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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #4,361
  • Jun 13, 2008 7:35am Jun 13, 2008 7:35am
A dangerous trade I know. But I went back and traded uj down when it formed a descending triangle at the same 108.05 that it used as resistance on the way up. Made my pips. And the advice to use a 15 pip stop loss sure fits uj, too.
  • #4,362
  • Jun 13, 2008 7:36am Jun 13, 2008 7:36am
Skype chat on the EY chart and why I didn't take that nice zero bounce:

[4:05:38 PM] Willem Kruger says: Island - look at EY now, that is sideway movements

[4:06:09 PM] islandtrader1 says: yeah
[4:06:19 PM] islandtrader1 says: looks like no direction atm
[4:06:35 PM] islandtrader1 says: wouldn't like to think short somewhere here

[4:06:44 PM] Willem Kruger says: No
[4:08:04 PM] Willem Kruger says: EY - even with a zero break now - I won't take it
[4:08:10 PM] Willem Kruger says: or zero bounce

[4:08:26 PM] islandtrader1 says: right, candles and PA just too uncertain

[4:08:44 PM] Willem Kruger says: Too risky - agree, Lack of momentum
[4:10:35 PM] Willem Kruger says: EY - and she gave us a zero bounce
[4:10:50 PM] Willem Kruger says: Not taken

[4:11:57 PM] islandtrader1 says: I consent

[4:12:45 PM] Willem Kruger says: and a power candle as well - tempting. but this is discipline

[4:14:13 PM] islandtrader1 says: yes

[4:19:27 PM] Willem Kruger says: EY - look at that sideways move, no lower highs on the candles. Beautiful signal to stay out

[4:19:58 PM] islandtrader1 says: hehe, that's a great way to put it

[4:20:31 PM] Willem Kruger says: Part of the story writing. LOL
Attached Image (click to enlarge)
Click to Enlarge Name: 20080613 ey sidewaysjpeg2.JPG Size: 114 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,363
  • Jun 13, 2008 8:13am Jun 13, 2008 8:13am
Does anyone else here trade the US session? Was it me, or was this week particularly difficult for this strategy during the U.S. sessions? Very choppy. Few signals, bad signals galore...

I managed to be up about 16 pips for the week.
Money missed is better than money lost
  • #4,364
  • Jun 13, 2008 8:14am Jun 13, 2008 8:14am
I have been quietly following this thread, in hopes of learning the method. I cannot apply the method, as most the good trades appear to happen between 2 and 7 AM my time, and I work a 9 AM to 6 PM job. So for the time being, I am only trading Phillips 4 hour MACD system.

I have a ton of vacation time, so I want to use it to stay up over night and trade this system, once I am confortable.

A few pages back, someone posted that for the following pairs, you should use the following Stop Losses and Target Profits:

EURUSD - 15 Pip SL / 10 Pip TP
GBPUSD - 20 Pip SL / 10 Pip TP
EURJPY and USDJPY - 25 Pip SL / 15 Pip TP

Above in this page there seems to be a contradiction that the JPY pairs should have tighter SL and TP and the EURUSD needs a wider range.

What do you use, per pair, for your SL and TP?

Thank you!

T.J.
  • #4,365
  • Jun 13, 2008 8:25am Jun 13, 2008 8:25am
Quoting unlv_tj
I have been quietly following this thread, in hopes of learning the method. I cannot apply the method, as most the good trades appear to happen between 2 and 7 AM my time, and I work a 9 AM to 6 PM job. So for the time being, I am only trading Phillips 4 hour MACD system.

I have a ton of vacation time, so I want to use it to stay up over night and trade this system, once I am confortable.

A few pages back, someone posted that for the following pairs, you should use the following Stop Losses and Target Profits:

EURUSD - 15 Pip SL / 10 Pip TP
GBPUSD - 20 Pip SL / 10 Pip TP
EURJPY and USDJPY - 25 Pip SL / 15 Pip TP

Above in this page there seems to be a contradiction that the JPY pairs should have tighter SL and TP and the EURUSD needs a wider range.

What do you use, per pair, for your SL and TP?

Thank you!

T.J.
Hi TJ

It was my setting that I do use on Yannis' EA - to manage my trade after a manual entry. Because sometimes I don't have the discipline to exit my trade when it goes against me. The EA is helping with my discipline.

