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5Min Intraday System

  • #4,121
  • May 29, 2008 11:41pm May 29, 2008 11:41pm
Quoting bshadroo
5480 is very strong area in daily/H4 TFs .better to wait this level broken
Thanks for insight.
  • #4,122
  • May 29, 2008 11:42pm May 29, 2008 11:42pm
Quoting bshadroo
5480 is very strong area in daily/H4 TFs .better to wait this level broken
Lets wait for this to retrace at 21 or 25.. 5485 is intra low.
  • #4,123
  • May 30, 2008 12:08am May 30, 2008 12:08am
Quoting emacro
0817 gmt. Golfer, are we going to set up bearish 3 pattern here?
Hi Em

Yes, we did. I can see you do have the idea. Great.

I just do like too big candles. This bearish candle was too big (because of the German news release). It is difficult to say what the size of the candle should be (15-20pips?) but play around with it and you get the feeling for it. The same for the 3 little sisters.

I want to see the bullish/bearish 3 pattern developing without the "assistance" of news releases - to me it is then more reliable. I don't know what the others think.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,124
  • May 30, 2008 12:10am May 30, 2008 12:10am
Quoting winston
Lets wait for this to retrace at 21 or 25.. 5485 is intra low.
1.5506 would have triggered my sell entry... but PA not convincing...
  • #4,125
  • May 30, 2008 12:12am May 30, 2008 12:12am
Quoting emacro
No blue candle, so I guess no pattern emerge.
It doesn't have to be three small bullish candle in a row. It could be 2 small bullish candles follow by a small bearish candle and then a small bullish again. All the candles should be within the High and Low of the "big" (first) bearish candle. Near the top of that first bearish candle, the second large bearish candle will start to form (usually) - resistance found.

I hope it make sense.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,126
  • May 30, 2008 12:19am May 30, 2008 12:19am
Quoting winston
1.5506 would have triggered my sell entry... but PA not convincing...

This could have been a good entry after all...
  • #4,127
  • May 30, 2008 12:25am May 30, 2008 12:25am
Got the 10 pips, after a struggle.
Attached Image
  • #4,128
  • May 30, 2008 12:30am May 30, 2008 12:30am
Quoting emacro
Got the 10 pips, after a struggle.
Great one - the 3 sisters were very close to each other and not easy to see. Nice tails forming the sisters.

There was also a bearish 3 pattern but not so clear and not ideal/nice to take. The 4th candle after the large bearish candle is the second bearish candle of the bearish 3 pattern

Well done.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,129
  • Edited 3:58am May 30, 2008 12:43am | Edited 3:58am
hi
i shorted eu because of breaking 5780 and m5 macd signal,i think this could be a good position and start of a strong trend so i wanna hold this thing as long as possible
edit:out -10pip
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  • #4,130
  • May 30, 2008 1:50am May 30, 2008 1:50am
GJ Sell 208.5610 Close 208.36 +20.1pips
I open trade 9.5 hours earlier and my computer froze. Got it fix and when I check, price was moving up fast so I closed it. Just a few seconds later, price dropped. Anyway, I was lucky. Just wanted to show you that this system works for me. Drawback is I have to monitor to hunt for good setups and monitor trade when trade/s is open. Very tiring indeed.
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  • #4,131
  • May 30, 2008 1:53am May 30, 2008 1:53am
I just noticed that I was using 50EMA instead of 50SMA. I'll change to 50SMA according to original system.
  • #4,132
  • Edited 2:53am May 30, 2008 2:25am | Edited 2:53am
Quoting Qwert
GJ Sell 208.5610 Close 208.36 +20.1pips
I open trade 9.5 hours earlier and my computer froze. Got it fix and when I check, price was moving up fast so I closed it. Just a few seconds later, price dropped. Anyway, I was lucky. Just wanted to show you that this system works for me. Drawback is I have to monitor to hunt for good setups and monitor trade when trade/s is open. Very tiring indeed.
I do agree - it is tiring. That is why I just scan my 3 charts every now and then. The setup must call me - I don't "hunt" for setups. Maybe that is why I do miss a few great opportunities.

