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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #3,841
  • May 8, 2008 6:32am May 8, 2008 6:32am
Alright, thanks Xaron.
I just wanted to be sure i understand the system.

Have a nice very long weekend !!
Donīt live for working, but work for living.
  • #3,842
  • May 8, 2008 6:36am May 8, 2008 6:36am
Thanks for you as well. It's annoying again to see the EU now... Grrrr.

Regards - Xaron
  • #3,843
  • May 8, 2008 6:44am May 8, 2008 6:44am
Donīt be angry. Tuesday is another day...

Hereīs one more trade.
Not exactly according to the rules, but the 80 in the cable was there.
It was good for 22 more pips.
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Donīt live for working, but work for living.
  • #3,844
  • May 8, 2008 6:46am May 8, 2008 6:46am
My stop would have been around the .80 'something' area, there were several previous price bars that had trouble breaking through this level that I would have caught my attention, the yellow line.

My risk is more or less like a floating percentage around 3%. If 3% is 20 pips or so, I'll give it 21,22 pips...because nothing in trading is exact. Support lines, Fib#'s, channels, etc. Everything needs room to breath around a hard number.
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  • #3,845
  • May 8, 2008 7:03am May 8, 2008 7:03am
Quoting Palmer
My stop would have been around the .80 'something' area, there were several previous price bars that had trouble breaking through this level that I would have caught my attention, the yellow line.

My risk is more or less like a floating percentage around 3%. If 3% is 20 pips or so, I'll give it 21,22 pips...because nothing in trading is exact. Support lines, Fib#'s, channels, etc. Everything needs room to breath around a hard number.
dear palmer
i think i should learn another thing wich is confusing for me:if your stoploss was hitted u would loose 29*2=58pips but when u close it for totally 11pips it means your Risk:Reward is about 6:1, lets suppose price didnt go in your direction that some pips,so what would happended?u could loose ur previous 6 winning trades .is that ok for u ?
the only answer which is comming to my mind is there is another factor should be included and we can call it :"the probability" then we should multiple the "probability" figure in r:r ratio and it should be 6/1(about 84%) to become total R:R near 1.
so risk:reward = 29*2 : 11 * 6(84%)
i hope i could transfer my meaning with my poor english but as a conclusion i should say :if your trades have 84% winning ratio(chance) then u will BE after 100 trades and I think it is not good enough.
is your trades have more than 84% winning chance?
thx
  • #3,846
  • May 8, 2008 7:41am May 8, 2008 7:41am
my eu trade after TC signal.i closed it +12pips
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  • #3,847
  • May 8, 2008 7:51am May 8, 2008 7:51am
Quoting bshadroo
my eu trade after TC signal.i closed it +12pips
nice trade bshadroo, I also liked that price bounced off near the 38.2 level
  • #3,848
  • May 8, 2008 7:55am May 8, 2008 7:55am
Hey bsh:

Yes, I know exactly what you are saying. And yes your logic is 100% correct. I'm not boasting about anything, if anyone here knew me on a personal level they would know this for a fact. But, this is 13 (I think winners) in a row for me by being very selective. For me it's all about trusting the trend and you are right that one loser has the possibility of taking out a weeks worth of profits or at least three or four days. But, and since you brought this up and it has been in the back of my mind anyway, I now have to start thinking about the longer term aspect of things. As far as setting a $ goal for my account size and once it reaches a set $ level, withdraw those funds to my bank account so the money is never at 'risk'. This would 're-start' my account from zero more or less and have 'free money' to add funds back to an account if needed.

Trading is ALL speculation, you 'think' something is going to happen. I don't mind losing money, that may sound odd but I do have a % goal hit per week for my account and once that is hit I do lower my lot size if I chose to trade again. So, once that goal is obtained I reduce the risk per trade. This is a lot to get into and I know that every time someone adds a little but about their trading style it seems like eveyone else gets ideas and can make things a little difficult for everyone else. I do try to minimize that but I've let the cat out of the bag a little here now...Hope some of this helps..

Gotta run.
  • #3,849
  • May 8, 2008 11:04am May 8, 2008 11:04am
The EY SID MOV and triangle formation as mentioned on Skype chat. One needs to wait for a breakout. I did entry a very risky long trade right on the support line of the triangle (not according to the rules - ignore please). I am hoping for a breakout to the upside.

Also evidence of my first trade - the 3rd sister bounced off the 50MA. The only time I'll ignore some of the rules.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,850
  • May 8, 2008 11:22am May 8, 2008 11:22am
My EUR trade with all the signals I am looking for. I've numbered them 1-7, I hope it makes sense. That are some of the things I do look for when I saw a possible setup.

