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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #2,881
  • Jan 3, 2008 9:37am Jan 3, 2008 9:37am
Quoting ramshackle
Hi

The trade i make in UJ , open 2 position with
1st postion
TP 10 pips, SL 10 pips break even 6 pips

second position
TP20 pips, SL 10 pips and break even 6 pips

both position hit TP with 30 pips gain
Hi ZZ

Much better entry from you - don't you agree? Well waited for the signal and well done.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,882
  • Jan 3, 2008 12:05pm Jan 3, 2008 12:05pm
What we've seen on EY lately was better price movements for trading. Just compare the two charts.

EY - nice smooth upward movements. This is what one should be looking for.

EUR is very choppy even though the 21MA is out of the non-trade zone. Look at the activities on the wrong side on the 21MA (on the chart itself) just before the 21MA (on the SMAangle indicator) came out of the non-trade zone. Warning!!!!!!!!!

If the market is choppy like this - rather stay out.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080103 ey 1.JPG Size: 85 KB
Click to Enlarge Name: 20080103 eur 1.JPG Size: 86 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,883
  • Jan 4, 2008 12:01am Jan 4, 2008 12:01am
This morning after I woke up I saw this price pattern on the EY - almost the first one for this year. A very nice descending triangle but unfortunately the 21MA was still in the non-trade zone.

I've been struggling the past two or three days with several losers (only because I didn't follow the rules and I was pushing the trades). Also, I had a bit of time to trade, and I was Looking for Trades - totally the wrong thing to do. My entries were way too early and in choppy market the timing of your entry is very important. Only a few pips difference can trigger your stoploss - just to see afterwards the price then moves in the direction of your original trade.

Just remember - the trades must be looking for you/they must call you and you should not be looking for trades. So obvious should this set up be.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080104 ey 1.JPG Size: 96 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,884
  • Edited 1:29am Jan 4, 2008 1:18am | Edited 1:29am
I saw this setup (possible ascending triangle) on EY just before 21MA came out of the non-trade zone. The following is a series of charts of the trade as it develops. My comments are on the charts.

I was worried about what looks like a double top - so I was prepared to get outbreak once my small support line (please correct it on the chart - it is a small support line) is broken.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080104 5min trade 1.JPG Size: 103 KB
Click to Enlarge Name: 20080104 5min trade 1 a.JPG Size: 101 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,885
  • Jan 4, 2008 1:21am Jan 4, 2008 1:21am
My exit of the trade and the rest of the movement.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080104 5min trade 1 b.jpg Size: 99 KB
Click to Enlarge Name: 20080104 5min trade 1 c.JPG Size: 96 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,886
  • Jan 4, 2008 3:26am Jan 4, 2008 3:26am
The triangle mentioned on Skype. Watch and wait. Hopefully downwards breakout with 21MA coming out of non-trade zone.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080104 ey 2.gif Size: 20 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,887
  • Jan 4, 2008 4:53am Jan 4, 2008 4:53am
The 3 little sisters as mentioned on Skype for MJ. Just remember this is the only pattern where I will break my rules. The only rule is that the third sister should be below the 50MA (50MA should act as resistance).
Once you see a lower high being formed and there is a continuation downwards, be on the lookout for a pullback upwards to form the third sister (below the high of the second sister).

The third sister on this chart is not very clear because it is two or three candles after the second sister. But the entry would have been a beauty:

Just another tip:

Once you do have your small resistance/support line drawn, try and enter 1 or 2 pips from the small resistance line. If the price breaks through the your line, you can exist immediately with the minimum loss. If you've entered too far away from the resistance/support line, you're lost will be big.

The same applies for the 21MA.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080104 3 little sisters.gif Size: 18 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,888
  • Jan 4, 2008 11:37am Jan 4, 2008 11:37am
Chat on Skype (part of it) and chart discussed:

[10:40:32 AM] Willem Kruger says: EUR - the previous setup was great. I've missed it because my small resistance line was broken
[10:41:51 AM] Willem Kruger says: EUR previous setup. I was hoping for a descending traingle but it was just a rectangle
[10:42:31 AM] Willem Kruger says: If the triangle was there, I would have taken it.
[10:43:34 AM] Willem Kruger says: EUR - lets see if we can get a Reverse church. I just don't like that last tail
[10:46:56 AM] Willem Kruger says: EUR - looking good for Reverse church
[10:47:20 AM] Willem Kruger says: Just waiting to what the 21MA will do - ?resistance
[10:47:29 AM] Willem Kruger says: see

[10:49:08 AM] Willem Kruger says: Now it touches the 211 - lets see
[10:49:17 AM] Willem Kruger says: 21
[10:49:55 AM] Willem Kruger says: Now I'll wait for next candle to see what will happen
[10:51:38 AM] Willem Kruger says: Still waitng
[10:54:01 AM] Willem Kruger says: Look at the differences between the previous setup and this one right now. More higher lows in this setup.
[10:54:17 AM] MJurban says: right
[10:54:27 AM] Willem Kruger says: Price is pushed upwards
[10:54:51 AM] Willem Kruger says: Now you start looking for a ellipse type of setup

