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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #5,541
  • Oct 6, 2008 9:50pm Oct 6, 2008 9:50pm
I want to know how SMA50 angle indicator works how i can enter to see how it is programmed? thank you
  • #5,542
  • Oct 7, 2008 12:07am Oct 7, 2008 12:07am
Quoting mkain
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.


mkain...thank you very muchly! definitely going to check it out
"Be the change you want to see in the world" - Gandhi
  • #5,543
  • Oct 7, 2008 2:39am Oct 7, 2008 2:39am
Took the trade after a pullback. I thought it found solid resistance against an old support and there was a TC. However, SL was hit.
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  • #5,544
  • Oct 7, 2008 5:10am Oct 7, 2008 5:10am
Quoting Morelands
Took the trade after a pullback. I thought it found solid resistance against an old support and there was a TC. However, SL was hit.
See my comments on your chart. I see I do have a M3 pivot line on my chart at 1.7380 as well. I think it is just one of those trades that went the other way. Personally I won't have taken the setup because I don't see any price pattern in the pullback - my comment on the chart. I've decided lately that I'll go for setups where I do see a price pattern as well.

But I do like you initial analysis - there are the necessary positive signals to go for the trade.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,545
  • Oct 7, 2008 5:58am Oct 7, 2008 5:58am
I agree with you on the pullback. I wasn't smooth and the duration/# of candles was a little larger than I care for, but I still think I made a good decision. Sometimes it just doesn't work out. Thank again for your input regarding a portable device. I'm actually going to go with a basic lap top, without all the bells and whistles. It's only a few $ more than the 9" machine you own. Your opinion of my charts is always welcomed and appreciated
Raymond

But I do like you initial analysis - there are the necessary positive signals to go for the trade.[/quote]
  • #5,546
  • Oct 7, 2008 7:35am Oct 7, 2008 7:35am
i think it was a good TC ,and i was expecting it will goes up like a rocket after that TC but i closed the trade after the next candle failed to went up.
we have a MAD market thease days and should be carefull
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  • #5,547
  • Oct 7, 2008 8:37am Oct 7, 2008 8:37am
Quoting bshadroo
i think it was a good TC ,and i was expecting it will goes up like a rocket after that TC but i closed the trade after the next candle failed to went up.
we have a MAD market thease days and should be carefull
Very much it would be desirable to trust that it is your error simply mechanical!
I think not truly to be guided in decision-making only by one position МА on the schedule)
http://pic.ipicture.ru/uploads/081007/3LNfLSoUJ5.gif
http://pic.ipicture.ru/uploads/081007/SvQwzmj2MV.gif
http://pic.ipicture.ru/uploads/081007/1ycZ7FzcPZ.gif
  • #5,548
  • Oct 7, 2008 9:05am Oct 7, 2008 9:05am
No trades for me on EUR today. Lets look at the chart - A & B were the best options:

A = Possible trade on the 4th big brother but I don't like the activities below the 21MA

B = Church to right formation but the church building is not well formed. There was a nice downward tail however and building was formed above the 21MA in the war zone.

C = A definite "no" for me with such a big bearish candle coming into the war zone.

D = A period where I sat on the side because of the SIDMOVs crossing the MAs all over the place

E = Nice example of triangle breakout, pullback and then it conitnued upwards. SMAngle was not in place and it happened below the 50MA. No-go for me.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,549
  • Oct 7, 2008 10:33am Oct 7, 2008 10:33am
my DEMO trade because of bernanke speaking,i post the H1/H4 chart in H4 thread
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  • #5,550
  • Oct 7, 2008 9:37pm Oct 7, 2008 9:37pm
Tried to enter short today, but stopped out!
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  • #5,551
  • Oct 7, 2008 11:23pm Oct 7, 2008 11:23pm
Quoting forexunder
Tried to enter short today, but stopped out!
That is why I don't like trading the Asian session - I got burned several times taking setup like this in the Asian sessions. I've learned my lession the hard way. To me, it seems like the Asian session just don't have the necessary momentum to take price to another level and one gets stop out more often than taking 10pips profit (not even talking about let your profits run).

Also - on my chart I don't have TC on my MACD but it just continue through the zero line upwards.

No power candle candle - remember that a bearish power candle has a tail (if there is a tail) to the upside and not downside.

