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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #5,021
  • Jul 24, 2008 1:57pm Jul 24, 2008 1:57pm
Quoting On the Spot
We need to have a chat too, what do you think?
No problem but this week I didn't really trade but I didn't have time. Too busy at work and doing some additional research/learning. Didn't even chat on/follow the 5min Skype chat.

You can send me a PM in the mean time as I do follow each post here on ff when I do have the time to see what we can share/help each other.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,022
  • Jul 24, 2008 3:15pm Jul 24, 2008 3:15pm
Quoting Morelands
Practicing 1 min for new release on EU. It went 6 pip, I set my sl to BE and it was hit.
i took this trade also for some pips ,but there was an strange thing ,price declined about 30pips ,30seconds BEFORE NEWS.did anybody see this befor?
it usually happends in new candle but this time it droped 30-40 pips in the same candle
  • #5,023
  • Jul 25, 2008 2:10am Jul 25, 2008 2:10am
hi
this is my trade today for -3pips.i closed my position after the bearish M5 candle and after H1 closed like a hammer with long tail,but then price went up very fast .was i wrong to close my position ?or it was a good decision?
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 21 KB
  • #5,024
  • Jul 25, 2008 4:04am Jul 25, 2008 4:04am
Quoting bshadroo
hi
this is my trade today for -3pips.i closed my position after the bearish M5 candle and after H1 closed like a hammer with long tail,but then price went up very fast .was i wrong to close my position ?or it was a good decision?
I just look at the charts, saw the setup and saved my chart. I will post it later today but in the mean time:

I saw on Interbank my 10pip TP would have been triggered after an entry on the TC signal ( on the next candle after your exit). Nothing wrong with the setup but I would have waited for the Small support line to be broken before I look for an exit. I don't really use bearish candles as signals for exit. I need to give the market some breathing space.

Signals for early exit for me are:

1. Activities escpecially closes on the wrong side of the 21MA

2. Broken small support/resistance line

3. Flat area of more than 5-6 candles (6candle rule)

4. Higher lows which forms the triangle are being broken - in this case the higher lows are still intact.

5. Definite signs of resistance/support e.g. tails, double tops/bottoms.

6. In this case - a lower high being formed (not yet present)
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,025
  • Jul 25, 2008 5:33am Jul 25, 2008 5:33am
Buy U/J 106.75 Close 107.35 +60pips
Attached Image
  • #5,026
  • Jul 25, 2008 6:22am Jul 25, 2008 6:22am
Quoting Qwert
Buy U/J 106.75 Close 107.35 +60pips
Not being familiar with the trading platform you're using, I take it that your entry was where the little blue triangle is? Now, I'm not criticising your methods or anything, but I'm really puzzled as to exactly why you chose that particular point to go long, when, according to this 5min Intraday method of Philip's, there doesn't seem to be any long signal whatsoever!

I've been following this method virtually from the time it appeared on FF, and as far as I can see, Qwert, you don't seem to be following any of Philip's or Golfer's rules. Both Golfer and Philip expressed their concern recently regarding some traders "drifting away" from the 5min Intraday method that has been evolving over a long period of time, with the result that newcomers to the thread could be totally confused.

I'm not against the odd tweak here and there, you understand, but I'm totally in the dark regarding your method of seeing possible trading opportunities.

Again, I must stress that this isn't a criticism. I just feel that further clarification of how you identify opportunities and act on them would be invaluable for all concerned on this thread.

Cheers
  • #5,027
  • Jul 25, 2008 7:55am Jul 25, 2008 7:55am
I am really sorry for confusing other traders here.

Yes, blue triangle is the entry. Green circle is TP(take profit).

Eyevoltage, I do accept criticisms. What I cannot take is sarcasms and insults. Also, you are very good in writing.

I had already asked Phillip and Golfer if they feel my postings are not appropriate to this system, I will stop posting.

You see, I was already thinking of leaving this thread because I am not able to explain how I incorporate my trading with Phillip's system. I really can't explain it because it is how I look at how the candles move(not what kind of candles) that usually give me the signal to enter and/or exit a trade. It is the countless hours of watching candles for over a year that gave me this skill. But still, I am not always right.

