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5Min Intraday System

  • #3,781
  • May 6, 2008 8:16am May 6, 2008 8:16am
Quoting Dcb
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.

Dcb:

My spread is 2 on the majors so I'm automatically -2 on the entry. The majority of the trades do tick against me for the simple fact of the matter that you don't know if the price will keep moving in the opposite direction in the war zone. So, even on the 5min you have to give things room to breathe. Yesterday the EURJPY went 10 pips against me but I was still within my risk % limit before price resumed with the trend. Today's trade about 4 against me before turning. There's no way to know the exact turning point so you have to expect a negative move and be ready to exit if it keeps going negative. It's all a matter of trusting the current price action and checking the calendar for news.

Start with a micro or mini lot so the loss is minimal but keep it within the same pip stop loss (not % risk) as you were if you were trading a standard lot. Build your confidence up by letting the price go against you (like it will the majority of the time) and then see it resume the trend. I look for the best entry with the ADX as a filter and jut go with that.

Unless: Is there anyone that is entering at the close of a bar for confirmation for entry? Again, that's difficult because waiting on a close of a bar might be the entire trade...
  • #3,782
  • May 6, 2008 8:37am May 6, 2008 8:37am
Quoting Palmer
Dcb:

My spread is 2 on the majors so I'm automatically -2 on the entry. The majority of the trades do tick against me for the simple fact of the matter that you don't know if the price will keep moving in the opposite direction in the war zone. So, even on the 5min you have to give things room to breathe. Yesterday the EURJPY went 10 pips against me but I was still within my risk % limit before price resumed with the trend. Today's trade about 4 against me before turning. There's no way to know the exact turning point so you have to expect a negative move and be ready to exit if it keeps going negative. It's all a matter of trusting the current price action and checking the calendar for news.

Start with a micro or mini lot so the loss is minimal but keep it within the same pip stop loss (not % risk) as you were if you were trading a standard lot. Build your confidence up by letting the price go against you (like it will the majority of the time) and then see it resume the trend. I look for the best entry with the ADX as a filter and jut go with that.

Unless: Is there anyone that is entering at the close of a bar for confirmation for entry? Again, that's difficult because waiting on a close of a bar might be the entire trade...
I will let you know how do tomorrow.
  • #3,783
  • May 6, 2008 8:44am May 6, 2008 8:44am
Quoting Palmer
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...

Palmer
Good trading. What is the indicator on the bottom of the chart? Applications? And which post to download from?
  • #3,784
  • May 6, 2008 9:04am May 6, 2008 9:04am
Quoting Palmer
Dcb:


Unless: Is there anyone that is entering at the close of a bar for confirmation for entry? Again, that's difficult because waiting on a close of a bar might be the entire trade...
I'm waiting 1-2 candles and then open at 3d candle in 2-3pips from the open of the candle, sometimes fractals maybe helpful (+confidence) or so-called "unfinished fractals" when you open at 2nd candle of possible future fractal (again wait 2-3 pips) ) Hope it helps someone.
  • #3,785
  • May 6, 2008 9:50am May 6, 2008 9:50am
Miss out several good trades today by the time I log onto computer

I manage to still capture a successful trade today and would call it a day as the Bull might be getting tiring.. I would like to share some analysis for my latest trade and hope to hear from fellow traders about my analysis

My chart is as follows:

http://api.photoshop.com/home_6de186...ef7399d046f705


First, I log on to computer realizing that this may be the end of trend as I normally do not enter once the MACD is near the crossover line and the price starts to consolidate [1].

However, I note that the price where it consolidates is previous resistance and is turning into strong (maybe) support [see chart]. This could be a very strong signal if the next candle shows some bullish signal. The next candle, as it comes, is closing with a bullish signal.

Hence, I enter the trade @ 1.5530 [2] placing a stop 30 pips away and profit target of 10 pips as it is near the Pivot R1. Price goes bullish within the next 20 minutes and capture my profit.

Just to share some of my decision making process.

