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5Min Intraday System

  • #4,241
  • Jun 6, 2008 9:33am Jun 6, 2008 9:33am
Thanks Xaron,
I'll just keep going and looking for the high probability setups.

Rob
  • #4,242
  • Jun 6, 2008 9:52am Jun 6, 2008 9:52am
I get home from dinner, and on opening the charts, two tradable pullbacks.... No trade, because I was not at the pc.
Attached Image (click to enlarge)
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  • #4,243
  • Jun 6, 2008 9:58am Jun 6, 2008 9:58am
My 1min trade after NFP release. Entered too early and then I couldn't follow my trade live. After my entry there were much nicer setups on the 1min chart but like I said - I am not comfortable with the 1min chart.

Glad to get 21pips profit out of it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080606 1min trade 1jpeg.JPG Size: 87 KB
Click to Enlarge Name: 20080606 1min trade 2jpeg.JPG Size: 90 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,244
  • Jun 6, 2008 10:14am Jun 6, 2008 10:14am
Quoting emacro
I get home from dinner, and on opening the charts, two tradable pullbacks.... No trade, because I was not at the pc.
Hi Em

Sorry but I am going to give the readers my views of the Cable chart - just to show them the signals I am looking for. Following Tony's example and explaining what pulled me to the chart/setups. It shouldn't be just the pullbacks. There must be something special in the pullbacks.

To all the readers:

I know it is very easy to look at the chart afterwards and see the setup. But this is what I want people to do if they look at an "after chart":

1. Look for the signals just before the actual entry point and identify them.

2. Now you go to a live chart and try to identify the signals as the chart develops.

3. Or over the week-end use the F12 key on your keyboard to shift the chart candle by candle and take you decisions before you move to the next candle. That was how I practise for hours and hours in the begining. Nowadays I like to practise with my mini account, live money and live charts (trading small lots to stay alive and gather experience).

That is what I am trying to do on the Skype chat (after 15H00GMT) but it doesn't seem to work or people are not interested. Well, I've tried - so be it.

Enjoy the trading
Attached Image (click to enlarge)
Click to Enlarge Name: 20080606 cablejpeg.JPG Size: 101 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,245
  • Jun 6, 2008 10:46am Jun 6, 2008 10:46am
The times that I most often trade are about an hour after the US news. That means that I am frequently looking at the possibilities of major pullbacks and, then, further moves in the direction of the news candles, or profit taking sets in. Depending on the nature of the profit taking (who's doing the most profit taking, people from before the news or those who got in on the news candles, or both?), I can see strong secondary moves or consolidation with surprising feints in both directions, short and long. I'm frequently tempted to try for breakouts in the direction of what seems to be the strongest moves.

Days like today are a real trial for a person like me learning a short term method because the pips that I could have made seem so huge compared to what I did make. So, my job at present is to tell myself that, at least for now, I'm not ready for those moves. I've been faked out by them too many times. First I need a firm discipline to my standing rules, and, then, I need a clear, long term positive track record. Those are the two goals I hope to use to keep me in check for now. The very best to all of you! --Tony
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5min tcs 6june2008.gif Size: 20 KB
  • #4,246
  • Jun 6, 2008 10:48am Jun 6, 2008 10:48am
Yesterday's trade - I am trying to save a picture of my trade just after my entry so that people can see what I saw when I decide to enter.

Remember, the small purple box on the chart with the 1.5393 value in it is evidence of my entry point as saved by Yannis' EA.

I hope it helps.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080605 5min trade 2jpeg.JPG Size: 126 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,247
  • Jun 6, 2008 10:59am Jun 6, 2008 10:59am
Snap shot just after my entry on EY a few days ago - to show people what I saw when I entered (signals I am looking for).

