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5Min Intraday System

  • #3,801
  • May 6, 2008 3:18pm May 6, 2008 3:18pm
Details on chart
Attached Image (click to enlarge)
Click to Enlarge Name: 20080506 5min trade 2thisjpeg.JPG Size: 94 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,802
  • May 6, 2008 11:17pm May 6, 2008 11:17pm
Quoting Golfer
The ADX indicator that you see on my charts as promised to Winston.
Thanks Golfer.
  • #3,803
  • May 7, 2008 2:53am May 7, 2008 2:53am
What a miss on the cable.. I was looking at EU and missed the breakout on GU... Well, wait for another opportunity..

News later may give us some pips to pick
  • #3,804
  • May 7, 2008 3:51am May 7, 2008 3:51am
Quoting winston
What a miss on the cable.. I was looking at EU and missed the breakout on GU... Well, wait for another opportunity..

News later may give us some pips to pick
I sold the E/U, and I expect the price to move to the red line I have drawn. I am waiting for the G/U to show some patterns that indicate what it wants to do now.
Attached Image (click to enlarge)
Click to Enlarge Name: E.U 2.png Size: 24 KB
  • #3,805
  • May 7, 2008 3:55am May 7, 2008 3:55am
I have entered a short position on the G/U.
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Click to Enlarge Name: G.U.2.png Size: 23 KB
  • #3,806
  • May 7, 2008 4:13am May 7, 2008 4:13am
Today I was completely lost. Look at the screens, got stopped out 3 times almost exactly to the pip. That's very, very annoying for me.

Consequence: I'll use a stop of 30 pips again as I got stopped out 6 times now at 20 pips where the trades would had been big winners...

Sorry, no exact trade parameters, have to come down first. Have stopped for today...

EUR/JPY

http://www.xaron.net/dl/fx/2008/intr...jpy_070508.png

EUR/USD

http://www.xaron.net/dl/fx/2008/intr...usd_070508.png

GBP/USD

http://www.xaron.net/dl/fx/2008/intr...usd_070508.png

USD/JPY

http://www.xaron.net/dl/fx/2008/intr...jpy_070508.png

Regards - Xaron
  • #3,807
  • May 7, 2008 4:15am May 7, 2008 4:15am
I closed my short position of the E/U when it hit my TP (the red line I had drawn). My gain was 21 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: E.U.3.png Size: 23 KB
  • #3,808
  • May 7, 2008 4:22am May 7, 2008 4:22am
I was stopped out of my short postion of the G/U with a 11 pip loss. I will wait for the next opportunity.
Attached Image
  • #3,809
  • May 7, 2008 4:23am May 7, 2008 4:23am
Quoting Golfer
Details on chart
Thanks for the commented chart. I was able to reproduce this kind of trades today at 10:00 GMT with EURUSD and EURGBP. Quick and easy Pips.
  • #3,810
  • May 7, 2008 5:18am May 7, 2008 5:18am
I sold the E/U after the German factory orders came out. I moved my target (red line) to 1.54240. I have to admit I closed just before the price hit the red line. I had a gain of 26 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: E.U.4.png Size: 24 KB
  • #3,811
  • May 7, 2008 6:48am May 7, 2008 6:48am
Just fired everything up. Price action looks a little flat right now, no real eco news out to day so things might be thin....back later.
  • #3,812
  • May 7, 2008 8:06am May 7, 2008 8:06am
A trade entry on eurusd at 1.5431 off the 3 little sisters pattern.
Attached Image
  • #3,813
  • May 7, 2008 9:29am May 7, 2008 9:29am
was in a meeting for about an hour...euro looks like it gave up two entries while i was away...we'll see if something else develops...
  • #3,814
  • May 7, 2008 12:20pm May 7, 2008 12:20pm
Quoting Dcb
I closed my short position of the E/U when it hit my TP (the red line I had drawn). My gain was 21 pips.
Hi D

Great breakout trade.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,815
  • May 7, 2008 12:30pm May 7, 2008 12:30pm
Quoting Wonko
Thanks for the commented chart. I was able to reproduce this kind of trades today at 10:00 GMT with EURUSD and EURGBP. Quick and easy Pips.
Hi W

That is the beauty of Phillip's system and the high probability setups as explained by Phillip. Once you get the necessary experience, discipline and patience, it becomes really great fun to trade.

I am still stuggling with the last two issues but I am getting better. Trading small mini lots (0.1lots) and playing around, reading the charts and price patterns as it develps, helps with the experience. You do get some experience looking at charts posted but you do get the real experience by folllowing the live markets and do some small time trading (what I am doing now). I do plan to open a standard account in about 6-9 months and then it is down to serious trading.

That is why I am working on my trading system and plan. ANd get use to the markets and movements. That is also why I concentrate on only my 3 pairs (EUR, Cable, EY) and study them intensively.

