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5Min Intraday System

  • #6,421
  • Mar 3, 2009 12:25pm Mar 3, 2009 12:25pm
Quoting Dahlia
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
Great analysis - just love it because it is so simple yet very effective.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,422
  • Mar 3, 2009 12:39pm Mar 3, 2009 12:39pm
Quoting Golfer
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....
Thanks for your reply. Do appreciate all your comments.
  • #6,423
  • Mar 3, 2009 9:18pm Mar 3, 2009 9:18pm
hi golfer,

I would like to check with you since you had more experience on this strategy.

My stoploss for this 5min intraday is generally around 15-20 pips. If the price start went the wrong way by 7-8 pips. Is it advisable to close the trade early even before it hit my sl. Although it may comes back but most often it does not. And the movement is surprising fast and sweep my stoploss.

I found those high probability trade when quite often give immediate result whether i am right anot. Since your statiscal trade is definetely higher than me. do you closed early or let the sl remain? in other words, decision can be make within that few minutes. it doesnt make sense to stay for that 5 or 10 minutes to wipe my sl.

i hope you understand what i trying to write or express.

thanks
jin
  • #6,424
  • Mar 4, 2009 5:54am Mar 4, 2009 5:54am
10pips half,other half BE
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  • #6,425
  • Mar 4, 2009 9:06am Mar 4, 2009 9:06am
I only worked on one pair today... GU was choppy when I first opened the charts, but then showed no promise as the session went on. EY showed similar movements as EU, but with larger spread on the same size waves. EU was my sole pair today.

See chart to see why it was an annoying day for me... Could have made at least 5% today! Instead, I broke even
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Money missed is better than money lost
  • #6,426
  • Mar 4, 2009 9:31am Mar 4, 2009 9:31am
19 pips,
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  • #6,427
  • Mar 4, 2009 9:47am Mar 4, 2009 9:47am
i beleive the trading rules are everywhere ,in the nature,in our lives and even in our account summary
this is my account history and hope i break the channel to upside
can u find the same rules in ur account?
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  • #6,428
  • Mar 4, 2009 9:56am Mar 4, 2009 9:56am
Quoting bshadroo
i beleive the trading rules are everywhere ,in the nature,in our lives and even in our account summary
this is my account history and hope i break the channel to upside
can u find the same rules in ur account?
That's too funny! At least it's trending up, right??
Money missed is better than money lost
  • #6,429
  • Mar 4, 2009 9:57am Mar 4, 2009 9:57am
Quoting Dahlia
I only worked on one pair today... GU was choppy when I first opened the charts, but then showed no promise as the session went on. EY showed similar movements as EU, but with larger spread on the same size waves. EU was my sole pair today.

See chart to see why it was an annoying day for me... Could have made at least 5% today! Instead, I broke even
Great trades (including the missed one)! The same ones I took (or missed )
One Chart is Worth Ten Thousand Words.
  • #6,430
  • Mar 4, 2009 10:02am Mar 4, 2009 10:02am
Quoting Forex007
Great trades (including the missed one)! The same ones I took (or missed )
Thanks! Wanna know the ironic part of this: the reason I missed that last pin bar was because I was online, trying to catch up on reading this thread...
Money missed is better than money lost
  • #6,431
  • Mar 4, 2009 10:11am Mar 4, 2009 10:11am
Quoting jinsen
hi golfer,

I would like to check with you since you had more experience on this strategy.

My stoploss for this 5min intraday is generally around 15-20 pips. If the price start went the wrong way by 7-8 pips. Is it advisable to close the trade early even before it hit my sl. Although it may comes back but most often it does not. And the movement is surprising fast and sweep my stoploss.

I found those high probability trade when quite often give immediate result whether i am right anot. Since your statiscal trade is definetely higher than...
Hi Jin

My comments:

My stoploss for this 5min intraday is generally around 15-20 pips.

No problem here.

If the price start went the wrong way by 7-8 pips. Is it advisable to close the trade early even before it hit my sl.

Yes, that is correct. But please look at the manner in which the price moves. Sometimes you need to exit immediately, sometimes you can give it some breathing space. Sometimes the price will come back after hitting resistance and there is a change to exit at Break even before the price continue to move against you. You need to take the change. It is a very difficult decision.

Although it may comes back but most often it does not.

I do agree with you but it differs from setup to setup and definitely differs when it comes to the time of the day.

And the movement is surprising fast and sweep my stoploss.

That is a reality - especially with the EY pair. Nothing you can do about it. That is why you need to have a "disaster SL" in place. It happen to me - No SL and I've tried to exit manually without succces. Only 30-40pips later I was able to exit the trade. Disaster!

