5Min Intraday System

Info

Much better trade with early exit because of the small candles - signs of uncertainty in the market.The pivot line was also too close.

"Lower" on the chart should read "higher low"

I just like the inital setup of this one - more classic.

Show you my favourite lady will give you change to exit at BE - even a few pips profit. Thsi time I didn't take a change.

I was pushing this trade. The angle of the 21 was leveling, and it was after a fairly strong pullback upwards. If I had given the price more room to see if it wanted to go up further, I would have stayed out. I was using the small tweezer top and a lower close at a pivot line, but the close was only a pip lower than the previous low, and it was right on the pivot support. Stopped myself out for loss of 10 pips. Done with trading for today. --Tony

nice to see ur profit running

thanks bsh...

everything looks flat right now, will wait until after housing #'s or consumer sentiment

Hey Palmer,

you are not the first one I see counting like that. The total of 31 mean, thats 31 pips on one lot. So if the trade goes against you and both lots are stopped out for example with 20 pips, then you would count your total loss as 40 pips (on one lot)?

greetz

dr_ceran

Can anyone here explain or give examples of what is meant by "scaling in" and "averaging down"? Thanks.

dr:

I go in with two lots. This moved quick so I exited the first to lock in at least five then play the other one out. This just happened to run little for me...

Today:

The EU was moving quick so I went down to the 1min to look for an entry per Phillip's rules. I waited for the DMI+ to tick up with the 5min still valid.

6 on the first lot and 2 on the second for 8 total. Really busy today, gotta run for now...

No trades during my live time today. EURUSD just kept on fooling me.

Another uncertainty. EURUSD was at resistance after a fast move, and price was starting to make a rounding at the top. I thought it might pullback sharply, but it didn't.

Hi,
I was wondering is there any EA or indicator for this system to alert when the price is in war zone or something like that.

I've seen something in Palmer's charts but I don't know what is that really.

Thanks
Mike

mike:

That alert I have is just a moving average cross that doesn't work all the time for some reason. My mql coding is way behind trying to fix it.

I'm gone all next week for work so have a good week everyone....

The Cable setup discussed as it developed - emphasised the importance of the MACD. This was a prefect setup in the begining stage of the pullback. If it wasn't for the absence of the MACD signal, I also would have entered.

I did delete the other members' message - I just want to concentrate on the formation of the Cable chart and how I decided to stay out of the trade:

[5/16/2008 3:04:41 PM] Willem Kruger says: Cable & EUR - lets hope for a bounce off the Pivot lines

[5/16/2008 3:15:21 PM] Willem Kruger says: Cable - pivot is 59

[5/16/2008 3:16:24 PM] Willem Kruger says: Yes, I am also looking at the MACD for a signal

Then one member want to enter on a bounce off the pivot level. My comment:

[5/16/2008 3:20:42 PM] Willem Kruger says: Not yet , but cable's pullback is looking good

[5/16/2008 3:20:58 PM] Willem Kruger says: Waiting for MACD's confirmation

[5/16/2008 3:35:23 PM] Willem Kruger says: EUR & Cable - MACD kept me out of a trade

[5/16/2008 3:36:52 PM] Willem Kruger says: Cable - that pullback had nice features - I was begining to think of a possible ellipse pullback. I was just waiting for the confimration on the MACD

[5/16/2008 3:38:22 PM] Willem Kruger says: Yes, that was the problem I had in the past - pullbacks looked so good - just to continued through the war zone and resulted in a loss

[5/16/2008 3:39:11 PM] Willem Kruger says: Then Phillip suggested the TC on the MACD after I complained to him

3 risky trades on EY - bounces off the 50MA and on the 1st trade the 21 was not yet out of the non-trade zone. I just liked the candle formation and the bounces.

My entries are the values on the charts - the EA didn't register my exits.

This is why EY is my favourite pair at the moment - you always have a change for a few pips or even to get out at BE if she turns around. You need to be very careful with your entry. You need to enter at the exact point. Please be careful for no-man's land area (area above the 10MA in an up move and below the 10MA in a down movement. It is very improtant to enter to enter as close as possible to the 21MA and in the war zone.

Hi Tony

I didn't trade the US session on Friday because I had a friend over for the week-end.

I just saw your post and looked at the chart. It is very difficult to enter in such a fast moving market. I also wouldn't be able to enter a trade on your chart.

Some people change to 1min chart when a market is moving so fast but I don't really like it. One doesn't know when the price will turn around.

The same rules apply for the 1min chart but the MACD is not that improtant. It is all about the price actions between the MAs.

Ok, after a short break, here comes my trades again. I ended up with a small win today...

EUR/JPY
#1:
Short at 162.105
Closed at 162.095: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_190508.png

EUR/USD
#1:
Long at 1.55774
Closed at 1.55784: +1.0 pips
#2:
Long at 1.56125
Closed at 1.56135: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...usd_190508.png

GBP/USD
#1:
Short at 1.95541
Closed at 1.95531: +1.0 pips
#2:
Long at 1.95979
Closed at 1.95679: -30.0 pips
#3:
Short at 1.95443
1st half closed at 1.95371: +7.2 pips
2nd half closed at 1.95433: +1.0 pips
#4: This was a breakout trade...
Short at 1.95238
1st half closed at 1.95146: +9.2 pips
2nd half closed at 1.94923: +31.5 pips

http://www.xaron.net/dl/fx/2008/intr...usd_190508.png

USD/JPY
#1:
Short at 104.116
1st half closed at 104.053: +6.3 pips
2nd half closed at 104.106: +1.0 pips
#2:
Short at 103.829
1st half closed at 103.761: +6.8 pips
2nd half closed at 103.819: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_190508.png

Regards - Xaron

No trades for me today - just couldn't find any tradeable setup when I had the time to trade. I hope some of you made some pips.

EY - very late trade for me. I just saw the setup and liked it. Especially the two power candles right after each other. I was a bit worreid about the M2 line but one can see the pressure from above - lower highs and lows after the 50MA was crossed.