Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Forex intraday using the 5min chart: EURUSD 108 replies

The Force 5min system 3,806 replies

Intraday Pound Trades on 5min chart [GBPUSD] 36 replies

5min Bollinger breakout system 42 replies

Attachments: 5Min Intraday System
Exit Attachments

5Min Intraday System

for those that do not like going in and coming out of trade all the time, there is trend indicator you can use.

I got this indicator from another 5min strategy - Trend Follower 5 Minute System

http://www.forexfactory.com/showthread.php?t=40325.
Attached File(s)
File Type: mq4 Supertrend.mq4   3 KB | 686 downloads
I was home during working hours since Monday. Here are the trades I did since then with 3 different short term strategies. It is not allways the larger timeframes that make the money. It is important to be able to have with a long timeframe strategy a short term one. It keeps the account rolling.

Thanks to Golfer for keeping the 5min alive as well as you people that participate.
Attached Image (click to enlarge)
Click to Enlarge Name: Short Term Stategy.GIF Size: 11 KB
Quoting CHECKstar
Right on. The last two weeks have been my worst ever (including when I started to take my demo trading seriously)! Why? because I was doing well and got cocky, thought I could bend my rules and wasn't listening to the whispers of the market (always a big mistake!). Not only that but I was in the wrong frame of mind.

Here is hoping that I have lesson!
Hi Check

Welcome to the club - I know the feeling. I was there in Apr 2007. That is why I went back to My Rules. Have it written down and study them. Stuck to them and keep emosions out of trading.

Analise each trade (keep pictures of each one) even the negative trade to see what was wrong and what was right. Next time you will regconise them again.
Willem Forex recipe for success = Patience, discipline & hard work.
Quoting Phillip Nel
I was home during working hours since Monday. Here are the trades I did since then with 3 different short term strategies. It is not allways the larger timeframes that make the money. It is important to be able to have with a long timeframe strategy a short term one. It keeps the account rolling.

Thanks to Golfer for keeping the 5min alive as well as you people that participate.
hi phillip
its very nice to see u here again,whould u please tell us about the other short term systems that u r working whith?
thx
.......knock once for yes. Is it going to take a ouija board to get any responses on here? Where's everybody gone?

Anyway, just thought I'd post this example of what I regard as an opportunity lost. It's not exactly the prettiest example of this method, but it gave a lovely result. As you can see, the price was rather erratically pulling back until there was an ever so slight breach of the 21ema just below the M2 line. The purist would have abandoned it there and then, but hey, I'm flexible! There followed a beautiful price movement between the price labels, breaching the S1 line, but then moving back above it. The SMAAngle indicator and the 21ema within it were within parameters, and the ADX was also telling us to fill our boots. All in all, probably around 20 pips in profit, depending on where one managed to enter. A lovely little gravy-train and I wish I'd seen it in time!!
Attached Image
Is seems a few of you are where I was a few years ago. What happens is you take 1-3 trades do well then get scared to trade or talk yourselves out of the trade; I have seen people never get past this point. Once you see it work 30-50 times why would it stop working? It does not but you start screwing yourself over by skipping trades you know you should be taking. You have to do as Phillip says; if it’s in the rules you set TAKE THE TRADE do NOT skip it. If your wrong and follow the rules that’s fine and part of it. You will lose sometimes and maybe several times in a row, keep going don’t stop and DON’T change the way you are trading if it works on paper / demo account. I am trading this system and know it works just like most of them out there. I can trade about any system and make money it boils down to money management and knowing how to trade.
Keep taking CT trades, I need more money
Quoting eyevoltage
.......knock once for yes. Is it going to take a ouija board to get any responses on here? Where's everybody gone?

Anyway, just thought I'd post this example of what I regard as an opportunity lost. It's not exactly the prettiest example of this method, but it gave a lovely result. As you can see, the price was rather erratically pulling back until there was an ever so slight breach of the 21ema just below the M2 line. The purist would have abandoned it there and then, but hey, I'm flexible! There followed a beautiful price movement between the price labels, breaching the S1 line, but then moving back above it. The SMAAngle indicator and the 21ema within it were within parameters, and the ADX was also telling us to fill our boots. All in all, probably around 20 pips in profit, depending on where one managed to enter. A lovely little gravy-train and I wish I'd seen it in time!!
Hi EyeV

Sorry but I am a little busy lately at the University and couldn't follow the markets. Like today:

I followed the first part of the EUR$ and was ready for a trade at point A. Nice within the rules and just below my daily pivot level. Then my small resisytance line was broken and I had to leave my computer and couldn't follow it further.

Later the day I rejoined the market and saw the beauty of a setup (B) after I've drawn my second resistance line (all within My Rules). Also setup C although the small resistance line was broken.

Just look at the nice flattish pullbacks into the zone. Also the small candles throughout the "trend" until the low of setup B.

