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5Min Intraday System

  • #3,821
  • May 7, 2008 2:44pm May 7, 2008 2:44pm
Just to show you what I mend earlier in my posts regarding my favourite pair. I saw the TC being formed and go for it.

Chart 2 - 10pips made, should have stayed in the trade but that is how I trade. I do have a profit target and stay with it.

Like Palmer is saying on the 4h thread - more clear signals. Once you start getting use to this system, you'll just browse the charts and the setup will call you.

DON'T LOOK FOR A SETUP - THE SETUP MUST BE CALLING YOU.

If you start looking for a setup, surely you'll find one because they are everywhere. That is why this system looks so easy to trade. But that setup would be a risky one and you'll get burned. Then you start blaming the system.

YOU NEED TO WORK HARD AT THIS SYSTEM TO MAKE IT WORK FOR YOU.

And it does work.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 20080507 5min trade 2.gif Size: 32 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,822
  • May 7, 2008 7:41pm May 7, 2008 7:41pm
Quoting Golfer
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.
I do check back once in a while to see how the development' of the system is going. The system owes a lot to Golfer (and also Phillip Nel) for refinement and 'keeping the thread going'. Would be good to get eyevoltage back too!
  • #3,823
  • May 7, 2008 8:41pm May 7, 2008 8:41pm
Anyone who knows how to save charts of Oanda?
  • #3,824
  • May 7, 2008 10:45pm May 7, 2008 10:45pm
My trades:

E/J
Trade 1
Sell: 159.9590
Close: 159.8080
Profit: +15.1

Trade 2
Sell: 159.8340
Close: 159.7380
Profit: +9.6

Trade 3
Sell: 159.8360
Close: 159.7570
Profit: +7.9
Attached Image (click to enlarge)
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  • #3,825
  • May 8, 2008 1:43am May 8, 2008 1:43am
Hi,

thanks for your words. I don't change my system, only adjust my stop to give my trades more room to breath. Especially the Cable has usually a high vola.

Regards - Xaron
  • #3,826
  • May 8, 2008 1:45am May 8, 2008 1:45am
In this pullback to warzone.
Attached Image (click to enlarge)
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  • #3,827
  • May 8, 2008 1:47am May 8, 2008 1:47am
Uh... wouldn't have take this one because of choppy movement. Do you see the scale? 5 pips are nothing for the cable.

But anyway: Grats!

Regards - Xaron
  • #3,828
  • May 8, 2008 2:21am May 8, 2008 2:21am
You are right on the choppy movement. Like Golfer and Palmer says this is a case of "looking for the setup" rather than have "setup call you"
  • #3,829
  • May 8, 2008 2:46am May 8, 2008 2:46am
With the gbpusd chart meandering sideways, closed out the position at breakeven few mins ago.

BTW I received an email from FXCM today that say they now offer accounts with Metatrader4.
  • #3,830
  • Edited 3:06am May 8, 2008 2:53am | Edited 3:06am
my usdjpy trade:
i went BE after 12pips,i closed it for +20pips,it droped another 40pips down after i closed and when i writing this.unfortunetly my account size doesnt allow me to trade two minilots so i should enter by only one and close it soon .
today i think usdjpy will god for trade ,it breaks the daily TL and alot of room to go down today.
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  • #3,831
  • May 8, 2008 2:58am May 8, 2008 2:58am
Hello guys and gals,

today i made my first live trade with ABN, so you can see my trade.
I tried this system for a few weeks now on the demo and it worked out quite well. On some days, i had drawdowns like Xaron, but i think the system is very strong.
So, please feel free to comment on my trade:

Entry @ 28 in the War Zone, and additionally, there was S1.
The first half i closed after 5 Pips.
For the second half, then my second stop was BE, and then i trailed my stop just under the candles. The second half got stopped out with 8,5 pips.
Attached Image (click to enlarge)
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Donīt live for working, but work for living.
  • #3,832
  • May 8, 2008 3:00am May 8, 2008 3:00am
Great one, matsf. With the S1 as support it was a very strong buy. I took the same one. It's great to see you trading this system as well.

I really like this approach as it is old like trading itself.

Will post my charts later as usual...

edit: BTW: I'm short in the UJ at 104.24, still running.

