5Min Intraday System

Just to show you how not to trade. It is just too risky. No recognisable pattern or other signals. Even a higher low to be found on the previous low - another signal to stay out.

Late Friday afternoon, flattish market - don't fall into the trap.

Hi all.

I took borrowed this indicator from other thread and changed its settings to use it in this system.
It gives signals after some candles close and they are usually good entries if they appear in our pullbacks.

READ THIS BEFORE USE IT:

1.DO NOT TRADE ALL SIGNALS BLINDLY.
2.STAY FOCUSSED IN ORIGINAL "WAR ZONE PULLBACK" CONCEPT.
3.EVALUATE THE CANDLES AND CHART PATTERNS BEFORE ENTER A TRADE.
4.BE CAREFUL TAKING TRADES BEFORE IMPORTANT NEWS.
5.TRY TO TEST IT IN DEMO ACCOUNT FIRST.

Thanks Phillip and Golfer for feedback.
I hope it helps.

Great results Xaron - nice to see.

I am a Newbie and do not have your experience, but I just wondered whether an observation might help you knock out some of your losers.

I know we all have our own style and you are successfully agressive, but Phillip says "wait until the 50MA is at 20 degrees in your direction". Do you think this would help or stop you taking some of your riskier and successful trades.

I hope I have your success when I go "live", but just trying to help the way people have helped me.

If it's not useful - no probs, have a great weekend!

Fernie

Thanks Fernie!

This 20 degree on the SMA 50 is a very subjective thing. I don't use it too often, I like the early entries, even if they are more risky. I have another trend definition. If there is a new high followed by a higher low I enter in the pullback.

This pullback often goes right to the 50% fib level of the previous move...

Regards - Xaron

Xaron, can you please explain this - sorry but my ebglish is not so good. Thanks!!

I am now studying the power candles as mentioned by Phillip - very interesting outcome. I am looking Friday's EY run which was a strong one and I was waiting for it to turn around.

See the following post for Phillip examples of power bars:

http://www.forexfactory.com/showpost...postcount=2766

Then trade #3

Trade 4 was ver risky because signals were there to stay out.

Much better entry - 3 lower highs and resistance found on 21MA

I guess we are talking about a short trade here, or have I got my wires crossed.

Cheers

Fernie

Just to show you a setup I've followed this morning and I didn't enter in the war zone even though I saw a price formation (Reverse church) because:

1. No power candle to be found in zone - no power candle with Mkain's 1st downward signal in war zone

2. Small resistance line broken

3. Mkain's 2nd signal came after My Small resistance line was broken

The setup looked very inviting - reverse church formation but my two rules kept me out of a possible bad trade trade this morning.

Ok, guys. Made about 3.1% today in 20 minutes. Enough for today... Charts will follow as usual.

Regards - Xaron

Wow, this was a short trading day... 20 minutes...

EUR/USD
#1:
Long at 1.57575
1st half closed at 1.57622: +4.7 pips
2nd half closed at 1.58679: +10.4 pips

http://www.xaron.net/dl/fx/2008/intr...usd_140408.png

GBP/USD
Long at 1.97235
1st half closed at 1.97304: +6.9 pips
2nd half closed at BE: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...usd_140408.png

USD/JPY
#1:
Short at 100.827
1st half closed at 100.743: +8.4 pips
2nd half closed at 100.625: +20.2 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_140408.png

Regards - Xaron

No, in that case I've talked about a long trade: Higher highs followed by higher lows...

Regards - Xaron

I took this trade (ascending triangle with nice higher lows) on the start of the trend this morning for nice 10pips profit. I took 2 other trades (both resulting in nice profits) on the pullback into the pullback and the formation of a power candle.

I hope some of you got some of the actions - great power candle formation in the war zone.

My other 2 trades using power candles.

[06:03:21 PM] Willem Kruger says: Just took 6pips from the pullback (3rd sister) towards 50MA on EUR - the only time that I'll ignore the SMAangle
[06:03:52 PM] Thomas Bläsi says: EURUSD?
[06:03:56 PM] Willem Kruger says: Entered after the power candle little bit away from 50mMA
[06:04:07 PM] Willem Kruger says: and zone
[06:04:27 PM] Willem Kruger says: Yes - EUR=EUR$ for me
[06:05:00 PM] Willem Kruger says: It is almost the 4th sister

My cable trade while James and Thomas discussed the cable setup. The first chart is my entry and second chart is just after TP was triggered.

I just cannot resist the temptation to post another chart (this EUR chart) - what a beautiful descending triangle (Chart 1).

As you can see on the chart, I just didn't trust myself and what I've seen on the chart. Ive exit every time too early (the two trades on the charts - evidence still visible of Yannis EA). Phillip has posted several such charts previously where we see these wave after wave patterns meaning we do have a nice market rhythm. Take the odds on with the pullbacks.

Chart 2 & 3 are the EUR charts of the London and then the US session. I am sure the Elliot wave experts will see something in these charts - unfortunately I am not - but I am sure you can see the pattern. Once you see the waves starting to develop, zoom out and observe, then take the odds on.

Today is the first time I saw the pattern developing but it was too late. Next time I'll be prepared. And I know Phillip is trying his best to show it to us.

Phillip - another success in you teaching, thank you very much.

I still learn every day - what a great system.

Trade what you see and not what you think!!!!!!

Reached my goal.

EUR/JPY
#1:
Short at 160.093
1st half closed at 160.028: +6.5 pips
2nd half closed at BE: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_150408.png

EUR/USD
#1:
Long at 1.58512
1st half closed at 1.58582: +7.0 pips
2nd half closed at BE: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...usd_150408.png

USD/JPY
#1:
Short at 100.962
Closed at BE: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_150408.png

Regards - Xaron