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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #5,421
  • Sep 18, 2008 5:12am Sep 18, 2008 5:12am
A tail and an ellipse. 15 pips
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  • #5,422
  • Sep 18, 2008 5:33am Sep 18, 2008 5:33am
Quoting bassd
Hello,
I was wondering what success rate (in %) people are achieving with this system ??

Thanks!
Interesting question but then my success rate and your success rate won't be the same because we are individual traders with our own style.

Look at Phillip's results a day or two ago but believe me, you won't get the same results because this is not an automated system traded with an EA.

Why don't you give it a try and see what your success rate would be?

Very interesting, I don't ask that question anymore. All I want to know - is it working (I am trading this system now for almost 2 years - giving you any indication) and how does it work? Then I'll try it myself to see if it fits my style of trading.

Enjoy it!!! That is all I can say.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,423
  • Sep 18, 2008 5:36am Sep 18, 2008 5:36am
Good Morning everyone. this is what i just woke up to . Couple of good entries on euro. Hope some of you took them. Lets see what the rest of the day brings.
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TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,424
  • Sep 18, 2008 5:40am Sep 18, 2008 5:40am
Quoting Golfer
Hi Nad

Thanks for your advice and being a sound board on my problem (mentioned on my previous post). It is really nice to have a "family" like this on Phillips' thread and Skype for support.

Keep it up and I'll work on it!!!
My pleasure. . I have learnt so much from you all. i think because of you, emarco, mkain and other die hard followers { you know who you are }of this strategy i came back to it few months ago. It is easy to give up but hard work and consistancy pays off. I still struggle with the psychological aspects but glad to have this support system to keep me sane.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,425
  • Edited 8:00am Sep 18, 2008 6:27am | Edited 8:00am
hello to all, simply to appreciate to phillip to show this powerful system, also to golfer, mkain, bashadroo, and all those that post in this thread. I have learned very much. if they allow it to me, post my trades to subject them to discussion and this way to learning continued. excellent, thank you.
excuse my not well English one, I help myself with a translator.
  • #5,426
  • Edited 7:15am Sep 18, 2008 6:37am | Edited 7:15am
Here is a good article i found on FF, i hope it is ok to post it here, Focuses on what Phillip tells us over and over again is to PRACTICE , PRACTICE PRACTICE.
http://www.forexfactory.com/showthread.php?t=31242
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,427
  • Sep 18, 2008 6:42am Sep 18, 2008 6:42am
Quoting samurai
hello to all, simply to appreciate to phillip to show this powerful system, also to golfer, mkain, bashadroo, and all those that post in this thread. I have learned very much. if they allow it to me, post my trades to subject them to discussion and this way to learning continued. excellent, thank you.
excuse my not well English one, I help myself with a translator.
Hi Sam

Welcome to Phillip's trading family - not problem with the language. As long as we can understand your charts and reasoning.

It is very important that you do comment on what you've seen on your charts and mentioned why you took that trade. For me it is useless just to post a chart and ask: "What do you think?" Write down what you've seen and then ask for comments. That is the only way you'll learn.

Enjoy it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,428
  • Sep 18, 2008 8:16am Sep 18, 2008 8:16am
Quoting bshadroo
20pips.i went down to M1 for an earlier entry
edit: if i trail it with 25 pips i'd 140 pips up now
edit: my 25pips trailing stop would hitt by +111 pips profit now

Hi Bshadroo,

Can you tell me more details how you trail with this stragety, I took this trade too but closed after 11pips

Thanks
  • #5,429
  • Sep 18, 2008 8:19am Sep 18, 2008 8:19am
thank you golfer, I show today's trades.
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  • #5,430
  • Sep 18, 2008 8:35am Sep 18, 2008 8:35am
Quoting scarlet
Hi Bshadroo,

Can you tell me more details how you trail with this stragety, I took this trade too but closed after 11pips

Thanks
first of all i should say i didnt trail stoploss in this trade and took about 20 pips profit(i told IF i trailed it ...)
and .. actually im not good at letting the profit run and i should practice this but in this trade if i simply set my stoploss on 25pips trailing stop i could take 111 pips profit because it never pulled back more than 20pips until 111 pips profit look at picture below:
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  • #5,431
  • Sep 18, 2008 10:34am Sep 18, 2008 10:34am
Quoting samurai
thank you golfer, I show today's trades.
EUR - great one:

1. I also saw that pink line of yours where the previous resistance changed to support. Important signal to look for - take it on.

