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5Min Intraday System

  • #1,481
  • Jun 19, 2007 8:59am Jun 19, 2007 8:59am
Quoting eyevoltage
Hi folks.

I've been with this thread for a while now after reading all the initial stuff from Phil and Golfer etc.

I understood the basics of the system, but I was having trouble with the pesky indicators, which, like a few people on here it seems, I couldn't seem to set up properly. However, that problem seems to be ok.

I'd like to show a demo trade I did this morning, just so the more experienced can possibly show me where I went wrong, what I did right etc? I ended up with a 9 pip profit after the spread, so I guess it didn't go so bad, did it?

Anyway, thanks to all the guys for all the advice and all the charts etc. Learning on this forum is never tedious, that's for sure!!
Cheers.
Hi EV

Great trade - I took the very same one. Great minds think alike!

I'll put a post with my discussion a little later. Took my full 10pips profit (3pips spread on this pair)
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,482
  • Jun 19, 2007 9:24am Jun 19, 2007 9:24am
Hey Golfer! I had the same problem with 21MA until today, now I know what was the reason. Thank you very much!
  • #1,483
  • Jun 19, 2007 10:40am Jun 19, 2007 10:40am
I was scanning the market today and I looked at the EURU$. Just one look and I passed it and carry on working. Then I saw on Skype chat people consider buying the EUR. I though what I am I missing? I didn't even consider it a second look. Then may our charts are different. I went back for a second look.

Just to show you why I ignore the early NY set-up. Compare the two charts and you can see why the NY session is a very risky set-up. It can give you a positive outcome but too me it was very risky. I couldn't even draw a proper small support line and all the tails going through the 21MA. Too me it was a side-way movement.

I do like the high probability set-ups but some people do get the pips from trades set-ups like that.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euru$ 20070619 london.jpg Size: 77 KB
Click to Enlarge Name: euru$ 20070619 ny.jpg Size: 80 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,484
  • Jun 19, 2007 10:47am Jun 19, 2007 10:47am
I almost entered this trade ("A") on EURJPY. Just look at the beauty of a set-up but it was just before the German news release (green line) and the 21MA was still in the no-trade zone("B").

After that two steep pull-backs/large candles ("C" &"D") and I ignored the set-ups.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy 20070619 set-up.jpg Size: 77 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,485
  • Jun 19, 2007 10:59am Jun 19, 2007 10:59am
omg...i just joined this forum....who can share the lastes, correct 5min strategy ??

thanks
  • #1,486
  • Jun 19, 2007 11:03am Jun 19, 2007 11:03am
Then my tade today - the same one as eyev.

Candle A was a concern - too big as well as the ADX crossed (B). But then resistance found and just look at the nice smooth rounding from A to C to D.

Excellent opportunity to enter on the pullback from the 21MA. And it was the second set-up in the "run". All below my small resistance line.

Just look a the beauty of the 5-6 candle rule: the move came on the Candle 5. Otherwise I would have looked for an exit after candle 6 (price crossed the small resistance on Candle 3).

After I've taken my profits, I was thinking of Hellodollie and prepared myself for another chat with her ("why did you leave some pips on the table?"). Ger, I do like that indicator of yours (wanto to get use to it) but I've decided to take my profits again.
Attached Image (click to enlarge)
Click to Enlarge Name: $jpy20070619 trade1.jpg Size: 73 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,487
  • Jun 19, 2007 12:16pm Jun 19, 2007 12:16pm
Quoting 4newbie
omg...i just joined this forum....who can share the lastes, correct 5min strategy ??

thanks
Hi 4n

The only change is the SMAangle window with the 21MA to assist traders. Furthermore, one needs to adapt your own rules or stay with the original system developed by Phillip.

I did develop My Rules based on Phillips system (just a few extra rules) and it was posted somewhere in this thread.

The most important secret of this system to identify the price movements of your favour pair/s and the manner of its pull-backs. That will give you the high probability trades.

Good luck and welcome.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,488
  • Jun 19, 2007 1:35pm Jun 19, 2007 1:35pm
Thank you Golfer, each post you supply brings more insight! Keep up the great work!

Luke
  • #1,489
  • Jun 19, 2007 1:36pm Jun 19, 2007 1:36pm
Quoting Golfer
I was scanning the market today and I looked at the EURU$. Just one look and I passed it and carry on working. Then I saw on Skype chat people consider buying the EUR. I though what I am I missing? I didn't even consider it a second look. Then may our charts are different. I went back for a second look.

Just to show you why I ignore the early NY set-up. Compare the two charts and you can see why the NY session is a very risky set-up. It can give you a positive outcome but too me it was very risky. I couldn't even draw a proper small support line and all the tails going through the 21MA. Too me it was a side-way movement.

