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5Min Intraday System

  • #6,341
  • Feb 12, 2009 5:13pm Feb 12, 2009 5:13pm
As I was writing that last post:

Concerning that new downtrend line, price has come back almost 30 pips or so after hitting that new trendline. Here's the 5min and 1min when that area on the 4hr was hit again. I tried to draw the trendline on the 5min as close as I could to what I have drawn on the 4hr. This could just be a pullback on the 5min but it's interesting that it happened right at that trendline.
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  • #6,342
  • Feb 13, 2009 9:34am Feb 13, 2009 9:34am
Same trendline again....+40 pips..
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  • #6,343
  • Feb 13, 2009 10:42am Feb 13, 2009 10:42am
Hi Palmer ! Nice trade. post # 6342
I see it is not based in the 5 min strategy . It is based on simple but efective good technical analysis skills.
What elements dis u use beside the down trend line ?
macd - moving from negative to positive ?
rsi - up trend
How do u TP ? according to averages in the 4H or according to price action ?
Can u be so kind and post YOUR personal templates for the 4H and the 5Min ? the look very nice and simple .
Where can I read more about the 821 gap indicator , and
about the RSI bar ... I mean about the interpretation and the implementation of them .
Have a nice week end
David






Quoting Palmer
Same trendline again....+40 pips..
  • #6,344
  • Feb 13, 2009 10:47am Feb 13, 2009 10:47am
Hi Golfer and friends ...
Can u be so kind and tell me according to the 5m stg , which of the 7 candles is a good entry , only based on the 3 averages and their respective angles.
Do u enter at the end of the candle ?
SL ?
10 pips SL is very little , don't u think ?
Tks
David
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  • #6,345
  • Edited 12:55pm Feb 13, 2009 11:18am | Edited 12:55pm
Quoting david4u
Hi Golfer and friends ...
Can u be so kind and tell me according to the 5m stg , which of the 7 candles is a good entry , only based on the 3 averages and their respective angles.
Do u enter at the end of the candle ?
SL ?
10 pips SL is very little , don't u think ?
Tks
David
Hi David

Thanks for the request BUT:

You tell us what do you see. Apply what you have read on page 1 on this chart of yours (very nice chart) and I'll give my comments. That is only way to learn. You need to develop your own style of trading. It is meaningless if I just telling you what to do.

You need to study the basic principles of this system on pages 1, then study the charts posted here on this thread and agree or critise the reasons and lastely have an opinion about the setup.

Also important to post trades with reasons for other members to discuss.

That is how I've studied and learned forex trading. Unfortunately it is a bit quiet here on the thread recently and not much to learn. So I am teaching myself by reading other threads and articles.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,346
  • Feb 13, 2009 1:11pm Feb 13, 2009 1:11pm
Quoting david4u
Hi Golfer and friends ...
Can u be so kind and tell me according to the 5m stg , which of the 7 candles is a good entry , only based on the 3 averages and their respective angles.
Do u enter at the end of the candle ?
SL ?
10 pips SL is very little , don't u think ?
Tks
David
Why I mentioned it is a nice chart - I've marked all my signals, two were negative signals (pink in black circle).
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,347
  • Feb 13, 2009 10:48pm Feb 13, 2009 10:48pm
hi,

My 7 trade end in a loss. My stoploss was hit.

My mistakes"

Cautious 1: The price cut throught 21 about 3 times below resuming downtrend. The price however all found resitance on the trendline.
It bring some cautious for my next trade opportunity.

Cautious 2: When the price make a hugh pullback into the warzone. When actually all trade cancelled. However, i short on the white box with stoploss
at 20pips which is above the 21 ma and the trendline.

It funny and ironic i point out to people not to trade steep pullback.
I know it and is able to control it untill yesterday(infact, i improved my control alot). My last trade for this strategy was 9 feb. Could It be frustrating waiting that make mel trigger although and hope for it. It was only a demo. I was wondering if i trade real account. I would be better improve my control as i know money gone and i wouldnt restart it

reg
jin
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  • #6,348
  • Feb 15, 2009 8:28pm Feb 15, 2009 8:28pm
Hello Golfer,

Do you know how I can convert MT4 graphics into NY time. Today is GNT time.

Thanks and Regards

Fribeiro
  • #6,349
  • Feb 15, 2009 8:45pm Feb 15, 2009 8:45pm
Quoting fribeiro
Hello Golfer,

Do you know how I can convert MT4 graphics into NY time. Today is GNT time.

