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5Min Intraday System

  • #3,501
  • Apr 9, 2008 12:42pm Apr 9, 2008 12:42pm
Patience is golden and the lack therefore rsulted in a 16pips loss. Luckily I ended with 25pips profit for the day (in which I struggled with my entries and exits)
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Click to Enlarge Name: 20080409 5min trade 1jpeg.JPG Size: 101 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,502
  • Apr 9, 2008 12:48pm Apr 9, 2008 12:48pm
Quoting Yannis
I finally managed to attach the package :-)
v1.20 corrects a small display bug and clears up the news info which was allover the screen.

Yannis
Hi Yannis

Thanks for the EA. I did download it today and set it up. I'll test it tomorrow and give you feedback. Just need to get comfortable with all the functions.

I want to enter with 0.1 lots, have an inital SL of 30pips, close half my position (0.05lots) after 10pips profit, set SL to BE and then follow/trailing it on the 21EMA. I hope it would be possible but it looks like it could be done.

Talk to you again - I hope you do have success with this system.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,503
  • Apr 9, 2008 12:55pm Apr 9, 2008 12:55pm
Quoting FxGladiator
It is never easy. But today was like shooting fish in the barrel. (must stay humble and careful).
What a sell-off of USD. Hope you guys took a bite today.
Hi FxG

Well done and yes, the end of the London sesion and the NY session were full of opportunities. Before that was not that easy. You're entry looks a bit late but nevertheless, a profit is a profit.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,504
  • Apr 9, 2008 12:58pm Apr 9, 2008 12:58pm
Quoting FX-man
Hi
i made my First Trade today in usdjpy.
I want to have 10pips but only 7pips was possible.
Then the Trade go to negativ.
Now i am still in the trade and i wont go out by BE.
Yes, i see, there are many errors.
The good thing is: it's a demotrade!!!

Attachment

i am pleasure for your Tips.

Thx, Thomas
Hi Thomas

Not too bad for a first trade - I hope you've learned something today on Skype (especiallywhat to look for in a setup).

Don't worry and please don't try and remember everything on Day 1. Makes notes (written) and review them constantly.

Good luck and looking forward to see more charts
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,505
  • Apr 9, 2008 1:01pm Apr 9, 2008 1:01pm
Quoting Xaron
Today I had luck! Again got my 1% of balance.

EUR/USD
#1: Break of pivot, entry at pullback to the pivot (brown line in chart)
Long at 1.57284 with 100,000 units
Partially closed with 60,000 units at 1.57384: +10.0 pips
Remaining 40,000 units closed at BE: +1.0 pips
#2: Reentry at pivot, well... no comment. I didn't monitor this position but was sure that the 1.5700 will be a strong support...
Long at 1.57269 with 100,000 units
Partially closed with 60,000 units at 1.57327: +5.8 pips
Remaining 40,000 units closed at 1.57398: +12.9 pips

http://www.xaron.net/dl/fx/2008/intr...usd_090408.png

USD/JPY
#1: Short in the war zone
Short at 102.276 with 100,000 units
Closed at BE: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_090408.png

Regards - Xaron
Hi Xaron

Great trades as usual. I love to compare my MT4 charts with your charts to compare your entries with my analysis and price patterns. That is how we learn from each other.

Tx
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,506
  • Apr 9, 2008 1:44pm Apr 9, 2008 1:44pm
Hi Golfer

Can I just ask - will you trail you SL pip for pip or move it an amount of pips after so the same amount of movement in you favour, or something different?

Cheers

Fernie

Quoting Golfer
Hi Yannis

Thanks for the EA. I did download it today and set it up. I'll test it tomorrow and give you feedback. Just need to get comfortable with all the functions.

I want to enter with 0.1 lots, have an inital SL of 30pips, close half my position (0.05lots) after 10pips profit, set SL to BE and then follow/trailing it on the 21EMA. I hope it would be possible but it looks like it could be done.

Talk to you again - I hope you do have success with this system.
  • #3,507
  • Edited 11:15pm Apr 9, 2008 11:13pm | Edited 11:15pm
Quoting Golfer
Hi Yannis

Thanks for the EA. I did download it today and set it up. I'll test it tomorrow and give you feedback. Just need to get comfortable with all the functions.

I want to enter with 0.1 lots, have an inital SL of 30pips, close half my position (0.05lots) after 10pips profit, set SL to BE and then follow/trailing it on the 21EMA. I hope it would be possible but it looks like it could be done.

