5Min Intraday System | Page 46 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex intraday using the 5min chart: EURUSD 108 replies

The Force 5min system 3,806 replies

Intraday Pound Trades on 5min chart [GBPUSD] 36 replies

5min Bollinger breakout system 42 replies

Attachments: 5Min Intraday System
Exit Attachments

5Min Intraday System

  • #901
  • Apr 10, 2007 2:07pm Apr 10, 2007 2:07pm
Quoting SimonK
Thanks for the info Willem. I guess I need to apply a bit more discretionary thinking before I use this method.
Hi SimonK

No, I don't think there was anything wrong with that set-up. Just one of those trades turning wrong. Practice and try again.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #902
  • Edited 6:44pm Apr 10, 2007 6:27pm | Edited 6:44pm
today's asian session opportunity taken
Attached Image
  • #903
  • Apr 10, 2007 6:38pm Apr 10, 2007 6:38pm
Quoting blanca
anyone trading the system today?

my results,

gbpusd, +10
gbpjpy +10,+15,+15,+22,-12,+25
usdjpy +10 -12
eurjpy +11 +12 ,-14


total pips today +92.
Looking at the +22 & +25 pip trades tells me your not setting a TP maybe? If not, what sort of exit strategy are you using if you don't mine saying? I'm new to the 5min method but it's working quite well for me so far. Would love to let some of them run a little more if possible without too much risk.

Pip Hunter!
PipHunter
  • #904
  • Apr 10, 2007 8:02pm Apr 10, 2007 8:02pm
Quoting Golfer
Hi Silver/K78

Tx, I agree with kunz78 - just my own rule. I don't really use the green dot to trade. I just use it to "call me to the screen/get my attention" because I don't sit and watch the screen all the time. Then I do apply my own rules/finer details and look for the trade.

The green dots/alarm is an excellent tool/wake-up call to use in this 5 min strategy.

Hope it help

Willem
I would like to also ask you, do you always set a TP target or do you at times let it run to see what pips will be forthcoming?

Also, do you not do any trading with the jpy pairs in the asian session?

And lastly, when talking about trading the first two setups. As far as I've seen, there can be multiple setups in a trending price movement. So only trade twice in that trending movement? Or do you suggest trading only two trending movements with as many entries as it may give in the London & New York trade times? I hope I haven't been too confusing.

Thanks a ton!

Pip Hunter
PipHunter
  • #905
  • Apr 10, 2007 8:14pm Apr 10, 2007 8:14pm
I'm very new to fx & have read this thread. Great thnx to all for your contribution. I'm retiring soon & would love to do a lot of trading (I'm addicted).

The prob. is that I'm in 'diapers' compared to all of your computer knowledge.
When I click on either of the above indicators, a dialog box appears saying, "Windows cannot find http:/go.microsoft.com/fwlink....."

Would anyone spend time helping me, in kindergarten language, on how to access these indicators? Or should I get some computer trng locally?

Thx in advance---------Sid
  • #906
  • Edited 9:01pm Apr 10, 2007 8:38pm | Edited 9:01pm
Looking now at G/J for a drop in price to the 21EMA, there should be a nice signal there for a Long, anyone else following that pair?

There has been a signal at the 10EMA, but looking for the 21 for a better entry, and to see if it will hold support.


8:45 pm California Time (updated time)

(GBP/USD holding strong support at the 21 EMA)
have several signals for a Long, but holding out for possible further down movement)
1.9751 is a 38.2% Fibo level, could bounce up from that area - 6 pips from now.

Ken

Update: I have had two Nell signals on G/J, the past two 5Min Candles, no entry yet.
  • #907
  • Apr 10, 2007 9:15pm Apr 10, 2007 9:15pm
I'm also looking at this pair. It's fitting the 5min profile if it come inbetween the 10/21 ema, but I'm seeing a few conflicting things like on the 5min chart it has formed a AB=CD, which mean it could go down for a bit more then the 21ema. The 38.2 fibo is at 235.08 area, plus the pair has double topped at 235.32. All this could mean nothing just because this pair is in such a bull sentiment it could blow through the D.T.. .............Will see.
Attached Image (click to enlarge)
Click to Enlarge Name: apr 10 pj.jpg Size: 88 KB
"Trading is a Journey, not a Destination"
  • #908
  • Apr 10, 2007 10:05pm Apr 10, 2007 10:05pm
I had my eye on an entry Long for G/J with Nell signal, there was a 10 pip drawdown, but a nice 20-25 pip gain if you had taken the move.
  • #909
  • Apr 10, 2007 10:55pm Apr 10, 2007 10:55pm
Quoting Pip Hunter
I would like to also ask you, do you always set a TP target or do you at times let it run to see what pips will be forthcoming?

Personally I do set a TP with each trade. I do know Phillip sometimes lets a trade run. I haven't come accross one (strong trend) yet.

Also, do you not do any trading with the jpy pairs in the asian session?

No because I am in South Africa (GMT + 2h) - in the middle of our night. The only reason. I like to start trading @ 07H00GMT if I do have the time (i do have a full time job). I trade mainly from 14:00GMT

And lastly, when talking about trading the first two setups. As far as I've seen, there can be multiple setups in a trending price movement.

Correct but it become risky when you start pushing a trade (after the second set-up in a trend). But just look at the eurjpy pair - sometimes up to 5 set-ups per trend.

So only trade twice in that trending movement?

Yes but sometimes I do push a trade or two - like yesterday.

Or do you suggest trading only two trending movements with as many entries as it may give in the London & New York trade times?

No, you need to take each trend as a new begining. But the be careful if there are two or more trends in a session

I hope I haven't been too confusing.

