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5Min Intraday System

  • #2,281
  • Oct 4, 2007 5:17am Oct 4, 2007 5:17am
another EJ classic form. the price keep bouncing at 21 EMA, take entry at 164.36 and exit at 164.46 (the pivot point) profit +10pips. To bad I'm no very confidance with this trade so I only OP at demo.. The EMA 21 and the EMA 50 moves almost paralel, and it's very near with the pivot. So for me It's a high risk setup.. comments please.....
Attached Image (click to enlarge)
Click to Enlarge Name: ejph041007.JPG Size: 47 KB
  • #2,282
  • Oct 4, 2007 6:42am Oct 4, 2007 6:42am
Quoting gunset
another EJ classic form. the price keep bouncing at 21 EMA, take entry at 164.36 and exit at 164.46 (the pivot point) profit +10pips. To bad I'm no very confidance with this trade so I only OP at demo.. The EMA 21 and the EMA 50 moves almost paralel, and it's very near with the pivot. So for me It's a high risk setup.. comments please.....
Hi Gunset
I believe you are the same person with gunset in kaskus forum..
Glad to see you here
  • #2,283
  • Oct 4, 2007 6:52am Oct 4, 2007 6:52am
@belle
yes I'm the same person.. the one who still keep losing in forex world. nice to see you here, beautyfull...

could some one please give me an advice about this chart? for me it looks perfect.. far above the pivot point, very smooth, and the perfect SMAangle.. but it turns out to be a bad trade... did anyone has a different perpective?? thanks....
  • #2,284
  • Oct 4, 2007 6:54am Oct 4, 2007 6:54am
sorry.. forget the chart...
Attached Image (click to enlarge)
Click to Enlarge Name: ejph0410071.JPG Size: 47 KB
  • #2,285
  • Oct 4, 2007 7:22am Oct 4, 2007 7:22am
Quoting gunset
sorry.. forget the chart...
Hi G

I was following the same setup but didn't enter because I couldn't see any pattern and it was just going down at a steady rate (all the way). I'll post my chart later iwth my story.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,286
  • Oct 4, 2007 8:12am Oct 4, 2007 8:12am
hi Mr. Golfer,
Yes I didn't see any triangle form, but when it's live, from the third dot, the price movement keep bouncing up and down, with mostly up. In fact it touch +2pips most of time, but after the 6th dot it dramatically going down.... I wish I had the 2 pips... I'm expecting It'll go to 164.84..
  • #2,287
  • Oct 4, 2007 12:08pm Oct 4, 2007 12:08pm
Quoting gunset
hi Mr. Golfer,
Yes I didn't see any triangle form, but when it's live, from the third dot, the price movement keep bouncing up and down, with mostly up. In fact it touch +2pips most of time, but after the 6th dot it dramatically going down.... I wish I had the 2 pips... I'm expecting It'll go to 164.84..
Hi G

My chart as promised:

After a discussion in June with Phillip, we decided to have the non-trade zone for EY between 0.15 and -0.15 as stated in My Rules. That is why I'll only consider a trade after the vertical A and the ellipse B would have been the prefect pullback - just above the pivot line. Unfortunately it didn't happen.

Then came the pullback "C" - just a one way movement all the way down. Steep. Look at "D" - perfect bounce off the 21MA for an entry. But it was pullback C which kept me out of it.

You are correct - no triangle or other price patterns to speak of. I let it pass me by.
Attached Image (click to enlarge)
Click to Enlarge Name: 20071004 ey setup.gif Size: 20 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,288
  • Oct 4, 2007 3:19pm Oct 4, 2007 3:19pm
HI Golfer

Can you explain what the extra levels in the SMAangle are used for? 0.4 and 0.15 on the EY. Thanks
  • #2,289
  • Oct 4, 2007 10:23pm Oct 4, 2007 10:23pm
Quoting pip_rapist
HI Golfer

Can you explain what the extra levels in the SMAangle are used for? 0.4 and 0.15 on the EY. Thanks
Hi pp

It is all in My Rules on page 103 - optional rules/filters you can use. And I've just explained the 0.15 levels 2 posts ago - the non-trade zone.

I am sorry if I don't make myself clear enough.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,290
  • Oct 4, 2007 11:59pm Oct 4, 2007 11:59pm
Golfer

I have gone through your Rules manual and all the others but I do not see any explanation regarding the 0.4 and 0.15 levels on the SMAangle. You explained the 0.15 two posts ago but I still do not know what the 0.4 level is used for. Maybe I am not looking in the correct place but so far going through all the manuals I do not see any reference to it. Can you give me a quick explanation on the 0.4 level please? Thanks.
  • #2,291
  • Oct 5, 2007 12:21am Oct 5, 2007 12:21am
Quoting pip_rapist
Golfer

I have gone through your Rules manual and all the others but I do not see any explanation regarding the 0.4 and 0.15 levels on the SMAangle. You explained the 0.15 two posts ago but I still do not know what the 0.4 level is used for. Maybe I am not looking in the correct place but so far going through all the manuals I do not see any reference to it. Can you give me a quick explanation on the 0.4 level please? Thanks.
OK. The usual lines are 0.2 & -0.2. Previously I've used that with the SMAangle bars. I was waiting the 21MA to get out of the non-trade zone and for the SMAangle bars to get above the 0.2 or below the -0.2 before entering but I don't use it anymore.

