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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #6,501
  • Mar 13, 2009 3:41am Mar 13, 2009 3:41am
M5/M1 trade ,alittle risky
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  • #6,502
  • Mar 13, 2009 3:53am Mar 13, 2009 3:53am
I have bad MM.
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I am learning English, but still cannot speak well.
  • #6,503
  • Edited 8:33am Mar 13, 2009 4:21am | Edited 8:33am
Quoting judith
1. went long after bullish engulfing bar TP=15p. reason...price was making higher highs and higher lows respecting 10EMA (is that bullish engulfing a valid "power bar"???)

2. I didnt enter at the pinbar, I saw a series of higher lows but we were to close to round number 1.2800 and chickend out. For the 2nd arrow I wanted to ask you (Golfer) how is it that you would have entered, you mentioned in your post "3 higher lows", how does that work? do they also have to be above 21EMA, could you elaborate on that please.
Hi.
Despite the question was not for me I could make some comments about "3 higher lows", they are called as " three big brothers" here, they don't appear so often as three little sisters although. Try to make your entry supported by something else as trendline, pivot, power candle, etc.
The three brothers are better if they appear above 50 sma.
I added some old chart examples, I hope it helps.

http://www.forexfactory.com/showthre...30#post2088130
http://www.forexfactory.com/showpost...postcount=4664
http://www.forexfactory.com/showpost...postcount=5327
http://www.forexfactory.com/showpost...postcount=4940
http://www.forexfactory.com/showpost...postcount=5170
  • #6,504
  • Mar 13, 2009 4:31am Mar 13, 2009 4:31am
i dont buy only because there is a TC ,when the TL is on the way ,what do u do ?
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  • #6,505
  • Mar 13, 2009 4:33am Mar 13, 2009 4:33am
Quoting Keus
I have bad MM.
Nice trade - see my comments on your chart. I cannot really comment on charts/trades that don't have comments on it (reasons why you entered or didn't enter). Because now I don't know why you've entered the trade. I just like to read the story behind the setup/trade. It will also make you think about the setup and you don't just enter because it looks like a good setup. There must be reasons why it is a good setup.

Another comment: just looks like your entry was a bit late.

Judith:

Another example of 3 lower highs courtesy of Keus. I hope he saw it because I don't see any comments on his charts.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,506
  • Mar 13, 2009 4:55am Mar 13, 2009 4:55am
Quoting Angler
Hi all..

Forgive me if I am out of line here....as I have not read to much on the newer version of this method...

But with all the looking at bars and other indicators...I am not sure if a very simple method has moved to a method where people are getting confused as to when to pull the trigger and get in...

The previous post is a good example of what I mean....the 50ma was looking good...the shorter ma's turned down a little and then turned again to the trade direction...this should have been a good enough time to enter....

But there was...
No problem, thanks for the input. Everybody is entitled to his or her opinion.

I started trading this system thinking it was an easy system - it looks so easy and simple. But believe me, it is not that easy to begin with. I am not going to lie about it. I'll struggled a lot (once again mainly because I was trading the indicators and not the market movement/rhythm)

Yes, I have posted all the relevant links/additions on page 1 - the very first link is the last MP3 file done by Phillip on this system (we know what happened to Phillip - no comments please, just be thankful for the systems & assistance he gave us).

Please feel free to trade with the original system - I don't have a problem with that, I don't think anybody would have a problem with that. I just got burned too many times because I didn't take into consideration the market rhythm. So I studied and studied the charts looking for something more specific that I then use and be in line with my style of trading. Phillip assisted me (he came up with the TC and power bars/candles) and that is why I decided to include some price patterns in my trading. That is why you will see indecision from my side with certain setups.

Just for clarity sake.

And by the way - I do love your signature, so much truth in it!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,507
  • Mar 13, 2009 5:24am Mar 13, 2009 5:24am
Sorry, that has not commented.
I had 3 reasons for an enter.
1 - the rhythm of the market on Н4. It has told to me that there will be a movement.
2 - ascending roundish resistance on 21.
3 - last candle in a zone is power.

Three higher lows did not saw. I thought, that they should be from ascending power candles. On my chart it should be green.
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I am learning English, but still cannot speak well.
  • #6,508
  • Mar 13, 2009 7:34am Mar 13, 2009 7:34am
Quoting Keus
Sorry, that has not commented.
I had 3 reasons for an enter.
1 - the rhythm of the market on Н4. It has told to me that there will be a movement.
2 - ascending roundish resistance on 21.
3 - last candle in a zone is power.