Anyway, I will leave this thread. I won't wait for Phillip or Golfer's answer. I know I have erred. Thank you to all the good traders here.
  • #5,028
  • Jul 25, 2008 10:14am Jul 25, 2008 10:14am
Quoting bshadroo
hi
this is my trade today for -3pips.i closed my position after the bearish M5 candle and after H1 closed like a hammer with long tail,but then price went up very fast .was i wrong to close my position ?or it was a good decision?
Hi
I have indicated a better entry position. By missing one or two entries just remember that the 3rd one might be risky. You did OK by closing it after the 1H candle.
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  • #5,029
  • Jul 25, 2008 10:35am Jul 25, 2008 10:35am
Info
Attached File(s)
File Type: zip 5 Min Strategy.zip   765 KB | 1,329 downloads
  • #5,030
  • Jul 25, 2008 10:36am Jul 25, 2008 10:36am
Quoting bshadroo
hi
this is my trade today for -3pips.i closed my position after the bearish M5 candle and after H1 closed like a hammer with long tail,but then price went up very fast .was i wrong to close my position ?or it was a good decision?
Hi Bs

My chart as promised - I saw the development of the ascending triangle but I didn't have time to trade it, just too busy at work. I would have entered on the second TC of the triangle with the power candle.

See my comments.
Attached Image (click to enlarge)
Click to Enlarge Name: 2008007125 triangle.1.JPG Size: 118 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,031
  • Jul 25, 2008 10:59am Jul 25, 2008 10:59am
Hello everyone. here is a quick checklist before taking a trade. since i took an idiotic trade today on GU. resulting in -20 pips(including 4 pips spread.) ignored the 21 ema on macd . went short while it was above zero. price did drop but took my stop loss out before going down. after news.

RULES FOR 5 MINUTE….
IS THE SMOOTH PULL BACK IN THE ZONE.
IS IT A POWER BAR.
IS THERE A SMOOTH TC.
WHERE IS 21 EMA ON MACD.
WHERE ARE MY TREND LINES.
WHAT IS HAPPENING ON 4 HOURS.

ONLY TAKE TRADES IF EVERYTHING CHECKS.
OTHER WISE
NO TRADES.
NO CHANCES
NO FEAR OF LOSS.
NO GREED TO WIN.
ONLY SUCCESS FULL BUSINESS TRANSACTIONS.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,032
  • Jul 25, 2008 11:01am Jul 25, 2008 11:01am
Just an example of a TC is was following but I didn't take it because it was too close to the support level and no triangle formation (another recognisable formation but I don't have experience with it). I just don't like that steep steady upward movements - needs to have lower highs with area of support.

That is why I put ?????? on the support level - where is the price going to go? And EUR just gave us the 3rd bother (3rd higher low). And it is already late Friday. Just to give you an idea what I am looking for in a setup and that not even ever TC is tradeable. Read the story of the setup.

WOW, discipline and patience - I only had (I think) 1 or 2 5min trades this week and to say no to such a TC pattern (even looks smooth). That is what Phillip is telling us in the MP3 message posted above.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 200800725 cable.1.JPG Size: 128 KB
Click to Enlarge Name: 200800725 eur.1.JPG Size: 120 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,033
  • Jul 25, 2008 11:07am Jul 25, 2008 11:07am
here is the trade and the mistakes.
1)enter before candle close so was already -7 pips when it closed.(4 spread)
2)there was no tc but it was a power bar so stayed in.
3) trend line was holding so stayed in
4)trend line was breached but candle was small so stayed in
5) was taken out eventually at a loss of 20 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: gu idiotic trade.jpg Size: 207 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,034
  • Jul 25, 2008 11:09am Jul 25, 2008 11:09am
Hello willem i think i took the above trade because i got impatient. market was not really giving setups during my trading hours and that got to me. Feeling was right as far as gu dropping today looking at 4 hours BUT the timing was wrong since there was no valid set up.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,035
  • Jul 25, 2008 11:11am Jul 25, 2008 11:11am
Quoting BIL2205
Hello everyone. here is a quick checklist before taking a trade. since i took an idiotic trade today on GU. resulting in -20 pips(including 4 pips spread.) ignored the 21 ema on macd . went short while it was above zero. price did drop but took my stop loss out before going down. after news.

