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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #3,701
  • Apr 29, 2008 6:07am Apr 29, 2008 6:07am
Any guys looking at the above pairs right now?
  • #3,702
  • Apr 29, 2008 6:09am Apr 29, 2008 6:09am
EU looks like long. Look at UJ, should go south.

Regards - Xaron
  • #3,703
  • Apr 29, 2008 6:13am Apr 29, 2008 6:13am
Quoting Xaron
EU looks like long. Look at UJ, should go south.

Regards - Xaron
EU still a bearish pair but it's sitting on Daily Pivot S1. Lets see how's the PA.
  • #3,704
  • Apr 29, 2008 6:15am Apr 29, 2008 6:15am
Daily Pivot S1 for EU? It's at 1.5601...

http://www.actionforex.com/forex_ana..._200603205734/

Regards - Xaron
  • #3,705
  • Apr 29, 2008 6:19am Apr 29, 2008 6:19am
Quoting Xaron
Daily Pivot S1 for EU? It's at 1.5601...

http://www.actionforex.com/forex_ana..._200603205734/

Regards - Xaron
sorry... S2.. few pips away..
  • #3,706
  • Apr 29, 2008 6:25am Apr 29, 2008 6:25am
Quoting winston
sorry... S2.. few pips away..

EJ - Trying to break 162.00 - double 00
  • #3,707
  • Apr 29, 2008 6:49am Apr 29, 2008 6:49am
Quoting winston
EJ - Trying to break 162.00 - double 00
great! 25 pips on the green.. push down harder.
  • #3,708
  • Apr 29, 2008 6:55am Apr 29, 2008 6:55am
Quoting dhalsim
I have sent it to your hotmail inbox
enjoy
here is another copy
Thanks, my compatriot
Plan your trades and trade your plans
  • #3,709
  • Apr 29, 2008 7:03am Apr 29, 2008 7:03am
Quoting winston
great! 25 pips on the green.. push down harder.
take profit before S3 - might pullback - +40 pips.
  • #3,710
  • Apr 29, 2008 7:06am Apr 29, 2008 7:06am
Quoting winston
take profit before S3 - might pullback - +40 pips.

That's it for me today - keep on pippin' guys...
  • #3,711
  • Apr 29, 2008 7:38am Apr 29, 2008 7:38am
Just closed this out for 15...
Attached Image
  • #3,712
  • Apr 29, 2008 9:55am Apr 29, 2008 9:55am
Quoting Palmer
Just closed this out for 15...
Popping back in to this thread. Nice to see all the success form the strategy. Palmer, may I ask what your entry is based on? MACD TC?

Thanks
  • #3,713
  • Apr 29, 2008 10:19am Apr 29, 2008 10:19am
Dear Traders,

I have discovered this thread two days ago and decided to give it a try since I am working on 15 min and 5 min chart as well. My humble results so far is encouraging (2 out of 2 trades wins)

I must really give credit to Phil, for creating and releasing this wonderful system, Golfer, for consolidating all the important info and many others who supports this thread by giving your suggestions.

I am starting my trades to target 10 pips profit and Stop Loss of 20 to 30 pips for EUR/USD. Below is my trade and hope to encourage more people to come and share your experience and improvements to this system (if applicable).

1st trade (28 Apr 08): Target Profit: 10 pips, Stop Loss: 30 pips

http://api.photoshop.com/home_6de186...74dc22fc48c51c

2nd trade (Today): Target Profit: 10 pips, Stop Loss: 20 pips

http://api.photoshop.com/home_6de186...7fb313a2ef8e00


I am planning to practice closing half of my order and ride on the rest of the profit within these few days and see if it can gain me more pips. Comments are welcome!
Ride on the Bull, Sit on the Bear
  • #3,714
  • Apr 29, 2008 12:34pm Apr 29, 2008 12:34pm
Quoting emacro
Popping back in to this thread. Nice to see all the success form the strategy. Palmer, may I ask what your entry is based on? MACD TC?

Thanks
emarco:

The main ingredient for the entry is the slope of the 50 with the trend. I've added the ADX as a filter, I posted a pdf last week or so to show how I see things. In this case, the DMI+ was creeping up telling me that price was on its way up a little. But, when the DMI- crosses above the DMI+ (for price to continue downwards) that's when I got in.

My plan is to keep an eye on the USDJPY, EURUSD, GBPUSD, and the EURJPY. If there is more than one pair that is giving a signal I'll take the pair that I feel (or looks like) it has the strongest trend or has room to move in my direction (towards a pivot or s/r level). Take one trade a day during the NY morning session. Go in with two lots, look for about 5 pips on the first lot and if the market starts to move fast my way, try to ride it for several more, then done for the day.