Once again, thanks for the strategy, template and constant support from all of you!
Ride on the Bull, Sit on the Bear
  • #3,786
  • May 6, 2008 10:07am May 6, 2008 10:07am
Quoting Golfer
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.
you are so kind, Willem
here comes my second trade today,
50% 10 pips and the other 50% 11pips gain

Dhalsim
Attached Image (click to enlarge)
Click to Enlarge Name: 080506eurusd02.gif Size: 17 KB
Success is the small sum of efforts, repeated day in and day out.
  • #3,787
  • May 6, 2008 10:14am May 6, 2008 10:14am
Quoting Palmer

Unless: Is there anyone that is entering at the close of a bar for confirmation for entry? Again, that's difficult because waiting on a close of a bar might be the entire trade...
I entered at the close of a bar, and I only trade TC
and always wait the good looking TC.
there are plenty of opportunities and I think TC is enough for beginners such as me.

and it seems that Golfer (Willem) also enter on the close of the candles,
but he has so many setups.

Dhalsim
Success is the small sum of efforts, repeated day in and day out.
  • #3,788
  • May 6, 2008 10:22am May 6, 2008 10:22am
Quoting emacro
Palmer
Good trading. What is the indicator on the bottom of the chart? Applications? And which post to download from?
That's the PNel5MinMAvg I put together. It's just a combination of all the moving averages displayed as a colored bar. I posted it a week or two ago. Click on the paperclip tunmbmail in at the beginning of the thread and you can find it there. I'm on a different PC right now. There some notes about the 'yellow' bars too. The indicator that I have on the charts now is called 5MinMa, I think, but it does the exact same thing...
  • #3,789
  • May 6, 2008 10:24am May 6, 2008 10:24am
Quoting dhalsim
I entered at the close of a bar, and I only trade TC
and always wait the good looking TC.
there are plenty of opportunities and I think TC is enough for beginners such as me.

and it seems that Golfer (Willem) also enter on the close of the candles,
but he has so many setups.

Dhalsim
Dhalsim:

I am looking at when the DMI+/- re-crosses with the trend at the close of the bar for a re-entry but this is more chart time for me. As long as the slope of the 50 is there, it looks good but I still have to look back over the history of it to see how it works out....
  • #3,790
  • May 6, 2008 10:36am May 6, 2008 10:36am
Quoting Palmer
Dhalsim:

I am looking at when the DMI+/- re-crosses with the trend at the close of the bar for a re-entry but this is more chart time for me. As long as the slope of the 50 is there, it looks good but I still have to look back over the history of it to see how it works out....
it seems great, looking forwards to test results!

Dhalsim
Success is the small sum of efforts, repeated day in and day out.
  • #3,791
  • May 6, 2008 12:45pm May 6, 2008 12:45pm
my eu and usdcad trades
eu:a little risky one ,off the 50sma,38% fibo and pivot
usdcad:after TC signal and soem retracement in next candle
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu.gif Size: 22 KB
Click to Enlarge Name: cd.gif Size: 19 KB
  • #3,792
  • May 6, 2008 12:59pm May 6, 2008 12:59pm
Quoting Palmer
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...
Hi Palmer

Great - now go for 20/20. Very interesting - the more positive trades I do have in a row, the more I tend to take a careful look at the next setup before I enter. Then you go for only the high probability setups.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,793
  • May 6, 2008 1:04pm May 6, 2008 1:04pm
Quoting Palmer
Dcb:

My spread is 2 on the majors so I'm automatically -2 on the entry. The majority of the trades do tick against me for the simple fact of the matter that you don't know if the price will keep moving in the opposite direction in the war zone. So, even on the 5min you have to give things room to breathe. Yesterday the EURJPY went 10 pips against me but I was still within my risk % limit before price resumed with the trend. Today's trade about 4 against me before turning. There's no way to know the exact turning point so you have to expect a negative move and be ready to exit if it keeps going negative. It's all a matter of trusting the current price action and checking the calendar for news.

