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5Min Intraday System

  • #1,341
  • Jun 6, 2007 11:25am Jun 6, 2007 11:25am
Quoting Balkan
Hi Richard7,
Personaly I don't use this indicator(don't know how to put it anyway). If you look at the chart there were two signals just before the area of the chart you're referring. So price has done it's run already and it's better to keep the powder dry on the third signal me thinks. Hope this helps. Would like to join skype as well - we could help each other. Thanks
Thanks Balkan,

Yeah, I was thinking the same thing, so I waited untill it retraced beyond the 50 MA and generated a new signal. I liked the tweezer tops at the 50 so I went with it and got 20 (the X on the chart should be down by the blue doji). I'm still pretty new to this so I don't know if it's luck, but I do like the way I can utilize some other technical knowledge and remain within the paramaters of the rules.

Thanks for the response, and I'll see if I can get further info on the Skype thing.

By the way, I'm really only using the SMA indicator for the alerts. I have a page set up with 4 different pairs ala emacro (thanks, another great tip), so I can wait for an alert without having to monitor all the pairs constantly.

Richard
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  • #1,342
  • Jun 6, 2007 3:24pm Jun 6, 2007 3:24pm
Quoting emacro
I have found this to be useful, having a 'currency dashboard' to show the USD pairs. The objective is to determine whether the USD based pairs are 'in sync'. Knowing this one can determine whether the USD is in strength or weakness and thus helps in entering the setup with more confidence. Kunz78 pointed me to go in this direction.(thanks Kunz78)
Hi emacro,
What are the three colored moving averages on your dashboard charts and how do you use them?
Many thanks
jbone
  • #1,343
  • Jun 7, 2007 3:12am Jun 7, 2007 3:12am
0810 GMT. Going to try this long on USDCHF, due to nature of retracement.
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  • #1,344
  • Jun 7, 2007 3:26am Jun 7, 2007 3:26am
Jbone

Mov avg are simple 50 150 300 600 and 2400.
By eyeballing the dashboard as in the current view, I see all 4 major usd pairs are in consensus pointing to USD strength, so will add confidence to 5 min trades in that direction.
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  • #1,345
  • Jun 7, 2007 3:58am Jun 7, 2007 3:58am
0856 GMT. USDCHF moves the 10 pips to take 1/2 position off and stop to breakeven 1.2194.
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  • #1,346
  • Jun 7, 2007 4:03am Jun 7, 2007 4:03am
Hi all,

I'm a raw newbie and just starting to read my way through this thread. I have no problem with doing this but I wondered if someone could give me an opinion as to how suitable this method is for someone like myself who doesn't have a great deal of technical knowledge. And is it a system I could start to trade farly quickly once I've read the thread ?

Thanks
  • #1,347
  • Jun 7, 2007 4:25am Jun 7, 2007 4:25am
Quoting bundubill
Hi all,

I wondered if someone could give me an opinion as to how suitable this method is for someone like myself who doesn't have a great deal of technical knowledge. And is it a system I could start to trade farly quickly once I've read the thread ?

Thanks
For the beginning you could just follow Emacro with his deals . See ... he is taking profit!
  • #1,348
  • Jun 7, 2007 4:46am Jun 7, 2007 4:46am
0944 GMT. USDCHF update, nice move up on the 5 min setup. Oh no, don't follow other's deals, do one's own homework, there is no substitute for looking at lots of charts. I am just another of Phillip's disciples...
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  • #1,349
  • Jun 7, 2007 4:50am Jun 7, 2007 4:50am
Isn't it a too long move already ?
  • #1,350
  • Jun 7, 2007 4:55am Jun 7, 2007 4:55am
Conditions as below.... I took a long trade .. but I think it was too late. Would you have taked this trade?
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  • #1,351
  • Jun 7, 2007 5:15am Jun 7, 2007 5:15am
Hi, no i downt think so... this stratege is very good on eurusd... usdchf and maybe in gbpusd. but pairs with jpy is a delicate situations...

Very good emacro for today's trade... i took almoste the same trade but on eurusd...

