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5Min Intraday System

  • #5,741
  • Nov 6, 2008 12:52pm Nov 6, 2008 12:52pm
My trade using the breakout on Cable - you can see I didn't enter on the breakout candle. The breakout indicated with the green circle.

I waited for the second candle (the blue bearish candle after breakout candle) to bounce off the previous support line indicated by pink circle. So I entered (indicated by dark green circle) on the move away from the previous support - now resistance.

This was a classic build up within the triangle (big black circle) - be on the lookout on future, this is not the first time I saw this build up.

The same for the EUR - however not a nice pullback and bounce. I wouldn't have entered on this setup because I got burned too many time entered on a downward move. I like to wait for pullback to ensure that resistance is found somewhere.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,742
  • Nov 6, 2008 7:43pm Nov 6, 2008 7:43pm
Willem,
I was trying to find the trade I did this afternoon on my MIG demo platform, but there was a gap on it so I thought I would not be able to post it. However, you did it for me. I took the TC on the EUR. I also saw the large bull candle, but I liked the resistance it was finding on the 21, plus the 50MA was at a pretty steep angle. I took it and set my profit target for a 20 pip gain. However, it missed it by 1 pip and took out my SL. I did have time to change my SL to the 2 pip gain. If I had more time (was at work) I may have had a chance to change it to get a couple more pips, but I guess 2 is better then none. That is 4 positive trades, 2 negative, and 1 BE since going live. Thank for all your help.
Raymond
  • #5,743
  • Nov 7, 2008 12:01am Nov 7, 2008 12:01am
Quoting Morelands
Willem,
I was trying to find the trade I did this afternoon on my MIG demo platform, but there was a gap on it so I thought I would not be able to post it. However, you did it for me. I took the TC on the EUR. I also saw the large bull candle, but I liked the resistance it was finding on the 21, plus the 50MA was at a pretty steep angle. I took it and set my profit target for a 20 pip gain. However, it missed it by 1 pip and took out my SL. I did have time to change my SL to the 2 pip gain. If I had more time (was at work) I may have had a chance to change it to get a couple more pips, but I guess 2 is better then none. That is 4 positive trades, 2 negative, and 1 BE since going live. Thank for...
Hi Raymond

I do have the problem - I do see lots of set-ups while I am at work but I don't take them because I like to follow my trades live. With the five minutes system anything can happen and you need to follow your trade live.

Also, I saw a few nice setups earlier this morning in the Asian session but I didn't take him because I just don't like trading the Asian session. Got burned too many times - sorry for those guys trading the Asian session, but all of the best to you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,744
  • Nov 7, 2008 1:54am Nov 7, 2008 1:54am
My trades yesterday, two break even. Nothing worth to mention but yesterday was a bit scary due to the rate decisions.

http://www.xaron.net/dl/fx/2008/intr...usd_061108.png

Regards - Xaron
  • #5,745
  • Nov 7, 2008 2:12am Nov 7, 2008 2:12am
i missed this TC
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  • #5,746
  • Nov 7, 2008 2:51am Nov 7, 2008 2:51am
Quoting Xaron
My trades yesterday, two break even. Nothing worth to mention but yesterday was a bit scary due to the rate decisions.

http://www.xaron.net/dl/fx/2008/intr...usd_061108.png

Regards - Xaron
Hi Xaron

I do agree - that was why I've tried my hand during the NY session and even later than I usually trade. Just too risky for me nowadays trading during rate decisions. I didn't even look at the 1min chart yesterday. Maybe Bs did.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,747
  • Nov 7, 2008 3:15am Nov 7, 2008 3:15am
Quoting Golfer
Hi Xaron

I do agree - that was why I've tried my hand during the NY session and even later than I usually trade. Just too risky for me nowadays trading during rate decisions. I didn't even look at the 1min chart yesterday. Maybe Bs did.
yes i did,i have it in my missed trades archive
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  • #5,748
  • Nov 7, 2008 3:52am Nov 7, 2008 3:52am
just took this trade. I liked how the price get support on TL. And there was TC. But i didn't like the tail i circled. anyway i pulled the trigger.
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  • #5,749
  • Edited 4:40am Nov 7, 2008 4:16am | Edited 4:40am
every thing was looking good !?
edit:do u remember my question a few days ago ?a bearish candle after the TC making macd red ?this time i didnt close and my SL hitted(look at second picture)
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  • #5,750
  • Nov 7, 2008 4:17am Nov 7, 2008 4:17am
Quoting bshadroo
every thing was looking good !?
Actually not. No new higher highs... So the uptrend did run out of steam. But I took it anyway and got out at BE...
  • #5,751
  • Nov 7, 2008 5:54am Nov 7, 2008 5:54am
Quoting Xaron
Actually not. No new higher highs... So the uptrend did run out of steam. But I took it anyway and got out at BE...
Hi Bs

I also took the setup and got out BE. Initially I liked the smooth rounding and support on 10MA.