EY - definitely not a tighter SL because it is so volatile.

Enjoy your trading during the vacation.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,366
  • Jun 13, 2008 8:57am Jun 13, 2008 8:57am
The trade I mentioned earlier - close to where you entered if I am not mistaken.

Tony - here I go again!!!!! But this is such a nice system once you get use to your 1-3 favourite pairs.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,367
  • Jun 13, 2008 9:20am Jun 13, 2008 9:20am
Trade on Skype with Island:

[4:26:03 PM] Willem Kruger says: Agree - Friday afternoon!!
[5:58:35 PM] Willem Kruger says: EUR - starting to pullback with lower highs and now MACD signal
[6:00:00 PM] Willem Kruger says: no
[6:01:13 PM] islandtrader1 says: no?
[6:01:31 PM] islandtrader1 says: S1 line just ahead
[6:01:33 PM] Willem Kruger says: no MACD signal - sorry. Not "now"
[6:01:50 PM] islandtrader1 says: ok
[6:02:11 PM] Willem Kruger says: S1 line at 5363 yes
[6:03:26 PM] islandtrader1 says: 5370 on my chart... doesn't matter too much
[6:03:37 PM] Willem Kruger says: I hope S1 can hold - then we might get 8-10pips out of it
[6:04:13 PM] Willem Kruger says: Pullback look flattish - just that one lower high
[6:05:11 PM] islandtrader1 says: no power bar
[6:05:44 PM] Willem Kruger says: No - agree
[6:06:25 PM] Willem Kruger says: EUR - forming a Church to right formation mow
[6:06:32 PM] Willem Kruger says: now
[6:06:48 PM] islandtrader1 says: oh yes...
[6:07:20 PM] islandtrader1 says: if we could get a TC know, would be perfect
[6:07:41 PM] Willem Kruger says: Agree
[6:09:44 PM] islandtrader1 says: if the bar stays like that I'm not entering
[6:10:14 PM] Willem Kruger says: Yes, give it time - patience
[6:11:55 PM] Willem Kruger says: EUR - looks smooth
[6:12:10 PM] islandtrader1 says: yeah it does
[6:13:30 PM] islandtrader1 says: not much room to prev highs
[6:13:42 PM] Willem Kruger says: Correct
[6:13:55 PM] islandtrader1 says: I might close it
[6:14:07 PM] Willem Kruger says: 7pips up
[6:14:43 PM] islandtrader1 says: got out at BE
[6:14:48 PM] Willem Kruger says: took 5pips
[6:14:59 PM] islandtrader1 says: my max move was 3pips
[6:15:30 PM] Willem Kruger says: Yes, previous high is too close and it is Friday
[6:15:47 PM] Willem Kruger says: It was not an easy setup
[6:15:51 PM] islandtrader1 says: yeah, otherwise I'd have taken the chance
[6:16:07 PM] Willem Kruger says: Agree - will try and post my trade
[6:16:22 PM] islandtrader1 says: there still could be a run towards the end, but too risky for me
[6:17:27 PM] Willem Kruger says: Agree - I already had 6 trades, all positive for about 40pips. Not going to give it away
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,368
  • Jun 13, 2008 9:20am Jun 13, 2008 9:20am
Quoting Dahlia
Does anyone else here trade the US session? Was it me, or was this week particularly difficult for this strategy during the U.S. sessions? Very choppy. Few signals, bad signals galore...

I managed to be up about 16 pips for the week.
Congratulations on being up for the week. I ended up down for the week because of those two desparate trades yesterday. I think price is more tricky during the US session, depending on the news and depending on profit taking after the European session.

Thanks for the continued charting, Willem! And here I am without a trade today, and still got the urge to chart. Doing some hindsight thinking, just to keep myself alert as to things happening on a 5 minute chart. Not a reccommendation (not even for myself). Just some observations on the price action during my period today. --Tony
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5min 13june2008 no trade narrow range.gif Size: 24 KB
  • #4,369
  • Jun 13, 2008 11:41am Jun 13, 2008 11:41am
Quoting mdowd
A dangerous trade I know. But I went back and traded uj down when it formed a descending triangle at the same 108.05 that it used as resistance on the way up. Made my pips. And the advice to use a 15 pip stop loss sure fits uj, too.
Hi Md

Wellcome and how about posting a chart so that we can see what you are talking about? Then we can have a nice talk about it.

