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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #6,301
  • Feb 9, 2009 2:54pm Feb 9, 2009 2:54pm
Quoting Golfer
What can one say? Such an interesting business.
Hello Golfer!
Thanks for next very important lessons !
Today I take 3 trade and only one was good.
I come back to study
  • #6,302
  • Feb 9, 2009 3:03pm Feb 9, 2009 3:03pm
Hi Golfer ,
How are you? Actually I learn a lot from your input, thank you so much for taking time to extend such a altruistic effort. Was wondering what type of medical specialist ..... internist? cardiologist? I have some medical questions too if I may........
Thank you
BANDA333
  • #6,303
  • Feb 9, 2009 4:19pm Feb 9, 2009 4:19pm
Here is my trade for day, a positive 17 pips. This is an example of a bullish 3. I entered when resistance was broken on the 1 min chart. I did have a question which is open to whom ever cares to reply. The candles preceeding the bullish candle were a large bullish candle followed by a large bearish candle, then follow by the large bullish candle that makes up the bullish 3. The 2 preceeding candle made me think twice about the trade, but I took it anyway. Any opinion/experience regarding the 2 large candle prior to the bullish 3 formation?
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  • #6,304
  • Feb 9, 2009 8:06pm Feb 9, 2009 8:06pm
Thanks Golfer for your analysis. They are very insightlful, as always.
  • #6,305
  • Feb 10, 2009 1:55am Feb 10, 2009 1:55am
Quoting Morelands
Here is my trade for day, a positive 17 pips. This is an example of a bullish 3. I entered when resistance was broken on the 1 min chart. I did have a question which is open to whom ever cares to reply. The candles preceeding the bullish candle were a large bullish candle followed by a large bearish candle, then follow by the large bullish candle that makes up the bullish 3. The 2 preceeding candle made me think twice about the trade, but I took it anyway. Any opinion/experience regarding the 2 large candle prior to the bullish 3 formation?
My opinion about the 2 candles - just too big for my liking. I'll be careful. I also followed Cable around that time and when I saw the market changing speed, I decided to stay on the side.

I would be more worried about the change of speed of the market - especially if the 21MA is broken (in the white circles) - and even the 50MA.

Also the tripple fan of my 3 Small support lines already - making it very risky for me.

But enjoy your pips this time around.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,306
  • Feb 10, 2009 2:42am Feb 10, 2009 2:42am
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  • #6,307
  • Feb 10, 2009 5:17am Feb 10, 2009 5:17am
Quote
4. Then there was the frist signs of support found on the M3 line and a "small pullback" into the war zone (A). With a power candle formed in the TC. Well, I don't think it was for me.

Hello Golfer and other members of the "5Min Intraday System".
I have learned a lot by reading all messages posted in this forum. I want to thank you very much your dedicated time.

Golfer, I would be so kind to have your comments on my question below:
On yr above Thread, item nr.4, if you consider the "Original" 5Min Intraday System, with no MACD filter, second circled candle would be a good entry, is that correct?
Which would be main disadvantages of using solely the Original 5Min?

Other question: do you have regularly chats on Skype?

FRIBEIRO
  • #6,308
  • Edited 6:09am Feb 10, 2009 5:52am | Edited 6:09am
Quoting fribeiro
Hello Golfer and other members of the "5Min Intraday System".
I have learned a lot by reading all messages posted in this forum. I want to thank you very much your dedicated time.

Golfer, I would be so kind to have your comments on my question below:
On yr above Thread, item nr.4, if you consider the "Original" 5Min Intraday System, with no MACD filter, second circled candle would be a good entry, is that correct?...
Hi Frib

Only a pleasure.

Yes, item #4 would have been a valid entry using the original rules of Phillip.

As a main strategy and disadvantages - patience and discipline. I see this system as a intra-day/scalping system and you need to sit in front of the PC and wait for a setup. I just usually scan the charts if I do have the time - it works for me and I love it. It is my opinion that one should have a system that you can use in the longer/bigger time frame. To conclude - I don't see anything wrong having this as your main strategy but it could drain your energy.

Skype chat - I can only start chatting after 15H00GMT when I arrive home from my full time job. That was usually what I've done - just gave one or two comments and then wait for setups to develop and mention the signals. Or give advice on the currnent status of the three pairs I am following. Most of the time the nice moves are over by then but one can always discuss the current setup even though I won't really trade them. I added a new member a day or so ago but I don't see activities on it.

Last year I decided to stop participating because there were too many private talks going on and that was a distraction for me. I just want to discuss the setup as it develops and mention the signals I am looking for. But it seems like the members on the chat had other ideas and it is Phillip's 5min chat - so be it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,309
  • Feb 10, 2009 9:24am Feb 10, 2009 9:24am
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  • #6,310
  • Feb 10, 2009 12:12pm Feb 10, 2009 12:12pm
A quick euro trade today.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,311
  • Feb 10, 2009 12:38pm Feb 10, 2009 12:38pm
Is there a specific to trade this system what is the bet session?

Regards
{Promotion Removed}
  • #6,312
  • Feb 10, 2009 12:46pm Feb 10, 2009 12:46pm
Nice price patterns on EURO with possible entries on the breakout. Watch out for the 21 on Smaangle.

Patience and discipline!!!!!
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,313
  • Feb 10, 2009 1:08pm Feb 10, 2009 1:08pm
Quoting Yahoomt4
Is there a specific to trade this system what is the bet session?

Regards
Best time to trade is when there is a small intra-trend and no SIDMOVs indicated by the 21 on the SMAangle along with Small support and resistance lines assist with price patterns for entry points.

I do trade my three pairs from 08H00gmt until 18H00gmt.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,314
  • Feb 11, 2009 3:40am Feb 11, 2009 3:40am
So far 3 wins for today.
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  • #6,315
  • Feb 11, 2009 3:50am Feb 11, 2009 3:50am
Sweet.
This is why we go for 10 pips at a time, especially during breakout (may be false).
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  • #6,316
  • Feb 11, 2009 4:04am Feb 11, 2009 4:04am
Here is a 2-line MACD indicator I am using in combination with MACD colored.
For me it works just as good as SMA Angle indicator, but I like MACD better.
Settings: 3, 11, 16.
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  • #6,317
  • Feb 11, 2009 4:14am Feb 11, 2009 4:14am
USDJPY
There is no Buy Stop, because I do not trade (or very rarely) against the trend.
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  • #6,318
  • Feb 11, 2009 4:25am Feb 11, 2009 4:25am
Sometime Buy Stop would work
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  • #6,319
  • Feb 11, 2009 11:32am Feb 11, 2009 11:32am
I am trying to learn the system .
I took a trade but I am not sure if it was done according do the system or not.
I enter at the yellow area ...
The red , 10 MA , was pointing up . Is that ok ?
The trade went against me 20 pips .
I TP at the previous low .
Please advise .
Tks
David
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  • #6,320
  • Feb 11, 2009 2:00pm Feb 11, 2009 2:00pm
Quoting david4u
I am trying to learn the system .
I took a trade but I am not sure if it was done according do the system or not.
I enter at the yellow area ...
The red , 10 MA , was pointing up . Is that ok ?
The trade went against me 20 pips .
I TP at the previous low .
Please advise .
Tks
David
My comments on my chart because you don't have all the indicators I am looking at.

I was not in front of the PC today - so no trades for me today.
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Willem Forex recipe for success = Patience, discipline & hard work.
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