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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #5,381
  • Sep 15, 2008 3:23pm Sep 15, 2008 3:23pm
Here is a trade i did based on rhythm. . I guess Phillip's recent MP3 was fresh in my mind. Price pulled back to the bottom trend line and then moved away. A tail at the bottom before the signal power candle. I opened 2 lots closed 1st with 10 pips. and moved the second to -10 SL from 15 and closed that for 30 pips. The chart showes only one lot bec by the time i saved it the first lot was already closed.
now that i look at the chart agian it looks like i traded the 3 brothers....( am i right)

Golfer what an adventure you must have had BRAVO!.
Attached Image (click to enlarge)
Click to Enlarge Name: euro today 30pips.jpg Size: 183 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,382
  • Edited 4:25pm Sep 15, 2008 3:33pm | Edited 4:25pm
Info

Edit
I just lost out on another 40 pips as the price turned around while I was preparing this.

Edit
I removed the password and login as I got some PM's about it.

I hope this will inspire you to study market rhythm. See the flow and ride them. It is like the waves on the see. The more time you spend on the waters the more you know which waves will be nice to ride.
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Click to Enlarge Name: 1_a5min.gif Size: 21 KB
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File Type: pdf Scalping Yes or No.pdf   179 KB | 1,090 downloads
File Type: zip Scalping Yes or No.zip   793 KB | 1,097 downloads
  • #5,383
  • Sep 16, 2008 12:46am Sep 16, 2008 12:46am
Quoting BIL2205
Here is a trade i did based on rhythm. . I guess Phillip's recent MP3 was fresh in my mind. Price pulled back to the bottom trend line and then moved away. A tail at the bottom before the signal power candle. I opened 2 lots closed 1st with 10 pips. and moved the second to -10 SL from 15 and closed that for 30 pips. The chart showes only one lot bec by the time i saved it the first lot was already closed.
now that i look at the chart agian it looks like i traded the 3 brothers....( am i right)

Golfer what an adventure you must have had BRAVO!.
Hi Nad

Yes, you are correct. It is the 3 big brothers pattern. Well done.

And yes, it was an adventure. Very interesting but now I am glad to be back with the trading. Much nicer than cycling.

I hope the pips are treating you well - looks like it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,384
  • Sep 16, 2008 12:53am Sep 16, 2008 12:53am
Quoting Phillip Nel
Info

Edit
I just lost out on another 40 pips as the price turned around while I was preparing this.

Edit
I removed the password and login as I got some PM's about it.

I hope this will inspire you to study market rhythm. See the flow and ride them. It is like the waves on the see. The more time you spend on the waters the more you know which waves will be nice to ride.
Hi Phillip

Thanks for the information on the MP3 file - very informative as usual.

I just wanted to say that you don't need to prove anything as far as I am concerned. I think the most important part of your message is that one needs to study and familiarise oneself with the system. You won't learn this system overnight. It is now almost 2 years and it is only now that I do start to feel comfortable with the system. But I am still learning every day!!!! That is the nice thing about forex trading and this system.

My opinion is that people are looking for a quick system - they want to be successful from day one. This is not such a system - one can only find such a system when trading with an EA where one doesn't need to think and analyse the market.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,385
  • Sep 16, 2008 5:38am Sep 16, 2008 5:38am
Hi, thanks for the confirmation on the brothers set up. i havent been trading for the last month or so . now getting back. But i did make a point of keeping in touch through this thread and the 4 hour. Very important for any one out there who cant trade for some time for any reason. Lucky for me that Phillip posted his latest MP3,s just as i was getting ready to come back. talk about good timing !!!. Lots of news today so i will be carefull there might be volatility out of the norm today.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,386
  • Sep 16, 2008 5:48am Sep 16, 2008 5:48am
Quoting bshadroo
well,time to show u a breakeven(usdcad) and a -11pips (usdjpy) trades .plz help me to know where was i wrong
Hi. If i may give my humble opinion. I know it is always easy to comment later after the trade but i think the usd/jpy was not a very smooth set up the candles right before the signal candle were too erratic and too many in the side ways direction. I dont trade that pair so am not sure if that is the chraracteristics of that pair. Even if u compare the usd/cad and jpy side by side you can see how smooth the motion on usd/cad is from the bottom of the chart to the top where as jpy has different candle emotion.

usd/cad trade was not bad , only thing i can see is that it might have been a little too late in the move . But agian this kind of set up does work out as well, so you did a great job of geting out at BE and not wait and hope for it to turn around since it had moved up a bit.
Hope this helps .
Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,387
  • Sep 16, 2008 7:13am Sep 16, 2008 7:13am
A smooth ellipse for 10 pips
Attached Image (click to enlarge)
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  • #5,388
  • Sep 16, 2008 7:32am Sep 16, 2008 7:32am
Quoting mdowd
A smooth ellipse for 10 pips
1. Ellipse formation

2. Bullish 3 pattern

3. Nice tail bouncing off the 21MA

4. Smooth TC

5. Nice slow move upwards

What more can you ask for? Well done - nice trade!!!

