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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #5,581
  • Oct 14, 2008 9:25am Oct 14, 2008 9:25am
Quoting mdowd
A church steeple with an ellipse for 12 pips
Nice setup - so easy when the price patterns play along.

My TP would have been the previous high.

I don't need to say anything more - I am sure the setup was calling you and you didn't look for this setup.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,582
  • Oct 14, 2008 11:03am Oct 14, 2008 11:03am
plz look at thease two charts (specially the H4 ) one and tell me waht did i do ? gambling or a trend reversal trade?
(willem plz comment)
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  • #5,583
  • Oct 14, 2008 11:25am Oct 14, 2008 11:25am
Just an example of a pullback/setup I'll ignore immediately and go on to the next chart or go and do something else.

Look at the candles within the rectangle and look at the MACD below it. No pattern whatsoever.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,584
  • Oct 14, 2008 11:48am Oct 14, 2008 11:48am
A triangle breakout which I couldn't get an entry - pullback didn't "last" long enough. I would love to see a deepr pullback formed by about two more candles.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,585
  • Oct 14, 2008 11:51am Oct 14, 2008 11:51am
A touchy trade. The euro hit the 50 level and posted tails. Momentum was slowing. But I felt the ellipse would carry it through for the 10 pips and it did before it slid
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  • #5,586
  • Oct 14, 2008 2:58pm Oct 14, 2008 2:58pm
Quoting bshadroo
plz look at thease two charts (specially the H4 ) one and tell me waht did i do ? gambling or a trend reversal trade?
(willem plz comment)
Hi Bs

My comments on your chart. I am not familiar with that pair and I don't have the chart to compare what I do have. I am just giving my opinion on what I see.

However, it looks like your trade was in line with the 4H system but not according to 5min rules. Entry was too early - small trend not yet established and it was on the breakout of that triangle.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,587
  • Oct 14, 2008 3:21pm Oct 14, 2008 3:21pm
Quoting mdowd
A touchy trade. The euro hit the 50 level and posted tails. Momentum was slowing. But I felt the ellipse would carry it through for the 10 pips and it did before it slid
My trade for a few pips - I entered before the TC was formed because I liked the smoothness of the setup (ellipse formation). I did the trade on my mobile phone - no pivot lines. Afterwards I saw the pivot line.

Look at the last TC I marked on the chart - perfect smooth rounding.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,588
  • Oct 15, 2008 4:46am Oct 15, 2008 4:46am
Enter during the bar because of price action. Cut short for 10 pips because the zero resistance seemed to be working.
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  • #5,589
  • Oct 15, 2008 6:50am Oct 15, 2008 6:50am
A trade that broke even. I bailed out when the price up collapsed.
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  • #5,590
  • Oct 15, 2008 2:37pm Oct 15, 2008 2:37pm
Quoting mdowd
A trade that broke even. I bailed out when the price up collapsed.
There was a pivot line in the way but I am sure I would have taken the trade. SMooth turn around. The two tails are warning siganls.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,591
  • Oct 15, 2008 6:11pm Oct 15, 2008 6:11pm
I appreciate the advise. I missed the pivots since I put them on the night before and try to add them when I get there in the morning. (Western NY). Today was rugged with the collapse of the USA market although futures trading and even trading this method into the afternoon was profitable with the swings on USD/CAD
  • #5,592
  • Oct 15, 2008 7:23pm Oct 15, 2008 7:23pm
If you guys learn PRICE ACTION you will make a LOT more money, right now you guys are just guessing. Learn price patterns and you will do 20% better at least.
Keep taking CT trades, I need more money
  • #5,593
  • Oct 16, 2008 3:19am Oct 16, 2008 3:19am
Quoting Ryanmcd
If you guys learn PRICE ACTION you will make a LOT more money, right now you guys are just guessing. Learn price patterns and you will do 20% better at least.
hellloooooo,how r u ?i missed u man
  • #5,594
  • Oct 16, 2008 5:41am Oct 16, 2008 5:41am
A descending triangle for 14 pips
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  • #5,595
  • Oct 16, 2008 8:24am Oct 16, 2008 8:24am
Quoting mdowd
A descending triangle for 14 pips
I hope you do enjoy your pips - looks like you do understand the principles of this system. I can see you do look for high probability setups. Now take it to the next level and decide which high probability setups are you comfortable with and WHY (very improtant to write down the reason why you think you should take it - why did you think this triangle will give you 10pips?)?

I hope you do consider other pervious support and resistance levels such as previous high/lows. One can also use pivot levels (as shown yesterday) and fib levels.

Very intersting to look at the previous setup as well - I don't follow this pair, the reason why I added my comments on your chart.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,596
  • Oct 16, 2008 10:35am Oct 16, 2008 10:35am
This is how I identify a possible triangle - I saw the setup on Cable and start to follow it. Was this the start of a downward movement after a few SIDMOVs?

But it was just before the news release, so I sit aside.


On chart 2 you can see the SIDMOVs just continue - a chart to ignore and go do something else.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,597
  • Oct 16, 2008 2:13pm Oct 16, 2008 2:13pm
was this a high probability TC trade?i think i was lucky because i was not online on that that otherwise my 15,20pips SL would hitted and then price turend up again .(the worse thing wich i hate it always)
i think it could be a trianfle breakout trade wich didnt worked out .do u know why?
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  • #5,598
  • Oct 16, 2008 3:18pm Oct 16, 2008 3:18pm
Quoting bshadroo
was this a high probability TC trade?i think i was lucky because i was not online on that that otherwise my 15,20pips SL would hitted and then price turend up again .(the worse thing wich i hate it always)
i think it could be a trianfle breakout trade wich didnt worked out .do u know why?
That trade is a little far from warzone imho, in other hand those big candles (red and green ones) in pullback show indecision.
I would not enter there.
  • #5,599
  • Oct 17, 2008 12:24am Oct 17, 2008 12:24am
Quoting bshadroo
was this a high probability TC trade?i think i was lucky because i was not online on that that otherwise my 15,20pips SL would hitted and then price turend up again .(the worse thing wich i hate it always)
i think it could be a trianfle breakout trade wich didnt worked out .do u know why?
1. Agree with Mkain.

1. Did you consider the news release (CPI I think) at that time? If I do see a price pattern being formed 15-20min before a major news release, I'll be more careful than usual because even 5-10 before the news, the price can have some abnormal behaviour because of pressure. Look at my post (first one on this page). It was also formed before the news release.

2. I like to trade a ascending triangle in an upmove and not a descending triangle. I just like the pressure coming from the buyers putting the price under pressure against a resistance level. The same for a downward move.

3. My firts small support line was already broken - I'll wait to see what is going to happen.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,600
  • Oct 17, 2008 12:31am Oct 17, 2008 12:31am
Not all price patterns work out. The resistance level was just to strong and triangle was not nice. I liked the Bearish 3 which also didn't worked out. You are not going to win them all.

This was my first negative trade in 3 weeks I think. I'll analise my trades over the weekend and hopefully would be able to post an Excel spreadsheet.
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Willem Forex recipe for success = Patience, discipline & hard work.
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