Talk to you again - I hope you do have success with this system.
Hi Golfer,
I attached a preset with the settings you want to use.
Here is an explanation on the settings:

Lot.Size=0.1;
Take.Out.Lots=0.05;
Lot.Size = 2 x Take.Out.Lots ==> So the trade will be 'broken' into 2 parts
//-----
Virtual.SL =75; ==> this is the masked SL which will appear on the chart
Actual.SL =25; ==> this is the real SL that the EA will use
You can also set Virtual.TP to 25 if you don't mind your broker sees it
//-----
Virtual.TP =100; ==> masked TP which will be initially set in your manual position
Actual.TP1=10; ==> your 1st TP at 10 pips
Actual.TP2=80; ==> you need to set the 2nd TP to a number large enough to give space to the EA and let it use 21EMA as trail
Actual.TP3=0; ==> must be set to 0 since you only use 2 parts for your position
//-----
int Trail.Pips=0; ==> must be set to 0 to enable the EMA trail otherwise the EA will use the Trail.Pips as trail
bool Trail.Starts.After.BreakEven=True; ==> Set it to true so the 2nd part of the trail through 21EMA starts after 1st position is closed at 1st TP which is also our B/E setting below.

extern int Move.To.BreakEven.at.pips=10; ==> Secure the position at +10
extern int Move.To.BreakEven.Lock.pips=1; ==> Secure 1 pip
//-----
bool Trail.With.MA=true;
int MA.Period=21;
int MA.Method=1; ==> Exponential
//-----
bool Use.CrownForex =False; ==> this must be set to true only if a trader uses CrownForex as broker

A comment for above settings and how the EA will work.
1. The EA will initially fill in the Virtual SL and Virtual TP on your manually entered position
2. It will then move the whole position at B/E+1 when trade is at +10 and immediately after it will close half position because our B/E is at the same level than our 1st TP
3. from that point, it will monitor the value of the MA used as trail (always evaluating previous closed bar) moving the position's SL accordingly.
Attached Image (click to enlarge)
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File Type: zip golfer artemis_sitter.zip   < 1 KB | 648 downloads
  • #3,508
  • Apr 9, 2008 11:20pm Apr 9, 2008 11:20pm
Quoting Yannis
Hi Golfer,
I attached a preset with the settings you want to use.
Here is an explanation on the settings:

Lot.Size=0.1;
Take.Out.Lots=0.05;
Lot.Size = 2 x Take.Out.Lots ==> So the trade will be 'broken' into 2 parts
//-----
Virtual.SL =75; ==> this is the masked SL which will appear on the chart
Actual.SL =25; ==> this is the real SL that the EA will use
You can also set Virtual.TP to 25 if you don't mind your broker sees it
//-----
Virtual.TP =100; ==> masked TP which will be initially set in your manual position
Actual.TP1=10; ==> your 1st TP at 10 pips
Actual.TP2=80; ==> you need to set the 2nd TP to a number large enough to give space to the EA and let it use 21EMA as trail
Actual.TP3=0; ==> must be set to 0 since you only use 2 parts for your position
//-----
int Trail.Pips=0; ==> must be set to 0 to enable the EMA trail otherwise the EA will use the Trail.Pips as trail
bool Trail.Starts.After.BreakEven=True; ==> Set it to true so the 2nd part of the trail through 21EMA starts after 1st position is closed at 1st TP which is also our B/E setting below.

extern int Move.To.BreakEven.at.pips=10; ==> Secure the position at +10
extern int Move.To.BreakEven.Lock.pips=1; ==> Secure 1 pip
//-----
bool Trail.With.MA=true;
int MA.Period=21;
int MA.Method=1; ==> Exponential
//-----
bool Use.CrownForex =False; ==> this must be set to true only if a trader uses CrownForex as broker

A comment for above settings and how the EA will work.
1. The EA will initially fill in the Virtual SL and Virtual TP on your manually entered position
2. It will then move the whole position at B/E+1 when trade is at +10 and immediately after it will close half position because our B/E is at the same level than our 1st TP
3. from that point, it will monitor the value of the MA used as trail (always evaluating previous closed bar) moving the position's SL accordingly.
Hi Yannis

You are a star - thank you very much. I'll give a go later today and give feedback.

Unfortunately I don't trade the Asian - what a pitty because my favourite lady (EY) gave a nice run with great setups and signals. I hope some of you caught some of the actions.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,509
  • Apr 9, 2008 11:25pm Apr 9, 2008 11:25pm
Quoting Fernie
Hi Golfer

Can I just ask - will you trail you SL pip for pip or move it an amount of pips after so the same amount of movement in you favour, or something different?

