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5Min Intraday System

  • #5,601
  • Oct 17, 2008 12:32am Oct 17, 2008 12:32am
This is my first post here but looking foward to becoming part of the team...

This is simply showing a current bounce of the zone and I did not take it simply because of the 50 sma angle..

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  • #5,602
  • Oct 17, 2008 2:30am Oct 17, 2008 2:30am
Quoting Golfer
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.
thx willem and mkain for the answear
willem : i liked ur first and second reasons but about the 3rd reason ,i'v seen price chenge his trend line 2 3 even 4 times in an upmove and continue going up and as long as pice moving with 21 and 10 emas we can say its still up .
previously, i was satying out since my small TL broken but now i'll still trade if first or second TL broken and will be carefull when the 3rd broken .in this example it was the very first TL broken and it can easily continue upmove .am i right?whats ur experience about this?
  • #5,603
  • Oct 17, 2008 5:33am Oct 17, 2008 5:33am
Very nice setups tonight

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  • #5,604
  • Oct 17, 2008 5:43am Oct 17, 2008 5:43am
Quoting bshadroo
thx willem and mkain for the answear
willem : i liked ur first and second reasons but about the 3rd reason ,i'v seen price chenge his trend line 2 3 even 4 times in an upmove and continue going up and as long as pice moving with 21 and 10 emas we can say its still up .
previously, i was satying out since my small TL broken but now i'll still trade if first or second TL broken and will be carefull when the 3rd broken .in this example it was the very first TL broken and it can easily continue upmove .am i right?whats ur experience about this?
No problem regarding the third reason. That is just how I want to trade. If you feel comfortable with it, fine. I cannot and won't force a person to trade like me. You will never see/hear me telling a person what to do - I'll just tell you what I would have done. I cannot trade like Phillip and will never do. But I am trying to master his system in my own way. As long as I end every week with a profit (hopefully 50pips - that is my aim), I'll be happy. And I am sure you feel the same - same for dwod - I can see the pips are coming in for him/her!!!

I do agree with you - I've seen it as well but I got burned to many times even though it looks like a high probability setup. That is why I just don't like to trade it. If I do trade setups like that I'll quickly take my 5-10pips and walk away. At the end of the day it means that I'll have a lot less trades than you.

Enjoy it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,605
  • Oct 17, 2008 5:54am Oct 17, 2008 5:54am
Quoting Shermenator
This is my first post here but looking foward to becoming part of the team...

This is simply showing a current bounce of the zone and I did not take it simply because of the 50 sma angle..

Attachment
Hi Sher

Welcome and I hope you will enjoy the interaction on the thread - very important to keep the thread alive and share each other's opinions.

See my lines drawn on your chart. If I do see many Small support and resistance lines on a chart like this, I know it is all SIDMOVs and I'll stay away until I see a price pattern.

Like in my second chart where we do have a ascending triangle (thick pink lines indicating the support and resistance lines) and hopefully we can get a breakout to the upside (like I've put on the chart - thin pink lines).
Attached Images
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,606
  • Oct 17, 2008 6:17am Oct 17, 2008 6:17am
Can you please inform me what exact time you are trading as well as if you are trading any other currency besides the gbpusd and eurusd?
and how is your current win ratio...

thanks
  • #5,607
  • Oct 17, 2008 7:09am Oct 17, 2008 7:09am
Hi Sher

Answers in your message in blue:

Quoting Shermenator
Can you please inform me what exact time you are trading

From about 08H00gmt until 18H00gmt. I don't like to trade the 5min system in the Asian session - got burned too many times because the market doesn't have enough momentum. During the Asian session I do run a EA which is a totally different system (not to be discussed on this forum). That is why I am not that active on the Skype chat anymore. I'll chat on it if I do see something after 15H00gmt but I don't like private conversations on that 5min Skype chat - just an distraction. I like to focus on the charts as it develops and mention what I see. Otherwise I'll do something else or have a private Skype chat with other members (not on the 5min Skype chat).

as well as if you are trading any other currency besides the gbpusd and eurusd?

I start with about 8 pairs - very brave and confident - but scaled it down to 4 ($JPY and EURJPY) as I develop more "brains" (listen to others and see results myself). Now it is down to EUR, Cable and EURJPY.

and how is your current win ratio...

I was playing around a lot, testing setups and let lossers runs to see what is going to happen. As from about 3 weeks ago, it is down to serious business. Hopefully I can post my Excel spreadsheet over the weekend. I can only recall one loser so far but then I only have about 6-8 trades.

thanks
Enjoy!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,608
  • Oct 17, 2008 8:24am Oct 17, 2008 8:24am
nice smooth TC near the TL
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  • #5,609
  • Oct 18, 2008 12:05am Oct 18, 2008 12:05am
My results as promised.