Regards - Xaron
  • #3,833
  • May 8, 2008 3:40am May 8, 2008 3:40am
Finally breaks upside. Now we can see the 50 ema supports the price. Alas I am out.
Attached Image (click to enlarge)
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  • #3,834
  • May 8, 2008 3:52am May 8, 2008 3:52am
Golfer
I am looking ainto the TC pattern setup, does the price have to be within the war zone to be valid, as in this case? Entry around 1.9551?
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  • #3,835
  • May 8, 2008 7:50am May 8, 2008 7:50am
Man that EURJPY ticks like a Mexican jumping bean sometimes...8 on the first lot and 3 on the second for 11 total

Either way, here's the one trade for the day...

The vertical line was the entry at 160.09. There are a few things that did raise a flag but I took it:

Note the inverted hammer (I think that's what that is called) before my entry. I think this is interpreted as a bearish signal in candlestick terms so I watched for price to tick down a little more before getting in, I was negative 15 pips at the most. So waiting for price to come down some more 'helped'. The ADX was a high (a pause in the trend) but looking back the price action can still move in the direction of the trend. Also, I see now that the DMI- was peaking, don't know why I didn't even see that. Guess I need to make a checklist. Either way it worked out.

Mission accomplished, 1 trade per day at least 5 pips and done...
Attached Images
  • #3,836
  • May 8, 2008 7:51am May 8, 2008 7:51am
My trades today...

EUR/JPY
#1:
Long at 159.938
Closed at 159.948: +1.0 pips
#2:
Long at 159.997
1st half closed at 160.097: +10.0 pips
2nd half closed at 160.007: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_080508.png

EUR/USD
#1:
Long at 1.53346
1st half closed at 1.53413: +6.7 pips
2nd half closed at 1.53356: +1.0 pips
#2:
Long at 1.53288
Closed at 1.53530: +24.2 pips

http://www.xaron.net/dl/fx/2008/intr...usd_080508.png

GBP/USD
#1:
Short at 1.95853
1st half closed at 1.95910: +5.7 pips
2nd half closed at 1.95863: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...usd_080508.png

USD/JPY
#1:
Short at 104.226
1st half closed at 104.153: +7.3 pips
2nd half closed at 103.969: +25.7 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_080508.png

Regards - Xaron
  • #3,837
  • May 8, 2008 8:10am May 8, 2008 8:10am
Quoting Palmer
Man that EURJPY ticks like a Mexican jumping bean sometimes...8 on the first lot and 3 on the second for 11 total

Either way, here's the one trade for the day...

The vertical line was the entry at 160.09. There are a few things that did raise a flag but I took it:

Note the inverted hammer (I think that's what that is called) before my entry. I think this is interpreted as a bearish signal in candlestick terms so I watched for price to tick down a little more before getting in, I was negative 15 pips at the most. So waiting for price to come down some more 'helped'. The ADX was a high (a pause in the trend) but looking back the price action can still move in the direction of the trend. Also, I see now that the DMI- was peaking, don't know why I didn't even see that. Guess I need to make a checklist. Either way it worked out.

Mission accomplished, 1 trade per day at least 5 pips and done...
hi
where was your initial stoploss?
  • #3,838
  • May 8, 2008 8:15am May 8, 2008 8:15am
Xaron
Great trading, keep it up!


Bshadroo

Let me see, Palmer's stop loss is limited to 3% of his account equity, so it does not necessarily mean he will use the 10 pip stop loss, am I right?
  • #3,839
  • May 8, 2008 8:17am May 8, 2008 8:17am
Xaron, why did you take the GU-trade so early, it was not in the "war zone" ?
And the EJ trade: The SMA 50 was pointing down. Donīt you look at it ?

Nice trades anyway !
Donīt live for working, but work for living.
  • #3,840
  • May 8, 2008 8:27am May 8, 2008 8:27am
matsf, regarding the EUR/JPY: You're right, it was very risky as the trend was clearly down (in the hourly). This was just a feeling.

Regarding the GBP/USD: To be honest I wanted to go long at the pivot (brown line) but missed it. So I entered a little bit later but still too early for this system. Should learn more patience.

Thanks anyway, I needed a good day after my bad one yesterday.

I take a long weekend now, see you on Tuesday.

Regards - Xaron
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