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5Min Intraday System

  • #1,501
  • Jun 20, 2007 9:07pm Jun 20, 2007 9:07pm
Quoting Golfer
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.
Hey, Golfer! Could you please explain how do you use your ADX indicator and post it here, because I don't have it on my MT4 platform.
  • #1,502
  • Jun 20, 2007 10:12pm Jun 20, 2007 10:12pm
Quote Golfer:
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).

Hi golfer,
Could you please explain the 5-6 candle rule?
Many thanks
jbone
  • #1,503
  • Jun 20, 2007 10:18pm Jun 20, 2007 10:18pm
Quoting jbone
Quote Golfer:
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).

Hi golfer,
Could you please explain the 5-6 candle rule?
Many thanks
jbone
Hi Jb

It is in My Rules and I'll review & re-post My Rules over the week-end.

It is just that you need to consider closing your trade after 5-6 candles (25-30 min) if your SL of TP wasn't triggered. If your TP was not triggered within 5-6 candles of the entry, look for an exit as close as possible to BE. That is why I'll try and look for a way out of a trade after 6 candles - as near as BE as possible.

Phillip feels that the trend should trigger your TP within 6 candles because of the momentum of the trend. Otherwise the changes are getting better for the price to reverse (trend is losing momentum).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,504
  • Jun 20, 2007 10:26pm Jun 20, 2007 10:26pm
[quote=eyevoltage;1471188
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 Images http://www.forexfactory.com/attachme...1&d=1182329772

Hi eyevoltage,
Where do you get your pivot points for your chart? Is there some indicator that you use that puts them on automatically?
Many thanks
jbone
  • #1,505
  • Jun 21, 2007 12:18am Jun 21, 2007 12:18am
Please, add me too to skype, my ID: irenekravtsova. Thanks!
  • #1,506
  • Jun 21, 2007 12:37am Jun 21, 2007 12:37am
Hi eyevoltage,
Where do you get your pivot points for your chart? Is there some indicator that you use that puts them on automatically?
Many thanks
jbone[/quote]

I would also like to ask how do you use pivots and have you got an indicator? How people do you use daily high/low? How do you use ADX? Thank you very much, I have read the thread but there wasn't too much about it.
  • #1,507
  • Jun 21, 2007 12:58am Jun 21, 2007 12:58am
Am fairly new to this thread. Have been following Master P's 4hr strategy for some time now. This intraday strategy has made me a few pips. I like the rules and concept pf this one. Although not many signals this week as much as i would like to see for intraday. All MT4 has ADX already in it, look for it under indicators as Average Directional Movement Index. It has a description of it in help topics. It is a trend momentum indicator. I have a couple different versions. Here is a pivot inicator I use that takes into fibonacci calculations as well for the period you wish. Always glad to share.
Attached File(s)
File Type: mq4 FiboPiv_v2.mq4   5 KB | 729 downloads
File Type: mq4 iTrend.mq4   3 KB | 810 downloads
  • #1,508
  • Edited 3:27am Jun 21, 2007 3:05am | Edited 3:27am
Hi guys.
In response to your requests, see the indicator below.

I've found it to be one of the most versatile pivot indicators, because you can play around with it and end up with your screen FULL of lines if that's what you're after!

In addition to the main pivots (which change automatically at midnight), you can activate fibpivots and camarilla Highs and Lows as well. You can customise it to your heart's content, putting in what you want to see or taking it out. There's colour adjustment as well.

As far as ADX is concerned, your MT4 platform will tell you all about it if you access the help page. Access "analytics" and then "technical indicators" and you'll be presented with a long list of indicators which you can individually select to get all the info you require.

Good luck.
Attached File(s)
File Type: mq4 MultiplePivotsV2.mq4   26 KB | 713 downloads
  • #1,509
  • Edited 3:28am Jun 21, 2007 3:23am | Edited 3:28am
(quote) I would also like to ask how do you use pivots and have you got an indicator? How people do you use daily high/low? How do you use ADX? Thank you very much, I have read the thread but there wasn't too much about it (unquote).

In addition to my last post........pivots can be used as potential targets for TP, SL etc. What I find them most useful for is that they give, at a glance, your Risk/Reward potential. For example, if you find that you've got a signal to buy and you're just about to pull the trigger, but the price is just below a pivot line, then you wait for the price to cross the line BEFORE you initiate the trade. That way, you're giving yourself a better chance of a good run up to the next pivot line and, consequently, more profit, which is what we're all after! Right?

ADX........if you still can't see how it works after viewing the MT4 help page, then Google it. You'll find literally hundreds of sources that will help you, and that goes for ANY indicator, by the way.

