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5Min Intraday System

  • #7,081
  • Edited 3:47am Jul 31, 2010 3:08am | Edited 3:47am
Quoting Golfer
Yes, it was one of those setups that was calling you.

Your dark blue line (significant level) said it all.
Hi ya Golfer..

Could you just explain something to me about the Doji set up please?....
To my understanding a Doji is a bar of the market not being sure which way to go next or indecision....so going on what you say taking the break of the Doji on this trade.. would that mean that a Doji should always be treated as to take a trade off the break of the direction it breaks out in from the Doji on the following bar?

cheers for any help on this Willem..

Adrian
  • #7,082
  • Jul 31, 2010 4:44am Jul 31, 2010 4:44am
Quoting Fafa
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?
Sometimes the news "leak out" a few minutes before the release time. Therefor I tend to be very careful 10-15 min before release time.

Also sometimes a VIP makes a statement that is not on the calendar resulting in a very quick move - therefor nowadays I do trade with a SL in place and not just mental SL.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,083
  • Aug 1, 2010 4:20am Aug 1, 2010 4:20am
Quoting aarangio
Hi ya Golfer..

Could you just explain something to me about the Doji set up please?....
To my understanding a Doji is a bar of the market not being sure which way to go next or indecision....so going on what you say taking the break of the Doji on this trade.. would that mean that a Doji should always be treated as to take a trade off the break of the direction it breaks out in from the Doji on the following bar?

cheers for any help on this Willem..

Adrian

Hi A

Yes, your intepretation of the Doji is correct but this is from babypips website:

"When a doji forms on your chart, pay special attention to the preceding candlesticks.
If a doji forms after a series of candlesticks with long hollow bodies (like white marubozus), the doji signals that the buyers are becoming exhausted and weakening. In order for price to continue rising, more buyers are needed but there aren’t anymore! Sellers are licking their chops and are looking to come in and drive the price back down. "

"Keep in mind that even after a doji forms, this doesn’t mean to automatically short. Confirmation is still needed. Wait for a bearish candlestick to close below the long white candlestick’s open."

http://www.babypips.com/school/basic...FRcaswodZke0pQ

I just like to look for a Doji near my signifcant level - then I know there is some uncertainty. Also - in a pullback towards the war zone (like it is stipulated in Babypips.com)and a doji appears near my significant level (in the ar zone, I know there is a possiblity that price might reverse and a possible trade is calling me.

A chart to explain - please not in this case the price pulled back through the war zone. A signal for me to be very careful not really a buy setup for me (however, it work out but just looked what happened just befor close time. The reason why I don't really to trade on Friday afternoons).
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,084
  • Aug 1, 2010 4:31am Aug 1, 2010 4:31am
Another example of a doji formed near my significant level (pink line) with the possible entry indcated with th yellow line on the candle just after the doji (High/Low entry).

Excellent setup calling you to take it - nice market rhythm. Just look at how the price react to my significant levels.

The other significant lines indicated by dotted lines as well as my Small intra-day trendline.

I hope it make sense - something useful to read price actions and market rhythm.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,085
  • Aug 2, 2010 1:47am Aug 2, 2010 1:47am
Quoting Golfer
Another example of a doji formed near my significant level (pink line) with the possible entry indcated with th yellow line on the candle just after the doji (High/Low entry).

Excellent setup calling you to take it - nice market rhythm. Just look at how the price react to my significant levels.

The other significant lines indicated by dotted lines as well as my Small intra-day trendline.

I hope it make sense - something useful to read price actions and market rhythm.
Hi ya Willem..

All I can say is WOOOOW!!.....thank you sooooo much for your clear explaination and help on this, it all makes sense now how it works and how to make use of the Doji!..

Much appreciated..thank you!

Adrian
  • #7,086
  • Aug 3, 2010 6:58am Aug 3, 2010 6:58am
Hi golfer

Are you still in the skype chatroom... if so, please add me: rudi.botha2904

Thanks
  • #7,087
  • Aug 3, 2010 8:35am Aug 3, 2010 8:35am
Quoting EasyTrader
Hi golfer

Are you still in the skype chatroom... if so, please add me: rudi.botha2904

Thanks
Hi Rudi

No, I am no longer part of the 5min Skype chat room because there were too many private charts in the room and it was a distraction. So I left the room. But you are welcome to give an IM via Skype if you need clarity or you want to discuss something about this system. If I am at my PC/laptop, I'll try and answer your IM.

To all the members:
Like I said before - just don't ask me about my opinion on for example "adding indicator A or B". I am not going to answer you. If it is working for you, great and keep going.

Remember - as long as you are successful and making money, keep on doing what you are doing.

Enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,088
  • Aug 3, 2010 11:21am Aug 3, 2010 11:21am
Does this long wick green candle count as a pullback?
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  • #7,089
  • Aug 3, 2010 1:48pm Aug 3, 2010 1:48pm
Quoting dforant1
Does this long wick green candle count as a pullback?

O,yes - look at my comments on your chart but......

One VERY important issue - can you see my "????" on your chart? I ALWAYS look to the left on my chart to look for previous swing high/low or consolidation areas. That is what price action is all about. That is why I move away from indicators - my indicator is "looking to the left of my chart". Without the bigger picture (zoomed out), I cannot really tell you.

Hope it make sense.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,090
  • Aug 3, 2010 2:32pm Aug 3, 2010 2:32pm
Golfer, did you consider today GBPUSD too?

