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5Min Intraday System

  • #4,041
  • May 22, 2008 10:26am May 22, 2008 10:26am
Quoting mohan
Hi golfer,

could u pls share ur indicators
All the links you need are on page1
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,042
  • May 22, 2008 10:28am May 22, 2008 10:28am
Quoting mohan
hi,

what does it mean sister????
A name used/given by Phillip for a price pattern - please read the thread for more information.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,043
  • May 22, 2008 10:37am May 22, 2008 10:37am
bounce into about half of war zone.
nice steep trend.
next bullish candle closed above 10ema and R2. (entry candle)
recent high gave enough room for a 10 pips profit.

long 103.95, tp 104.05, s/l 103.85
+10pips, R=1
Attached Image
  • #4,044
  • May 22, 2008 10:42am May 22, 2008 10:42am
Skype chat:

[05:09:57 PM] Willem Kruger says: Looks like smooth TC on EUR

[05:10:06 PM] islandtrader1 says: yes, very nice one

[05:10:10 PM] Willem Kruger says: There she is

[05:10:25 PM] islandtrader1 says: need to go unfortunately

[05:10:27 PM] Willem Kruger says: Enter on opening of this candle

[05:10:34 PM] islandtrader1 says: good luck

[05:10:38 PM] Willem Kruger says: Tx

[05:11:38 PM] Willem Kruger says: EY - also a TC there
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080522 5min trade 2ajpeg.JPG Size: 94 KB
Click to Enlarge Name: 20080522 5min trade 2jpeg.JPG Size: 118 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,045
  • May 22, 2008 11:19am May 22, 2008 11:19am
I see 3 sisters everywhere....

This one is off the monthly pivot, but 1.57 level could be a great support
Attached Image (click to enlarge)
Click to Enlarge Name: eur usd.gif Size: 17 KB
  • #4,046
  • May 22, 2008 11:36am May 22, 2008 11:36am
No trades with our system today during my live time.

There were two that I thought about, which I show on my chart. The first one was when the MA's were just opening up, and it was also just before the 15:00 gmt house price index news. That helped to keep me out, along with support at the 1.5740 price line. I may decide that I am now over-analyzing entries, but I think I have to go through this period in order to imprint these things in my mind. Also price could have just as well heeded the support line as it had before, and there was no real retrace into the war zone. So, this is a period of increasing experience and of organizing it in my mind.

The second possible trade looked like it had promise, but it was at the end of the strong move following the news, and price action was slowing down and was really too close to the figure, 1.5700. Cheers for those who made pips today!

I tried two trades by my other method and made 6 and then lost 7 pips. What I felt good about in those trades was that I had a pretty good exit strategy. I knew that I was going to take a loss if price closed above a resistance line. The best to all. --Tony
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5min 22may2008.gif Size: 23 KB
  • #4,047
  • May 22, 2008 2:05pm May 22, 2008 2:05pm
Quoting islandtrader
bounce into about half of war zone.
nice steep trend.
next bullish candle closed above 10ema and R2. (entry candle)
recent high gave enough room for a 10 pips profit.

long 103.95, tp 104.05, s/l 103.85
+10pips, R=1
Great trade - getting the feel for it? Looks like it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,048
  • May 22, 2008 2:16pm May 22, 2008 2:16pm
Quoting kunz78
I see 3 sisters everywhere....

This one is off the monthly pivot, but 1.57 level could be a great support
Hi Kunz

I agree - nice 3 little sisters.

But what I want you to look at is also a very typical setup one should be careful for. I've seen it several times now. It is that previous pullback with higher lows. Once I see that, I ignore the setup and wait for the next one.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,049
  • Edited 2:45pm May 22, 2008 2:31pm | Edited 2:45pm
Quoting OldDog
No trades with our system today during my live time.

There were two that I thought about, which I show on my chart. The first one was when the MA's were just opening up, and it was also just before the 15:00 gmt house price index news. That helped to keep me out, along with support at the 1.5740 price line. I may decide that I am now over-analyzing entries, but I think I have to go through this period in order to imprint these things in my mind. Also price could have just as well heeded the support line as it had before, and there was no real retrace into the war zone. So, this is a period of increasing experience and of organizing it in my mind.

