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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #281
  • Jan 23, 2007 8:58am Jan 23, 2007 8:58am
Quoting peterdxb
Nice trades today Phil, both winners.
Good ones as well. Nice setups everything to the book.
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  • #282
  • Jan 23, 2007 4:57pm Jan 23, 2007 4:57pm
Phillip

Thanks for keeping everything simple.
To be consistent you must be consistent, and I appreciate the logical switches of this system. When you add an oscillator the rules change obviously. Now, with the rules changing, the overall frequency changes, which changes our percentages. Is the SMA Angle something we should be judicious with, or is it subjective? What I mean is... Does the 21ema line have to be above or below those levels now for a long or short position, or should we maybe use different money management rules, if 21ema is in convergence or divergence…
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  • #283
  • Jan 23, 2007 10:31pm Jan 23, 2007 10:31pm
Quoting NAGE
Phillip

Thanks for keeping everything simple.
To be consistent you must be consistent, and I appreciate the logical switches of this system. When you add an oscillator the rules change obviously. Now, with the rules changing, the overall frequency changes, which changes our percentages. Is the SMA Angle something we should be judicious with, or is it subjective? What I mean is... Does the 21ema line have to be above or below those levels now for a long or short position, or should we maybe use different money management rules, if 21ema is in convergence or divergence…

I know of people using this system and trade of the 50SMA. When price pull back between the 21EMA and 50SMA they apply the same principle but add 5 pips to stoploss and profit taking. I havent done it so I can not say what the success ratio will be. This system is also not my main system. I am using it to support my 4 hour strategy. You can change it to suit your style but as you said then the rules change and the expectancy and sometimes the success ratio change etc.
Greetings
  • #284
  • Jan 24, 2007 2:24am Jan 24, 2007 2:24am
Phil, did you take the short trade on euro ?

I had the signals indicator set for 0.25 threshold, so it didnt give the signal, but if i set it to 0.20, then there is a short signal on bounce of 10ema.
  • #285
  • Jan 24, 2007 3:43am Jan 24, 2007 3:43am
Dariuske (or anyone)
Is there a simple way of clearing out the older entries in the alert box -without restarting MT?
R
  • #286
  • Jan 24, 2007 9:02am Jan 24, 2007 9:02am
Quoting peterdxb
Phil, did you take the short trade on euro ?

I had the signals indicator set for 0.25 threshold, so it didnt give the signal, but if i set it to 0.20, then there is a short signal on bounce of 10ema.
No. I was not online.
  • #287
  • Jan 24, 2007 9:08am Jan 24, 2007 9:08am
Closed out for 4 pip loss. Market has run close to 60 pips with the motion not really indication further down moves so I took the loss based on a round bottom forming
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  • #288
  • Jan 24, 2007 10:57am Jan 24, 2007 10:57am
Hope you got this one.
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  • #289
  • Jan 24, 2007 11:19am Jan 24, 2007 11:19am
I got two really nice trades today on GBP/USD. I put more money in them as I usually use, but the set-ups and market movement seemed so perfect, I wouldn't have done it some other way.

Here it is:
http://img292.imageshack.us/img292/1...usd5min5lc.jpg
(times on chart are GMT+2)
  • #290
  • Jan 24, 2007 11:20am Jan 24, 2007 11:20am
Yet another one. Nice pullback into the zone after it went above 21EMA with a inside bar therefore I took the next bar with target +8 pips.
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  • #291
  • Jan 24, 2007 11:22am Jan 24, 2007 11:22am
Quoting stefant
I got two really nice trades today on GBP/USD. I put more money in them as I usually use, but the set-ups and market movement seemed so perfect, I wouldn't have done it some other way.

Here it is:
http://img292.imageshack.us/img292/1...usd5min5lc.jpg
(times on chart are GMT+2)
Well Done. Yes the Gbp moves was textbook today.
  • #292
  • Jan 24, 2007 11:23am Jan 24, 2007 11:23am
Philip
I am assuming the charts shown are EURUSD unless stated otherwise?
Just wondering why you don't do 'Save as picture...Active Chart...600 x 600'. Then you get all the info off the chart?