That is what I saw on my chart - my decision to exit at BE. I just didn't like the setup because of my comments on the chart.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,752
  • Nov 7, 2008 5:59am Nov 7, 2008 5:59am
10pips
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  • #5,753
  • Nov 7, 2008 6:02am Nov 7, 2008 6:02am
Quoting Sher_net
just took this trade. I liked how the price get support on TL. And there was TC. But i didn't like the tail i circled. anyway i pulled the trigger.
Nice 4 big brothers bouncing off your small support line.

I defintely won't take the next setup/pullback into the war zone (long) after those 2 nasty tails at the end.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,754
  • Nov 7, 2008 7:08am Nov 7, 2008 7:08am
Quoting bshadroo
10pips
Getting brave? Taking on a setup when the 50MA is not yet in line. Nice to have 10pips in the bag this time.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,755
  • Nov 7, 2008 7:21am Nov 7, 2008 7:21am
Info
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,756
  • Nov 7, 2008 7:27am Nov 7, 2008 7:27am
Quoting Golfer
Getting brave? Taking on a setup when the 50MA is not yet in line. Nice to have 10pips in the bag this time.
yes, u r right ,it was risky trade,it was actually 9pips and thats why i took a fast profit
  • #5,757
  • Nov 7, 2008 8:07am Nov 7, 2008 8:07am
1 minute chart NFP,
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  • #5,758
  • Nov 7, 2008 9:24am Nov 7, 2008 9:24am
Quoting Golfer
Nice 4 big brothers bouncing off your small support line.

I defintely won't take the next setup/pullback into the war zone (long) after those 2 nasty tails at the end.
Hi Golfer , u r trading this method for a while and i didnt visit this thread for long time, is it working well ? which pairs better in your opinion ?
  • #5,759
  • Nov 7, 2008 10:46am Nov 7, 2008 10:46am
Hi Tar

See my comments in your message:

Quoting tar
Hi Golfer , u r trading this method for a while and i didnt visit this thread for long time, is it working well ?

I am not sure what you mean. I am still trading this system very actively - I've just develop better patience and discipline. It is also not my main strategy.

Also see this post:
http://www.forexfactory.com/showpost...postcount=5732

I am even starting to learn and recognise some of the member's style - like I knew Bshardoo will have looked at the 1min chart during the rate decision release....
I am still only trading EUR$, Cable and EURJPY.

It is very interesting to see the styles of some of the members and starting to recognise them. It means that some of the members have adapted this system to suite their style. For me it means they are settlling down, they trust themselves (and their trading style) and their systems because they've tried to master a few systems rather that jumping around and trying almost every system.

You need to have a few system that you are familiar with, you have confidence in and that you can use in different market conditions.

Yes, this system is working for me because I do believe in myself, in the system and in which the market conditions to use this system. But is doesn't mean I'll convince you that the system will work for you. You need to decide for yourself. Because this is not a mechanical system - you need to study the market rhythm and the various type of setups. You cannot trade each and every setup - then the sytem won't work for you or me or anybody for that matter.

Hope it answer your questions.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,760
  • Nov 7, 2008 11:01am Nov 7, 2008 11:01am
Quoting Golfer
Hi Tar

See my comments in your message:



I am still only trading EUR$, Cable and EURJPY.

It is very interesting to see the styles of some of the members and starting to recognise them. It means that some of the members have adapted this system to suite their style. For me it means they are settlling down, they trust themselves (and their trading style) and their systems because they've tried to master a few systems rather that jumping around and trying almost every system.

[color=#0000ff]You need to have a few system that you are familiar with, you have confidence in and that you can use in different...
Thanks Golfer , i remember u trade this system on a mini account , is it up now , this what i meant ?
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