Not at all - just sharing ideas. Your opinion is as good a mine. That is the purpose of this thread - to share ideas and not to be copy-cat

Thanks a ton!

Pip Hunter
My pleasure.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #910
  • Apr 10, 2007 11:01pm Apr 10, 2007 11:01pm
Quoting Ishak
today's asian session opportunity taken
Hi Ishak

Great trade - catching what seems to be the first set-up in the trend.

Just one question - don't you use the SMAangle with the 21MA indicator as filter?
Willem Forex recipe for success = Patience, discipline & hard work.
  • #911
  • Apr 11, 2007 12:29am Apr 11, 2007 12:29am
hi, good morning

about the take profit, i usually take 10 pips but sometimes in currencies like eurjpy and gbpjpy the move is fast and bigger, so i take more, if i can, if not then 10 is fine, today only 2 trades long in gbpjpy and one long in eurjpy

+15 +15 and +8
  • #912
  • Apr 11, 2007 1:51am Apr 11, 2007 1:51am
Quoting blanca
hi, good morning

about the take profit, i usually take 10 pips but sometimes in currencies like eurjpy and gbpjpy the move is fast and bigger, so i take more, if i can, if not then 10 is fine, today only 2 trades long in gbpjpy and one long in eurjpy

+15 +15 and +8
Hi B

Great trades - could you please post your trade on the EURJPY because I also had a long on that pair? Mine was a break-even. I'll post mine with comments later today. I do like to analise all my trades and diarise them - even the positive ones.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #913
  • Edited 6:36am Apr 11, 2007 6:15am | Edited 6:36am
hi,

here is the eurjpy, took a long at 160.03 for +8 pips , made another trade
short cable at 1.9769 for +10 pips. Sorry for the bad picture, let me tell u the hour of entry 9:15 metatrader time.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 38 KB
  • #914
  • Apr 11, 2007 7:53am Apr 11, 2007 7:53am
Attached is my only trade of the day - EURJPY @ 06:16. Move SL to break-even after 6 pips profit. Price move to 10 pips profit but I didn't put a TP in.

Too bad because I thought I would try and take 15 pips - didn't work. Always a lession to learn from each trade.

One thing I've notice is how this pair tends to stay within trendlines (look at this chart) - a new thing I want to look at.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy 20070411 1.jpg Size: 68 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #915
  • Apr 11, 2007 7:54am Apr 11, 2007 7:54am
Quoting blanca
hi,

here is the eurjpy, took a long at 160.03 for +8 pips , made another trade
short cable at 1.9769 for +10 pips. Sorry for the bad picture, let me tell u the hour of entry 9:15 metatrader time.
Hi Blanca

Tx, it seems to be not the same trade as mine (mine was @ 06:16GMT).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #916
  • Apr 11, 2007 8:13am Apr 11, 2007 8:13am
it`s exactly the same trade, only that we have different hours in metatrader but it`s the same entry also, early one i took, that`s why i could only take 8 pips, right now i am long again eurjpy 160.34, still there, lets hope i can get at least 8 to 10 pips, seems its getting very slow, waiting for the fomc meeting.
  • #917
  • Apr 11, 2007 8:35am Apr 11, 2007 8:35am
Quoting Golfer
Hi Ishak

Great trade - catching what seems to be the first set-up in the trend.

Just one question - don't you use the SMAangle with the 21MA indicator as filter?
Hey Golfer,
First, Thank you for your posts and helping other members. This is a great thread. Could not reply sooner since I am in New York time zone and trading NY and Tokyo sessions mostly.

I haven't got around setting up the sma filter yet.

A) Beacuase I place trades with Oanda. (But I do look at MT4 charts on a demo account and find it easier to post charts and pics from MT4)

B) Filters are good but more important is to understand the concept of catching pullbacks in short term trends and develop an eye for them.

This is what short term swing trading is all about. Linda Raschke wrote some great articles on the subject.

Goodluck and enjoy your trading.
Ishak
  • #918
  • Apr 11, 2007 8:49am Apr 11, 2007 8:49am
Quoting Ishak
Hey Golfer,
First, Thank you for your posts and helping other members. This is a great thread. Could not reply sooner since I am in New York time zone and trading NY and Tokyo sessions mostly.

I haven't got around setting up the sma filter yet.

A) Beacuase I place trades with Oanda. (But I do look at MT4 charts on a demo account and find it easier to post charts and pics from MT4)

B) Filters are good but more important is to understand the concept of catching pullbacks in short term trends and develop an eye for them.

This is what short term swing trading is all about. Linda Raschke wrote some great articles on the subject.

Goodluck and enjoy your trading.
Ishak
Hi Ishak

Tx for your reply - very interesting. Tx for your charts - very helpful so see others viewpoint & entries/exits.

This is exactly what I am doing - trying to get the feel (and eye) for the pullbacks.

Enjoy and let the pips flow
Willem Forex recipe for success = Patience, discipline & hard work.
  • #919
  • Apr 11, 2007 9:55am Apr 11, 2007 9:55am
Quoting blanca
it`s exactly the same trade, only that we have different hours in metatrader but it`s the same entry also, early one i took, that`s why i could only take 8 pips, right now i am long again eurjpy 160.34, still there, lets hope i can get at least 8 to 10 pips, seems its getting very slow, waiting for the fomc meeting.
Hi B

Tx for the info - now I do feel better about my trade. Good luck with this one.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #920
  • Apr 11, 2007 11:41am Apr 11, 2007 11:41am
Attached a quick trade on cable - consider first pullback to 10MA if 21MA has crossed the 0.1/-0.1 line.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpu$ 20070411 news 1min.jpg Size: 55 KB
Willem Forex recipe for success = Patience, discipline & hard work.
1 trader viewing now