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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #6,701
  • Jun 1, 2009 10:49am Jun 1, 2009 10:49am
Hi pipsters.....

I have a question and cant' seem to find the answer. On the colored MACD,
there is a number forming next to the current bar. I don't know what that means or how to use it. Can anyone tell me????

Thanks
  • #6,702
  • Jun 1, 2009 11:10am Jun 1, 2009 11:10am
Quoting hammerhead
Hello Willem, hello all...

Just got stopped out on gbpusd today for 22pips. Attached chart for you to see... I know that I'm not supposed to trade when 21EMA is between -0.1 and 0.1 zone. But look at the relation between price and MA, seems that price pulling back to 50SMA and my TL as well, so I took the risk by short but the price went up and took my S/L! Any opinion Willem? Thank you so much in advance...
PS: Looking at the speed of the market seems pretty fast, wonder if you would get a long entry under this circumstances, if so, would you...
Hi H

My way of looking at the charts. Numbered accoring to an order I'll look at my charts. Only at the 5th step did I look at my indicators.

Nowadays I do find the previous support and resistance levels more significant than the 50MA. And there was clear support previously - would have loved if that support could have changed into resistance (observation #4) but it didn't. May reason for me staying out of that trade.

I was watching the same time and setup being formed on EURO and decided that was not for me. I wanted more clear direction.

I am sure Bs would be able to give more advice on how to use the 1min chart to enter in such fast moving markets. If he is still around.

To summarise:

I know it is difficult but nowadays I tend to pay more attention to price actions and rhythm than indicators. I am just using indicators to confirm my decision. And that is very difficult to explain. Like Phillip told me lately - the 5min is difficult, it should "grow" on you, you need to develop a feel for it.

I hope it make sense.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,703
  • Jun 1, 2009 11:18am Jun 1, 2009 11:18am
Quoting trademeister
Hi pipsters.....

I have a question and cant' seem to find the answer. On the colored MACD,
there is a number forming next to the current bar. I don't know what that means or how to use it. Can anyone tell me????

Thanks
Yes, it was discussed somewhere in this thread.

It is number of pips needed to change the colour of the current bar being formed on the MACD from red to green and visa versa.

On Hammerhead's chart is it -8 = so 8pips are needed to change that current bar (which is currently green) to red.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,704
  • Edited 3:45pm Jun 1, 2009 11:52am | Edited 3:45pm
Hey, been searching all over Forex Factory but didnt find....

In this system, when setting up the EMA's and SMA (which btw took me a bit to understand what where thoose hehe), the "shift" is 0 and the "aply to" must be "Close", right? Or should that be any other like media, open, high, low..... or this should be different when we want to make a Buy operation from when we get a sell operation?

Thx!!

BTW, found something interesting on the SMAangle indicator....
Since the creator didnt leave the source, I have been testing, and I know for sure, he applied a factor of 100 to the EURUSD aganist the EURJPY for example. (The angle it would get on EURUSD is 100 times greater the one it does in EURJPY).

That means, depending on HIS random choosing of factors, and him not telling thoose factors, we are clueless of how to adapt the SMAAngle to other charts, timeframes, or Symbols, coz we depend on the factor he choose.

I have been searching the forums, and that raised a lot of doubts...

Nothing more by the moment.
  • #6,705
  • Jun 1, 2009 6:39pm Jun 1, 2009 6:39pm
Quoting mdowd
12 pips on the church steeple with the three down bars.
same trade for me!
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  • #6,706
  • Jun 1, 2009 9:49pm Jun 1, 2009 9:49pm
Quoting mdowd
12 pips on the church steeple with the three down bars.
Yes, and a nice 3 big brothers' setup trade. Nice trade.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,707
  • Jun 2, 2009 5:42am Jun 2, 2009 5:42am
Another quick 12 pips.
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  • #6,708
  • Jun 2, 2009 7:52am Jun 2, 2009 7:52am
Again, open and closed on the same candle. There was a TC I missed on the 4 hr method (by 10 min which was quite aggrevating considering I hit the snooze 2 times instead of 1) I felt that the price was going to go up to the top trend line on the 4 hr. In order to get in on the trade, I was looking for a TC on the 5 min. Since it was such a fast trend, I wanted the TC to be off of the 10 MA. I was good for a very quick 35 pips.
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  • #6,709
  • Jun 2, 2009 8:40am Jun 2, 2009 8:40am
Golfer,
Just read your reply. Thank you so much for taking time to explain
this number.
happy trading.

