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5Min Intraday System

  • #4,781
  • Jul 9, 2008 9:49am Jul 9, 2008 9:49am
And my strong buy was a good entry. Did enter it with double position size:

http://www.xaron.net/dl/fx/2008/intr...usd_090708.png

Overall a great day for me. In the first trade I missed to close the trade. *gg*

Regards - Xaron
  • #4,782
  • Jul 9, 2008 9:53am Jul 9, 2008 9:53am
10 pips off the church pattern. Entry was on the MACD TC.
Attached Image
  • #4,783
  • Jul 9, 2008 9:53am Jul 9, 2008 9:53am
i entered the trade at breakout point and didnt wait for TC cause:
1-look at price how comed back to breakout level and made dojies
2-there is a TL from low
3-5723 is my R1 level wich breaked and price comed back to it
so i thought it is a high probability trade and there is no need to wait for TC
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 19 KB
  • #4,784
  • Jul 9, 2008 9:55am Jul 9, 2008 9:55am
Quoting bshadroo
so i thought it is a high probability trade and there is no need to wait for TC
That's right.
  • #4,785
  • Jul 9, 2008 10:10am Jul 9, 2008 10:10am
Quoting Xaron
That's right.
yes , but now im thinking that i could close my trade 10pips after tc signal,i mean,suppose i took trade at 5735(after tc signal),so i'd close it for 10pips around 45. it means i could hold my trade at 5726 untill 5745.
isnt it?
  • #4,786
  • Jul 9, 2008 10:15am Jul 9, 2008 10:15am
Yes. Personally I don't use the MACD, but yes, I understand your position. It's valid.

I took another bounce from the R1, another 10 pips.

Regards - Xaron
  • #4,787
  • Jul 9, 2008 11:02am Jul 9, 2008 11:02am
Quoting mike1349
Hi,

I was reading the first page.Since I use candles not bars I draw candles.

Please confirm if they are right.

Tanks
Mike
Perfect.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,788
  • Jul 9, 2008 11:25am Jul 9, 2008 11:25am
Quoting emacro
I like it too. Have one with MCFC logo, but eyevoltage gets riled up by it...

Who? Me?
  • #4,789
  • Jul 9, 2008 12:01pm Jul 9, 2008 12:01pm
Quoting Golfer
Just one aspect I like to look at and that is the MACD pattern. I don't like trading when the MACD looks like yours. Too risky for me. Market doesn't know where it wants to go.
Thanks Willem, --I remember you mentioning that before. When the MACD looks like it has teeth, it might bite!

Missed out on a trade today because, though I saw it on my demo, my live platform was refusing to open. It kept saying I had the wrong password and took several tries before I got it to cooperate. That gave me the opportunity to work on missing out emotions. I failed to notice the church to the right formation later. Glad some of you got it. Maybe I'll get used to looking for it in the future. --Tony
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5min phillip 9july2008 intended.gif Size: 26 KB
  • #4,790
  • Jul 9, 2008 2:44pm Jul 9, 2008 2:44pm
My trade for 4pips - could have been 10pips if my entry was correct and not late. Just another piece of evidence that one should not try and jump in "late".

This was a beautiful Church to rigth formation - church building consists of 6 candles before moving on upwards. You can see the principles behind the price pattern on this chart very clearly:

First the move upwards, found resistance and move back (bell tower of the church) just to found support for a few candles (hopefully with a few higher lows). In this case it was right on the R1 line - perfect. Then the buyers took over and the price continue to move upwards.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080709 5min trade 1.1.JPG Size: 120 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,791
  • Jul 10, 2008 1:25am Jul 10, 2008 1:25am
Quoting bshadroo
i entered the trade at breakout point and didnt wait for TC cause:
1-look at price how comed back to breakout level and made dojies
2-there is a TL from low
3-5723 is my R1 level wich breaked and price comed back to it
so i thought it is a high probability trade and there is no need to wait for TC
It is only now that I saw that we've entered on the same setup. Great use of support and resistance lines by you.

This is just to show people how important the timing of your entry is. Also how personal styles can differ and lead to different outcomes. That is why I say everybody has his own personal style and the copycat style doesn't always work.

Great trade Bs!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,792
  • Jul 10, 2008 2:26am Jul 10, 2008 2:26am
I see a possible bearish 3 formation on eurusd, but the ema are not ideal, esp the 50 ema.
  • #4,793
  • Jul 10, 2008 2:37am Jul 10, 2008 2:37am
Pattern failed to materialise.
  • #4,794
  • Jul 10, 2008 2:53am Jul 10, 2008 2:53am
Buy U/J 106.906 Close 107.296 +39pips
Attached a 15min chart to see my entry.
Attached Image
  • #4,795
  • Jul 10, 2008 3:04am Jul 10, 2008 3:04am
Quoting Golfer
It is only now that I saw that we've entered on the same setup. Great use of support and resistance lines by you.

This is just to show people how important the timing of your entry is. Also how personal styles can differ and lead to different outcomes. That is why I say everybody has his own personal style and the copycat style doesn't always work.

Great trade Bs!
thx willem.
i usually wait for the TC and it saves me from wrong trades many times ,but this time was differrent .1.5750 level was strong in bigger TF also a 10 to 15 pips upward movment was very possible from 1.5725's to retest the 5750 level(due to the seasons i told in my previous post) so i decided to enter soon and dont wait for tc signal.
  • #4,796
  • Jul 10, 2008 3:16am Jul 10, 2008 3:16am
Quoting Qwert
Buy U/J 106.906 Close 107.296 +39pips
Attached a 15min chart to see my entry.
Hi Q

I cannot comment on your chart because that trade just doesn't make sense to me using Phillip's 5min system principles. Sorry.

Maybe your 5min chart looks different. Could you please post the 5min chart so that we don't confuse the newbies?
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,797
  • Jul 10, 2008 3:26am Jul 10, 2008 3:26am
Sorry. It just didn't fit into screen. Here's the entry and close on a 5min TF.
Attached Images
  • #4,798
  • Jul 10, 2008 4:03am Jul 10, 2008 4:03am
Quoting Qwert
Sorry. It just didn't fit into screen. Here's the entry and close on a 5min TF.
A, much better. Now I can see how did you enter using Phillip's 5min system. Also for the newbies.

No problem if a chart doesn't fit - people tend not to go back the original charts on their trading platform. They like to see the entire picture on the one post.

Very early entry and let the trade run to see what is going to happen. More a longer term strategy for you, I see.

Thanks for the trouble - appreciate it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,799
  • Jul 10, 2008 4:05am Jul 10, 2008 4:05am
Quoting bshadroo
thx willem.
i usually wait for the TC and it saves me from wrong trades many times ,but this time was differrent .1.5750 level was strong in bigger TF also a 10 to 15 pips upward movment was very possible from 1.5725's to retest the 5750 level(due to the seasons i told in my previous post) so i decided to enter soon and dont wait for tc signal.
No problem - perfect analysis!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,800
  • Jul 10, 2008 4:52am Jul 10, 2008 4:52am
No problem Golfer. What you do to explain to people here is a much harder work and very time consuming. I bet you missed a lot of opportunities because of this since this system needs a person's constant watching of charts. We thank you for your EFFORTS.
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