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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #2,261
  • Oct 2, 2007 6:40am Oct 2, 2007 6:40am
@gunset: I just see, I took almost the same trade in the USD/JPY. lol.

Regards - Xaron
  • #2,262
  • Oct 2, 2007 8:30am Oct 2, 2007 8:30am
@xaron, but lucky you, I only get the 10 pips..
  • #2,263
  • Oct 2, 2007 8:35am Oct 2, 2007 8:35am
Bah... that doesn't make the difference, I'm sure your position size was bigger. May be it's because of the low spread (1.6 pips @ Oanda for the USD/JPY).

Regards - Xaron
  • #2,264
  • Oct 2, 2007 11:40am Oct 2, 2007 11:40am
Quoting gunset
@xaron, but lucky you, I only get the 10 pips..
Hi G

Well done. See how easy it is to read the story. If there is no story, there should be no trade.

And 10pips is 10pips - why do you need more. Like Zaron was saying, just trade bigger lots but only if it is within your money/risk management system.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,265
  • Oct 2, 2007 11:43am Oct 2, 2007 11:43am
Quoting Xaron
My 3 trades today:

1st: EUR/USD short. Just a nice one, there was a resistance around the 10EMA, a small triangle. The S1 was near but there was enough room to break even at least. Made 10 pips. Unfortunately I missed the second one, which would had been a very safe one with the S1 and 10EMA as resistance...

http://www.leidel.net/dl/fx/charts-i...usd_021007.png

2nd: GBP/USD long. This was a risky one, as the EUR/USD was strong short. But there was a small support - see my trend line + the 21EMA. I went long and got stopped out at BE. +1 pip.

http://www.leidel.net/dl/fx/charts-i...usd_021007.png

3rd: USD/JPY long. Well... not really a nice chart, but there was some strong support around 115.50 and look at all the long tails down (ok, up too. *g*). There was some motion in the market and finally it went up. Made 12 pips.

http://www.leidel.net/dl/fx/charts-i...jpy_021007.png

Regards - Xaron
Hi Z

Well done - seems like you are doing well with this system now. Keep it going.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,266
  • Oct 2, 2007 1:07pm Oct 2, 2007 1:07pm
Has anyone tried trading this system with steinitz's rules (page 103, post 1537) ? Any comments?
  • #2,267
  • Oct 2, 2007 1:21pm Oct 2, 2007 1:21pm
Thanks Willem!

BTW: My nick starts with 'X' not with 'Z'. Just say Martin.

Regards - Martin
  • #2,268
  • Oct 2, 2007 1:24pm Oct 2, 2007 1:24pm
Quoting Equinox
Has anyone tried trading this system with steinitz's rules (page 103, post 1537) ? Any comments?
Not yet. I don't see the need for Bollinger Bands here. But I tried the Ema8 which worked better in 1m timeframe for me, which I sometime use to trade the news.

Regards - Xaron
  • #2,269
  • Oct 2, 2007 2:01pm Oct 2, 2007 2:01pm
Quoting Xaron
Thanks Willem!

BTW: My nick starts with 'X' not with 'Z'. Just say Martin.

Regards - Martin
Hi Martin

Sorry, but thanks. That happens when one wants to do three things simultanuously.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,270
  • Oct 2, 2007 2:07pm Oct 2, 2007 2:07pm
Hehe, doesn't matter Willem.

BTW: I like your rules-pdf. Maybe I can contribute a little bit in the future. Will see... Tomorrow we have a holiday here in Germany so I probably won't trade tomorrow.

Regards - Xaron
  • #2,271
  • Oct 2, 2007 5:36pm Oct 2, 2007 5:36pm
Dear sir,
I can't trade for more than 0.1 lot, because my fund has been cut by 80% this month.. so I decided to trade with strike MM and discipline...
  • #2,272
  • Oct 3, 2007 1:45am Oct 3, 2007 1:45am
Oh I see... Then my position size was bigger... Whatever, this doesn't matter.

