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5Min Intraday System

  • #4,321
  • Edited 9:57pm Jun 11, 2008 9:45pm | Edited 9:57pm
Hello i just did this trade on euro . i usually dont trade this late but am waiting for a tc on 4 hour so watching the market.
Took The Tc on, very simple entry based on the pull back in the zone. MAcd was nice and smooth. resistance on the trendline.so went for it. ( please ignore the position that is still open that is for my 4 hour trade ).
Similar set up on gu, but wanted to concentrate on one at a time.
Attached Image (click to enlarge)
Click to Enlarge Name: euro 5 minute.jpg Size: 154 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #4,322
  • Jun 11, 2008 9:47pm Jun 11, 2008 9:47pm
Hi Poplar we just did the same trade !!!!!
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #4,323
  • Jun 11, 2008 9:47pm Jun 11, 2008 9:47pm
A nice signal, in the Asian trading session. However, just watching, no trade.
Attached Image
  • #4,324
  • Edited 10:17pm Jun 11, 2008 10:05pm | Edited 10:17pm
look like a chruch i think (it is true?), my entry at arrow, any comment? or something i must reconsider before opening this trade

edit:
out after i see that solid bearis candle
Attached Image (click to enlarge)
Click to Enlarge Name: my system.png Size: 8 KB
  • #4,325
  • Jun 11, 2008 10:09pm Jun 11, 2008 10:09pm
Quoting BIL2205
Hi Poplar we just did the same trade !!!!!
nice to hear some expert took that trade too . I close when that candle is retrace, i think i need to wait after the candle close.. Still newbie long way to go
  • #4,326
  • Jun 11, 2008 11:13pm Jun 11, 2008 11:13pm
Quoting poplar
look like a chruch i think (it is true?), my entry at arrow, any comment? or something i must reconsider before opening this trade

edit:
out after i see that solid bearis candle
Hi Pop

Perfect except that yuor entry is not really a power candle. Bullish power candles have tails on the lower side of the body. Not the upper side. Ideally I would like to see that last pullback forming a high low. Then the trade was definitely on. I don't follow this pair so I am not familiar with it movements.

Now you must just start telling us why did you take the setup - describe the signal you were looking for/tell the story behind the setup. Looks like you are getting it.

How did it end?
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,327
  • Jun 11, 2008 11:19pm Jun 11, 2008 11:19pm
Quoting BIL2205
Hello i just did this trade on euro . i usually dont trade this late but am waiting for a tc on 4 hour so watching the market.
Took The Tc on, very simple entry based on the pull back in the zone. MAcd was nice and smooth. resistance on the trendline.so went for it. ( please ignore the position that is still open that is for my 4 hour trade ).
Similar set up on gu, but wanted to concentrate on one at a time.
Hi Nad

Welcome back again - no comment on the trade (same for Pop) because it was perfect. I like your actions getting out with 8pips and didn't push for another 2pips just to lose all 8pips.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,328
  • Jun 12, 2008 1:24am Jun 12, 2008 1:24am
Hi guys,

I'm back and will post charts again. In my last days/weeks I did not very well, so I went back to the charts and did some backtesting again. Guys, listen to Golfer, he's right. This is a 10 (+/-) pips system. I've adapted my trading style a little bit again and I've gone back to the roots.

For the next time I'll trade EUR/USD only, maybe USD/JPY as well...

Regards - Xaron
  • #4,329
  • Jun 12, 2008 1:58am Jun 12, 2008 1:58am
@Xaron I already missed your charts, but in the meantime I was busy having a hard time, too. Two steps forward, three steps back...
  • #4,330
  • Jun 12, 2008 2:02am Jun 12, 2008 2:02am
Shorted on the 'shooting star' candle. Tails on this and a few candles back add weight to the short.
Attached Image
  • #4,331
  • Jun 12, 2008 2:03am Jun 12, 2008 2:03am
Yes. Forget about my experiments. *gg*

I use a fix SL of 20 and a TP of 12 now. I set my SL to BE after 7 pips. That's all.

Regards - Xaron
  • #4,332
  • Jun 12, 2008 2:18am Jun 12, 2008 2:18am
Quoting Xaron
Hi guys,

I'm back and will post charts again. In my last days/weeks I did not very well, so I went back to the charts and did some backtesting again. Guys, listen to Golfer, he's right. This is a 10 (+/-) pips system. I've adapted my trading style a little bit again and I've gone back to the roots.

For the next time I'll trade EUR/USD only, maybe USD/JPY as well...

Regards - Xaron
Hi X

It is not my advice, but it is coming from Phillip. I think he has more than enough experience in the system to tell us that this is a 10pip system. I also try to let my profit runs but it is only working trending markets and on 1minute charts after major News releases. Otherwise, it is not working for me - maybe it is working for others.

To all the other:

I've also experimented with the system and tried out new things. What I've put together are the things that work for me. I also discussed it several times with Phillip. I also talked to Phillip about what I am trying to do. I do believe in honesty when it comes to giving advice in this system. If somethingit is not working for me I will give you my honest opinion. And remember it is just my opinion.

