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5Min Intraday System

  • #6,401
  • Mar 2, 2009 10:21pm Mar 2, 2009 10:21pm
Quoting jinsen
Finally, been waiting for quite some time.
I think got 1 week plus before i found this.

I think its called bullish 3. Anyway, i know how the pattern look like.
So beautiful.

I enter on the white box.
Yes, you are right. Not very often that you'll find such a nice setup in the Asian session. That is why I don't trade the Asian session - not too many setups or nice movements.

Well done.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,402
  • Mar 3, 2009 5:33am Mar 3, 2009 5:33am
Hi everyone!
This is my entrance. Entered little bit to late why i took 8 pips.
Attached Image
  • #6,403
  • Mar 3, 2009 6:45am Mar 3, 2009 6:45am
Quoting mxm
Hi everyone!
This is my entrance. Entered little bit to late why i took 8 pips.
I saw you traded the TC - seems like it.

I traded the same setup on my mobile phone (no SMAangle - the old fasion way)- my entry was just earlier but I'll give reasons on the chart why I entered it.

Will post my chart later when I arrive home from work.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,404
  • Mar 3, 2009 8:36am Mar 3, 2009 8:36am
15 pips. I entered on the steady slide along the 10 ema after the move up.
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  • #6,405
  • Mar 3, 2009 8:38am Mar 3, 2009 8:38am
Quoting Golfer
I saw you traded the TC - seems like it.

I traded the same setup on my mobile phone (no SMAangle - the old fasion way)- my entry was just earlier but I'll give reasons on the chart why I entered it.

Will post my chart later when I arrive home from work.

Hi all.

I have more loss, but not win. And I have solved strictly follow the rule. And this deal, I think, was not by rules.

Unfortunately I have a little got confused.

I too saw this deal and even wished to enter, there were many tails up and the exit from a zone was good. But I have not entered because of trendline and it was the first pullback.

If to draw 1 trendline when the price come back above it, to trade it is impossible. But it is possible 1 trendline not the correct.
We wait for the present come back to 21 and it is drawn 2 trendline. To trade on 1 recoil it is not recommended, trade is better on 2 or 3 come back to 21.
I was not enter in the deal.

Except signal MACD and tails any more that to me did not speak to enter.

When I can to trade from first come back to 21 and without small trendline?

Sorry my fractured English.
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I am learning English, but still cannot speak well.
  • #6,406
  • Mar 3, 2009 8:54am Mar 3, 2009 8:54am
10pips on half ,rest is running
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  • #6,407
  • Mar 3, 2009 9:05am Mar 3, 2009 9:05am
Quoting bshadroo
10pips on half ,rest is running
Which pair is it?
  • #6,408
  • Mar 3, 2009 10:30am Mar 3, 2009 10:30am
Next :
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  • #6,409
  • Mar 3, 2009 10:32am Mar 3, 2009 10:32am
Quoting mxm
Which pair is it?
usdjpy
  • #6,410
  • Mar 3, 2009 11:34am Mar 3, 2009 11:34am
The EURO trade today
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,411
  • Mar 3, 2009 12:16pm Mar 3, 2009 12:16pm
Quoting Keus
Hi all.

I have more loss, but not win. And I have solved strictly follow the rule. And this deal, I think, was not by rules.

Unfortunately I have a little got confused.

I too saw this deal and even wished to enter, there were many tails up and the exit from a zone was good. But I have not entered because of trendline and it was the first pullback.

If to draw 1 trendline...
My comments on your chart - also look at my charts posted earlier
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,412
  • Mar 3, 2009 12:25pm Mar 3, 2009 12:25pm
Golfer do you trade G/U? If yes, how big SL is?
  • #6,413
  • Edited 12:40pm Mar 3, 2009 12:29pm | Edited 12:40pm
Hi everyone,

I'm back after a long hiatus...

Don't want to bore everyone with stories on how I wasted time experimenting with many other systems and methods (luckily didn't lose any money), suffice to say that from all I've seen, I've concluded that this system is the best scalping system I've seen anywhere - not to mention one with a great following and support from experienced traders here.

So, I've decided to dedicate the rest of my forex time to this system only. Based on my studies of the system, I've made some personal tweaks:

1) Take profit is not a fixed number of pips, but rather is the height of the average waves in the charts. Ie... If the average wave is about 15 pips high, then my TP will be about 12-14 pips. (The broker's scale to the right of each chart is a good guideline) This way, I can adapt the system to various market conditions.

1.5) Will not trade if the average wave is less than 10 pips. The spread is too expensive at that point for my taste, especially in pairs that aren't EU.

2) SL will be about half of the TP. Ie... If TP is 10 pips, then SL is 5-6. I know some people have extended the SL to give a trade more room to breathe, but in my personal opinion, a good trade goes in my direction right away. If it reverses too much further than your TP, then I was too early, too late, or just plain wrong. I'm not willing to pay more than half my TP for that mistake. I'm much more comfortable with this RR ratio, so we'll see how this work out for me. I'm also comforted it the fact that Phillip's original rules suggested this same TP/SL ratio.

3) Each trade is allowed 1% of my account as risk, whether it's a 6 pip SL or 15 pip.

4) No trade will be made without a justification or set up. If I can't put into words why I entered, I will not enter. "A hunch" does not count as a valid justification.