I do like the high probability set-ups but some people do get the pips from trades set-ups like that.
Here's what Golfer is talking about. Those of us in the chat were looking as it began to set up, but when the pullback was too steep and the angle of the 50 flattened out, we all decided to stand aside. Looking long there was a good idea; it had broken back through 1.3400 and was holding above there, but price action was just too choppy and according to our rules there was no clear entry. Obviously, it did eventually go up, but for each one like this that works I could probably find two that don't. Thanks Willem.
Attached Image (click to enlarge)
Click to Enlarge Name: eur 5m.jpg Size: 68 KB
  • #1,490
  • Jun 19, 2007 2:22pm Jun 19, 2007 2:22pm
Quoting Richard7
Here's what Golfer is talking about. Those of us in the chat were looking as it began to set up, but when the pullback was too steep and the angle of the 50 flattened out, we all decided to stand aside. Looking long there was a good idea; it had broken back through 1.3400 and was holding above there, but price action was just too choppy and according to our rules there was no clear entry. Obviously, it did eventually go up, but for each one like this that works I could probably find two that don't. Thanks Willem.
Hi R7

I totally agree with you. I saw your comment later on and agree with it. Like I said, it could give a positive trade but no clear signal. Risky to take trade like this but sometimes it works. But not for me, tx.

Well discussed in chat, I was just concerned in the beginning!

This is what is so great about this thread - able to share ideas & opinion.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,491
  • Jun 19, 2007 2:41pm Jun 19, 2007 2:41pm
Hey i see some discussion about a chat room how can I join in on that can someone please inform me....thanks
  • #1,492
  • Jun 19, 2007 4:41pm Jun 19, 2007 4:41pm
Thanks for your comments re my chart earlier. Nice to see we both made the same judgement!

Couple of questions. Do you not bother with the 0.2 and -0.2 on the SMAangle indicator anymore? It's just that I see you with 0.1 on one chart and 0.15 on another. To save me scrolling back God knows how far, can you remind me of the reasons behind this?

Also, what's that multi-coloured thingy running through the ADX indicator? Am I right in assuming it's an MA of some description? Just asking because I love the ADX...........one of the best indicators ever for trending markets, in my opinion.

By the way, I forgot to compliment you on the idea behind the "little" trend line you draw when the trend changes. Not a bad idea, mate. Also, you'll notice on my chart that I have pivot points on there. Never without them because they are so useful as target and get-out points, plus they're invaluable as R/R indicators.
Cheers for now
  • #1,493
  • Jun 19, 2007 7:57pm Jun 19, 2007 7:57pm
hi guys , i just downloaded skype, how do i find you guys there. thanks.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #1,494
  • Jun 20, 2007 12:03am Jun 20, 2007 12:03am
Quoting eyevoltage
Thanks for your comments re my chart earlier. Nice to see we both made the same judgement!

Couple of questions. Do you not bother with the 0.2 and -0.2 on the SMAangle indicator anymore? It's just that I see you with 0.1 on one chart and 0.15 on another. To save me scrolling back God knows how far, can you remind me of the reasons behind this?

Also, what's that multi-coloured thingy running through the ADX indicator? Am I right in assuming it's an MA of some description? Just asking because I love the ADX...........one of the best indicators ever for trending markets, in my opinion.

By the way, I forgot to compliment you on the idea behind the "little" trend line you draw when the trend changes. Not a bad idea, mate. Also, you'll notice on my chart that I have pivot points on there. Never without them because they are so useful as target and get-out points, plus they're invaluable as R/R indicators.
Cheers for now
Hi EYEv

Tx.

No, I don't really look at the 0.2 level anymore. That was in the begining when I tested My Rules to develop some filters for myself. I am using the Small Resis/Supp line now instead. I do find it more reliable than the height of the SMAangle bars. But I still look at the 0.4 & -0.4 lines.

Don't worry about the multi-colour indicator on the ADX. But if you want to know, it is a lsma 3 used by hellodollie in her system (there is also a thread http://www.forexfactory.com/showthread.php?t=28935). Very interesting indicator and she loves it. Ive just started using it yesterday.

O yes, I also do use daily pivot levels - my support level was at 123.30 (just outside the picture)
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,495
  • Jun 20, 2007 2:57am Jun 20, 2007 2:57am
0755 GMT. May look at this pair for possible trade with 5 min.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070620 USDCHF 0755 GMT.gif Size: 16 KB
  • #1,496
  • Jun 20, 2007 3:56am Jun 20, 2007 3:56am
Hi.
This "almost" trade from this morning, illustrates the wisdom of waiting a little longer for some sort of confirmation of an impending move.
The arrow on the chart signifies where I might have entered, once the M1 line ahd been hurdled. However, look at the arrow down on the ADX window. That, to me, was a clear-cut "stay out" indicator, as the ADX and the -DI were showing no signs of heading North. And so it proved.
Attached Image
  • #1,497
  • Jun 20, 2007 4:00am Jun 20, 2007 4:00am
0857 GMT. Well, the big candles and emotional nature (ala Phil Nel) of the retracement, precluded the short trade.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070620 USDCHF 0857 GMT.gif Size: 17 KB
  • #1,498
  • Jun 20, 2007 6:50am Jun 20, 2007 6:50am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting salcidon
Hi,

I have a spyke id too. That is daniel.ciuntuc . Can someone add me into that room too? Thank you

There is necesary a link or smth.?
Me Three! User ID is CHECKstar82
  • #1,499
  • Jun 20, 2007 10:58am Jun 20, 2007 10:58am
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  • #1,500
  • Jun 20, 2007 11:43am Jun 20, 2007 11:43am
Hello,

I was trying to find the group on skype. Can someone please add me also. user ID: forexlynn
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