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5Min Intraday System

  • #2,301
  • Oct 6, 2007 8:49am Oct 6, 2007 8:49am
thanks, golfer and xaron.........

xaron, so what's the recommended SL ?

also, i think maybe as long as prices don't cross the SMA50, still can be considered as a valid trade ?
  • #2,302
  • Oct 6, 2007 8:59am Oct 6, 2007 8:59am
Stops: I use 6 pips + spread for the EUR/USD and 10 pips + spread for the GBP/USD, USD/JPY and EUR/JPY.

About the validity of trades: That depends. I can't say it clear but if the candle closes below the EMA21 in a long trend I'm careful. But somtimes I don't wait for the close but open a trade exactly at the EMA21, but that is risky...

Regards - Xaron
  • #2,303
  • Oct 6, 2007 9:51am Oct 6, 2007 9:51am
Quoting Xaron
Stops: I use 6 pips + spread for the EUR/USD and 10 pips + spread for the GBP/USD, USD/JPY and EUR/JPY.

About the validity of trades: That depends. I can't say it clear but if the candle closes below the EMA21 in a long trend I'm careful. But somtimes I don't wait for the close but open a trade exactly at the EMA21, but that is risky...

Regards - Xaron
you mean you're cautious if candle close below EMA21 in an uptrend ?
  • #2,304
  • Oct 6, 2007 10:31am Oct 6, 2007 10:31am
Quoting Xaron
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
Hi Xaron

I hope you've seen (and all the others) the 3 little sisters you've traded on the above chart (1st trade on the second sister and 2nd trade on the 3rd sister). What a beauty, man!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,305
  • Oct 6, 2007 12:21pm Oct 6, 2007 12:21pm
Thanks Willem!

Yes I've seen it and indeed I look for such things. The only problem often is my impatience. I trade just too often.

The first one was already 13.5 pips netto in plus but was stopped out at BE. That happens...

What about the 3 lower highs around 1:30 - 2:30 - 3:50 ? Would you see this as 3 little sisters, too?

Regards - Xaron
  • #2,306
  • Oct 6, 2007 1:21pm Oct 6, 2007 1:21pm
Quoting Xaron
Thanks Willem!

Yes I've seen it and indeed I look for such things. The only problem often is my impatience. I trade just too often.

The first one was already 13.5 pips netto in plus but was stopped out at BE. That happens...

What about the 3 lower highs around 1:30 - 2:30 - 3:50 ? Would you see this as 3 little sisters, too?

Regards - Xaron
Hi X

Sorry, but you'll have to post your chart so that I can see - times and candles sometimes differ.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,307
  • Oct 6, 2007 1:32pm Oct 6, 2007 1:32pm
Willem, just take the chart I've already posted above. The time is in the chart, too.

Regards - Xaron
  • #2,308
  • Oct 6, 2007 1:43pm Oct 6, 2007 1:43pm
Quoting Xaron
Willem, just take the chart I've already posted above. The time is in the chart, too.

Regards - Xaron
Hi X

Yes, Yes, Yes - sorry. I was looking at my own charts and at the setups after your trades.

Yes, they are there and smiling at us. However, I won't take the setup (enter a short trade - high risk trade) because it is above the 50MA - just use it to to tell you to stop taking long trades. If they appear in an uptrend, use them to stop taking "bad" trade. Appearing in an downtrend - yes, take the odds on.

But it is great if you can start identifing them as they are forming.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,309
  • Oct 6, 2007 2:21pm Oct 6, 2007 2:21pm
Thanks.

BTW: I've noticed that I sometimes get stopped out even if I'm right. I've watched some charts and must say that there could be another way of protect your trade as a fix stop loss, maybe just a mental stop based on close prices so you don't get stopped out during a spike aka stop hunt...

Regards - Xaron
  • #2,310
  • Oct 6, 2007 3:22pm Oct 6, 2007 3:22pm
Quoting Xaron
Thanks.

BTW: I've noticed that I sometimes get stopped out even if I'm right. I've watched some charts and must say that there could be another way of protect your trade as a fix stop loss, maybe just a mental stop based on close prices so you don't get stopped out during a spike aka stop hunt...

