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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #4,901
  • Jul 15, 2008 2:16pm Jul 15, 2008 2:16pm
Quoting Golfer
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Nice trades Willem, and interesting tip, entering a bit before candle close. Always learning new stuff in this thread and the skype chat, thanks.
  • #4,902
  • Jul 16, 2008 6:59am Jul 16, 2008 6:59am
I took the short on eurjpy. I know the smaangle is not in favour, but I liked the rejection of both 21 and 10 in the same candle.
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  • #4,903
  • Jul 16, 2008 8:55am Jul 16, 2008 8:55am
My trades for today... It was a bit difficult in the beginning + I missed a good opportunity, but overall another good day.

#1: EUR/USD
Entry: Long @1.59078
Close: 1.59083
Remarks:
SL: 20.0
TP: -
Spread: 0.9
Max minus: -11.7 pips
Max plus:+4.0 pips
Result: +0.5 pips

#2: EUR/USD
Entry: Long @1.59270
Close: 1.59275
Remarks: Pullback into the zone
SL: 20.0
TP: -
Spread: 0.9
Max minus: -9.9 pips
Max plus: +7.3 pips
Result: +0.5 pips

#3: EUR/USD
Entry: Long @1.59341
Close: 1.59275
Remarks: Pullback into the zone
SL: 20.0
TP: -
Spread: 2.5
Max minus: -8.0 pips
Max plus: +4.0 pips
Result: +0.5 pips

#4: EUR/USD
Entry: Short @1.59039
Close: 1.58928
Remarks: Pullback into the zone right after news. Very risky entry!
SL: 20.0
TP: -
Spread: 0.9
Max minus: -3.0 pips
Max plus: +16.0 pips
Result: +11.1 pips

http://www.xaron.net/dl/fx/2008/intr...usd_160708.png

Regards - Xaron
  • #4,904
  • Jul 16, 2008 9:07am Jul 16, 2008 9:07am
Another one, my real final one for today.

#5: EUR/USD
Entry: Short @1.58888
Close: 1.58788
Remarks: Pullback into the zone
SL: 15.0
TP: 10.0
Spread: 0.9
Max minus: -9.1 pips
Max plus:
Result: +10.0 pips

http://www.xaron.net/dl/fx/2008/intr...d_160708_2.png

Regards - Xaron
  • #4,905
  • Jul 16, 2008 9:17am Jul 16, 2008 9:17am
hi , im new...
  • #4,906
  • Jul 16, 2008 11:58am Jul 16, 2008 11:58am
Quoting Golfer
Hi Tony

Believe me, Tony it is like going to the gym everyday. The excercise (plotting the charts and analise it afterwards) will only do you good. You'll see the effects in a few months time. You won't really believe/see it now.

That was how I learned this system - chart by chart by chart untill you become familiar with certain price actions.

In the past it was a bit lonely here but luckily Phillip provided support - as usually. If it wasn't for him, I would have given up already. That is why I want to give back what Phillip has done for me.

Go for it!!!!!!!!!!!!!!!!!!!!!
Thanks, Willem. --I really appreciate your staying power. It is a big encouragement to me. I lapsed again, today, into my old emotional habit of not wanting to miss out. Thought I saw a pattern that could be a continuation of the move down, but I knew EURUSD was too close to support, and I knew that I should wait. But I'd had to go to the bathroom, and I'd had computer trouble before that, and ... and ... I just wanted a few pips out of such a big move. Loss of 11 pips. Have to leave the house for now, so I won't post any analysis today. Glad to see those who made pips. The best to all! --Tony
  • #4,907
  • Jul 16, 2008 2:29pm Jul 16, 2008 2:29pm
Quoting OldDog
Thanks, Willem. --I really appreciate your staying power. It is a big encouragement to me. I lapsed again, today, into my old emotional habit of not wanting to miss out. Thought I saw a pattern that could be a continuation of the move down, but I knew EURUSD was too close to support, and I knew that I should wait. But I'd had to go to the bathroom, and I'd had computer trouble before that, and ... and ... I just wanted a few pips out of such a big move. Loss of 11 pips. Have to leave the house for now, so I won't post any analysis today. Glad to see those who made pips. The best to all! --Tony
O Tony, I know that feeling. One has to trade a few setups every day - just look at the charts and the movements and see how many pips are on offer. And see how the others are making money.

That was how I saw the markets. That was why I started taking CT trades to satisfy my need to trade and got burned.

Nowadays I am much more relax because I know what I am looking for and what I want to make/do. I want to enjoy trading and I don't want to make a fortune overnight.

Trade within my limits and "good for the other making money taking high risk as well as high probability trades".

