you can try a 15pip SL. Maybe it will be in line with your style of trading. What I am doing is wait for the high probability trade setups and then use a 10pip SL. The closer your entry is to the 21MA , the smaller the change is that your SL will be hit. If you enter on the 10MA, yes, then your 10pip SL will surely be triggered. Also look how close the 21MA and 50MA are from your entry.

With high risk trade I do agree that you need to change to a 15pip SL.

That is also why myself and Phillip have decided to change the non-trade zone for the EY to 0.15 and -0.15.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,029
  • Aug 28, 2007 5:15am Aug 28, 2007 5:15am
1012 GMT. EURUSD looks to be on strong trend, with 21 ma of the angle supporting. Can we get a nice pullback to get long?
Attached Image (click to enlarge)
Click to Enlarge Name: 20070828 EURUSD 1012 GMT.gif Size: 9 KB
  • #2,030
  • Aug 28, 2007 5:30am Aug 28, 2007 5:30am
I was watching this one this morning as the price sort of trundled along just above the S1 line, with varying sizes and varieties of candles. It was the two dojis that alerted me to the possibility of a trade, so I watched and waited. Both the doji and the following candle found resistance at 21ema, so I prepared to pull the trigger, but the next candle found me hesitating, as it turned into a upward move. As you can see at the red tick, I finally got in at 1.2010, and I'd settled on that because of the double resistance provided by 21ema and my "little trend line". (All credit to Golfer for that one!) I know that the SMAAngle 21ema wasn't QUITE over the 0.1 line, but I nevertheless decided to risk it, although with the price being roughly half-way between S1 and M2, I really wasn't confident of much of a profit. As it turned out, my exit at 1.998 provided 8 pips to the bank after spread, but look at what happened after that! As I type this, the price is currently residing on my S2 line at 1.1978, and I'm wondering why I bothered! Oh well, 8 pips is 8 pips, so it's best to think positively and look out for the next one.
Attached Image
  • #2,031
  • Aug 28, 2007 5:45am Aug 28, 2007 5:45am
Quoting emacro
1012 GMT. EURUSD looks to be on strong trend, with 21 ma of the angle supporting. Can we get a nice pullback to get long?
The price bounced off my R1 at 1.3670 down to the 10ema, which was crossing my M3 line at 1.3661. It's at present testing the resistance again at 1.3670.
  • #2,032
  • Aug 28, 2007 5:47am Aug 28, 2007 5:47am
i didn't enter this trade, i was thinking the price will reach near the support of the small trend line.

is it wrong thinking that way
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 153 KB
  • #2,033
  • Aug 28, 2007 6:28am Aug 28, 2007 6:28am
1124 GMT. We have the pullback with the right characteristics. What do you guys think?
Attached Image (click to enlarge)
Click to Enlarge Name: 20070828 EURUSD 1124 GMT.GIF Size: 9 KB
  • #2,034
  • Aug 28, 2007 6:50am Aug 28, 2007 6:50am
Quoting watchout4me
i didn't enter this trade, i was thinking the price will reach near the support of the small trend line.

is it wrong thinking that way
I don't see anything wrong with this trade, mate, apart from the pull-back, which is a bit steep for our purposes. However, having said that, price found a nice support on the 21ema before rising nicely to yield around 20 pips after spread. Incidentally, on my chart, the 21ema support was only 4 pips above my M2 line (between Pivot and S1), which would have given me even more encouragement to take the trade. A good R/R situation. I can understand your hesitation, thinking it would drop to the trend line, and when you think like that, it's best to wait to see what the next candle looks like doing. In this case, a good place to enter the trade would have been as the next candle was crossing the 10ema. You'd still have ended up with 17 pips!
Hope this helps.
Cheers
  • #2,035
  • Aug 28, 2007 7:04am Aug 28, 2007 7:04am
Quoting emacro
1124 GMT. We have the pullback with the right characteristics. What do you guys think?
emacro, right now that price is ambling along just under the R1 line, mate.

HOLD THE PHONE!!! It's 12.00 noon GMT here, mate, and I've just watched the price dip under the 21ema and find support at the trend line. As I type, it's now pushing through the trend line and finding support on my M3 line. I'd have kicked it into touch now, mate, purely and simply for the breach of the trend line.

Cheers
  • #2,036
  • Aug 28, 2007 7:10am Aug 28, 2007 7:10am
1203 GMT. EURUSD failed to take off, with Golfer's 6 bar rule, any longs might be exited gracefully.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070828 EURUSD 1203 GMT.gif Size: 9 KB
  • #2,037
  • Aug 28, 2007 7:21am Aug 28, 2007 7:21am
Quoting eyevoltage
emacro, right now that price is ambling along just under the R1 line, mate.

HOLD THE PHONE!!! It's 12.00 noon GMT here, mate, and I've just watched the price dip under the 21ema and find support at the trend line. As I type, it's now pushing through the trend line and finding support on my M3 line. I'd have kicked it into touch now, mate, purely and simply for the breach of the trend line.

Cheers
thank you
  • #2,038
  • Aug 28, 2007 7:27am Aug 28, 2007 7:27am
Quoting eyevoltage
I don't see anything wrong with this trade, mate, apart from the pull-back, which is a bit steep for our purposes. However, having said that, price found a nice support on the 21ema before rising nicely to yield around 20 pips after spread. Incidentally, on my chart, the 21ema support was only 4 pips above my M2 line (between Pivot and S1), which would have given me even more encouragement to take the trade. A good R/R situation. I can understand your hesitation, thinking it would drop to the trend line, and when you think like that, it's best to wait to see what the next candle looks like doing. In this case, a good place to enter the trade would have been as the next candle was crossing the 10ema. You'd still have ended up with 17 pips!
Hope this helps.
Cheers
eyevoltage, can you offer your pivot file(indicator) or do you draw them manually?
  • #2,039
  • Aug 28, 2007 7:42am Aug 28, 2007 7:42am
Quoting watchout4me
eyevoltage, can you offer your pivot file(indicator) or do you draw them manually?
Hello mate.
I've attached the pivot indicator below. I've tried various ones but I always come back to this one. It's fully customisable, and changes automatically at 00.00hrs. Have a play around with it and see what you think.

Cheers
Attached File(s)
File Type: mq4 MultiplePivotsV2.mq4   26 KB | 392 downloads
  • #2,040
  • Aug 28, 2007 7:45am Aug 28, 2007 7:45am
hi
look at thease two charts,u see ,usdchf is in down trend and eurusd(i didnt post that chart as u know they ususally go against each other) is in up trend BUT eurchf going down it means usdchf downtrend is more powerfull than eurusd uptrend.
as a result i prefer to sell usdchf than buy eurusd
i think this is a very uesefull to see cross charts when we want take a position.
any idea?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurchf.gif Size: 28 KB
Click to Enlarge Name: chf.gif Size: 29 KB
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