The evidence of the trade can be seen on the charts thanks to Yannis EA.

The signals must call you to enter! This one did.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,851
  • May 8, 2008 11:35am May 8, 2008 11:35am
Quoting matsf
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.
Hi Mat

Well done. I would have entered at 1.5530 (2 candles later that you entry waiting for more signals). Signals not clear where you have entered. There was no evidence that 10MA is acting as support (price fell right through it). Next support level is the 21MA. At that stage I would still be worried that the price might fall through the 21MA. I like to see support found on the 21MA (which was evident 2 candles later).

Just my opinion and my style of trading - well done and keep it up. Keep the chart coming - the only way you'll learn.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,852
  • Edited 11:48am May 8, 2008 11:38am | Edited 11:48am
Hello everyone. Here's my first charting post on this thread. Looks like I'm out to confuse people even more, but I like reading other's different styles, so:

This is an example of the trading style I've begun to adopt, a style that is designed for the highly anxious nature that Forex has forced me to own up to. I don't like thinking of myself as an anxious person, but, in a sink or swim environment, own up to your fears and find a way past them or drown.
You'll see what I mean by my first two and most important parts of my rules:
1. I will wait for my rules to be satisfied.
2. I will make myself miss out on a trade if I am feeling eager, anxious, or if I'm feeling upset because of having missed out on a previous trade.
The rest of my rules involve taking my entries off of or near recently tested support and resistance. In order to do this, I look for candle closes. I don't enter during a candle's move unless I'm using a fifteen minute chart and supporting it with the five minute. My entries are generally within the war zone, but I may, sometimes enter off the proven support/resistance of a trend line, horizontal price line, or a recently tested pivot line.
Since I seem to be a simple person, in addition to being an anxious one, I have a simple method of following the candles during price movement. A down candle is searching for support, and an up candle is searching for resistance. Therefore, I will not buy at the close of a down candle, nor will I sell at the close of an up candle, even if it has stopped at support/resistance or within the war zone. There must be a move away and a close before I will react. I enter with one mini lot and take profit or loss according to the same candle movement. I don't close a deal if the previous candle went my way and if price is above or below proven support or resistance. An exception is when I've made a loss on the previous trade. Then I move my stop to breakeven or profit, depending.
That is shown on the chart in trade 2, where I took twenty pips profit at 1.5423, though price acted like it wanted to test the price line and pivot line around the 1.5430 region. I wanted to lock in some profit to cover the loss. Otherwise, I might have waited to see if there would be a breakout above the previous high, moving my stop to breakeven or to +10. I'm trading only EURUSD, and my initial stops are always -15.
Trade 1 was entered at 14:05 gmt and stopped out at 14:13. Trade 2, entered 14:20, profit taken at 14:39. The best to all of you. Thanks Golfer for all the effort you put out along with so many others. --Tony Edit: Shame on me. I just realized that I forgot to add the 10 ema to my 4Hour setup, since I started using it for both 4Hour and 5Min trades. It seems to be working. Oh well... I'll add it.
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  • #3,853
  • May 8, 2008 11:57am May 8, 2008 11:57am
Quoting OldDog
Hello everyone. Here's my first charting post on this thread. Looks like I'm out to confuse people even more, but I like reading other's different styles, so:

This is an example of the trading style I've begun to adopt, a style that is designed for the highly anxious nature that Forex has forced me to own up to. I don't like thinking of myself as an anxious person, but, in a sink or swim environment, own up to your fears and find a way past them or drown.
You'll see what I mean by my first two and most important parts of my rules:
1. I will wait for my rules to be satisfied.
2. I will make myself miss out on a trade if I am feeling eager, anxious, or if I'm feeling upset because of having missed out on a previous trade.
The rest of my rules involve taking my entries off of or near recently tested support and resistance. In order to do this, I look for candle closes. I don't enter during a candle's move unless I'm using a fifteen minute chart and supporting it with the five minute. My entries are generally within the war zone, but I may, sometimes enter off the proven support/resistance of a trend line, horizontal price line, or a recently tested pivot line.
Since I seem to be a simple person, in addition to being an anxious one, I have a simple method of following the candles during price movement. A down candle is searching for support, and an up candle is searching for resistance. Therefore, I will not buy at the close of a down candle, nor will I sell at the close of an up candle, even if it has stopped at support/resistance or within the war zone. There must be a move away and a close before I will react. I enter with one mini lot and take profit or loss according to the same candle movement. I don't close a deal if the previous candle went my way and if price is above or below proven support or resistance. An exception is when I've made a loss on the previous trade. Then I move my stop to breakeven or profit, depending.
That is shown on the chart in trade 2, where I took twenty pips profit at 1.5423, though price acted like it wanted to test the price line and pivot line around the 1.5430 region. I wanted to lock in some profit to cover the loss. Otherwise, I might have waited to see if there would be a breakout above the previous high, moving my stop to breakeven or to +10. I'm trading only EURUSD, and my initial stops are always -15.
Trade 1 was entered at 14:05 gmt and stopped out at 14:13. Trade 2, entered 14:20, profit taken at 14:39. The best to all of you. Thanks Golfer for all the effort you put out along with so many others. --Tony Edit: Shame on me. I just realized that I forgot to add the 10 ema to my 4Hour setup, since I started using it for both 4Hour and 5Min trades. It seems to be working. Oh well... I'll add it.
Hi Tony

