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5Min Intraday System

  • #2,381
  • Oct 15, 2007 12:50am Oct 15, 2007 12:50am
Quoting yendis70
Thnx for your Money Mgmt attached file. It's a great help. However, what is your leverage? In my limited newbie knowledge, I think that is a consideration to manage risk.
Obviously, my leverage was too hi (200:1), I think, since ea. pip=$6+. And that = 6.4% risk, if my math is correct. What is your leverage?
Thnx again,
Sid
Hope you've solved your MT4 platform problems.

Yes, I am also using (and surviving) the 200:1 leverage on a mini account of $500. I've decided to start with a small mini account to train myself in the forex market, develop the necessary dicsipline and get the necessary confidence.

Just some general comments:

Start small and build on it. As a medical person and lecturer, we don't start doing major surgery the day you enter med school. Why do you want to do the same with the forex market. You start learing about techniques, looking at how it is performed and then you start with minor cuts and small operation. Later on (after years of experience) you would be able to perform major surgery.

The same with forex trading. First learn the market (read and do demo trading), then start small (mini account) and then later you can go big. We won't make it if we start immediately with an account of $2000.00. My logic tells me at least 3-4years of training/trading before that can happen.

Enjoy it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,382
  • Oct 15, 2007 1:01am Oct 15, 2007 1:01am
Quoting Xaron
I use position sizes that way I can lose no more than 1-2% of my balance per trade.

Regards - Xaron
I do use mini-lots and I try to lose only 1.5% of my current capital per trade. I do use the Excel spread sheet to determine my position size.

Just keep it as simple as possible.

For a mini account with InterbankFX: If you do have $500 in your account and your SL is 15pips away (meaning you'll risk 15pips, $7.5), I'll enter with 0.5 lots.

Thats all.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,383
  • Oct 15, 2007 2:07am Oct 15, 2007 2:07am
Two trades this morning. Both were high risk trades and had suboptimal entries.

EUR/JPY: BE +0.5 pips

http://www.leidel.net/dl/fx/charts-i...jpy_151007.png

EUR/USD: +10.0 pips

http://www.leidel.net/dl/fx/charts-i...usd_151007.png

Regards - Xaron
  • #2,384
  • Oct 15, 2007 5:21am Oct 15, 2007 5:21am
Ok, Thanks for the answer, Golfer nī Eyevoltage.

I will keep me updated with this thread.

... i see a good entry today, am i looking correctly?

Attached Image (click to enlarge)
Click to Enlarge Name: 5m eu long for 10pips.gif Size: 14 KB


Quoting Golfer
Just to confirm EyeVoltage message:

1. Phillip still trade this system but only after 15H00GMT. And you'll see there aren't many setup in that time frame.

2. Page 156 Appendix D of My Rules.

3. I don't use an EA - this system needs a "human" decision when to enter a trade. You cannot enter a trade without reading the story of the setup.
  • #2,385
  • Oct 15, 2007 5:30am Oct 15, 2007 5:30am
Yes this was a perfect one. But I was at lunch this time.

Regards - Xaron
  • #2,386
  • Oct 15, 2007 5:43am Oct 15, 2007 5:43am
Quoting Xaron
Yes this was a perfect one. But I was at lunch this time.

Regards - Xaron


i think you can try to teach 2 other people to do this really well and then the 3 of you can man this method 24 hours in 8hr shifts......makes money 24/5....................serious.

hey, maybe if 3 guys in different timezones can get together, pool capital together and then trade this method 24hrs........might work out and share the profits........
  • #2,387
  • Oct 15, 2007 7:05am Oct 15, 2007 7:05am
Thanks, but no. I wouldn't trade in a pool the same account.

BTW: I use this method only with a small account. It's more like something to play with. I usually use other methods which I'm more confident and have better results with.

Regards - Xaron
  • #2,388
  • Oct 15, 2007 7:31am Oct 15, 2007 7:31am
Quoting Numeral
Ok, Thanks for the answer, Golfer nī Eyevoltage.

I will keep me updated with this thread.

... i see a good entry today, am i looking correctly?

Attachment
Did you see the "Church to right" formation on that chart? Unfortunately you have to take teh trade on the 10MA - bit risky. I've saved the picture to be put on thread later today.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,389
  • Oct 15, 2007 7:42am Oct 15, 2007 7:42am
hi ppl

were do you think the cable is moving today? what can be any good trades?

tks
  • #2,390
  • Oct 15, 2007 9:05am Oct 15, 2007 9:05am
Quoting adrianebn
hi ppl

were do you think the cable is moving today? what can be any good trades?

tks
Hi A

Very interesting question - my opinion and I don't think it is what you want to hear:

1. I don't "think" about a pair's movement intra-day. I watched the charts and trade what I see. You need to read the story behind the setup. Pivot lines are very important to be used in the system

As additional information I try to use Philip's 4h MACD to determine the market's movements (short to medium term) and enter trades in that direction. You need to understand the rules and market movement of that system.

2. Good trades? I usually think in the line of high probability trades. Appendix D of My rules on page 156. You need to develop your own criteria for high probability trades.

