5Min Intraday System | Page 314 | 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

  • #6,261
  • Feb 2, 2009 10:11am Feb 2, 2009 10:11am
Just an example of drawing My Small support lines - chart 1.

And a setup I followed but didn't enter because it became a high risk trade for me. Sorry Bs, I didn't look at the bigger picture and the 4h chart.

Then chart 2 with definite 3rd Small support line and possible SHS formation.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 111 KB
Click to Enlarge Name: 2.1.JPG Size: 99 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,262
  • Feb 2, 2009 11:46am Feb 2, 2009 11:46am
Info
Attached Image (click to enlarge)
Click to Enlarge Name: 1.2.JPG Size: 109 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,263
  • Feb 2, 2009 4:44pm Feb 2, 2009 4:44pm
Power candle of the 10 EMA. There were higher lows and higher highs
Attached Image (click to enlarge)
Click to Enlarge Name: 020209.gif Size: 63 KB
  • #6,264
  • Feb 3, 2009 1:30am Feb 3, 2009 1:30am
loss
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 19 KB
  • #6,265
  • Feb 3, 2009 8:30am Feb 3, 2009 8:30am
Why would you put a SELL Stop there (just trying to follow your thoughts)?
I guess that sell stop kicked in and you lost there, right - or did you lose on buy?
Sorry, don`t have the graphs in front of me, so can`t see EU movement.

Quoting bshadroo
loss
  • #6,266
  • Feb 3, 2009 10:42am Feb 3, 2009 10:42am
Quoting sanjur0fla
Why would you put a SELL Stop there (just trying to follow your thoughts)?
I guess that sell stop kicked in and you lost there, right - or did you lose on buy?
Sorry, don`t have the graphs in front of me, so can`t see EU movement.
hi
sellstop = stoploss (sometimes i do like that )
look at today's trade :
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2.gif Size: 20 KB
Click to Enlarge Name: 3.gif Size: 23 KB
  • #6,267
  • Feb 3, 2009 12:29pm Feb 3, 2009 12:29pm
Quoting bshadroo
hi
sellstop = stoploss (sometimes i do like that )
look at today's trade :
Grate example of good filling of market bshadroo !
My trade today:
I hope that price after pull-back to war zone go up , but this not happen
I set TP more than 15 pips - maybe this was mistake
Attached Image (click to enlarge)
Click to Enlarge Name: bez tytułu.gif Size: 44 KB
  • #6,268
  • Feb 3, 2009 1:03pm Feb 3, 2009 1:03pm
My trade (loss) 0n the EURO today. Just to show the people the importance of the timing of the entry. I've struggled to get filed at the correct price 1.2818 and only entered at 1.2814. If my entry was in the correct place, it was 10pips profit.

Once you decide to enter, do it. If I've missed the opportunity, I need to wait for another signal. Everytime I tell myself, DON'T enter on the way down or on the way.

Look at the TC as well - that was also too close to the previous Lows. And it was a big candle.

Just ignore the other sell trade - it is another breakout system I am testing on the 1h chart (the buy stop order on the chart as well - the 1h breakout system). Not to be discussed on this thread.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2.1.JPG Size: 104 KB
Click to Enlarge Name: 1.1.JPG Size: 95 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,269
  • Feb 3, 2009 1:25pm Feb 3, 2009 1:25pm
Quoting ARtuRO
Grate example of good filling of market bshadroo !
My trade today:
I hope that price after pull-back to war zone go up , but this not happen
I set TP more than 15 pips - maybe this was mistake
Hi AR

Very nice signals on the chart with very nice market movements. But my concern is: "How long could it last?" Like Phillip suggested: Always try and catch the 2nd or 3rd pullback of a move. After that, be very careful. Not a strict rule but it will save you some pips - it saved me a lot.

I've marked the pullback but if I look again, it could be the 5th pullback already (the one you took). If that setup was the 2nd or 3rd setup in a movement, by all means - go for it. But the 5th already - not for me, thanks. Too risky.

Usually after the 3rd pullback, I'll definitely look for a price pattern before I'll enter. The 2nd and 3rd pullback I'll take the odds on - like my loss on the pinbar posted earlier.

Just my way of trading.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 75 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,270
  • Feb 3, 2009 2:23pm Feb 3, 2009 2:23pm
Quoting Golfer
Hi AR

Very nice signals on the chart with very nice market movements. But my concern is: "How long could it last?" Like Phillip suggested: Always try and catch the 2nd or 3rd pullback of a move. After that, be very careful. Not a strict rule but it will save you some pips - it saved me a lot.
....
Just my way of trading.

Heloo Golfer !
This was good lesson for me !
You have completly right - this was riski trade .
Always when I cant take good setup (like 2,3 on chart) I'am angry for myself why don't look to computer - and somethimes leater this lead me to risky trade.

On forex market besides many technical rules We must teach that
we cant take every good entry ( especialy me)
  • #6,271
  • Feb 3, 2009 11:13pm Feb 3, 2009 11:13pm
Quoting ARtuRO
Heloo Golfer !
This was good lesson for me !
You have completly right - this was riski trade .
Always when I cant take good setup (like 2,3 on chart) I'am angry for myself why don't look to computer - and somethimes leater this lead me to risky trade.

