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5Min Intraday System

  • #1,121
  • May 10, 2007 1:14am May 10, 2007 1:14am
The chart as dicussed in previous post. The next small trendline at the far right of the picture was my analysis of the news release.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpu$ 20070509 late trade.jpg Size: 79 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,122
  • May 10, 2007 8:30am May 10, 2007 8:30am
Hi guys,

today two short trades cable 1.9908 and 1.9870 +12 each, one long early -8 at 1.9956
one long usdjpy 120.28 and 120.40 +12 and -8
eurjpy long at 162.72 and 162.91 +15 and -12

the losses i had today were at the end of the trend, when the sma angle was above level 0.40 if i had seen it was above that level i could have avoided them.
Total today +23 pips
  • #1,123
  • May 10, 2007 8:40am May 10, 2007 8:40am
This time I jumped in too early, it was still profitable. I am still working out the fine line between following the rules and using my own discretion.
Today's NY session.
Attached Image (click to enlarge)
Click to Enlarge Name: 05-10-07 gbp.jpg Size: 77 KB
  • #1,124
  • May 10, 2007 11:32am May 10, 2007 11:32am
My trade this morning trying the UK interest rate release. Once again, entered too late. Should have taken the pullback (long trade) into the zone on candle marked 1.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpu$ 20070510 1min news trade.jpg Size: 61 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,125
  • Edited 12:19pm May 10, 2007 11:55am | Edited 12:19pm
Quoting igauresh
This is the most recent of the bad trades I had
Please let me know where I went wrong...
Hi I

Just an example of a possible trade set-up I was looking at. At first I was thinking this could be a great set-up. But look at the progress and apply the rules.

Resistance: Great flat pullback under the resistance with a pullback into the war zone.

1. You could have taken a long trade on candle 1 - great pullback from the 21MA and it is the first set-up in the trend. I've missed it because I was busy

2. The 21MA is above the 0.1 line for candle 1

3. The AXD is blue - positive is above negative

4. After candle 1 I drafted the small trend line number 4 (between the two low points.

At this stage I was waiting for another pullback into the zone and the second candle pulling away from the 21MA

5. Look what happened around candle 5 - my small trend line is broken.

6. If I haven't drawn the trend line, I would have taken the pull-back from the 21MA on candle 6 resulting in a loss.

Everything was in place for a great trade but the trend line kept my out of that trade. Compare this chart with the EURJPY chart from 03:30 to 08:15 GMT. This pair tend to trend more often and smoother. Just be patient and discipline to wait for the perfect set-up.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpu$ 20070510 rules applied.jpg Size: 63 KB
Click to Enlarge Name: eurjpy 20070510 rules applied.jpg Size: 75 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,126
  • May 10, 2007 1:55pm May 10, 2007 1:55pm
Info
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File Type: zip 5 Min Strategy.zip   783 KB | 1,787 downloads
  • #1,127
  • May 11, 2007 5:56am May 11, 2007 5:56am
Hi Phil, thanks for the update, much appreciated, please can i be added to the skype chat, skype id is jtmcfarlane. Thanks in advance.
  • #1,128
  • May 11, 2007 9:44am May 11, 2007 9:44am
Hello everyone,

I had two bad and two good trades on GBP/USD in today's NY session. The reasons for bad trades;

1) Not waiting for H.P.S (high probability setups).
2) Not following the rules of the method with discipline.
3) Not putting enough time, focus and patience.
Attached Image (click to enlarge)
Click to Enlarge Name: 5-11-07-ny-session.jpg Size: 76 KB
  • #1,129
  • May 11, 2007 12:01pm May 11, 2007 12:01pm
Hi Golfer, Hows going today?
  • #1,130
  • Edited 12:32pm May 11, 2007 12:04pm | Edited 12:32pm
Ths is my version of the possible trades on GBPU$. Interesting to see that there were three set-ups. I was waiting for the set-up for trade ii but I missed it (travelling). Beautiful pullback and 20+pips to resistance level - I was positive that one would be a winner.

Trade i - 22pips
Trade ii - 27pips
Trade iii - 17pips

Trade set-up i was the first after the 50MA break but like Phillip said - try and take the middle/second set-up. More sure that a trend is in place. But just look at how I needed to change my small trend line two times after that (from line a to c).

Great set-ups for 2 candle entry - candle 1 is the entry candle and candle 2 is the pull-back (from 21MA) on which you enter (while the price is pulling away from 21MA)

Trade iii was a high risk trade - I was not even interested in it. Like Phillip was saying yesterday in his MP3 - "maybe.....". Then ignore it.

The green line at 9838 is one of my daily resistance line (pivot levels) - jusy look at the resistance. Trade iii was very close to it making it more risky.

Lastly - do you recognise the the 3 little sisters visiting use again on the chart (last one a bit difficult)? I hope you had tea ready for them!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpu$ 20070511 set-ups.jpg Size: 69 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,131
  • Edited 2:15pm May 11, 2007 12:13pm | Edited 2:15pm
Quoting Ishak
Hi Golfer, Hows going today?
Hi I

I did follow the EURU$ and GBPU$ for a while but arrived too late at home to take the second set-up. What great set-ups!

The EURU$ at 14:15 GMT was a bit diffucult - just a quick entry into the zone. I would have missed it. For me it is very diffult to trade from the 10MA - I know it is possible but not for me. The 15:05GMt set-up was below my small trend line (already broken) - no trade.

I am still trying to get a feeling for the price actions. Today I was spot on. Great feeling - Thanks Phillip!!!!!!!!!!!!

