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5Min Intraday System

  • #5,821
  • Nov 13, 2008 7:53am Nov 13, 2008 7:53am
Nice triangle
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,822
  • Nov 13, 2008 7:56am Nov 13, 2008 7:56am
Sometimes I to take a CT trade with some rules in place, othere broken. Not recommended but this one called me, I didn't look for it.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,823
  • Nov 13, 2008 7:59am Nov 13, 2008 7:59am
Nice 3 little sisters trade.

That is enough for a week - hope it helps somebody and I'll to keep a low profile now. Let other post some charts and trades.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,824
  • Nov 13, 2008 5:12pm Nov 13, 2008 5:12pm
Quoting Golfer
Nice triangle
Thanks Willem,
I need to study more. I really appreciate your support and especially the charts. They're great. I know it is hard to save charts particularly with the 5 min system b/c things happen so fast. I also feel better today. It was a good day for me on the US markets. I also noted that you trade your triangles as soon as it breaks the triangle. I have seen this a number of time and missed them b/c I was waiting for the pullback. What make you decide to wait for a pullback particularly the difference b/t a breakout vs. a triangle?

Raymond
  • #5,825
  • Nov 13, 2008 5:56pm Nov 13, 2008 5:56pm
[quote=Golfer;2346044][quote=Morelands;2345730]

So I study the price patterns on several websites. I even compile my own Word document with pictures.
Willem,
Would you please PM me and let me know the websites where you've seen these price patterns?
Raymond
  • #5,826
  • Nov 14, 2008 3:33am Nov 14, 2008 3:33am
Quoting Morelands
Thanks Willem,
I need to study more. I really appreciate your support and especially the charts. They're great. I know it is hard to save charts particularly with the 5 min system b/c things happen so fast. I also feel better today. It was a good day for me on the US markets. I also noted that you trade your triangles as soon as it breaks the triangle. I have seen this a number of time and missed them b/c I was waiting for the pullback. What make you decide to wait for a pullback particularly the difference b/t a breakout vs. a triangle?...
Hi Ray

Good question and you need to play around with it.

I usually look at the formation of the price pattern - how does it look meaning the quality of the pattern. Then I also look at the TC.

If the TC is formed when the the breakout occurs, I won't wait for a pullback but enter on the breakout (more risky, so I tend to take earlier profit). If the TC is a lot of pips away (indicator is showing that with the number next to the last bar formed) when the breakout occurs, I'll wait for the pullback/TC to form. But you also need to look at the candle of the signal bar. If it is too big or close to a previous low/high, I'll ignore the setup.

I also had a problem with the TC - sometimes they tend to be too late. Sometimes the price tend to continue a pips in the direction of your trade, then turns around. So frustating. So sometimes I let the setup/TC formation guide me. Not the TC itself.

It is all about getting the feel for the setup. Like I said, that is why there isn't an EA for this system.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,827
  • Nov 14, 2008 6:28am Nov 14, 2008 6:28am
Golfer
After you see a pattern, do you wait for a bar close to enter the market (as long as the MACD confirms the trade)?

Peter
  • #5,828
  • Nov 14, 2008 9:17am Nov 14, 2008 9:17am
Quoting Golfer
Hi Ray

Good question and you need to play around with it.

I usually look at the formation of the price pattern - how does it look meaning the quality of the pattern. Then I also look at the TC.

If the TC is formed when the the breakout occurs, I won't wait for a pullback but enter on the breakout (more risky, so I tend to take earlier profit). If the TC is a lot of pips away (indicator is showing that with the number next to the last bar formed) when the breakout occurs, I'll wait for the pullback/TC to form. But you also need to look at...
hi
i usually go down to the M1 chart to see if a pullback possible or not ,usually if the breakout is in the last minute there is no pull back
  • #5,829
  • Nov 14, 2008 12:55pm Nov 14, 2008 12:55pm
Here is the trade that we discussed. I took the trade as it broke the resistance of the triangle for 11 pips. I got out quickly b/c it was late in the day on Fri. Couldn't have done it without your help willem...thanks. Bshradroo, thanks for the advise. I'll look at the 1 min. Have a nice wk-end
Raymond
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  • #5,830
  • Nov 15, 2008 7:23am Nov 15, 2008 7:23am
Quoting petera
Golfer
After you see a pattern, do you wait for a bar close to enter the market (as long as the MACD confirms the trade)?

Peter
Hi Peter

Not always because if you wait for the bar to close, you'll missed out on 10pips and you'll enter too late. Sometimes just the breakout is more than 10pips (good for 10pips profit) and you can enter another trade if signals are there.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,831
  • Edited 11:15pm Nov 15, 2008 7:24am | Edited 11:15pm
Quoting Morelands
Here is the trade that we discussed. I took the trade as it broke the resistance of the triangle for 11 pips. I got out quickly b/c it was late in the day on Fri. Couldn't have done it without your help willem...thanks. Bshradroo, thanks for the advise. I'll look at the 1 min. Have a nice wk-end
Raymond
Hi Ray

That was a great one. I'll pm you with the website - just be patient.

Edit 1: Sent on Sunday
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,832
  • Nov 17, 2008 2:20am Nov 17, 2008 2:20am
System in work (Real)
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  • #5,833
  • Nov 17, 2008 3:22am Nov 17, 2008 3:22am
hi ,im back to trading with a missed trade
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  • #5,834
  • Nov 17, 2008 5:22am Nov 17, 2008 5:22am
Quoting maihua
System in work (Real)
Hi maihua

Nice work - see what patience can do.

I also had 85% success rate last week with this system. 15% losses and no BE trades.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,835
  • Nov 17, 2008 5:32am Nov 17, 2008 5:32am
Quoting bshadroo
hi ,im back to trading with a missed trade
Hi Bs

I also would have left that one because I don't like a descending triangle in a uptrend. It could work out but I just don't like it.

I like to see an ascending triangle formed in a uptrend and a descending triangle in a down trend.

Well left alone.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,836
  • Nov 17, 2008 6:15am Nov 17, 2008 6:15am
i decided to ignore smaangle because of good signs for downmove
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  • #5,837
  • Nov 17, 2008 7:15am Nov 17, 2008 7:15am
Two nice trades on gu for 15 and 20 pips each. Everything else seems to be too close to the pivot line.
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  • #5,838
  • Nov 18, 2008 6:38am Nov 18, 2008 6:38am
-5 pips .not acording the rules but the retest of broken TL was interesting to me
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  • #5,839
  • Nov 18, 2008 10:31am Nov 18, 2008 10:31am
Here is the trade I placed today. I took it b/c of the ascending triangle. I took the trade prior to the candle closing and got out for 10 pips.
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  • #5,840
  • Edited 12:44pm Nov 18, 2008 11:52am | Edited 12:44pm
eu trade
edit:because of the bigger TF i was waiting for a good breakout and catch 40,50 pips.i set BE after 20pips but my BE SL hitted
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