Regards - Xaron
  • #2,273
  • Oct 3, 2007 3:56am Oct 3, 2007 3:56am
No trade for asia market today.. no good setup n the good setup just below the S1 point. so I decide not to trade today...
  • #2,274
  • Oct 3, 2007 6:34am Oct 3, 2007 6:34am
Could anybody help me to analyze this chart? This is an EJ chart, It's soo trending but the movement is soooo slow, and I think it found the EMA 10 as a resistant point. So I take 164.78 as entry and exit at 164.84 as R2. what do you think?? I've found this kind of chart a lot of time... thanks for your time...
Attached Image (click to enlarge)
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  • #2,275
  • Oct 3, 2007 2:55pm Oct 3, 2007 2:55pm
Quoting gunset
Could anybody help me to analyze this chart? This is an EJ chart, It's soo trending but the movement is soooo slow, and I think it found the EMA 10 as a resistant point. So I take 164.78 as entry and exit at 164.84 as R2. what do you think?? I've found this kind of chart a lot of time... thanks for your time...
Hi G

Welcome to the world of the EURJPY. What you have witness today was a typical EY trending market. I've been watching this pair now for about 8 months and what a beauty. This is what Phillip is trying to tell everybody - study only one or two pairs to learn their actions.

Unfortunately I was lecturing and played golf today - so no trades for me.

But is my explanation of the chart. There are two triangle formation (A & B) - the two trades I would have taken. Can you see the resistance indicated by the rectangles and the higher lows of the candles in the ellipse D & E? Typical of triangle formation with a possible break to the upside because buyers are pushing the price upwards. The arrows indicate where I would have entered long trades (2 of them) - with 10-15pips profit taking.

But now look at setup C - the rectangle and ellipse are parallel and it doesn't form a triangle. A no-go for me.

Also set-up G with X - no trade because the pullback was too steep. Well - a maybe because the support on pivot line.

Set-up H for me was a definite NO because the two closes below the 21MA (wrong side of the 21MA).

This type of chart is not easy to trade but once you see the patterns, it becomes easier. What I am looking for in this kind of charts is triangle formation (ascending or decsending).
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,276
  • Oct 3, 2007 3:10pm Oct 3, 2007 3:10pm
Another example of a triangle today on Cable = this one a sitter which you should be able to identify while it is busy forming.

And what a bonus - 3 little sisters formation to compliment the triangle formation. A sure short trade for me where I've put the arrow (one of the few instance where I'll enter from the 10MA).

And then everything happened below my Small resistance line "A". Cannot get better than this. This is the kind of setup one needs to wait for (PATIENCE)- very high probability setup within the rules.

I hope some of you got this one which is a classic. If you've studied Cable, you'll know what I am talking about. Once again Phillip's advice - study only one or two pairs.

Save, print and study this one - you'll see many more of this type of formation on Cable.

Thanks Phillip for your patience with me.
Attached Image (click to enlarge)
Click to Enlarge Name: cable triangle.gif Size: 22 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,277
  • Oct 3, 2007 7:48pm Oct 3, 2007 7:48pm
Hi Golfer

How do you use the ADX with this system? Do you have your template available for sharing? Thanks in advance.
  • #2,278
  • Oct 3, 2007 10:18pm Oct 3, 2007 10:18pm
Quoting pip_rapist
Hi Golfer

How do you use the ADX with this system? Do you have your template available for sharing? Thanks in advance.
Hi pp

I did explain my usage of it in the previous pages and I don't have a template. I did explain how to build it in My Rules on page 103.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,279
  • Oct 3, 2007 11:41pm Oct 3, 2007 11:41pm
Hi Golfer

Thanks for that. I put the ADX on my charts from the instructions in the Rules pdf file and added the Stochastics but I can't find any reference to how to use the ADX. I put the 25 line from looking at your charts but do not know how to use it. Any help would be appreciated. Thanks in advance.
  • #2,280
  • Oct 4, 2007 4:20am Oct 4, 2007 4:20am
Quoting pip_rapist
Hi Golfer

Thanks for that. I put the ADX on my charts from the instructions in the Rules pdf file and added the Stochastics but I can't find any reference to how to use the ADX. I put the 25 line from looking at your charts but do not know how to use it. Any help would be appreciated. Thanks in advance.
Hi PP

If it is the ADX you are talking about, there are several website with excellent information on the usage of the ADX. Better to get it from the experts.

If it is the Isma, go to the Dollie system or see my comments on it in this thread.
Willem Forex recipe for success = Patience, discipline & hard work.
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