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5Min Intraday System

  • #6,121
  • Jan 5, 2009 5:19am Jan 5, 2009 5:19am
Thanks for your answer Golfer, I am gonna back test it before doing triangle trades on my live account.....Another question if you donīt mind, Do you trade on a day when the daily range is already higher than 300 pips ?, because by now the range for EUR/USD is already 410 pips on a downtrend, what I mean is that it has gone down a lot of pips so maybe this downtrend could get weaker but I wouldnīt like to trade agaisnt the trend..
  • #6,122
  • Jan 5, 2009 5:52am Jan 5, 2009 5:52am
Quoting phely
Thanks for your answer Golfer, I am gonna back test it before doing triangle trades on my live account.....Another question if you donīt mind, Do you trade on a day when the daily range is already higher than 300 pips ?, because by now the range for EUR/USD is already 410 pips on a downtrend, what I mean is that it has gone down a lot of pips so maybe this downtrend could get weaker but I wouldnīt like to trade agaisnt the trend..
No, I don't usually trade (this method) after a pair had a run like EUR had earlier today. I like to catch the 2nd or 3rd pullback of a small intra-day trend/move.

BUT sometimes you do get a nice price pattern and I'll take it for 10pips. Then I'll definitely take my profit very early and I don't let my profit run. But I am sure there are members that might differ from me and their style allow them to trade after a run like this.

There are nice CT systems available but like we said - this system is for trading with the (small or big) trend. CT trading is not for discussion in this thread. Even I do make a few CT trades now and then but I am very careful and the signals must be very clear.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,123
  • Jan 5, 2009 6:48am Jan 5, 2009 6:48am
Quoting phely
Thanks for your answer Golfer, I am gonna back test it before doing triangle trades on my live account.....Another question if you donīt mind, Do you trade on a day when the daily range is already higher than 300 pips ?, because by now the range for EUR/USD is already 410 pips on a downtrend, what I mean is that it has gone down a lot of pips so maybe this downtrend could get weaker but I wouldnīt like to trade agaisnt the trend..
look at this TC today as an example ,it didnt work out and mybe the reason was what u said
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  • #6,124
  • Jan 5, 2009 6:58am Jan 5, 2009 6:58am
Thanks to both of you for your reply, it makes me feel good to receive support from you, I hope to do it good with this system and be able to provide support to others as you are doing with me, you know I want in a couple of month return what is being given to me by you.
  • #6,125
  • Jan 5, 2009 7:39am Jan 5, 2009 7:39am
Happy New Year everyone. Here is a trade i just did.+10pips.
Bounce off trend line, Moving averages had opened up + TC. Only thing was that SMA angle was below zero so did not get greedy.
Wish you all lots of pips this year. Hopefully i can be more active in trading this year.
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TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #6,126
  • Jan 5, 2009 9:57am Jan 5, 2009 9:57am
Quoting bshadroo
look at this TC today as an example ,it didnt work out and mybe the reason was what u said
I also followed the setup but didn't take it - mainly because of the long downtrend already. Also look at the time of the day. Always be careful near the opening of the NY session. Markets tend to turn around.

Some other signals on the chart I was looking at.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,127
  • Jan 5, 2009 11:00am Jan 5, 2009 11:00am
Good trading for a monday, 20 pips total (not the big arrows the little ones)
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  • #6,128
  • Jan 5, 2009 4:55pm Jan 5, 2009 4:55pm
Hello, are you using the market rhythm explained on the web page fxtradeblog.com ?? if so, what time frame are you using to calculate it ?? because I am not sure if calculating it base on one week period, due to the volatile market we are watching now....

Thanks...
  • #6,129
  • Jan 5, 2009 6:52pm Jan 5, 2009 6:52pm
Quoting phely
Hello, are you using the market rhythm explained on the web page fxtradeblog.com ?? if so, what time frame are you using to calculate it ?? because I am not sure if calculating it base on one week period, due to the volatile market we are watching now....

Thanks...
Yes, and from Phillip's 4h MACD thread. There are a few written docs on that thread regarding market rhythm.

Time - for me and this system, it is not a calculation. For me it is a visual effect on the chart. That is what makes this system more difficult. I still look at my 4h chart to get an idea what to expect but sometimes one can see a rhythm developing on the 5min chart as well.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,130
  • Jan 5, 2009 9:25pm Jan 5, 2009 9:25pm
Quoting sanjur0fla
Whatta hell just happened to USD?
I think it is festive season madness. It happen with the EURGBP a few days ago as well. Like I mentioned earlier in this thread - a move of 310pips in a space of 6h in that pair. Never seen it on that pair before. Almost got a margin call with my EA.

