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5Min Intraday System

  • #3,621
  • Apr 17, 2008 2:53pm Apr 17, 2008 2:53pm
Hi

And thanks as always for sharing. It's really important for us newer people to understand the types of thing to look for right or wrong.

I've just seen your post and I was looking at the chart a little later and considered/didn't take a trade when it pulled back to the 21 as per the attached. Draw myself a "little Golfer trendline" () and your support after you earlier feedback.

Would be grateful for your thoughts...

Cheers

Fernie
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX EUR_USD (17-APR-08).png Size: 34 KB
  • #3,622
  • Apr 17, 2008 3:02pm Apr 17, 2008 3:02pm
every thing looks good.1-price backed to the broken strong level/pivot ,2-price action around MAs,3-nice macd TC signal and 4-the TL from high , but didnt work.how knows why?
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 17 KB
  • #3,623
  • Apr 17, 2008 3:27pm Apr 17, 2008 3:27pm
Quoting Fernie
Hi

And thanks as always for sharing. It's really important for us newer people to understand the types of thing to look for right or wrong.

I've just seen your post and I was looking at the chart a little later and considered/didn't take a trade when it pulled back to the 21 as per the attached. Draw myself a "little Golfer trendline" () and your support after you earlier feedback.

Would be grateful for your thoughts...

Cheers

Fernie
Hi Fer

See my comments on you chart - unfortunately your orange circle cover one of the "key" candle, so cannot really comment. You need to start looking at the chart as you have it. Once you see a possible setup, try and zoom in so that you can see the candles more clearly. As you know, I am a candlestick fan.

What you see on your chart is a choppy market - then usually only the first pullback after the 50MA break is profitable. The second one is a bit risky - I got burned several times. That is why I didn't really want to entry the EUR trade above.

I hope it helps - it is all about the price movements and rhythm
Attached Image(s) (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,624
  • Apr 17, 2008 3:36pm Apr 17, 2008 3:36pm
Quoting bshadroo
every thing looks good.1-price backed to the broken strong level/pivot ,2-price action around MAs,3-nice macd TC signal and 4-the TL from high , but didnt work.how knows why?
Hi BS

I also would have taken it - nice tail, power candle and TC within war zone. It was just one of those trades. Do expect to have negative trade like that. Nothing wrong.

Only negative signals were the previous big bearish candle (where I took 50pips because I like the small candles before that as explained in one of my previous posts), it was not a smooth slow downward move and no high probability setup pattern. I am always careful when I do see big candles like that.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,625
  • Apr 17, 2008 3:40pm Apr 17, 2008 3:40pm
Great example of bullish 3 pattern and breakout of triangle - just too late in the afternoon/evening for me.
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Click to Enlarge Name: 1pic 3.gif Size: 33 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,626
  • Apr 17, 2008 7:17pm Apr 17, 2008 7:17pm
Just a few thoughts on using the ADX to help spot high probability trades and to maybe see when not to enter....
Attached File(s)
File Type: pdf 5MinADX.pdf   132 KB | 1,120 downloads
  • #3,627
  • Apr 17, 2008 10:10pm Apr 17, 2008 10:10pm
Quoting Palmer
Just a few thoughts on using the ADX to help spot high probability trades and to maybe see when not to enter....
Thanks Palmer for your PDF on adx, very interesting. Can you give us your settings as well as are you using just the standard adx indicator (average directional movement indicator)?

thanks
  • #3,628
  • Apr 18, 2008 2:20am Apr 18, 2008 2:20am
Quoting Palmer
Just a few thoughts on using the ADX to help spot high probability trades and to maybe see when not to enter....
Palmer, that's brilliant, thanks very much. The best explanation I've ever read!!

I shall give it a go, & then hopefully meet you all in the 19th for a single malt... but I'll say no to the cigar thanks, he he.
May all your pips grow into great big fruitful trees
  • #3,629
  • Apr 18, 2008 2:52am Apr 18, 2008 2:52am
Probably no trades today for me, I don't feel so comfortable. There already were plenty of chances...

Regards - Xaron
  • #3,630
  • Apr 18, 2008 5:28am Apr 18, 2008 5:28am
Quoting Xaron
Probably no trades today for me, I don't feel so comfortable. There already were plenty of chances...

Regards - Xaron

I agree, I'm taking the rest of the day off and if the pips go off the scale while I'm not looking... too bad, I'll catch some pips another day!

Have a great weekend everyone

Rebecca,x.
May all your pips grow into great big fruitful trees
  • #3,631
  • Apr 18, 2008 6:51am Apr 18, 2008 6:51am
Couldn't resist... Reached 1% today after 2 very, very bad trades. Luckily I used a lower position size for the first two ones...

EUR/JPY
#1: Missed the first very nice entry, tried the second one...
Long at 163.323
Closed at 163.123: -20.0 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_180408.png

EUR/USD
#1: I was already about 3 pips in the plus, should have closed then, but haven't, not my day today...
Long at 1.59457
Closed at 1.59257: -20.0 pips
#2: Here we go! My rescue trade!
Short at 1.58559
1st half closed at 1.58468: +9.1 pips
2nd half closed at 1.58123: +43.6 pips

http://www.xaron.net/dl/fx/2008/intr...usd_180408.png

Regards - Xaron
  • #3,632
  • Apr 18, 2008 7:02am Apr 18, 2008 7:02am
Same mistakes here. First some losing trades, then several carefull ones to catch up. In the end I made some comfortable pips.

