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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #5,521
  • Oct 2, 2008 11:55am Oct 2, 2008 11:55am
I don't know if fellow traders/Phillip will agree but these are the setups I want to ignore even though it gave 10pips+ profit.

I gave reasons on the chart for not getting involved in that setup - like I told Bs on Skype, I just don't like the setup. And if one doesn't feel comfortable with it, ignore it.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,522
  • Edited 1:09pm Oct 3, 2008 12:57pm | Edited 1:09pm
Two trades I've done on a triangle formation BEFORE a breakout. The EY is in a bearish mode for the past week - so it is risky to take long trades. Another reason why I took my profit early.

This was not really a rhythm trade - rather a price pattern trade. Which I am trying to combine with the market rhythm.

Result - 2 trades (0.2lots used in both trades) resulting in 21pips and 12pips profit.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,523
  • Oct 3, 2008 1:02pm Oct 3, 2008 1:02pm
The outcome of that triangle - breakout to the down side.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,524
  • Oct 4, 2008 12:09pm Oct 4, 2008 12:09pm
Currently @ 1.3772

Hope my 2 open shorts will hit their target.

What do u think Golfer/others?
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  • #5,525
  • Oct 4, 2008 1:12pm Oct 4, 2008 1:12pm
Never understood why in Forex openning on Sunday afternoon, market can gap up or down almost 100pips!!! This easily can stop-out many short/long accounts. Is this really legal?
  • #5,526
  • Oct 4, 2008 9:52pm Oct 4, 2008 9:52pm
Quoting Golfer
Two trades I've done on a triangle formation BEFORE a breakout. The EY is in a bearish mode for the past week - so it is risky to take long trades. Another reason why I took my profit early.

This was not really a rhythm trade - rather a price pattern trade. Which I am trying to combine with the market rhythm.

Result - 2 trades (0.2lots used in both trades) resulting in 21pips and 12pips profit.
When Phillip refers to 'rhythm', does he mean the 4 hour strategy market rhythm?
  • #5,527
  • Oct 4, 2008 9:58pm Oct 4, 2008 9:58pm
Quoting forexunder
Never understood why in Forex openning on Sunday afternoon, market can gap up or down almost 100pips!!! This easily can stop-out many short/long accounts. Is this really legal?
These are exceptional times. If you followed the news, there is a financial crisis gripping the US financial system. Besically it is due to overspeculation on property, taking on too much debt, and now the bubble well and truly burst.

Out of the 5 broker/dealer investment banks, Bear sterns, Merrill Lynch and Lehman Brothers are history.
  • #5,528
  • Oct 5, 2008 2:53am Oct 5, 2008 2:53am
Quoting forexunder
Currently @ 1.3772

Hope my 2 open shorts will hit their target.

What do u think Golfer/others?

See my comments on your chart - it was late on Friday afternoon, a no-go for me even though it was a great setup but good luck.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,529
  • Oct 5, 2008 3:01am Oct 5, 2008 3:01am
Quoting forexunder
Never understood why in Forex openning on Sunday afternoon, market can gap up or down almost 100pips!!! This easily can stop-out many short/long accounts. Is this really legal?
Here is my broker's chart at closure - much earlier than your. Another reason why one can get a gap on Sunday opening.

Last comment on your two EUR trades:

Very seldom/almost never will I allow a 5min system trade run over a week-end. Way too risky for me - especially when the markets are so volatile like the last few weeks.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,530
  • Oct 5, 2008 3:04am Oct 5, 2008 3:04am
Quoting emacro
When Phillip refers to 'rhythm', does he mean the 4 hour strategy market rhythm?
I do have my opinion but lets here from Phillip himself.

What I would like to see is the 3 little sisters or big brother pattern meaning there is a nice rhythm. Lower higher and lower lows with smooth rounding, small candles with almost no big tails.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,531
  • Oct 5, 2008 3:13am Oct 5, 2008 3:13am
One type of market rhythm on EY - resistance found on 50MA with nice wave-like movements. Some lower highs and lower lows.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,532
  • Edited 3:58am Oct 5, 2008 3:21am | Edited 3:58am
Now this is what I called SIDMOVs where there are areas of consolidation and no market rhythm.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,533
  • Oct 5, 2008 10:24am Oct 5, 2008 10:24am
Quoting Golfer
Last comment on your two EUR trades:

Very seldom/almost never will I allow a 5min system trade run over a week-end. Way too risky for me - especially when the markets are so volatile like the last few weeks.
Thanks Golfer for your reply...yes, I agree with you regarding not leaving any position open for a weekend, I wasn't quick enough to close all opens on last Friday.

