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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #3,761
  • Edited 8:29am May 5, 2008 8:01am | Edited 8:29am
What a mess... Lost about 2% today. Very, very slow today. Holiday in UK - what have I had expected?

EUR/JPY
#1:
Long at 162.843
1st half closed at 162.913: +7.0 pips
2nd half closed at 162.853: +1.0 pips
#2:
Short at 162.825
1st half closed at 162.753: +7.2 pips
2nd half closed at 162.815: +1.0 pips
#3:
Short at 162.677
Closed at 162.667: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_050508.png

EUR/USD
#1:
Long at 1.54671
1st half closed at 1.54735: +6.4 pips
2nd half closed at 1.54681: +1.0 pips
#2:
Long at 1.54886
Closed at 1.54686: -20.0 pips
#3:
Short at 1.54572
Closed at 1.54562: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...usd_050508.png

GBP/USD
#1:
Long at 1.97715
Closed at 1.97725: +1.0 pips
#2:
Long at 1.97750
1st half closed at 1.97790: +4.0 pips
2nd half closed at 1.97760: +1.0 pips
#3:
Long at 1.97770
Closed at 1.97570: -20.0 pips
#4:
Short at 1.96840
1st half closed at 1.96787: +5.3 pips
2nd half closed at 1.96830: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...usd_050508.png

USD/JPY
#1:
Long at 105.304
Closed at 105.305: +0.1 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_050508.png

Regards - Xaron
  • #3,762
  • May 5, 2008 8:28am May 5, 2008 8:28am
Quoting Palmer
I see a few signals right now but the ADX is telling me not to get in, will wait until things look 'better'...
Hi Palmer

I agree with you. There were only 3 signals on Cable - I took the third setup for 3pips profit (I just didn't like the setup afterwards and decided to exit - it did go to my original TP level).

I've missed the first two setups because I also couldn't see nice signals.

Nothing really mentionable on my other 2 pairs (EUR & EY). Too chopy - just as Xaron mentioned. Very risky and I've decided I'm done with risky markets for a while.

I want to concentrate on my high probability setups to make my weekly profit target of only 50pips.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,763
  • May 5, 2008 8:59am May 5, 2008 8:59am
Quoting winston
Just to ask on the setup of this strategy:

- Do you use ADX or the MACD aside from SMAAngle? - which is preferable?

On 4HR strategy, I'm actually using the ADX.
Winston:

Right now I do have the MACD on the 5min chart with the ADX and still looking at using the MACD to re-enter within the trend. But, right now I'm still just looking at it and not using it. I initially started with the SMAAngle but it was too much 'on the chart' for me so it's just the slope of the 50, pullbacks, and how the ADX is setting up.

For the 4hr strategy: I recently added the ADX. But, I'm very aggressive with the 1hr entries and it's the price action for the most part that gets me in there. I haven't used the ADX to make a trade with per the 4hr method, still just looking at it. But, the actual price action is 'faster' than the ADX, happens during the bar. So, I may just look at the ADX as a strength of the trend indicator. I'll post something if it's 'worthy'.

I just haven't had a whole lot of chart time at home (study time) because I'm installing new flooring so my place is an absolute wreck right now with nowhere to sit.

For today: EURJOY

Took 5 on the first lot and 2 on the second for 7 total. Entered at 162.64.

The first chart shows the bar I exited on, the last candle. You think that that bar can be a start of a run down (which you never know if it's going to happen until it does = don't expect anything or even worse 'hope') but this is a perfect example of why after I get 5 on the first, the second lot is at b/e at the worst. This started to creep back up, so out with 2.

The next chart is the 'aftermath'. This would have gone negative in a hurry and why I take pips when they are in the bag; don't let a winning position go negative. I consider both entries as one position.

That long tail down would have been the exit but this happened very fast and missed it..one of the office hotties walked in and I was a little distracted. I'm only human
Attached Images
  • #3,764
  • May 5, 2008 9:09am May 5, 2008 9:09am
Quoting Golfer
Hi Palmer

I agree with you. There were only 3 signals on Cable - I took the third setup for 3pips profit (I just didn't like the setup afterwards and decided to exit - it did go to my original TP level).

I've missed the first two setups because I also couldn't see nice signals.

Nothing really mentionable on my other 2 pairs (EUR & EY). Too chopy - just as Xaron mentioned. Very risky and I've decided I'm done with risky markets for a while.

I want to concentrate on my high probability setups to make my weekly profit target of only 50pips.
Yes, the cable was barely making it back to the zone earlier this morning but either way it was too early for me. Done for the day either way...

