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  • #1,601
  • Jul 21, 2010 4:34am Jul 21, 2010 4:34am
Look at that buddy, retracement to 50 fib which coincides with last months high and boom.

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  • #1,602
  • Jul 21, 2010 10:22am Jul 21, 2010 10:22am
Quoting stevo58
Look at that buddy, retracement to 50 fib which coincides with last months high and boom.

Attachment

That's a damn nice setup, although I don't see how it's really tradable. Did you put a touch trade on it? That's tight work if so brother!

I got nothing today on the 4 hour charts so I'm just running the 5 minute setups all day. So far, I'm sitting on a gain of around 85 pips from a few different pairs. I've been spankin the usd/cad all day and now the eur/jpy just gave me a setup as well.

What's been up my man?
I dream, therefore I become.
  • #1,603
  • Jul 21, 2010 10:52am Jul 21, 2010 10:52am
Mike,
Thanks for all the good info you provide here in your journal!
Can you post a few of these 5-min setups so we can see what you look for?
  • #1,604
  • Edited 11:32am Jul 21, 2010 11:20am | Edited 11:32am
Quoting bparks
Mike,
Thanks for all the good info you provide here in your journal!
Can you post a few of these 5-min setups so we can see what you look for?
What's happenin my man? I'm in the gbp/usd right now and already closed out the trades on the usd/cad. It's really just as simple as waiting until momentum starts to build up and then taking advantage of it when we start to get a trend.

P.S. the gbp/usd just turned into my loss for the day. Gotta have em I guess lol
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I dream, therefore I become.
  • #1,605
  • Jul 21, 2010 12:27pm Jul 21, 2010 12:27pm
Thanks for the charts Mike.

1. 5-min trend
2. Pullback to 21-ema
3. Enter on break of price action at 21-ema

Is that basically how it works?
  • #1,606
  • Jul 21, 2010 12:51pm Jul 21, 2010 12:51pm
Quoting bparks
Thanks for the charts Mike.

1. 5-min trend
2. Pullback to 21-ema
3. Enter on break of price action at 21-ema

Is that basically how it works?
For the most part, yeah. That is the most conservative way to trade it and with that in mind, the easiest. I sometimes will trade on touches, but that's not necessary to make money.

Check out Phil Nel's 5 minute thread http://www.forexfactory.com/showthread.php?t=11854 and also Jankone's thread http://www.forexfactory.com/showthread.php?t=163972 for a better understanding of the 5 minute setups.

In Phil's thread, it turns into a lot of jibber jabber really quick so just concentrate on his posts and also a guy named Golfer's posts. Those are really the only two you want to read as everyone else is pretty much just asking questions and looking for the "free ride".

Also make sure to note Phil's use of the 50 sma as that will keep you out of a lot of junk trades if you decide to test it and then trade it.

Jankone's thread is golden. Make sure to read up the posts of a dude named Ryanmcd as well. He's been trading the 5 minute charts since eternity and knows his stuff up and down. A lot of his posts are based around the 4 hour timeframe, but they pertain to the 5 minute just the same.
I dream, therefore I become.
  • #1,607
  • Jul 21, 2010 4:48pm Jul 21, 2010 4:48pm
Quoting mike w
That's a damn nice setup, although I don't see how it's really tradable. Did you put a touch trade on it? That's tight work if so brother!

I got nothing today on the 4 hour charts so I'm just running the 5 minute setups all day. So far, I'm sitting on a gain of around 85 pips from a few different pairs. I've been spankin the usd/cad all day and now the eur/jpy just gave me a setup as well.

What's been up my man?
No mate, had the fib drawn in and noticed that it coincided with last months high. A lot of pins retrace 50%/61.8% so was waiting for some PA on the lower tfs. By the time I got back from work, the setup was done, agree that its impossible to trade but captured my thought process in ultra fast forward. I try to keep it simple and focus on just the one type of setup, no PA with trend and generally no trade for me.

