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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #5,501
  • Sep 30, 2008 3:42am Sep 30, 2008 3:42am
Clean zero break on macd after a sharp rise 10 pips
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  • #5,502
  • Sep 30, 2008 7:20am Sep 30, 2008 7:20am
Quoting mdowd
Clean zero break on macd after a sharp rise 10 pips
Yes, a nice smooth rounding with the TC but I do miss a power candle. Nevertheless is was a nice setup - great one!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,503
  • Sep 30, 2008 7:31am Sep 30, 2008 7:31am
Triangle breakouts on the pullback have been tough today. This one I rescued two pips when it missed my target by one pip.
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  • #5,504
  • Sep 30, 2008 12:57pm Sep 30, 2008 12:57pm
EurUsd gave 2 nice setups. It was early in the downmove so if you have missed it the chances of getting in was minimal.
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  • #5,505
  • Oct 1, 2008 4:18am Oct 1, 2008 4:18am
Quoting Phillip Nel
EurUsd gave 2 nice setups. It was early in the downmove so if you have missed it the chances of getting in was minimal.
hi
there was a conversation between me and willem couple of days ago about 1 minute chart entries.also i was watching the market yesterday and i saw alot of chances for M1 entries after big movment start.i wanna ask ur idea about M1 entries appling the same M5 rules in fast moving markets.
thx
  • #5,506
  • Edited 10:56am Oct 1, 2008 4:42am | Edited 10:56am
this is my demo trade .i've also done it in my real account but i closed it because the next candle after the signal candle failed to make a green macd bar(we have a resistance are around 1.4160) .but the demo trade still running.lets see whats happening
edit:closed +14pips actually i was not feel good with a long trade in this bearish market
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  • #5,507
  • Oct 1, 2008 4:52am Oct 1, 2008 4:52am
Nice pattern today in swissy, sisters inside triangle below 50 sma.
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  • #5,508
  • Oct 1, 2008 12:07pm Oct 1, 2008 12:07pm
Example of bullish 3 pattern today on EUR. I do look for a pattern like this on a upmove. This is just an example - on this chart the pattern is found where the price is turning around and not in the correct place. If you take this setup, it is counter trend (CT) trading and not according to Phillip's 5min system.

Like I said, the bullish candle was a little bit too big.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,509
  • Oct 1, 2008 12:09pm Oct 1, 2008 12:09pm
Quoting mkain
Nice pattern today in swissy, sisters inside triangle below 50 sma.
Great example of 3rd sister finding resistance on the 50MA (3rd sister formed below 50MA).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,510
  • Oct 1, 2008 12:11pm Oct 1, 2008 12:11pm
Quoting bshadroo
this is my demo trade .i've also done it in my real account but i closed it because the next candle after the signal candle failed to make a green macd bar(we have a resistance are around 1.4160) .but the demo trade still running.lets see whats happening
edit:closed +14pips actually i was not feel good with a long trade in this bearish market

Agree with you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,511
  • Oct 1, 2008 1:15pm Oct 1, 2008 1:15pm
Quoting bshadroo
hi
there was a conversation between me and willem couple of days ago about 1 minute chart entries.also i was watching the market yesterday and i saw alot of chances for M1 entries after big movment start.i wanna ask ur idea about M1 entries appling the same M5 rules in fast moving markets.
thx
Yes you can but it must not be the norm. Only when the movement is fast and that occurs not so frequently. I use 1min a lot after news anouncements and I am online at the time.
  • #5,512
  • Oct 1, 2008 2:46pm Oct 1, 2008 2:46pm
Just a picture of a "live" chart showing a possible Bearish 3 pattern being formed. This is how I identify possible price pattern formation. I don't think it will develop because it is too late in the day.

Lets see how it develops.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,513
  • Edited 3:27pm Oct 1, 2008 3:15pm | Edited 3:27pm
And it was a valid setup - took 5pips profit because I don't like to trade at this hour of the day and I use my live account (trusted the setup). But I like the look of the initial setup!

I just want to show you people how a live trade is done using a price pattern like the Bearish 3. See my comments on the series of charts.

The market turned right on the big number (last chart) and broke my small resistance line. Now I am out and done for the day.

Enjoy the trading and I hope it helps somebody.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,514
  • Oct 1, 2008 11:16pm Oct 1, 2008 11:16pm
Thanks a lot for this simple system. It teaches you descipline.

Currently @ 1.3980

Staying side-line for eurusd.
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  • #5,515
  • Oct 1, 2008 11:38pm Oct 1, 2008 11:38pm
Prefer to stay side-line.....trend will always be ur friend.



Quoting forexunder
Thanks a lot for this simple system. It teaches you descipline.

Currently @ 1.3980

Staying side-line for eurusd.
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  • #5,516
  • Oct 2, 2008 7:02am Oct 2, 2008 7:02am
my demo trade:
i had an order in my real account after triangle breaked but price didnt come back to breakout point
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  • #5,517
  • Oct 2, 2008 7:40am Oct 2, 2008 7:40am
another demo trade,didnt do it in real because of the news
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  • #5,518
  • Oct 2, 2008 9:17am Oct 2, 2008 9:17am
i know my 2 above trades was not exactly according the M5 rules ,but i tried to take them according the market rhytm and trend lines.
hope i didnt fall u new people in mistake
  • #5,519
  • Oct 2, 2008 9:44am Oct 2, 2008 9:44am
Quoting bshadroo
another demo trade,didnt do it in real because of the news
Yes, I wouldn't have taken that setup.

But look at the beauty of 3 little sisters. You won't get them better than that of the 50MA. Now that is market rhythm for you.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,520
  • Oct 2, 2008 9:50am Oct 2, 2008 9:50am
Quoting forexunder
Prefer to stay side-line.....trend will always be ur friend.
Yes and stay with your rules. Also ensure that you look at the bigger picture to identify the rhythm of the market. Also to look for support and resistance levels.
Willem Forex recipe for success = Patience, discipline & hard work.
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