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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #2,541
  • Oct 31, 2007 4:01pm Oct 31, 2007 4:01pm
Hello, Golfer!

Quote
I've tried your expert and it works great. The only problem I have is the movement of the TP to BE:
1. Why do you want to do that?
2. How do you cancel the action?
If a position was opened, it's stoploss has not been moved to yet BE and a bar closes below (for long trades; above - for short) EMA21, it's better to exit from the trade. So the expert puts TP at the BE level.

If this feature isn't needed, just turn bIf2ExitIfEMA21Crossed parameter to false.
  • #2,542
  • Oct 31, 2007 4:02pm Oct 31, 2007 4:02pm
Quoting Golfer
Hi Yo

I've tried your expert and it works great. The only problem I have is the movement of the TP to BE:

1. Why do you want to do that?
2. How do you cancel the action?

Tx
Hi Yorik

I even deleted the expert and re-booted my PC. Still my TP moves to BE. What is going on?
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,543
  • Oct 31, 2007 4:04pm Oct 31, 2007 4:04pm
Quoting Yorik
Hello, Golfer!


If a position was opened, it's stoploss has not been moved to yet BE and a bar closes below (for long trades; above - for short) EMA21, it's better to exit from the trade. So the expert puts TP at the BE level.

If this feature isn't needed, just turn bIf2ExitIfEMA21Crossed parameter to false.
Hi Yorik

I did but see my previous post. I opened a new trade after I've deleted the indicator and re-booted. Still my TP is moved to BE.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,544
  • Oct 31, 2007 4:09pm Oct 31, 2007 4:09pm
My analysis and results for Wed., 31/10/07 (maybe I won't post all the images here but put the links - those who are interested, will open; but will post about my practical results):

DAYLY ANALYSIS: EURUSD | GBPUSD | USDJPY | EURJPY


Theoretically: from +20 to +50 pips could have been got according to the rules.
Practically: 0 trades (unfortunately; partly not at home, partly missed or was hesitating for too long
  • #2,545
  • Oct 31, 2007 4:32pm Oct 31, 2007 4:32pm
Quoting Golfer
Hi Yorik
I did but see my previous post. I opened a new trade after I've deleted the indicator and re-booted. Still my TP is moved to BE.
I'm awfully sorry if it has caused you any troubles but, sorry, I can't understand how can it be - I mean how can some function of an expert work if it was completely deleted. Try to turn off experts - maybe some other expert is working?

I just have tested the 5MinHelper again in Tester and it works Ok (as should) - on the very first tick after opening the trade SL and TP are changed to their initial values (if when opening the trade they were = 0) and then it waits for profit to reach +6 (for ex.) to move SL to BE. I haven't seen TP to be moved to BE just after opening the trade.

In the variant attached (5MinHelper_v1.1) I completely switched off this part (moving TP to BE if EMA21 has been crossed).

Again, sorry, but I can't understand why the problem decribed by you could be.
Attached File(s)
File Type: ex4 5MinHelper_v1.1.ex4   5 KB | 442 downloads
File Type: mq4 5MinHelper_v1.1.mq4   8 KB | 641 downloads
  • #2,546
  • Oct 31, 2007 6:12pm Oct 31, 2007 6:12pm
Thank you eyevoltage and Golfer for your respond, i'll keep in mind your remarks soon will post my new trades.
  • #2,547
  • Edited 2:48am Nov 1, 2007 2:04am | Edited 2:48am
Quoting Yorik
I'm awfully sorry if it has caused you any troubles but, sorry, I can't understand how can it be - I mean how can some function of an expert work if it was completely deleted. Try to turn off experts - maybe some other expert is working?

I just have tested the 5MinHelper again in Tester and it works Ok (as should) - on the very first tick after opening the trade SL and TP are changed to their initial values (if when opening the trade they were = 0) and then it waits for profit to reach +6 (for ex.) to move SL to BE. I haven't seen TP to be moved to BE just after opening the trade.

