5Min Intraday System | Page 306 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex intraday using the 5min chart: EURUSD 108 replies

The Force 5min system 3,806 replies

Intraday Pound Trades on 5min chart [GBPUSD] 36 replies

5min Bollinger breakout system 42 replies

Attachments: 5Min Intraday System
Exit Attachments

5Min Intraday System

  • #6,101
  • Dec 30, 2008 2:57pm Dec 30, 2008 2:57pm
The first was a bounce off of the resistance. It was not a TC, but the second one was and a bounce off the 50. Look at all the tails up. I almost closed the trade when I made it back to BE, but the resistance was holding up. I'm not sure whether I'm becoming more patient (if nothing happens after 4-5 candles I would normally close the trade) or I just got lucky. A grand total of 20 pips
Attached Image (click to enlarge)
Click to Enlarge Name: 123008.gif Size: 46 KB
  • #6,102
  • Dec 30, 2008 10:49pm Dec 30, 2008 10:49pm
Quoting Morelands
The first was a bounce off of the resistance. It was not a TC, but the second one was and a bounce off the 50. Look at all the tails up. I almost closed the trade when I made it back to BE, but the resistance was holding up. I'm not sure whether I'm becoming more patient (if nothing happens after 4-5 candles I would normally close the trade) or I just got lucky. A grand total of 20 pips
I usually keep my eye on the highs of the candles. If it continues to make lower highs (like in this case), I'll stay in the trade. As well as looking what the price is doing near support and resistance (like you've mentioned).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,103
  • Dec 31, 2008 5:18am Dec 31, 2008 5:18am
10 pips on the breakout down
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 16 KB
  • #6,104
  • Dec 31, 2008 5:36am Dec 31, 2008 5:36am
12 pips on the rounding bottom
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 16 KB
  • #6,105
  • Dec 31, 2008 7:05am Dec 31, 2008 7:05am
I took the EUR down for 15pips. I've just opened my platform while sitting at the airport when I saw the strong move down (along with EURGBP) as well the gravestone doji and the TC. Decided to TP just above big number @ 1.3950) and what a nice decision. I wanted to see what is going to happen around this level.

In one of the (many) courses I bought, I was taught to be careful of the big number and take profit near it. Nowadays I also look at the price actions around the big numbers. I also found website informing us that 1,3900 is a strong support level.

Interesting how all the information gathered over the years of reading and playing around, make sense and come to good use sometime or another.

Sorry for not putting comments on the chart but my Asus 900 notebook has limited resources. Nice that Yannis' EA is leaving evidence of a trade - see my entry and TP. Lately I do use mental SL with these volatile markets.
Attached Image (click to enlarge)
Click to Enlarge Name: 3.gif Size: 20 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,106
  • Dec 31, 2008 8:08am Dec 31, 2008 8:08am
15 pips on the 2 pin bars
Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 15 KB
  • #6,107
  • Dec 31, 2008 9:06am Dec 31, 2008 9:06am
12 pips on the breakout from the triangle
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 18 KB
  • #6,108
  • Dec 31, 2008 10:14am Dec 31, 2008 10:14am
One of the crazier trades of the day. I bought off the pin bar even though the slope was decreasing. It came within 1 pip of my target. It then collapsed to within 1 pip of my stop. It then came back and stalled at 1-2 pips short of my target. This time I took the 14 pips and retreated.
Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 18 KB
  • #6,109
  • Dec 31, 2008 11:32am Dec 31, 2008 11:32am
You've been a busy boy, mcdowd. nice trading
Raymond
  • #6,110
  • Dec 31, 2008 12:14pm Dec 31, 2008 12:14pm
Quoting Morelands
You've been a busy boy, mcdowd. nice trading
Raymond
I do second Raymond's opinion but I do love to see how Md is taking pips off the table. wELL DONE!!!

Yes, it can be done with this system, patience and discipline.

