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5Min Intraday System

  • #3,961
  • May 14, 2008 8:55am May 14, 2008 8:55am
Quoting alnames
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.
Hi Al

Which downloads are you talking about?
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,962
  • May 14, 2008 8:59am May 14, 2008 8:59am
We need to post losing trades as well - hopefully there aren't that many. Here is one of mine today. Very difficult day today. Copy and save a chart of the EY today. Look at it because if you do see another day like this, leave your PC and go and play golf. My comments on Skype:

[4:51:25 PM] Willem Kruger says: I am still at work but very difficult today. Lots of SIDMOV on all my pairs. No real signs of support and resistance. today one should leave the market and play golf.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 20080514 5min trade 1ajpeg.JPG Size: 106 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,963
  • May 14, 2008 9:04am May 14, 2008 9:04am
OK:

I squeezed my one in for the day. I didn't take a screen shot of the 5min but here's the 1min. The 5min was still valid when I took the 1min entry. I simply waited for the 1min DMI+ to move up again while the 5min was still good for an entry. Price dropped about 10 pips before the 1min DMI+ moved up while the price was in the 5min zone...

5 on the first and 5 on the second for 10 total...

Time for lunch...
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  • #3,964
  • May 14, 2008 10:02am May 14, 2008 10:02am
Following one's own rules can be harder than it ought to be. I managed to make 3 pips off this entry, but it was not according to my rules because I entered on the move down. My own rules state that I must wait for a move away from support or resistance. I'm supposed to wait for a close in my direction. I might not have made any more pips if I'd followed my rules, but I would have had more confidence. And the more important point is that following my rules is for the purpose of developing long-term confidence.

So, I got 3 pips here and 5 pips off another method. In both cases, today, I moved my stop to breakeven in one trade and to +2 pips in the other. I took profit above those levels, but having my stop out of negative territory sure helped me to think more clearly, freeing me up from emotional noise.
Attached Image (click to enlarge)
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  • #3,965
  • May 14, 2008 10:10am May 14, 2008 10:10am
This daily trend line kept me from a possible long entry in the area shown on the chart, that and the fact that price was starting to make another rounding top. This chart was taken about 16:25 gmt.
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Click to Enlarge Name: eurusd 5min 14may2008 tooclose daily tl.gif Size: 16 KB
  • #3,966
  • May 14, 2008 10:17am May 14, 2008 10:17am
Quoting OldDog
Following one's own rules can be harder than it ought to be. I managed to make 3 pips off this entry, but it was not according to my rules because I entered on the move down. My own rules state that I must wait for a move away from support or resistance. I'm supposed to wait for a close in my direction. I might not have made any more pips if I'd followed my rules, but I would have had more confidence. And the more important point is that following my rules is for the purpose of developing long-term confidence.

So, I got 3 pips here and 5 pips off another method. In both cases, today, I moved my stop to breakeven in one trade and to +2 pips in the other. I took profit above those levels, but having my stop out of negative territory sure helped me to think more clearly, freeing me up from emotional noise.
OldDog:

I agree about following the rules. Even if they are set in stone there are those times when we sway from the norm. I know that about mid way through 2007 I got a lot better about NOT taking a trade...just because. This can take a long time, years, to get use to. But, it all comes down to the same thing...discipline. Be it money management, entries, exits,...if we have no discipline we will never make money in the long run. I've gotten a lot better about sticking to my rules and only making a trade IF, not JUST BECAUSE. This is critical for the staying power we need for trading but it is very hard to learn for some reason. Once we get over that wall things start to make a lot more sense in the trading world. It took me years to see it all and I like to think that my vision is improving over time...

Trade well everyone..
  • #3,967
  • May 14, 2008 10:27am May 14, 2008 10:27am
My trade on Eur as mentioned on Skype.
Attached Image (click to enlarge)
Click to Enlarge Name: 200805114 5min trade 2jpeg.JPG Size: 96 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,968
  • May 14, 2008 10:53am May 14, 2008 10:53am
Quoting Golfer
My trade on Eur as mentioned on Skype.
Thanks for that example, Willem. I think I was still worried about that previous move down from that pin bar, but looking at it again, I can see how the entry is good.