This is what this system is all about - waiting, waiting, waiting for the right setup.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 62 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,389
  • Sep 16, 2008 8:04am Sep 16, 2008 8:04am
willem : yes ,it was a nice triangle .even if i had bought ,that false breakout to down would have ate my stoploss.
phillip: i see the triangle like the picture below and i think we need that second down candle (wich was never happend) to enter
nadia:thank for the answer ,it was very useful
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 21 KB
  • #5,390
  • Sep 16, 2008 9:20am Sep 16, 2008 9:20am
just a quick current snap shot of euro . a perfect picture of
WHEN NOT TO TRADE in my opinion.
Attached Image (click to enlarge)
Click to Enlarge Name: euro stay out.jpg Size: 197 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,391
  • Sep 16, 2008 9:37am Sep 16, 2008 9:37am
Quoting BIL2205
just a quick current snap shot of euro . a perfect picture of
WHEN NOT TO TRADE in my opinion.
i dont think so ,i think there was a nice triangle breakout with a TC signal.i didnt enter because of big stoploss to me and i was waiting for some pullback(at least 10pips) wich was never happend.
edit: i hope we can get in somewhere around the blue circle(next picture)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 19 KB
Click to Enlarge Name: ee.gif Size: 24 KB
  • #5,392
  • Sep 16, 2008 9:48am Sep 16, 2008 9:48am
Hi Bshadroo , nicely spotted. I just did a trade on GU, for 15 pips. same thing like you mention in Euro. I guess it is possible to trade a certain set up if we narrow down to a specific zone,
However i was talking generally how the market is behaving today up and down with no real rhythm. I saw the traingle in euro that you have mention . i skip it and took the gu for 2 reasons. the candles in Gu right before the breakout were much smoother and smaller and the moving averages had opened up . also i had my eye on the 1 hour for gu for a popssible move to the 89 sma. I took profit manually after 15 pips because sometimes price just rebounds before touching an sma .
SORRY if this is not related directly to the 5 minute but just some friendly correspondence
Attached Image (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 177 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,393
  • Sep 16, 2008 9:58am Sep 16, 2008 9:58am
Quoting BIL2205
just a quick current snap shot of euro . a perfect picture of
WHEN NOT TO TRADE in my opinion.
I do agree - too many SIDMOV since earlier today. Also my opinion - a day to go and do other stuff.

Bs - I also didn't want to take that breakout, no clear movements and one doesn't know when the price will turn around. MAs were also not in a nice position. I am just watching. Sorry I didn't comment on your previous charts but those two pairs are not the pairs I am watching.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,394
  • Sep 16, 2008 10:07am Sep 16, 2008 10:07am
Quoting BIL2205
Hi Bshadroo , nicely spotted. I just did a trade on GU, for 15 pips. same thing like you mention in Euro. I guess it is possible to trade a certain set up if we narrow down to a specific zone,
However i was talking generally how the market is behaving today up and down with no real rhythm. I saw the traingle in euro that you have mention . i skip it and took the gu for 2 reasons. the candles in Gu right before the breakout were much smoother and smaller and the moving averages had opened up . also i had my eye on the 1 hour for gu for a popssible move to the 89 sma. I took profit manually after 15 pips because sometimes price just rebounds before touching an sma .
SORRY if this is not related directly to the 5 minute but just some friendly correspondence
well done.actually u r right .eu had no specific trend during the day but i think its now starts to go down .look at the picture below and see how it acts on 200sma in H1 .i think it can come back to see it again during this H1 candle and if it will possible i'll enter around thet area(200sma) with M5 timeframe
(my only concer is rate decesion this night)
edit: i just see ur post willem .what do u think now(after recent H1 close)? dont u think it is in the rhythm now?
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 20 KB
  • #5,395
  • Sep 16, 2008 10:34am Sep 16, 2008 10:34am
ok. i sold around the circle wich i told before.trailing with 25pips now
edit:closed +40pips.actually i sold without waiting for TC in M5 because i think it was a high probability trade
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 20 KB
  • #5,396
  • Sep 16, 2008 10:42am Sep 16, 2008 10:42am
Quoting bshadroo
well done.actually u r right .eu had no specific trend during the day but i think its now starts to go down .look at the picture below and see how it acts on 200sma in H1 .i think it can come back to see it again during this H1 candle and if it will possible i'll enter around thet area(200sma) with M5 timeframe
(my only concer is rate decesion this night)
edit: i just see ur post willem .what do u think now(after recent H1 close)? dont u think it is in the rhythm now?
Hi Bs

