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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #4,661
  • Jul 2, 2008 7:29am Jul 2, 2008 7:29am
Hi Golfer,

I'm making slow but steady progress with my add on (have to look after my kid as well). I tried to download the smaangle, but I get only the .ex4 file (textfile) not the meta quote language file with the metaeditor sign on it. When I add the smaangle to my chart, it comes with the bars but not with the sma. Tell me what's wrong with it. Once I finish my testing and I fully understand how everything works, I'll write some notes of explanation, a sort of guideline as Philip did in his first posts.

Quoting Golfer
Hi On

When can we expect the explanations regarding your add on? Looking forward to it.
  • #4,662
  • Jul 2, 2008 7:33am Jul 2, 2008 7:33am
Quoting On the Spot
Hi emarco,

can you show me please the exact entry point/candle where you entered the short trade? Thank you
The entry (in the first image) is the second last bar.
  • #4,663
  • Edited 11:50am Jul 2, 2008 9:34am | Edited 11:50am
Thís is my position EU when ADP news are released,23 pips for me
Hmmm,I entry when prices second pullback ,not the first,the third.Very risk.

Hmm but How to determine the signal ending the Trend???
VN Trader.G day and G trade
Attached Image (click to enlarge)
Click to Enlarge Name: EU thanh cong 2 7.jpg Size: 53 KB
  • #4,664
  • Jul 2, 2008 10:53am Jul 2, 2008 10:53am
Dispite it was a kind of joke we decided in 5 min Intraday chat start to call this pattern "the three big brothers" to avoid confusions with three little sisters.
They are formed with three HL (higher lows) in our warzone.
I did not take this trade because of news release but Golfer did it, well done Willem

[09:13:08 a.m.] Willem Kruger dice:EUR - great example of Church to right with TC, got 10pips
[09:13:28 a.m.] Nadia dice:you entered at news time ?
[09:13:59 a.m.] Willem Kruger dice:Yes just before the news
[09:14:14 a.m.] Willem Kruger dice:Took the odds on
[09:14:35 a.m.] Nadia dice:i decided to stay out , got burned too many times at news. Well Good for you.
[09:15:43 a.m.] Willem Kruger dice:I agree - good enough reason, but now i am practicing to get out of a bad trade earlier
[09:16:03 a.m.] Willem Kruger dice:Interesting practising
Attached Image (click to enlarge)
Click to Enlarge Name: 5min.gif Size: 21 KB
  • #4,665
  • Jul 2, 2008 11:25am Jul 2, 2008 11:25am
Didn't have time yesterday to post some of my trades - this is one where I exit early because of the spinner. Better save than sorry.
Attached Image (click to enlarge)
Click to Enlarge Name: 200800701 5min trade 2.1.JPG Size: 103 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,666
  • Jul 2, 2008 11:35am Jul 2, 2008 11:35am
Quoting thang822462
Hi Olddog.agree with u.
5M not trading the News.50SMA EU not a strong trend so not good signal for short,I think that it is fake signal
Lesson: Wait more,wait more...50 SMA is a strong Trend.
But more times I can not wait.
VN Trader.G day and G trade
Hi Thang, --Yes, waiting is hard, HARD, HARD. Here comes another loss, but not so large. I could have made some profit on this one, but one has to decide. No one else can decide for you, so I took a small loss rather than wait longer even though I thought support could hold. --Tony
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5min intra 2july2008.gif Size: 22 KB
  • #4,667
  • Jul 2, 2008 11:35am Jul 2, 2008 11:35am
Let us be realistic and post some loser.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 200800701 5min trade 3.1.JPG Size: 115 KB
Click to Enlarge Name: 200800701 5min trade 3a.1.JPG Size: 112 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,668
  • Jul 2, 2008 11:40am Jul 2, 2008 11:40am
Quoting OldDog
Hi Thang, --Yes, waiting is hard, HARD, HARD. Here comes another loss, but not so large. I could have made some profit on this one, but one has to decide. No one else can decide for you, so I took a small loss rather than wait longer even though I thought support could hold. --Tony
Hi T

Well done with your loss and discipline. Look at my loss (post above).

Just to show people that this system is not the holy grail but it works.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,669
  • Jul 2, 2008 11:48am Jul 2, 2008 11:48am
Quoting BIL2205
i took this trade today, result was 10 pips loss. I entered late on the candle after the tc was already given. Got excited by the tail. 1st mistake. Broke my own rule . becuase if i miss my entry i let the trade go. Also MArket was still volatile after news./ Any ways. the 2 bullish candles were the warning. and i closed on the 3rd with a 10 pips loss.
So lesson learned . ALWAYS STICK TO YOUR RULES.
Hi Nadia, --Consistency, being consistent with your rules, learning to trust yourself because you follow your rules. When I try to explain that to someone who doesn't trade, I feel like an idiot, even though they're understanding. It sounds like I'm talking about something like learning to stop at stop signs, waiting for cars to go by before you cross the street on foot. Aren't I smart? I'm learning how to cross the street! The best to you, Nadia! --Tony
  • #4,670
  • Jul 2, 2008 12:22pm Jul 2, 2008 12:22pm
Quoting Golfer
Hi T

Well done with your loss and discipline. Look at my loss (post above).