Cheers

Fernie
Hi Fer

I have this discussion with a fellow trading buddy of mine. I like to use the pip for pip trailing stoploss and it is possible on MT4 platform. Previously, I used another broker (who has their own trading platform) which used the last method mentioned by you and I didn't like it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,510
  • Apr 10, 2008 12:09am Apr 10, 2008 12:09am
[quote=Yannis;1944858]Hi Golfer,
I attached a preset with the settings you want to use.

Hi Y

Thanks - I had my first trade on cable a few minutes ago and the EA worked wonderfully. It just take a while to close the first half - the price went 3pips past the first TP before it closed the first half. Maybe it was just the time factor. After that it placed my stop loss at break even plus 1 (great). Unfortunately, the price came up and triggered the stoploss. I still need to test the trailing stop on the moving average. But I'll think I'll do that with my favourite lady pair.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,511
  • Apr 10, 2008 12:29am Apr 10, 2008 12:29am
Quote
Hi Y
Thanks - I had my first trade on cable a few minutes ago and the EA worked wonderfully. It just take a while to close the first half - the price went 3pips past the first TP before it closed the first half. Maybe it was just the time factor. After that it placed my stop loss at break even plus 1 (great). Unfortunately, the price came up and triggered the stoploss. I still need to test the trailing stop on the moving average. But I'll think I'll do that with my favourite lady pair.

Tks for the feedback Golfer.
The "time" factor is unfortunately always a small issue with all EAs, especially when price moves fast. At times this can work in our favor by adding a few pips but most often that not it will work against us and believe me there's nothing we can do. MT4 Brokers mess with our trades in various ways (slippage, requotes, disconnections, platform freezing and mostly the communication between our MT4 client and the broker's server remains in 'busy' state for many seconds even minutes, preventing the EA to place the modifications right on time. You will be stunted if you have a look at the Experts log in the Terminal window where the EA logs the messages it receives from the broker.) Fortunately the EA is coded to retry after each failure so the orders finally get through, but as you can understand this is often done at levels different from those one would expect.

Yannis
  • #3,512
  • Apr 10, 2008 12:36am Apr 10, 2008 12:36am
Quoting Yannis
Tks for the feedback Golfer.
The "time" factor is unfortunately always a small issue with all EAs, especially when price moves fast. At times this can work in our favor by adding a few pips but most often that not it will work against us and believe me there's nothing we can do. MT4 Brokers mess with our trades in various ways (slippage, requotes, disconnections, platform freezing and mostly the communication between our MT4 client and the broker's server remains in 'busy' state for many seconds even minutes, preventing the EA to place the modifications right on time. You will be stunted if you have a look at the Experts log in the Terminal window where the EA logs the messages it receives from the broker.) Fortunately the EA is coded to retry after each failure so the orders finally get through, but as you can understand this is often done at levels different from those one would expect.

Yannis
Hi Y

Thanks for the explanation - I did experience the time factor/delay on all the other EA. That is why I was not worried. It is just like we want to enter a trade manually and it cannot get filed (that ugly message "re-quote" or "invalid price"). But now it makes more sense to me.

Thanks again.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,513
  • Apr 10, 2008 12:44am Apr 10, 2008 12:44am
Quoting Yannis
Tks for the feedback Golfer.
The "time" factor is unfortunately always a small issue with all EAs, especially when price moves fast. At times this can work in our favor by adding a few pips but most often that not it will work against us and believe me there's nothing we can do. MT4 Brokers mess with our trades in various ways (slippage, requotes, disconnections, platform freezing and mostly the communication between our MT4 client and the broker's server remains in 'busy' state for many seconds even minutes, preventing the EA to place the modifications right on time. You will be stunted if you have a look at the Experts log in the Terminal window where the EA logs the messages it receives from the broker.) Fortunately the EA is coded to retry after each failure so the orders finally get through, but as you can understand this is often done at levels different from those one would expect.

Yannis
Hi Y

Second trade - perfect so far. I think you'll need to wait for a while to test the MA trailing stop. Maybe use it on a 1min chat to see the actual effect.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,514
  • Apr 10, 2008 2:32am Apr 10, 2008 2:32am
Today I got burned so far... more to come.
  • #3,515
  • Apr 10, 2008 5:45am Apr 10, 2008 5:45am
As I've mentioned I got burned today, lost about 2.5%...

EUR/JPY
#1: Entry before news, got out before news with some pips...
Short at 159.219 with 100,000 units
Closed at 159.192: +2.7 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_100408.png

EUR/USD
#1:
Long at 1.58792 with 100,000 units
Partially closed with 60,000 units at 1.58903: +11.1 pips
Remaining 40,000 units closed at BE: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...usd_100408.png

Here comes my first trouble pair...