Hope some of you got it!
Attached Image (click to enlarge)
Click to Enlarge Name: 20070830 eur possible.gif Size: 18 KB
Willem Forex recipe for success = Patience, discipline & hard work.
Quoting Ryanmcd
Is seems a few of you are where I was a few years ago. What happens is you take 1-3 trades do well then get scared to trade or talk yourselves out of the trade; I have seen people never get past this point. Once you see it work 30-50 times why would it stop working? It does not but you start screwing yourself over by skipping trades you know you should be taking. You have to do as Phillip says; if it’s in the rules you set TAKE THE TRADE do NOT skip it. If your wrong and follow the rules that’s fine and part of it. You will lose sometimes and maybe several times in a row, keep going don’t stop and DON’T change the way you are trading if it works on paper / demo account. I am trading this system and know it works just like most of them out there. I can trade about any system and make money it boils down to money management and knowing how to trade.
Hi rayn

Well said!

What is the "logo" of that specific brand?

"Just do it" but lets add the rest for our 5min strategy "if it is within the rules".
Willem Forex recipe for success = Patience, discipline & hard work.
Hi

I just downloaded the MultiplePivotsV2 downloaded from one of the threads here and would like to ask if I need to change any settings on here or use the default settings? Thanks in advance.
Quoting pip_rapist
Hi

I just downloaded the MultiplePivotsV2 downloaded from one of the threads here and would like to ask if I need to change any settings on here or use the default settings? Thanks in advance.
Hi PIP

My platform (InterbankFX) is on GMT time frame - I didn't change anything. My Daily pivot for EUR$ today is 1.3637
Willem Forex recipe for success = Patience, discipline & hard work.
Hi eyevoltage,
I use the multiplepivotV2, and noticed in the chart you posted that my pivots are a little different than yours. (2 pips off) If my local time in NY is:
9AM local time EDT
GMT = -4 hours in local time
GMT = 13:00
16:00 is the time on my MT4
1. What should I set the GMT shift to in the pivot indicator? It is currently set at zero.
2. How do you get the red colors in you SMAangle bars?
Many thanks
Quoting eyevoltage
.......knock once for yes. Is it going to take a ouija board to get any responses on here? Where's everybody gone?

Anyway, just thought I'd post this example of what I regard as an opportunity lost. It's not exactly the prettiest example of this method, but it gave a lovely result. As you can see, the price was rather erratically pulling back until there was an ever so slight breach of the 21ema just below the M2 line. The purist would have abandoned it there and then, but hey, I'm flexible! There followed a beautiful price movement between the price labels, breaching the S1 line, but then moving back above it. The SMAAngle indicator and the 21ema within it were within parameters, and the ADX was also telling us to fill our boots. All in all, probably around 20 pips in profit, depending on where one managed to enter. A lovely little gravy-train and I wish I'd seen it in time!!
Quoting jbone
Hi eyevoltage,
I use the multiplepivotV2, and noticed in the chart you posted that my pivots are a little different than yours. (2 pips off) If my local time in NY is:
9AM local time EDT
GMT = -4 hours in local time
GMT = 13:00
16:00 is the time on my MT4
1. What should I set the GMT shift to in the pivot indicator? It is currently set at zero.
2. How do you get the red colors in you SMAangle bars?
Many thanks
My answers might seem a little vague, mate. As far as the GMT setting on multiplepivotV2 is concerned, I have never bothered with trying to reset it, as I live in the UK and I'm just assuming the setting is ok for this location. As you seem to be GMT-4, then I assume you'll have to adjust the setting to that and see what happens. I can't explain it very well, mate, as I'm no expert in these matters. As for the red colours in the SMAAngle indicator.......that's how they came out once I'd installed it, I'm afraid. To be honest, I had a lot of problems with that bloody indicator. I had no trouble installing it, but I couldn't for the life of me get the 21ema installed correctly in that window. Eventually I got it right, but I still don't know how! Anyway, it you get into the properties of the indicator, you'll see Lime Green, Yellow and Firebrick listed. Have a play around with them and see what's best for you.
Sorry I couldn't be more helpful, mate.
Cheers
  • Post #2,073
  • Quote
  • Edited Aug 31, 2007 12:11am Aug 30, 2007 11:49pm | Edited Aug 31, 2007 12:11am
Hey eyevoltage,
I guess for now I'll leave the GMT shift set at zero since it came that way. Aren't my pivots supposed to be pretty much the same as yours and Golfer's pivots for them to have any meaning as support/resistance? Right now they are only 1-2 pips different so I guess that is close enough. Do your pivots change when you go to the 1 minute chart? Are they supposed to be different? My pivot went down 1 pip and my R 1 and S1 etc are 20 pips different and the levels don't seem as valid as the levels on the other chart times. What do you recommend?
Cheers
Quoting eyevoltage
My answers might seem a little vague, mate. As far as the GMT setting on multiplepivotV2 is concerned, I have never bothered with trying to reset it, as I live in the UK and I'm just assuming the setting is ok for this location. As you seem to be GMT-4, then I assume you'll have to adjust the setting to that and see what happens. I can't explain it very well, mate, as I'm no expert in these matters. As for the red colours in the SMAAngle indicator.......that's how they came out once I'd installed it, I'm afraid. To be honest, I had a lot of problems with that bloody indicator. I had no trouble installing it, but I couldn't for the life of me get the 21ema installed correctly in that window. Eventually I got it right, but I still don't know how! Anyway, it you get into the properties of the indicator, you'll see Lime Green, Yellow and Firebrick listed. Have a play around with them and see what's best for you.
Sorry I couldn't be more helpful, mate.
Cheers
I'm on a MT4 platform and I think it's in EST. Do I have to change anything on the MultiplePivot indicator for EST?
It's 2:41am EST and my pivot on EUR is 1.3643 using -4 on GMT shirt. What is everyone's pivot reading? If I don;t change it then my pivot reads 1.3645. 2 pip difference.
Quoting pip_rapist
It's 2:41am EST and my pivot on EUR is 1.3643 using -4 on GMT shirt. What is everyone's pivot reading? If I don;t change it then my pivot reads 1.3645. 2 pip difference.
Hi Pip_r