I'd like to start participating in the thread again, as part of my learning process, and hopefully to contribute as well as I gain more experience

... Here's my first chart (and only trade today).

3-3-09 - EY Long - Justification: 10 EMA appears to be holding well. Average wave length appears to be about 20 pips. The trendline (yet to be broken) is a good shield for my would-be SL of 10 pips. Result: 20 pips profit.

I actually started again yesterday. Will post those soon as well...

Hope to learn and contribute continually in the future.

Dahlia
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Money missed is better than money lost
  • #6,414
  • Mar 3, 2009 12:46pm Mar 3, 2009 12:46pm
Quoting Dahlia
Hi everyone,

I'm back after a long hiatus...

Don't want to bore everyone with stories on how I wasted time experimenting with many other systems and methods (luckily didn't lose any money), suffice to say that from all I've seen, I've concluded that this system is the best scalping system I've seen anywhere - not to mention one with a great following and support from experienced traders here.

So, I've decided to dedicate the rest of my forex time to this system only. Based on my studies of the system, I've made some personal tweaks:

1)...
wellcome back
very hard to put 5-6 pips SL even in M1 chart in this voilatile market ....
  • #6,415
  • Edited 1:19pm Mar 3, 2009 1:00pm | Edited 1:19pm
Quoting bshadroo
wellcome back
very hard to put 5-6 pips SL even in M1 chart in this voilatile market ....
True! However, in this volatile market, I wouldn't be going for 10 pips TP (SL 6 pips) either As you can see, my last trade had a 20 pip TP and 10 pip SL, as long as my SL is always smaller than my TP, no matter what the market volatility .
Money missed is better than money lost
  • #6,416
  • Mar 3, 2009 1:35pm Mar 3, 2009 1:35pm
Quoting Dahlia
Hi everyone,

I'm back after a long hiatus......
Hello Dahlia !
Thanks for sharing your observation - it was quite interesting I try to put in the practice some of them and will see how works
Today was another day which confirmed me that trading after my work - 16:00pm (GMT +1) is very difficulty. I try to find some opportunity to enter but I only find loss.
  • #6,417
  • Mar 3, 2009 1:58pm Mar 3, 2009 1:58pm
Here are yesterday's trades...

The charts look different because I was on a different broker. I'll stick with Oanda from now on...

Dahlia
Attached Image(s) (click to enlarge)
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Money missed is better than money lost
  • #6,418
  • Mar 3, 2009 2:00pm Mar 3, 2009 2:00pm
Today was another day which confirmed me that trading after my work - 16:00pm (GMT +1) is very difficulty. I try to find some opportunity to enter but I only find loss.[/quote]

Hi AR

I do agree with you - that is why I do have it in trading plan: No trading after 18H00GMT for me. Sometimes I do like to stop after 16H00GMT.

The same for the Asian session - got burned too many times trying to take setups around 03H00-05H00GMT. Luckily I need to sleep during the best part of the Asian session (I am @ GMT + 2h).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,419
  • Mar 3, 2009 2:12pm Mar 3, 2009 2:12pm
Quoting Dahlia
Hi everyone,

I'm back after a long hiatus...

Don't want to bore everyone with stories on how I wasted time experimenting with many other systems and methods (luckily didn't lose any money), suffice to say that from all I've seen, I've concluded that this system is the best scalping system I've seen anywhere - not to mention one with a great following and support from experienced traders here.

So, I've decided to dedicate the rest of my forex time to this system only. Based on my studies of the system, I've made some personal tweaks:

1)...
Hi Dah

Welcome back and it sounds so familiar. I've been that road as well. Tried several other systems (here on ff (don't want to mention any names and bought some - luckily for clickbank, one can claim your money back after 8 weeks if the system doesn't do it for you and none did!!!!!).

I do like your approach and I don't have any problems with all the bullets mentioned in your message. Based on sound principles - go for it!!!

That is what is nice about this system:

1. You can adapt it to suite your style.

2. You can look at other's opinion and take it or leave.

3. Trading within yourself and according to your style

4. It is not necessary to try to copy any other member. There are too many different types of entries. Just take those you do feel comfortable with but follow the rules. I saw lots of charts posted with trades I won't even dream of taking/entering but it worked out for them.

Looking forward to the mentioned interactions.

Enjoy it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,420
  • Mar 3, 2009 2:22pm Mar 3, 2009 2:22pm
Quoting mxm
Golfer do you trade G/U? If yes, how big SL is?
Hi M

Yes, I do trade Cable and just like Dahlia said; my SL various but usually it is around 25pips. I try to put it just above (short trades) or below (long trades) the war zone but it is not always possible. But one needs to get out before the SL is triggered. That is what I am working on right now. Sometimes I do decide to take a very high risk setup just so that I can exit with a loss and I tell myself - get out if the market moves against you. That is the only way you will "teach" yourself to exit before your SL is triggered (and I am talking live account here - not demo).

Doesn't make sense, hey? Not really but it works for me because I had some trouble exit losing trades becuase of getting into bad habits while trading a demo account in the past - no real money, so let the loser run to see when it may turn around and come back into the profit zone. BIG MISTAKE!!!

Enjoy it.
Willem Forex recipe for success = Patience, discipline & hard work.
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