Lets find another ones for today
Rather miss a opportunity than to get involve in a bad trade!
  • #1,352
  • Jun 7, 2007 6:30am Jun 7, 2007 6:30am
i found a skype chat room earlier in the thread but there was nobody in. Is there currently an active chat room for this strategy just like the 4H MACD strategy? If yes, where it is and is it open to everybody?
  • #1,353
  • Jun 7, 2007 6:34am Jun 7, 2007 6:34am
Quoting ttitto
i found a skype chat room earlier in the thread but there was nobody in. Is there currently an active chat room for this strategy just like the 4H MACD strategy? If yes, where it is and is it open to everybody?
do you know where the chat room for 4h macd is? i coulnd find it.. pls send me a link
Rather miss a opportunity than to get involve in a bad trade!
  • #1,354
  • Jun 7, 2007 6:36am Jun 7, 2007 6:36am
  •  Trader#0000
  • | Status: Unregistered Trader
Just worked a treat on GBPUSD @ 10:50 GMT

Sold @ 1.98905, prices quickly moved downwards - however the spread on ONADA blew out to 20points for about 30 seconds! Had a suspicion that they may probably do that so I did not lock in a SL, rather had my finger on the 'close out' trigger if things didn't go to plan. Ended up TP at 1.98605 (30 points). Very Happy and learned a good lession that mental SL's can work if you are watching closely enough.

http://img509.imageshack.us/img509/3...7062007vx2.jpg
  • #1,355
  • Jun 7, 2007 6:43am Jun 7, 2007 6:43am
Petrol

1139 GMT. I think Phillip said that in a beat move of 60 pips there might be 2 such setups. It isn't too long a move, it would be too long if the move was 90 to 120 pips. but then again that was the EURUSD Phil was referring to. USDCHF is a bigger range currency pair. Anyway, the willingness to hold on to the runner (strictly not in Phillip's system) suits my personality, so I try to incorporate this in my plan to try to get some bigger 'rides'.

BTW salcidon and checkstar, great trading on the eurusd and gbpusd.

Cheers
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  • #1,356
  • Jun 7, 2007 7:07am Jun 7, 2007 7:07am
Emacro,

I took 9 pips on that 2nd Swissy setup, but I skipped the EUR setting up at the same time. I thought the retrace back into the war zone was a little too steep, but as you can see, 10 or more pips were there to be made. What do you guys think- too picky?

That's a very interesting thought about the beats in the Swissy. I wonder if we could compare the 60 beat moves in the EUR with the corresponding moves in the Swissy and see if we can come up with an average.


Richard
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  • #1,357
  • Jun 7, 2007 7:20am Jun 7, 2007 7:20am
Hi Phil/Everyone,

I have been keeping an eye on this post for a little while and I think one day I will master this, but at the moment I am having little difficulties entering some trades and losing.

What is the criteria to enter the trades?

1. Candles, how many in the war zone?
2. Trend movement, ie if a pair has moved 50 pips down, is it worth entering a trade if the movement is down?
3. Support and resis?
4. Etc.

Thanks in advance.
Guess
  • #1,358
  • Jun 7, 2007 7:32am Jun 7, 2007 7:32am
Quoting emacro
Petrol

1139 GMT. I think Phillip said that in a beat move of 60 pips there might be 2 such setups. It isn't too long a move, it would be too long if the move was 90 to 120 pips. but then again that was the EURUSD Phil was referring to. USDCHF is a bigger range currency pair. Anyway, the willingness to hold on to the runner (strictly not in Phillip's system) suits my personality, so I try to incorporate this in my plan to try to get some bigger 'rides'.

BTW salcidon and checkstar, great trading on the eurusd and gbpusd.

Cheers
WIN WIN WIN
Same setup emacro saw ... and I think conditions are still ok for the sistem.
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  • #1,359
  • Jun 7, 2007 9:30am Jun 7, 2007 9:30am
Quoting bundubill
Hi all,

I'm a raw newbie and just starting to read my way through this thread. I have no problem with doing this but I wondered if someone could give me an opinion as to how suitable this method is for someone like myself who doesn't have a great deal of technical knowledge. And is it a system I could start to trade farly quickly once I've read the thread ?

Thanks
Welcome to forex trading Bundubill. I don't usually post in FF, mainly because there are so many brilliant traders who post effective strategies and trading ideas. However, I thought perhaps I could shed some light on your question. Now as you read on, just remember what is being written comes from a person who has read and tried a number of different strategies, only to find what works best for me is a simple, easy to follow strategy.

For someone starting out I think you would be hardpressed to find a method that was any easier than Phillip's 5 Minute strategy. Think about it, this strategy employs the use of 3 moving averages along with good money management using stop loss and take profit price areas. The only other thing you need to be aware of is pivot points and previous day's high and low. I have also added Bollinger Bands to my charts, but only as an option.

Do yourself a big favor and study this thread very carefully. You won't need to have a great deal of technical knowledge and best of all, you can trade this system successfully in a rather short period of time. One last thing I would suggest is that you demo trade as you are learning. It will help you build up some confidence.

I wish you abundant trading success. Another system you might want to check out is the Cornflower Hourly System. I mention it because it is a very similar system to this one, except it employs a 1 hour chart instead of the 5 minute.

Coach
  • #1,360
  • Jun 7, 2007 11:44am Jun 7, 2007 11:44am
I've gotten more than 50 pips out of the E/J in the past 2 days. Is this system really this good!?
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