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5Min Intraday System

  • #2,141
  • Edited 5:17pm Sep 12, 2007 5:14pm | Edited 5:17pm
Maybe I better start posting more of my losers to! This was at the Tokyo open.
Attached Image (click to enlarge)
Click to Enlarge Name: 13 Sept AUD_USD Plus 11.jpg Size: 133 KB
  • #2,142
  • Sep 12, 2007 6:21pm Sep 12, 2007 6:21pm
Any EA that trades auto for this method. I see too many attachment so i dont know which one to get!
  • #2,143
  • Sep 13, 2007 3:43am Sep 13, 2007 3:43am
  •  Trader#0000
  • | Status: Unregistered Trader
Managed to score 11.3 points on USDJPY, however I was aiming for around 23 points. I started to get a bit nervous so decided to move my stop up and lock in some profits. Stop got hit and wouldn't you know it, price then decided to move higher.

Anyhow, here is the details; long @ 114.692, stopped out @ 114.805 (was aiming for 114.917.

http://img120.imageshack.us/img120/405/screenqx6.jpg
  • #2,144
  • Sep 13, 2007 6:19am Sep 13, 2007 6:19am
Quoting CHECKstar
Managed to score 11.3 points on USDJPY, however I was aiming for around 23 points. I started to get a bit nervous so decided to move my stop up and lock in some profits. Stop got hit and wouldn't you know it, price then decided to move higher.

Anyhow, here is the details; long @ 114.692, stopped out @ 114.805 (was aiming for 114.917.

http://img120.imageshack.us/img120/405/screenqx6.jpg
Nice Trade! I'm still working on my SL and TP levels, I think they're hardest decisions to make.
Oanda is nice when the trend is moving, very user friendly to change your TP/SL... and I also like their Pivot Point option.
  • #2,145
  • Sep 14, 2007 11:01am Sep 14, 2007 11:01am
I've had very little time to trade over the last 2 days and tonight I'm having serious internet connection problems which are driving Oanda crazy!!

I only got 5 out of this one, I was trailing with my stop and got too close, I knocked myself out of the trade before hitting my target of 10 PIPs @ 1.1920
Attached Image (click to enlarge)
Click to Enlarge Name: 14 Sept USD_CHF Plus 5.jpg Size: 113 KB
  • #2,146
  • Sep 14, 2007 5:06pm Sep 14, 2007 5:06pm
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting DaTrader
Nice Trade! I'm still working on my SL and TP levels, I think they're hardest decisions to make.
Oanda is nice when the trend is moving, very user friendly to change your TP/SL... and I also like their Pivot Point option.
Agreed. The Oanda platform is quite intuitive and easy to change your orders - actually almost I feel too easy: when emotions creep in you can quite easily make a rash and often stupid decision!

As for the SL and TP, after much experimenting I have decided on the following for myself:

 

  1. SL no less then 10 points on GBPUSD, USDCHF or EURUSD, and no less then 15 points on USDJPY (so far these are the only ccys that I trade live)
  2. TP will be based on wanting to return 3%. Since my position size is determined from risking only 2% of my account. This normally works out so that if I have a 10 point stop, my TP is 15 points, if my SL is 15 points my TP is 22.5 points.
  3. I wont enter a trade if to maintain my 3% TP I need a TP of anything more then 30 points.
  4. I have missed out on to many good trades by moving my SL to BE too early, I now won't move my SL to BE until price has moved 50% of my intended target.
  5. I will move my SL up if there is some sort of congestion in the trend, just to lock in a few pips (I have had too many winning trades turn around only to stop me out either at BE or at my original stop!)

I havn't had much of a chance to get into the pivot points on Oanda. That said I always have metatrader running alongside the platform so that I can run the angle indicator and have pivot points running on that.

  • #2,147
  • Edited 8:58am Sep 18, 2007 8:28am | Edited 8:58am
I am glad people are making some money with this system - seems like it if I look at last week's posts. Not much happening this week?

I've just returned from my holiday and this morning my Small Resistance/support line kept me out of a bad trade again. There wasn't much of a sign/price pattern but nethertheless I watched the setup (possible) and was ready to enter just because it was below my S1 line. Look at my explanations:

1. At ellipse A the 21MA started getting flat - reason for concern but I was still looking.

2. I was waiting for candle B to close - hopefully below my Small Resistance Line ("D"). It didn't but I was still prepare to enter after the close if the next candle could have come down to the 10MA.

3. If the candle after "B" didn't come down, setup should have been cancelled (which happened).

4. That was why I didn't take the entry on candle C (which was an "perfect"/valid setup - nice bounce off the 21MA).

Hope it make sense - that is how I approach any trade setup. Read the story of the setup and don't take every setup available.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070918 setups 1.gif Size: 17 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,148
  • Sep 18, 2007 12:10pm Sep 18, 2007 12:10pm
What a beauty with the 1min chart and the news release & trade today - unfortunately I was out and couldn't trade the setup (but I am sure Phillip got some of it):

 

  1. 4 possible entries.

  1. Exit when the price crosses the 21MA - possible exit where I indicated the 4th entry.

Ignore the SMAangle indicator when trading the 1min news release.

My system - take profit with half your position after 10-15pips profit. Then move SL to BE and follow the price with a 15pip trailing SL.

