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5Min Intraday System

  • #4,021
  • May 21, 2008 4:52am May 21, 2008 4:52am
Quoting islandtrader
long 1.5919
tp 1.5929
+10pips
Hi Isl

Great one - I hope you had your signals in place/considered your signals because you didn't mention them.

Very important issue because reading and taking note of the signals rather than just enter on a pullback will assist you to make constantly good trades.

Hope it helps - also for the other readers.

Edit - I was following the same setup but my signals were not that clear so I didn't enter.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,022
  • May 21, 2008 5:20am May 21, 2008 5:20am
Quoting Golfer
Hi Isl

Great one - I hope you had your signals in place/considered your signals because you didn't mention them.

Very important issue because reading and taking note of the signals rather than just enter on a pullback will assist you to make constantly good trades.

Hope it helps - also for the other readers.

Edit - I was following the same setup but my signals were not that clear so I didn't enter.
My signals:

- first retracement into the war zone after rally
- quick retracement and pin bar into more than half of the war zone, also close to prev. resistance
- widening angle between MAs
Attached Image
  • #4,023
  • May 21, 2008 5:39am May 21, 2008 5:39am
Quoting islandtrader
My signals:

- first retracement into the war zone after rally
- quick retracement and pin bar into more than half of the war zone, also close to prev. resistance
- widening angle between MAs
Great trade - and thanks for the signals and chart.

It is important so that the other readers can "understand" your trade and reasoning. The idea to explain the trade afterwards also helps me before I enter a trade - by asking myself " How would I be able to defend my entry and trade?"

That was how I learned from Phillip and other charts posted on the thread. Without charts on this thread - nobody will learn. Don't hesitate to post negative trades - even if you didn't have signals. Just tell us you've entered on gut feeling. Sometimes everybody does it. We can learn from it.

Keep it up and go for the high probability setups.

Edit - I took the next setup (10H07gmt) on EUR for 10pips.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,024
  • May 21, 2008 5:58am May 21, 2008 5:58am
Quoting Golfer
Great trade - and thanks for the signals and chart.

It is important so that the other readers can "understand" your trade and reasoning. The idea to explain the trade afterwards also helps me before I enter a trade - by asking myself " How would I be able to defend my entry and trade?"

That was how I learned from Phillip and other charts posted on the thread. Without charts on this thread - nobody will learn. Don't hesitate to post negative trades - even if you didn't have signals. Just tell us you've entered on gut feeling. Sometimes everybody does it. We can learn from it.

Keep it up and go for the high probability setups.

Edit - I took the next setup (10H07gmt) on EUR for 10pips.
yes, most of the time I have a set of reasons why to take or not to take a trade, will include it in further postings.

I couldn't get myself to buy at 10:07gmt, it went sideways for 5 candles and I didn't feel comfortable with that setup.
I could add that pattern to my 'successful trade pattern list' for future reference, if you would be so kind to describe what you like with that setup.

Edit: well, I just saw a couple of examples with that pattern on previous posts... will need some time to integrate it
  • #4,025
  • May 21, 2008 6:30am May 21, 2008 6:30am
Quoting islandtrader
yes, most of the time I have a set of reasons why to take or not to take a trade, will include it in further postings.

I couldn't get myself to buy at 10:07gmt, it went sideways for 5 candles and I didn't feel comfortable with that setup.
I could add that pattern to my 'successful trade pattern list' for future reference, if you would be so kind to describe what you like with that setup.

Edit: well, I just saw a couple of examples with that pattern on previous posts... will need some time to integrate it
I'll post my chart later when I am at home.

That is the beauty of forex trading - not every trader is the same and see the setups in the same light.

Stay with what works for you but try and improve all the time. That is my viewpoint and that is why I'll never tell a person how or when to trade. I am just sharing my opinion and how I would have approach a specific setup. Maybe we can learn from each other - I have learn a lot on this thread, more than in books or courses.

It is still up to each member to decide when to pull the trigger.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,026
  • May 21, 2008 7:05am May 21, 2008 7:05am
Would it be a valid 3 sisters pattern forming??
at the 163 level that seems a strong resistance
Attached Image (click to enlarge)
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  • #4,027
  • May 21, 2008 8:02am May 21, 2008 8:02am
Quoting kunz78
Would it be a valid 3 sisters pattern forming??
at the 163 level that seems a strong resistance
As discussed on Skype:

[2:02:24 PM] Kunz says: 3 sister forming on EJ?
[2:09:06 PM] Willem Kruger says: but above 50MA
[2:10:00 PM] Willem Kruger says: and previous higher low
[2:10:45 PM] Kunz says: Thanks Will
[2:11:11 PM] Willem Kruger says: Tx, just a bit riksy for me but it could work
[2:11:19 PM] Kunz says: It is working


Usually take the high of the candles as the sister - as indicated on the chart. I hope it makes sense.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,028
  • May 21, 2008 8:19am May 21, 2008 8:19am
three little sisters on e/u?
not that I'd take an entry at that point, just interesting to observe...
Attached Image
  • #4,029
  • May 21, 2008 9:49am May 21, 2008 9:49am
Quoting islandtrader
three little sisters on e/u?
not that I'd take an entry at that point, just interesting to observe...
Perfect - you got it. Now, next time, look for the 3rd sister below the 50MA or in the war zone.

