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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #5,441
  • Sep 22, 2008 7:45am Sep 22, 2008 7:45am
Quoting mdowd
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.
It looks like you do understand the system, price patterns and market rhythm.

Nice trades and keep it up!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,442
  • Sep 22, 2008 7:46am Sep 22, 2008 7:46am
look at the nice smooth TC ,i didnt enter because of that tail in signal candle but it worked
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  • #5,443
  • Sep 22, 2008 7:47am Sep 22, 2008 7:47am
A smooth ride along the lower ema before it breaks down. 12 pips
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  • #5,444
  • Sep 22, 2008 8:06am Sep 22, 2008 8:06am
Quoting mdowd
A smooth ride along the lower ema before it breaks down. 12 pips
we are very close to the weekly support,becarefull about shorts
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  • #5,445
  • Sep 22, 2008 8:40am Sep 22, 2008 8:40am
Todays possible EurUsd trades.
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  • #5,446
  • Sep 22, 2008 9:19am Sep 22, 2008 9:19am
Quoting Phillip Nel
Todays possible EurUsd trades.
thx for posting here.a Q: what is that red arrows on smaangle?
thx
  • #5,447
  • Sep 22, 2008 9:27am Sep 22, 2008 9:27am
The 3 big brothers formation ?being formed as mentioned on Skype.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,448
  • Sep 22, 2008 9:30am Sep 22, 2008 9:30am
Quoting bshadroo
thx for posting here.a Q: what is that red arrows on smaangle?
thx
Just showing that the momentum is slowing down so not good trading.
  • #5,449
  • Sep 22, 2008 9:42am Sep 22, 2008 9:42am
i'v seen this picture many times ,when a candle comming down powerfull and it goes up exactly on the next candle ,usually the 3'rd candle is a strong bullish candle.
do u see this too ? or is this a pattern or something?
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  • #5,450
  • Edited 10:50am Sep 22, 2008 10:09am | Edited 10:50am
i took this TC signal in my demo account nad trail it with 25 pips stoploss because i thoght it is very late in the day to took it in real account.
the intresting thing is my trade is about +60pips and still running with 25pips trailing stop.i just wanna say this is good time THESE DAYS to trail our stoplosses in M5 system ,i'v seen this thing many times thease days .
edit: its +100pips profit and still running.why didnt take it in real
edit:finally it hitted my SL at 1.4770 with 83 pips profit .look at the second picture to see how it goes up in M1 chart.
isnt it enought for a 5minute trade?
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  • #5,451
  • Sep 22, 2008 10:27am Sep 22, 2008 10:27am
Quoting bshadroo
i'v seen this picture many times ,when a candle comming down powerfull and it goes up exactly on the next candle ,usually the 3'rd candle is a strong bullish candle.
do u see this too ? or is this a pattern or something?
Yes, Bs I think this specific example of you is called a Bullish Harami pattern - however it usually appears at the end of a downtrend. I don't like big candles like that in pullbacks - I will be very careful once I see a big candle like this in a pullback.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,452
  • Sep 22, 2008 11:18am Sep 22, 2008 11:18am
Quoting bshadroo
i took this TC signal in my demo account nad trail it with 25 pips stoploss because i thoght it is very late in the day to took it in real account.
the intresting thing is my trade is about +60pips and still running with 25pips trailing stop.i just wanna say this is good time THESE DAYS to trail our stoplosses in M5 system ,i'v seen this thing many times thease days .
edit: its +100pips profit and still running.why didnt take it in real
edit:finally it hitted my SL at 1.4770 with 83 pips profit .look at the second picture to see how it goes up in M1 chart.
isnt it enought for a 5minute trade?
Hi I took that set up for only 9 pips in my live account with 1 mini lot becauseof the same reason , ...late in the day . i felt like that too. But that is part of the business.
I had another trade today which hit my SL of 20 pips on GU today. i would have closed at the next candle . But i had to step away from computer and had the stop loss in place.
The chart is for the GU Trade.
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TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,453
  • Sep 22, 2008 11:34am Sep 22, 2008 11:34am
Quoting BIL2205
Hi I took that set up for only 9 pips in my live account with 1 mini lot becauseof the same reason , ...late in the day . i felt like that too. But that is part of the business.
I had another trade today which hit my SL of 20 pips on GU today. i would have closed at the next candle . But i had to step away from computer and had the stop loss in place.
The chart is for the GU Trade.
Hi Nad

I just had a Skype chat with Bs and I've just mentioned to him that I am currently concentrating to identify market rhythm and the proper high probability setup. I do see a lot of high probability setups but they are just stand alone setup not link to certain price patterns and market rhythm.

Like this trade of yours - I want to minimise trades like this.