trademeister
  • #6,710
  • Jun 2, 2009 12:25pm Jun 2, 2009 12:25pm
Quoting Morelands
Again, open and closed on the same candle. There was a TC I missed on the 4 hr method (by 10 min which was quite aggrevating considering I hit the snooze 2 times instead of 1) I felt that the price was going to go up to the top trend line on the 4 hr. In order to get in on the trade, I was looking for a TC on the 5 min. Since it was such a fast trend, I wanted the TC to be off of the 10 MA. I was good for a very quick 35 pips.
Yes, a nice smooth rounding with a TC. And it was a fast moving market, great trade off the 10MA.

Very nice one!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,711
  • Jun 3, 2009 7:58am Jun 3, 2009 7:58am
gu trade
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  • #6,712
  • Jun 3, 2009 10:51am Jun 3, 2009 10:51am
Quoting bshadroo
gu trade
Hi bshadroo, nice trade you've got there... Congrats... I'm still learning... hope that Willem and you can still keep posting... Keep up the good work...
  • #6,713
  • Jun 3, 2009 8:58pm Jun 3, 2009 8:58pm
I'm a newcomer on this thread, I'm reading the manual posted in the first page. But I'm confusing about how to define signals correctly? such as 2-candle entry setup/Spreading out of Moving Averages/SID MOV, etc. Thank you
  • #6,714
  • Jun 4, 2009 12:58am Jun 4, 2009 12:58am
Quoting yuyudada
I'm a newcomer on this thread, I'm reading the manual posted in the first page. But I'm confusing about how to define signals correctly? such as 2-candle entry setup/Spreading out of Moving Averages/SID MOV, etc. Thank you
Hi Y

Sorry but the links to all the necessary documents/posts are posted on the first page of this thread. I don't think I can make it more clearer. If still not clear, somebody else must please help.

There are just many aspects to address - my suggestion is:

"Make sure you understand the basic principles of the system first and forget about the signals for a while."

The signals are very individual and each trader will develop his/her own style. Don't try and be a "copycat" - develop you own style.

All can can advise to do, is to start with demo trading and post your trades with the necessary explanations and we'll look if you are on the right track and will assist you.

I hope it helps you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,715
  • Jun 4, 2009 7:19am Jun 4, 2009 7:19am
Took the trade at the down arrow. Reasons for the trade:
1) On the 4 hr chart, price went below the 21 so I expected it to go back to it and then contin on to the support channel and or 89 MA
2) at the arrow, price previously broke support and now is acting as resistance
3) at the arrow, the 10 MA was providing support
Profit was taken at 14 pips (50%), 45 pips (25%), 85 pips (25%). Price did not quite make the supporting trend line on the 4 hrs, but the price moved so quickly, I wanted to take my $ and run and not worry over a few pips
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  • #6,716
  • Jun 5, 2009 8:53pm Jun 5, 2009 8:53pm
Hi Golfer & anyone,

I havn't been here for so long ( about 9 months) Still 5mins & 4 hrs systems are stll strong and so sad Phillip Nel is not here anymore but he have to move to better step for for his future - Congratulation to him.

I've had to refresh myself in page one. what are your guys stop loss level for EU & GU? bcoz in page 1 rule is 6 pips plus spread but in intra trading plan by Golfer post 2359 SL for EU 20 pips & Gu 25 pips.

