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5Min Intraday System

  • #5,781
  • Nov 10, 2008 9:25am Nov 10, 2008 9:25am
Another setup I followed realier to today, then I saw the pennant (small symmetrical triangle) and that means a breakout is about to happen indicated by my blue and red line. Very risky for me just to take the next TC for a long trade. There is a possibility that the breakout could be to the down side - just to trigger your SL.

Second chart - the outcome.
Attached Image(s) (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,782
  • Nov 10, 2008 1:22pm Nov 10, 2008 1:22pm
Quoting Golfer
Hi Tar

I started very small - trading with 0.01 lots just to get the feeling for trading with real money.

Currently I am trying to risk 1.5% to 2% of my capital per trade. I do have a spreadsheet working out my risks - not exactly and scientific but it gives me an indication that the number of lots that I can use based on the capital in my account and my SL. I don't really use the value of the pips of each pair - I'd take it as 1pip = $1 - so my risk is just an indication, not a precise calculation.
U mind asking with whom u trade ? please ...
  • #5,783
  • Nov 10, 2008 2:38pm Nov 10, 2008 2:38pm
Quoting tar
U mind asking with whom u trade ? please ...
Interbankfx but there are lots of other brokers out there.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,784
  • Nov 10, 2008 2:52pm Nov 10, 2008 2:52pm
Quoting Golfer
Interbankfx but there are lots of other brokers out there.
I heard bad stories about IBFX , what about you did u have bad experience with them ?

Thanks Golfer
  • #5,785
  • Nov 10, 2008 3:08pm Nov 10, 2008 3:08pm
Quoting tar
I heard bad stories about IBFX , what about you did u have bad experience with them ?

Thanks Golfer
Please tell me which broker doesn't have "bad stories". Yes, I am sure they all do have their bad stories. I cannot really complain at this stage. They do have their ups and downs. I am sure every broker has and therefor I won't make a recommendation - there are enough threads on ff to read about brokers.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,786
  • Nov 11, 2008 2:59am Nov 11, 2008 2:59am
I start looking at chart closely after long tail which found resistanse on TL. I entered after TC. nice ellipse setup.
Also, i think, that was a 3 little sisters, but i'm not sure. I'm still working on sisters pattern. Golfer, can you tell?
Attached Image (click to enlarge)
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  • #5,787
  • Edited 5:39am Nov 11, 2008 5:11am | Edited 5:39am
Quoting Sher_net
I start looking at chart closely after long tail which found resistanse on TL. I entered after TC. nice ellipse setup.
Also, i think, that was a 3 little sisters, but i'm not sure. I'm still working on sisters pattern. Golfer, can you tell?
I would say it was the 4th sister, remember that sister and brothers sometimes are developed close to 50 SMA instead warzone, according to that your entry was ok (stop loss was a little big in my opinion).
P.S:I hope to post more of my trades soon, I'm back.
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  • #5,788
  • Nov 11, 2008 5:37am Nov 11, 2008 5:37am
Quoting mkain
I would say it was the 4th sister, remember that sister and brothers sometimes are developed close to 50 SMA instead warzone, accordong to that your entry was ok (stop loss was a little big in my opinion).
P.S:I hope to post more of my trades soon, I'm back.
Hi! Great to see you again. Will wait for your charts.
I put SL right above 21EMA, 17pips.
  • #5,789
  • Nov 11, 2008 6:10am Nov 11, 2008 6:10am
I was watching for pullback. And decided to enter after TC and power candle. Also price was under TL.
I had +7pips. At least, I could get out on BE. But i got -28pips loss. That is my biggest problem I'm working on. I let my profitable trade to become a loss.

P.S.I have noticed, if I enter according to the rules, It almost always gives me 5-6 pips at least.
Attached Image (click to enlarge)
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  • #5,790
  • Nov 11, 2008 6:21am Nov 11, 2008 6:21am
Quoting Sher_net
I start looking at chart closely after long tail which found resistanse on TL. I entered after TC. nice ellipse setup.
Also, i think, that was a 3 little sisters, but i'm not sure. I'm still working on sisters pattern. Golfer, can you tell?
Yes, I do agree with you and Mkain.

Just look at the tail - very nice pin bar. Pin bar - another concept discussed some time ago on Phillip's 4h MACD thread. And I do find it very useful nowadays. Especially with Cable where you'll find a lot of tails lately - somebody complained about it. I do use it to my advantage.

When I saw the pin bar (almost too late - open the chart 3 candles fater the pin bar) I decide to entry immediately and the ellipse formation & TC confirmed it. Also took 10pips profit (reason for 10pips - I entered too late).
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,791
  • Nov 11, 2008 6:58am Nov 11, 2008 6:58am
stopless too huge ?

Is anyone can help me to review this case ?
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  • #5,792
  • Nov 11, 2008 7:10am Nov 11, 2008 7:10am
``
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  • #5,793
  • Nov 11, 2008 8:22am Nov 11, 2008 8:22am
Quoting ryan-hs
stopless too huge ?

Is anyone can help me to review this case ?
4h - yes, it was a TC

5 min, yes it was a TC and it was tradeable. The slow speed of the market previously had me worried (21 not acting as resistance). I took the previous setup just because of the pin bar and the TC formation. Not because of the speed of the market.

See my comments on your chart - entry should have been the next candle to the candle indicated by you.

TC downward:

Some red bars on the MACD, then a turn around, followed by a few green bars on the MACD. Then you'll need to have another red bar FORMED on the MACD. Once the red bar is formed (meaning the candle closes), you enter on the opening of the next candle. That candle still change colour - doesn't matter. Hopefully it will also be red, so will the rest be.

I hope the TC makes sense.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,794
  • Nov 11, 2008 8:31am Nov 11, 2008 8:31am
Quoting ryan-hs
``
This is what I do see on your chart - I hope it make sense.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,795
  • Nov 11, 2008 9:11am Nov 11, 2008 9:11am
It helps me a lot to study this system.

thanks very much
  • #5,796
  • Nov 11, 2008 10:48pm Nov 11, 2008 10:48pm
Just a chart I saved when I saw the price pattern.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,797
  • Nov 11, 2008 10:51pm Nov 11, 2008 10:51pm
Evidence of my cable trade as already discussed/posted. My entry was way too late - reason for taking early profit
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,798
  • Nov 12, 2008 2:30am Nov 12, 2008 2:30am
A quick trade of mine.

Third chart - just as I expected. I saw that urn around not once but many times during the London session
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,799
  • Nov 12, 2008 4:07am Nov 12, 2008 4:07am
Because of the ellipse I took this trade for 15 pips with a target just above the pivot.
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  • #5,800
  • Nov 12, 2008 4:08am Nov 12, 2008 4:08am
I concentrated so hard on the setup (I liked the setup) and the signals I forgot to look at the SMAangle - oops!!! And a very large signal candle, so I was prepare to risk only 20pips and exit very early if the price show any signs of reversal.

I had my initial TP 20pips down the line just above the big number but changed it when I saw the SMAangle. Afterwards it went down the the big number.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
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