Just my opinion - sorry that I cannot answer your question but that is how Forex trading is working. Maybe you'll get other responses.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,391
  • Oct 15, 2007 9:11am Oct 15, 2007 9:11am
Quoting Golfer
Hi A

Very interesting question - my opinion and I don't think it is what you want to hear:

1. I don't "think" about a pair's movement intra-day. I watched the charts and trade what I see. You need to read the story behind the setup. Pivot lines are very important to be used in the system

As additional information I try to use Philip's 4h MACD to determine the market's movements (short to medium term) and enter trades in that direction. You need to understand the rules and market movement of that system.

2. Good trades? I usually think in the line of high probability trades. Appendix D of My rules on page 156. You need to develop your own criteria for high probability trades.

Just my opinion - sorry that I cannot answer your question but that is how Forex trading is working. Maybe you'll get other responses.
you are perfectly right on the advice which is better then just any quick answer for sure!

what i meant is that today with the 5min system on the GBP/USD was very quite and since I havent been using this system for long I wanted to share or get any idea of any market changes, tks still for your comments, appreciate
  • #2,392
  • Oct 15, 2007 9:24am Oct 15, 2007 9:24am
In the longer picture I'd say that I'm bullish on the cable:

http://www.leidel.net/dl/fx/charts-i...d_151007_1.png

Currently the cable is more in a range but my guess is that the pound will continue to raise against the dollar.

I do some gridding to catch this move.

http://www.leidel.net/dl/fx/charts-i...d_151007_2.png

Regards - Xaron
  • #2,393
  • Oct 15, 2007 12:43pm Oct 15, 2007 12:43pm
The price pattern on EUR today as mentioned earlier. Look at the higher lows above the blue triangle - ascending triangle being formed with resistance found below rectangle.

This was after the recent high - church tower.

Result 7pips profit - I would have exit after 3 candles failed to break 1.4229.
Attached Image (click to enlarge)
Click to Enlarge Name: 20071015 church to right & acsending triangle.gif Size: 19 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,394
  • Oct 15, 2007 1:51pm Oct 15, 2007 1:51pm
My trade with the "Reverse church" price formation but the market was too slow. Decided to close for a 3 pip profit. I've missed the previous setup which was a descending triangle formation but i am not sure if I would have taken that one.
Attached Image (click to enlarge)
Click to Enlarge Name: 20071015 5min trade 2.gif Size: 27 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,395
  • Edited 6:39pm Oct 15, 2007 6:38pm | Edited 6:39pm
Hey Willem.

Great charts as usual, mate.

I nearly missed those fib numbers though. How long have you been using them in this system? Don't recall seeing them before.

Cheers
  • #2,396
  • Oct 15, 2007 7:53pm Oct 15, 2007 7:53pm
Hi Willem

Can you explain what the 3 candles is about or direct me to the post that explains it more? Thanks.
  • #2,397
  • Oct 15, 2007 10:50pm Oct 15, 2007 10:50pm
please to anyone who use this method!

do not I repeat, Do NOT, follow every signal you got like what Mr. Golfer reminds us every time. I've tried this method blindly with my demo account, at first, It doubles my account within days. but after that, I washed my account VERY FAST. Not satisfied I've tried it on second demo account, and the same result, It cleaned my account within days too...

So please think before take action...

sorry guys, just a word from a beginner who wants to learn more..
  • #2,398
  • Oct 15, 2007 11:08pm Oct 15, 2007 11:08pm
[php]
[quote]
Quoting Golfer
Hope you've solved your MT4 platform problems.

Yes, I am also using (and surviving) the 200:1 leverage on a mini account of $500. I've decided to start with a small mini account to train myself in the forex market, develop the necessary dicsipline and get the necessary confidence.

Just some general comments: ........
Thnx for the follow-up ques. My platform is OK. SMAangle indicator is in my custom indic. navig. window, but won't drag to the chart. Still playing w/ it.

Sid
  • #2,399
  • Oct 16, 2007 1:06am Oct 16, 2007 1:06am
Quoting eyevoltage
Hey Willem.

Great charts as usual, mate.

I nearly missed those fib numbers though. How long have you been using them in this system? Don't recall seeing them before.

Cheers
Hi EyeV

That is why it is difficult to see - I don't want it to be too obvious. I am just testing it. I want to see how the price is reacting near the fib levels on a 5min chart. I know it is very helpful on longer time frames.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,400
  • Edited 3:23am Oct 16, 2007 1:10am | Edited 3:23am
[quote=yendis70;1646863][php]
Quote


Thnx for the follow-up ques. My platform is OK. SMAangle indicator is in my custom indic. navig. window, but won't drag to the chart. Still playing w/ it.

Sid

Hi Sid

Sorry but my last 2c on this topic.

Don't drag the SMAangle indicator to the chart. Rightclick on it in the navigation box and an option of "attach to chart" will appear. Click on that.

The 21MA should be drag to the SMAangle window and not the "attach to chart" option.
Willem Forex recipe for success = Patience, discipline & hard work.
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