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  • #1,621
  • Jul 26, 2010 2:50pm Jul 26, 2010 2:50pm
Overall, today was a pretty good day. Took about a billion 5 minute trades. All but 3 were profitable. Setups were a la Phil Nel's "warzone" technique and just taking advantage of the trends when they popped up.
Other than that, the eur/usd long trade is still on the table sitting at a gain of 100. I'll be keeping it out there as the dailies conincided with it. I'll see how it reacts at 1.3075ish and that'll more than likely be where I take profit at for this one.

Have a good one ladies and gents! I'm out till tomorrow morning.
I dream, therefore I become.
  • #1,622
  • Jul 26, 2010 2:56pm Jul 26, 2010 2:56pm
Quoting mike w
Overall, today was a pretty good day. Took about a billion 5 minute trades. All but 3 were profitable. Setups were a la Phil Nel's "warzone" technique and just taking advantage of the trends when they popped up.
Other than that, the eur/usd long trade is still on the table sitting at a gain of 100. I'll be keeping it out there as the dailies conincided with it. I'll see how it reacts at 1.3075ish and that'll more than likely be where I take profit at for this one.

Have a good one ladies and gents! I'm out till tomorrow morning.

Hello Mike,
If it isn't to much trouble could you post a couple of your trades you took today on the 5 min.Thanks man,have a great evening!!
  • #1,623
  • Jul 26, 2010 2:58pm Jul 26, 2010 2:58pm
When you say 6am is that eastern time? Which are your favorite pairs to trade using the 5 min. chart? And at 2pm you start looking at daily or 4 hour charts only? Is that until NY open? Thanks....just trying to think about your daily trading day.....Susan
  • #1,624
  • Jul 26, 2010 3:17pm Jul 26, 2010 3:17pm
Quoting go4pips
When you say 6am is that eastern time? Which are your favorite pairs to trade using the 5 min. chart? And at 2pm you start looking at daily or 4 hour charts only? Is that until NY open? Thanks....just trying to think about your daily trading day.....Susan
Hey Susan, how's it goin?

Yep, I normally start at 6 am and will trade the 5 minute charts until 2 pm eastern. After that, I won't even look at the 5 minute charts as the action just isn't there.

I'm also looking for 1 and 4 hour setups all day long from 6 to whenever IF I have a chance to check them. I have a life though, I promise lol Because of that, I'll occasionally miss the 4 hour setups that come around in the Sydney and Tokyo sessions.
I dream, therefore I become.
  • #1,625
  • Jul 26, 2010 3:18pm Jul 26, 2010 3:18pm
Quoting jlmac27
Hello Mike,
If it isn't to much trouble could you post a couple of your trades you took today on the 5 min.Thanks man,have a great evening!!
Sure thing my man, give me just a sec to get up some of my charts from today on here
I dream, therefore I become.
  • #1,626
  • Jul 26, 2010 3:27pm Jul 26, 2010 3:27pm
The trades that I placed are shown by the red arrows with the white inside. These trades were only taken after a trend was in place (price above or below the 50 depending on which side I was taking on a trade).

Hmm. Is that really any help at all to see these charts? I think tomorrow, I'll document them for ya so that you can see a little better what I look for when entering trades on the 5 minute TF. No matter what, and there are no buts here at all, I am ALWAYS running with the trends on these setups though. I've gone through all the testing that I think is necessary to know that's where the cash is at.
Attached Image(s) (click to enlarge)
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I dream, therefore I become.
  • #1,627
  • Jul 26, 2010 4:11pm Jul 26, 2010 4:11pm
Awesome Mike. I read over RyanMCD and Phillip Nel's 5 minute system a few years back. I don't have much time in my life to keep an eye on the charts to trade the 5 minute range, but maybe I can get a feel for it by reading back over this stuff and learning from your great trading thread.

Thanks for all you share here!

T.J.
  • #1,628
  • Jul 26, 2010 5:02pm Jul 26, 2010 5:02pm
Thanks a lot Mike!,
The charts are very helpful.If you could do that tomorrow that would be cool.Until then,take care and have a good evening!..Josh
  • #1,629
  • Jul 26, 2010 5:53pm Jul 26, 2010 5:53pm
Hey Mike thanks for the insight. My style is very similar to yours and I owe you a big thank you for this thread because it has really helped me in figuring out exactly what I'm trying to do.. hope that makes sense, haha but thank you.