In the variant attached (5MinHelper_v1.1) I completely switched off this part (moving TP to BE if EMA21 has been crossed).

Again, sorry, but I can't understand why the problem decribed by you could be.
Hi Yorik

Tx, no problem. I also didn't understand the problem. It just happen with the EUR trades and it happens when there is a close on the wrong side of the 21MA. Then I change the TP back to 10-15pips just to be put back to BE with every tick price change - very interesting. That is on the MT4 platform on my laptop.

I've tried the indicator on my PC - no problem what-so-ever. Just changed it to "False" and it is working. Maybe I'll just delete the chart and re-build it. Or I'll re-load the entire MT4 platform. I must just de-activate the expert when trading the MACD 4h system.

Luckily I had two MT4 platform crashes already - so I do have a copy of my MT4 platform saved on a stick as a backup. And I do recommend for everybody to do the same. Otherwise you'll lose all your special profiles, template.

I'll let you know how it goes.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,548
  • Nov 1, 2007 5:49am Nov 1, 2007 5:49am
it should be safer if trades are taken only in the main trend of the pair like long for eur/usd but will that reduce trades to very very much ?

or just go long/short anyway ?

lastly, how do one monitor and wait for the chances to come ? i try to flick from pair to pair till i get dizzy........ (really!) and then when i flick to the 'right' pair at the 'right' time, the chance has gone or it's too risky !

so you guys keep eyes glued to the screen ? i think i'll have to eat more carrots to improve my eye health..........:

hmmmm........do you guys notice Xaron is missing ?
  • #2,549
  • Edited 3:28pm Nov 1, 2007 3:02pm | Edited 3:28pm
Quoting findcount
it should be safer if trades are taken only in the main trend of the pair like long for eur/usd but will that reduce trades to very very much ?

or just go long/short anyway ?

lastly, how do one monitor and wait for the chances to come ? i try to flick from pair to pair till i get dizzy........ (really!) and then when i flick to the 'right' pair at the 'right' time, the chance has gone or it's too risky !

so you guys keep eyes glued to the screen ? i think i'll have to eat more carrots to improve my eye health..........:

hmmmm........do you guys notice Xaron is missing ?
Hi Find

I had the very same problem in the begining - dizzy. That was one of the reasons I've struggled in Apr 2007 - trying to follow to many pairs and as frequent as possible. It doesn't work that way. Get yourself into a pattern to check the charts every now and then and relax in between. Otherwise you'll kill yourself.

After a while you start to recognise the setups. I usually scan the 4 charts so every 20-30minutes depending on how far the setup has developed. You can see immediately that there is nothing going on or there is something coming up.

I look at:

1. The overall picture of the chart (once or two a day)
2. Any known price patterns being formed
3. Where are price now in relationship with MAs
4. Where is the SMAangle and 21MA on it


Once I see there is something going on, I'll stay with that one chart and every now and then just check the other 3 charts.

Yes, I saw Xaron is missing - hopefully he is making real money now. So are many other I've seen during my 9-10 months on this thread. They just come and go. Very interesting.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,550
  • Nov 1, 2007 5:01pm Nov 1, 2007 5:01pm
My analysis for Thu, 01/11/07:

EURUSD | GBPUSD | USDJPY | EURJPY

Theoretically, according to analysis, it was possible to get up to 60-70 pips on 4 pairs. Unforunately, again, 0 real trades for the day..

To make myself more confident in the system, I'm analysing the past charts (using F12 in MT). Here are 10 days from October 1 to 12 for EURUSD (just if anybody is interested):
EURUSD: 01/10, 02/10, 03/10, 04/10, 05/10, 08/10, 09/10, 10/10, 11/10, 12/10.
  • #2,551
  • Nov 1, 2007 5:05pm Nov 1, 2007 5:05pm
Hello, Golfer.