GBP/USD
#1:
Short at 1.97576 with 100,000 units
Partially closed with 60,000 units at 1.97476: +10.0 pips
Remaining 40,000 units closed at BE: +1.0 pips
#2: BOOM... Entry was ok, would have done it again, but it was a mistrade...
Short at 1.97413 with 100,000 units
Closed at 1.97713: -30.0 pips

http://www.xaron.net/dl/fx/2008/intr...usd_100408.png

And here my second trouble pair...

USD/JPY
#1: Short entry was too early! Wouldn't had been stopped out if I had used my rules...
Short at 100.896 with 100,000 units
Closed at 101.196: -30.0 pips
#2: Short before news... Damn. Got out with BE.
Short at 100.238 with 100,000 units
Closed at 100.226: +1.2 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_100408.png

Regards - Xaron
  • #3,516
  • Apr 10, 2008 6:35am Apr 10, 2008 6:35am
I'm up to page 109 of the thread and, 15 mins before the GBP interest rate release, I found a lot of useful posts about 1 min news trades!! Obviously I wouldn't attempt to live trade, but I thought it would be interesting to follow on paper. There was a post that described how news trades could be divided into 15 min segments - the first 15 mins follows news reaction, the second 15 mins should show the market re-establishing rhythm. I thought this would be interesting to watch, and this is what I found:

GBP/USD.

I did a quick pre-news check on the higher TF's: price neutral (can go either way), highly overbought in 5min TF, with sma angle indicator above 0.4.

See the 1 min chart below. The first 15 mins is extremely volatile, no real rhythm becoming established, and nothing tradeable as far as I can see.

The second 15 mins appears to be establishing a bear rhythm, with a RT below the 50ma and possibly 3 little sisters developing.

BUT, the first retrace at 12:30 GMT is steep, not to be trusted. Sure enough, price crosses back above the 50ma and then establishes rhythmic up moves (see 2nd 1min chart).

On this second chart you can see that the 1st and 2nd retracements, after the cross back above 50ma, pierce the 34ma, and both are steep. Would you enter on either of these? At this stage of the game I wouldn't because of the steepness and piercing of the ma, but what would you do?

The third retrace is steep, but gives a smoother RB off of the 21. I possibly would consider entry here, with the M4 pivot as a possible target. Would that be within the rules, or is the angle too steep again? Price did go up to M4, so it's easy in hindsight to say yes, but at the time I was uncertain, so would probably have left it and not entered at all. Again, what would you do?

I also did a timeline for the EUR/USD interest rate news, and the USD news releases at 13:30 GMT. I shall post these separately so you can give your heads a chance to rest!!
Attached Images
May all your pips grow into great big fruitful trees
  • #3,517
  • Apr 10, 2008 6:43am Apr 10, 2008 6:43am
Quoting Xaron
As I've mentioned I got burned today, lost about 2.5%...
Regards - Xaron
Hey Xaron m8. Reading your posts I see my trades almost My trading style almost the same! Hehe. The only difference in SL, I use 20pips. I saw several times If the pair beat 20pip level then with a great success it will hit 30pip so I left it at 20. And last time I added macd smoothed setup in my trade, I found it mostly usefull. Thanks to Phil and Golfer and other m8s who contribute to this great thread!

P.S. Xaron, looking at ur todays trades espec. GBPUSD I see a sign of possible reversal right after u enter ur 2nd trade - see the tail that penetrates 21MA? Previous high only touched it and then it crossed so it's possible b/e. What I do if the pair goes -10pip? I'm out when it's only possible at b/e (usdjpy). That's what I saw there, my 2cents.
  • #3,518
  • Apr 10, 2008 7:08am Apr 10, 2008 7:08am
This was quite different to the GBP reaction. You can see from the first chart that there was a fair degree of volatility prior to the news release at 12:45 GMT. I guess this was a ripple effect from the GBP interest rate release, maybe affecting the EUR/GBP relationship, or the relationship with the dollar, or a bit of both???

Again, I did a quick pre-check on the higher TF's, most of which were either overbought or showing bearish divergence on the MACD's. Again, the 5 min chart was highly overbought, with the sma angle indicator above 0.4.

The chart below is a 1 minute chart, and you can see that the first candle following the release is a bull candle that establishes a small TL from the previous high, and also stops at a previous horizontal S/R level (look at doji's & small candles at various points to the left). Price then falls away towards a triangle support line below.

The 12:56 GMT candle gaps below the triangle support line (the gap is filled by the tail, but the open gapped nonetheless), giving credence to the idea of a potential bear rhythm. At this point, price action alone could justify a short trade with the expectation of 10 pips to the previous low, but we use ma filters and so I would have left it and not traded yet.