That is also why I didn't take the 3rd big brother (right end of your chart). Just too late in the day with a daily range of 200pips+ (see my chart posted a few post ago). I also saw the TC on EUR and it was mentioned on the 5min Skype chat. I gave reasons why I didn't take.

What I am trying to say - practice, practice and practice. It is the only way to gain the necesary experience.

And I like your style - trading small but using a live account to get use to the system while getting the feel for trading live.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,454
  • Sep 22, 2008 12:36pm Sep 22, 2008 12:36pm
Hi Willem, Thanks for the feed back, Always appreciated.
The hard part of trading is to make a decision IN THE MOMENT And that comes with practice. The set up that i took on GU was taken with the notion that it could be the start of a new move up after some up and down movement across the Moving averages. The MACD was smooth went close to the zero line, there was a pull back with relatively small candles . The signal candle was a power bar, I agree there was not a rhythm in place yet but this is usually how a move starts in my observation.
The euro was a good set up . if it was earlier in the day i might have gone with the 3 lot strategy.
Lets see how the rest of the week goes.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,455
  • Sep 22, 2008 12:40pm Sep 22, 2008 12:40pm
Quoting Golfer

I do see a lot of high probability setups but they are just stand alone setup not link to certain price patterns and market rhythm.
I think this is really valuable information to learn from.
Thanks.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,456
  • Edited 1:12pm Sep 22, 2008 1:02pm | Edited 1:12pm
Quoting BIL2205
Hi Willem, Thanks for the feed back, Always appreciated.
The hard part of trading is to make a decision IN THE MOMENT And that comes with practice. The set up that i took on GU was taken with the notion that it could be the start of a new move up after some up and down movement across the Moving averages. The MACD was smooth went close to the zero line, there was a pull back with relatively small candles . The signal candle was a power bar, I agree there was not a rhythm in place yet but this is usually how a move starts in my observation.
The euro was a good set up . if it was earlier in the day i might have gone with the 3 lot strategy.
Lets see how the rest of the week goes.
The Target area was known after the second high was made. The green circles is where I would have made my trades. The last 2 trades I would have stayed in as long as possible to see if there was going to be a breakout.

I would have taken the same trade you lost on as the move was changing to above the 50sma again. The signal candle was a bit small but I think I would have fallen for it. That triangle that was formed bottom made a curve(Higher Lows) and the top remain straight indicating a possible upbreak. What I normally do is after 8 pips gain I close 50% and set the remainder on a -8 to -12 stoploss depending wheren the 50sma are and then let the remainder run to be part of the breakout should it occur. If I got taken out on the remainder it would be at worst 4pips.

Allways nice to look at it afterwards.

Nice trading to you all on the 5min. It is nice to see people starting to get things working for them.
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  • #5,457
  • Sep 22, 2008 2:07pm Sep 22, 2008 2:07pm
Maybe it is just me. But I saw a lot of rhythm setups later in the day right down to 4. Since I was trading on the same patterns on ETF's and futures I usually don't take them after 10 because it starts to slow by noon.
  • #5,458
  • Sep 22, 2008 2:34pm Sep 22, 2008 2:34pm
I like the system you are proposing, I just have to fully understand some things and acknowledge the essence in order to apply it, as from my view the most interesting pairs to trade FOREX is the GBPUSD and EURUSD, thanks and I hope to assimilate the whole technique
http://tradingforextips-marcuse.blogspot.com/
  • #5,459
  • Sep 22, 2008 11:06pm Sep 22, 2008 11:06pm
These setups (patterns) happen every day in a trending situation.
Usually (or ideally) price retraces to EMA21 or EMA18 (i am using EMA18), or in fast trending markets - to EMA9. There are about 3-4 bars in a normal retracement - then you see a bar that has higher high and higher low than previous and it is bigger - ENTER when this bar closes above the bar with the lowest low (in a retracement).
I think you guys call it "power candle", i call it setup bar.
System is good, but i also use Fibonacci to determine potential point of reversal or TP - normally draw from previos day`s low to high (or the opposite) and mark only 50%, 61.8% or 38.2%. Check it out and you will see price either stall near these levels / reverse / blow right through.

Just my 50 cents

Quoting bshadroo
i'v seen this picture many times ,when a candle comming down powerfull and it goes up exactly on the next candle ,usually the 3'rd candle is a strong bullish candle.
do u see this too ? or is this a pattern or something?
  • #5,460
  • Sep 23, 2008 2:49am Sep 23, 2008 2:49am
Quote
Usually (or ideally) price retraces to EMA21 or EMA18 (i am using EMA18), or in fast trending markets - to EMA9.
I prefer slower EMA - better to set SL.
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