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5Min Intraday System

  • #6,521
  • Mar 17, 2009 2:50pm Mar 17, 2009 2:50pm
hi,
What time frame is best for find trend, if I trade on 5min chart.
  • #6,522
  • Mar 17, 2009 4:48pm Mar 17, 2009 4:48pm
Quoting abmyke
hi,
What time frame is best for find trend, if I trade on 5min chart.
the 50MA shows you the trend right off your 5min chart. the slope of the 50MA tells you the strength (trending or flat/ranging market).
"Believe nothing you hear and half of what you see." Proverb
  • #6,523
  • Mar 17, 2009 4:57pm Mar 17, 2009 4:57pm
Quoting fxgrinder
the 50MA shows you the trend right off your 5min chart. the slope of the 50MA tells you the strength (trending or flat/ranging market).
Do you mean SMA? I believe it more commonly used for the above purpose than EMA.
One Chart is Worth Ten Thousand Words.
  • #6,524
  • Edited 5:26pm Mar 17, 2009 5:14pm | Edited 5:26pm
Quoting Forex007
Do you mean SMA? I believe it more commonly used for the above purpose than EMA.
the question was posed within Phillip Nel's 5 Min Intraday Thread (and the title of the post was "5 min trading system") ... so, naturally i assumed the question was in reference to such and not asked to invoke a general discussion about moving averages, etc.

reference: http://www.forexfactory.com/showpost...17&postcount=1 [Phillip Nel included a chart at the bottom of this post showing the 50SMA ...]

his 2nd post [http://www.forexfactory.com/showpost.php?p=173020&postcount=2] references the slope.
"Believe nothing you hear and half of what you see." Proverb
  • #6,525
  • Mar 17, 2009 11:22pm Mar 17, 2009 11:22pm
Quoting abmyke
hi,
What time frame is best for find trend, if I trade on 5min chart.
I trade between 09H00GMT and 18h00GMT if that is what you are asking.

Trend - yes, looking at the angle of the 50MA if you don't have a MT4 platform. I don't use it anymore except if I trade on my mobile phone. Otherwise I use the SMAangle indicator with the 21MA on it (as explained in My Rules on page 1).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,526
  • Mar 18, 2009 2:01am Mar 18, 2009 2:01am
Hi Folks,

This system seems very similar to the floor trader strategy which can be found over at the trading naked website.

Happy piping all
  • #6,527
  • Mar 18, 2009 6:50am Mar 18, 2009 6:50am
Hi all, did some trades again.

#1: EUR/USD
Entry: Long @1.30010
Close: 1.30133
Remarks: Actually this was a counter, long at pivot
Spread: 3.0
Result: +12.3 pips

#2: EUR/USD
Entry: Short @1.30105
Close: 1.30100
Remarks:
Result: +0.5 pips

#3: EUR/USD
Entry: Long @1.29979
Close: 1.30071
Remarks: Counter again, long at pivot
Result: +9.2 pips

#4: EUR/USD
Entry: Short @1.30071
Close: 1.30151
Remarks: Got uncomfortable and closed that with a loss
Result: -8.0 pips

#5: EUR/USD
Entry: Long @1.30147
Close: 1.30553
Remarks: Not following the 5m Phil rules but I had a good feeling about this one, as the pivot acted as a strong support
Result: +40.6 pips

#6: EUR/USD
Entry: Long @1.30372
Close: 1.30377
Remarks: I was somewhat sure that the R1 would be the next target, unfortunately got stopped out at BE
Result: +0.5 pips

#7: EUR/USD
Entry: Long @1.30548
Close: 1.30435
Remarks: Counter... target: the war zone
Result: +11.3 pips

#8: EUR/USD
Entry: Long @1.30446
Close: 1.30398
Remarks: Did not like the price action so I closed it with a loss
Result: -4.8 pips
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  • #6,528
  • Mar 18, 2009 9:37am Mar 18, 2009 9:37am
Quoting Xaron
Hi all, did some trades again.

