5Min Intraday System | Page 198 | 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

  • #3,941
  • May 13, 2008 7:45am May 13, 2008 7:45am
Hereīs another trade:

Long in USDJPY @104,44.
I saw support on R1 in the trading zone.

First half +7,5 pips
stop immediately at BE

Second half +21,5 pips.
I wanted to save my pips.
Attached Image
Donīt live for working, but work for living.
  • #3,942
  • May 13, 2008 7:54am May 13, 2008 7:54am
Quoting matsf
Hereīs another trade:

Long in USDJPY @104,44.
I saw support on R1 in the trading zone.

First half +7,5 pips
stop immediately at BE

Second half +21,5 pips.
I wanted to save my pips.
Hi Mat

Great trade - nice bounce off the 21. Just a pitty it wasn't follow by a nice power candle. My TP is always 10pips or the previous low or high (in this case). You could have let your second half run to close to the previous high. But well done.

I just had a trade on EY where I took my 11pips close to the previous high.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,943
  • Edited 2:36pm May 13, 2008 7:55am | Edited 2:36pm
Quoting kingjaxe
first of all , thank U Mkain for help and answer,


my first trade today on eur/usd, i saw resistance on 50 SMA , also nice TC on MACD and mkain arrow signal after i took a trade,, took 11 pips but it could be easily 15 pips more ,

and one question
do U look at other pairs when u see a setup for example on EUR/USD , because i like to see a similiar setup also on other pairs especially USD/CHF or USD/YEN when i take a trade on EUR/ USD etc ,, sry for my english,
Well I follow majors and e/j.
Usually u/j has movements in same direction of e/j but it is a little slow, so then I prefer second one.
Something similar happens with u/chf and e/u but in different direction (if e/u goes up u/chf goes down and vice versa), here e/u is faster one (and it has lower spread in my platform besides, I prefer it over u/chf because of that).
About g/u, it is not related with other pairs move direction except after some important US news.
Take the pairs you feel comfortable with and keep them.
I hope it helps.
P.D: Congratulations for your first trade.
  • #3,944
  • May 13, 2008 7:56am May 13, 2008 7:56am
Quoting Palmer
It looks like we took the same trade. But, you never know what price is going to do once your in. It may run and it may turn around and take you out. I go in with two lots and as soon as I hit 5 pips on one, I'm out. I'll monitor the second. If it creeps back to b/e I'm out of it as well. If it runs my way, then I adjust the stop and milk it for what I can. Smaller timeframe = smaller pip target and never lose any of the initial 5 pips that are banked already. This has worked out very well for me. I just don't like to give anything back...

Lot's of work to do today, back later this afternoon.

Peace out everyone!
Hi Palmer

Yes, I do agree with you and your approach should work well on the EY where you can get a quick 25-30pips or even more move in 5min.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,945
  • May 13, 2008 8:07am May 13, 2008 8:07am
Quoting Golfer
You could have let your second half run to close to the previous high. But well done.
That was my first "goal".
But i had one eye on the dow and it looked like a flag, so i took my pips.
Now itīs easy to say "i was right", that i didnīt wait until the previous high.
Donīt live for working, but work for living.
  • #3,946
  • May 13, 2008 8:41am May 13, 2008 8:41am
Okay, time to record another loss. But I don't want to! Too bad! You have to, like it or not!!
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5min 13may2008 1356-1405.gif Size: 17 KB
  • #3,947
  • May 13, 2008 9:30am May 13, 2008 9:30am
look how beautifull is this
edit:out -3,i was +10 also
Attached Image (click to enlarge)
Click to Enlarge Name: cd.gif Size: 19 KB
  • #3,948
  • May 13, 2008 10:01am May 13, 2008 10:01am
Quoting dr_ceran
hey palmer,

sorry if i missed it, but what is you initial stop loss? and is it the same for both lots? since your are eliminating the first lot with 5 pips and let the second run, it could be you are also a bit straighter with your sl on the first lot...

thx in advance

dr_ceran
dr:

If you look back at the last 5min chart that I posted, look how price was reaching the 50sma but never closing above it. My stop would have been to monitor the price action with the 50. A close above the 50 and I might have exited this trade even if the risk was still within bounds for me depending on where the close was....
  • #3,949
  • May 13, 2008 12:13pm May 13, 2008 12:13pm
EURUSD picture basically speaks for itself I hope.
Attached Image (click to enlarge)
Click to Enlarge Name: scalpi1.PNG Size: 31 KB
  • #3,950
  • May 13, 2008 1:28pm May 13, 2008 1:28pm
Quoting Golfer
Hi F

No problem - I had the same problem. it is the indicator with all the pivot levels. You just needs to change the colours of the lines. I think that indicator is created for a chart with a black background. You also need to set the mid pivot point to "true" to get the M0-5 lines on the chart.
Maybe I do have a brain after all!!

I have figured it out and have all the points now.

Thansk again, Golfer
  • #3,951
  • May 14, 2008 1:40am May 14, 2008 1:40am
My 10 pips for the day, due to resistance at 10ema.
Attached Image
  • #3,952
  • Edited 2:08am May 14, 2008 1:49am | Edited 2:08am
Hi all,

I have analyzed all my trades I've done so far. There was one interesting detail: Every good trade runs almost immediately into my direction. The bad ones just stumbles around, might become profitable but often get stopped out.

