5Min Intraday System | Page 196 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex intraday using the 5min chart: EURUSD 108 replies

The Force 5min system 3,806 replies

Intraday Pound Trades on 5min chart [GBPUSD] 36 replies

5min Bollinger breakout system 42 replies

Attachments: 5Min Intraday System
Exit Attachments

5Min Intraday System

  • #3,901
  • May 11, 2008 2:25pm May 11, 2008 2:25pm
Quoting aihua5
Hi Willem and other expericed traders,

Last Friday there is eurusd wrong tc 5 min signal, but I do not know how to filter it? Could you tell me what is wrong to take this trade and give me some insight? Thanks a lot

Regards
Aihua
aihua:

The ADX would have kept me out of that particular trade. Look how the DMI- has peaked (the DMI- broke its down trendline just before the entry and this would have been a red flag with me. Note the green vertical lines where price came back to the war-zone and how the DMI- was getting weaker but the ADX and the DMI+ were holding on well. This is the strength that I look for with the ADX along with the price action...
Attached Image
  • #3,902
  • May 11, 2008 2:54pm May 11, 2008 2:54pm
Hi Willem, I was part of the skype chat some time ago but i'm not sure what happened. Could you or someone in the room send me an invite please? sn: hndymann

Thanks!
  • #3,903
  • May 11, 2008 3:04pm May 11, 2008 3:04pm
I just want to post part of a message I've sent to a fellow member - just to show people how serious I am about working on a system:

"But at this stage I am not really interested in Risk management - maybe in a few months.

At this stage I am focused on the 5min system and I first want to learn the system, work on it and make a success of it. Also I just want to get use to trading with real money (reason for trading with a mini account) and losing money on a small scale. Also to get my emosions under control when I win and when I lose (big problem with me). One should experience almost no emosions after a trade (positive and negative). So confident should one be with your system.

Once I do have the necessary confident in the above, will I start to look at the other issues such as risk and money management seriously. At this stage I do keep it as simple as possible - risk only 1.5 - 3% of capital on any trade at any time. So that I can concentrate on the work at hand - to get familiar with the 5min system and confident with the applications of My Rules."

Don't take me wrong - Money management is very important and I do appreciate the information. The information received was very valuable - thanks.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,904
  • May 12, 2008 7:01am May 12, 2008 7:01am
Hi Palmer,

Thanks you for telling me how to use ADX(another method) to filter this wrong TC signal. That is great.

Palmer and Willem, You are the best one of generous and warmhearted pepople here I saw.

Many pips with you.

Regards
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #3,905
  • May 12, 2008 7:22am May 12, 2008 7:22am
Quoting aihua5
Hi Palmer,

Thanks you for telling me how to use ADX(another method) to filter this wrong TC signal. That is great.

Palmer and Willem, You are the best one of generous and warmhearted pepople here I saw.

Many pips with you.

Regards
Aihua
Aihua:

I'd strongly recommend going back over the charts to just get some visual confirmation about what to look for with the ADX and the pullbacks. Print charts out with the indicators and makes notes on them.....
  • #3,906
  • May 12, 2008 7:29am May 12, 2008 7:29am
Probable filter on the 1min????

This is what I've been looking or thinking about lately:

A timing filter:

When the 5min pulls back into the war-zone = vertical line 1st chart I haven't bought yet.

I started looking at the 1min for when the DMI+ starts to perk up = vertical line 2nd chart. The first vertical line on the 1min is where price came into the zone on the 5min, the second vertical line is where the DMI+ started to 'perk up' with price still having a valid entry on the 5min...con't
Attached Images
  • #3,907
  • May 12, 2008 7:40am May 12, 2008 7:40am
Pull the trigger per the 5min chart one.

Out with 5 on the first lot, monitor the second for a few more before letting anything get taken away from that first lot.

bshadroo: I didn't go in with a mini to trail the initial entry with a stop of 5 pips this time. I may see how this filter goes for a while but I will do that. I need to configure the RapidFire scripts to automatically do that for me....

7 total for the trade with 1 lot per for this entry...
Attached Images
  • #3,908
  • May 12, 2008 7:43am May 12, 2008 7:43am
Moving averages have no rhythm right now.....I may consider a second trade today if things get going.
  • #3,909
  • May 12, 2008 8:02am May 12, 2008 8:02am
Oh yes, what's the whole moral to the story?

If I would have bought at the moment that price entered the zone my buy would have been a few pips higher than one I got in at and I would have been looking at a losing trade.

None of this is set in stone but it's an 'idea'.
  • #3,910
  • May 12, 2008 8:04am May 12, 2008 8:04am
Hi Palmer,

Great trades and good idea to me! Thanks, I will do my homework about ADX and pullback.
Thanks for your beautiful charts and excellent analysis.
BTW, could you share with your EA 5minUSDJPYTCAlertNight on your new charts if you do not mind? Thanks.