Thanks for your comments on discipline, Palmer. Sometimes, I find it very hard to write about following the rules and self-discipline, and then find myself turning around and doing the exact opposite of what I say. It seems that, if I could separate myself from myself (look at all the "myselves"!!), I could give myself advice the way I would give someone else advice. I would tell them to keep calm and wait for the setup, so that's what I want to tell myself. I just don't always listen, and by now, I should. I think this is absolutely the matter of number one importance in my trading. I think it will make more difference than anything else. --Tony
  • #3,969
  • May 14, 2008 11:06am May 14, 2008 11:06am
Quoting emacro
My 10 pips for the day, due to resistance at 10ema.
Hi Em

Very nice Bearish 3 pattern on you chart. The Bearish candle is just too big.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,970
  • May 14, 2008 12:10pm May 14, 2008 12:10pm
Quoting OldDog
Thanks for that example, Willem. I think I was still worried about that previous move down from that pin bar, but looking at it again, I can see how the entry is good.

Thanks for your comments on discipline, Palmer. Sometimes, I find it very hard to write about following the rules and self-discipline, and then find myself turning around and doing the exact opposite of what I say. It seems that, if I could separate myself from myself (look at all the "myselves"!!), I could give myself advice the way I would give someone else advice. I would tell them to keep calm and wait for the setup, so that's what I want to tell myself. I just don't always listen, and by now, I should. I think this is absolutely the matter of number one importance in my trading. I think it will make more difference than anything else. --Tony
Hi Tony

I just saw the two types of pullbacks that I usually look for in a setup. See my comments on the chart.
Attached Image (click to enlarge)
Click to Enlarge Name: 200805114 5min trade 2ajpeg.JPG Size: 94 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,971
  • May 14, 2008 1:26pm May 14, 2008 1:26pm
Do I understand it correctly, that you are trading the same amount of lots for all pairs you are trading? Even if the risk is different and therefore the volatility of your results? I don't know a lot about it, but it naturally occurred to me, that it would me a nice approach to tailor the lot-number to the risk you want expose for every pair. that means for example that you would trade half the lot-amount with GBP/USD than with EUR/USD, because you have two times of "risk-pips" for the first pair.

apart from that, from my very short experience with this trading approach and especially with these four pairs, I came to nearly the same conclusion, that GU is most volatile and EU least. the Yen-pairs in between. That's why I really appreciated your post....

greets

dr_ceran

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'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
  • #3,972
  • May 14, 2008 6:23pm May 14, 2008 6:23pm
Hi Willem

Thanks for your trading summary not only success but also failure, which are very useful and educational. I appreciate your sharing and detailed explanation in these charts.
I will study them in this weekend and gain more strengh and confidence.
Now I must say I love this strategy more and more.

Many pips for you!

Regards
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #3,973
  • May 14, 2008 9:25pm May 14, 2008 9:25pm
UJ is in nice form of bear... might want to llok for opportunities..
  • #3,974
  • May 14, 2008 11:24pm May 14, 2008 11:24pm
Quoting dr_ceran
Do I understand it correctly, that you are trading the same amount of lots for all pairs you are trading?
No. My risk is fix. So I adjust the position sizes accordingly. My last 3 trading days were all losing days... Haven't posted the charts yet, sorry for that.

Regards - Xaron
  • #3,975
  • May 14, 2008 11:34pm May 14, 2008 11:34pm
Quoting winston
UJ is in nice form of bear... might want to llok for opportunities..

mann... this is so annoying.... just put my sl to b/e and was stopped for 2 pips gain.. and after that price went down to 30 pips
  • #3,976
  • May 14, 2008 11:35pm May 14, 2008 11:35pm
Quoting winston
mann... this is so annoying.... just put my sl to b/e and was stopped for 2 pips gain.. and after that price went down to 30 pips

hmmm.... ok wait for another opportunity... today, many news
  • #3,977
  • May 14, 2008 11:56pm May 14, 2008 11:56pm
Quoting winston
mann... this is so annoying.... just put my sl to b/e and was stopped for 2 pips gain.. and after that price went down to 30 pips
Yes, I know your feelings. Had happen often to me as well. Luckily I'm still in.

But there are days where you're glad about stopped out at BE.

Regards - Xaron
  • #3,978
  • May 15, 2008 4:00am May 15, 2008 4:00am
Today the 10 pips comes from eurjpy. Bit ddgy I know, 50 ema flat, but took it anyway.
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  • #3,979
  • May 15, 2008 5:15am May 15, 2008 5:15am
lots of news this morning, keep an eye on things...
  • #3,980
  • May 15, 2008 6:22am May 15, 2008 6:22am
Nice...

Again...one and done.

9 on the first lot and....23 on the second for 31 total. I see that as letting it run on the 5min....
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