[10:55:21 AM] Willem Kruger says: Once you see lower highes - ellipse type is setup is possible
[10:55:47 AM] Willem Kruger says: Sorry, higher lows
[10:56:57 AM] MJurban says: got to read that ellips stoff again
[10:58:02 AM] Willem Kruger says: Yes, I've just drawn my second small resistance line. It mus stay below that
[10:59:22 AM] Willem Kruger says: If that line is broken, I'm out
[11:09:04 AM] Willem Kruger says: EUR - Interesting - a bounce of the 21MA on 4h MACD system
[11:09:20 AM] Willem Kruger says: Now it is very risky
[11:09:56 AM] Willem Kruger says: I am out of this setup

[11:10:38 AM] Willem Kruger says: It was ascending triangle - breakout upwards.
[11:11:41 AM] Willem Kruger says: "Patience and discipline are your friends"
[11:11:52 AM] MJurban says: im out

[11:13:08 AM] Willem Kruger says: OK, now look back again and compare the two setups. Make a mental note of the various lows in the setups
[11:13:47 AM] Willem Kruger says: You'll see it again and again
[11:13:54 AM] MJurban says: its a triangle
[11:14:29 AM] Willem Kruger says: Yes - and did you see how it developed?
[11:14:47 AM] MJurban says: yes
[11:14:55 AM] Willem Kruger says: You start to get uncomfortable with it
[11:15:33 AM] Willem Kruger says: That is the time to sit on your hands - even if it starts going your way.
[11:16:02 AM] Willem Kruger says: Just to trun around after a few pips and hit your SL
[11:16:49 AM] Willem Kruger says: If your are in, use your Small resitance to get out before your SL is hit.

[11:19:20 AM] Willem Kruger says: OK - this was a great setup to learn a lession or two about the formation of price patterns
[11:20:09 AM] MJurban says: agree
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080104 eur 1 jep.JPG Size: 87 KB
Click to Enlarge Name: 20080104 eur 2 jep.JPG Size: 83 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,889
  • Jan 5, 2008 12:35pm Jan 5, 2008 12:35pm
hi golfer
i saw u use parabolic SAR and another indicator related to ADX .
whould u please tell about them?whats the parabolic SAR's setting and would u please share that indicator which shows the ADX figure in different TFs?
thx in advance
  • #2,890
  • Jan 5, 2008 7:45pm Jan 5, 2008 7:45pm
Hey Philip, you shore are a busy person.

Thanks for this simple system. As I am a very simple person, it suits me fine.

Regards

Ozzibob
  • #2,891
  • Jan 6, 2008 2:06am Jan 6, 2008 2:06am
Quoting bshadroo
hi golfer
i saw u use parabolic SAR and another indicator related to ADX .
whould u please tell about them?whats the parabolic SAR's setting and would u please share that indicator which shows the ADX figure in different TFs?
thx in advance
Hi Bs

PSAR - just testing another indicator as discussed on another forum/thread. It is rather used on a 1min chart with other indicators for scalping.

ADX MTF - just an indicator giving you an indication of the position of the ADX in multi-time frames. Green means ADX is positive (+line above -line) and visa versa. The value is where the ADX line is. Just testing it on 1min charts as used by Jc on another thread (one of our previous Skype members). It is combined with other indicators but three of the ADX (5min, 15min, 1h) should be in line (e.g. green and above 25 to go long)
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,892
  • Jan 6, 2008 8:47am Jan 6, 2008 8:47am
Quoting Golfer
Hi Bs

PSAR - just testing another indicator as discussed on another forum/thread. It is rather used on a 1min chart with other indicators for scalping.

ADX MTF - just an indicator giving you an indication of the position of the ADX in multi-time frames. Green means ADX is positive (+line above -line) and visa versa. The value is where the ADX line is. Just testing it on 1min charts as used by Jc on another thread (one of our previous Skype members). It is combined with other indicators but three of the ADX (5min, 15min, 1h) should be in line (e.g. green and above 25 to go long)
thx willem , and what is the PSAR's setting?
  • #2,893
  • Jan 6, 2008 8:54am Jan 6, 2008 8:54am
Quoting bshadroo
thx willem , and what is the PSAR's setting?
0.1 and 0.11

Just playing around.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,894
  • Jan 6, 2008 9:23am Jan 6, 2008 9:23am
edit: I just read some more of the threads and it looks like something similar to this has been discussed.

