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5Min Intraday System

  • #1,861
  • Aug 6, 2007 2:49pm Aug 6, 2007 2:49pm
Quoting Golfer
Hi Alexfot

Thanks, and I hope hope you are doing well with the 4hMACD system. I am currently trying to trade in line with the rules of the 4hMACD but not taking the actual trade signal as it appears on the 4h charts (just too difficult for me to be at my computer at certain times).

For example - If the 4h chart rule says the price should move back to the 21MA I am looking at my 5min system chart and my 30min chart Dollie chart and look for a trade setup in that direction. Then I tend to ignore the counter trend trade setups (but if I do find a great price pattern, I'll go for it). Just another filter one can use.

Hope it make sense but if it is confusing please ignore it and trade according to your system. I don't want people to get confused.
I learn from both systems, they help each other, if I on 4h the price should go to 89, then I go to 5m and look for the best entry according to 5m rules.
  • #1,862
  • Aug 6, 2007 3:18pm Aug 6, 2007 3:18pm
Quoting alexfot
I learn from both systems, they help each other, if I on 4h the price should go to 89, then I go to 5m and look for the best entry according to 5m rules.
Hi ALex

Perfect - I do like your approach. Also look for specific price actions (e.g. 3little sisters, higher lows, ext) on the 5min charts - it will give you an indication when to enter and when not to enter.

Like we chat on Skype, I am trying to look for signal on the 3 systems I'm know now. And that is it.

Get a system that works for you - what works for me doesn't mean it will work for you. But lets try.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,863
  • Aug 6, 2007 5:11pm Aug 6, 2007 5:11pm
Hi Golfer, I was wondering which systems these are that you mentioned. I assume they are Philips 5 min system and 4 hour system and Hellodollies?

Oh and sorry for not coming onto skype, I'm on vacation now and access to the net is kind of unstable, but I will probably try to come in the coming days.
Best Wishes.. -Riad Jarjour
  • #1,864
  • Aug 6, 2007 5:36pm Aug 6, 2007 5:36pm
Check Out These Apples
Attached Image (click to enlarge)
Click to Enlarge Name: POUND_YEN 5 MIN.jpg Size: 80 KB
  • #1,865
  • Aug 6, 2007 6:39pm Aug 6, 2007 6:39pm
Quoting Phillip Nel
I am using this 5Min intraday strategy with great success on the EurUsd and Gpb/Usd. Three deals max. per day. Open position when the angle of the 50 Simple moving average are greater than 20Degrees and the price retrace back into the zone of the 21 Exponential moving average and the 10 Exponential moving average. Set stoploss at 6 pips plus spread and profit taking at 8-10 pips. Move stoploss to breakeven as soon as 6 pips gain is obtained. Using this strategy is at your own risk. Hope someone will benefit from it.
As I see it, the angle will depend on the scale of your graph. If you set a higher scale then your 50 SMA will become flat. What scale do you use?
  • #1,866
  • Aug 6, 2007 7:18pm Aug 6, 2007 7:18pm
Quoting CHECKstar
To be honest Antony, I don't think that you could accurately back test this system and achieve similar results to real trading. This is because, as many of us discovered that it is not wise to take every signal it produces. You really need to be able to observe the price action during any pull back before you enter a trade. So while there is set rules for enter/exit, many of us have discovered that it is quite important to still use digression when trading this system.

-CHECKstar
as a followup on "backtesting", what I gained from this exercise (ref post #1786 for results) is that this system works at a basic level and can only be enhanced by adding additional logic around resistance and support lines (possibly from other time frames, fibs, pivots, candles, whatever); so, if you can break even or come out a little ahead in testing, your trading will only get better as you acquire the "rhythm of the market" as Phillip puts it. Another huge takeaway is understanding the probability of a winning trade during the times you are able to make trades. Since you can't be there 24/7, you should plan to be there when the trades are presenting themselves. For me, I found for the EurUsd, it's one hour after the London Open until about 5 hours into it (4am to 8 am, EST). If I want to make this thing work, I gotta give up some prime REM sleep. In summary, I feel that it is important to do the legwork and backtest any system. As for any endorsement, I am using FX Solution's Global Trading System as a demo account. It allows backtesting during their trading hours. Their accucharts work for me and have all of the metrics I need for the 5min and 4 hr MACD strategems.