Thanks and Regards

Fribeiro
Your time in which your charts are displayed will depend on your broker and I don't think can be changed.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,350
  • Feb 16, 2009 8:02pm Feb 16, 2009 8:02pm
Here is my trade for the day. The 1st chart is the 5 min. I was looking for a continuation of the trend off the 10 MA considering the large bullish candle. On the 2nd chart I was looking for a break of the resistance trend line. I entered there. After a few candle and thing had not continued on the bullish trend, I thought BE was the best way to go. I actually got out for a minus 3 pips. Why did it not work out... sometimes when the price breaks that far away from the 10 MA, there is a tendency for the trend to reverse.
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  • #6,351
  • Feb 17, 2009 9:02am Feb 17, 2009 9:02am
Quoting fribeiro
Hello Golfer,

Do you know how I can convert MT4 graphics into NY time. Today is GNT time.

Thanks and Regards

Fribeiro

I just put the clock indicator on my chart so I can see the NY, GMT, London and Tokyo times. Hope that helps. (make sure you select allow dll imports)

/tfxg
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  • #6,352
  • Feb 17, 2009 9:30pm Feb 17, 2009 9:30pm
1.- previous resistance becomes support. 2.-It's most likely going to test the top(at least 15 or so pips). 3.we have a beautiful pinbar. 4.just above 21 EMA. 5. enter at close of pinbar with TP=10pips
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  • #6,353
  • Feb 17, 2009 10:56pm Feb 17, 2009 10:56pm
Quoting judith
1.- previous resistance becomes support. 2.-It's most likely going to test the top(at least 15 or so pips). 3.we have a beautiful pinbar. 4.just above 21 EMA. 5. enter at close of pinbar with TP=10pips
Hi J

I had the very same risky trade (my view of my trade because I entered too early). That is why I didn't trade the pinbar.

I do agree with #2 in your analises - another reason for my early entry. I love how you put #1, #2 #3 first (price movements), then the analises of the indicators to confirm the setup.

Everybody:

This is a case where I looked at the price movements (bounce off My Small support line & Doji formation & previous high & moving in a nice channel), then I look at the indicators to confirm my setup. I didn't look at the indicators first. It is not about trading the indicators!!!!!

Well done.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,354
  • Feb 18, 2009 6:50am Feb 18, 2009 6:50am
Quoting theFXGoods
I just put the clock indicator on my chart so I can see the NY, GMT, London and Tokyo times. Hope that helps. (make sure you select allow dll imports)

/tfxg
FXG,

Thanks for your help.

When I move the clock indicator to inside the graphic, it does not work. Have also selected "all dll imports".

If you have any idea why I cannot move the indicator into the graphic, I would be much appreciated. Thanks. Fribeiro
  • #6,355
  • Feb 18, 2009 9:33pm Feb 18, 2009 9:33pm
Quoting Golfer
Hi J

I had the very same risky trade (my view of my trade because I entered too early). That is why I didn't trade the pinbar.

I do agree with #2 in your analises - another reason for my early entry. I love how you put #1, #2 #3 first (price movements), then the analises of the indicators to confirm the setup.

Everybody:

This is a case where I looked at the price movements (bounce off My Small support line & Doji formation & previous high & moving in a nice channel), then I look at the indicators to confirm my setup. I didn't look at the...
Hi Golfer, you know, for me the most important point was my #1 (resistance becomes support). I like the James16 style of finding horizontal S/R zones and in this case I really saw one of those zones.
when I was watching the chart I remember saying to myself "ok, I have a s/r zone, if i get a pinbar exactly here i will enter" It happened so I entered right there.
I like your analysis very much, I just discovered this thread and I like a lot, I think we can do some very good things if we share our stuff.
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  • #6,356
  • Feb 19, 2009 6:58am Feb 19, 2009 6:58am
In last two weeks i find that it was very difficulty to catch good setup to enter and I lost many pips
Anyone has this same problem ?
  • #6,357
  • Feb 19, 2009 7:56am Feb 19, 2009 7:56am
i missed this pinbar :
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  • #6,358
  • Feb 19, 2009 7:59am Feb 19, 2009 7:59am
Quoting ARtuRO
In last two weeks i find that it was very difficulty to catch good setup to enter and I lost many pips
Anyone has this same problem ?
yes ,i think it was allitle bit difficult to enter but as there was not good setups so there was not lost pips to me too.
the worst thing is to see/trade a good setup wich goes wrong .
  • #6,359
  • Feb 19, 2009 8:14am Feb 19, 2009 8:14am
Quoting ARtuRO
In last two weeks i find that it was very difficulty to catch good setup to enter and I lost many pips
Anyone has this same problem ?
=======

Yes, market has been full of ups and downs in short periods; this is very dangerous and we should be very careful. Market now evaluates US and Europe bailout plans to set a new prices direction.

Take care and remember that Forex is also called "PATIENCE GAME". Most of the people lose in FX because they do not have enough patience to wait for the good trade. Good trade opportuniti surely will come but you shall wait. If do you do not wait, you will be killed!


Good Lucky!
  • #6,360
  • Feb 19, 2009 11:13am Feb 19, 2009 11:13am
What is wrong in this analysis ?
In my opinion this was tingle and breakdown, I hope that prise go up but few minutes later SL was hit
Thanks
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