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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #7,421
  • Jan 17, 2011 4:42am Jan 17, 2011 4:42am
Took this trade today.
The 15m and the 1hour TF had nice downtrend. The other reason for taking it was the shadows not quite reaching the 21ema, followed by a hammer shape and another bearish candlestick. Unfortunately it didnt go my way!

One lesson learned here is that I must immediately move my SL to BE once I reach 6 pips or so.
Attached Image (click to enlarge)
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  • #7,422
  • Jan 17, 2011 4:50am Jan 17, 2011 4:50am
Quoting adecleir
Took this trade today.
Unfortunately it didnt go my way!

One lesson learned here is that I must immediately move my SL to BE once I reach 6 pips or so.
Could the reason be that it was already the 3rd or 4th pull-back in this move?
__Thanks__ MJ
  • #7,423
  • Jan 17, 2011 8:46am Jan 17, 2011 8:46am
Quoting adecleir
Took this trade today.
The 15m and the 1hour TF had nice downtrend. The other reason for taking it was the shadows not quite reaching the 21ema, followed by a hammer shape and another bearish candlestick. Unfortunately it didnt go my way!

One lesson learned here is that I must immediately move my SL to BE once I reach 6 pips or so.
Why did you jump in so late in the trend when the risk is too high?
  • #7,424
  • Jan 17, 2011 8:58am Jan 17, 2011 8:58am
Does anybody plan on sitting on the sidelines on this Fed Rate day?
  • #7,425
  • Jan 17, 2011 9:47am Jan 17, 2011 9:47am
Quoting M_j
Could the reason be that it was already the 3rd or 4th pull-back in this move?

Quoting modanova
Why did you jump in so late in the trend when the risk is too high?
Good points , this is something I must watch out for (please bare with me, new to trading), I was probably putting too much emphasis on the higher time frames.

At the moment its just a demo account, I am eager to trade a live account but I just want to ensure I can do the basics of this system first.

I have purposely blown my demo account down to 200 so as to represent what it will be like on a micro account.
  • #7,426
  • Jan 17, 2011 11:49am Jan 17, 2011 11:49am
Hello. I am new to this strategy, but I'm trying to use it.
Here is my today trade.
EURUSD +18 +14 -10 = +22
GBPUSD +13

Total = 35 Thanks Phill

EURUSD


First trade - nice flat pull back (with top resistance) as for me, just enter on the second candle in war zone. (+18)
Second trade - steep pull back, but 2 candles with small bodies. And I have enough points to previous low. (+14)
Third trade - steep pull back, 3 candles in war zone (near to pivot level), and I'm in trade (-10)

GBPUSD

As for me too steep pull back, but nice resistance from 21EMA (+13)
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: GBPUSD_1701.jpg Size: 215 KB
  • #7,427
  • Jan 17, 2011 4:21pm Jan 17, 2011 4:21pm
Here is a trade for the day. Haven't posted for a while...busy, but I still use the 5 min to get in on longer term trade. The 1st chart is the Daily and the blue rectangle represents the daily. Notice the range period we've been in for some time now. The top the the rectangle is where I was looking for trades today, short or long. The second chart is the 1 hr where price has consolidated and is trying either go back up into the 1 hr range period or continue down. The last chart is the 5 min chart. Price return the the 1 hr box low. I was watching the candle to see where price wanted to go. I entered at the arrow at the close of the candle. Price closed below the 8 and 21 MA
Attached Image(s) (click to enlarge)
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  • #7,428
  • Jan 17, 2011 8:04pm Jan 17, 2011 8:04pm
Been patient and wait for pullbacks to pull trigger. Long 3 lots at various points. I long it with the support of good news on GBP too.
Attached Image (click to enlarge)
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  • #7,429
  • Jan 18, 2011 3:24am Jan 18, 2011 3:24am
GBPUSD - Has over 9 entry spots for this period but I entered only 4 of them. Is pays to be patient.

EURUSD - Entered 4 lots and pair is still strong. Now still awaiting news release on GBP, within 7mins more. Lets see where the PA is..
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eurusd1.gif Size: 22 KB
  • #7,430
  • Jan 18, 2011 7:14am Jan 18, 2011 7:14am
Quoting KitRoman
Hello. I am new to this strategy, but I'm trying to use it.
Here is my today trade.
EURUSD +18 +14 -10 = +22
GBPUSD +13

Total = 35 Thanks Phill

EURUSD


First trade - nice flat pull back (with top resistance) as for me, just enter on the second candle in war zone. (+18)
Second trade - steep pull back, but 2 candles with small bodies. And I have enough points to previous low. (+14)
Third trade - steep pull back, 3 candles in war zone (near to pivot level), and I'm in trade (-10)

GBPUSD

As for me too steep pull back, but nice resistance...
Great trades - see my comment on your chart on your loser
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,431
  • Jan 18, 2011 7:28am Jan 18, 2011 7:28am
Quoting adecleir
Took this trade today.
The 15m and the 1hour TF had nice downtrend. The other reason for taking it was the shadows not quite reaching the 21ema, followed by a hammer shape and another bearish candlestick. Unfortunately it didnt go my way!