Great trades - sorry for the bad ones. Don't feel bad about it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,132
  • May 11, 2007 12:51pm May 11, 2007 12:51pm
where in this thread is the script for the meta platform or the template, can someone please direct me to it. Thanks golfer and all those others who keep this thread going...
Enter Signature
  • #1,133
  • May 11, 2007 1:29pm May 11, 2007 1:29pm
Quoting jamesr24
where in this thread is the script for the meta platform or the template, can someone please direct me to it. Thanks golfer and all those others who keep this thread going...
Hi James

All that I can help you with is a copy of my rules (page 74, post 1099) in which the chart set-ups are explained. It refers to the page numbers where to find the indicators. Otherwise I am a bit "technologically disabled"

Hope it helps
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,134
  • May 11, 2007 2:19pm May 11, 2007 2:19pm
Congratulations and Golfer: thank you very much for your detailed explanation as well as Phil for your great mp3's!

On monday I'll be back using this method.

Best regards - Xaron
  • #1,135
  • May 12, 2007 9:38pm May 12, 2007 9:38pm
Well i got tough and did what i should have done in the first place and that was catch up on past posts!! Anyway i found most of the info there. What a great thread and with great contributions. Excellent work. If you do not mind I need a couple of clarifications that I did not see in the various posts.

I have asked golfer these questions but any with experience, please clarify.

The trendlines are used to determine two things 1- if you are in a trade and the candles break the TL then bail on the trade and 2- if the tl is broken and you were about to enter a trade, then wait for a better set up. Is that correct?

I do not have any experience with the adx, could you give me a quick 123 on it in regards to the phil nel.

And last I see you can trade this on the 1 minute but is the set up and rules the same? Can it be done with equal accuracy? I see Phil's using it on the news and he mentions to make sure the news is in the favor of your trade. I take that to mean more or less Know if the news is + or - for the currency in the pair you are trading. Correct?? I am sure the 1 minute is quicker but i am use to scalping. WHat is your experience. Again much thanks...
Enter Signature
  • #1,136
  • May 13, 2007 4:47am May 13, 2007 4:47am
Quoting jamesr24
Well i got tough and did what i should have done in the first place and that was catch up on past posts!! Anyway i found most of the info there. What a great thread and with great contributions. Excellent work. If you do not mind I need a couple of clarifications that I did not see in the various posts.

I have asked golfer these questions but any with experience, please clarify.

The trendlines are used to determine two things 1- if you are in a trade and the candles break the TL then bail on the trade and 2- if the tl is broken and you were about to enter a trade, then wait for a better set up. Is that correct?

I do not have any experience with the adx, could you give me a quick 123 on it in regards to the phil nel.

And last I see you can trade this on the 1 minute but is the set up and rules the same? Can it be done with equal accuracy? I see Phil's using it on the news and he mentions to make sure the news is in the favor of your trade. I take that to mean more or less Know if the news is + or - for the currency in the pair you are trading. Correct?? I am sure the 1 minute is quicker but i am use to scalping. WHat is your experience. Again much thanks...

Hi James

I sent you a PM with my comments - just my opinion. I would like to see what others think of your questions.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,137
  • May 13, 2007 5:06am May 13, 2007 5:06am
Attached the 1 min chart with the news release Friday.

1. I was waiting for a pull-back into zone and then a bounch off the 21MA. Unfortunately it went straight through the zone. No trade.

2. Now the price went back through the zone and I've tried to enter with market order. Unfortunately the market move too fast - order couldn't be filed. Trade could have worked out OK.

Phillip, your comments on the green ellipse. The up and down movement, does it mean uncertainty in the market? Making the 1 min chart and trading more risky?
Attached Image (click to enlarge)
Click to Enlarge Name: euru$ 20070511 news trade.jpg Size: 66 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,138
  • May 13, 2007 6:12am May 13, 2007 6:12am
Quoting Golfer
Attached the 1 min chart with the news release Friday.

1. I was waiting for a pull-back into zone and then a bounch off the 21MA. Unfortunately it went straight through the zone. No trade.

2. Now the price went back through the zone and I've tried to enter with market order. Unfortunately the market move too fast - order couldn't be filed. Trade could have worked out OK.

Phillip, your comments on the green ellipse. The up and down movement, does it mean uncertainty in the market? Making the 1 min chart and trading more risky?

EurUsd
15pips up in 2min and then down to below 50SMA and then up through the zone. I might have taken that signal 14:33 on the open of that candle but it went up 5-6 pips and then turned around. I think that BE minus spread (3pip loss) is what I would have taken. Then I would have sit on the sideline as the motion is way to uncertain. Only at 15:22 it was back to motion I am familiar with and a signal was given.


GbpUsd
It went up 20pips in 2min and then down 30pips in 2-3min. After something like that you have to wait for true direction and motion which only came around 15:30 one hour after the news and the next setup at 16:38. It was not a text book movement so I might have skipped it totally after that first up/down move. To much of a risk involved
  • #1,139
  • May 13, 2007 6:20am May 13, 2007 6:20am
Quoting Phillip Nel
Yes. It went up 20pips in 2min and then down 30pips in 2-3min. After something like that you have to wait for true direction and motion which only came around 15:30 one hour after the news and the next setup at 16:38. It was not a text book movement so I might have skipped it totally after that first up/down move. To much of a risk involved
Hi Phillip

Tx, that is what I thought and I had a feeling about it.

It was the same set-up/price actions after this month's NPF. Once I see such a price action after news release (up and down movement (uncertainty)), I would rather close the 1 min chart and change to 5 min charts. No use trading the 1 min in such a up and down movement.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,140
  • May 13, 2007 10:24pm May 13, 2007 10:24pm
05-13-07. Asian Session Eur/Jpy trades.
Total pips: +11
Attached Image (click to enlarge)
Click to Enlarge Name: 05-13-07-Asian-Session.jpg Size: 70 KB
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