Enjoy.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,030
  • Edited 11:07am May 21, 2008 10:50am | Edited 11:07am
Nothing for me in my live period again today. Lost 9 pips and then made 16 on price action on EURUSD, so I'm done. Even though the possibility is there for another strong move up, I wouldn't enter right now. Too much indecision and too close to the highs. Hope people made their pips today. --Tony

Edit: Also need to note that the yellow 50 ma is flat.
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  • #4,031
  • May 21, 2008 12:05pm May 21, 2008 12:05pm
My first trade today - 3rd sister below 50MA. Just after my entry I realised that the news is coming out in 10-15min. Luckily I got out for 1pip profit - so glad I decided to exit.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,032
  • May 21, 2008 1:47pm May 21, 2008 1:47pm
My second trade - the one Island didn't want to take.

It was not really a lateral movement - price was still coming down, a more flattish type of pullback. A lateral movement is where the price has a steep pullback and then move laterally.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,033
  • May 21, 2008 2:03pm May 21, 2008 2:03pm
My 3rd trade for the day - Kunz went short just before me on the 3rd sister. The higher lows and the fact that the 3rd sister was above the 50 kept me out - as discussed on Skype.

So I went long for 11pips
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,034
  • May 21, 2008 2:16pm May 21, 2008 2:16pm
Quoting Golfer
My 3rd trade for the day - Kunz went short just before me on the 3rd sister. The higher lows and the fact that the 3rd sister was above the 50 kept me out - as discussed on Skype.

So I went long for 11pips

The most important thing is that both of us took profit!!http://www.forexfactory.com/images/icons/icon10.gif
I will be more careful in watchinf for 3 sister formation

Thanks for the suggestion
  • #4,035
  • May 21, 2008 2:18pm May 21, 2008 2:18pm
My 4th trade was a classic TC trade from a breakout from descending triangle as discussed on Skype:

[2:17:50 PM] André Arruda says: G/U a triangle formation, since the huge candle at 8:00 GMT.

[2:43:25 PM] Willem Kruger says: Andre - yes, possible breakout to the downside

[2:43:48 PM] Willem Kruger says: Lets ait and see if it was a fasle breakout

[2:43:56 PM] Willem Kruger says: false

[3:13:30 PM] Willem Kruger added islandtrader1 to this chat

[3:13:47 PM] Willem Kruger says: Island - do you read?

[3:14:07 PM] Willem Kruger says: Cable - very nice breakout

[3:22:35 PM] Willem Kruger says: Cable - waiting for pullback now

What a beauty - not my trade but the setup. You don't get it better than this.

[3:29:31 PM] Willem Kruger says: Cable - pullback started. Now I am watching the MACD as well

[3:33:11 PM] Willem Kruger says: Cable - relatively flattish pullback - looks nice
[3:33:56 PM] Willem Kruger says: No other signals yet
[3:39:05 PM] Willem Kruger says: Cable - into zone, no signals yet
[3:40:00 PM] Willem Kruger says: just 2 higher lows so far

[3:43:02 PM] Willem Kruger says: EUR - watch for possible 3rd below the 50MA
[3:43:20 PM] Willem Kruger says: sister
[3:46:00 PM] Willem Kruger says: Cable - first tail through 21 but no close of candle on the wrong sdie

[3:51:40 PM] Willem Kruger says: Cable gave signals bar on MACD and power cnadle

This was my entry signal.

[3:52:26 PM] Willem Kruger says: and Mkain signal down
[3:52:34 PM] Willem Kruger says: Yes
[3:54:03 PM] Willem Kruger says: at 9635, worried about support and previous doubel bottom, but lets see
Attached Image(s) (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,036
  • Edited 3:06pm May 21, 2008 2:25pm | Edited 3:06pm
My negative trade for today - 3rd sister below 50MA.

Lession learn:

Wait for the 10 and 21 to the cross the 50 as well before consider an enty.
Attached Image(s) (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,037
  • May 21, 2008 2:58pm May 21, 2008 2:58pm
Sorry Phillip, but it was one of those overtrading days.

Kunz - as you can see, I do have the same problem. But I am working on it. Concentate on the best setups.

6 trades today, 5 positive, 1 negative. Total profit of 30pips.

Yesterday - 2 trades both positive, 17pips profit.

Now it is up to the rest of you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,038
  • Edited 10:05am May 22, 2008 8:48am | Edited 10:05am
My trades today after 2 weeks of non-trading(with this system). I just can't find an entry every time I logged on. Although I have trades using another system.
Attached Image (click to enlarge)
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  • #4,039
  • May 22, 2008 10:18am May 22, 2008 10:18am
hi,

what does it mean sister????
  • #4,040
  • May 22, 2008 10:21am May 22, 2008 10:21am
Hi golfer,

could u pls share ur indicators
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