Question on your 5 minute trades, what is your exit strategy for those? I usually just run a hard 4:1 TP (4 times the size of my stop). I'll tend to get to BE when it reaches over 1R profit, fails/ does make new swing, or if its stalling around after 20-30minutes.

Thanks again Mike!
  • #1,630
  • Jul 26, 2010 7:17pm Jul 26, 2010 7:17pm
Quoting unlv_tj
Awesome Mike. I read over RyanMCD and Phillip Nel's 5 minute system a few years back. I don't have much time in my life to keep an eye on the charts to trade the 5 minute range, but maybe I can get a feel for it by reading back over this stuff and learning from your great trading thread.

Thanks for all you share here!

T.J.
How's it goin my man? I hope everything is good for ya T.J.!

It really is worth the read over again in my opinion brother. Even if you don't end up trading the 5 minute charts, the material is still applicable to every other timeframe.

If you do decide to trade the 5s, then it's just money in the bank if you follow a strict plan; on the flipside, If you get flimsy with that plan, it'll bite you hard.

Either way, if you're learning something new every day, you're getting closer to where you want to be every day.

Have a good one brother!
I dream, therefore I become.
  • #1,631
  • Jul 26, 2010 7:19pm Jul 26, 2010 7:19pm
Quoting jlmac27
Thanks a lot Mike!,
The charts are very helpful.If you could do that tomorrow that would be cool.Until then,take care and have a good evening!..Josh
Sure thing my man and I'll make sure to document these trades a bit better just to help out a little bit more. I kinda feel like I slack off a lot, however that's something that I'm changing as I don't like it.

Anywho, have a great night my man and I'll talk to ya tomorrow!
I dream, therefore I become.
  • #1,632
  • Jul 26, 2010 7:29pm Jul 26, 2010 7:29pm
Quoting stoli7188
Hey Mike thanks for the insight. My style is very similar to yours and I owe you a big thank you for this thread because it has really helped me in figuring out exactly what I'm trying to do.. hope that makes sense, haha but thank you.

Question on your 5 minute trades, what is your exit strategy for those? I usually just run a hard 4:1 TP (4 times the size of my stop). I'll tend to get to BE when it reaches over 1R profit, fails/ does make new swing, or if its stalling around after 20-30minutes.

Thanks again Mike!
Sure thing my man, I'm just doing what I do and hoping that it helps out somebody on here so I'm glad to hear that. Our style is almost exact too. I've watched your posts for a long while before we even actually talked on here and noticed that even back then.

For the 5 minute trades, I'm not really running any hard TPs. I know this sounds nuts, because it does sound nuts hah, but I just get a good feel on where to close anymore. Sometimes I'll close for 6 pips and others I'll close in the hundreds due to the surrounding price action on higher timeframes. Today, I closed just about every trade under a gain of 25 and less because the higher TF price action just wasn't there.

Another example though is when I see a 4 hour setup at the 21. When I see that, I'll stack these 5 minute positions when they come up and either get knocked around with BEs all day or bring in some serious cash when they start moving onward 50+ pips.

Have a great night Chris!
I dream, therefore I become.
  • #1,633
  • Jul 26, 2010 9:10pm Jul 26, 2010 9:10pm
Quoting mike w
The trades that I placed are shown by the red arrows with the white inside. These trades were only taken after a trend was in place (price above or below the 50 depending on which side I was taking on a trade).

Hmm. Is that really any help at all to see these charts? I think tomorrow, I'll document them for ya so that you can see a little better what I look for when entering trades on the 5 minute TF....
Looks like some sweet trading as usual Mike. I was wondering how many pairs you look at on the 5min charts? I usually only watch 3 or 4 and I'm thinking I'm missing out on some good trend trades by limiting myself to a couple of pairs. Funny thing is after looking at your charts most of your entries look like places I'd enter, but the question is whether I could make the decisions while the setups are happening.

