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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #4,341
  • Jun 12, 2008 8:25am Jun 12, 2008 8:25am
Quoting Golfer
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.
Hi Willem Thanks for the warm welcome.I will try me best to post the trades i take . Thanks for your charts and explaination, they help me a lot. Take care.
Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #4,342
  • Jun 12, 2008 10:35am Jun 12, 2008 10:35am
Here's where I am so far today. I'll be looking to see if I can enter later according to the rules! The best, --Tony
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5min 12june2008 lowerclosemistake.gif Size: 24 KB
  • #4,343
  • Jun 12, 2008 10:48am Jun 12, 2008 10:48am
Quoting Xaron
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

Hi Xaron, in wich pairs do you use this RR ratio? Do you trade only with clear macd/candle signals or take most warzone signals? Thanks.

Good Pips from Mexico!
  • #4,344
  • Jun 12, 2008 11:23am Jun 12, 2008 11:23am
My 3 trades today on EY - the first two trades were done on my mobile phone where I only have the MACD (very small and not coloured) and MAs as signal. No pivot lines. Not that easy if you don't have all your assistants with you.

The area between my second and third trade is very typical of the EY - it usually happens after she breaks through the 50MA. That is why Phillip encourages us to follow only 1-2pairs and don't jumpt around 7-8pairs. Get use to the movements of your favourite 2pairs.

I am luck get away with 23pips profit for today - much nicer day on the 4hMACD. Look at the EUR and Cable 4h charts to see nice nice MACD TC patterns. Come back and use the same principle here.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080612 5min trade 1jpeg.JPG Size: 123 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,345
  • Jun 12, 2008 11:32am Jun 12, 2008 11:32am
Quoting OldDog
Here's where I am so far today. I'll be looking to see if I can enter later according to the rules! The best, --Tony
Hi T

Just one comment - for me, just too many activities above the 21 after around the 12H30 candle. Otherwise - no problem with your reasoning. That was why I ignored the EUR today and concentrated on my favourite lady (EY). The one with the usual rounding - LOL!

Come to think about it - after a while (my 3 trades) she also disappointed me.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,346
  • Jun 12, 2008 11:37am Jun 12, 2008 11:37am
Quoting MxPips
The pivot lines, the dotted ones, I think we should have the same pivot lines right?
MxPips, --As Willem said, they can vary a slight amount, and there shouldn't be any problem with that.

Here's how to test your pivot indicator to see if it's accurate enough: Add the high, low, and close of the previous day's daily candle. Divide that amount by 3 to get the average, and that is your main pivot. R1 = 2 x Pivot - Low. R2 = Pivot + (High - Low). R3 = R1 + (High - Low). S1 = 2 x Pivot - High. S2 = Pivot - (High - Low). S3 = S1 -(High - Low). That's the formula that I think is most commonly used. Don't worry if there's one or two pips difference. That could be due to differing interpretations of High, Low, and Close. I used to enter those formulas in a spread sheet so that I could print the pivots out. The best. --Tony
  • #4,347
  • Jun 12, 2008 11:44am Jun 12, 2008 11:44am
Quoting Golfer
Hi T

Just one comment - for me, just too many activities above the 21 after around the 12H30 candle. Otherwise - no problem with your reasoning. That was why I ignored the EUR today and concentrated on my favourite lady (EY). The one with the usual rounding - LOL!

Come to think about it - after a while (my 3 trades) she also disappointed me.
Thanks Willem, --Always appreciate your comments. --Tony
  • #4,348
  • Jun 12, 2008 12:26pm Jun 12, 2008 12:26pm
But would I listen to Willem? Noooo. Trying to fish today after the fish have left. --Tony
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5min 12june2008 2ndattempt failure.gif Size: 20 KB
  • #4,349
  • Jun 12, 2008 12:39pm Jun 12, 2008 12:39pm
Quoting Juancho
Beautiful trade OldDog... what are the MA´s for the MACD??? I see (5,13,1) on the chart but my MACD with these values doesn´t look like yours.
THanks.
I don't know how to help you with that, Juancho. Except to say that different platform charts may catch the five minute information a little earlier or later, as I've noticed on my live platform versus my demo. That might make a slight variation on the MACD, but I think it would be very small. --Tony PS: I use (5,13,1) just like you.
  • #4,350
  • Jun 12, 2008 9:46pm Jun 12, 2008 9:46pm
I'm having trouble installing the PhilNex Expert.ex4 onto MT4 platform. I have it on my custom navigator list, but I'm unable to drag it over. I have installed the SMA angle and that went just fine. Anyone have any suggestions?
Morelands
  • #4,351
  • Jun 12, 2008 11:46pm Jun 12, 2008 11:46pm
Quoting Morelands
I'm having trouble installing the PhilNex Expert.ex4 onto MT4 platform. I have it on my custom navigator list, but I'm unable to drag it over. I have installed the SMA angle and that went just fine. Anyone have any suggestions?
Morelands
Sorry, I don't use it anymore.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,352
  • Jun 13, 2008 3:57am Jun 13, 2008 3:57am
short 1.5406, s/l 1.5418, out with 0 pips due to lack of momentum, I lost confidence. t/p +10pips would have been reached easily.
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  • #4,353
  • Jun 13, 2008 4:03am Jun 13, 2008 4:03am
Quoting islandtrader
short 1.5406, s/l 1.5418, out with 0 pips due to lack of momentum, I lost confidence. t/p +10pips would have been reached easily.
Yep, the same happened to me.