RULES FOR 5 MINUTE….
IS THE SMOOTH PULL BACK IN THE ZONE.
IS IT A POWER BAR.
IS THERE A SMOOTH TC.
WHERE IS 21 EMA ON MACD.
WHERE ARE MY TREND LINES.
WHAT IS HAPPENING ON 4 HOURS.

ONLY TAKE TRADES IF EVERYTHING CHECKS.
OTHER WISE
NO TRADES.
NO CHANCES
NO FEAR OF LOSS.
NO GREED TO WIN.
ONLY SUCCESS FULL BUSINESS TRANSACTIONS.
Hi Nad

Well said. Sorry I posted my chart and message on the TC on cable I didn't take before I saw your message. Just another example for people to look at while reading your checklist.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,036
  • Jul 25, 2008 12:19pm Jul 25, 2008 12:19pm
Quoting BIL2205
Hello willem i think i took the above trade because i got impatient. market was not really giving setups during my trading hours and that got to me. Feeling was right as far as gu dropping today looking at 4 hours BUT the timing was wrong since there was no valid set up.
My chart - very interesting patterns visible on the chart. Could have gotten 10pips out of it if one's entry was spot on (like you said).

Look at pattern A - 3 black crows if I am not mistaken.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080725 cable2.1.JPG Size: 113 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,037
  • Jul 25, 2008 12:33pm Jul 25, 2008 12:33pm
phillip and willem ,thx for the answers.
  • #5,038
  • Jul 25, 2008 1:18pm Jul 25, 2008 1:18pm
Written copy for those who have difficulty understanding spoken English.
Attached File(s)
File Type: doc PhillipNel 5 Min Strategy -- System Issues.doc   8 KB | 1,023 downloads
  • #5,039
  • Jul 25, 2008 4:52pm Jul 25, 2008 4:52pm
Quoting Qwert
I am really sorry for confusing other traders here.

Yes, blue triangle is the entry. Green circle is TP(take profit).

Eyevoltage, I do accept criticisms. What I cannot take is sarcasms and insults. Also, you are very good in writing.

I had already asked Phillip and Golfer if they feel my postings are not appropriate to this system, I will stop posting.

You see, I was already thinking of leaving this thread because I am not able to explain how I incorporate my trading with Phillip's system. I really can't explain it because it is how I look at how the candles move(not what kind of candles) that usually give me the signal to enter and/or exit a trade. It is the countless hours of watching candles for over a year that gave me this skill. But still, I am not always right.

Anyway, I will leave this thread. I won't wait for Phillip or Golfer's answer. I know I have erred. Thank you to all the good traders here.
I've sent you a PM, mate, with further comments.
Cheers
  • #5,040
  • Jul 26, 2008 8:22am Jul 26, 2008 8:22am
Dear Phillip,

I've listened your mp3 and I fully agree with what you said. This is your thread and your system, you set the rules and I fully respect your decision. I have the impression that your system has somehow become a closed model of development, where the development is possible exclusively within your philosophy of fixed rules dictated by your ideas and your experience (absolutely nothing wrong with this approach). My philosophy adopts an open source model of development, where my ideas and experience (I've traded stocks and future contracts for a good number of years) may be one of the initial factors of development but not the dominant factor. I'm interested in full public collaboration, a horizontal multidirectional approach to development in contrast to your vertical unidirectional approach. You and some other traders have done a great job with this system, especially in the early stages but I have the impression that your fixed rules will not allow you further significant development of this system. I may be wrong, it's just my opinion. I have to move on in the meantime with what I have learned from you and from many other traders since I've started trading back in 2000. I don't have time to manage a thread, but I'm considering a journal based on an open source model of development.

I wish you all the best for the 5 min and 4 hour system.

Yours sincerely

Quoting Phillip Nel
I just want to confirm that we must stick to the original system otherwise it will get confused. Bringing in of a different indicator should absolutely support the original system and should be explained in detail otherwise people reading through won't know what is going on and why certain trades was taken. We cannot allow certain people trading a different way away from the original system.
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