Looking forward to your analysis - played golf today, only 1 trade for 2pips profit
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,908
  • Jul 16, 2008 2:41pm Jul 16, 2008 2:41pm
this is my eu trade today for 20pips.(islandtrader this is the trade which i told in H4 thread)
the reason i didnt take the first TC is that i was waiting for H1 close to see it close below a TL
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 20 KB
  • #4,909
  • Jul 16, 2008 3:07pm Jul 16, 2008 3:07pm
Quoting bshadroo
this is my eu trade today for 20pips.(islandtrader this is the trade which i told in H4 thread)
the reason i didnt take the first TC is that i was waiting for H1 close to see it close below a TL
Great trade Bs! Well worked out.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,910
  • Jul 16, 2008 3:10pm Jul 16, 2008 3:10pm
Quoting bshadroo
this is my eu trade today for 20pips.(islandtrader this is the trade which i told in H4 thread)
the reason i didnt take the first TC is that i was waiting for H1 close to see it close below a TL
thanks bashadroo, nice trade, it occured just over an hour after I got stopped out on the 4hr and licking my wounds, blind for any new setups.... got to get back on my feet faster next time
  • #4,911
  • Jul 16, 2008 3:27pm Jul 16, 2008 3:27pm
Quoting Golfer
Great trade Bs! Well worked out.
thx willem . i think market is finnaly starts to speaking with me recently and my mistakes are very less than before .i remember i wrote a PM to phillip and palmer saying i wanna quit trading and now im happy to not to do that and i'd say thanks to phillip ,golfer and others who helps me alot .i think it is good advice to people how think they cannot recognise the market and maybe cannot be sucsesfull in trading: "dont give up and work more and live with market and breath with market and eat with market to understad what he wanna do ,just be firend with him and love him(even when he eats ur stoploss) and respect him and speak to him and dont forget whether u think u can or u cant either way u r right"
  • #4,912
  • Jul 16, 2008 3:45pm Jul 16, 2008 3:45pm
Quoting islandtrader
thanks bashadroo, nice trade, it occured just over an hour after I got stopped out on the 4hr and licking my wounds, blind for any new setups.... got to get back on my feet faster next time
yes.u mentioned a good point "got to get back on my feet faster next time" do that next time IF IT IS POSSIBLE & WITHOUT ANY EMOTION.that TC in H4 was a perfect setup and high probability one,but why it didnt work? actually i dont know and maybe its hard to say why ,but for sure there was a reason, a strong reason and due to that reason we should expect a big movment in reverse direction which happend today .to be honest ,i was expecting a move to 5700 today after price starts to go down but this is one of my big problems that i cannot stay in trade long time when im watching it so i closed for only 20pips.
  • #4,913
  • Jul 17, 2008 4:31am Jul 17, 2008 4:31am
Hi,
I was wondering if someone see any problem with my trade today.The pair is U/J and I enter with 8:30 candle.Macd was Bounce off zero.

Thanks
Mike
Attached Image (click to enlarge)
Click to Enlarge Name: uj.jpg Size: 210 KB
Failure, is a wonderful teacher!
  • #4,914
  • Jul 17, 2008 5:10am Jul 17, 2008 5:10am
For me it was ok. But the EUR was strong as well, so I didn't take this UJ trade. It's just one of these trades where you got stopped out. That's part of the game...

In the long run UJ will drop like hell...

Regards - Xaron
  • #4,915
  • Jul 17, 2008 5:32am Jul 17, 2008 5:32am
Quoting mike1349
Hi,
I was wondering if someone see any problem with my trade today.The pair is U/J and I enter with 8:30 candle.Macd was Bounce off zero.

Thanks
Mike
Hi Mike

1. My small support lines - after a long rally like this, I tend to rely heavily on the first support line which was broken meaning the speed could change. If the rally has just started, I draw a second and a possible 3rd support line (tripple fan).

2. Divergence on the MACD

3. I don't really see any higher lows or any other price patterns.

4. Unfortunately I am not familiar with the pair.

Just my comments.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,916
  • Jul 17, 2008 5:43am Jul 17, 2008 5:43am
Buy U/J 105.333 Close 105.50 +16.7pips
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  • #4,917
  • Jul 17, 2008 6:02am Jul 17, 2008 6:02am
Quoting Qwert
Buy U/J 105.333 Close 105.50 +16.7pips
Hmm... what's your risk/reward? Where were your stop?
  • #4,918
  • Jul 17, 2008 6:05am Jul 17, 2008 6:05am
Quoting mike1349
Hi,
I was wondering if someone see any problem with my trade today.The pair is U/J and I enter with 8:30 candle.Macd was Bounce off zero.

Thanks
Mike
well,the only reason coming in my mind is the broken TL.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 17 KB
  • #4,919
  • Jul 17, 2008 8:03am Jul 17, 2008 8:03am
Quoting Xaron
Hmm... what's your risk/reward? Where were your stop?
Since you asked, I usually don't use a SL. Although I can afford a 1,000pip against my trade, I would rather close it if price goes 300pips against me. But I wouldn't recommend my SL strategy. That is why I never mentioned it.

In the previous trade, I initially had a TP at S1 105.61 but since I was not very confident of how the market moves, I lowered it to 105.50

I would recommend the following:
1. Concentrate on one currency pair. Try to observe and learn how that currency pair moves and what the government's attitude towards their currency. For U/J, I believe that it is more important to know the attitude of the Japanese government rather than the American government.
2. Be very patient before and after opening of a trade. Sometimes, I don't have trades for many days if I feel I don't understand the market and I have trades open for many hours before closing it.
3. Don't be emotional. I have little emotions when a trade is open even if it goes 100+pips against me.
4. Use daily pivots, support and resistance levels for U/J. I use them now so my TP are now bigger.
5. I'm not sure about risk/reward ratio but just trade small and you will almost always be all right even if price goes against you.
  • #4,920
  • Jul 17, 2008 8:21am Jul 17, 2008 8:21am
Interesting, thanks! I do something like this (trading without stops and low leverage) on another account with great success. But there I don't care about technical analysis and just go with the fundamentals... So it's more investing than trading.

Regards - Xaron
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