However I still look at the 0.4 or -0.4 levels and if the 21MA move above or below it, I'll be careful before entering a trade (almost an overbougth/oversold situation).

I hope it helps.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,292
  • Oct 5, 2007 3:28am Oct 5, 2007 3:28am
Hi Golfer,
I have another question for you: you're talking about triangle patterns in price, could you show some examples? I'm not quite sure I understand what you're talking about.

Thanks!
  • #2,293
  • Oct 5, 2007 4:06am Oct 5, 2007 4:06am
Quoting Golfer
OK. The usual lines are 0.2 & -0.2. Previously I've used that with the SMAangle bars. I was waiting the 21MA to get out of the non-trade zone and for the SMAangle bars to get above the 0.2 or below the -0.2 before entering but I don't use it anymore.

However I still look at the 0.4 or -0.4 levels and if the 21MA move above or below it, I'll be careful before entering a trade (almost an overbougth/oversold situation).

I hope it helps.
Yeah that helps a lot. Thanks for that. But 0.2 is new to me, I though it was 0.1? I have 0.1 on all my charts. To confirm, it now 0.2 and 0.1 anymore? Thanks.
  • #2,294
  • Oct 5, 2007 8:27am Oct 5, 2007 8:27am
Hi guys, what do you think about the news effect?? like the NFP etc?? can we use this system on news??
  • #2,295
  • Oct 5, 2007 9:10am Oct 5, 2007 9:10am
Quoting pip_rapist
Yeah that helps a lot. Thanks for that. But 0.2 is new to me, I though it was 0.1? I have 0.1 on all my charts. To confirm, it now 0.2 and 0.1 anymore? Thanks.
Hi Pp

You must be very clear on this:

21MA on SMAangle window - non-trade area is between 0.1 and -0.1 lines (0.15/-0.15 line for EY). So when the 21MA on the SMAangle window is between these two lines - no trades.

SMAangle indicator bars - the bars should be above the 0.2 or below -0.2 line (an old rule I don't use anymore - I've replaced it with my Small resistance/support line. But maybe somebody would like to use it.)

Hope it more clear now.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,296
  • Edited 10:15am Oct 5, 2007 9:14am | Edited 10:15am
Quoting gunset
Hi guys, what do you think about the news effect?? like the NFP etc?? can we use this system on news??
Already doing it as shown in the attachments of My Rules (next post after the actaul post with the rules). Same principles apply but you just ignore the SMAangle indicator - only concentrate on the price action and should be able to read it very accurately.

But it can be be very risky (and tricky) - like today. I would recommend it to beginners - even I am still struggling with it. Lost 15pips on E$ today after NFP.

Forgot to mention - use a 1min chart for news trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,297
  • Oct 6, 2007 1:46am Oct 6, 2007 1:46am
Yup so did I, lost 15 pips on EJ, after the NFP released.. better stay away from the news...
  • #2,298
  • Oct 6, 2007 7:40am Oct 6, 2007 7:40am
i don't have MT4 so will it do if i identify the angle visually ?

also how do i determine the angle as the angle changes when i resize, zoom in/out or stretch the chart ?

sorry for this question but hopefully someone kind enough to help ?
  • #2,299
  • Oct 6, 2007 8:09am Oct 6, 2007 8:09am
Hi findcount,

I use Oanda as well and you are right, the angle changes by scaling the price axis.

Personally I don't use the angle so much, just look at MA's, they must all show in the same direction and must not be mixed up or flat. That's all, so no angle measurement, no more fancy indicators for me.

BTW: Here my two cable trades from friday, the first was stopped out at BE, the second gave me 17.5 pips.

http://www.leidel.net/dl/fx/charts-i...usd_051007.png

Regards - Xaron
  • #2,300
  • Oct 6, 2007 8:16am Oct 6, 2007 8:16am
Quoting findcount
i don't have MT4 so will it do if i identify the angle visually ?

also how do i determine the angle as the angle changes when i resize, zoom in/out or stretch the chart ?

sorry for this question but hopefully someone kind enough to help ?
Hi Findcount

Yes, you can still do it that way. I still do it on my cellphone. Once you start identifing the price patterns it becomes more clear.

Unfortunately I cannot help you with the other part because I don't trade that "technically".
Willem Forex recipe for success = Patience, discipline & hard work.
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