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Effective 5M intraday trading

  • #321
  • Jun 18, 2010 8:47am Jun 18, 2010 8:47am
Quoting SunSeeker46
Good luck with your exams -I hope they went well!

Andy
Thank you, Andy!

They did went well, indeed! And now I'm a free man with masters degree, ready to earn some money on forex!

Now my goal is to become better, more eficient and smarter in my trading!

I wish you nice weekend.

see you next week!
  • #322
  • Jun 20, 2010 3:20pm Jun 20, 2010 3:20pm
Quoting Eat_My_Short
There is div on 30M chart(1st pic). If we consider marked area as an upside move, why cant we draw TL like this?

Also on 5M chart (2nd pic) div is formed.
I entered short according to 2B-pattern rules at 1.2403.
Good morning, fellow traders!=)

Closed half of position on friday at +35.
The other half put at BE. But cause of predictable gap my broker closed it as market opened at -27 pips=(

Now price at its highest lvl and great move down is expected.
Wish u all good luck in today's trading.
  • #323
  • Edited 1:12am Jun 21, 2010 12:27am | Edited 1:12am
15M: MACD divergence. Price reached 162% fibo extention of the correction move.
5M: TL is broken. Waiting for retrace to enter short
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  • #324
  • Jun 21, 2010 12:46am Jun 21, 2010 12:46am
TL re-tested. Entered short after IB.
EP 1.2442
SL 1.2462

Have no idea about TP area. Will think about it.... now just watching
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  • #325
  • Jun 21, 2010 2:13am Jun 21, 2010 2:13am
Closed 1/3 of position at +43, cause price reached 61.8% fibo retrace of the upside move and KG support lvl. SL at BE.
Now I am expecting pullback, and may be will add short position if it fits rules.
regards.
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  • #326
  • Jun 21, 2010 3:25am Jun 21, 2010 3:25am
Quoting Eat_My_Short
TL re-tested. Entered short after IB.
EP 1.2442
SL 1.2462

Have no idea about TP area. Will think about it.... now just watching

Do not forget about major TL. 4H shows nice support area, so I expect this TL is gonna be broken, wich means even greater move down.
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  • #327
  • Jun 21, 2010 4:52am Jun 21, 2010 4:52am
Hidden div on Stoch.
Retrace to the 50th and 200th EMAs. Price reached KG support lvl.
Bar closed below 5th EMA.
EP - 1.2399
SL - 1.2419

About TP as usual will think later
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  • #328
  • Jun 21, 2010 5:54am Jun 21, 2010 5:54am
hmm realy good analys ! keep it up mean
  • #329
  • Jun 21, 2010 6:17am Jun 21, 2010 6:17am
Look. We have fake major TL breakout - 1H chart. Price gonna run down after real one.
5M - price's retesting this TL (lower red line on chart).
I consider downtrend as long as TL (higher red line on chart) works as support.
Adding some short positions? - may be....
regards.
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  • #330
  • Jun 21, 2010 6:20am Jun 21, 2010 6:20am
Quoting bbolss
hmm realy good analys ! keep it up mean
Thanks, bbolss=)
Join to the discussion. Thread was made for us, traders, to help each other in everyday trading, to explore and improve this great simple system together.
  • #331
  • Jun 21, 2010 6:23am Jun 21, 2010 6:23am
i have my own thread with realy good scalping system already
but i still have eye on 5min with something similar;p

i must finaly decide in what style im more comfortaible with;p
  • #332
  • Edited 7:10am Jun 21, 2010 6:44am | Edited 7:10am
Shurely wiil check your thread out. Anyway u are always welcome here=)
  • #333
  • Jun 21, 2010 6:45am Jun 21, 2010 6:45am
Hi. traders!

Was busy today so posting only now.

Eat_my_shorts, good analisys indeed, keep it up!

Just wanted to correct you a bit regarding 1H TF: The TL is actually broken (drow it precisely using lows of the bars) and we have setup forming according to the system: Now we have to wait for the fractal and IB and enter short according to the 1H TF.

The pic is attached.

Regards,
snu.
Attached Image (click to enlarge)
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  • #334
  • Jun 21, 2010 6:47am Jun 21, 2010 6:47am
TL re-tested. IB formed. Added short at 1.2375, SL 1.2395.
Expecting deeper move down at the US session.
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  • #335
  • Jun 21, 2010 6:48am Jun 21, 2010 6:48am
Quoting snusnufreak
Hi. traders!

Was busy today so posting only now.

Eat_my_shorts, good analisys indeed, keep it up!

Just wanted to correct you a bit regarding 1H TF: The TL is actually broken (drow it precisely using lows of the bars) and we have setup forming according to the system: Now we have to wait for the fractal and IB and enter short according to the 1H TF.

The pic is attached.

Regards,
snu.
I got it. Now gonna be more careful in drawing TL.
  • #336
  • Jun 21, 2010 7:04am Jun 21, 2010 7:04am
Quoting Eat_My_Short
TL re-tested. IB formed. Added short at 1.2375, SL 1.2395.
Expecting deeper move down at the US session.
SL hit, I was too greedy at all=)
Should closed at least half of total position at 1.2352 as it's strong resist lvl.
But I am still in tread. Will see, what US traders are gonna do.
  • #337
  • Jun 21, 2010 7:12am Jun 21, 2010 7:12am
Quoting Eat_My_Short
SL hit, I was too greedy at all=)
Should closed at least half of total position at 1.2352 as it's strong resist lvl.
But I am still in tread. Will see, what US traders are gonna do.
Break of lower TL - Short
Break of upper TL - Long (IB + fractal prior to that)

But I think its enough for today anyways. Best entries always happen during Frankfurt/London session. US does some weird stuff most of the time.

Regards,
snu
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  • #338
  • Jun 21, 2010 7:38am Jun 21, 2010 7:38am
this is nice ill try this later... the comments are good
  • #339
  • Jun 21, 2010 8:11am Jun 21, 2010 8:11am
Quoting snusnufreak
Break of lower TL - Short
Break of upper TL - Long (IB + fractal prior to that)

But I think its enough for today anyways. Best entries always happen during Frankfurt/London session. US does some weird stuff most of the time.

Regards,
snu
Closed all positions. Now gonna look for re-entry during US session.

BTW - lower TL is broken and re-tested. Anyone gonna short? =P
  • #340
  • Jun 21, 2010 8:29am Jun 21, 2010 8:29am
Here's long setup:

EP, SL, TP per pic.

Regards,
snu.
Attached Image (click to enlarge)
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