Hope that helps.
Cheers.
  • #1,510
  • Jun 21, 2007 3:37am Jun 21, 2007 3:37am
Thanks everyone for help!
  • #1,511
  • Jun 21, 2007 4:07am Jun 21, 2007 4:07am
Quoting alexfot
Hey, Golfer! Could you please explain how do you use your ADX indicator and post it here, because I don't have it on my MT4 platform.
Hi Al

You do have it on your MT4 platform under 'Indicators" - Average Directional Movement Index indicator (ADX).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,512
  • Jun 21, 2007 5:05am Jun 21, 2007 5:05am
Hi Guys,
Would somebody please add me to skype.My id is mike1349 .
Thanks
Mike
Failure, is a wonderful teacher!
  • #1,513
  • Jun 21, 2007 5:29am Jun 21, 2007 5:29am
Quoting jbone
Quote Golfer:
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).

Hi golfer,
Could you please explain the 5-6 candle rule?
Many thanks
jbone
I really needed to know this rule last night on the EU pair...
Lesson on Pivots (That I knew and am kicking myself now):
I was short on EU 5 hrs before London Open. Signal for second 5 minute were in place, but it stalled for several hours, so I set my stop at 1.3404 (above a major resistance of 3400) EVEN THOUGH THE PIVOT POINT WAS AROUND 1.3404. Long story short, at the LO, it found the pivot point before continuing on down. EU tends to be static about 3-4 hrs before the LO and likes to go to the pivot at LO. I knew that and should have bailed with 6 pip loss.

Back to reading this thread for more pearls of wisdom
  • #1,514
  • Edited 7:07am Jun 21, 2007 7:04am | Edited 7:07am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting Golfer
It is in My Rules and I'll review & re-post My Rules over the week-end.
I look forward to it Golfer!

I just had a shocking day... down about 5%, which is not cool for one day.
  • #1,515
  • Edited 3:50pm Jun 21, 2007 10:19am | Edited 3:50pm
The Cable set-up I was watching today and almost entered. Luckily for my old friend - the small resistance line. Just look how nice a resistance line it is - not every day that you can draw a line with so many points in line (.


Sorry Nadia, I saw your comments on the chat but an excellent exit. The inital set-up looked excellent even I've considered taking the trade. Why?

1. Below the small resistance line
2. Very nice pull-back - small candles and smooth rounding on the in-side (G).
3. -0.1 line was crossed (Correct mark)

BUT:

1. Look at that tail in candle "F" - be aware!
2. ADX has crossed to the wrong side ("X")

That was why I waited for a pull-back nearer to the 21ma. I almost entered on candle H but my friend kept me out of a possible BE trade.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpu$ 20070621 trade setup.jpg Size: 70 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,516
  • Edited 3:04pm Jun 21, 2007 10:36am | Edited 3:04pm
Let's look at the swissy trade set-up today - checkstar's comments on the chat (BE trade). I don't really follow this pair.

I had to re-draw my small support line (within my rules) (A was first one and B the second one). That already told me something.

But then look at the nice resistance found (brown rectangle) with the price pushing the Lows of the candles higher (1-2). Another nice feature of a great set-up is the triangle formation between the resistance/support and the small resistance line. This time acending triangle - just look at the format.

I've numbered the set-ups (1-4) and the correct place to enter in no. 2 (also already the second set-up in the run. I would have taken No 3 for sure. No 4 is way too late - ignore. Even if it looks like a very good invitation!!!!!!
Attached Image (click to enlarge)
Click to Enlarge Name: swissy 20070621 trade setup.jpg Size: 62 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,517
  • Jun 21, 2007 10:47am Jun 21, 2007 10:47am
Hi willem , i see your chart. but in my chart i had a strong bear candle with a small tail( where your long tail candle is).But the next candle was strong bull,i guess that was my warning to ignore the apparently perfect setup ( i guess diff TF and brokers.) . atleast i did not HOPE for teh price to go my way and made an exit after 5 candles.but it is a good pointer for next time watch out for the tails.
Thanks Willem.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #1,518
  • Jun 21, 2007 12:11pm Jun 21, 2007 12:11pm
Hi Golfer, Eyevoltage, Fxpertno1;
Thank you all very much for all your help.
Jbone
  • #1,519
  • Jun 21, 2007 1:49pm Jun 21, 2007 1:49pm
Daniel

My entry from the 21MA. This is not a proper set-up - just to practise my entry from the 21MA
Attached Image (click to enlarge)
Click to Enlarge Name: daniel2.jpg Size: 72 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,520
  • Edited 3:06pm Jun 21, 2007 1:58pm | Edited 3:06pm
Look for this in a set-up.

Small resistance line (black) and support (green). Very strong sign.

I'll close the trade if my black line (small resistance) is broken
Attached Image (click to enlarge)
Click to Enlarge Name: daniel3.jpg Size: 73 KB
Willem Forex recipe for success = Patience, discipline & hard work.
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