I am GMT and using InterbankFX as broker. My pivot is 1.3644. Close enough.

Just remember people that the pivot line represent a certain value but the support and resistance is usually not a certain value but a range (usually 5-10 pips). I do take it about 3-5pips both ways (therefor I'll be looking for resistance and support around 1.3647-1.3642).
Willem Forex recipe for success = Patience, discipline & hard work.
Hi guys.
Thanks for your posts re the pivot points. I've been doing a little investigating, and I think the obvious answer re the divergences in readings for our differing locations is because of the pivot calculation. The reading for the Pivot Point is taken by calculating H+L+C/3, with H, L and C taken from a particular time of day. I've always assumed that because Forex is a 24 hour market, then the new calculation would be made at Close/Open Midnight, so it follows that each Time Zone would have a different set of figures to work from. Therefore, it follows that each Time Zone will be different, although I'm sure I read somewhere that 22.00hours local time in New York was taken as a World-Wide mean time for changeover, but I could be wrong.

As I said in an earlier post, I've never bothered changing my GMT setting on the indicator, assuming it would do it automatically. I guess I put a little too much faith in its abilities, because it did no such thing, so I've just changed it myself to GMT+1, which is what we in the UK are at right now. Towards the end of October, we revert to GMT again, so it'll need adjusting again. I've no idea what you folks in the States do regarding daylight saving times, so I can't advise you regarding your particular circumstances. However, it seems that Eastern Standard Time is always 5 hours behind us in the UK, so I'm assuming that you have the DST over there as well. One thing regarding Pivot Point differences I DO know is that there's always a certain divergence between different Brokers, but I don't think it's too dramatic.
I have a feeling that I haven't helped you guys very much with all this waffle, so I'm hoping that someone else on this thread might have a clearer explanation for you, as well as me!
By the way, upon checking through my different Time Frames on the charts I noticed that the 1m differed from the 5m, but the 5m, 15m, 30m, 1H and 4H were all the same. All the figures changed again when I checked the Daily chart. Quite honestly, all this is enough to give one brain ache, and I think I'm going to have to go and have a lie-down!
Cheers for now.
Quoting Golfer
Hi Pip_r

I am GMT and using InterbankFX as broker. My pivot is 1.3644. Close enough.

Just remember people that the pivot line represent a certain value but the support and resistance is usually not a certain value but a range (usually 5-10 pips). I do take it about 3-5pips both ways (therefor I'll be looking for resistance and support around 1.3647-1.3642).
Thanks for that, mate. Just a question re your settings. Have you left your MultiplePivotV2 at GMT, or have you adusted it for your own particular Time Zone? I'm a little confused about all this, as you will have read in my last post! Because it's British Summer Time here, then it follows that we are now GMT+1, so was I right to adjust the indicator to GMT+1, or should I have just left it on GMT?

By the way, what IS the Time Zone in your neck of the woods?

Cheers
Quoting eyevoltage
Thanks for that, mate. Just a question re your settings. Have you left your MultiplePivotV2 at GMT, or have you adusted it for your own particular Time Zone? I'm a little confused about all this, as you will have read in my last post! Because it's British Summer Time here, then it follows that we are now GMT+1, so was I right to adjust the indicator to GMT+1, or should I have just left it on GMT?

By the way, what IS the Time Zone in your neck of the woods?

Cheers
Hi Eyev

Not changes made to my pivot indicator's setting - I am too technolocially disabled to do that. Don't like to play around with things I am not very familiar with.
Willem Forex recipe for success = Patience, discipline & hard work.
Quoting Golfer
Hi Eyev

Not changes made to my pivot indicator's setting - I am too technolocially disabled to do that. Don't like to play around with things I am not very familiar with.
Thanks for that, mate. Speaking for myself, I like to play around with the indicators, just to see what happens! After all, there's always usually a "reset" button one can press, to undo all the damage one's caused!! However, I see your point. Quite often, I'll call up an indicator's properties, and get faced with a list of readings that make absolutely no sense to me whatsoever, so I just close it again and leave it alone.

Well, for the time being, I've changed my settings to GMT+1, because I'm interested in what difference it will make (if any). Come the end of BST, I'll change it back again, unless of course I get any further advice from someone a bit more knowledgeable than me!

Take care, mate.
Cheers
0 traders viewing now