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5Min Intraday System

  • #4,601
  • Edited 11:04am Jun 28, 2008 1:50am | Edited 11:04am
I've already posted this chart but just to show the Skype members what I mean by longer period small support and resistance lines.

Something wrong with entry 1? O yes, the non-trade zone!!!!!!

Also see how a smooth TC in the making looks like.

You can see it is Saturday and I am working through my trades and pictures saved from this week trading. Great to do some post-trade analysis and memorise important aspects of your trading.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080625 5min trade 4.11.JPG Size: 120 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,602
  • Jun 28, 2008 2:04am Jun 28, 2008 2:04am
Just an example of how I draw my Small support lines. The first (short one) line was very unrealistic - so I ignore it and draw the next one making use of 3 points initially. If you lower that line a bit, you'll see how nice it gives support to the price/candles.

I took that trade (evidence of entry and exit thanks to Yannis' EA) with the R1 line in mind - was preapred to take profit right on it. It was about 10pips away and it work out. Trust your system and the signals.

Just ignore that 68pips trade - it is a breakout system (another system) that I am using on another time frame.

Enough analysis for a Saturday - enjoy your weekend.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080626 5min trade 1.1.JPG Size: 118 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,603
  • Jun 29, 2008 12:06am Jun 29, 2008 12:06am
Golfer
Is there a MT4 indicator or alert that tells us 5 seconds before the candle closes.

Thanks
  • #4,604
  • Jun 29, 2008 2:23am Jun 29, 2008 2:23am
Quoting emacro
Golfer
Is there a MT4 indicator or alert that tells us 5 seconds before the candle closes.

Thanks
No, I am using the indicator giving me the time left before the candle is closing. It appears in the top right corner of the chart if you lick on the "Chart shift" icon - otherwise you won't see it. I think it is the EJ Candletime indicator - link pasted on page 1.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,605
  • Jun 29, 2008 8:11am Jun 29, 2008 8:11am
Hi Golfer,

I would like to know more about your stop loss strategy. What stop loss would you apply (amount in pips) IF you were to trade the following pairs:

EUR/USD, GBP/USD, EUR/JPY, USD/JPY, GBP/JYP, USD/CHF, EUR/GBP, EUR/CHF, USD/CHF, AUD/USD, NZD/USD.

After how many pips of profit would you move your stop loss to break-even on the above pairs. Thank you for your reply
  • #4,606
  • Jun 29, 2008 8:14am Jun 29, 2008 8:14am
Quoting Golfer
Just an example of how I draw my Small support lines. The first (short one) line was very unrealistic - so I ignore it and draw the next one making use of 3 points initially. If you lower that line a bit, you'll see how nice it gives support to the price/candles.

I took that trade (evidence of entry and exit thanks to Yannis' EA) with the R1 line in mind - was preapred to take profit right on it. It was about 10pips away and it work out. Trust your system and the signals.

Just ignore that 68pips trade - it is a breakout system (another system) that I am using on another time frame.

Enough analysis for a Saturday - enjoy your weekend.
just want to say thanks.. i love if someone post chart with a lot of explanation like your chart, so i can study it, keep posting more chart if u can.
can u tell me what program do u use to draw that graph (arrow,explanation,eclipse,etc).
  • #4,607
  • Edited 9:57am Jun 29, 2008 8:46am | Edited 9:57am
Quoting On the Spot
Hi Golfer,

I would like to know more about your stop loss strategy. What stop loss would you apply (amount in pips) IF you were to trade the following pairs:

EUR/USD, GBP/USD, EUR/JPY, USD/JPY, GBP/JYP, USD/CHF, EUR/GBP, EUR/CHF, USD/CHF, AUD/USD, NZD/USD.

After how many pips of profit would you move your stop loss to break-even on the above pairs. Thank you for your reply
As stated before - the EA I am using to manage my trades is set at follows for each of my 3 pairs:

EUR - SL 15pips & TP 10pips
Cable - SL 20pips & TP 12pips
EY - SL 25pips & TP 15pips

But then I do manage my trades manually as well based on the price patterns/candle formation after my entry. The EA just makes sure that my SL and TP are in place in case something happens. Move to BE - I do it mentally not physically.

I only follow those 3 pairs - I cannot comment on all the other. Maybe there are other people following them.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,608
  • Jun 29, 2008 9:43am Jun 29, 2008 9:43am
Quoting poplar
just want to say thanks.. i love if someone post chart with a lot of explanation like your chart, so i can study it, keep posting more chart if u can.
can u tell me what program do u use to draw that graph (arrow,explanation,eclipse,etc).
Pleasure - that is how I save my trades/important pictures to be reviewed at a later stage.

One cannot just save a picture and look at it later and say, "O, this is a nice trade" and move on. Identify the famliar signals and make notes. You'll see it again - trust me.

I just click on my chart and choose to save the picture as a bitmap image. Then I click on "edit" and several options are available.