And wow, now I understand why people suggested "not to trade during this holiday season". I do run a EA on the EURGBP and today that pair had a daily range of 310pips. The biggest one so far since I follow this market. Usually only 80-150pips. Unbelieveable range for this pair!!!! I see why we should be very careful during this period. And I saw on some websites they do expect "thin market conditions". How unpredictable can the forex markets be?????

I hope people made some pips during this very volatile period.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,111
  • Dec 31, 2008 12:16pm Dec 31, 2008 12:16pm
All the best for 2009 for all the members posting/visiting this thread. May we all have a pip-full 2009.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,112
  • Dec 31, 2008 12:36pm Dec 31, 2008 12:36pm
Best wishes for all during the new year.
I know that usually there is a suggestion not to trade during the holidays because of thin conditions. But last year-trading a different system--I made a surprising amount of money. And did this year trading this system.
Of course, the same thing has been happening in the stock market here, which carries the same recommendation from experts.
Trading thin markets can be profitable.
  • #6,113
  • Jan 1, 2009 5:51am Jan 1, 2009 5:51am
Happy new year
  • #6,114
  • Edited 5:04am Jan 2, 2009 3:37am | Edited 5:04am
Here is my first 2009 trade ):
Put a buy stop order at 1.3925. TP 10 pips, could have done 20 pips, but hey, no need for greed.
Sorry, I had to edit this post - just added an explanation.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenShot006.jpg Size: 258 KB
  • #6,115
  • Jan 2, 2009 3:40am Jan 2, 2009 3:40am
Quoting mdowd
Best wishes for all during the new year.
I know that usually there is a suggestion not to trade during the holidays because of thin conditions. But last year-trading a different system--I made a surprising amount of money. And did this year trading this system.
Of course, the same thing has been happening in the stock market here, which carries the same recommendation from experts.
Trading thin markets can be profitable.
hehe... man i like ur style!!
  • #6,116
  • Jan 3, 2009 1:04am Jan 3, 2009 1:04am
Quoting sanjur0fla
Here is my first 2009 trade ):
Put a buy stop order at 1.3925. TP 10 pips, could have done 20 pips, but hey, no need for greed.
Sorry, I had to edit this post - just added an explanation.
Hi San

Nice breakout trade and I agree with you - take the profits when it is on the table. Never know when the markets will turn around.

Great begining for 2009 - keep it up and keep going.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,117
  • Jan 4, 2009 5:32pm Jan 4, 2009 5:32pm
Hello All,

this is my first post here but be aware that I have been reading this thread for about 6 month now and I have been practicing with this system on a demo account now I am about to start with a real mini account....and I just wannted to ask you about the triangle trades I am wondering whether you place your entry when the price goes above/below of the resistance/support or when it break the trend line.

Thanks in advanced....
  • #6,118
  • Jan 4, 2009 11:45pm Jan 4, 2009 11:45pm
Quoting phely
Hello All,

this is my first post here but be aware that I have been reading this thread for about 6 month now and I have been practicing with this system on a demo account now I am about to start with a real mini account....and I just wannted to ask you about the triangle trades I am wondering whether you place your entry when the price goes above/below of the resistance/support or when it break the trend line.

Thanks in advanced....
Hi Phely

Welcome and I hope you'll enjoy this system on a live account

Your question: My style - it depends on the type of triangle and the market conditions/rhythm. Sometime I do enter on the breakout and sometimes I do entry on the pullback after the breakout. I tend to entry more on the breakout - especially when a TC is about to form. But I always use market orders and not pending orders.

I hope it helps.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,119
  • Jan 4, 2009 11:50pm Jan 4, 2009 11:50pm
Last week results - very short week:

Total trades: 10
Positive trades: 8
Negative trades 2
BE trades: 0
%pos trades: 80%
Total pips: 34

Not to bad for a difficult, short week.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,120
  • Jan 5, 2009 3:05am Jan 5, 2009 3:05am
Whatta hell just happened to USD?
9 traders viewing now