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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #3,141
  • Mar 6, 2008 8:29am Mar 6, 2008 8:29am
With my new patience and discipline - 7 trades so far this month with 100% success rate. 59pips profit.

Just to show people what patience and discipline can do for you. Just trading according to My Rules and appendices as posted. Missed a few profitable trades but also a few bad trades - espescially today (a few pullbacks looking promising but turned out to be non-profitable.

Just a pitty I cannot trade throughout the day - just now and then when I do have the time. Another reason why I missed profitable setups.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,142
  • Mar 6, 2008 9:12am Mar 6, 2008 9:12am
Quoting Golfer
With my new patience and discipline - 7 trades so far this month with 100% success rate. 59pips profit.

Just to show people what patience and discipline can do for you. Just trading according to My Rules and appendices as posted. Missed a few profitable trades but also a few bad trades - espescially today (a few pullbacks looking promising but turned out to be non-profitable.

Just a pitty I cannot trade throughout the day - just now and then when I do have the time. Another reason why I missed profitable setups.
Golfer,

Thanks for posting your trades and excellent charts, full of information. Its great for newbies like me.

freddi
  • #3,143
  • Mar 6, 2008 11:31am Mar 6, 2008 11:31am
Quoting freddi
Golfer,

Thanks for posting your trades and excellent charts, full of information. Its great for newbies like me.

freddi
Hi Freddi

Just a pleasure - like to share my experience with everybody just like Phillip unselfish teaches/instructs me and shares his experience with us. And stil do. I just cannot keep it for myself.

Develop the/this system to suite your style of trading. What works for me might not work for you and vica versa. This is so true for intra-day trading.

Like I always say - enjoy the trading!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,144
  • Mar 7, 2008 6:58am Mar 7, 2008 6:58am
My two trades after the NFP on the 1min EUR chart - it was very difficult. Especially the second one - the reason why I closed for only 10pips. Should have closed it earlier for a small loss but I saw the movement was downwards.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 200800307 5min nfp.gif Size: 23 KB
Click to Enlarge Name: 200800307 5min nfp 2.gif Size: 22 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,145
  • Mar 7, 2008 7:50am Mar 7, 2008 7:50am
Hi Golf
Really appreciate your input into this thread, approaching halfway through it!
I too was burnt on the NFP, trying for a retracement on the pound yen, however it kept on going.
Many, many opportunities after this though, I took the one below (pound yen) which took me from very negative to positive for the night.
Attached Image
  • #3,146
  • Edited 10:33am Mar 7, 2008 10:21am | Edited 10:33am
Quoting tenshi
Hi Golf
Really appreciate your input into this thread, approaching halfway through it!
I too was burnt on the NFP, trying for a retracement on the pound yen, however it kept on going.
Many, many opportunities after this though, I took the one below (pound yen) which took me from very negative to positive for the night.
Hi Ten

Well done - and it is good to keep a certain objective/aim in sight. At this stage I also just want to end in the positive every day. Later I'll put a weekly target on the table. At this stage I am think about 50pips a week (which I did achieve this, my first week of serious trading). Not a daily target because some days I won't have done any trades.

Keep it going according to the rules and you won't be sorry.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,147
  • Edited 11:53am Mar 7, 2008 11:25am | Edited 11:53am
My trade results for 1st week of March. Not very impressive but I am more than satisfied - 90pips for a part timer is not too bad.

Not a single loss in the 5min system - just following My Rules and I don't take every signal. I can only trade certain times of the day because I do have a full-time job like Phillip - only difference is I am working for 2 bosses. I also don't like to trade after 18H00GMT

Only one loss with the Asian breakout system which is not part of this system (just ignore it - it will improve later).
Attached File(s)
File Type: xls 5min trade outcome 200803.xls   48 KB | 762 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,148
  • Mar 7, 2008 11:41am Mar 7, 2008 11:41am
Just to proof a point - I was watching the following setup developing and I had my window open to go short. Then I decided it is too late in the evening/afternoon and it is Friday and my Small resistance line was broken and I have enough pips for the day and there seems to be not enough momentum in the move. Let it pass!

And the 3rd sister gave 10pips for free - once again. They are so reliable - it is unbelievable. On the EY there is always the possibility of 10pips in such a small move. So easy. Can you see why Phillip wants the 34MA (the purple line) on the EY pair as well? A nice bounce off it. And right below the R1 line!

What a beauty - you won't get it better than this.

I didn't even discuss it on Skype because I don't know how many people do follow the chat actively (just seems like a few of us and I don't know how useful it is anymore).

But anyhow, enjoy the weekend.
Attached Image (click to enlarge)
Click to Enlarge Name: 200800307 ey 3litle sisters jpeg.JPG Size: 100 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,149
  • Mar 10, 2008 8:34am Mar 10, 2008 8:34am
My EUR trade today resultsing in 1pip profit. How to exit when you feel uncomfortable about a trade.

1st chart is my trade and 2nd chart is just what happened after my trade.
Attached Image(s) (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,150
  • Mar 10, 2008 8:41am Mar 10, 2008 8:41am
My explanation on Skype while acsending traingle was in the process of being developed and the chart:

[05:00:49 PM] Willem Kruger says: EUR - just for interest sake - ascending triangle being formed. For those who want to see how it is formed

[05:01:36 PM] Willem Kruger says: Not to be traded - just an example. Higher lows and resistance found.