Quoting Golfer
It just happen with the EUR trades and it happens when there is a close on the wrong side of the 21MA. Then I change the TP back to 10-15pips just to be put back to BE with every tick price change.
If so, then everything is Ok with the expert (it should put TP to BE if being in the long trade, we have a bar closed below EMA21). Just if this function isn't needed, it should be simply switched off.
  • #2,552
  • Nov 2, 2007 11:21am Nov 2, 2007 11:21am
Quoting Yorik
Hello, Golfer.


If so, then everything is Ok with the expert (it should put TP to BE if being in the long trade, we have a bar closed below EMA21). Just if this function isn't needed, it should be simply switched off.
Hi Yorik

I just don't understand it but luckily everything seems fine now. I haven't donwloaded your new version yet but I'm sure I'll do it very soon again. Still using the previous one on my PC.

Played golf today - no trading for me.

Tx.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,553
  • Nov 2, 2007 8:12pm Nov 2, 2007 8:12pm
Quoting Golfer
Hi Find

I had the very same problem in the begining - dizzy. That was one of the reasons I've struggled in Apr 2007 - trying to follow to many pairs and as frequent as possible. It doesn't work that way. Get yourself into a pattern to check the charts every now and then and relax in between. Otherwise you'll kill yourself.

After a while you start to recognise the setups. I usually scan the 4 charts so every 20-30minutes depending on how far the setup has developed. You can see immediately that there is nothing going on or there is something coming up.

I look at:

1. The overall picture of the chart (once or two a day)
2. Any known price patterns being formed
3. Where are price now in relationship with MAs
4. Where is the SMAangle and 21MA on it


Once I see there is something going on, I'll stay with that one chart and every now and then just check the other 3 charts.

Yes, I saw Xaron is missing - hopefully he is making real money now. So are many other I've seen during my 9-10 months on this thread. They just come and go. Very interesting.

great replies.......as usual and grateful for all the help.

Xaron will be back for sure..........he can't resist this thread for long, besides he is always on the lookout and trying out of a few methods......

he's like an octopus.......different a/cs for different methods......
  • #2,554
  • Nov 3, 2007 5:11am Nov 3, 2007 5:11am
To train myself and to get more confidence while trading I'm analysing history (trying to be as objective as possible though remembering it's never equal to real-time trading). So far I've got analysis for EURUSD for October - see P.N.5Min_October-07.doc (zipped doc file with 23 images). And here's some statistics for it (also can be found in P.N.5Min_October-07_Stats.xls):

http://www.imagehosting.com/out.php/...toberStats.gif
Attached File(s)
File Type: zip P.N.5Min_October-07.zip   633 KB | 862 downloads
File Type: zip P.N.5Min_October-07_Stats.zip   5 KB | 458 downloads
  • #2,555
  • Nov 3, 2007 5:12am Nov 3, 2007 5:12am
I would like to commend on your way of analyzing the market. Those charts you do every day may help other people, but most certainly they will help yourself. Keep them coming! It's all about understanding the market and filtering out high probability trades.

Quoting Yorik
My analysis for Thu, 01/11/07:

EURUSD | GBPUSD | USDJPY | EURJPY

Theoretically, according to analysis, it was possible to get up to 60-70 pips on 4 pairs. Unforunately, again, 0 real trades for the day..

To make myself more confident in the system, I'm analysing the past charts (using F12 in MT). Here are 10 days from October 1 to 12 for EURUSD (just if anybody is interested):
EURUSD: 01/10, 02/10, 03/10, 04/10, 05/10, 08/10, 09/10, 10/10, 11/10, 12/10.
  • #2,556
  • Nov 3, 2007 5:30am Nov 3, 2007 5:30am
Thanks Pipsi cola.