I do save these pictures for myself - I do study them over and over again. That is why I thought I post them as well. I don't make them specially for the thread - I do make them for myself to study afterwards.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080603 5min trade 1jpeg.JPG Size: 108 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,248
  • Jun 6, 2008 11:10am Jun 6, 2008 11:10am
Just another example of picture just after my entry - hope you get a feel for it. It is not that easy to decide which pullback to take if you don't have specific signals.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080529 5min trade 1jpeg.JPG Size: 97 KB
Click to Enlarge Name: 20080529 5min trade 1ajpeg.JPG Size: 94 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,249
  • Jun 6, 2008 11:27am Jun 6, 2008 11:27am
I came across this picture of a trade of mine - I don't think I've posted it (if I did, forgive me). Just to show you people what a negative trade (-18pips)looks like. Nothing really wrong with the trade - only the big bullish candle probably.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080522 5min trade 1jpeg.JPG Size: 105 KB
Click to Enlarge Name: 20080522 5min trade 1ajpeg.JPG Size: 107 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,250
  • Jun 6, 2008 12:28pm Jun 6, 2008 12:28pm
Quoting Golfer
I came across this picture of a trade of mine - I don't think I've posted it (if I did, forgive me). Just to show you people what a negative trade (-18pips)looks like. Nothing really wrong with the trade - only the big bullish candle probably.
Thanks for these examples, Willem! An interesting item I'm noticing about when a candle breaks through your small support or resistance lines is that it can move very quickly, possibly not giving one time to take a smaller loss, meaning that one has to be very quick and decisive, definitely knowing they're going to take a smaller loss at that point. I've found myself about two or three pips away from my stop and saying to myself that I might as well let it run. What's the difference between two or three pips? But I'm thinking that, in a losing trade, the difference, when I start trading larger amounts, might be $20 to $30, $40 to $60, $80 to $120, etc. I'd better get used to that concept now. It would be a shame to learn it with those or higher losses, just because I've given up the trade. Your continued instruction is very much appreciated. --Tony
  • #4,251
  • Edited 4:14am Jun 7, 2008 4:03am | Edited 4:14am
Quoting OldDog
Thanks for these examples, Willem! An interesting item I'm noticing about when a candle breaks through your small support or resistance lines is that it can move very quickly, possibly not giving one time to take a smaller loss, meaning that one has to be very quick and decisive, definitely knowing they're going to take a smaller loss at that point. I've found myself about two or three pips away from my stop and saying to myself that I might as well let it run. What's the difference between two or three pips? But I'm thinking that, in a losing trade, the difference, when I start trading larger amounts, might be $20 to $30, $40 to $60, $80 to $120, etc. I'd better get used to that concept now. It would be a shame to learn it with those or higher losses, just because I've given up the trade. Your continued instruction is very much appreciated. --Tony
Hi Tony

Thanks for the observation. I saw the same and in the begining I wasn't using a SL - only a mental SL. I wanted to see what is going to happen if you don't exit the trade. Many of the moves turned around and came back so that you can exit near BE (range bound markets but one is not sure where the ranges are).

BUT many of them didn't get back and just continue in the wrong direction (trending markets). WOW, I got burned badly.

That is why I do use Yannis' EA nowadays so that I don't have the temptation to let a loser "run" (thanks Yannis for the EA again - new version works perfectly):

EUR - SL of 15pips and TP of 10pips.
Cable - SL of 20pips and TP of 10pips
EY - SL of 25pips and TP of 15pips

With R:R ratio like above, it is important for me to only take my high probability setup. Also to exit early when I am not sure about where the market is going. That is why I'll pass on many of the setups other people will take. My signals will keep my out of them - many will be profitable.

Enjoy the trading.

Yes, sometimes the markets move quickly and before I know my SL was triggered. Especially EY.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,252
  • Jun 7, 2008 11:32am Jun 7, 2008 11:32am
hi golfer ,

what is yani's ea?
  • #4,253
  • Jun 7, 2008 12:06pm Jun 7, 2008 12:06pm
Quoting Barak's pip
hi golfer ,

what is yani's ea?
An EA that manage your trade after you've entered it. It places your SL and TP in a manner that the broker cannot see it. However you need to enter manually.

Information was posted a few pages ago.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,254
  • Jun 9, 2008 1:32am Jun 9, 2008 1:32am
Long gbpusd at 1.9698.
  • #4,255
  • Jun 9, 2008 1:46am Jun 9, 2008 1:46am
Quoting emacro
Long gbpusd at 1.9698.
Stopped out.
  • #4,256
  • Jun 9, 2008 2:13am Jun 9, 2008 2:13am
one win one loss -5 overall.
Attached Image
  • #4,257
  • Jun 9, 2008 2:39am Jun 9, 2008 2:39am
Recouped the losses with this one. Think I am losing a bit of discipline, gonna come back in a few hours.
Attached Image
  • #4,258
  • Jun 9, 2008 4:31am Jun 9, 2008 4:31am
Buy UJ 105.5 Close 105.68
Buy UJ 105.5 Close 105.76
Total of +44pips

You can't see the Buy Order(blue triangle) since it was hours ago, although you can see the TP(green circle).
Attached Image
  • #4,259
  • Edited 8:07am Jun 9, 2008 8:00am | Edited 8:07am
3 little sisters just below 50MA. 4th one technically, and smangle just out of tradezone.
Edit: wrong pivots, due to Sunday candles
Edit: didn't short it unfortunately, was too late
Attached Image
  • #4,260
  • Jun 9, 2008 8:50am Jun 9, 2008 8:50am
4h candle tail on previous highs gave heads up, after that the 3 (4) little sisters developed with support from Daily pivot, then finally breaking through, not without giving further entry possibilities.
Good to see those setups.
Attached Images
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