Also do you have multiple screens or do you just flip through all the charts on one screen? I'm trading off one screen and I find I miss a lot of trades having to flip through the pairs, but I think with better discipline I could trade off only one monitor. Thanks again and have a good night.

trublu
  • #1,634
  • Jul 26, 2010 9:11pm Jul 26, 2010 9:11pm
I echo what has been said recently, in Thank You for this thread Mike! You have transformed my trading as well as my mindset, and even life in the last several months with you advice.

The Richest Man Who Ever Lived is an amazing book. I'm not even that far into it, but I can tell it will resonate with me for a long time and will be one I'll be rereading periodically. Thanks for the suggestion.

Have a great night everyone. Can't wait to do what I love again tomorrow

Josh
  • #1,635
  • Jul 27, 2010 9:15am Jul 27, 2010 9:15am
Quoting Jduester
I echo what has been said recently, in Thank You for this thread Mike! You have transformed my trading as well as my mindset, and even life in the last several months with you advice.

The Richest Man Who Ever Lived is an amazing book. I'm not even that far into it, but I can tell it will resonate with me for a long time and will be one I'll be rereading periodically. Thanks for the suggestion.

Have a great night everyone. Can't wait to do what I love again tomorrow

Josh
Josh, it's nice to see ya back my man! How was the vacation?! I'm glad you like the book too brother, I was sure you would. Have a great week and I'll be in touch!
I dream, therefore I become.
  • #1,636
  • Jul 27, 2010 9:20am Jul 27, 2010 9:20am
I haven't seen much of anything on the 4 hour as yet but the cad/jpy rocked the charts today. The red arrow with the white interior shows the ones that I traded today. Six gains and the last trade was a loss.

It really is simple and I like waiting for the filter of the SMAngle nowadays. I miss some good trades with it, but I miss a ton more bad trades which is A ok with me! It really helps in determining which are trends and which are just retracements, which is something that I used to have a bit of trouble with every now and again. I used to get into trades and have them just bust me 2 to 3 times in a row, sitting there wondering why, and still having to do the same again because it could have very well been a trend.

That's life and it always gives me what I need!
Attached Image (click to enlarge)
Click to Enlarge Name: six and a loss.gif Size: 27 KB
I dream, therefore I become.
  • #1,637
  • Jul 27, 2010 1:43pm Jul 27, 2010 1:43pm
Man I hope I get my nut at 5 o clock. I don't even know why I posted that, it's so far away. lol Oh well, we'll see! Have a good one ladies and gents!
Attached Image (click to enlarge)
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I dream, therefore I become.
  • #1,638
  • Jul 27, 2010 2:42pm Jul 27, 2010 2:42pm
Hey Mike,

Concerning the 4-hour usd/cad pin that you just posted. Suppose that it closes as it is, how would you play it?

1. Would you enter on a break of 5-10 pips?
2. If it retraces, where would you look for an entry, and would you require a lower timeframe PA setup?

Thanks.
  • #1,639
  • Jul 27, 2010 4:05pm Jul 27, 2010 4:05pm
Quoting bparks
Hey Mike,

Concerning the 4-hour usd/cad pin that you just posted. Suppose that it closes as it is, how would you play it?

1. Would you enter on a break of 5-10 pips?
2. If it retraces, where would you look for an entry, and would you require a lower timeframe PA setup?

Thanks.

Hey how's it goin my man? I just entered at 1.0350 and I'll enter again if we get any retracement up towards the 50% fib of the pin. I'll have another order pending at 1.0375.

It just closed perfectly btw. Sorry I didn't get back to ya before the break man, I've been in and out with a couple friends at the house right now.

I won't be watching the 5 minute charts with this one at all either, as I'm kinda preoccupied for the night. Will I miss out on some profit? Probably. I'll be having a great night though, so it's worth it all the way.

Have a good one ladies and gents!
Attached Image (click to enlarge)
Click to Enlarge Name: perfect.gif Size: 23 KB
I dream, therefore I become.
  • #1,640
  • Jul 27, 2010 6:53pm Jul 27, 2010 6:53pm
Thanks for the response Mike. One last question regarding the usd/cad:

If the 4-hour pin closed during London or NY session and you were watching the 5-min:
Would you start looking for 5-min entries immediately?
Or would you wait for a retracement before considering a 5-min entry?
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