To everyone:

Is it just me or does the EURJPY have a tendency to jump up or down 2 or 3 pips at a time? I've seen this many times when things start ticking along. I think this is very important because if the target is 5 pips or so and a tick has the potential to be 2 or 3 pips....have your finger on the mouse button.

Again, doe everyone else see this too?
  • #3,765
  • May 5, 2008 9:42am May 5, 2008 9:42am
Quoting Palmer
Yes, the cable was barely making it back to the zone earlier this morning but either way it was too early for me. Done for the day either way...

To everyone:

Is it just me or does the EURJPY have a tendency to jump up or down 2 or 3 pips at a time? I've seen this many times when things start ticking along. I think this is very important because if the target is 5 pips or so and a tick has the potential to be 2 or 3 pips....have your finger on the mouse button.

Again, doe everyone else see this too?
Hi Palmer

Well spotted - that is how I came to know my favourite pair. That is why I do have my EA ready once I've entered a trade on the EY. Sometimes I cannot even exit my trade manually - very frustated. Sometimes you can enter and exit for 10pips profit on the same candle. Just to show you how the EY can bounce around.

I also had a short trade on EY (on that chart of yours - bounce of my small resistance line and 34MA) and I tried to exit at 8pips manually. No ways - eventually I exit for 4pips profit after a number of attempts. It just missed my 12pips TP.

Nowadays I do have Yannis' EA activated to exit my trades on the EY.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,766
  • May 5, 2008 10:00am May 5, 2008 10:00am
Thanks Willem:

The good thing about ODL is the spreads, 2 on the majors even during the news but I'm not a news trader so I can't comment on the stability of things during those times.

Bad things is when adjusting a stop, it has to be 10 pips away from the current market price. Not sure if the EA would work with that 'gap' but I haven't looked at it yet...
  • #3,767
  • May 5, 2008 1:20pm May 5, 2008 1:20pm
3 trades for me today in a difficult market except for Cable (chart posted with evidence of one of my trades).

All 3 positive with 9pips profit - I am satisfied. On my way to 50pips his week.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080505 cablejpeg.JPG Size: 106 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,768
  • May 6, 2008 3:39am May 6, 2008 3:39am
One of my best days. Made about 5%! :o

EUR/USD
#1:
Short at 1.55061
1st half closed at 1.54995: +6.6 pips
2nd half closed at 1.54790: +27.1 pips
#2:
Short at 1.54728
Closed at 1.54718: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...usd_060508.png

GBP/USD
#1: Early entry, break of pivot, entry at pullback to the pivot
Short at 1.97170
1st half closed at 1.97080: +9.0 pips
2nd half closed at 1.96644: +52.6 pips

http://www.xaron.net/dl/fx/2008/intr...usd_060508.png

USD/JPY
#1:
Long at 104.884
Closed at 104.894: +1.0 pips
#2:
Long at 104.983
1st half closed at 105.042: +5.9 pips
2nd half closed at 104.993: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_060508.png

Regards - Xaron
  • #3,769
  • May 6, 2008 4:09am May 6, 2008 4:09am
Quoting Xaron
One of my best days. Made about 5%! :o

Regards - Xaron
Great!
here is my trade today, 7 pips loss
Attached Image (click to enlarge)
Click to Enlarge Name: 080506eurusd01.gif Size: 20 KB
Success is the small sum of efforts, repeated day in and day out.
  • #3,770
  • May 6, 2008 4:23am May 6, 2008 4:23am
Quoting Xaron
One of my best days. Made about 5%! :o

EUR/USD
#1:
Short at 1.55061
1st half closed at 1.54995: +6.6 pips
2nd half closed at 1.54790: +27.1 pips
#2:
Short at 1.54728
Closed at 1.54718: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...usd_060508.png

GBP/USD
#1: Early entry, break of pivot, entry at pullback to the pivot
Short at 1.97170
1st half closed at 1.97080: +9.0 pips
2nd half closed at 1.96644: +52.6 pips

http://www.xaron.net/dl/fx/2008/intr...usd_060508.png

USD/JPY
#1:
Long at 104.884
Closed at 104.894: +1.0 pips
#2:
Long at 104.983
1st half closed at 105.042: +5.9 pips
2nd half closed at 104.993: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_060508.png

Regards - Xaron

Hi X

Well done - I see the cable trade was a bit risky because it was just before the news release. But it worked out for you. I waited until after the release and took 10pips on a one-minute chart. That was my second trade for the day. The first trade was on the EUR - also for 10pips profit.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,771
  • May 6, 2008 4:38am May 6, 2008 4:38am
Quoting dhalsim
Great!
here is my trade today, 7 pips loss
Hi Dhal

Well done - nice trade after a bounce off the 21MA. Nice tail and power candle before your entry.