One lesson learned here is that I must immediately move my SL to BE once I reach 6 pips or so.
I followed the same setup and I considered a short trade where I indicated the entry on your chart. However, the market moved downwards from very early - started in the Asian session if I am not mistaken and it was already a move of 100pips+. Therefore I decided to give it a miss. So glad I did.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,432
  • Jan 18, 2011 7:31am Jan 18, 2011 7:31am
Quoting Morelands
Here is a trade for the day. Haven't posted for a while...busy, but I still use the 5 min to get in on longer term trade. The 1st chart is the Daily and the blue rectangle represents the daily. Notice the range period we've been in for some time now. The top the the rectangle is where I was looking for trades today, short or long. The second chart is the 1 hr where price has consolidated and is trying either go back up into the 1 hr range period or continue down. The last chart is the 5 min chart. Price return the the 1 hr box low. I was watching...
Hi M

Welcome back and I see you are also very quiet on Phillip's 4h MACD thread as well.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,433
  • Jan 18, 2011 7:35am Jan 18, 2011 7:35am
Quoting Kelisa
GBPUSD - Has over 9 entry spots for this period but I entered only 4 of them. Is pays to be patient .

EURUSD - Entered 4 lots and pair is still strong. Now still awaiting news release on GBP, within 7mins more. Lets see where the PA is..
Like I said before - this is a great system to trade in trending market conditions like this.

Not so easy to trade this system in more range bound and choppy market condition - SL is triggered very easily. That is why people do get frustrated with this system.

Your comment - "Is pays to be patient ": So true!!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,434
  • Jan 18, 2011 7:49am Jan 18, 2011 7:49am
Another lesson learned today is : Its better to have a supporting news to go with it before pulling the trigger.

Now as we are waiting for the news on USD's TIC long term purchases. By the look of the past results, they look negative. Assuming the news is negative, it will drive GOLD price up further.
  • #7,435
  • Jan 18, 2011 10:03am Jan 18, 2011 10:03am
bummer!! GOLD went south.
  • #7,436
  • Jan 18, 2011 11:39am Jan 18, 2011 11:39am
Today not so great results (can't find the best candle to enter). Now I can't understand what I do wrong. M/b it cause of my wish to be in trade too often.

So here is my results for today:

EURUSD +1 +19 = +20
GBPUSD -10
USDCHF +2 -10 0 = -8
Total +2

EURUSD

http://img-fotki.yandex.ru/get/4400/...c0fd6_XXXL.jpg

First trade - nice pull back, too early exit near BE level. (+1)
Second trade - nice support on 21EMA and nice move (+19)

GBUUSD

http://img-fotki.yandex.ru/get/5801/...278f9_XXXL.jpg

Nice flat with support on 10EMA, enter in war zone and I'm in trade. Too deep pull back and Stoploss. (-10)

USDCHF

http://img-fotki.yandex.ru/get/4402/...17085_XXXL.jpg

First trade - nice pull back, so I'm in trade. But I'm scared tail of the second candle and quick rise of the next candle, and I'm out (too early). (+2)
Second trade - nice tail of bullish candle, next candle start moving to my target, but then there is a new wave of deeper pull back. Stoploss. (-10)
Third trade - enter too late, after going 6p it turns to BE. (0)

Thanks for your coments. Waiting for the new ones.
  • #7,437
  • Jan 18, 2011 11:47am Jan 18, 2011 11:47am
Quoting Kelisa
bummer!! GOLD went south.
Hi K

You've just confirmed my worse nightmare - I've done it some many times in the past and got burned almost everytime.

VERY IMPORTANT:

Trade with your eyes and not with your heart!

In other words:

Trade what you see on the chart and NOT what you think or even worse, what you want to think/believe is going to happen.

I usually wait for the news to come out, then wait and watch the charts for a 30sec or 1min and then look at what the news release was all about (the actual numbers released)

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,438
  • Jan 18, 2011 1:39pm Jan 18, 2011 1:39pm
Quoting Golfer
Hi K

You've just confirmed my worse nightmare - I've done it some many times in the past and got burned almost everytime.

VERY IMPORTANT:

Trade with your eyes and not with your heart!

In other words:

Trade what you see on the chart and NOT what you think or even worse, what you want to think/believe is going to happen.

I usually wait for the news to come out, then wait and watch the charts for a 30sec or 1min and then look at what the news release was all about (the actual numbers released)

Enjoy the trading...
Hear hear! PA is more predictable because of its certain patterns, but news is NOT.

Basically, taking a position before news release is a gamble. Let news come out first and let the market decide where it wants to go.
A successful trading depends on knowing what to analyze.
  • #7,439
  • Edited 6:10pm Jan 18, 2011 5:58pm | Edited 6:10pm
was quite happy with this trade, if anyone has anything else to add id appreciate it as im only starting to properly try out this system now using price action.
Here was my thoughts...
The 1 hour TF was showing an overall uptrend but I think there was plenty of room for a pullback, this downward direction (pullback) had been going on since this morning but it seemed there was room left.
15min TF confirmed a trend heading downwards, so then onto the 5min, where I drew my significant level.

After seeing the significant level holding its resistance I just waited for the next pullback into the warzone.
Took my profit as soon as it hit at the next resistance, possibly a panic call by me, but it worked out.
Attached Image (click to enlarge)
Click to Enlarge Name: jan18-5min-2.gif Size: 24 KB
  • #7,440
  • Jan 18, 2011 6:22pm Jan 18, 2011 6:22pm
Quoting Golfer
I followed the same setup and I considered a short trade where I indicated the entry on your chart. However, the market moved downwards from very early - started in the Asian session if I am not mistaken and it was already a move of 100pips+. Therefore I decided to give it a miss. So glad I did.
thanks golfer, I can see what you mean by timing, I would have taken the profit at 10 pips , but instead lost (my fault for not moving my BE stop)

waiting too long overall as well is something I must avoid, (i.e. the 100 pips+ move previous to that).
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