So here are my revised rules:
1. I enter in the middle of the war zone, no matter about the close of the candle.
2. Entry is only valid if there was a higher high / lower low before.
3. All 3 MA's must show in the same direction (angle isn't that important to me). They must nicely spread out.

Stops:
I use hard stops for events like network shutdowns. These stops are:
EUR/USD: 20 pips
EUR/JPY: 30 pips
GBP/USD: 40 pips
USD/JPY: 30 pips

If the trade goes against me I close it if the close of the candle exceeds:
EUR/USD: 10 pips
EUR/JPY: 15 pips
GBP/USD: 20 pips
USD/JPY: 15 pips

I'll close it as well if it doesn't move within 8 candles.

I try to close the first half of my position with at least 7 pips. After that I set my SL to BE and let it run...

Regards - Xaron
  • #3,953
  • May 14, 2008 1:58am May 14, 2008 1:58am
Quoting Xaron
Hi all,

I have analyzed all my trades I've done so far. There was one interesting detail: Every good trade runs almost immediately into my direction. The bad ones just stumbles around, might become profitable but often get stopped out.

If the trade goes against me I close it if the close of the candle exceeds:
EUR/USD: 10 pips
EUR/JPY: 15 pips
GBP/USD: 20 pips
USD/JPY: 15 pips
I remember you saying, that you want to set your stops a bit wider, because you recognized, that you have often got stopped out, and afterwards, the prize went to your direction.
Now you set it closer to BE ?
Did you analyze that, too ?
Donīt live for working, but work for living.
  • #3,954
  • May 14, 2008 2:02am May 14, 2008 2:02am
Quoting Xaron
Hi all,

I have analyzed all my trades I've done so far. There was one interesting detail: Every good trade runs almost immediately into my direction. The bad ones just stumbles around, might become profitable but often get stopped out.

So here are my revised rules:
1. I enter in the middle of the war zone, no matter about the close of the candle.
2. Entry is only valid if there was a higher high / lower low before.
3. All 3 MA's must show in the same direction (angle isn't that important to me). They must nicely spread out.

Stops:
I use hard stops for events like network shutdowns. These stops are:
EUR/USD: 20 pips
EUR/JPY: 30 pips
GBP/USD: 40 pips
USD/JPY: 30 pips

If the trade goes against me I close it if the close of the candle exceeds:
EUR/USD: 10 pips
EUR/JPY: 15 pips
GBP/USD: 20 pips
USD/JPY: 15 pips

I try to close the first half of my position with at least 7 pips. After that I set my SL to BE and let it run...

Regards - Xaron
Hi X

Well done with that "one detail". I've seen that as well and that is the reason why I included that specific rule in My Rules (link on page 1 for those reading this message):

Rule: I'll exit a trade if it doesn't move in my direction or trigger my TP within 5-6pips after my entry.

It is so nice if somebody else can confirm one's analysis and Rules. It makes one more confident in what your are doing.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,955
  • May 14, 2008 2:10am May 14, 2008 2:10am
Quoting matsf
I remember you saying, that you want to set your stops a bit wider, because you recognized, that you have often got stopped out, and afterwards, the prize went to your direction.
Now you set it closer to BE ?
Did you analyze that, too ?
Yes. My SL is wider, it's just the hard stop. But I've seen in the past that if the trade doesn't run into my direction within 3-4 candles it often becomes a loss. Yes, there are trades which will come back but these are rare and not worth. That way I try to lower my losses...

Regards - Xaron
  • #3,956
  • May 14, 2008 2:12am May 14, 2008 2:12am
As I've mentioned, I do save a picture of almost every trade of mine. I did combine some of the trades for March 2008 in a document - for those who are interested.

I made a printout of the document and is busy studying those setups in detail.
Attached File(s)
File Type: zip Trades pictures 200803 pdf.zip   908 KB | 807 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,957
  • May 14, 2008 2:23am May 14, 2008 2:23am
Quoting Xaron
Yes. My SL is wider, it's just the hard stop. But I've seen in the past that if the trade doesn't run into my direction within 3-4 candles it often becomes a loss. Yes, there are trades which will come back but these are rare and not worth. That way I try to lower my losses...

Regards - Xaron
Thanks, sounds very interesting. I have to try harder to come along with this system, because i like it very much.
Donīt live for working, but work for living.
  • #3,958
  • May 14, 2008 2:26am May 14, 2008 2:26am
The pictures of some of the trades for Apr 2008.
Attached File(s)
File Type: zip Trade pictures 200804 5.zip   947 KB | 861 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,959
  • May 14, 2008 5:39am May 14, 2008 5:39am
waiting for the news washout...i'll be tied up all morning too so may not have a window to watch anything..

Xaron: Thanks for the info.
  • #3,960
  • May 14, 2008 8:51am May 14, 2008 8:51am
Quoting Golfer
Hi X

Well done with that "one detail". I've seen that as well and that is the reason why I included that specific rule in My Rules (link on page 1 for those reading this message):

Rule: I'll exit a trade if it doesn't move in my direction or trigger my TP within 5-6pips after my entry.

It is so nice if somebody else can confirm one's analysis and Rules. It makes one more confident in what your are doing.
Hi Golfer,
the downloads is not opening for me like the summary, the rules and post 3016. Pls i need your help.What do i do?
Alnames.
1 trader viewing now