I told Phillip how I am trying out everything - to get burned myself and learn the hard way. He warned me about it but I want to experience it myself. Now I know from experience.

If this system didn't work for me, I would have left it long ago. I am not here to promote the system - just telling people what it's working for me. People should decide for themselves if this system is for them.

Like I always said - enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,333
  • Jun 12, 2008 2:21am Jun 12, 2008 2:21am
Quoting Xaron
Hi guys,

I'm back and will post charts again. In my last days/weeks I did not very well, so I went back to the charts and did some backtesting again. Guys, listen to Golfer, he's right. This is a 10 (+/-) pips system. I've adapted my trading style a little bit again and I've gone back to the roots.

For the next time I'll trade EUR/USD only, maybe USD/JPY as well...

Regards - Xaron
Sorry, welcome back and looking forward to your charts
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,334
  • Jun 12, 2008 2:29am Jun 12, 2008 2:29am
Quoting Golfer
Hi Pop

Perfect except that yuor entry is not really a power candle. Bullish power candles have tails on the lower side of the body. Not the upper side. Ideally I would like to see that last pullback forming a high low. Then the trade was definitely on. I don't follow this pair so I am not familiar with it movements.

Now you must just start telling us why did you take the setup - describe the signal you were looking for/tell the story behind the setup. Looks like you are getting it.

How did it end?
thanks Golfer
now you pointing that out i just realize yes i see that tail down to but with that big body candle i think it's ok, i must be to happy to see that formation soo not very considerate about it, no i see what's wrong that tail form in some resistance red line, so it doesn't break that resistance. When i trade i look
1. MACD TC (ok)
2. SMA Angle above 0.1 below 0.5 (ok)
3. i think i see church formation
4. bounced at 21
5. it broke some resistance that purple line and make higher high of last candle with big bulish candle (like engulfing patern) i only think nice bulish candle.

next time i will considerate (hope i can see it, rather hard for beginer like me to see all the signal )
1. next resistance/suport it's ok with R:R
2. if i look tail if it happen at resistance/suport
3. and yes that higher low .. i forgot it/not considerate it when i see church formation like..

oh yes the result is -3 pip i closed it not right after that solid bearish candle but after that next candle move because my working distract me, i think it suppose to BE i rather late to close that.

hope to learn more from u (Golfer) and other expert.

edit:
ignore that arrow i accidently move it. it suppose to go 2 more candle at right.
Attached Image (click to enlarge)
Click to Enlarge Name: my system.png Size: 8 KB
  • #4,335
  • Jun 12, 2008 2:31am Jun 12, 2008 2:31am
Quoting Xaron
Yes. Forget about my experiments. *gg*

I use a fix SL of 20 and a TP of 12 now. I set my SL to BE after 7 pips. That's all.

Regards - Xaron
Hi Xaron
Is your trading plan to average 3 positions still on? How has it been going?
  • #4,336
  • Jun 12, 2008 2:34am Jun 12, 2008 2:34am
Quoting emacro
Hi Xaron
Is your trading plan to average 3 positions still on? How has it been going?
It did well. But then I took a deeper look into the past. It works, no question, but the plain 12/20 (TP/SL) seems to work better for me.

But averaging in has some benefits, will do further testing...

Regards - Xaron
  • #4,337
  • Jun 12, 2008 3:35am Jun 12, 2008 3:35am
My first loss since a while (conservative trading - or undertrading...?) short eu 1.5427, s/l 1.5437, closed 1.5436 -9pips, -0.9R

Retracement into previous support, kind of smooth round top with dojis, MACD looked smooth too, which looked like it could become a nice TC right at zero
Golfer on Skype: No MACD signal, no real power candle, 10 and 21 coming together, sorry
Attached Image
  • #4,338
  • Jun 12, 2008 4:23am Jun 12, 2008 4:23am
Quoting islandtrader
My first loss since a while (conservative trading - or undertrading...?) short eu 1.5427, s/l 1.5437, closed 1.5436 -9pips, -0.9R
I took the same one, nothing wrong with it.

Regards - Xaron
  • #4,339
  • Jun 12, 2008 4:29am Jun 12, 2008 4:29am
@ Xaron, @ island.

I took the same one. Nice to see that iīm not alone...

I came in @ 32, and was stopped out at BE.
Donīt live for working, but work for living.
  • #4,340
  • Jun 12, 2008 8:21am Jun 12, 2008 8:21am
My trades today.

EUR/USD
#1:
Short at 1.54748
Closed at 1.54628: +12.0 pips
#2:
Short at 1.54278
Closed at 1.54478: -20.0 pips
#3:
Short at 1.54135
Closed at 1.54130: +0.5 pips

http://www.xaron.net/dl/fx/2008/intr...usd_120608.png

USD/JPY
#1:
Long at 107.358
Closed at 107.478: +12.0 pips
#2:
Long at 107.498
Closed at 107.618: +12.0 pips
#3:
Long at 107.623
Closed at 107.735: +11.2 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_120608.png

Regards - Xaron
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