Just to show people that this system is not the holy grail but it works.

Thank you Willem! --Looking at your charts and seeing how you let price go against you longer than you would have intended to ( and how I lost 25 pips yesterday with that same mindset), I'm made to think of how easy we can be conditioned by the market. One thing that comes to mind is the number of times I've entered a trade, seen price go against me, take a loss, and then have price turn around almost instantly back in my direction. I think everyone has experienced that at one time or another. You discover that you could have made 10, 20, 30 pips, maybe there's even a hundred pip breakout in your favor. That works on our psyche deep down. When those emotions well up inside, I can find it almost impossible to take the loss. My hand hovers over the mouse button. It's ready to act, but ... wait, wait ... maybe? And there you have it. By the time I'm ready to take the loss, it's almost to my full stop anyway. I can be wise about losing because I've done it so much! --Tony
  • #4,671
  • Jul 2, 2008 1:58pm Jul 2, 2008 1:58pm
Hi there, just my first post in here, let me share my trade made today, horizontal black lines are entry, stop and profit target
regards
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 02.07.2008.gif Size: 20 KB
  • #4,672
  • Jul 2, 2008 2:36pm Jul 2, 2008 2:36pm
Quoting eTrader
Today short trade EUR/USD
Entry: 1.5798
Trailing stop loss (6pips) above entry
Stop loss was hit at 1.5800
Loss: -2pips
Price went further down to 1.5784, then I left my workstation because it was time for my lunch. So no profit this morning
Hi eT

My comments on your chart - if you don't mind.

Please note my exit strategy - double bottom means support was found, I won't push my luck. Exit with small profit. I don't use a TSL - I need to give the market space to breath.

Enjoy.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 102 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,673
  • Jul 2, 2008 2:55pm Jul 2, 2008 2:55pm
Quoting alfred
Hi there, just my first post in here, let me share my trade made today, horizontal black lines are entry, stop and profit target
regards
Hi ALf

Once again, sorry, I cannot help myself but to show you what I was looking at on EUR. I was following the same setup - the reasons for my comments.

I highlighted all the TC - entries should be made on the opening of each candle above the long arrows if trading TC. First 2 TCs were 10pips but after that? Like Phillip said - only so many good setups in a move. How true is it in this move! Good point to remember. Another two negative signals - broken small support line and signs of reistance near daily pivot line.

Hope you don't mind - great trade!!!!!

Enjoy.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 117 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,674
  • Jul 2, 2008 3:06pm Jul 2, 2008 3:06pm
that's ok Golfer, I took this trade earlier, when price bonced of R1, at 15:50 Gmt +1, (1,5851) and went off this trade at 1,5870 (below previous high) supported by nice TC
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 02.07.2008 (15.50).gif Size: 20 KB
  • #4,675
  • Jul 2, 2008 3:28pm Jul 2, 2008 3:28pm
Quoting mkain
Dispite it was a kind of joke we decided in 5 min Intraday chat start to call this pattern "the three big brothers" to avoid confusions with three little sisters.
They are formed with three HL (higher lows) in our warzone.
I did not take this trade because of news release but Golfer did it, well done Willem

[09:13:08 a.m.] Willem Kruger dice:EUR - great example of Church to right with TC, got 10pips
[09:13:28 a.m.] Nadia dice:you entered at news time ?
[09:13:59 a.m.] Willem Kruger dice:Yes just before the news
[09:14:14 a.m.] Willem Kruger dice:Took the odds on
[09:14:35 a.m.] Nadia dice:i decided to stay out , got burned too many times at news. Well Good for you.
[09:15:43 a.m.] Willem Kruger dice:I agree - good enough reason, but now i am practicing to get out of a bad trade earlier
[09:16:03 a.m.] Willem Kruger dice:Interesting practising
Hi Mk

Thanks and welcome back - good to see your charts again. Very helpful.