Anyway, can I join your skype discussion? If there is any.

Thanks!
  • #5,534
  • Oct 5, 2008 10:27am Oct 5, 2008 10:27am
Quoting forexunder
Currently @ 1.3772

Hope my 2 open shorts will hit their target.

What do u think Golfer/others?
ur first trade: was not exactly according the rules of this system but was a good trade acording the market rhytm and sHs pattern.the only concern was the late time in the friday
brokers are usually executes orders in first available price for example if price opens 100pips above ur entry price ur broker may cannot close ur position at ur stoploss point and it will execute 100pips above wich is very risky
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  • #5,535
  • Oct 5, 2008 11:46am Oct 5, 2008 11:46am
Quoting bshadroo
ur first trade: was not exactly according the rules of this system but was a good trade acording the market rhytm and sHs pattern.the only concern was the late time in the friday
brokers are usually executes orders in first available price for example if price opens 100pips above ur entry price ur broker may cannot close ur position at ur stoploss point and it will execute 100pips above wich is very risky
Thanks bshadroo for ur reply. Yes, u r very right...risky trades both if not closed by the end of Friday''s session. Well, the trade will cost me money, but with the two glass of beers I can recover the loss


I took a great interest with this system when I overlay it over the Murray Math Levels. Just google it with Forex, u get all the info u needed.

Here is a good one to start: http://www.forexfactory.com/showthread.php?t=3584

What Murray Levels are the natrual rythm based on octave (1/8), and determines very powerful pivot levels where is a high probability that market prices will reverse.

I use this simple 5min when observed with the murray pivot levels.

Many thanks to Philip/Golfer/Others who provided wealth of knowledge to this forum.

Cheers///frank
  • #5,536
  • Oct 5, 2008 3:26pm Oct 5, 2008 3:26pm
So far with my short experience using this system...this is a fantastic system for starters to learn descipline, and for experienced but "not-winner" traders to enhance their existing trading habit.

Without proper descipline, no doubt that this market will wipe u out. As I am one those starters tyring to master being a desciplined trader...hard work indeed.

As my strategy for exit...monitoring volatility between hi/lo in 1min. TF...if the difference between hi-lo is more then 35 pips, seeing a reversal candle patterns would give u a best time to exit.

You can stop&reverse, but I rather exit, if I have an open position, and wait for another short/long entry. Much safer.
  • #5,537
  • Oct 5, 2008 5:39pm Oct 5, 2008 5:39pm
Here is what I'm talking about...

It is 5:30PM EST, and eurusd has openning gap of more than 100pips @ 1.3641!!!


I use Alpari UK Metatrader for my demo, and a local forex company called forexchile.cl. Trading is now open with Alpari, but forexchile will be open for trading at 7pm EST! I was able to close my short trades on the demo, but the live one has to wait.

Perhaps need to switch my forex broker...any good one out there?
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  • #5,538
  • Oct 6, 2008 2:11am Oct 6, 2008 2:11am
hi Phil & Golfer, thank you for all the work on maintaining these forums, esp Phil for sharing his ideas... they are fantastic. they give me a lot of motivation to keep going with trading.

I was just wondering if there is some tool I could use that will give an alert to indicate when I viable trade entry could come up, or do you have any tips on when to watch the markets as I am finding it difficult to keep constant attention on the watching the computer screen.

many thanks chandra
"Be the change you want to see in the world" - Gandhi
  • #5,539
  • Oct 6, 2008 6:09pm Oct 6, 2008 6:09pm
Quoting cchoudhu
hi Phil & Golfer, thank you for all the work on maintaining these forums, esp Phil for sharing his ideas... they are fantastic. they give me a lot of motivation to keep going with trading.

I was just wondering if there is some tool I could use that will give an alert to indicate when I viable trade entry could come up, or do you have any tips on when to watch the markets as I am finding it difficult to keep constant attention on the watching the computer screen.

many thanks chandra
Hi.
I added ema crossover signal with sound alert, I don't know if it could help you.
Here you are the posts where it is, and first version one (no sound alert, but this post has explanation how you could use it).
There is another indicator called "Phillip Nel signal" but I don't like it so much.
http://www.forexfactory.com/showpost...postcount=5222
http://www.forexfactory.com/showpost...postcount=3542
I hope it helps.
  • #5,540
  • Oct 6, 2008 9:00pm Oct 6, 2008 9:00pm
With eurusd prices around its pivotal level, looks like a short trend is evolving....could be a good candidate for shorting during those "retraces."
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