Thanks,

Pete
  • #6,717
  • Jun 6, 2009 9:10am Jun 6, 2009 9:10am
My sl varies from trade to trade. I put it in a place where my thought process must be wrong if it hits my sl...if I think the 10 MA is providing support, I'll put it closer to the 21. If a trendline is providing support... I'll put my sl on the other side. I generally put my 1st profit target 12 pips away and set the rest to BE, but I am constantly monitoring my second (or 3rd) half of the trade to watch the price action and move my sl accordingly. Depending on where the market is I may only have 1 take profit area. Most importantly try to keep your R:R close to 1 to 1. Go through golfer's different set ups... triangles, churches, etc. I also find it VERY helpful to know where I am on larger time frames and try to figure out where the market is going or where price may stall out. I hope some of this helped
Raymond
Quoting pete.alfa
Hi Golfer & anyone,

I havn't been here for so long ( about 9 months) Still 5mins & 4 hrs systems are stll strong and so sad Phillip Nel is not here anymore but he have to move to better step for for his future - Congratulation to him.

I've had to refresh myself in page one. what are your guys stop loss level for EU & GU? bcoz in page 1 rule is 6 pips plus spread but in intra trading plan by Golfer post 2359 SL for EU 20 pips & Gu 25 pips.

Thanks,

Pete
  • #6,718
  • Jun 6, 2009 8:06pm Jun 6, 2009 8:06pm
Quoting Morelands
My sl varies from trade to trade. I put it in a place where my thought process must be wrong if it hits my sl...if I think the 10 MA is providing support, I'll put it closer to the 21. If a trendline is providing support... I'll put my sl on the other side. I generally put my 1st profit target 12 pips away and set the rest to BE, but I am constantly monitoring my second (or 3rd) half of the trade to watch the price action and move my sl accordingly. Depending on where the market is I may only have 1 take profit area. Most importantly try to keep...
Thank you Raymond you are making my day
Hope you are making lots lots lots of pip

pete
  • #6,719
  • Jun 6, 2009 8:47pm Jun 6, 2009 8:47pm
Quoting Morelands
My sl varies from trade to trade. I put it in a place where my thought process must be wrong if it hits my sl...if I think the 10 MA is providing support, I'll put it closer to the 21. If a trendline is providing support... I'll put my sl on the other side. I generally put my 1st profit target 12 pips away and set the rest to BE, but I am constantly monitoring my second (or 3rd) half of the trade to watch the price action and move my sl accordingly. Depending on where the market is I may only have 1 take profit area. Most importantly try to keep...
Thank you Raymond you are making my day
Hope you are making lots lots lots of pip

pete
  • #6,720
  • Jun 7, 2009 1:00pm Jun 7, 2009 1:00pm
Quoting pete.alfa
Hi Golfer & anyone,

I havn't been here for so long ( about 9 months) Still 5mins & 4 hrs systems are stll strong and so sad Phillip Nel is not here anymore but he have to move to better step for for his future - Congratulation to him.

I've had to refresh myself in page one. what are your guys stop loss level for EU & GU? bcoz in page 1 rule is 6 pips plus spread but in intra trading plan by Golfer post 2359 SL for EU 20 pips & Gu 25 pips.

Thanks,

Pete

Hi Pete

I do agree with you (re: Phillip) and with Raymond (setting SL)

I started with the recommended 10pips SL but then I saw the SL was triggered so often, just to see the price continue afterwards in your direction. So I decided to increase my SL.

Nowadays I do look at my price actions and support/resistance levels and put my SL where I think the price won't reach. Like they say, give a trade a bit of breathing space. But not too much. So, I'll take each trade on merit and I won't have a fixed SL/TP.

I hope it helps - that is how I adapted the original systm from Phillip. The basic rules are still in place.

Enjoy the trading and please feel free to still ask questions. I'll still be here to answer it - if I can. Otherwise the other members will also assist.
Willem Forex recipe for success = Patience, discipline & hard work.
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