As you've observed quite correctly, doing like this helps yourself to train your traiding activities and self-control and, besides, it's pleasant when it can also help the others. So I'll do my best to continue as started.
  • #2,557
  • Nov 3, 2007 5:47am Nov 3, 2007 5:47am
Several conclusions to my October stats posted above (one month only but nevertheless):
- from 23 trading days - 3 ending with loss;
- all 5 weeks closing with prifit (though different - from 54 to 6 pips);
- average trade is 2.58 pips which is almost equal to spred for the pair (my - 2 pips) which, of course, is not good and needs improving (by making either % of profits or average profit (pips) bigger);
- in my trades 40% of trades were closed in BE (with 0 result); if, of course, not consider BE-s, then % of profits would be 23/(23+11)*100=23/34*100=67.65% and an average trade would be 4.18 pips.


The other side of small profits and average trade is low risk Later I'll try to post some MM calculations which may be interesting for you.
  • #2,558
  • Nov 3, 2007 6:32am Nov 3, 2007 6:32am
As promised - some calculations as for what results we could get with this system if we use different money management tactics:

http://www.imagehosting.com/out.php/..._OctoberMM.gif
In all cases we start with $300.
FxLot - playing with fixed lot (0.1);
FxPrcnt5 - in every trade we risk (allow ourselves to loose) with 5% of current deposit;
FxPrcnt10 - the same as previous (FxPrcnt5), but risk is higher - 10%;
Martingale - after a loss the volume in the next trade is twice bigger than in the previous (for ex., we played with 0.1 lot and got a loss, so in the next trade open 0.1x2=0.2 lot);
FxFxPrcnt5 - a hybrid of FxPrcnt% and Martingale #1, we risk up to 5% of depo in every trade, but if we loose, we do not make our lot lower (lot never goes lower), so sometimes risk can be more than 5%; this is one of possible ways to fight the effect of "asymmetric shoulder" (when we loose with a bigger lot than later have to win);
FxPrcntMartingale - another hybrid of FxPrcnt and Martingale - playing as in FxPrcnt, but after a loss trade lot is x2;
MaxDD,% - maximum drawdown, % of the last peak of depo.

As we can see, the lowest drawdown was when (if) playing Fixed lot - only 2.67%. But final profit in this case was also the lowest - 47.33% (which though is also perfect to my mind, in a month). The highest profit - 127.33% - was received if we played the combination of Fixed fraction (Fixed %) and Martingale. $382 in a month on the depo of $300! It's almost twice bigger than average monthly salary in my town So, but maximum drawdown in the last case was - naturally - higher and would reach 5.71% (but as you can see, it was lower than in FxPrcnt10, while having a bigger profit).

So, as we can see, and as it was already mentioned earlier in this thread, the big plus of this system is low risk per trade (1) and frequent, quick trades (2) which makes possible keeping risk low and making recapitalisation (sorry if not correct in ENG) often. Thus, it's worth working on!
  • #2,559
  • Nov 3, 2007 7:56am Nov 3, 2007 7:56am
And for the end just one dream - if to take my October's trades and copy/paste them for 11 more times - so that we get an artificial statement for a year. And then to calculate the possible result with the MM-tactics FxPrcnt5 (see above), we would get the following:

http://www.imagehosting.com/out.php/...fantastics.gif


more than $4 million from $300! ))
I would buy something like this to thank Phillip
http://www.imagehosting.com/out.php/...60_maybach.gif
  • #2,560
  • Edited 5:32am Nov 4, 2007 4:42am | Edited 5:32am
Attached are:

1. Monthly outcome for Oct 2007 for the 5min system

2. 16 pictures of my trades during Oct 2007.

This was my worst month but I've struggled to concentrate because of my work and studies. Also I decided to start with live trading again and do some experiments as well.

I am looking forward to this month to combine the 4h MACD and 5min system.
Attached File(s)
File Type: doc Trade pictures 200710.doc   373 KB | 659 downloads
File Type: xls 5min system trade outcome 200710 for ff.XLS   41 KB | 503 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
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