Like I always say - enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,816
  • May 7, 2008 12:39pm May 7, 2008 12:39pm
[quote=Xaron;1987927]Today I was completely lost. Look at the screens, got stopped out 3 times almost exactly to the pip. That's very, very annoying for me.

Consequence: I'll use a stop of 30 pips again as I got stopped out 6 times now at 20 pips where the trades would had been big winners...

Sorry, no exact trade parameters, have to come down first. Have stopped for today...

Hi X

Sorry, but you do get days like this. Just stay with your plan and system.

For other members:

Don't change your system if you do have a bad day. Trust it and stay with it. If you do have a serious of bad days/trades in a row, then you know there is sometime wrong. DOn't start changing just because of one bad day.

I've been trading Phillip's system now for more than 1 year and I only started changing something after about a month of bad luck or when I see a specific pattern. I don't change my system immediately but only after a month or two following that specific identified pattern I saw.

That was how I came up with that my Appendix with high probability setups - months of charts following and planning.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,817
  • May 7, 2008 12:42pm May 7, 2008 12:42pm
Quoting emacro
A trade entry on eurusd at 1.5431 off the 3 little sisters pattern.
One of our old fiends are back and with a bang. Well done and welcome back. When the thread was quiet, Emarco and one or two other kept me going. Thanks again for your support - I do appreciate it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,818
  • May 7, 2008 12:48pm May 7, 2008 12:48pm
[quote=Golfer;1988918]
Quoting Xaron
Today I was completely lost. Look at the screens, got stopped out 3 times almost exactly to the pip. That's very, very annoying for me.

Consequence: I'll use a stop of 30 pips again as I got stopped out 6 times now at 20 pips where the trades would had been big winners...

Sorry, no exact trade parameters, have to come down first. Have stopped for today...

Hi X

Sorry, but you do get days like this. Just stay with your plan and system.

For other members:

Don't change your system if you do have a bad day. Trust it and stay with it. If you do have a serious of bad days/trades in a row, then you know there is sometime wrong. DOn't start changing just because of one bad day.

I've been trading Phillip's system now for more than 1 year and I only started changing something after about a month of bad luck or when I see a specific pattern. I don't change my system immediately but only after a month or two following that specific identified pattern I saw.

That was how I came up with that my Appendix with high probability setups - months of charts following and planning.
This should be painted on the wall right above your monitor(s) while you are trading. Words of wisdom...period.

Well, I finally saw something I liked after my 'meeting' and bagged 12 on the USDJPY. 5 on the first lot and 7 on the second. This took a while to set up. I was a little concerned because of the time of day and the quick drop to get this going but when the support was broken that gave me a little confidence boost. The DMI+ was ticking up but still below the DMI- so I kept a close eye on it and got out positive....
Attached Images
  • #3,819
  • Edited 1:36pm May 7, 2008 1:12pm | Edited 1:36pm
[quote=Palmer;1988939]
Quoting Golfer

This should be painted on the wall right above your monitor(s) while you are trading. Words of wisdom...period.

Well, I finally saw something I liked after my 'meeting' and bagged 12 on the USDJPY. 5 on the first lot and 7 on the second. This took a while to set up. I was a little concerned because of the time of day and the quick drop to get this going but when the support was broken that gave me a little confidence boost. The DMI+ was ticking up but still below the DMI- so I kept a close eye on it and got out positive....
yes,i saw that too and there was a TL above wich made about 15 pips stoploss,even it breaked a H1 TL to down ,but i didnot trade because of the bad time in day
edit:it goes down 40pips from ur entry,i saw u stay in positive trade as long as u can in H4,but here ,u go out soon ,dont u can do the same here?
  • #3,820
  • May 7, 2008 1:41pm May 7, 2008 1:41pm
Our discussion on the EY on Skype chat - see the attached chart:

[08:18:38 PM] Willem Kruger says: EY - just look back and see the nice wave-like movements bouncing off the 21. That is what you want to see and then go for the next high probability setup. Phillip loves that wave-like movements. Very smooth

[08:22:28 PM] André Arruda says: Yes it´s beautful.

[08:22:56 PM] Willem Kruger says: I am busy preparing a chart for ff - will post it in a while

[08:31:12 PM] Willem Kruger says: EY - that is my favourite pair showing her true colour again right now

[08:34:03 PM] André Arruda says: almost 50 pip´s since last pullback...it´s realy amazing.
[08:35:41 PM] Willem Kruger says: That is why she is my favourite pair. Once of twice I tried to trade against the trend but got burned badly. Never trade her against the trend - like now.
[08:36:50 PM] André Arruda says: Trend in our friend.
[08:37:10 PM] Willem Kruger says: Agree!!!!
Attached Image (click to enlarge)
Click to Enlarge Name: 20080507 ey wavesjpeg.JPG Size: 113 KB
Willem Forex recipe for success = Patience, discipline & hard work.
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