Hope this helps...see you when you get back from the desert:
Rick
  • #1,867
  • Aug 6, 2007 10:14pm Aug 6, 2007 10:14pm
Quoting anbu
Hi Golfer, I was wondering which systems these are that you mentioned. I assume they are Philips 5 min system and 4 hour system and Hellodollies?

Oh and sorry for not coming onto skype, I'm on vacation now and access to the net is kind of unstable, but I will probably try to come in the coming days.
Hi Riad

Correct
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,868
  • Aug 6, 2007 11:49pm Aug 6, 2007 11:49pm
Quoting Golfer

Currently I am looking/practising with 4 systems - almost all of them in different time frames (5min, 15min, 30 min and 4h) and in different sessions....
Willem, In using multiple systems, will you take a second trade if you are already in a trade? Last night I openned a short on the euro per Phillip's 4hr. These trades take upwards of 8-24 hrs to play out. During that time, if a 5 min setup presents itself, should I jump in? also, would you hedge if it were in the opposite direction? Your thoughts are appreciated.
Rick
  • #1,869
  • Aug 7, 2007 10:28am Aug 7, 2007 10:28am
Quoting Foricks
Willem, In using multiple systems, will you take a second trade if you are already in a trade? Last night I openned a short on the euro per Phillip's 4hr. These trades take upwards of 8-24 hrs to play out. During that time, if a 5 min setup presents itself, should I jump in? also, would you hedge if it were in the opposite direction? Your thoughts are appreciated.
Rick
Hi Rick

Yes is my answer on both your questions. Remember there could be a few retrachments before the trend continue in the direction of your 4h chart. Those retracements (in the opposite direction of the 4h trade) could present themselves as excellent 5min setup/signals. And the outcome/move could be 10pips while your SL on the 4h could be 25-30pips.

If you need to hedge - you just need to be very careful and look at the setup - it should be a great setup and then I'll take a quick 10pips profit.

Hopefully it won't happen that often - I would rather look for another 5min signal in the same direction as the current 4h trade. In your case I would have taken another short trade on the 5min EUR if it presents itself.

Hope it answers your question.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,870
  • Aug 7, 2007 2:42pm Aug 7, 2007 2:42pm
I joined this thread only recently, and I can't force myself to read all the pages.
Can someone summarize very briefly about the important stuff in the thread (NOT the original system itself - I understand it) -
What major improvements were suggested, can this system be automated with the use of an EA? I saw an ex4 files , but I'm not sure what other files I need to obtain for this EA.
I would be very thankful for anyone who can summarize the essences of this thread to me!
Money for nothin' and pips for free!
  • #1,871
  • Aug 7, 2007 3:17pm Aug 7, 2007 3:17pm
Quoting ltklev
I joined this thread only recently, and I can't force myself to read all the pages.
Can someone summarize very briefly about the important stuff in the thread (NOT the original system itself - I understand it) -
What major improvements were suggested, can this system be automated with the use of an EA? I saw an ex4 files , but I'm not sure what other files I need to obtain for this EA.
I would be very thankful for anyone who can summarize the essences of this thread to me!
On Page 103 you'll find my summary (and additions to it) of the system but there is no short-cut for this system. You need to know the rules OK but you also need to know how to identify a proper setup and when to enter. You'll only get it from looking at the charts posted and demo trading.

Otherwise you'll get burned. Ask me, I've been there in Apr this year. I worked through the whole thread and made my own summary (in my mind and memorising setup as well).