As you can see, it is very hard to get rid of bad habits. I am still struggling to exit bad trades. I need to re-activate Yannis' EA so that I can exit bad trades earlier.

Discipline and hard work finally pay off. It is not about how many trades one can get - it is all the about taking the high probability setups as posted/mentioned on this tread. One should be able to explain each and every trade according to rules/criteria e.g. this trade was a 3rd sister finding resistance on the 50MA just below a pivot line with a shooting star. You reasoning should not be something like this (please don't just say something like this) - "I though the price migth come down, so I went short". Or "The price entered the war zone and I pulled the trigger". That is gambling to me and you'll get burned sonner or later.

I hope I can continue in this matter and get better all the time.

Thanks to Phillip and all the other members for their valuable inputs and opinions. Without your responses, I would have left forex trading a long time ago. One cannot just post charts here on this thread and get no responses. That is useless. Thanks for that.

Now it looks like I am one of the 5% of traders who is going to make it in the crazy but wonderful world of forex trading.
Attached File(s)
File Type: xls Trade systems combined outcomes live account 200810 1 ff.xls   17 KB | 644 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,610
  • Oct 18, 2008 12:33am Oct 18, 2008 12:33am
Quoting Shermenator
Can you please inform me what exact time you are trading as well as if you are trading any other currency besides the gbpusd and eurusd?
and how is your current win ratio...

thanks
Sherman...No longer trading wif fib??

Sonic
  • #5,611
  • Oct 18, 2008 2:08am Oct 18, 2008 2:08am
Quoting sonicdeejay
Sherman...No longer trading wif fib??

Sonic

Yep I trade it....this is a system the has cought my attention to learn...I am only looking at 2-3 currencies in the my larger time frame trades...so I see this as a wonderfull system to learn since I get some days I dont trade my larger timeframes since I get not setup...
  • #5,612
  • Oct 19, 2008 8:36am Oct 19, 2008 8:36am
Quoting bshadroo
hellloooooo,how r u ?i missed u man

Doing good, Just back to the 5min stuff. I wanted to get good at trading a longer TF but it just does not work for me. Now I am trading the 5min stuff not like this 100% but price action is all the same.
Keep taking CT trades, I need more money
  • #5,613
  • Edited 1:33am Oct 20, 2008 1:11am | Edited 1:33am
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reason was because support was proven and price started to make higher lows as well as higher closes... we also had a nice angle on the 50 sma
  • #5,614
  • Oct 20, 2008 5:50am Oct 20, 2008 5:50am
-15pips loss
but it was a good setup ,isnt it?why didnt worke out?
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  • #5,615
  • Edited 8:00am Oct 20, 2008 6:10am | Edited 8:00am
Quoting bshadroo
-15pips loss
but it was a good setup ,isnt it?why didnt worke out?
I took the same setup. It was nice setup with power candle and TC. I think it's one of those times when it just don't work.

At the same time there was another setup on GU with power candle. It did work out. On GU Momentum was much better then on EU.
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  • #5,616
  • Oct 20, 2008 6:12am Oct 20, 2008 6:12am
Quoting bshadroo
-15pips loss
but it was a good setup ,isnt it?why didnt worke out?

If you take a look at how many pips the market had moved after franky open we had already moved one entire harmonic beat...meanihg the trend could slow down ...meaning the market could go into a correction..

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  • #5,617
  • Oct 20, 2008 7:53am Oct 20, 2008 7:53am
Just took this setup on GU.
Price found resistance on 21MA, candles were showing lower highs. Zero bonce on Macd.
Reason of early exit is TL
+6pips
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  • #5,618
  • Oct 20, 2008 9:45am Oct 20, 2008 9:45am
30pips
i found the breakout point in M1 chart .i knew it was a high probability setup because of the bigger TF
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  • #5,619
  • Oct 20, 2008 10:04am Oct 20, 2008 10:04am
Quoting bshadroo
-15pips loss
but it was a good setup ,isnt it?why didnt worke out?
Just a few comments from my side.

It looks like a 2-candle entry - a method I don't really like. I like to see a church building (area of support close to the war zone) of a few candle hopefully with a smooth rounding.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,620
  • Oct 20, 2008 10:19am Oct 20, 2008 10:19am
You cannot catch them all - I did follow this setup and was prepared to enter. Then I lost my internet connection for a few minutes and I was too late for the entry.

Chart 1 - a live chart just after the breakout with the pullback starting to materialise.

Chart 2 - completion of the breakout trade. What a beauty! Too bad it was formed so quickly

These are the signals I want to see in a setup.
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Willem Forex recipe for success = Patience, discipline & hard work.
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