5Min Intraday System

Does anyone set stoploses over/under 50MA?

Hi Golfer and other experienced traders,

Could you help to analysis the wrong trade in the usdjpy today?
Thanks.

I follow both jpy's. I avoided the trade because both pairs showed a lot of indecisive bars--reflected in the MACD.

Hi mdowd,

Thanks for your reply, could you give more details about the indecision of the macd bars?

Immediately prior to the power bar, the candlesticks went back-and-forth with 3 tails. The MACD declined on the 1st bar then retreated north on the next three bars. When the power bar broke down I simply had no confidence in the move. Compare it to the bars I did take about an hour earlier which are smooth and consistent.

No, not really because it is usually too far away form the entry. The only exception could be the 3rd sister formed just below the 50MA.

Hi Ai

I don't follow this pair - I had to quickly build a chart. This is my chart.

On your chart - all 4 of your blue rectangles are drawn on tails, sign of indecision. Once you see tails up and down with 2-3candles of each other, be careful. It could be indecision.

However, a few tails in a row in the same direction could be traded.

Otherwise not a bad setup - just missing a nice price pattern.

I saw this setup as I was drawing Aihua5's $JPY chart (posted earlier for him with my comments) and took the triangle breakout for 15pips.

Wow, what a day and what beautiful setups. One of the days you should save the charts and review them regularly.

10 positive trades out of 10 trades for me. And I missed a few nice setups where I decided not to enter because I was too late. And there was three trades that I close for a few pips profit because it looked like the market might turn around - just to re-enter again and close for another few pips profit.

This morning I had 3 set-ups all at the same time around 0945 eastern time.

usd/jpy gbp/usd gbp/chf.

They all did the exact same movement. I made the trades with my simulated IB account. I was able to get almost couple hundred pips from each. Thats crazy. I got into the positions and kept adding to them as they crossed RSI thresholds 50 40 30. I think I can get use to this trading style. Less stress than trying to scalp.

Golfer, so true. A nice day for this system. 225 and 80 pips on 2 nice set-ups. Drawdown 8 pips on first and 2 pips on second trade. I use mainly just the ma's here with woodies CCI 14/6 but am posting a relative chart for the thread to see:

[quote=Golfer;2345056]Wow, what a day and what beautiful setups. One of the days you should save the charts and review them regularly.

Show me a few. I only saw a 1 on the GBP/USD and after that I felt like I would have been chasing the market. I'm feeling frustrated because I feel like I'm just not seeing the trades. Also, you said you traded 40 trades last wk. I know I shouldn't compared, but I think I did and was trying to push a few trades. Consequently, I've made 2 very bad trades. I'm not going to post them because I'm so irritated with myself. I know I'm venting. I guess this is trading.
Raymond

[quote=Morelands;2345730] Also look at my previous posts.

Cable - some with price pattern and others not.

Info

Info

A triangle foramtion I saw on EUR late yesterday - didn't take it because I don't want to trade that late. Could have discussed it on Skype - I'll try next time. If anyone is still interested.

Edit: I even saw the SHS now for the first time (where I've drawn my first support line).

[quote=Morelands;2345730] Hi Raymond

Don't worry, I know the feeling. In the past I was getting very upset and de-motivated when I saw Phillip taking trades like picking lemons from tree. But I just decided to use it as a motivator and not as a demotivator. To me it was just the sign that the systems is working and I need to study it.

So during the past two or more years I've decided to study this same system over the weekends. It was over the weekends when I got interested in price pattern because I saw similar patterns occuring frequently. So I study the price patterns on several websites. I even compile my own Word document with pictures.

Over the weekends I use to go back in history on my charts and use the F12 function on my keyboard (shift the chart candle by candle) to identify the price patterns and identifying some mock entry and exit points. I spent hours and hours practising and I am glad I did. It seems to be paying off right now.

Very interesting point you are making - some days I cannot even identify one tradeable setup - I only see them afterwards. During those days, I switch off PC and keep the wife happy by accompanying her to the shops/malls/cinema. I don't try to "push" trades anymore. I'll try the next day again.

I'll try and see what I can do with the Skype chat - usually there are not that many set-ups after 15H00gmt. But let us see.

I don't really like to post my results - but I just wanted to show people that the system can work for you. If you are prepared to study and work hard at it. Just like any other thing in life. Don't take my results of for that matter anybody's else outcome personally and trade within yourself. Just like the other members posted on this thread on this same page - 100+pips per trade. Good for them. I am satisfied with my profits because I am not gready.

Just a few words of advice and keep it up!!!!!

Thank you all, you really help me much.
I like you shared your experience and lessons.

I am trying so save pictures of charts as the setups develop. I don't know if it will help. Sometimes the market is so fast - no time to save the chart before-hand

Here is one of my trades today - pennant breakout.

I was prepared to enter this setup when somebody walked into my office - missed out on 10pips for me.