Now I see why certain people don't like to trade over the festive season.

Hopefully we'll have a nice 2009 for trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,131
  • Jan 5, 2009 9:52pm Jan 5, 2009 9:52pm
Just interested - do you guys have this spike on your charts?
EUR/USD around 5:35 - 5:40AM GMT?
Or it is just on my broker?
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  • #6,132
  • Jan 5, 2009 11:25pm Jan 5, 2009 11:25pm
Quoting sanjur0fla
Just interested - do you guys have this spike on your charts?
EUR/USD around 5:35 - 5:40AM GMT?
Or it is just on my broker?
Sorry my English.
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I am learning English, but still cannot speak well.
  • #6,133
  • Edited 1:10am Jan 6, 2009 12:59am | Edited 1:10am
Feels like my broker is starting to cheat - this has never happened before.
What`s weird is that this spike happened on my real account, not on demo.
I am glad I did not have any active or pending orders at that time.

Quoting Keus
Sorry my English.
To Keus:
Zdravstvujte,
Da, eto bylo pohozhe na Power Candle (PC), NO...
Sej4as takoe vremja, kogda valjuty vedut sebja neadekvatno, naprimer v4erashnee ralli dollara.
Eto bylo pohozhe na trend, no pri normal`nom trende (zamet`te, pri normal`nom trende) retracement oby4no gde-to 3-4 sve4i s higher highs a potom PC.
V dannom slu4ae eto kakoj-to strannyj retracement byl, hotja po pravilam sistemy eto byla PC, prjamo na 9MA.
Potom MACD ne sformiroval tak nazyvaemogo TC (trend continuation) i on ne "pokrasnel" posle PC.
Sistema rabotaet, rabotaet v 70% slu4aev, prosto kak ja skazal (i Golfer tozhe) 4to vremja sej4as posleprazdni4noe, o4en` strannoe.
Nekotorye ljudi voobshe ne torgujut nedeli 2 posle novogo goda, poka vsjo ne utihnet.

Ja ispol`zuju breakout sistemu, kak vidite iz moego grafika tam formirovalsja treugol`nik, a potom byl breakout - ja tak i torganul .
Esli znaete chart patterns v dopolnenie k etoj sisteme, to mozhno podnjat` verojatnost` uspeha do 80-90 procentov.
Ja vam skinu v personal link na patterny, esli hotite.
Ne zrja etu sistemu ispol`zujut tradery (floor traders) - ona rabotaet.
  • #6,134
  • Edited 1:29am Jan 6, 2009 1:16am | Edited 1:29am
Quoting sanjur0fla
Just interested - do you guys have this spike on your charts?
EUR/USD around 5:35 - 5:40AM GMT?
Or it is just on my broker?
I do have two live accounts, InterbankFX and Fxpro.com, and I don't have a spike on either on them.

Sorry for that - maybe you should ask your broker for an explanation
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,135
  • Jan 6, 2009 1:19am Jan 6, 2009 1:19am
Sorry for links, I do not mean to steer this thread in wrong direction, but this may be helpful, especially combining chart patterns with this 5min system.
Anyway, everyone is already using breakouts in addition to this system.


Quoting Keus
Sorry my English.

Keus, u vas otklju4ena opcija polu4enija privatnyh soobshenij, ja ne mogu link poslat` vam:
http://chartpatterns.com/
http://www.trading-naked.com/FloorTraderMethod.htm
http://www.trading-naked.com/Triangles.htm
  • #6,136
  • Jan 6, 2009 1:50am Jan 6, 2009 1:50am
Quoting Keus
Sorry my English.
I made the same mistake in my early days using this system. That is why nowadays I like to use and trade price patterns which are in line with the rules of this systemand market rhythm. It comes with experience, training and time spend with this system.

See my comments on your chart - I hope it make sense. One needs to look at several signals and not just one (power candle).

This breakout to the upside was a great example for a CT trade but not to be discussed here (this is not a CT trade system). If the breakout was to the downside, it would have been a nice trade using this system.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,137
  • Jan 6, 2009 2:09am Jan 6, 2009 2:09am
missed because of broker's price change alarm
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  • #6,138
  • Jan 6, 2009 2:36am Jan 6, 2009 2:36am
Thanks Golfer and sanjur0fla. It has helped me. I hope for your support and in the future.
I am learning English, but still cannot speak well.
  • #6,139
  • Jan 6, 2009 6:56am Jan 6, 2009 6:56am
this is my trade today ,but becarefull ,it was not acording the ruels specially my firs entry but i took the odds on with microlots
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  • #6,140
  • Jan 6, 2009 6:58am Jan 6, 2009 6:58am
and next ...
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