Spending time and efforts with Phillip and his systems pays off. We took the same trade (see my charts above) - great mind thinks alike.

Another point/evidence why it is important to have your own set of rules and not just trade randomly/each pullback.

What I see is that people do stay with Phillips basic principles. Well done.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,854
  • May 8, 2008 12:33pm May 8, 2008 12:33pm
I'll mess up the thread a little bit more just to say thanks for the encouragement, Golfer. I just got through reading some of Phillip's most recent posts on the 4Hr thread, where he shows examples of entering on price action and rhythm alone and says that the MACD system is, partially, for teaching us how to recognize the rhythm of the market. It's partially a crutch to help keep us from making too many dangerous mistakes while learning price action. I can see that I have a long way to go, but I can also see that I've come so far from where I was when I started with Phillip. The best. --Tony
  • #3,855
  • May 8, 2008 1:33pm May 8, 2008 1:33pm
thx palmer for reply
i hope ur winning trades continue without any stop.
i saw u let ur profit run in H4 and i think u may can do this in m5 system(with m5 scale ,u earn about 1000pips in one H4 trade and u may can win 30 if u stay in a m5 trade).
i really love ur trades in H4 ,specially the H1 entries but here (to be honest)i really shocked ,because i expect to see u let ur second lot run as long as possible.
anyway, always learn new things from u . thx alot
  • #3,856
  • May 8, 2008 6:23pm May 8, 2008 6:23pm
Quoting bshadroo
thx palmer for reply
i hope ur winning trades continue without any stop.
i saw u let ur profit run in H4 and i think u may can do this in m5 system(with m5 scale ,u earn about 1000pips in one H4 trade and u may can win 30 if u stay in a m5 trade).
i really love ur trades in H4 ,specially the H1 entries but here (to be honest)i really shocked ,because i expect to see u let ur second lot run as long as possible.
anyway, always learn new things from u . thx alot
bsh:

The hardest thing to do is to actually know when the trend is going to take off until it starts to happen. My main goal is for 5 to be in the bank, period. If the second position takes off I then adjust the stop. It's all a matter of ending up positive at the end of the trade. A lot of 'second positions' come past the initial entry price and then do take off but again you don't know that is going to happen until it does. If it doesn't, that retrace could take away all of that first positions gain. Thanks for the confidence boost, and I am looking forward to actually having one of these end up like that 866pip trade on the 4hr.

Trade well my friend...
  • #3,857
  • May 8, 2008 11:49pm May 8, 2008 11:49pm
Quoting OldDog
Hello everyone. Here's my first charting post on this thread. Looks like I'm out to confuse people even more, but I like reading other's different styles, so:
hi, OldDog
glad to see you here,
and I want ask for some help from you and others,
you know there were some mp3 on the thread,
but only the 5min summary mp3 was typed,
and for me who have difficulty in spoken English,
It is such a pity.
so if you have some time,
could you type some of important mp3 and post it here,
I would appreciate it very much.
and I would also say thank you for your work on 4H thread.

Dhalsim
Success is the small sum of efforts, repeated day in and day out.
  • #3,858
  • May 9, 2008 12:02am May 9, 2008 12:02am
Happy birthday to Xaron !!!!

Donīt live for working, but work for living.
  • #3,859
  • May 9, 2008 12:39am May 9, 2008 12:39am
what i must to do wait for a new trend ????
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  • #3,860
  • May 9, 2008 12:57am May 9, 2008 12:57am
gud day Mr. phil, please i need an urgent help from you or anyone for 1min & 5minutes tf m.a's. Please it shud be for eu, uj or anyother pairs.Thanks Mr. phil,thanks every one
Respect a man, and he will do all the more.
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