Regards
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #3,911
  • May 12, 2008 9:30am May 12, 2008 9:30am
my three trade today,
I am too crazy today, have to calm down
12 pips loss,
and I think I have to work hard and do more back test
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 080510eurusd01.gif Size: 24 KB
Click to Enlarge Name: 080510usdjpy01.gif Size: 20 KB
Success is the small sum of efforts, repeated day in and day out.
  • #3,912
  • May 12, 2008 10:18am May 12, 2008 10:18am
Info
Attached Image (click to enlarge)
Click to Enlarge Name: 20080512 5min trade 1jpeg.JPG Size: 114 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,913
  • May 12, 2008 10:37am May 12, 2008 10:37am
I hope the information on the chart isn't too much but it is such an interesting setup.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080512 5min trade 2jpeg.JPG Size: 128 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,914
  • May 12, 2008 10:59am May 12, 2008 10:59am
A bit risky because 3rd sister formed above 50MA - I would like to see her below the 50MA. I took the odds on and it worked.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080512 5min trade 3jpeg.JPG Size: 118 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,915
  • May 12, 2008 12:02pm May 12, 2008 12:02pm
Even though I now see that the last pullback on the EURUSD would have worked out (price has now made a new high around 1.5550), I was unable to take it by my rules. Ironically, this large move today offered me no clear entries during the time I was live, from about 13:30 GMT until now, almost 17:00. Here's a chart with the way I saw it. I'll simply look for another day that works better with my approach. Thanks again Golfer and everyone for all the good and continuing advice. I only enter one mini-lot and can't break it into two, so I'm all in or all out. Congratulations to those who made pips today, and my best wishes for those who didn't. --Tony
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5min 12may2008.gif Size: 18 KB
  • #3,916
  • May 12, 2008 12:51pm May 12, 2008 12:51pm
hi guys , does any1 know how to remove these lines in the blue rectangle at the bottom of my main chart ( i have download mkain;s template)?? and where can i download mkain;s arrows signal ( which page) , besides thank U all for great job and keeping this thread still alive.
Attached Image (click to enlarge)
Click to Enlarge Name: pic.gif Size: 50 KB
  • #3,917
  • May 12, 2008 1:04pm May 12, 2008 1:04pm
Quoting OldDog
Even though I now see that the last pullback on the EURUSD would have worked out (price has now made a new high around 1.5550), I was unable to take it by my rules. Ironically, this large move today offered me no clear entries during the time I was live, from about 13:30 GMT until now, almost 17:00. Here's a chart with the way I saw it. I'll simply look for another day that works better with my approach. Thanks again Golfer and everyone for all the good and continuing advice. I only enter one mini-lot and can't break it into two, so I'm all in or all out. Congratulations to those who made pips today, and my best wishes for those who didn't. --Tony
Hi Tony

You should feel proud of yourself. The EUR was very difficult to trade today using the 5min system. I didn't look at the 1min though.

I was also following the movements of the EUR but couldn't get an entry. Luckily I entered the EUR earlier using the 4h MACD (zero bounce on MACD) on the 12H00GMT @ 1.5449 and exit for 106pips profit.

As you've seen, all my trades were on Cable and EY. Much beter entries today.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,918
  • May 12, 2008 1:55pm May 12, 2008 1:55pm
Quoting Golfer
Hi Tony

You should feel proud of yourself. The EUR was very difficult to trade today using the 5min system. I didn't look at the 1min though.

I was also following the movements of the EUR but couldn't get an entry. Luckily I entered the EUR earlier using the 4h MACD (zero bounce on MACD) on the 12H00GMT @ 1.5449 and exit for 106pips profit.

As you've seen, all my trades were on Cable and EY. Much beter entries today.
Thanks Willem, -- I saw that BOZ afterwards. I'm not yet able to be live at those times, but way to go! On my chart it was a ZB, zero break, and I think I would have taken it too. Since I'm only focusing on EURUSD for now, I'm aware that I'm going to miss out on a lot of possible trades, but, for now, focusing only on that one pair is part of my rules. We'll see how I do in the future. --Tony
  • #3,919
  • May 12, 2008 2:33pm May 12, 2008 2:33pm
Quoting OldDog
Thanks Willem, -- I saw that BOZ afterwards. I'm not yet able to be live at those times, but way to go! On my chart it was a ZB, zero break, and I think I would have taken it too. Since I'm only focusing on EURUSD for now, I'm aware that I'm going to miss out on a lot of possible trades, but, for now, focusing only on that one pair is part of my rules. We'll see how I do in the future. --Tony
Hi Tony

Great - Phillip taught us well and I am so glad that there are members that listen to him.

I started with about (following) 7 pairs, then I decided to follow only 4 pairs. Then I decided to drop the $JPY as well. Now I am down to only my favourite 3 pairs and loving every minute of it. I don't even look at the other pairs.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,920
  • May 12, 2008 2:41pm May 12, 2008 2:41pm
my pivot lines become very near to each other in mondays(10 to 20 pips distance from each other) ,i think it is because of a little daily candle for sunday (it is just 3 hours).do u have the same problem and how fix it?
1 trader viewing now