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5Min Intraday System

  • #3,341
  • Edited 3:31pm Mar 31, 2008 3:06pm | Edited 3:31pm
Then the 3rd chart

Edit 1: The 4th chart to show what a double bottom & hammer (tail!!!) can do even on a 5min chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080331 5min trades 8 jpeg.JPG Size: 105 KB
Click to Enlarge Name: 20080331 5min trades 9.gif Size: 29 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,342
  • Mar 31, 2008 3:25pm Mar 31, 2008 3:25pm
And that was my final trade for March 2008 - unbelievable month:

63 trades, 58 positive, 4 negative, 1 BE.
Total pips: 413
Average pips per trade: 7pips
Max pips for any trade: 20pips

Looking forward to April.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,343
  • Mar 31, 2008 5:34pm Mar 31, 2008 5:34pm
Very inspiring Golfer. Something to look forward to

By the way, given your track record, are there signals that you diliberately AVOID? I know you have a list of "high probablility" trades. How about the ones that generally DON'T work out most of the time, even though they fit the description of Phillip's original post?

Thanks!

Dahlia
Money missed is better than money lost
  • #3,344
  • Mar 31, 2008 11:21pm Mar 31, 2008 11:21pm
Quoting Golfer
And that was my final trade for March 2008 - unbelievable month:

63 trades, 58 positive, 4 negative, 1 BE.
Total pips: 413
Average pips per trade: 7pips
Max pips for any trade: 20pips

Looking forward to April.

WOW!

impressive results! Congrats !
  • #3,345
  • Apr 1, 2008 12:47am Apr 1, 2008 12:47am
Quoting Dahlia
Very inspiring Golfer. Something to look forward to

By the way, given your track record, are there signals that you diliberately AVOID? I know you have a list of "high probablility" trades. How about the ones that generally DON'T work out most of the time, even though they fit the description of Phillip's original post?

Thanks!

Dahlia
Hi Dah

Yes, I do miss about a half all the profitable setups on my 3 pairs because I do have a full time job and yes, because I do give some of the setups (deliberately) a miss especially in the following cases:

1. Those near a daily pivot line or previous support and resistance area.

2. If there isn't enough pips between the point where I want to enter and the recent Low/High. Recently I am more aware of previous High/Low and support/resistance area.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,346
  • Apr 1, 2008 2:04am Apr 1, 2008 2:04am
Quoting 4newbie
WOW!

impressive results! Congrats !
Hi 4newbie

Tx, yes, I couldn't believe it myself. Lets see what April can give us.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,347
  • Apr 1, 2008 3:12am Apr 1, 2008 3:12am
hi Golfer,
this is my first trade on M5 chart, although I only made a few pips there
I must say thanks to you, you did a great deal of work here

and I have a question, according TC on M5 chart,
6-10 pips Stoploss is not enough,
how do you manage it?

and spread of GBPUSD is 5 in my trading platform,
I think It is too much,
how much is your spread of GBPUSD


thanks,
dhalsim
Attached Image (click to enlarge)
Click to Enlarge Name: 08401gbpusd3.gif Size: 18 KB
Success is the small sum of efforts, repeated day in and day out.
  • #3,348
  • Apr 1, 2008 3:24am Apr 1, 2008 3:24am
My trades today. Reached my goal of 1%, even if my first trade was badly stopped out with -40 pips...
Today I started to use partially closes of my positions. Usually I trade 100,000 units, I close 60,000 around 10 pips and let the other 40,000 run.

EUR/JPY
#1: -40 pips ( missed the first setup because I posted a message in a board. )

http://www.xaron.net/dl/fx/2008/intr...jpy_010408.png

EUR/USD
#1: BE +1 pip
#2: 60,000 units +10,1 pips; 40,000 units +35,6 pips; overall: +20,3 pips
#3: BE +2 pips
#4: 60,000 units +7,9 pips; 40,000 units @BE +1 pip; overall: +5,1 pips

http://www.xaron.net/dl/fx/2008/intr...usd_010408.png

GBP/USD
#1: BE +1 pip
#2: BE +1 pip
#3: 60,000 units +10,1 pips; 40,000 units +31,9 pips; overall: +18,8 pips

http://www.xaron.net/dl/fx/2008/intr...usd_010408.png

USD/JPY
#1: 60,000 units +3,5 pips; 40,000 units +12,5 pips; overall: +7,1 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_010408.png

Regards - Xaron
  • #3,349
  • Apr 1, 2008 3:56am Apr 1, 2008 3:56am
Quoting dhalsim
6-10 pips Stoploss is not enough,
how do you manage it?
I agree. Personally I use 30-40 pips. I know, the risk/reward is bad but I've learned that better risk/reward possibilities are hard to reach in the shorter timeframes due to more noise.

Regards - Xaron
  • #3,350
  • Apr 1, 2008 4:18am Apr 1, 2008 4:18am
Quoting dhalsim
hi Golfer,
this is my first trade on M5 chart, although I only made a few pips there
I must say thanks to you, you did a great deal of work here

and I have a question, according TC on M5 chart,
6-10 pips Stoploss is not enough,
how do you manage it?

and spread of GBPUSD is 5 in my trading platform,
I think It is too much,
how much is your spread of GBPUSD


thanks,
dhalsim
Hi Dhal

I do agree with Xaron. Last month I used a mental SL for each trade as a test run. The options for the placement of a SL are:

1. The recommended physical SL of 10pips (I haven't used this for a while now - very risky for spikes)

2. Mental SL of a certain amount (not recommended - discipline!!!! and if something happens to your connection???)

3. Use TP EA where you have a "Maximum loss per trade" option and you can specify the maximum amount of pips you want to risk per trade e.g. 30 pips (then you don't have a physical SL in place for your broker to see but the EA will exit your trade automatically when the price reaches that amount of pips)

4. Fixed 30pips SL (I've used in last few trades)

5. Put a physical SL just on the wrong side of the 21MA (the one I am considering lately but maybe with the TP EA and not the physical SL).