I am short AUDJPY which is close to coming home and closed out NZDUSD for around 1R profit last night. It has been a grind this week though, I don't really venture down to the 5/15 min TFs but I saw some good with trend setups on EURJPY last night (ryanmcd/jankone style).

Hope all is good.
  • #1,608
  • Jul 22, 2010 8:52am Jul 22, 2010 8:52am
I'm waiting for today's close on the chf/jpy. Yesterday, we saw an I4b and today may close as a BUOVB. These are primetime setups and I'll trade em any day.

Until then, I'm just running the 5 minute charts.
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I dream, therefore I become.
  • #1,609
  • Edited 12:00pm Jul 22, 2010 11:38am | Edited 12:00pm
Mike, thanks for the reply on the 5-min methods. I am checking out those two threads.

Regarding the daily IB4 on chf/jpy, are you looking for today to Close above yesterday's HIGH for validation?
  • #1,610
  • Jul 22, 2010 12:23pm Jul 22, 2010 12:23pm
Quoting bparks
Mike, thanks for the reply on the 5-min methods. I am checking out those two threads.

Regarding the daily IB4 on chf/jpy, are you looking for today to Close above yesterday's HIGH for validation?
Yes sir! After that happens (IF that happens), I'd like to see a pullback for a clean entry point.

On another note, today has been a great day for trading the 5 minute charts. 6 gains and a loss. 100+ pip day.

I doubt I'm going to keep posting about these however as there isn't really any reason to? It's all just experience with it. When I post about the 4 hour charts, they are still in play for the most part and so it makes sense to.
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I dream, therefore I become.
  • #1,611
  • Jul 22, 2010 7:26pm Jul 22, 2010 7:26pm
Quoting mike w
Yes sir! After that happens (IF that happens), I'd like to see a pullback for a clean entry point.

On another note, today has been a great day for trading the 5 minute charts. 6 gains and a loss. 100+ pip day.

I doubt I'm going to keep posting about these however as there isn't really any reason to? It's all just experience with it. When I post about the 4 hour charts, they are still in play for the most part and so it makes sense to.
Great trades Mike!,
You make it look so easy.Every time I pull up a 5 min. chart I usually see a sloppy consolidation,maybe it is the time of day that I am looking at charts...from 5:00-9:00 pm central time.Damn day job keeps getting in the way,lol!Have a good evening Mike!...Josh
  • #1,612
  • Jul 23, 2010 6:01am Jul 23, 2010 6:01am
Quoting mike w
Yo Ghous, what's up my man?! Life's good brother! I'm just waiting on a few friends to get here before we go kayaking for the rest of the day. What's new my man?? Are you still working with the 4 hour charts?
Sorry for the late reply bud,

yeah I am still working on my EMA system around the 4H charts. Working around 5 entry methods that are doing extremely well.

Wow, I've got to drop in here more often.

g.
I believe . . .
  • #1,613
  • Jul 23, 2010 1:51pm Jul 23, 2010 1:51pm
Just one 4 hour trade here today on the eur/usd. I'm positive that this one will be carried on into next week.

Other than that, I've just been getting in and out of 5 minute trades all day. Pretty slow day after around 10 am really.

PS, that's not a normal chart of mine, I'm doing some testing with Phil Nel's material...which is pretty much exactly the same thing that I've been doing for a long time. It's funny how that goes really. All roads lead back to the same spot.
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I dream, therefore I become.
  • #1,614
  • Jul 23, 2010 6:01pm Jul 23, 2010 6:01pm
Hey Mike,

excellent charts, posts, and thread for that matter. I very much like your style and like to trade a similar way to you. If you wouldn't mind could you please share how you go about your trading day, ie what time/ how often you're checking the charts. When you say you've been in and out of the 5min all day do you sit there and check the charts every 5min? or would you check a higher tf, see something, then start watching each 5min? I'm adjusting my strategy/ overall plan around a bit to more higher time frame focused and was curious as to how you go about it. Thanks Mike, I appreciate it!