I didn't read all 193 pages so someone may have brought this up throughout. I'd like to start by saying the system I have created is similar to this one, not identical but works off of the same idea. One thing I'd like to point out that could improve this system (at least I have it in my system and it works very well) is that when the market pulls back to your 20sma or whatever your using and you decide to buy in what happens if the market decides to break out of the trend downward? You lose money when it hits your stop loss. One way to avoid this is what I call letting the market buy you in when it's ready. For instance let's say you see your in an uptrend with a potential pullback or breakout in route. After you have enough data on your chart during the pullback you will see that price has formed some small S/R lines, I put two horizontal lines on my chart one at each current support and resistance. Then I setup a short approx 4 pips below support and a buy approx 4 pips above resistance (must include spread on this too). Then when the market moves and breaks out of the S/R lines it means it's more than likely going to either continue it's trend meaning your bought in long, or it has breaken out for a trend reversal meaning your bought in short. No matter which way the market decides to go, your going with it. This method can be added to what your doing and can be pretty discretionary as to how you use it. The only downside to it is your out 4 pips you could have obtained however wouldn't you rather be out 4 pips on a profitable run vs. losing money? I can provide images of the setup if need be , if anyone is interested. Also sorry to the orginial poster, I don't mean to hijack your thread and tell you how to change your system, just giving you input on it as this is how I trade. Good luck!
  • #2,895
  • Jan 6, 2008 11:03am Jan 6, 2008 11:03am
Quoting Golfer
0.1 and 0.11

Just playing around.
thx alot for quick answer.its looks u'r online always even in weekends . i am online in weekends also and waiting for mkt opening
Attached Image (click to enlarge)
Click to Enlarge Name: eur.gif Size: 27 KB
  • #2,896
  • Jan 6, 2008 11:15am Jan 6, 2008 11:15am
NFP m1 trade after a good m1 green closing and PSAR confirmation.sl could be below the 21 and tp:the recent high-1 or 2 pips
Attached Image (click to enlarge)
Click to Enlarge Name: eur.gif Size: 29 KB
  • #2,897
  • Jan 6, 2008 9:39pm Jan 6, 2008 9:39pm
Quoting fxRichard
edit: I just read some more of the threads and it looks like something similar to this has been discussed.

I didn't read all 193 pages so someone may have brought this up throughout. I'd like to start by saying the system I have created is similar to this one, not identical but works off of the same idea.
This may be interesting, please post it in a new thread if you would.
  • #2,898
  • Edited 12:19am Jan 7, 2008 12:02am | Edited 12:19am
Quoting fxRichard
edit: I just read some more of the threads and it looks like something similar to this has been discussed.

I didn't read all 193 pages so someone may have brought this up throughout. I'd like to start by saying the system I have created is similar to this one, not identical but works off of the same idea. One thing I'd like to point out that could improve this system (at least I have it in my system and it works very well) is that when the market pulls back to your 20sma or whatever your using and you decide to buy in what happens if the market decides to break out of the trend downward? You lose money when it hits your stop loss. One way to avoid this is what I call letting the market buy you in when it's ready. For instance let's say you see your in an uptrend with a potential pullback or breakout in route. After you have enough data on your chart during the pullback you will see that price has formed some small S/R lines, I put two horizontal lines on my chart one at each current support and resistance. Then I setup a short approx 4 pips below support and a buy approx 4 pips above resistance (must include spread on this too). Then when the market moves and breaks out of the S/R lines it means it's more than likely going to either continue it's trend meaning your bought in long, or it has breaken out for a trend reversal meaning your bought in short. No matter which way the market decides to go, your going with it. This method can be added to what your doing and can be pretty discretionary as to how you use it. The only downside to it is your out 4 pips you could have obtained however wouldn't you rather be out 4 pips on a profitable run vs. losing money? I can provide images of the setup if need be , if anyone is interested. Also sorry to the orginial poster, I don't mean to hijack your thread and tell you how to change your system, just giving you input on it as this is how I trade. Good luck!
Hi Richard

Very interesting variation. I would certainly like to see some examples from you (new thread as suggested) because I did some back testing myself yesterday. It would be very interesting to compare what I've seen and what you've seen.

Maybe somebody might just benefit from it. It will all depend on each trader's style.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,899
  • Jan 7, 2008 11:36am Jan 7, 2008 11:36am
Hi Jon

The requested indicator attached. Just change all the inputs to "true". O hope it helps.

Enjoy the trading.
Attached File(s)
File Type: ex4 ###Auto Pivot.ex4   15 KB | 1,375 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,900
  • Jan 7, 2008 1:39pm Jan 7, 2008 1:39pm
Patience and discipline are your friends - they kept me out of the two setups today I've followed.

Be careful when you see the pullback making a steady move upwards or downwards as indicated on the chart. I think that is what Phillip is refering to as a steep pullback. I won't get involve in these anymore - high risk to me now. Lost a few pips last week trying those pullbacks. No recognisable price pattern.

On the EUR the small resistance line was broken and the price found resistance on the wrong side of the 21MA. The 3 little sisters was a possibility - 21 in non-trade zone can be ignored because it is below the 50MA.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080107 eur 1.JPG Size: 91 KB
Click to Enlarge Name: 20080107 cable 1.JPG Size: 84 KB
Willem Forex recipe for success = Patience, discipline & hard work.
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