Three higher lows did not saw. I thought, that they should be from ascending power candles. On my chart it should be green.
Thanks for sharing your view of us - as long as you do have reasons for the entry. Then you can also use the very same reasons for the next setup. That is why I am saving my charts and trades - to review them later on and use the very same information for similar setups and trades.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,509
  • Mar 13, 2009 5:05pm Mar 13, 2009 5:05pm
I noticed this today and was ready with my finger on the trigger, then I needed to leave the computer... work. This is not according to the rules. It is a sHs pattern to go short once the TL is broken
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  • #6,510
  • Mar 14, 2009 4:55am Mar 14, 2009 4:55am
Raymond - as promised.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,511
  • Mar 15, 2009 3:20am Mar 15, 2009 3:20am
I looked for patterns "3 higher lows" and "3 lower highs" for this year on EURUSD and here my conclusions.

"3 higher lows" are very good pattern, from those that I have found there was one false (it is possible was closed in break-even). Almost all came to an end strong candles. After a pattern was strong movement.

"3lower highs" had 30 % false. If to clean charts where a pattern does not come to an end good bear candles the result becomes better.

Golfer look at my charts, please. Do I have correctly defined this pattern?
The pattern is noted by a thin red line.
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I am learning English, but still cannot speak well.
  • #6,512
  • Mar 15, 2009 10:00am Mar 15, 2009 10:00am
Quoting Keus
I looked for patterns "3 higher lows" and "3 lower highs" for this year on EURUSD and here my conclusions.

"3 higher lows" are very good pattern, from those that I have found there was one false (it is possible was closed in break-even). Almost all came to an end strong candles. After a pattern was strong movement.

"3lower highs" had 30 % false. If to clean charts where a pattern does not come to an end good bear candles the result becomes better.

Golfer look at my charts, please. Do I have correctly defined this pattern?
The pattern...
Hi K

Sorry but I cannot open your zipped file. I do get the message that the folder is "invalid or corrupted". I know sometimes lots of people do get the message when they try to open zipped files while other do have no problem opening the file.

So I cannot comment.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,513
  • Mar 15, 2009 10:42am Mar 15, 2009 10:42am
Quoting Golfer
Hi K

Sorry but I cannot open your zipped file. I do get the message that the folder is "invalid or corrupted". I know sometimes lots of people do get the message when they try to open zipped files while other do have no problem opening the file.

So I cannot comment.
Save into 2 files PDF.
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File Type: pdf LH.pdf   173 KB | 843 downloads
I am learning English, but still cannot speak well.
  • #6,514
  • Mar 15, 2009 10:59am Mar 15, 2009 10:59am
Quoting Keus
Save into 2 files PDF.
Yes, perfect. That is the price pattern that I am using.

Once again - just remember that the 3 lower high/higher low should also not be used as a stand alone signal, just like the pinbar signal.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,515
  • Mar 15, 2009 11:16am Mar 15, 2009 11:16am
Quoting Golfer
Yes, perfect. That is the price pattern that I am using.

Once again - just remember that the 3 lower high/higher low should also not be used as a stand alone signal, just like the pinbar signal.
Thanks. Add to my armoury. This pattern very good!
I am learning English, but still cannot speak well.
  • #6,516
  • Mar 16, 2009 8:06am Mar 16, 2009 8:06am
14 pips.
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I am learning English, but still cannot speak well.
  • #6,517
  • Mar 16, 2009 9:42am Mar 16, 2009 9:42am
Quoting Keus
14 pips.
Good RR1 trade, Keus.
One Chart is Worth Ten Thousand Words.
  • #6,518
  • Mar 16, 2009 2:09pm Mar 16, 2009 2:09pm
Quoting Keus
14 pips.
Nice trade - like the "almost pinbar" which was in fact a pinbar bouncing off the 21 .
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,519
  • Mar 17, 2009 9:13am Mar 17, 2009 9:13am
.
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  • #6,520
  • Mar 17, 2009 10:56am Mar 17, 2009 10:56am
See the comments on the chart re. my trade on cable.
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Willem Forex recipe for success = Patience, discipline & hard work.
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