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5Min Intraday System

  • #5,621
  • Oct 20, 2008 8:29am Oct 20, 2008 8:29am
Quoting Shermenator
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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
Also a nice breakout earlier on your chart. ?Was it tradeable
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,622
  • Oct 20, 2008 9:50am Oct 20, 2008 9:50am
After a long, tough morning, I finally caught one for 12 pips.
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  • #5,623
  • Oct 20, 2008 12:09pm Oct 20, 2008 12:09pm
Quoting mdowd
After a long, tough morning, I finally caught one for 12 pips.
Well done - it had 10pips in it.

I followed the same setup but didn't enter because of the triangle formation and the daily range. I just didn't feel comfortable with the setup - the constant higher lows for the previous daily low.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,624
  • Oct 20, 2008 9:38pm Oct 20, 2008 9:38pm
Its still to early to trade for my personal tast but we got 3 sisters in the gbpusd...we are looking bearish

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  • #5,625
  • Oct 20, 2008 9:38pm Oct 20, 2008 9:38pm
For those of you who don't follow Phillip's 4h market rhythm system:

Listen to Phillip's mp3 file and see how he uses his 4h charts to determine market rhythm just to determine which setups to take on the 5min chart.

Here is the link:

http://www.forexfactory.com/showpost...ostcount=17499
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,626
  • Oct 20, 2008 10:24pm Oct 20, 2008 10:24pm
Price has now fallen...if we break this upward trendline the seeling pressure will increase by tons...unless price clears that price to me I wont be looking for short ....

If price clears I will begin looking for short...

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  • #5,627
  • Oct 20, 2008 10:35pm Oct 20, 2008 10:35pm
Jut like in my previous picture ....when the market hit the trendline the buyers changed gears again....

we need clearer direction before pulling the trigger in either direction...
allow the markets to make higher highs or lower lows....


Like I say...I rather miss a good trade then be in a bad one

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  • #5,628
  • Oct 20, 2008 11:04pm Oct 20, 2008 11:04pm
Same scene as the eurusd...

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  • #5,629
  • Oct 20, 2008 11:20pm Oct 20, 2008 11:20pm
This is when you whant to stay away from the market and allow it to solve itslef...only trade once the market has a clear direction...

right now it would be like gambling...

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  • #5,630
  • Oct 21, 2008 2:18am Oct 21, 2008 2:18am
A nice ellipse under the pivot line for 15 pips
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  • #5,631
  • Oct 21, 2008 3:25am Oct 21, 2008 3:25am
I took this trade after power candle with nice tail founding resistance on 21MA and TC on macd. +9pips
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  • #5,632
  • Oct 21, 2008 3:41am Oct 21, 2008 3:41am
Quoting mdowd
A nice ellipse under the pivot line for 15 pips
Just love your charts - all the nice positive signals are there. That lower low did it for me - that is why the setup was on. Was it a higher low, it might have been a different story for me.

Well done!!!
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,633
  • Edited 5:06am Oct 21, 2008 3:43am | Edited 5:06am
Dear Phillip Nel

I am using Amibroker trading software for trading in Indian stock market. But the sma angle indicator is not available on this platform. Please help me install this indicator if you have this file. waiting anxiously.
  • #5,634
  • Oct 21, 2008 3:48am Oct 21, 2008 3:48am
Quoting Sher_net
I took this trade after power candle with nice tail founding resistance on 21MA and TC on macd. +9pips
I saw this setup but I couldn't follow the setup towards the breakout. I saw the 2 triangles on the setup.

Nice one.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,635
  • Oct 21, 2008 4:39am Oct 21, 2008 4:39am
Quoting Shermenator
This is when you whant to stay away from the market and allow it to solve itslef...only trade once the market has a clear direction...

right now it would be like gambling...

Attachment
I totally agree with you - for this system, wait for clear direction and trade in that direction. Otherwise you'll make a few pips but you'll get burned more often than making pips.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,636
  • Oct 21, 2008 4:40am Oct 21, 2008 4:40am
A nice ellipse again for 10 pips
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  • #5,637
  • Oct 21, 2008 5:08am Oct 21, 2008 5:08am
After the struggle yesterday, the trades today are incredible. 15 pips on one bar off an ellipse under the pivot
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  • #5,638
  • Oct 21, 2008 7:21am Oct 21, 2008 7:21am
i was offline,otherwise i even didnt think twice on this setup
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  • #5,639
  • Oct 21, 2008 9:13am Oct 21, 2008 9:13am
What a beautiful pattern of head and shoulders in e/u with entry at pivot bounce below 50 sma,power candle,TC + smoothness in MACD.
I could not take it however it deserves be posted.
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  • #5,640
  • Oct 21, 2008 10:50pm Oct 21, 2008 10:50pm
Quoting mkain
What a beautiful pattern of head and shoulders in e/u with entry at pivot bounce below 50 sma,power candle,TC + smoothness in MACD.
I could not take it however it deserves be posted.
I do agree with you - with that right shoulder formed just below the 50MA, it would have been a definite "go" for me as well. Even though there were activities above the 21 and 50MA.
Willem Forex recipe for success = Patience, discipline & hard work.
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