After your entry there are a few higher lows indicating a small triangle formation with a breakout - another reason not to take the next setup.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,552
  • Oct 8, 2008 4:14am Oct 8, 2008 4:14am
Hello, how is the SMA angle calculator Meta editor code? thank you.
  • #5,553
  • Oct 8, 2008 7:55am Oct 8, 2008 7:55am
Quoting monomonono
Hello, how is the SMA angle calculator Meta editor code? thank you.
I think you should go back into history (in the begining of this thread) and look how compiled/created the SMAangle indicator. Then send a PM to that member and ask him/her. I think that member is no more activate in this thread.

I am not familiar with the technical side of creating/writing indicators/EA.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,554
  • Oct 8, 2008 7:58am Oct 8, 2008 7:58am
Just wondering how everyone's doing with this strategy in this crazy market. Anybody care to share their profitability during the months of September and October (so far) compared to all previous months? Be as specific or as vague as you would like. I'm just trying to gauge how the system does in all kinds of market conditions.

I for one have decided to stop trading after a small profit this morning. What with the crazy spread, the choppy conditions, the surprise bit of news that seem to be popping around every corner lately, I figured that it would do me more good to temporarily study from the sidelines...

Phillip and Golfer, I'd love to hear how you guys are doing with this strategy for the last month and a half compared to all the prior months/year.

Thanks in advance!
Dahlia
Money missed is better than money lost
  • #5,555
  • Oct 8, 2008 8:54am Oct 8, 2008 8:54am
Hi Dahlia,

I have started trading this system for only couple months with my Live account, and not getting any + % in my balance yet

I have been whipsawed many times trading this system. This system is obviously a trend following system. But the real question is what is THE main trend that 5min. follows. I think if you just concentrate on 5min. trend only, things will turn nasty against you.

I am now thinking to look into trend strength in higher time-frames, and trade 5min., only if trend strength confirms in higher timeframe (what do u thing Golfer?).

Try picking ADX in 4hr. Why take short in 5min., when 4hr ADX shows strong upward trend.

I use this indicator for monitoring trends (see the attached).

I say don't quit yet, and stay with the game. This is the best game in the world. You master it, the world is your oyster
Attached File(s)
File Type: mq4 ToR_1[1].12.mq4   21 KB | 566 downloads
  • #5,556
  • Oct 8, 2008 12:56pm Oct 8, 2008 12:56pm
Quoting forexunder
Hi Dahlia,

I have started trading this system for only couple months with my Live account, and not getting any + % in my balance yet

I have been whipsawed many times trading this system. This system is obviously a trend following system. But the real question is what is THE main trend that 5min. follows. I think if you just concentrate on 5min. trend only, things will turn nasty against you.

I am now thinking to look into trend strength in higher time-frames, and trade 5min., only if trend strength confirms in higher timeframe (what do u thing Golfer?).

Try picking ADX in 4hr. Why take short in 5min., when 4hr ADX shows strong upward trend.

I use this indicator for monitoring trends (see the attached).

I say don't quit yet, and stay with the game. This is the best game in the world. You master it, the world is your oyster
continue ,u should try alot to be master in this system .its all about practice and watching the market and watching the market and watching the market to learn how price acts,not let ur position be open at the weekend and hoping the gap will in ur direction.
i like ur sentence wich i bolded,i myself use M5 like this
edit: i like ur last sentence "This is the best game in the world" also
  • #5,557
  • Edited 1:31pm Oct 8, 2008 1:16pm | Edited 1:31pm
hardly i can find an entry wich have a minimal stoploss thease days so i should go down to M1 chart to find a 10-15pips SL ,here is an example for a M1 entry after the M5 TC to reduce SL size
dahlia:may be this is a solution ,but if u dont feel good with this market situation its better to stay out or decrese ur contract size ,it will happend maximum 1month in 2 years.
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  • #5,558
  • Oct 8, 2008 3:58pm Oct 8, 2008 3:58pm
Could this be a nice ~20 pips trade:
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  • #5,559
  • Oct 8, 2008 5:09pm Oct 8, 2008 5:09pm
Quoting forexunder
Could this be a nice ~20 pips trade:
Target has been hit, but with M2 @ 1.3588, I think it is just better to bring the stop to breakeven.
  • #5,560
  • Oct 8, 2008 5:41pm Oct 8, 2008 5:41pm
Powerfull sell entry is building up....
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