Take care,

Chris
  • #1,615
  • Jul 25, 2010 11:14pm Jul 25, 2010 11:14pm
Alrighty, a little update for tonight- the eur/usd trades are still on and I've set up a usd/cad trade short before I left for my hockey game tonight. It was opened at 1.0373 due to the 4 hour action from friday.

As for the hockey game, damn do I feel great. lol 4 assists and a hat trick. We won 8 to 3. That was the best I've felt in a game for a loonnnggg time, just in the zone and lovin it. I don't think there is anything quite like rushing past 3 people, pulling moves, getting hit, still moving forward and sinking it straight to the net. It's just like there is nothing like a KO in a boxing match, it just gives you this sense of "there". I can't even explain it. Have a great night ladies and gents!
I dream, therefore I become.
  • #1,616
  • Edited 8:47am Jul 26, 2010 8:30am | Edited 8:47am
Wow, I've already taken seven 5 minute trades today. It's looking to be a great day! So far the trades are sitting at 6 gains and 1 loss and I think there will soon be more on the way. How easy is it really? Pretty damn easy if you follow the setups presented in Jankone's and Phil Nell's threads. All day, every day!

Other than those, the euro long and usd/cad short are moving right along and I've been adding onto the usd/cad at good locations based on the 5 minute charts.

BTW, I'm sticking with the white charts that Golfer posted up as a template in the 5 minute thread. They are the same exact thing that I've always used, just cleaner and easier on the eyes. I'll be keeping my other 4 hour charts with Vegas though, for the exit points.
I dream, therefore I become.
  • #1,617
  • Jul 26, 2010 8:36am Jul 26, 2010 8:36am
Quoting stoli7188
Hey Mike,

excellent charts, posts, and thread for that matter. I very much like your style and like to trade a similar way to you. If you wouldn't mind could you please share how you go about your trading day, ie what time/ how often you're checking the charts. When you say you've been in and out of the 5min all day do you sit there and check the charts every 5min? or would you check a higher tf, see something, then start watching each 5min? I'm adjusting my strategy/ overall plan around a bit to more higher time frame focused and was curious...
Hey Chris, what's happenin brother? I'm normally trading at around 6 am and stick around until around 2 and then I'll check the 4 hour charts and dailies after that point. I do check the charts pretty much every 5 minutes, although I do like to wait for a higher TF setup and then enter when the lower TF coincides.

If you're looking to set up on the higher timeframes, it is honestly the exact same thing as with the 5 minute charts. Price action at the 21 and you have a trade. The 4 hour timeframe, IMO, is really precise in trades as well. For instance, out of my past 50 trades just on g/u, only 8 were losses. It just takes a bit more patience and getting used to being in trades longer, which can create a lot of anxiety until you get used to it.
I dream, therefore I become.
  • #1,618
  • Jul 26, 2010 9:17am Jul 26, 2010 9:17am
Quoting mike w
Alrighty, a little update for tonight- the eur/usd trades are still on and I've set up a usd/cad trade short before I left for my hockey game tonight. It was opened at 1.0373 due to the 4 hour action from friday.
The usd/cad trade just reached it's take profit point at 1.0310. 63 pips total for that setup.
I dream, therefore I become.
  • #1,619
  • Jul 26, 2010 10:35am Jul 26, 2010 10:35am
Quoting mike w
The usd/cad trade just reached it's take profit point at 1.0310. 63 pips total for that setup.
Hey Mike,Can I ask how you determined your tp?Did you just look at S&R?Thanks,..Josh
  • #1,620
  • Jul 26, 2010 11:25am Jul 26, 2010 11:25am
Quoting jlmac27
Hey Mike,Can I ask how you determined your tp?Did you just look at S&R?Thanks,..Josh
Sure thing my man, that's my T/P area a la Vegas. For the most part, I'll just set my T/Ps at these first zones as I know the consistency of price to reach that area compared to the next and so on.

It's kind of funny how these turn out too. Look to the left of that chart and notice where the T/P was. Even if I didn't use Vegas template, I still would have set my T/P to that level.
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I dream, therefore I become.
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