Regards - Xaron
  • #4,354
  • Jun 13, 2008 4:06am Jun 13, 2008 4:06am
Took 6 pips on the UJ's ascending triangle when the behavior bothered me.
  • #4,355
  • Jun 13, 2008 4:24am Jun 13, 2008 4:24am
Quoting islandtrader
short 1.5406, s/l 1.5418, out with 0 pips due to lack of momentum, I lost confidence. t/p +10pips would have been reached easily.
I entered later (opened my charts after your setup), saw the setup (and previous setups)and that tail testing the M2line (not really a higher high), smooth rounding, entered and took 9pips. Just like the resistance found on M2 line - tested it three times. Will post chart later.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,356
  • Jun 13, 2008 5:22am Jun 13, 2008 5:22am
My trades today. Overall a good day, but I was a little bit too careful with my stops... Result: a lot of BE trades.

EUR/USD
#1:
Short at 1.54219
Closed at 1.54099: +12.0 pips
#2:
Short at 1.54059
Closed at 1.54130: +0.5 pips
#3:
Short at 1.53970
Closed at 1.53965: +0.5 pips

http://www.xaron.net/dl/fx/2008/intr...usd_130608.png

USD/JPY
#1:
Long at 107.888
Closed at 107.893: +0.5 pips
#2:
Long at 107.931
Closed at 107.936: +0.5 pips
#3:
Long at 107.985
Closed at 107.990: +0.5 pips
#4:
Long at 107.993
Closed at 107.998: +0.5 pips
#5:
Long at 108.030
Closed at 108.150: +12.0 pips
#6:
Long at 108.075
Closed at 108.195: +12.0 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_130608.png

Regards - Xaron
  • #4,357
  • Jun 13, 2008 6:36am Jun 13, 2008 6:36am
Where should I enter in the shape area? I entered at the first blue candle and hit SL, what's wrong? entry 165.95, SL 166.05.

Thanks for comments!
Attached Image (click to enlarge)
Click to Enlarge Name: EJ.JPG Size: 80 KB
  • #4,358
  • Jun 13, 2008 6:40am Jun 13, 2008 6:40am
Quoting scarlet
Where should I enter in the shape area? I entered at the first blue candle and hit SL, what's wrong? entry 165.95, SL 166.05.

Thanks for comments!
No matter where you enter if you use a stop of only 10 pips for the EJ. That's way too less for this volatile pair. 10 pips stop is the minimum for the EU.

Regards - Xaron
  • #4,359
  • Jun 13, 2008 8:46am Jun 13, 2008 8:46am
Quoting scarlet
Where should I enter in the shape area? I entered at the first blue candle and hit SL, what's wrong? entry 165.95, SL 166.05.

Thanks for comments!
My chart and analysis of the setup. As you can see, I do like to look for higher/lower lows/highs a lot.

This setup looks to me like a sideway movement.

I do agree with Xaron. And be careful with the EY and try to enter as close as possible to the 21 when trading the EY
Attached Image (click to enlarge)
Click to Enlarge Name: 20080613 ey sidewaysjpeg.JPG Size: 111 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,360
  • Jun 13, 2008 8:59am Jun 13, 2008 8:59am
Trading in these types of markets is looking for trouble using Phillip's 5min system. You need another system for markets like this.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080613 cable sidewaysjpeg.JPG Size: 118 KB
Willem Forex recipe for success = Patience, discipline & hard work.
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