I hope it helps
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,351
  • Apr 1, 2008 4:58am Apr 1, 2008 4:58am
Quoting dhalsim
hi Golfer,
this is my first trade on M5 chart, although I only made a few pips there
I must say thanks to you, you did a great deal of work here

and I have a question, according TC on M5 chart,
6-10 pips Stoploss is not enough,
how do you manage it?

and spread of GBPUSD is 5 in my trading platform,
I think It is too much,
how much is your spread of GBPUSD


thanks,
dhalsim
Hi Dhal

Sorry, missed second part of your message.

I do use InterbankFX and their spread is 4pips on Cable (not fixed), 2pips on EUR and 4pips on EY. There are brokers with better spreads (maybe 1-2pips) but I am satisfied at this stage (mini live account).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,352
  • Apr 1, 2008 5:03am Apr 1, 2008 5:03am
Quoting Golfer
Hi Dhal

Sorry, missed second part of your message.

I do use InterbankFX and their spread is 4pips on Cable (not fixed), 2pips on EUR and 4pips on EY. There are brokers with better spreads (maybe 1-2pips) but I am satisfied at this stage (mini live account).
GOlfer, can i please join you on skype? I read all the rules you have produced, and did quite well on demo. But now that I have made the transition to live, I am feeling a bit nervous. Is there any chance I can join your skype group and get into a few trades with you guys?
  • #3,353
  • Apr 1, 2008 5:25am Apr 1, 2008 5:25am
Quoting mazdaz
GOlfer, can i please join you on skype? I read all the rules you have produced, and did quite well on demo. But now that I have made the transition to live, I am feeling a bit nervous. Is there any chance I can join your skype group and get into a few trades with you guys?
Hi Maz

No problem but please take note that we only discuss the setups as they develop (things that we look for during the development of the setup). We don't give exact entry points. During the discussions it would be up to you to enter or leave the setup alone. Sometimes, you will see that one member goes quiet on the chat - then you know he has entered in the trade and is managing the trade.

Just PM me with your Skype ID and I'll add you to the chat.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,354
  • Apr 1, 2008 6:11am Apr 1, 2008 6:11am
This is also my first trade using 5 min. Doing good hope is not beginers luck. Nice strategy. Thanks Phill and Golfer for all the work.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 5min.gif Size: 39 KB
The more obstacles I overcome the better man I become.
  • #3,355
  • Apr 1, 2008 6:34am Apr 1, 2008 6:34am
Quoting sevejose
This is also my first trade using 5 min. Doing good hope is not beginers luck. Nice strategy. Thanks Phill and Golfer for all the work.
Hi seve

Yes for the second small blue arrow below that small resistance line. See my other comments on your chart
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,356
  • Apr 1, 2008 6:40am Apr 1, 2008 6:40am
Quoting Golfer
Hi Dhal

I do agree with Xaron. Last month I used a mental SL for each trade as a test run. The options for the placement of a SL are:

1. The recommended physical SL of 10pips (I haven't used this for a while now - very risky for spikes)

2. Mental SL of a certain amount (not recommended - discipline!!!! and if something happens to your connection???)

3. Use TP EA where you have a "Maximum loss per trade" option and you can specify the maximum amount of pips you want to risk per trade e.g. 30 pips (then you don't have a physical SL in place for your broker to see but the EA will exit your trade automatically when the price reaches that amount of pips)

4. Fixed 30pips SL (I've used in last few trades)

5. Put a physical SL just on the wrong side of the 21MA (the one I am considering lately but maybe with the TP EA and not the physical SL).

I hope it helps
yes, it helps!
Thanks you, Golfer
also thanks to Xaron

Dhalsim
Success is the small sum of efforts, repeated day in and day out.
  • #3,357
  • Apr 1, 2008 8:32am Apr 1, 2008 8:32am
Guess who???

12 pips on the GBPJPY...first trade. I think I did this right....
Attached Image
  • #3,358
  • Apr 1, 2008 9:00am Apr 1, 2008 9:00am
For those using the MACD colored indicator, I see that the settings are the same for the 5min as they are for the 4hr charts. Just double checking that one....
  • #3,359
  • Apr 1, 2008 9:18am Apr 1, 2008 9:18am
Hey guys I like this.. 2nd trade I gess beginers luck is on my side today.lol
close .2 +20pips
close .1 +30pips
close .1 +20 pips This one I left to trail 20 got taken out quick
Attached Image (click to enlarge)
Click to Enlarge Name: Screen_TM_804011710s.gif Size: 23 KB
The more obstacles I overcome the better man I become.
  • #3,360
  • Apr 1, 2008 10:44am Apr 1, 2008 10:44am
Quoting Palmer
For those using the MACD colored indicator, I see that the settings are the same for the 5min as they are for the 4hr charts. Just double checking that one....
Hi Palmer

That's correct - just use it as it is.
Willem Forex recipe for success = Patience, discipline & hard work.
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