Once I see a possible setup - I'll follow it more closely. After my entry, I try and monitor the trade all the way. According to my rule - the trade should end within 5-6 candles (not always possible).

And to me - this is still a 10pips system (I'll stay with what Phillip taught us). I'll take my 10pips and leave. I don't let my profits run - I got burned too many times before trying to let my profits run. Maybe it is working for other members but not for me. Or maybe there will be the one or two trades that one can consider it. I'll let my profits run on the longer time frame trade like the 4h system.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,133
  • May 30, 2008 4:45am May 30, 2008 4:45am
Hi all,

I am back again to salute all the contributing members that put their continuous effort to this thread to support Phil and Golfer

Frankly speaking, this is my sixth month trading and which is also my first month that my account sees green Yes, after studying this thread one month ago at end Apr following Phil and Golfer's advice, I have managed to earn some healthy pips this happy May

My last trade of the month (10 pips) EUR/USD:

http://api.photoshop.com/home_6de186...5d1199ccc8c24d

My sincere thanks to all! Happy trading!
Ride on the Bull, Sit on the Bear
  • #4,134
  • May 30, 2008 5:18am May 30, 2008 5:18am
this time i close it for +8pips and didnt be eager
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  • #4,135
  • May 30, 2008 6:32am May 30, 2008 6:32am
Quoting TrendRider
Hi all,

I am back again to salute all the contributing members that put their continuous effort to this thread to support Phil and Golfer

Frankly speaking, this is my sixth month trading and which is also my first month that my account sees green Yes, after studying this thread one month ago at end Apr following Phil and Golfer's advice, I have managed to earn some healthy pips this happy May

My last trade of the month (10 pips) EUR/USD:

http://api.photoshop.com/home_6de186...5d1199ccc8c24d

My sincere thanks to all! Happy trading!
Well done - that is why I do believe in My Forex Triage (mentioned below my name on my posts). I do believe your account will turn green if you follow My Forex Triage. Without the triage, you may get lucky and have a green account for a while.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,136
  • May 30, 2008 6:36am May 30, 2008 6:36am
Quoting bshadroo
this time i close it for +8pips and didnt be eager
Great one - 10pip profit system. I am always grateful for 10pips in my profit in my account. Read the market conditions and take your profit. You can always re-enter and make another 10pips.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,137
  • May 30, 2008 7:02am May 30, 2008 7:02am
Quoting Golfer
Great one - 10pip profit system. I am always grateful for 10pips in my profit in my account. Read the market conditions and take your profit. You can always re-enter and make another 10pips.
exactly,in first trade i was even +20 but i didnt close since my -10 sl hitted .thats right ,in this system take ur 10pips profit and wait for reenter if it is possible
  • #4,138
  • May 30, 2008 7:13am May 30, 2008 7:13am
Quoting Golfer
this is still a 10pips system (I'll stay with what Phillip taught us).
Actually I found a setup where it generates 30-120 pips with a stop (combined for multiple entries) of 60 pips. Will explain it later. Works great.

Regards - Xaron
  • #4,139
  • May 30, 2008 7:23am May 30, 2008 7:23am
Quoting Xaron
Actually I found a setup where it generates 30-120 pips with a stop (combined for multiple entries) of 60 pips. Will explain it later. Works great.

Regards - Xaron
Looking forward to your sharing, Xaron
Ride on the Bull, Sit on the Bear
  • #4,140
  • May 30, 2008 7:42am May 30, 2008 7:42am
Quoting Xaron
Actually I found a setup where it generates 30-120 pips with a stop (combined for multiple entries) of 60 pips. Will explain it later. Works great.

Regards - Xaron
I am sure we all are eagerly anticipating your words of wisdom.

Thanks
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