After the editing, I save the picture as jpeg image - it is smaller file.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,609
  • Jun 30, 2008 4:39am Jun 30, 2008 4:39am
eur/jpy
price rose immediately after entry.... due to news at 9am GMT, (EUR CPI), which I was aware of, but somehow thought I was pretty safe due to great looking setup....
Attached Image
  • #4,610
  • Jun 30, 2008 5:12am Jun 30, 2008 5:12am
Quoting islandtrader
eur/jpy
price rose immediately after entry.... due to news at 9am GMT, (EUR CPI), which I was aware of, but somehow thought I was pretty safe due to great looking setup....
i'm doing the same trade with u.. for my no 2 trade..

want to ask anybody what is wrong with my no 1 and 2 trade. i can only think it's because 21 already pass 0.5 and look flat?..
Attached Image (click to enlarge)
Click to Enlarge Name: my system.png Size: 13 KB
  • #4,611
  • Jun 30, 2008 5:26am Jun 30, 2008 5:26am
Quoting poplar
i'm doing the same trade with u.. for my no 2 trade..

want to ask anybody what is wrong with my no 1 and 2 trade. i can only think it's because 21 already pass 0.5 and look flat?..
I took the same two trades.

#1 trade: I saw the possible double bottom and the price was in non-man's land but I decide I'll give it try. I was prepared for a quick exit if the price goes against me and exit for 2pips profit because I didn't like the double bottom and the market slowed down. And then the price moved down just aftermy exit but I am glad for my 2pips.

#2 trade: What looks like perfect ellipse setup just before the news - nothing wrong with setup except 21 was getting flat and we already had a nice run. I thought the news was already out when I entered. Followed the discussion on Skype (all of you were correct in your discussion) and luckily my SL was not triggered - just stayed below my longer term Small resistance line. Exit for 7pips profit.

Great resistance lines drawn - just like mine.

The previous setup (around 7H25 on your chart) was perfect - just below a pivot line (which you don't have on your chart) with Bearish 3 pattern, smooth TC. I've missed it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,612
  • Jun 30, 2008 6:19am Jun 30, 2008 6:19am
This is a setup I didnīt trade, but when analyzing it I thought I was looking at 3 sisters, I would apreciate suggestions on when to enter a 3 sister setup and how to identify it. Are this 3 sisters?
Attached Image (click to enlarge)
Click to Enlarge Name: 30jun08gbpusdaily3sistersate.jpg Size: 116 KB
  • #4,613
  • Jun 30, 2008 7:32am Jun 30, 2008 7:32am
Hi Golfer,

I had no time this morning to post any chart, cuz I'm testing a simple but powerful add on that will enhance Phillips system performance and make trading this system an even greater pleasure. I'll see if I can post some charts tonight, keep the belt tight
  • #4,614
  • Edited 7:51am Jun 30, 2008 7:48am | Edited 7:51am
.....but I didn't take it, unfortunately. A lovely "arch" followed by an orderly continuation, but the ADX wasn't showing much strength, plus the M2 line was too close. In the end, I didn't bother, but, in retrospect, I'd have managed maybe 7 or 8 pips profit.

Edit: Also, it was the first contact point for Golfer's small trend line, so I know he wouldn't have taken it!
Attached Image
  • #4,615
  • Jun 30, 2008 7:56am Jun 30, 2008 7:56am
Where can I change the time on MT4 charts?
  • #4,616
  • Jun 30, 2008 7:58am Jun 30, 2008 7:58am
Quoting On the Spot
Where can I change the time on MT4 charts?
unfortunately MT4 doesn't have that feature, you might conturn this restriction by using another MT4 broker
  • #4,617
  • Jun 30, 2008 7:59am Jun 30, 2008 7:59am
Quoting MxPips
This is a setup I didnīt trade, but when analyzing it I thought I was looking at 3 sisters, I would apreciate suggestions on when to enter a 3 sister setup and how to identify it. Are this 3 sisters?
Yes, it was a 3 Little sisters formation. And well left alone by you. I would advise not to get involved in short setups/signals above the 50MA. Too risky.

I wouldn't have taken the setup because the third sister should be below the 50MA. Like I said before, it is very difficult to determine the entry point on the third sister. It will depend on your personal style of trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,618
  • Jun 30, 2008 8:06am Jun 30, 2008 8:06am
Quoting eyevoltage
.....but I didn't take it, unfortunately. A lovely "arch" followed by an orderly continuation, but the ADX wasn't showing much strength, plus the M2 line was too close. In the end, I didn't bother, but, in retrospect, I'd have managed maybe 7 or 8 pips profit.

Edit: Also, it was the first contact point for Golfer's small trend line, so I know he wouldn't have taken it!
Eye

I was following the setup (recognize it as a possible ellipse price pattern/setup) and was waiting for the TC to appear. I had my finger on the trigger. Then somebody walked into my office and I was distracted. Certainly I would have taken the TC short on this setup - no question about it. That was a beauty, very easy to spot why it was being formed - the same as the EY earlier today. This is more my type of set-ups.

The M2 line was already broken by the previous low - then I tend to ignore it. However I will still watched the price around the M2 line once I entered. I will exit early once I see any signs of support found on that line.

I hope somebody got pips from it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,619
  • Jun 30, 2008 8:17am Jun 30, 2008 8:17am
some of us on skype discussed and took that trade, I must admit that I first was reluctant because of the large tails before the power bar and the pivot just below the recent closes.... but the power bar and the TC spoke a clear language.... took first half at +8 and after trying to let other half run closed it for +5.
thanks guys
Attached Image
  • #4,620
  • Jun 30, 2008 8:29am Jun 30, 2008 8:29am
Quoting islandtrader
some of us on skype discussed and took that trade, I must admit that I first was reluctant because of the large tails before the power bar and the pivot just below the recent closes.... but the power bar and the TC spoke a clear language.... took first half at +8 and after trying to let other half run closed it for +5.
thanks guys
Your post has served to remind me of the importance of Phil's "Powerbars", mate. I never took that into account.

Nice one.
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