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5Min Intraday System

  • #4,261
  • Jun 9, 2008 9:19am Jun 9, 2008 9:19am
i just began to trade this system in my demo account today, but lost 3 times in gbpusd,what's wrong with it？
it looks like the market always try to hit my stop loss (6+3) first, and then run to the right direction....I want to know when I should enter the market?

does this happen often?
any comments?
thanks in advance...
Attached Image
  • #4,262
  • Jun 9, 2008 9:25am Jun 9, 2008 9:25am
hi guys ,

does anybody has a good pivot indicator for MT4 that works on all tf ?

I'll appriciate it ,

Barak.
  • #4,263
  • Jun 9, 2008 9:35am Jun 9, 2008 9:35am
Quoting bobowang
i just began to trade this system in my demo account today, but lost 3 times in gbpusd,what's wrong with it？
it looks like the market always try to hit my stop loss (6+3) first, and then run to the right direction....I want to know when I should enter the market?

does this happen often?
any comments?
thanks in advance...
Hi Bobo

No need to worry - my SL of 15pips also got hit. I entered setup #3. It is just one of those days.

A warning sign is the speed of the market - I also missed it. Look at the previous setups and you'll see several tails/candles going through the 21MA. There were even 2 closes of candles on the wrong side of the 21MA (below the 21MA). That means that the speed is medium to slow and the 21MA is not really acting as support today. One needs to be very careful and put your SL below the 50MA on days like these. Which makes it very risky.

I've learned/reinforced another lesson today. Important to determine the speed of the markets as indicated by the original rules of Phillip.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,264
  • Jun 9, 2008 9:41am Jun 9, 2008 9:41am
Quoting Golfer
Hi Bobo

No need to worry - my SL of 15pips also got hit. I entered setup #3. It is just one of those days.
.............
ok, I get the confidence again, thanks alot.....
  • #4,265
  • Jun 9, 2008 9:43am Jun 9, 2008 9:43am
Quoting bobowang
i just began to trade this system in my demo account today, but lost 3 times in gbpusd,what's wrong with it？
it looks like the market always try to hit my stop loss (6+3) first, and then run to the right direction....I want to know when I should enter the market?

does this happen often?
any comments?
thanks in advance...
Try setting stoploss as 20 pips (total). This greatly increases the success ratio The entry is the same; enter when the price is in the 'war zone'.
Ride on the Bull, Sit on the Bear
  • #4,266
  • Jun 9, 2008 9:47am Jun 9, 2008 9:47am
Quoting TrendRider
Try setting stoploss as 20 pips (total). This greatly increases the success ratio The entry is the same; enter when the price is in the 'war zone'.
for all the pairs ( the eurusd,gbpusd,etc)? or just gbpusd.

and how about the take profit level, also 20pips? thanks...

and I definitely can feel that's a war zone... it's so weird...maybe all big institution traders fight in this zone.
  • #4,267
  • Jun 9, 2008 9:54am Jun 9, 2008 9:54am
Quoting bobowang
for all the pairs ( the eurusd,gbpusd,etc)? or just gbpusd.

and how about the take profit level, also 20pips? thanks...

and I definitely can feel that's a war zone...
Yes, but then be very careful for the R:R ratio. A few good trades and profits can be easily eaten up by one bad trade.

Look at the previous page (or two pages ago) for my expalanation using Yannis's EA. That is where I usually set my SL.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,268
  • Jun 9, 2008 10:09am Jun 9, 2008 10:09am
Quoting bobowang
for all the pairs ( the eurusd,gbpusd,etc)? or just gbpusd.

and how about the take profit level, also 20pips? thanks...

and I definitely can feel that's a war zone... it's so weird...maybe all big institution traders fight in this zone.
I only trade EU and GU for this system with Profit Target = 10 pips and Stop Loss = 20 pips. The Risk:Reward ratio is to your disadvantage but I find that it works... at least for last month

I am still learning
Ride on the Bull, Sit on the Bear
  • #4,269
  • Jun 9, 2008 11:23am Jun 9, 2008 11:23am
My chart and trade of Bobo's chart above.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080609 5min trade 1jpeg.JPG Size: 122 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,270
  • Jun 9, 2008 11:38am Jun 9, 2008 11:38am
The chart shows a trade I didn't take. The entry short would have been at 13:20gmt, but I was kept out by various considerations, including the move down of already 136 pips and the fact that price on the 4 hour chart had tested the 8 ema at 1.5742 and had moved back up. So, on the 4 hour, there were indications for a possible TC upwards in the future. However, I believe, now, that the indications for a short trade on the 5 minute chart were sufficient to take the chance, and I believe I will do so in the future, if such an opportunity presents itself, keeping in mind that nothing is ever certain! --Tony
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5min onetotake 9june2008.gif Size: 22 KB
  • #4,271
  • Jun 9, 2008 12:15pm Jun 9, 2008 12:15pm
I did copy a part of our message and delete the member's name for confidentality (copied mainly my message to let people see what I am looking at as charts develop):

[06:46:00 PM] Willem Kruger says: Look at Cable right now - another triangle being formed