I found those high probability trade when quite often give immediate result whether i am right anot.

On this one I am 100% behind you. That is why I do have the 5-6 candle rule. Exit after 5-6 candles if the price hasn't start moving in your direction.

Since your statiscal trade is definetely higher than me. do you closed early or let the sl remain? in other words, decision can be make within that few minutes.

Yes, that is why I'll exit for 2-4pips profit very easily if I don't feel comfortable with the setup. Sometimes the price will then move in my original direction but I don't get upset. I'll just wait for next setup. I had a trade earlier today with another 15min system. I exit for 21pips after the price stopped for a while around a big number. Afterwards it continue for another 100pips. So what? I'll analise the setup afterwards to try and recognise it in future.

it doesnt make sense to stay for that 5 or 10 minutes to wipe my sl.

That was the issue that worried me alot.

I hope it helps.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,432
  • Mar 4, 2009 10:14am Mar 4, 2009 10:14am
Quoting Dahlia
I only worked on one pair today... GU was choppy when I first opened the charts, but then showed no promise as the session went on. EY showed similar movements as EU, but with larger spread on the same size waves. EU was my sole pair today.

See chart to see why it was an annoying day for me... Could have made at least 5% today! Instead, I broke even
I played golf today - so no trades for me using this system. Only one with another 15min system.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,433
  • Mar 4, 2009 10:20am Mar 4, 2009 10:20am
Quoting bshadroo
19 pips,
flawless entry BS, I got too eager ,entered 4 bars before, it went against me and I chickened out at break even, that shows you, patience pays off.
  • #6,434
  • Mar 4, 2009 12:03pm Mar 4, 2009 12:03pm
Quoting judith
flawless entry BS, I got too eager ,entered 4 bars before, it went against me and I chickened out at break even, that shows you, patience pays off.
i should echo phillips signiture here:
i'd rather miss a good trade than be in a bad one
  • #6,435
  • Mar 4, 2009 12:20pm Mar 4, 2009 12:20pm
Quoting bshadroo
i beleive the trading rules are everywhere ,in the nature,in our lives and even in our account summary
this is my account history and hope i break the channel to upside
can u find the same rules in ur account?
HEHE
You have completely right - trading is everywhere!
I think, with your experience with breakdown, you find good point to go upside channel
I take a look to my balance chart but.. this is unfortunately strong downtrend - nothing to share !
  • #6,436
  • Mar 4, 2009 1:35pm Mar 4, 2009 1:35pm
Quoting ARtuRO
HEHE
You have completely right - trading is everywhere!
I think, with your experience with breakdown, you find good point to go upside channel
I take a look to my balance chart but.. this is unfortunately strong downtrend - nothing to share !
yes ,i should be very carefull for my next trade to prepare a breakout ) and u dont worry ,there is nothing wrong if u r in first 2 years of your trading ,take a look at usdcad monthly chart ,your account should be start going up like that if u work hard ...
golfer : sorry if i cause an oftopic conversation
  • #6,437
  • Mar 4, 2009 2:31pm Mar 4, 2009 2:31pm
Quoting Dahlia
Thanks! Wanna know the ironic part of this: the reason I missed that last pin bar was because I was online, trying to catch up on reading this thread...
No irony at all - I always kick myself (not hard, though ) when I miss a great pin. So, I was sympathetic. And I liked the setups you indicated.
One Chart is Worth Ten Thousand Words.
  • #6,438
  • Mar 4, 2009 4:39pm Mar 4, 2009 4:39pm
B,
I was looking over your trade and I was not sure whether you noticed the previous resistance/now support line of your trade. Nice trade
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  • #6,439
  • Mar 4, 2009 9:28pm Mar 4, 2009 9:28pm
YES!!

It's 12:30 am, and I'm FINALLY caught up with this thread! Whew!

Ahem... Sorry. I feel like I just accomplished a major task and just wanted to high-five someone, but I see that no one else is awake right now.

Oh well, I'm off to bed too...
Money missed is better than money lost
  • #6,440
  • Mar 4, 2009 10:15pm Mar 4, 2009 10:15pm
Quoting bshadroo
yes ,i should be very carefull for my next trade to prepare a breakout ) and u dont worry ,there is nothing wrong if u r in first 2 years of your trading ,take a look at usdcad monthly chart ,your account should be start going up like that if u work hard ...
golfer : sorry if i cause an oftopic conversation
No, not at all. Interesting.
Willem Forex recipe for success = Patience, discipline & hard work.
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