Good luck.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,872
  • Aug 7, 2007 3:21pm Aug 7, 2007 3:21pm
Thanks for the quick response
I'll check it out... And I don't dare livetrading without demotrading!
Money for nothin' and pips for free!
  • #1,873
  • Aug 7, 2007 9:50pm Aug 7, 2007 9:50pm
Quoting ltklev
Money for nothin,pips for free!
love your quote...
Suck it up, read the threads, and learn it, live it, love it...10 pips is 10 pips.
Rick
  • #1,874
  • Aug 8, 2007 5:01am Aug 8, 2007 5:01am
Quoting Foricks
love your quote...
Suck it up, read the threads, and learn it, live it, love it...10 pips is 10 pips.
Rick
The inspiration came from the "Money for nothin'" song by Dire Straits. Great Song. I am totally addicted to it in the last week and I can't stop humming the words .
Money for nothin' and pips for free!
  • #1,875
  • Aug 8, 2007 8:45am Aug 8, 2007 8:45am
There was some nice opportunities today in GBP/USD and EUR/USD, I took this trade in the pound. Patience payed off. I entered where the red circle is.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.jpg Size: 57 KB
Pippiper
  • #1,876
  • Aug 9, 2007 2:39am Aug 9, 2007 2:39am
Quoting Pippiper
There was some nice opportunities today in GBP/USD and EUR/USD, I took this trade in the pound. Patience payed off. I entered where the red circle is.
Hi P

yes, you were right. But it is not that easy in a fast moving market where there are only few pullbacks into the zone. Consider trading from the 10MA.
Attached Image (click to enlarge)
Click to Enlarge Name: 200700808 e$ 5min trade 1.jpg Size: 75 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,877
  • Aug 9, 2007 2:42am Aug 9, 2007 2:42am
I've seen this setup/trend of the EURJPY several times. Try and let your profits run or take the odds on and enter on the 10MA (support found on the 10MA). Last time I saw that there was also no major news releases due.
Attached Image (click to enlarge)
Click to Enlarge Name: 200700808 ey 5min chart.jpg Size: 78 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,878
  • Aug 9, 2007 5:07am Aug 9, 2007 5:07am
Quoting Golfer
I've seen this setup/trend of the EURJPY several times. Try and let your profits run or take the odds on and enter on the 10MA (support found on the 10MA). Last time I saw that there was also no major news releases due.
So are you saying that under these conditions, we ignore the SMAAngle Zone rules, mate? Just carry on regardless, sort of thing? If so, I must have missed this whilst reading the rules!

Also, whilst I'm on, would you PM me explaining the lsma3 on your ADX? I recall asking you before, but I think you said that it was purely experimental.

Cheers
  • #1,879
  • Aug 9, 2007 5:38am Aug 9, 2007 5:38am
Hi folks.
I'm posting this chart, but I have to admit that I didn't take these trades as I was busy with other things at that time.
The first trade seemed ok, nicely placed in the war zone and coming across the M2 line, plus, everything solid in the two indicator windows. Because of that, I'd like to think I'd have let it run for a while before closing at around 28 pips. The second one, on the other hand seems open to interpretation. At first glance, it seems a great trade. However, apart from the slight piercing of the 21ema by the upper shadow, the other thing is the SMAAngle indicator. It's WELL over the -0.5 line, which makes this a non-trade, according to the rules. Which begs the question: Wouldn't it make sense to sometimes "take a chance" in cases like this? After all, it ran to around a 63 pip profit, which would have most traders weeping into their beer because the rules said "NO!" I know rules are rules, but I just think that sometimes you have to play it by ear. What do you think?
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  • #1,880
  • Aug 9, 2007 6:08am Aug 9, 2007 6:08am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting eyevoltage
So are you saying that under these conditions, we ignore the SMAAngle Zone rules, mate? Just carry on regardless, sort of thing? If so, I must have missed this whilst reading the rules!

Also, whilst I'm on, would you PM me explaining the lsma3 on your ADX? I recall asking you before, but I think you said that it was purely experimental.

Cheers
Some of my best trades have been when price had found support of the 10 EMA - probably most likely because that would suggest a strong, fast moving trend?
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