On forex market besides many technical rules We must teach that
we cant take every good entry ( especialy me)
I am in the same situation with my full time job. I cannot take all the nice high probability setups. I only evaluate them afterwards and make notes of the signals, hopefully to recognise them in future (times that I can spend looking at the charts). Also, I use to get upset but nowadays I don't. I usually tell myself that hopefully some of the other members benefited from it. And also that there will be many more to come. And there will be many more - even on the same day. That is why I've struggled with Phillip's 4h MACD system. I cannot check the charts ever 4h and if I missed a nice setup, it could be days before there is another one. Too frustating for me.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,272
  • Feb 3, 2009 11:17pm Feb 3, 2009 11:17pm

I'm looking for Metatrader software with demo account, so that when it expired I can make another demo account without requesting to make a new installation for the software so I will not lose the settings and indicators that I set.
I'm looking for advice or help plz
Thx a lot..
  • #6,273
  • Feb 4, 2009 12:01am Feb 4, 2009 12:01am
Quoting ARtuRO
Grate example of good filling of market bshadroo !
My trade today:
I hope that price after pull-back to war zone go up , but this not happen
I set TP more than 15 pips - maybe this was mistake
I also took that one too with a loss, it was the 4th sister but it seems its already run more than 100 pips and it already exhausted. Better take the 2nd and 3rd sister.
  • #6,274
  • Feb 4, 2009 1:55am Feb 4, 2009 1:55am
Quoting alhadi_w

I'm looking for Metatrader software with demo account, so that when it expired I can make another demo account without requesting to make a new installation for the software so I will not lose the settings and indicators that I set.

I'm looking for advice or help plz
Thx a lot..

Hi Al

My broker is InterbankFX and I do trade with a demo account for an "unlimited" time. You can also just close and open new demo accounts without any changes to your current MT4 platform.

I hope it helps
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,275
  • Feb 4, 2009 3:30am Feb 4, 2009 3:30am
Quoting ARtuRO
Grate example of good filling of market bshadroo !
My trade today:
I hope that price after pull-back to war zone go up , but this not happen
I set TP more than 15 pips - maybe this was mistake
anyone knows why should not sell after stoploss trigered?(i know its no about this thread )
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 26 KB
  • #6,276
  • Feb 4, 2009 9:44am Feb 4, 2009 9:44am
I DO go short when I see something like that on charts.
I mean fast moving averages are losing angle and a candle formation is suitable.
Sometimes I go short/long after:

Double top / double bottom + currency has moved over 100 pips already and far away from 75MA (i use 75 instead of 50) + fast moving averages turn horizontal + reverse candle formation has formed.

I know - never trade against the trend, but if stars align well - i take it .


Quoting bshadroo
anyone knows why should not sell after stoploss trigered?(i know its no about this thread )
Attached Image
  • #6,277
  • Feb 4, 2009 10:31am Feb 4, 2009 10:31am
Quoting Golfer
Hi Al

My broker is InterbankFX and I do trade with a demo account for an "unlimited" time. You can also just close and open new demo accounts without any changes to your current MT4 platform.

I hope it helps
Golfer, do you trade this system in a live account also? or only you trade this system in demo accounts?
  • #6,278
  • Feb 4, 2009 2:40pm Feb 4, 2009 2:40pm
Quoting Seryei
Golfer, do you trade this system in a live account also? or only you trade this system in demo accounts?
Nowadays a rarely use demo accounts. I do have a live mini account and when I am testing a system which doesn't need large SL, I'll use only 0.01-0.03lots to enter. I'll only use a demo account if I need a large SL.

But with this system I do use a risk management strateg of risking only 1.5% of my capital on one trade at a time.

I do have another small live standard account with fxpro.com where I only use a few EAs with starting lot of 0.1lot. No manual trading done in that account. So, as you can see, I am a very conservative trader.

I've decide it is better to use live money (on a very SMALL scale) to practice than to do it on a demo account. I need to have the feeling that I am working with real money here, even though it is only $0.30 to lose. Using a demo account in the past I developed bad habits (I tend not to care and let losses run) and I am still struggling to get it out of my trading style. I did'nt know bad habits are so difficult to get rid off.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,279
  • Feb 4, 2009 2:52pm Feb 4, 2009 2:52pm
Quoting sanjur0fla
I DO go short when I see something like that on charts.
I mean fast moving averages are losing angle and a candle formation is suitable.
Sometimes I go short/long after:

Double top / double bottom + currency has moved over 100 pips already and far away from 75MA (i use 75 instead of 50) + fast moving averages turn horizontal + reverse candle formation has formed.

I know - never trade against the trend, but if stars align well - i take it .
I do agree and I do take some CT trades as well - espescially on the top/bottom of a move with some sort of signal present . But Phillip previously asked not to post CT trades here because it is not part of this system. And I do agree because it will just confuse the newbies.

I remember how confused I was with some of the members' posts and trades. Later I do remember some of the members also asking me about my trades and reasons why I took it. For me it came naturally to some trades, then I discover it is not always that clear for other members.

That is why I decided to try and give a full explanation of my trades (and it takes a .... of a lot of time and effort). Giving people back what I've learned from Phillip.

My recommendation - anybody can his/her start your own thread explaining his/her rules regarding CT trading. I don't feel comfortable enough to start such a thread because my rules are not proven and the trades are done not on a regular basis. Also I don't get constant results from it. But if somebody does, please feel free to start a new thread. I am certainly not going to do it.

Very interesting - I saw on Phillip's 4h MACD thread as well - people starting to take and post the CT (round bottoms and tops) trades. ?Is it the signs of frustration or the lack of discipline and patience? Just thinking!

Like I always said, enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,280
  • Feb 4, 2009 2:55pm Feb 4, 2009 2:55pm
Quoting Golfer
Using a demo account in the past I developed bad habits (I tend not to care and let losses run) and I am still struggling to get it out of my trading style. I did'nt know bad habits are so difficult to get rid off.
Fully agree with you. I did trade 4 months in a row with profits ranging from 10% to 65% a month using demo accounts. Now I started with real money and it's different. You definitively learn the 'good' habits with a real account.
Candles and Stos are telling the truth
2 traders viewing now, 1 is registered:
Achmedxx