Only watching the 5min NY session from about 7am to 11am as part of the 'plan' keeps me more disciplined to look for the best set-up. This has worked out very well for me.

But again, the slope of the 50 is the critical point. It's got to be there...
  • #3,715
  • Apr 29, 2008 12:58pm Apr 29, 2008 12:58pm
Letting 'the second half ride'...

This is a lot easier said then done. Remember, this is a 5 minute chart. The smaller the timeframe you trade the smaller your profit target needs to be. As soon as i get my 4 or 5 on the first lot, I'm out. If the second lot creeps back up to b/e, out with that as well. My goal with this method is to be positive every day (again waiting for the best set-up with the ADX). To bank 15, 20, 30 pips to 'let the second half ride' does happen but a lot of times price will come back and you'll be negative pips before you get positive again for the trend to start again moving your way. This negative move can be 10, 20 pips....you exit and then see the market come back and then start doubting yourself. That negative 10, 20 pips or so can be a good chunk of change depending on your leverage or can just continue to move against you into a loss.

If my second lot is up at 10 pips or so I then look at moving that to b/e. If it keeps moving my way (fast market) I then move the stop to lock in more. But again, I think a 10 pip gain on a 5min chart withing a few minutes is a GREAT trade. That tells me everything worked out by the book. Go in heavy (high leverage) make $$$.$$ or $$$$.$$, and get the hell out. If you can make in one trade in a few minutes what you make during your entire work day, that's fantastic. If you make this on the first trade of the day, your'e done. Why risk giving it back? My 'goal' is to make in one trade what I make in one week. Three trades at the most (within the same trade looks like the best success rate) and end up b/e at the worst.

The system/method works the same no matter what your leverage is. It's the discipline and patience to be able to recognize the entry and get out positive.
  • #3,716
  • Apr 29, 2008 10:04pm Apr 29, 2008 10:04pm
Quoting Palmer
emarco:

The main ingredient for the entry is the slope of the 50 with the trend. I've added the ADX as a filter, I posted a pdf last week or so to show how I see things. In this case, the DMI+ was creeping up telling me that price was on its way up a little. But, when the DMI- crosses above the DMI+ (for price to continue downwards) that's when I got in.

My plan is to keep an eye on the USDJPY, EURUSD, GBPUSD, and the EURJPY. If there is more than one pair that is giving a signal I'll take the pair that I feel (or looks like) it has the strongest trend or has room to move in my direction (towards a pivot or s/r level). Take one trade a day during the NY morning session. Go in with two lots, look for about 5 pips on the first lot and if the market starts to move fast my way, try to ride it for several more, then done for the day.

Only watching the 5min NY session from about 7am to 11am as part of the 'plan' keeps me more disciplined to look for the best set-up. This has worked out very well for me.

But again, the slope of the 50 is the critical point. It's got to be there...
Great to get your insights.

Thank you Palmer. Happy trading.
  • #3,717
  • Apr 29, 2008 11:40pm Apr 29, 2008 11:40pm
Reading news and looking for setups...

Anybody tested EURGBP on this strategy? This is also a trendy pair... since this strategy works best in a trending market.

Hey TrendRider, where are you from?
  • #3,718
  • Apr 30, 2008 12:14am Apr 30, 2008 12:14am
Quoting winston
Reading news and looking for setups...

Anybody tested EURGBP on this strategy? This is also a trendy pair... since this strategy works best in a trending market.

Hey TrendRider, where are you from?
Hi Winston, I am from Singapore but can only trade at night (another 7 hours) during the US session.. Hopefully I will be able to ride on the trend later =)
Ride on the Bull, Sit on the Bear
  • #3,719
  • Apr 30, 2008 12:16am Apr 30, 2008 12:16am
One way to have greater probabilities is to know the overall picture... I'm sure everybody knows what i'm talking about...

- look at your daily chart: what's the trend? Follow the trend.
- look at hourly chart: mind the pivot points, S/R

With this on mind, you can have better probabilities of winning...

Peace
  • #3,720
  • Apr 30, 2008 12:20am Apr 30, 2008 12:20am
Quoting TrendRider
Hi Winston, I am from Singapore but can only trade at night (another 7 hours) during the US session.. Hopefully I will be able to ride on the trend later =)
Hmmm... my 6th sense is right... I am from SG, too. Well, not really a Singaporean but working there...

Hope to have a chat with you over a kopi...
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