[06:46:46 PM] Willem Kruger says: Need to wait for another pullback into the war zone with TC

[06:46:59 PM] Willem Kruger says: and lower high

[06:47:00 PM] says: yes but very slow market

[06:47:25 PM] says: and MA all together

[06:47:48 PM] Willem Kruger says: Well done - very risky setup

[06:48:05 PM] Willem Kruger says: But use the setup to identify the signals

[06:48:11 PM] Willem Kruger says: Not to trade

[06:48:23 PM] Willem Kruger says: I do use every setup to practice my eye

[06:49:44 PM] Willem Kruger says: Just gave a TC but no power signal

[06:50:46 PM] Willem Kruger says: But look at the lower highs and lower lows - good signal

[06:53:18 PM] Willem Kruger says: Just took 10pips on Cable

[06:54:43 PM] Willem Kruger says: Lowwr highs and lower lows with a possible triangle formation. Entered earlier on cross of zero line on MACD

[07:02:05 PM] Willem Kruger says: Can you see my entry was once again to early?
[07:02:16 PM] Willem Kruger says: too early
Attached Image (click to enlarge)
Click to Enlarge Name: 20080609 5min trade 2jpeg.JPG Size: 99 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,272
  • Jun 10, 2008 2:54am Jun 10, 2008 2:54am
First 10 pips today, better start than yesterday.
Attached Image
  • #4,273
  • Jun 10, 2008 3:18am Jun 10, 2008 3:18am
Quoting Barak's pip
hi guys ,

does anybody has a good pivot indicator for MT4 that works on all tf ?

I'll appriciate it ,

Barak.

here ya go
Attached File(s)
File Type: mq4 Pivots_Daily.mq4   17 KB | 461 downloads
File Type: mq4 Pivots_Weekly.mq4   7 KB | 391 downloads
File Type: mq4 Pivots_Monthly.mq4   7 KB | 376 downloads
File Type: mq4 Pivots_Daily_Median.mq4   16 KB | 400 downloads
File Type: mq4 Pivots_Weekly_Median.mq4   6 KB | 387 downloads
File Type: mq4 Pivots_Monthly_Median.mq4   6 KB | 401 downloads
File Type: mq4 Pivots_Weekly_Sunday.mq4   8 KB | 392 downloads
Don't chase the market, Let the market come to you
  • #4,274
  • Jun 10, 2008 3:28am Jun 10, 2008 3:28am
last but not least

these should give you plenty of S/R points to work from
Attached File(s)
File Type: mq4 FiboRS.mq4   5 KB | 487 downloads
File Type: mq4 4_Pivot_Calculator.mq4   4 KB | 416 downloads
Don't chase the market, Let the market come to you
  • #4,275
  • Jun 10, 2008 4:18am Jun 10, 2008 4:18am
Quoting Tmac
last but not least

these should give you plenty of S/R points to work from

do you use it combined with the 5 min strategy? if you do , what are your insites?

many thanks,
Barak.
  • #4,276
  • Jun 10, 2008 4:42am Jun 10, 2008 4:42am
...
Attached Image
  • #4,277
  • Jun 10, 2008 5:11am Jun 10, 2008 5:11am
Quoting islandtrader
...
Well done - I don't know if I would have taken the setup (don't think so). Not too many positive signals apart from the last 2 nice lower highs and the smooth rounding and below My Small resistance line. It was a Reverse church formation but not a recognisable resistance level nearby making it a high risk setup (which worked out at the end). I wish I could have done it with you on Skype - I saw you've tried but I can only after 15H00GMT.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,278
  • Jun 10, 2008 5:33am Jun 10, 2008 5:33am
eu short 1.5508, tp 1.5498 +10pips +1R

touch of small resistance line and 10ema with a small candle,
next candle indicating bounce and momentum increase, together with a smooth MACD (TC not confirmed at that point).
I also liked that previous support became resistance (MS2 line).
Just enough room to previous low for 10 pips profit.
I still considered it a risky trade from the fast lane, I was ready to close it if it would have penetrated the small resistance line for a small loss. Thanks Golfer.
Attached Image
  • #4,279
  • Jun 10, 2008 5:36am Jun 10, 2008 5:36am
Had to post this...
Attached Image
  • #4,280
  • Jun 10, 2008 6:54am Jun 10, 2008 6:54am
Quoting islandtrader
eu short 1.5508, tp 1.5498 +10pips +1R

touch of small resistance line and 10ema with a small candle,
next candle indicating bounce and momentum increase, together with a smooth MACD (TC not confirmed at that point).
I also liked that previous support became resistance (MS2 line).
Just enough room to previous low for 10 pips profit.
I still considered it a risky trade from the fast lane, I was ready to close it if it would have penetrated the small resistance line for a small loss. Thanks Golfer.
Great - I took the very same trade. Well done. That support changing to resistance (M2 line) was the key for me. That was why I took it on the 10MA.

Will post chart later. Yannis' EA closed my trade for 13pips.

Now we are talking!!!!!!!!!
Willem Forex recipe for success = Patience, discipline & hard work.
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