Attached Image (click to enlarge)
Click to Enlarge Name: 20070918 setup 2.gif Size: 22 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,149
  • Sep 18, 2007 12:13pm Sep 18, 2007 12:13pm
Just look at the 5min chart of the previous post - no entry signal what so ever.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070918 setup 3.gif Size: 23 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,150
  • Sep 18, 2007 12:44pm Sep 18, 2007 12:44pm
hi all
nice to see u again golfer,i'v just want to post my news trasing on eur then i consider that u posted that.i caught the second entry
thx
  • #2,151
  • Sep 19, 2007 6:58am Sep 19, 2007 6:58am
Hi, I am new in fx any body give me Templets...
  • #2,152
  • Sep 19, 2007 7:03am Sep 19, 2007 7:03am
I got two great trades off the 1 min chart yesterday after the news break.

I'm kinda playing with the idea of not exiting till the price flatlines.
What if I just stay in all the entries and move stops to the next entry SL. Then exit them altogether when the trend ends.
Just a thought... I'm not sure how to do it yet.
Maybe if I'm finding great success without it I shouldn't bother...
  • #2,153
  • Sep 19, 2007 7:50am Sep 19, 2007 7:50am
Yes, day trading is for professionals. Be patient and get the trades right - low risk = sensible trading.
Trade what you see and not what you hope.
Attached File(s)
File Type: doc Doc2.doc   95 KB | 764 downloads
  • #2,154
  • Sep 19, 2007 9:16am Sep 19, 2007 9:16am
As discussed with Bshadroo yesterday on Skype - my trade today on Cable using the 3 little sisters formation and bending some rules with a bounce off the 50MA. I told him I would bend some of My Rules when I see a 3 little sisters formation on Cable.

Result is 30pips profit - unfortunately on demo account
Attached Image (click to enlarge)
Click to Enlarge Name: 20070919 trade 1.gif Size: 24 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,155
  • Sep 19, 2007 9:19am Sep 19, 2007 9:19am
Quoting 2GEORGE
Yes, day trading is for professionals. Be patient and get the trades right - low risk = sensible trading.
Trade what you see and not what you hope.
Hi G

Great thinking - your last sentence. Now the rest of the part - what is the story about the chart. Just a short explanation of what you've seen on the chart, please.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,156
  • Sep 19, 2007 1:57pm Sep 19, 2007 1:57pm
Quoting forex111
Hi, I am new in fx any body give me Templets...
My template - hope it helps/works
Attached File(s)
File Type: tpl 5min template.tpl   4 KB | 600 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,157
  • Sep 19, 2007 1:57pm Sep 19, 2007 1:57pm
Quoting Golfer
As discussed with Bshadroo yesterday on Skype - my trade today on Cable using the 3 little sisters formation and bending some rules with a bounce off the 50MA. I told him I would bend some of My Rules when I see a 3 little sisters formation on Cable.

Result is 30pips profit - unfortunately on demo account
hi dear golfer
i still have question about that,look at the below pic,in this picture i see 2 set of 3little systers before your 3little sisters, the red series and the green series.
if u see the 3rd redlabeld candle u may think 3rd little sister have confirmed and enter in a trade in candle "a" and you will loose!
whould u plz explain that ,how can we be sure thet the 3rd syster is the last 3rd possible sister cause as u see there is 3 set of 3little sisters and all of them can be true but a trade after them not.
thx
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 33 KB
  • #2,158
  • Sep 19, 2007 2:20pm Sep 19, 2007 2:20pm
Quoting bshadroo
hi dear golfer
i still have question about that,look at the below pic,in this picture i see 2 set of 3little systers before your 3little sisters, the red series and the green series.
if u see the 3rd redlabeld candle u may think 3rd little sister have confirmed and enter in a trade in candle "a" and you will loose!
whould u plz explain that ,how can we be sure thet the 3rd syster is the last 3rd possible sister cause as u see there is 3 set of 3little sisters and all of them can be true but a trade after them not.
thx
Hi Bs

You are right and on the right track. Candle "a" was just one of those trades - some you lose and won't have a 100% record. Don't worry.

-10pips on the first setup but then you have the next setup and +30pips with nett of 20pips.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,159
  • Sep 20, 2007 6:19am Sep 20, 2007 6:19am
Quoting Golfer
As discussed with Bshadroo yesterday on Skype - my trade today on Cable using the 3 little sisters formation and bending some rules with a bounce off the 50MA. I told him I would bend some of My Rules when I see a 3 little sisters formation on Cable.

Result is 30pips profit - unfortunately on demo account
Hey Golfer, As always Thanks For Posting your very helpful charts! I'm wondering if you (or anyone else) has implemented the ADX with LSMA as part of their trading rules or if you're just using it for reference right now?
Thanks Again!
  • #2,160
  • Sep 20, 2007 6:55am Sep 20, 2007 6:55am
Quoting DaTrader
Hey Golfer, As always Thanks For Posting your very helpful charts! I'm wondering if you (or anyone else) has implemented the ADX with LSMA as part of their trading rules or if you're just using it for reference right now?
Thanks Again!
Hi DaT

Sorry, not yet. At this stage I just use it to give me an indication of the "overbought/oversold" situation and the direction/strenght of the direction.
Willem Forex recipe for success = Patience, discipline & hard work.
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