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Btw could I join Skype chatroom? should I PM you? thanks
hello
  • #7,091
  • Aug 3, 2010 3:16pm Aug 3, 2010 3:16pm
Quoting dforant1
Does this long wick green candle count as a pullback?
Please excuse the notes on the chart. All I use are 2 price cross over each ema indicators with alarms because I get distracted. I opened it up to find the last high swing with the trendline on the left. I netted 13 pips out of that move.

Question: Am I better off taking a close across the trendline and getting out? Usually I run an 8 to 10 pip sl. If I get to +6 pips and it pulls back to even not counting spread I get out. Advise would be appreciated.
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  • #7,092
  • Aug 3, 2010 3:26pm Aug 3, 2010 3:26pm
Quoting roytrades
Golfer, did you consider today GBPUSD too?

Attachment

Btw could I join Skype chatroom? should I PM you? thanks
I was too busy with my day job - no trades for me.

But yes, it was a beautiful setup calling you. I hope you've seen the pennant formed, the breakout downwards but only down to the war zone. That was your signal that the price might move up again and th breakout downwards was not strong enough.

No more comment from my side on the Skype chat room.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,093
  • Aug 3, 2010 3:33pm Aug 3, 2010 3:33pm
Quoting dforant1
Please excuse the notes on the chart. All I use are 2 price cross over each ema indicators with alarms because I get distracted. I opened it up to find the last high swing with the trendline on the left. I netted 13 pips out of that move.

Question: Am I better off taking a close across the trendline and getting out? Usually I run an 8 to 10 pip sl. If I get to +6 pips and it pulls back to even not counting spread I get out. Advise would be appreciated.
Your question:

Question: Am I better off taking a close across the trendline and getting out? Usually I run an 8 to 10 pip sl. If I get to +6 pips and it pulls back to even not counting spread I get out. Advise would be appreciated.

My answer:

The exit is all about personal style. Just remember this is an intra-day system, so don't expect 100+pips every day and on every trade. That is why I do like Phillip's initial suggestion of 10pips per trade. You'll get a feel for each setup. Sometimes you can let your profits run but most of the time it is better to take your profits early. Yes, cross of the MA can be an exit strategy but then sometimes the price should move up quite a lot before a cross and you'll lose a lot of pips.

My opinion and advise to all the members:

First identify the high probability setups and get your entry right. Then look at what is working for you as a exit strategy.

Hope it helps.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,094
  • Aug 6, 2010 2:49pm Aug 6, 2010 2:49pm
A trade of mine as an example how not to trade (trade after the NFP release -VERY RISKY):

1. I entered just because the price pullback into the war zone. I did expect the price to go and test the swing high again - reason for my entry. No confirmation signal with my entry. I should have waited for the price to find support on that solid line (significant level).

2. Then I let 14pip profit be reduced to a 4pip profit.

Only correct thing I did was to take a small profit when my small intra-day trendline was broken just after that nasty small Doji ((Shooting/evening star?).
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,095
  • Aug 9, 2010 6:50am Aug 9, 2010 6:50am
Quoting mkain
I saw 2 triangles today in e/j, I took the second one and I just could get + 2 pips because I closed after big down move.
Hi,

Could you please attach SMA Angle Indicator. I have one, but I am unable to get EMA 21 on it.

Thanks,

Alifari
The purpose of knowledge is action, not knowledge
  • #7,096
  • Aug 11, 2010 8:53am Aug 11, 2010 8:53am
Quoting alifari
Hi,

Could you please attach SMA Angle Indicator. I have one, but I am unable to get EMA 21 on it.

Thanks,

Alifari
I don't use SMA angle anymore but if you want to add 21 EMA just drag it from navigator.
Check Golfer's appendix A (steps 5 to 7) at this post to know how:
http://www.forexfactory.com/showpost...postcount=2334
I hope it helps.
  • #7,097
  • Aug 12, 2010 8:46am Aug 12, 2010 8:46am
i still dont understand this system. read the thread 6 times now. can anyone please list the main points of the method in a simple language ?

very much appreciated.
  • #7,098
  • Aug 13, 2010 7:43am Aug 13, 2010 7:43am
Is the boxed red candle on the 10ema line a good percentage choice? So far I have been sticking to closes in the zone.
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  • #7,099
  • Edited 10:02am Aug 15, 2010 9:46am | Edited 10:02am
Quoting whatfx
i still dont understand this system. read the thread 6 times now. can anyone please list the main points of the method in a simple language ?

very much appreciated.
I don't think I can make it much clearer than Phillip did it himself on the first page of this thread as well as the his last MP3 file.

http://www.forexfactory.com/showpost...postcount=3436

Please don't be confused by all the other stuff added/indicators added. Just look at Mkain's message above - he also stopped using the SMAangle. I you must - I will recommend that you stay with the indicators as Phllip put on his last post (link above.

I've just identfied a few price patterns that are tradeable.

If it is still not clear, well, may be.......

Enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,100
  • Aug 15, 2010 10:00am Aug 15, 2010 10:00am
Quoting dforant1
Is the boxed red candle on the 10ema line a good percentage choice? So far I have been sticking to closes in the zone.

Hi Df


My opinion of your chart - I am not sure which of the 3 bearish candles you refer in the box:

Pink line - significant level

Yellow curved line - a move I would have loved to see with possible entry indicated with thick black line.

Thick green line - looks like a resistance area, therefore my entry would have been 2nd blue line (high/low entry).

First blue line - first high/low entry indicated when the low of the previous candle was broken.

I won't consider a new short setup even if it is in the war zone after the double bottom was formed (pink circles) - just too risky but it could have work out.
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Willem Forex recipe for success = Patience, discipline & hard work.
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