5Min Intraday System

GMT 1:10 PM A very nice triangle is developing on EUR JPY .. Let's see where the break will be ...

GMT 4:00 Even more beautiful triangle. You have to admit that it so well shaped! It touches the upper line 4 times and the lower line (almoust) 6 times.

It is so nice that you could print it and put it on the wall !

Hi P

Yes, what a beauty! I am also looking for triangle formation when it comes to entry points - I should have included it in My Rules posted. The Ascending and Descending triangles make excellent entry points - give it a try.

Look at triangle being formed between the rectangle and my small resis/supp line. I know it is on a short time frame but the principle behind it stays the same:
The ascending support line gives an indication that sellers are starting to leave the pair. After the sellers are knocked out of the market, the buyers can take the price past the resistance level and resume the upward trend. Resistance from above with pressure from below.

Another great entry tip to take off.

Breakout to the upside expected?

Hi,

Very interesting setup for 1 minute in EURUSD tonight made by our Golfer.
We spoked on conferince in skype. I couldn't see it. It was a nice setup for 1 minutes on news. He enter demo on 1.3449 and hit the TP ufter the price set a little on pivot on 1.3442 and then got down.

My entry point on the 1min EUR chart after the news release. Like I said on chat - I thought 50MA would hold as resistance to start move down.

Please note that this is not your usual 1min entry. But I got 10 pips (5pips if it as a live account). Phillip got 4pips on the 5min chart after news release. Not a easy trade.

I don't trade this pair but I came across our 3 little sisters again and this one is so obvious - and just look at the outcome.

Be on the lookout for this price pattern on your favourite pair.

My trade today ("3") - resistance line turning into support. I'll give it a try only once otherwise I won't take a trade so late in a run - very risky!

Setup "1" - a possbility because there is room towards daily pivot R2.

Set-up "2" - I would not have taken that one. Too close to pivot line & 2 lower highs.

Set-up "3" - only reason why I took it was because of the nice pullback and resistance found on pivot line (candles in rectangle).

This is what I would like to see in a set-up:

1. Price actions: a ascending or descending triangle formed between pullback's resistance/support and my small resistance/support (sa discussed on post #1603 on previous page)

2. A daily pivot support/resistance line: right above/below the pull-back

I'd like to ask Golfer, the question about 3 sisters, we have 2 examples of 3 sisters: posts 1606 and 1604, they have differences, on post 1606 RBs look down on downward movement, and this what Golfer taught us, and it really works. On post 1604 there is an example of almost the same pattern, except RBs look up on downward movement. Are these two patterns equally valid? Or there is some difference between them?

Hi Al

I don't really understand your question as the formation on post #1604 has 3 RB each lower that the other as well as the RTs.

As I understand the formation - one needs to look for wave-like motion of the candles and I like to see 3 RT after each other with each top going a bit lower. See #1584 page 106 for another U$CAD example.

Each sister should not be formed below the pullback of the previous sister/s - especially the 3rd sister. If that happens, the formation is canceled.

Please look at the pdf file on page 103 "My Rules" where I did use examples provided by Phillip to give pratical examples of the formation. That is how I understand the formation.

If you are not comfortable with my explanation, please contact Phillip for a more detail explanation of the formation.

When I looked at these pictures more close there was no big difference there, I think it was my fantasy.

0845 GMT. A very nice pattern (5 miin) on the USDCHF in London hours today.

Message from Pip Hunter

I've tried looking at using them some on friday. I'd like to know more about traders that are using them like yourself. I missed the friday morning eurcad trade it showed to enter. It only went 100 pips in 30 minutes and about 150-200 pips throught the day, long. Anyway, when you refer to the short green MA are you referring to the 200 WMA? And the binary lines are for what purpose? And lastly, how long have you been using it and with what kind of results?

Thanks alot!

Pip Hunter

Reply from Silver

Pip Hunter
If you go to Edit Studies you will see that the Short MA is 100LWMA and the binary lines are time lines that you can set through the Edit Studies function. You can set it to appear at the same time everyday, it is a time marker, nothing to do with the indicators.

Hi ppl,
my name is Zdenek, Im 31 years old and Im reading this forum for a while. Im trying to learn how to trade second year now. After several mistakes, mostly of psychological nature, I've set up few goals I'd like to achieve in the trading and Im looking for someone who'd like to be my mentor. I understand the markets as a sea of infinite opportunities where only a rock solid system with rock solid discipline leads to consistent profits. After few dead-ends throughout my papertrading adventure I considered most indicators as non-real-time lagging curves with almost no use for me and I re-discovered the wheel by finding out, that simplicity is probably the key to the success in trading. I like plain simple and elegant things so Im currently looking for simple trading system, that I could follow and adapt to my style of... well of everything I found that breakout trading and trend following techniques nicely resonate with me and this 5min system, presented here is a mixture of both in my eyes.
So I decided to find someone, who would like to be my mentor, who trades live (no demo account) and who's equity is pointing up most of the time. Is that someone somewhere here?

ptaczek

My trade on EURU$ today and a similiar set-up found on U$JPY. You will found this triangle formation very often and I am starting to enjoy trading it. Just look at the beautiful triangles being formed between the black lines and the green support/resistance rectangles.

Another reason to be patient and wait to see what is going to happen with the price. Don't just jump in and trade the first pullback into the zone. It might work - don't be mistaken. Analise the price movement before and during the set-up. That is why I took the trade from the 10MA (looks like a little bit of support on the 10MA).

I took setup "4" on the EURU$ because I've realised that a triangle was starting to build-up. Remember the reasoning behing the formation of the triangles? Get the seller out of the way and buyers are taking over. 10pips profit was the result.

I also considered the U$JPY set-up but my small resistance line was broken.

Thanks to Golfer and everyone on this thread who helped and contributed. Really appreciate it.

Can someone please add me to skype room? My skype id is anbunin. Thanks.

0606 GMT. With this uptrend, is the pullback tradable? Let's see what happens.

0717 GMT. The retracement went beyond the 21 ema. However the long entry can still come at 1.2124-5. A bar that closed above the high of the low bar, with DMI confirmation.

Put those charts together with the evolution of the other pairs ... something is happening.... Be carefull at the sharpness of the retracement.

0814 GMT. Guess this chart will complete the picture. Swissy has been responsive and 'behaving' past few days, due to geopolitics.(London/Glasgow)

Hi folks.
This chart is a good example of the value of waiting for confirmation of a potentially profitable move. Simply put, if you don't get confirmation, then don't trade! I know that Golfer says that he wouldn't trade the first pull-back after a 50sma cross, but possibly some of us would. Not me, of course, 'cos Golfer knows his stuff!! See how the price moves up in a nice sedate sort of way towards the 21 ema, crossing the 10ema on the way. It also crosses the pivot line, which makes it more interesting. The candlestick shadow pierces the 21ema and touches the small resistance line and this is where it gets really interesting. The resistance line and the pivot line forms a descending triangle, and things are beginning to get mighty congested in there!! The arrows signify where you might take a short, but the price is now right ABOVE the pivot line with seemingly nowhere to go. It moves across and moves across until it pierces the yellow dotted resistance line. By this time, of course, it's time to forget it and move on, but remember to check the SMAAngle and the 21ema in there, plus the ADX. They're also screaming at you to leave it alone! SMAAngle and the 21ema are flat around zero, and the ADX doesn't seem to want to play, just lying down there around the 20 mark. The price eventually starts moving down, but by this time, it's on the other side of the yellow dotted line, and out of bounds as far as I'm concerned.
Sorry if this is a bit long-winded, but maybe the newbies out there will be able to follow the chart better with a detailed description.