[05:02:00 PM] Willem Kruger says: Also just above M2 line.

[05:27:23 PM] Willem Kruger says: EUR - and there is your breakout

[05:29:02 PM] Willem Kruger says: What a beauty - if the other indicators were just in line to give a long signal

[05:29:50 PM] Willem Kruger says: I hope you've seen the pressure building up from below

[05:30:38 PM] Willem Kruger says: Look for it when the momentum is in place as well as the SMAangle & 21

This was just an example what to look for during the development stage of a price pattern - this example was not tradeable because it was (totally) against the rules.
Attached Image (click to enlarge)
Click to Enlarge Name: 200800310 ascending triangle.gif Size: 26 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,151
  • Edited 11:56am Mar 10, 2008 11:13am | Edited 11:56am
I've been talking with Golfer about divergence as extra confirmation for this system, even yesterday Phillip's video http://www.cciclub.com/marketvu/lind...g-trading.html showed some examples to use divergence in small time frames.
Here is a chart of today as example too.
Attached Image (click to enlarge)
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  • #3,152
  • Mar 11, 2008 7:43am Mar 11, 2008 7:43am
After the news crazy move I saw an interesting pattern in g/u today but 21EMA of SMA was out zone so then I did not take it.
Attached Image (click to enlarge)
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  • #3,153
  • Mar 11, 2008 8:49am Mar 11, 2008 8:49am
There was beauty on EU today, the first arrow. beautiful price action. 21 angle was still above the 21 but i enter bec of the price action. i closed with 5 pips bec that is what i go for , but if i had stayed longer look at where it went, BUT agian this is for small pips not for big runs . there were 2 other opportunities after that but the second one was too close to the daily pivot and by the 3rd one i was too chicken to enter since price had run down soo much, Anyways. nice move on euro, ... also did a GU trade will post it as well,
Nadia,
Attached Image (click to enlarge)
Click to Enlarge Name: eu 5 min today.jpg Size: 212 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #3,154
  • Mar 11, 2008 8:53am Mar 11, 2008 8:53am
this was the gu today for 5 pips net.... very nice pill back and move away with a zero break on macd,...
Attached Image (click to enlarge)
Click to Enlarge Name: gu 5 min today.jpg Size: 280 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #3,155
  • Mar 11, 2008 9:41am Mar 11, 2008 9:41am
[06:17:47 PM] mkain says: i don't like big candles in pullback

[06:18:57 PM] Willem Kruger says: Agree - be careful but sometimes you do get a pattern call "bearish 3 of bullish 3".

[06:19:22 PM] Willem Kruger says: I'll look for an example and post it on ff

[06:19:36 PM] Willem Kruger says: for you to look at

[06:19:39 PM] mkain says: (y)ok thanks

[06:23:49 PM] Willem Kruger says: It is usually a relatively big candle upwards followed by pullback dowards for 3 candles but that 3 candles stayed withing the high and low of the big upward candle. Then the move continue upwards again.

[06:24:53 PM] Willem Kruger says: Not very common on 5min time frame
Attached Image (click to enlarge)
Click to Enlarge Name: 200800311 3 bearish jpeg.JPG Size: 93 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,156
  • Mar 11, 2008 9:54am Mar 11, 2008 9:54am
Quoting BIL2205
this was the gu today for 5 pips net.... very nice pill back and move away with a zero break on macd,...
Hi Nad

Welcome back - I see you have't lost your touch. Well done. Just a word of inspiration (not that you really need it) - about 16 trades so far for me this month on the 5min system and only 1 BE. None negative so far.

Just to show you what a good teacher Phillip is. I hope to do the same with the 4h system.

I hope you are also doing well (and I am sure about it).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,157
  • Mar 11, 2008 11:01am Mar 11, 2008 11:01am
trust me we can all use some inspiration every day in our lives, in trading more than anything, other wise it is very easy to lose focus and get out of the Zone,. I read this thread regularly even if i dont contribute as much, thanks for your inspiration,
Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #3,158
  • Mar 11, 2008 3:51pm Mar 11, 2008 3:51pm
I just started using this about 2 hours ago and I have gotten 6 t/p's and 2 s/l... so it's doing very well I'll update more
  • #3,159
  • Mar 11, 2008 10:54pm Mar 11, 2008 10:54pm
Quoting MrBiggens
I just started using this about 2 hours ago and I have gotten 6 t/p's and 2 s/l... so it's doing very well I'll update more
Hi MrBiggens

Welcome to this system and enjoy it. Just be careful not to take every pullback and/or setup. You'll get burned at the end of the day. Ask me, I've been there before and I think that is why people come and go with this system. I lost nearly 30% of my mini account learning and studying this system. Now I am satisfied with my system and my way of trading.

It looks so easy in the begining but it isn't. It took my 1 year to study the price movements of my 3 pairs.

And my previous post to Bil2205 (Nadia) is evidence of it (minimise my losses to a minimum). With the necessary commitment, you can be very successful with this system.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,160
  • Edited 5:52am Mar 13, 2008 2:53am | Edited 5:52am
Hey Golfer you are a market guru !
Today I've found other good example of bullish 3 pattern on g/u, it's interesting that war zone bounce is exactly in Fib 38.2 level.
Attached Image (click to enlarge)
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