Regards - Xaron
Hi X

Agree - see my PM to you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,311
  • Oct 7, 2007 9:02pm Oct 7, 2007 9:02pm
Friday's pullback trade after the news. This was a great set-up.
Attached Image (click to enlarge)
Click to Enlarge Name: 10-05-07 euro-jpy.JPG Size: 158 KB
  • #2,312
  • Oct 8, 2007 9:55am Oct 8, 2007 9:55am
I couldn't resist. What a beauty...

http://www.leidel.net/dl/fx/charts-i...usd_081007.png

Regards - Xaron
  • #2,313
  • Oct 8, 2007 10:49am Oct 8, 2007 10:49am
Quoting Xaron
I couldn't resist. What a beauty...

http://www.leidel.net/dl/fx/charts-i...usd_081007.png

Regards - Xaron
And I resisted! Damn You Xaron! Damn You!
  • #2,314
  • Oct 8, 2007 11:06am Oct 8, 2007 11:06am
*g* Well, the setup wasn't so nice. Ok afterwards it was ok, but it was a risky entry in my opinion...

Regards - Xaron
  • #2,315
  • Oct 8, 2007 12:36pm Oct 8, 2007 12:36pm
Hi Xaron

Well done Xaron with that EUR$ trade, a bit risky but it paid off. I was watching as well but was busy with other things and couldn't pay full attention. Then I don't trade live.

I am also trying show people how the react when you've missed a trade. Wish all the other good luck and look for the next GREAT setup. Move on people!!!!!!!

Like this one - hope somebody took it. I was working on research protocol and missed it. But I'll save and use it to identify next similar setups.

What a beauty!

I am working on compiling a document (collecting examples) with examples of price patterns I am looking for in a setup. And Phillip will be the assessor again - thanks in advance Phillip!!!!!!!!!!
Attached Image (click to enlarge)
Click to Enlarge Name: cable descending triangle formation.gif Size: 23 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,316
  • Oct 8, 2007 12:43pm Oct 8, 2007 12:43pm
Willem, now that's funny. I missed this one in the cable but watched for an entry before.

Regards - Xaron
  • #2,317
  • Edited 1:51pm Oct 8, 2007 1:25pm | Edited 1:51pm
Quoting Xaron
Willem, now that's funny. I missed this one in the cable but watched for an entry before.

Regards - Xaron
No problems - lost more to come.

What I do after I've missed a setup like that, I do take the chart back so that the start of the setup is at the very right side of the platform. Then I use the F12 key to forward the chart candle by candle so that one can see how the setup develops.

That helps me a lot to start identifying the setups as they develop. It is easy to see the pattern when it is fully developed - not so easy during the development phase.

Practise makes perfect.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,318
  • Oct 8, 2007 9:19pm Oct 8, 2007 9:19pm
Quoting Xaron
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
thanks a bunch, Xaron !

so when there's a pullback do i wait for the candle to close in the space between ema10 and ema21 ?

what if the candle closes in between ema21 and the sma50 ?

my fingerwork is pretty slow so for this scalping method, what SL and TP is advisable ?

VERY SORRY FOR THE TEDIOUS QUESTIONS............
  • #2,319
  • Oct 8, 2007 11:03pm Oct 8, 2007 11:03pm
I should have stayed longer in this trade. But I scalp and try to take quick profits.

My trading is mostly discretionary, as oppose to following a mechanical system. I wait for the crossover then wait for a pull back to catch the short term move/trend.
I will try to post all my trades.
Good luck everyone.
Attached Image (click to enlarge)
Click to Enlarge Name: 10-08-07 asian session.jpg Size: 224 KB
  • #2,320
  • Oct 9, 2007 2:36am Oct 9, 2007 2:36am
Quoting findcount
thanks a bunch, Xaron !

so when there's a pullback do i wait for the candle to close in the space between ema10 and ema21 ?

what if the candle closes in between ema21 and the sma50 ?

my fingerwork is pretty slow so for this scalping method, what SL and TP is advisable ?

VERY SORRY FOR THE TEDIOUS QUESTIONS............
No problem, there are no tedious questions.

I try to open the position directly on the ema21. I try to watch the momentum of the trade. So if it stays some time around ema21 I enter the trade, if it goes up very quickly I don't enter it.
I don't enter a short trade if there isn't a new lower low before (and vice versa for a long trade)!

If the price goes beyond the ema21 I don't enter a trade anymore, sometimes I do, but that's the case when the trend is very slow. If the trend goes slowly, the SMA50 is the pullback zone, for a medium speed trend (my favourite ones) the EMA21 and for fast trends (which I usually don't trade) the EMA10.

My SL @ Oanda is 7 Pips + Spread (yes I said 6 before, but it's 7) for the EUR/USD and around 10 Pips for GBP/USD, EUR/JPY and USD/JPY. My TP for the EUR/USD is always 10 Pips, for the other pairs 15-20 Pips.

Regards - Xaron
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