Also for your work on the Skype chat - keep it up. Good advice overall.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,676
  • Jul 2, 2008 7:19pm Jul 2, 2008 7:19pm
Have just finished my day job and I'm back on refining my add on. I'm trying to build something that will give me an immediate and accurate picture of what is going on in the market. The add on will include readings that I hope will substitute the smaangle, the macd colored and make unnecessary other indicators that some of you have posted here. All the readings will be displayed within one little window beneath the main chart, without having to read various indicators in various little windows. I'm aware that the mere idea of attempting to build something like this will perhaps attract criticism from some of you and most likely some good laughs for I know how much work and passion you have shown in putting together what some of you are using now. I am open minded when it comes to systems and I believe that what was good yesterday can become better tomorrow and even better the next day. This means that whatever system I use or build today, I'm ready to bin it, if something better comes out tomorrow from wherever and whomever it may come. Hope you understand what I'm trying to say. I'm not sure at the moment if I should publish my add on here or open a separate thread on forex factory, for I greatly respect Phillip and everything you have done so far. I need your feedback on this issue. If a system proves to be highly succesful, can it be manipulated by the broker? Many indicators are not available on my brokers platform though it has been years that their clients have been asking for it and I've also noticed that some systems that worked well on my brokers platform have been made somehow (technically) not tradable. Can MT4 been manipulated? I would appreciate some feedback on this issue too. Last thing I want to say is that the 3 ma's of Phillip's naked system will be preserved and especially the 50 sma will be the backbone of the whole thing, while the the other two ema's will assist the trader in deciding the best entry and exit moment as it happens now. Give me your feedback and give me time to do some good work. Thank you
  • #4,677
  • Jul 2, 2008 8:45pm Jul 2, 2008 8:45pm
Quoting OldDog
Hi Thang, --Yes, waiting is hard, HARD, HARD. Here comes another loss, but not so large. I could have made some profit on this one, but one has to decide. No one else can decide for you, so I took a small loss rather than wait longer even though I thought support could hold. --Tony
My first post here on the 5 min. I'm still reading the thread and have a ways to go. I took the same trade today and backed out for the same reasons. Sorry to hear about your losses yesterday. Thanks to all the senior for your guidance and effort. Will post more later.
Raymond
  • #4,678
  • Jul 3, 2008 5:16am Jul 3, 2008 5:16am
I was walking down a road with my kid yesterday afternoon, when I saw from afar dark clouds coming towards me. I thought I have to run if I don't want to get wet and so I went straight to the first bus stop (a good shelter in rainy days). As soon as I got to the bus stop, a torrential rain came down and everybody run to the bus stop. A bus arrived and I thought it was nr 95 and jumped on it. After about 10 min I realized that I was on the wrong bus and a passenger told me that i was on bus nr 96 and not nr 95. The driver stopped the bus and told me to look at the bus number before I jump on the bus. Lesson: Perfect timing is great if you have a sign that tells you where you have to go. Without a sign you may reach the bus stop and got stuck there or risk to take the wrong direction.
  • #4,679
  • Jul 3, 2008 5:27am Jul 3, 2008 5:27am
Quoting On the Spot
I was walking down a road with my kid yesterday afternoon, when I saw from afar dark clouds coming towards me. I thought I have to run if I don't want to get wet and so I went straight to the first bus stop (a good shelter in rainy days). As soon as I got to the bus stop, a torrential rain came down and everybody run to the bus stop. A bus arrived and I thought it was nr 95 and jumped on it. After about 10 min I realized that I was on the wrong bus and a passenger told me that i was on bus nr 96 and not nr 95. The driver stopped the bus and told me to look at the bus number before I jump on the bus. Lesson: Perfect timing is great if you have a sign that tells you where you have to go. Without a sign you may reach the bus stop and got stuck there or risk to take the wrong direction.
What a nice example!

Great example that one can use in the system. You are sitting in front of your PC (you in the bus stop) waiting for the pullback to appear (the bus). To see the price getting into the war zone (bus pulling into the bus stop). So you decided this is it, this is the pullback (the bus). So you jump in and into the trade (climb into the bus) without looking for the signals (number of the bus) to make sure that this is the correct (high probability) pullback (correct bus number).

If it is not thecorrect bus, the bus will not take you to your destination (10pips profit). As easy as that.

Lesson of the story - not every pullback (bus) will take you to your destination (10pips). Make sure it is the correct setup (Bus) before entering.

Thanks Spot for this example.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,680
  • Jul 3, 2008 5:40am Jul 3, 2008 5:40am


Quoting Golfer
What a nice example!

Great example that one can use in the system. You are sitting in front of your PC (you in the bus stop) waiting for the pullback to appear (the bus). To see the price getting into the war zone (bus pulling into the bus stop). So you decided this is it, this is the pullback (the bus). So you jump in and into the trade (climb into the bus) without looking for the signals (number of the bus) to make sure that this is the correct (high probability) pullback (correct bus number).

If it is not thecorrect bus, the bus will not take you to your destination (10pips profit). As easy as that.

Lesson of the story - not every pullback (bus) will take you to your destination (10pips). Make sure it is the correct setup (Bus) before entering.

Thanks Spot for this example.
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