On this subject do you look at EURUSD (& GBPUSD) only or do you watch other pairs too?

Thanks again for the system; so simple and easy to implement. It's amazing how this thread and the method have progressed.

R
  • #293
  • Jan 24, 2007 11:29am Jan 24, 2007 11:29am
Quoting rorieu
Philip
I am assuming the charts shown are EURUSD unless stated otherwise?
I often look at the price level to see if it's EURUSD or GBPUSD. The first one should be ~1.3, second one ~1.9

Quoting rorieu
On this subject do you look at EURUSD (& GBPUSD) only or do you watch other pairs too?
Personally I only watch these two pairs on the 5 minute timeframe with Phil's system. I switched from time to time to check out how the system looks on other tfs or currency pairs, but the results were unsatisfying. Though, I'm sure with some optimization and tweaking the system could be used for small timeframe trading on other liquid currency pairs.

Quoting rorieu
Thanks again for the system; so simple and easy to implement. It's amazing how this thread and the method have progressed.
R
I double that
  • #294
  • Jan 24, 2007 11:35am Jan 24, 2007 11:35am
Quoting rorieu
Philip
I am assuming the charts shown are EURUSD unless stated otherwise?
Just wondering why you don't do 'Save as picture...Active Chart...600 x 600'. Then you get all the info off the chart?

On this subject do you look at EURUSD (& GBPUSD) only or do you watch other pairs too?

Thanks again for the system; so simple and easy to implement. It's amazing how this thread and the method have progressed.

R
Thanks
Yes I mainly trade the EurUsd as I can very seldom trade during London time. But I do get a trade now and then. The Gpb gives better pips so when the setup looks perfect I normally get my stoploss at breakeven after about 7 -8 pips gain and the let the trade run to try and squeeze out of it what is possible. Looking especially at movement and a decrease thereoff to settle the deal.
  • #295
  • Jan 24, 2007 11:37am Jan 24, 2007 11:37am
http://img360.imageshack.us/img360/4...cements6bv.jpg

Now this is today's EUR/USD chart. Times GMT+2 still.

My view on this pair was bullish on the longer term (daily & 4h charts), so I traded the 5 minute system with smaller than usual sizes. Also, as you can see, I only took trades the opposite way, taking small profits from pair retracements. I wanted to catch the beginning of the upwards move I've been expecting for this pair. Maybe tomorrow?
  • #296
  • Jan 24, 2007 4:55pm Jan 24, 2007 4:55pm
Quoting rorieu
Dariuske (or anyone)
Is there a simple way of clearing out the older entries in the alert box -without restarting MT?
R
Is there a way to clear them? I don't know.
But normally you can just scroll up or down in the alert box.

Dariuske.
  • #297
  • Jan 25, 2007 11:40am Jan 25, 2007 11:40am
Quoting dariuske
Is there a way to clear them? I don't know.
But normally you can just scroll up or down in the alert box.

Dariuske.
If I understand correctly I just select the entry and press delete on the keybord and the old alert is deleted. Hope this is what you want.
Greetings
  • #298
  • Jan 26, 2007 7:29am Jan 26, 2007 7:29am
Thanks for everyone that has participate in this thread. I think what one needs for this strategy has been delt with. I will still answer questions and post some trades from time to time till it is not needed anymore.
Thanks for the oppertunity I had to do this.
God bless
  • #299
  • Jan 26, 2007 8:24am Jan 26, 2007 8:24am
great system phillip. we got some similarities in our systems. please if u ever get a chance stop by and check out my method
  • #300
  • Jan 26, 2007 8:24am Jan 26, 2007 8:24am
Quoting Phillip Nel
Thanks for everyone that has participate in this thread. I think what one needs for this strategy has been delt with. I will still answer questions and post some trades from time to time till it is not needed anymore.
Thanks for the oppertunity I had to do this.
God bless
Yes, it's been so successful because of its simplicity to learn and effectiveness.

What's your next step on this forum?
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