I would now be waiting for confirmation that this is a bear rhythm becoming established. The first pullback, however, is too steep, and in fact creates a retrace all the way back to the small TL break level. Steep drop down again, too volatile, would not enter yet. Let it settle.

There are 2 pullbacks to the 34 ma, but the 2nd one has come after a higher low, so again, not to be trusted. Sure enough, the next candle breaks above the 34ma with a gap, creating a tail to the 50ma. The small TL is broken again.

The interesting things here are the combination of all that I am picking up from this thread. Looking at the story of the charts before considering entry points, the role of pivot points, the role of the ma's, and the role of the small TL's. It all fits to keep us out of trouble, and it also gives us a framework to base the story of price action on.

Look at the second chart that follows the next period (also including USD news release. See how the small TL's & pivots are used, and how price action and ma filters can keep us out of trouble!

I hope that my news analyses haven't bored the socks off you all, but I thought the combination of PA and indicators was really well displayed over these two 30 min segments. I also like the division of news reaction into two 15 minute periods, the first being news analysis, the second being re-establishment of former technical analysis & rhythm.

Hope these analyses help someone, and if you see anything obvious, or even not so obvious, that I have missed or got wrong, please post a reply!

Thanks for all your help and welcome so far,
Rebecca,x.
Attached Images
May all your pips grow into great big fruitful trees
  • #3,519
  • Apr 10, 2008 7:22am Apr 10, 2008 7:22am
Hi Reb

My comments in your post

Quoting Bag Lady
I'm up to page 109 of the thread and, 15 mins before the GBP interest rate release, I found a lot of useful posts about 1 min news trades!! Obviously I wouldn't attempt to live trade, but I thought it would be interesting to follow on paper.

It is very interesting to follow it on paper but (my personal opinion) difficult to trade live. I got burned today within that first 15min. Afterwards during my analysis I came to the same conclusion. WAIT and be PATIENT.

There was a post that described how news trades could be divided into 15 min segments - the first 15 mins follows news reaction, the second 15 mins should show the market re-establishing rhythm. I thought this would be interesting to watch, and this is what I found:

GBP/USD.

I did a quick pre-news check on the higher TF's: price neutral (can go either way), highly overbought in 5min TF, with sma angle indicator above 0.4.

See the 1 min chart below. The first 15 mins is extremely volatile, no real rhythm becoming established, and nothing tradeable as far as I can see.

Agree - my decision after today: Once you see that crosses all over the place - stay out and don't even try to read the charts. Wait for a definite signal/direction.

The second 15 mins appears to be establishing a bear rhythm, with a RT below the 50ma and possibly 3 little sisters developing.

BUT, the first retrace at 12:30 GMT is steep, not to be trusted. Sure enough, price crosses back above the 50ma and then establishes rhythmic up moves (see 2nd 1min chart).

On this second chart you can see that the 1st and 2nd retracements, after the cross back above 50ma, pierce the 34ma, and both are steep.

Agree.

Would you enter on either of these?

Not really - I like to see some sort of support found

At this stage of the game I wouldn't because of the steepness and piercing of the ma, but what would you do?

The third retrace is steep, but gives a smoother RB off of the 21. I possibly would consider entry here, with the M4 pivot as a possible target. Would that be within the rules, or is the angle too steep again? Price did go up to M4, so it's easy in hindsight to say yes, but at the time I was uncertain, so would probably have left it and not entered at all. Again, what would you do?

If you see a nice bounce and smooth signal - take the odds on.

I also did a timeline for the EUR/USD interest rate news, and the USD news releases at 13:30 GMT. I shall post these separately so you can give your heads a chance to rest!!
But I am very careful with the 1min charts - not my favourite.

Great observations and analysis.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,520
  • Apr 10, 2008 7:24am Apr 10, 2008 7:24am
I have an slightly different Angle indicator to show you

The same yet different !

I will post 1 screen pic and the indicator........all going well

I have the 2 Indicators and the MA's for comparison

(Original MAAngle & Variation EMAAngleZero)

the 50EMA in Red & the 50SMA in White

on the Indicator I am posting the Angle threshold is 20 degrees..approx

when plus 20 degrees Green........when minus 20 degrees Red

I realise the original was a SMA yet I find the EMA changes more quickly to markets changes

I have the Indicator set at 0.30 radians...so approx 20 degrees

This Indicator also allows you to see more easily the angle as it changes
Attached Image (click to enlarge)
Click to Enlarge Name: indicator_comparison.JPG Size: 75 KB
Attached File(s)
File Type: mq4 EmaAngleZero_50.mq4   5 KB | 1,045 downloads
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