2. Nice triangle outbreak but no pullback otherwise you could have taken it one.

Swissy - I don't follow that pair.

Well done!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,432
  • Sep 18, 2008 12:30pm Sep 18, 2008 12:30pm
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  • #5,433
  • Sep 18, 2008 12:32pm Sep 18, 2008 12:32pm
Quoting BIL2205
Here is a good article i found on FF, i hope it is ok to post it here, Focuses on what Phillip tells us over and over again is to PRACTICE , PRACTICE PRACTICE.
http://www.forexfactory.com/showthread.php?t=31242
Thanks for that post Nadia, it was very helpful to me, I took a step back this month and decided to go back to studying my trading strategies full time and hopefully to improve my performance. This article really offers a way to master identifying patterns and by practice, to learn to trade them properly.
Hope to see you soon in the skype chat!

And thanks to everyone else still posting on the thread, good pips to you all.
  • #5,434
  • Sep 19, 2008 7:26am Sep 19, 2008 7:26am
I hate it when the market "sneezez" & throws me out...

I made 10 pips with the Euro/USD today... and lost 20 pips on the pound with twice as much lots

I was thinking to start using logical SL - Use the lowest low or highest high... this means that all my Money managemnt changes...

Best of pips

Necre
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  • #5,435
  • Sep 19, 2008 9:57am Sep 19, 2008 9:57am
a little bit high risk trade because it seemed the momentum is going to lost and there was no TC signal yet .but i went down to M1 chart to find a little stoploss so my initial stoploss was only 10pips and my profit target was 45 pips .
another thing(not about this trade ): when the size of candles are encriesed thease days and we neeed to put 25,30 pips stoploss why we should take profit only 10pips ,it is not according the money management rulse.for example in the chart below if one wanted to wait for TC ,he should enter around 1.4385 putting stoploss at least around 1.4355wich means 30pips SL so why he should take only 10pips profit when he has 30pips SL?any idea?
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  • #5,436
  • Sep 19, 2008 1:56pm Sep 19, 2008 1:56pm
The setup and trade I mentioned on Skype - just to show you that not every setup works out prefectly. And how one cannot predict what the market is going to do.

Just trade what you see and not what you want to see. Be prepare for the unexpected to happen.

Skype chat:

[05:39:14 PM] Willem Kruger says: EUR - nice bounce off 21 being formed now. If it wasn't for all the negative issue!!!
[05:39:38 PM] Willem Kruger says: I would have taken it
[05:40:15 PM] Ryan says: ah well...at least there are some nice setups starting to form..next wk looks like it will be nice
[05:40:44 PM] Willem Kruger says: EUR - nice power candle on the TC - nice example
[05:41:48 PM] Willem Kruger says: Once again - an example where one should not take every setup coming your way
[05:44:22 PM] Willem Kruger says: EUR - entered on that TC with my demo, lets see what is going to happen. I won't risk my real money on it
[05:46:07 PM] Ryan says: yea its a riskier trade..i noticed the tc wasn't that smooth either
[05:51:00 PM] Willem Kruger says: Ray, yes. I entered just to post it on the thread to show people how NOT to trade
[05:51:26 PM] Willem Kruger says: Even Bs trade on ff was risky
[05:51:37 PM] Willem Kruger says: So late in a run
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,437
  • Sep 22, 2008 1:26am Sep 22, 2008 1:26am
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Took this trade on GBP/USD

Price made a higher low
MACD made a zero break
Price was under 50 sma
Resistence on 50 and 200 together

Took 10 pips profit
target profit was at previous low
  • #5,438
  • Sep 22, 2008 2:54am Sep 22, 2008 2:54am
Quoting Seepiprun
Attachment
Took this trade on GBP/USD

Price made a higher low
MACD made a zero break
Price was under 50 sma
Resistence on 50 and 200 together

Took 10 pips profit
target profit was at previous low
Nice trade on the 3rd sister that found resistance on the 50MA. Hope you enjoyed it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,439
  • Sep 22, 2008 5:01am Sep 22, 2008 5:01am
That tail in the middle bothered me. But usd/cad moves irregularly and this was a definite ellipse with a power bar. Caught 10 pips.
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  • #5,440
  • Sep 22, 2008 6:42am Sep 22, 2008 6:42am
A nice triangle trade that I hesitated on taking and let it go by
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