The second possible trade looked like it had promise, but it was at the end of the strong move following the news, and price action was slowing down and was really too close to the figure, 1.5700. Cheers for those who made pips today!

I tried two trades by my other method and made 6 and then lost 7 pips. What I felt good about in those trades was that I had a pretty good exit strategy. I knew that I was going to take a loss if price closed above a resistance line. The best to all. --Tony
Hi Tony

For your setup - just too many activities on the wrong side (above 21MA) of the 21MA. Even if the move is downwards, I'll be very careful. I tend to ignore setups until the 21MA showed some support/resistance.

I did take your 2nd setup (I think) but the market move lateral after my entry - so I exit for 2pips profit. This how the chart developed (attached).

Island - this is now an example of lateral movement. I'll stay out after that trade of mine - I won't even consider another possible setup.

Tony:
DOn't worry about the over-analysis - you get use the setup and recognise the signals. In the past (and still) I got so frustated when I talk to Phillip and he just come up with the picture and signals. AND I couldn't see it - so frustated for me I wanted to give up trading (if think for Phillip as well). But with practice I do feel a bit more confident.

That is all how you will succeed in this system - practise and practise and more practise. More important is how you practise:

Not by just looking at charts but to analise (looking for signals) live charts as they develop, then to enter just to lose or win the trade. Then to analise each trade afterwards - winner or loser. Do your own trades and get the feeling/get over the emosional feeling.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,050
  • May 23, 2008 2:06am May 23, 2008 2:06am
Today's 10 pips from eurusd, short at 20 out at 10.
Attached Image
  • #4,051
  • May 23, 2008 4:10am May 23, 2008 4:10am
Thinking of this trade....will it work out?
Attached Image
  • #4,052
  • May 23, 2008 4:21am May 23, 2008 4:21am
sell G/J 205.5120 t/p 205.40
Attached Image (click to enlarge)
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  • #4,053
  • May 23, 2008 4:22am May 23, 2008 4:22am
Took 11 pips.
Attached Image
  • #4,054
  • May 23, 2008 4:27am May 23, 2008 4:27am
Quoting emacro
Thinking of this trade....will it work out?
Hi Em

No, I won't have taken it. No power candle as well.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,055
  • May 23, 2008 4:29am May 23, 2008 4:29am
Quoting emacro
Took 11 pips.
That is better one with the power candle and on my chart I see now a Mkain signal (after posted the previous post) as well as a zero break on MACD. I am just too late for this one otherwise I would have been in on this one.

Just to show people how quick the setup and signals can change. A few minutes ago I was not interested - then I saw a few signals.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,056
  • May 23, 2008 4:50am May 23, 2008 4:50am
that was a nice setup, unfortunately I didn't take it because of previous lateral move, and the pivot line just below.
- candles didn't close above 21EMA
- power bar/evening star
- MACD TC signal very close to 0 line
Attached Image
  • #4,057
  • May 23, 2008 6:31am May 23, 2008 6:31am
Quoting Golfer
Hi Em

No, I won't have taken it. No power candle as well.
Golfer
Very good analysis, thanks.
I think it must be said that this system is 5 min, and as you said things can change very fast, so for the most part, my plan calls for 10 pips. Always thankful if can bank the 10 pips on higher probability.
  • #4,058
  • May 23, 2008 7:00am May 23, 2008 7:00am
Quoting emacro
Golfer
Very good analysis, thanks.
I think it must be said that this system is 5 min, and as you said things can change very fast, so for the most part, my plan calls for 10 pips. Always thankful if can bank the 10 pips on higher probability.
I do agree with the 10pips - I've tried the half and half system (close 1st half after Xpips & let the other half run) but it just didn't work for me. Only on a few occasions did it work - like the 1min news system.

For those using the half-half system and it is working - go for it.

Nowadays I take my 10-15pips profit on the table and I am more than satisfied.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,059
  • May 23, 2008 7:25am May 23, 2008 7:25am
Quoting Golfer
For those using the half-half system and it is working - go for it.

Nowadays I take my 10-15pips profit on the table and I am more than satisfied.
As long as we can bank 50 pips per week it will add up.
  • #4,060
  • May 23, 2008 7:36am May 23, 2008 7:36am
a quick 10 pips.everything was ok.
(forget about buy sign in the picture,that is another buy,H1 entry)
Attached Image (click to enlarge)
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