I took the previous set up -a bounce off the 10MA for 10pips as mentioned in the previous post.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,772
  • May 6, 2008 5:31am May 6, 2008 5:31am
Quoting Golfer
Hi X

Well done - I see the cable trade was a bit risky because it was just before the news release. But it worked out for you. I waited until after the release and took 10pips on a one-minute chart. That was my second trade for the day. The first trade was on the EUR - also for 10pips profit.
Thanks Willem. But there was no risk with the cable trade as I was short long before the news and 20 pips in plus. My SL was on BE.

Regards - Xaron
  • #3,773
  • May 6, 2008 5:56am May 6, 2008 5:56am
Quoting Xaron
Thanks Willem. But there was no risk with the cable trade as I was short long before the news and 20 pips in plus. My SL was on BE.

Regards - Xaron
Hi Xaron

That is the point I want you to emphasise for the other readers - once you take partial profit, you should set your stop loss at break even (BE) or you should be prepared to exit your second half as close to BE as possible. I know you are doing it - evidence of it on each of your charts. The other readers should take note of it.

Don't let your second half turn into a loss (and eat your profit of the first half).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,774
  • May 6, 2008 6:42am May 6, 2008 6:42am
Here's a running trade of mine.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_5min.JPG Size: 122 KB
  • #3,775
  • May 6, 2008 6:48am May 6, 2008 6:48am
Quoting winston
Here's a running trade of mine.
That was a quick 30 pips. Target R1.
  • #3,776
  • May 6, 2008 6:53am May 6, 2008 6:53am
Xaron and winston:

Please save some for the rest of us
  • #3,777
  • May 6, 2008 7:03am May 6, 2008 7:03am
Quoting Palmer
Xaron and winston:

Please save some for the rest of us
We're just picking up the crumbs from the pros...
  • #3,778
  • May 6, 2008 7:40am May 6, 2008 7:40am
This setup is just nice to enter... but i'm in trade with EURUSD...
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy_5min.JPG Size: 127 KB
  • #3,779
  • May 6, 2008 7:42am May 6, 2008 7:42am
I just picked up my crumbs also.

5 on the first and 5 on the second for 10 total. There were a few more but I heard the same office hottie coming down the hall so 10 in about 10 minutes is fine with me. I think this is 10 in a row for me...

Thanks for leaving me some guys and gals...
Attached Image
  • #3,780
  • May 6, 2008 7:59am May 6, 2008 7:59am
Quoting Palmer
I used the wrong word there, I meant what dhalism said, a few standard lots per entry. I didn't mean to be over leveraged on the position and disregard money management at all. 5 pips worth $20, $30...per pip adds up. That's what I mean by 'going in heavy'.

bshadroo:

Risk is never more than 3% of my account balance. But, if the close is on the wrong side of the 21 that may be an early exit even if the 3% has not been hit yet. Again, I'm only looking for about 5 on the first position. If the second position creeps back down to b/e, I'm out. Finger on the mouse button for the first few moments of the trade. If it makes it to 10 pips plus from entry, then it's decision time to try to trail it with a stop or just take it. It all depends on the trend. You don't know when a position is going to really take off until it actually does and then turns into a 20, 30...pip move. It does happen but I am very stingy with profits on the 5min timeframe, things happen too quick to not have a plan in place. Once I get 5 pips on the first position and if the second position comes back to b/e, click I'm out. If all I make is 5 for that trade/day it's still 5...$20, $30, $40 a pip is great for a few minutes of chart time. I will never let that 5 pip gain go negative on the second position...never.

As soon as I get in I click on one position to close it and wait for the 5, close it.

Click on the second position, as soon as the first one is closed, to close it or modify it depending on what the price is doing and go from there. Things moved well enough last week where I was able to take a screen shot with the position still open so everyone can see the actual buy/sell line on the chart, there was 'time'. I do this for the simple fact of letting everyone know that these are actual live trades. I do this on the 4hr thread as well. This not only adds to my confidence with the method or entry, but to try to add or aid a fellow trader's confidence to see that it actually works.

If it's a post trade chart all I can give you is my word that it was an actual trade.

Prepare for battle and everyone have a good week!
I have gone out many times with only 1 pip gain because I did not want the trade to go negative on me. I have been up 15 pips and then got out at 5. I have been trading H1 charts, but I want to look at the 5 min. I have enjoyed looking at the posts on this thread. I will try the 5 min tomorrow morning. I trade the firs 3 or 4 hours of the London session.
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