Yes, much better. I like the lower highs being formed. Just took 10pips on that TC - my entry was a bit late because of my SLOW connection. And I must leave my PC now. Will post chart later.

I do like you entry- resistance found opn 21 - nice one.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,397
  • Sep 16, 2008 10:42am Sep 16, 2008 10:42am
Quoting bshadroo
well done.actually u r right .eu had no specific trend during the day but i think its now starts to go down .look at the picture below and see how it acts on 200sma in H1 .i think it can come back to see it again during this H1 candle and if it will possible i'll enter around thet area(200sma) with M5 timeframe
(my only concer is rate decesion this night)
edit: i just see ur post willem .what do u think now(after recent H1 close)? dont u think it is in the rhythm now?
B,
Watching from work. Looked like a good retracement back to the support/now resistance to me, with a Power candle away. I hope you took it and made some $$$$.
Raymond
  • #5,398
  • Sep 16, 2008 12:23pm Sep 16, 2008 12:23pm
Quoting Phillip Nel
Info

Edit
I just lost out on another 40 pips as the price turned around while I was preparing this.

Edit
I removed the password and login as I got some PM's about it.

I hope this will inspire you to study market rhythm. See the flow and ride them. It is like the waves on the see. The more time you spend on the waters the more you know which waves will be nice to ride.
Hello Phillip. i relly like this MP3 .Especailly because it touches on a topic which i am guilty of quite a few times and still struggle with and that is to close with a minor loss. I see on your chart where you could have closed. but kept it open till it hit the SL. Most of my bad trades were becuase of that. Like i could see that a trend line was breached or price had made a higer low etc. you know different indications that price might be turning and it is a good time to get out. the stop loss is there not necessarily to be hit but to keep us out of danger.so it is ok to close with little loss before it is hit.
I guess my mind keeps me HOPING that it will turn around. This is a very basic mistake i think i should have learned not to make it again but i have found my self in this situation. i think i should assess the situation and take the loss and move on. Which takes us to the next point u made that even if one acts stupidly . there is recovery right around the corner. That is where lot managment comes in play.
I reduce my lot size if i have a loss on previous trade . BUT then end of day i make more pips but less $$$. ( sorry for such long post ) Then the solution to that could be to have a consistant lot size or add to position if the set up is golden. Well in the fisrt place i should be taking only GOLDEN setups.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,399
  • Sep 16, 2008 12:49pm Sep 16, 2008 12:49pm
Quoting bshadroo
ok. i sold around the circle wich i told before.trailing with 25pips now
edit:closed +40pips.actually i sold without waiting for TC in M5 because i think it was a high probability trade
Hi Bs

Great trade - my comments on the setup and I saw on the chart/in the setup.

Most important signal - the pink line:

  1. Support turned into resistance - that is why Bs' entry was so perfect. No need to wait for the TC - you can see the resistance formed rigth where the previous support was.

And then that nice power candle - perfect entry just after that power candle (first red candle breaking the M2 line).

I had to leave my PC - so I took my 10pips profit.

Just an interesting observation:

  1. Sometimes I do see that if one gets no direction during the London session (lot of SIDMOVs), the US session will have some nice moves.
  2. On the other hand - if there was a nice move during the London session, one might find some SIDMOVs during the US sessions.

Please note that it is NOT always the case.

Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 118 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,400
  • Sep 17, 2008 1:43am Sep 17, 2008 1:43am
This is my final post on this matter.

Accuracy of 67%wins to 33% losses.

I hope this will encourage you to study the market rhythm and the way it acts very intensive as to know when a good setup is forming to take advantage of it.
Phillip
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File Type: pdf Scalping Yes or No.pdf   235 KB | 1,420 downloads
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