#1: EUR/USD
Entry: Long @1.30010
Close: 1.30133
Remarks: Actually this was a counter, long at pivot
Spread: 3.0
Result: +12.3 pips

#2: EUR/USD
Entry: Short @1.30105
Close: 1.30100
Remarks:
Result: +0.5 pips

#3: EUR/USD
Entry: Long @1.29979
Close: 1.30071
Remarks: Counter again, long at pivot
Result: +9.2 pips

#4: EUR/USD
Entry: Short @1.30071
Close: 1.30151
Remarks: Got...
wellcome back .
here is my eu trade :
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  • #6,529
  • Mar 18, 2009 10:51am Mar 18, 2009 10:51am
small loss
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  • #6,530
  • Mar 19, 2009 8:33pm Mar 19, 2009 8:33pm
Quoting Golfer
Hi J

I hope it is clear on the chart posted - I will look for another few examples later today and post it.

You will find many situations where there are three consecutive candles with higher lows. What I'm looking for is that pullback into the war zone and then the continuation of the movement upwards (the turnaround and /or the bounce off the 21) should be initiated by the 3 higher lows.

I hope it makes sense
Thank you for your time & effort Golfer, I took this one following your tips, it went a bit against me but seeing DOW dropping gave me confidence to stay in the trade. what do you think??
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  • #6,531
  • Mar 19, 2009 11:46pm Mar 19, 2009 11:46pm
Quoting judith
Thank you for your time & effort Golfer, I took this one following your tips, it went a bit against me but seeing DOW dropping gave me confidence to stay in the trade. what do you think??
Hi J

Always a pleasure.

I am not sure which pair it is but see my comments on your chart. Lately I am just too busy at work to concentrate on the trading. I hope everybody is doing well.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,532
  • Mar 20, 2009 2:55am Mar 20, 2009 2:55am
eu trade ,smaangle was not ok but i get in due to market rythm and bigger TF confirmation
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  • #6,533
  • Mar 20, 2009 3:51am Mar 20, 2009 3:51am
"market should call u for a trade ,dont hurry ,there are always good setups,so just wait for good ones "
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  • #6,534
  • Mar 20, 2009 3:59am Mar 20, 2009 3:59am
Quick trade this morning
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  • #6,535
  • Mar 20, 2009 4:00am Mar 20, 2009 4:00am
BTW ,there are a few hours to our new year begining.happy new year for u and the people who celebrate it
  • #6,536
  • Mar 20, 2009 6:47am Mar 20, 2009 6:47am
A trade for 12 pips on a rounding base coming out of the war zone.
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  • #6,537
  • Edited 9:15am Mar 20, 2009 7:45am | Edited 9:15am
Quoting bshadroo
"market should call u for a trade ,dont hurry ,there are always good setups,so just wait for good ones "
Great example of patience - thanks Bs.

VERY, VERY important with this system otherwise you'll get burned. That is why it is so frustating with this system and the 5min time frame. There are so many setups but only a few are tradeable and profitable - make not mistake and I am just being honest for all the newbies' sake. Nothing to hide - so please be very careful.

Just because this is a scalping method doesn't mean you should have 10 trades a day.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,538
  • Mar 20, 2009 7:47am Mar 20, 2009 7:47am
Quoting phn
Quick trade this morning
Perfect pinbar trade - well done. Once again, that is why I'll take my profit and leave (what they call "hit and run").
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,539
  • Mar 20, 2009 7:54am Mar 20, 2009 7:54am
Quoting mdowd
A trade for 12 pips on a rounding base coming out of the war zone.
I also tried to enter but without success.

And I do believe in "train is leaving the station, don't try and catch it. Wait for the next train". Saved me a lot of tears!!!!
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,540
  • Mar 20, 2009 2:35pm Mar 20, 2009 2:35pm
Quoting Golfer
Great example of patience - thanks Bs.

VERY, VERY important with this system otherwise you'll get burned. That is why it is so frustating with this system and the 5min time frame. There are so many setups but only a few are tradeable and profitable - make not mistake and I am just being honest for all the newbies' sake. Nothing to hide - so please be very careful.

Just because this is a scalping method doesn't mean you should have 10 trades a day.
Hello !
This is my the biggest problem in trading - patience, I tried to don't take not full certain setup, but this is difficulty - especialy when I dont have to much time to watch market.

Today I take one setup on GBPUSD - unfortunately with loss. What is wrong with my analisys ?
Thanks for answer and Have a nice weekend !
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