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5Min Intraday System

  • #7,061
  • Jul 28, 2010 12:39am Jul 28, 2010 12:39am
I didn't like the setups yesteday - no trades for me.

Comments on your chart but my entry would have been withing a triangle that is being formed (I hope you can see it).

See how I draw my small intra-day trendline - I do try and start from a swing high or low and not on the middle of a up or down move.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,062
  • Jul 28, 2010 12:42am Jul 28, 2010 12:42am
Sorry but your chart is too small to read but this is what I saw.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,063
  • Jul 28, 2010 12:44am Jul 28, 2010 12:44am
The same for this chart - I was only able to draw my significant levels
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,064
  • Jul 29, 2010 6:11am Jul 29, 2010 6:11am
Is this the proper drawing of the short trend line with the trade candle marked x?
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  • #7,065
  • Jul 29, 2010 6:56am Jul 29, 2010 6:56am
Hi Golfer,

Thank you so much for educating us. I think that my main problem is that I am not patient enough. I could not bear not to trade for a day. I always try to find a setup. As I work during the day and can only trade between GMT 19:00 to 23:00, I always try to imagine the setups. I believe that I am trading what thought, not what I see at the moment. My trading account is down 20% so far this month. Need to be patient.

Please keep posting your future setups if you don't mind.

Cheers
  • #7,066
  • Jul 29, 2010 7:15am Jul 29, 2010 7:15am
Hi Golfer,

Don't know if this is a valid 3 litter sister set up. I didn't take, too scared!
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  • #7,067
  • Jul 29, 2010 11:45am Jul 29, 2010 11:45am
Quoting dforant1
Is this the proper drawing of the short trend line with the trade candle marked x?
I think B is the right draw. Is it?
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  • #7,068
  • Jul 29, 2010 12:17pm Jul 29, 2010 12:17pm
Quoting dforant1
Is this the proper drawing of the short trend line with the trade candle marked x?
Hi Df

Not really - what you are showing meit that your higher highs stayed in place. I cannot draw on your chart because I cannot see your swing low - therefore my charts.

See my charts how I draw my 1st and 2nd (once the 1st line is broken) small intraday trendline:

1. I try to start my line at a swing low/high for that day on the 5min chart.

2. Then I connect that swing low/high with the first pullback and so on.

3. I don't start drawing lines in middle of the trend (like you've have done)

Please feel free to post charts and I'll try and comment.

All members:

However, I am not going to comment on any other indicator, so please don't even ask.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,069
  • Jul 29, 2010 12:25pm Jul 29, 2010 12:25pm
Here is another example of drawing small intra-day trendlines
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,070
  • Jul 29, 2010 12:29pm Jul 29, 2010 12:29pm
Quoting Fafa
Hi Golfer,

Don't know if this is a valid 3 litter sister set up. I didn't take, too scared!
Hi F

Yes, perfect. But the 50MA was not yet in line.

But I would have taken it - I do have conficence in the 3 little sisters, so confident that sometimes I'll ignore the 50MA. Like I said, I do concentrate on price action like the 3 little sisters and not on the indicators.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,071
  • Jul 29, 2010 12:30pm Jul 29, 2010 12:30pm
Quoting dforant1
I think B is the right draw. Is it?
Yes, "B" is the correct small intra-day trendline
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,072
  • Jul 29, 2010 2:16pm Jul 29, 2010 2:16pm
Quoting Golfer
Hi F



I do have conficence in the 3 little sisters, so confident that sometimes I'll ignore the 50MA. Like I said, I do concentrate on price action like the 3 little sisters and not on the indicators.
I checked out the system description pages and posts (and separate materials) and found only several un-detailed mentions of the 3 little sisters. Could someone please provide more or less detailed description of the principle - I think I get the idea but would like to know more - the basic description at least.
Thank you!
  • #7,073
  • Jul 29, 2010 3:33pm Jul 29, 2010 3:33pm
Quoting Fafa
Hi Golfer,

Thank you so much for educating us. I think that my main problem is that I am not patient enough. I could not bear not to trade for a day. I always try to find a setup. As I work during the day and can only trade between GMT 19:00 to 23:00, I always try to imagine the setups. I believe that I am trading what thought, not what I see at the moment. My trading account is down 20% so far this month. Need to be patient.

Please keep posting your future setups if you don't mind.

Cheers
Hi F

Yes, like I said (too) many time before - there are a lot of false setups that resulted in losses. Especially in range bound market conditions or very volatile market condtions. If you are not careful, you'll get burned. Like myself - burned about 3-4 mini accounts before I realise it is all about discipline, patience and hard work.

Once again:

Don't look for trades - you will ALWAYS find one and those are the high risk setups.

Let the setup calls/begs you - that one is the high probability setups. With experience you'll come to recognise them.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,074
  • Jul 29, 2010 5:45pm Jul 29, 2010 5:45pm
Quoting Golfer
Hi Df

Not really - what you are showing meit that your higher highs stayed in place. I cannot draw on your chart because I cannot see your swing low - therefore my charts.

See my charts how I draw my 1st and 2nd (once the 1st line is broken) small intraday trendline:

1. I try to start my line at a swing low/high for that day on the 5min chart.

2. Then I connect that swing low/high with the first pullback and so on.

3. I don't start drawing lines in middle of the trend (like you've have done)

Please feel free to post charts and I'll try...
Hi Golfer, had a 78 today if you are/were a golfer. So basically I start out from the low/high of the day and connect with the next pullback high low. Then connect with the next pullback high/low from the last? And on. Seems this trendline can save some sl pips.
  • #7,075
  • Edited 10:16pm Jul 29, 2010 9:55pm | Edited 10:16pm
Quoting dforant1
Hi Golfer, had a 78 today if you are/were a golfer. So basically I start out from the low/high of the day and connect with the next pullback high low. Then connect with the next pullback high/low from the last? And on. Seems this trendline can save some sl pips.
Hi Df

Yes, I still play golf (weekly) and well done on your round

Yes, like you did with "B". Just practise and you"ll see how easy (2nd nature) it will become.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,076
  • Jul 29, 2010 10:54pm Jul 29, 2010 10:54pm
Hi !!!
I found this picture in other site but it doesn't say the name of the indicator in the white circle. Anyone knows ????
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  • #7,077
  • Jul 30, 2010 4:21am Jul 30, 2010 4:21am
This strategy has been the one I was inspired with years ago toward the market and how the market kindda works,
right away I fallen in love with the very harmony this strategy was trying to grasp for entries, pulling-backs are so much good, aren't they really?

Golfer's post #7073 has a deep yes, for those who are learning this trading, psychological part of it has the highest importance, in comparing with other methods i think.

This strategy all in all is easy, so one must take it easy in order to succeed it otherwise one fails it big time for the reasons that are obvious.

Thanks to Philip and Golfer for his continuous being here

Just had my first post appreciating my old one thread
hello
  • #7,078
  • Jul 30, 2010 4:31am Jul 30, 2010 4:31am
minutes ago with eurjpy

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hello
  • #7,079
  • Jul 30, 2010 5:06am Jul 30, 2010 5:06am
Quoting roytrades
minutes ago with eurjpy

Attachment
Yes, it was one of those setups that was calling you.

Your dark blue line (significant level) said it all.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,080
  • Jul 30, 2010 4:05pm Jul 30, 2010 4:05pm
I also saw the above set up on EURYEN. But did't take as it was around the EUR important news time.

Does anyone know how accurate the expected news time is? For example, if expected time is 7:00, will the news/data be released at 7:00? or can be late? How long one should wait or entry ahead to avoid the news?
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