All in all I start to like this method. Unfortunately I am my biggest obstacle by not staying out of trades whenever the setups are not 100% fitting. So my success rate is quite low, yet. And all the time when I'm big on the losers side I fear Xarons "mission completed" post ^^

For this week I found the times around London opening and "GMT lunch" to be the most comfortable hours to trade. Maybe I concentrate just on them...
  • #3,633
  • Apr 18, 2008 7:05am Apr 18, 2008 7:05am
Quoting tenshi
Thanks Palmer for your PDF on adx, very interesting. Can you give us your settings as well as are you using just the standard adx indicator (average directional movement indicator)?

thanks
The ADX setting is the default 14. I looked at a smaller period, 10 and 7 but the DMI's look too choppy. The moving averages are per Phillip's rules....
  • #3,634
  • Apr 18, 2008 7:06am Apr 18, 2008 7:06am
Yep, I second that. For me the early London session is the best. If I had taken the early possible setups I would not had have these losers...

Look at the good setups (for me) around 9:00 - 9:30 in EUR/USD, EUR/JPY and GBP/USD as well...

Well done, Wonko. Go ahead. I trade more the aggressive style, as you can see this isn't always honored.

Regards - Xaron
  • #3,635
  • Apr 18, 2008 7:10am Apr 18, 2008 7:10am
Note to myself: Let the second half run, let the second half run, let the...
  • #3,636
  • Apr 18, 2008 8:09am Apr 18, 2008 8:09am
Quoting Bag Lady
I agree, I'm taking the rest of the day off and if the pips go off the scale while I'm not looking... too bad, I'll catch some pips another day!

Have a great weekend everyone

Rebecca,x.


Just popped in to see what was going on, just out of curiosity.... EUR/USD daily range > 240 pips so far... who ever said anything about female intuition? Ooops!
May all your pips grow into great big fruitful trees
  • #3,637
  • Apr 18, 2008 8:45am Apr 18, 2008 8:45am
Quoting Bag Lady
I agree, I'm taking the rest of the day off and if the pips go off the scale while I'm not looking... too bad, I'll catch some pips another day!

Have a great weekend everyone

Rebecca,x.
Hi Reb

And you did miss out on a few nice setups. But this is forex trading. You can not watch and trade the markets for 24 hours a day. You need to take a break - especiallyif you don't feel right e.g. emotionally unstable, stressed, physically tired.

What I do is just look at the market every 20 to 30 minutes if nothing is going on - just to make sure the market is still range bound or busy with the SID MOV. Once I see something is happening, I will visit the charts more frequently until I get the signals.

I had to listen to a presentation today between 10H15 and 11H15GMT and I made 5 trade in that time of which four were positive for a total of 46pips profit.

Enjoy your weekend as well
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,638
  • Apr 18, 2008 8:53am Apr 18, 2008 8:53am
Quoting Wonko
Same mistakes here. First some losing trades, then several carefull ones to catch up. In the end I made some comfortable pips.

All in all I start to like this method. Unfortunately I am my biggest obstacle by not staying out of trades whenever the setups are not 100% fitting. So my success rate is quite low, yet. And all the time when I'm big on the losers side I fear Xarons "mission completed" post ^^

For this week I found the times around London opening and "GMT lunch" to be the most comfortable hours to trade. Maybe I concentrate just on them...
Hi Wonko

I had very same problem - it was so nice just to just enter when the price in enters the war zone. Such a nice feeling - one things to forget about the rules and marked rhythm. Nowadays, I spent more time looking at my rules and looking for the signals when I see a setup in the development phase. I don't wait unill the price is in the war zone before I start looking for signals.

You will get used to it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,639
  • Apr 18, 2008 2:04pm Apr 18, 2008 2:04pm
Just a few thoughts for the weekend on my first leg of my triage:

The name of the game – patience:

Develop the patience to only trade the highest probability setups

Source of impatience:

1. Not having a proper trading plan and/or method/system

2. One doesn’t want to miss a great move/trade that is being developed without us knowing it.

3. Boredom because of the waiting and watching just to see profits passes you by

4. Getting itching fingers just to take any hint of sign of a setup for a few pips

Remember:

1. Develop your minimum rules for a setup and only if a setup complies with the minimum rules, you consider pulling the trigger.

2. But then think and look for the signals defining the high probability trade setups – develop your own criteria so that you feel comfortable with it.

3. Trading is not a match or a race – don’t over-trade, it will take you nowhere. You don’t compete against your fellow traders to see who can get the most trades or pips per day. It is all about your own daily/weekly goals. Take Xaron as an example with his daily targets – works for him.

4. It is all about the quality of your trades and not the quantity. That will minimise your losses

Enjoy your weekend.

Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,640
  • Apr 21, 2008 3:08am Apr 21, 2008 3:08am
Another 2.x% today. Mission accomplished.

BUT: I should let the second half run... DAMN!

EUR/USD
#1: Long @pivot
Long at 1.58300
1st half closed at 1.58372: +7.2 pips
2nd half closed at 1.58568: +26.8 pips

http://www.xaron.net/dl/fx/2008/intr...usd_210408.png

GBP/USD
#1:
Short at 1.99720
1st half closed at 1.99670: +5.0 pips
2nd half closed at BE: +1.0 pips
#2:
Short at 1.99656
1st half closed at 1.99593: +6.3 pips
2nd half closed at 1.99440: +21.6 pips

http://www.xaron.net/dl/fx/2008/intr...usd_210408.png

Regards - Xaron
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