Tx.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,370
  • Jun 13, 2008 11:48am Jun 13, 2008 11:48am
Quoting OldDog
Congratulations on being up for the week. I ended up down for the week because of those two desparate trades yesterday. I think price is more tricky during the US session, depending on the news and depending on profit taking after the European session.

Thanks for the continued charting, Willem! And here I am without a trade today, and still got the urge to chart. Doing some hindsight thinking, just to keep myself alert as to things happening on a 5 minute chart. Not a reccommendation (not even for myself). Just some observations on the price action during my period today. --Tony
People

Listen to Tony when it comes to price actions. It is so important - like we said in medicine, a disease doesn't occur by change. Something is causing it. And I do believe it is same with forex. Price actions also don't occur by change. Something is causing it to re-act like it does. Support? Resistance? pivot lines? Fib lines? You name it but take note of it. Even on a short time frame like the 5min chart.

Enjoy the weekend.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,371
  • Jun 13, 2008 12:11pm Jun 13, 2008 12:11pm
Well done, Island. Just a post trade analysis of our trade on Skype (posted above).
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,372
  • Jun 14, 2008 5:37am Jun 14, 2008 5:37am
I've never attached and posted a chart. But goes. This is the ascending triangle I used on the way up. And the descending triangle I took on the way down.
Mike
Attached Image (click to enlarge)
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  • #4,373
  • Jun 14, 2008 8:59am Jun 14, 2008 8:59am
Quoting mdowd
I've never attached and posted a chart. But goes. This is the ascending triangle I used on the way up. And the descending triangle I took on the way down.
Mike
Hi Mike

Yes, thanks for the chart - now I can comment.

Well done. My comments on your chart.

Nice triangle with higher lows. Once you see higher lows, look for an area on resistance above the candles. Then you'll have a triangle. That is how I identify triangle - first identify higher lows, then flat tops of the candles (resistance). Then wait for the price to get near the end of the triangle (where the two legs are getting close to each other) and expect a breakout. Look for signals to got long.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,374
  • Edited 3:22pm Jun 14, 2008 3:20pm | Edited 3:22pm
Golfer,

The candle you marked for entry (which turned out to be a power candle) ... was that purely because of the TC , and the fact that it was getting close to the pointy bit of the triangle, so something was likely to happen?

SF412
  • #4,375
  • Edited 1:19am Jun 15, 2008 1:07am | Edited 1:19am
Quoting spitfire412
Golfer,

The candle you marked for entry (which turned out to be a power candle) ... was that purely because of the TC , and the fact that it was getting close to the pointy bit of the triangle, so something was likely to happen?

SF412
Hi SF

Yes.

Look at the attched example - I went a long way back in time (randomly) to show you any example of a triangle.

In this example there are two triangles within each other and also two possible entries. I would have taken the first setup/entry:

1. TC formed - you enter on the opening of the next candle after the first green candle (signal bar) again.

2. The candle opposite signal bar on the MACD is a power candle - ideally.

Look at the second setup - the same situation.

Once you have a TC near the "end" of the triangle and the signals are in place, enter and take the odds on.

Hope it make sense.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,376
  • Jun 15, 2008 11:35pm Jun 15, 2008 11:35pm
Watching eurusd pullback for possible short trade here
Attached Image
  • #4,377
  • Jun 15, 2008 11:50pm Jun 15, 2008 11:50pm
Now th eprice has moved one full beat, so caution is warranted. Still possible for trade into war zone, but if eurusd continues to drop we might shelve this trade.
Attached Image
  • #4,378
  • Jun 16, 2008 12:36am Jun 16, 2008 12:36am
Buy G/J 211.762 Close 211.96 +19.8pips
Attached Image
  • #4,379
  • Jun 16, 2008 12:43am Jun 16, 2008 12:43am
Quoting emacro
Now th eprice has moved one full beat, so caution is warranted. Still possible for trade into war zone, but if eurusd continues to drop we might shelve this trade.

shorted at 72 out for 10 pips loss. Thought there was resistance at 72 and pivot at 75.
  • #4,380
  • Jun 16, 2008 12:58am Jun 16, 2008 12:58am
The setup mentioned by a member on Skype. I don't follow this pair but I just build the chart to assist the member. Hopefully is it assist somebody else.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
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