Start with a micro or mini lot so the loss is minimal but keep it within the same pip stop loss (not % risk) as you were if you were trading a standard lot. Build your confidence up by letting the price go against you (like it will the majority of the time) and then see it resume the trend. I look for the best entry with the ADX as a filter and jut go with that.

Unless: Is there anyone that is entering at the close of a bar for confirmation for entry? Again, that's difficult because waiting on a close of a bar might be the entire trade...
Hi Palmer

It all depend on the type of setup. If I see a possible TC is forming, I'll wait for the close. If I do identify any of my other signals e.g. 2 lower highs and it looks like a third is forming, I'll enter during the pullback in the middle of the candle.

So I'll play it by ear and it will depend on the look of the setup.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,794
  • May 6, 2008 1:12pm May 6, 2008 1:12pm
Quoting bshadroo
my eu and usdcad trades
eu:a little risky one ,off the 50sma,38% fibo and pivot
usdcad:after TC signal and soem retracement in next candle
Hi Bs

Very nice power candle on your second chart just before your entry alos forming the TC pattern - perfect trade. Well done.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,795
  • May 6, 2008 1:26pm May 6, 2008 1:26pm
Thank you Phillip for sharing this wonderful system, thank you Golfer and all the others for sharing all your thoughts and ideas and help.

This is my trade of yesterday for usdjpy : 2 descending triangles (resistance marked with green lines). I missed the first, but took the second one, entry short on 104.89, right after the up candle in the war zone (very close to the descending resistance line) at 21:30 and exit on 104.81 at 21:39 (GMT + 1).
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy 5 5 08 a.gif Size: 27 KB
  • #3,796
  • May 6, 2008 2:07pm May 6, 2008 2:07pm
Quoting Golfer
Hi Bs

Very nice power candle on your second chart just before your entry alos forming the TC pattern - perfect trade. Well done.
thx willem ,and what u say about trading on the 50 sma?
  • #3,797
  • May 6, 2008 2:26pm May 6, 2008 2:26pm
Quoting AmatPro
Thank you Phillip for sharing this wonderful system, thank you Golfer and all the others for sharing all your thoughts and ideas and help.

This is my trade of yesterday for usdjpy : 2 descending triangles (resistance marked with green lines). I missed the first, but took the second one, entry short on 104.89, right after the up candle in the war zone (very close to the descending resistance line) at 21:30 and exit on 104.81 at 21:39 (GMT + 1).
Hi Ama

Re-look at your chart and see the nice flat pullbacks to form the support line for the triangle. Now you need to look for a few lower highs on the candles giving you the signal for an entry. The lower highs meaning the pressure is from above to go down. Then you look for the previous low as your first target (make sure there is enough pips between your entry and the previous low).

Your second setup is also an example of a bearish 3 pattern.

Well done and keep going.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,798
  • May 6, 2008 2:32pm May 6, 2008 2:32pm
Quoting bshadroo
thx willem ,and what u say about trading on the 50 sma?
Hi Bs

I will only use a bounce off the 50MA to entry a trade:

1. on the EY pair with one of my price patterns, and

2. 3 little sisters where there the 3rd sister is formed just below the 50MA
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,799
  • May 6, 2008 2:34pm May 6, 2008 2:34pm
The ADX indicator that you see on my charts as promised to Winston.
Attached File(s)
File Type: ex4 ADX MTF.ex4   16 KB | 465 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,800
  • May 6, 2008 3:04pm May 6, 2008 3:04pm
My Ellipse trade on Skype:

[8:14:48 PM] Willem Kruger says: EUR - just formed a nice ellipse setup. Entered at 5531
[8:16:21 PM] Willem Kruger says: EUR - 21 just coming out of non-trade zone and just below R1 line
[8:20:38 PM] Willem Kruger says: EUR - also a great TC (zero bounce) on MACD
[9:54:48 PM] Willem Kruger says: EUR - that setup gave me 10pips, high probability setup
Attached Image (click to enlarge)
Click to Enlarge Name: 20080506 5min trade 4jpeg.JPG Size: 112 KB
Willem Forex recipe for success = Patience, discipline & hard work.
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