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5Min Intraday System

  • #2,001
  • Aug 24, 2007 2:42am Aug 24, 2007 2:42am
Quoting bshadroo
hi
i dont know is it as important as to speek about but there is a GMT shift availability in multiplepivotsv2 indicator's edit list,is it neccesary to change it?
thx
i now answer myself
my platform is +2 gmt and i change gmtshift setting (in multiplepivotsv2 indicator setting) to +2, now my pivot lines just like a gmt platform.
i strongly recommand u also to do this setting change, i think gmt is more relieable than other times(think about that,why it should be +1 or+3 or -5?!) there is no a few pips different (as u said dear gofler) especialy if price have big movments in that last 2 or 3 houres difference (remember usdjpy 100pip movment in wednesday 22gmt that made a lot of difference between gmt platform and gmt+2 pltform pivot lines in next day)
if u dear friends do shif to gmt, at least we can have the same lines in our charts
thx
  • #2,002
  • Aug 24, 2007 4:39am Aug 24, 2007 4:39am
Can somebody please add me to 5 Min chat. Skype ID is eben.stander.

Thanx
  • #2,003
  • Edited 6:09am Aug 24, 2007 6:05am | Edited 6:09am
I've only just got around to catching up on this thread from yesterday, and I have to say that your charts were spot on, man.

Excellent examples of "how to do it right", and that can only benefit us all on this thread.

Good job we've got you around to keep us on the straight and narrow, mate!

Cheers.

P.S. Wives, eh? Don't you just love 'em?
  • #2,004
  • Aug 24, 2007 11:44am Aug 24, 2007 11:44am
Quoting eyevoltage
I've only just got around to catching up on this thread from yesterday, and I have to say that your charts were spot on, man.

Excellent examples of "how to do it right", and that can only benefit us all on this thread.

Good job we've got you around to keep us on the straight and narrow, mate!

Cheers.

P.S. Wives, eh? Don't you just love 'em?
Hi Eyev

Pleasure - just like to share my ideas with everybody.

All readers: But remember that is my style of trading. One should develop his/her style of trading. I like to see some sort of price pattern with the setups and not just a pullback towards the 21MA.

Like I previously said: One should be able to tell a story about a setup.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,005
  • Aug 26, 2007 1:14pm Aug 26, 2007 1:14pm
Where do I find the indicator that draws the little dots when it goes into the war zone?
Keep taking CT trades, I need more money
  • #2,006
  • Aug 27, 2007 1:13am Aug 27, 2007 1:13am
Quoting Ryanmcd
Where do I find the indicator that draws the little dots when it goes into the war zone?
Hi Ryan

Sorry, I cannot remember which one it is because I don't use it any more. It is good to use it in the beginning to call you to the computer when you don't know what to look for. It shows you possible setups but then you need to evaluate each setup individually. That is also why I don't believe in an EA for this system. It won't work.

But as you get use to the patterns, the dots become a distraction. I've cancelled mine. I don't know if it is still one of the indicators mentioned in My Rules documents (page 103). Then you can just look for it on the "attachment" section of this thread.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,007
  • Aug 27, 2007 5:29am Aug 27, 2007 5:29am
hi
i entered at the arrow but sl hitted
good luck
Attached Image (click to enlarge)
Click to Enlarge Name: eur.gif Size: 28 KB
  • #2,008
  • Edited 7:33am Aug 27, 2007 6:58am | Edited 7:33am
Quoting bshadroo
hi
i entered at the arrow but sl hitted
good luck
Hi Bs

I looked at the same setup and it looked good. I've even opened my live account for the trade but my small resistance line was broken before I could enter the trade. So, nothing wrong with trade. Loss should have been 4-5pips and not 10pips.

Will post my chart later today.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,009
  • Aug 27, 2007 9:08am Aug 27, 2007 9:08am
Hi everybody. I am still busy goiing through the tread, but also had a long hard look at that setup. Decided against it because of UK bank holiday.Personally i will only trade live tomorrow.

Eben
  • #2,010
  • Aug 27, 2007 1:45pm Aug 27, 2007 1:45pm
This is how I would have traded the setup today. Everything looks fine and the price stayed below my small resistance line.

I would have entered on the Doji candle below the arrow at 1.3658. Try to enter as close as possible to the 21MA. You can see the price went up to the 21MA and the 10MA is not a resistance. Don't enter on the 10MA. The 21MA is a better option - better change to get out BE when it turns against you.

You only enter on the 10MA if:
1. There is a clear resistance or support found on 10MA
2. Very fast moving market
3. Definite smooth round pullback (so that you can fit a ellipse in the rounding)

Once my small resistance line is broken, I look for an exit as close as possible to BE. Exit anywhere in the area marked with the ellipse.

In this instance there were a few changes but I would have exit at 1.3662 (1.3660 on chart) for a 4pips loss. Exspecially on the red candle under the "1" of the price or the next doji.

Don't wait for the price to turn around or to hit your SL. Get out and don't get mad at yourself if the price do turn around. Just one of those things.Because next time you'll think: "Lets stay in a little bit longer". Suicide thoughts. Just look at what happened here - my 10pip SL should have triggered but now I've only lost 4pips instead of 10pips.

I know it is not that easy trading the live feed but that is why I am still practising with a demo account (and trade with it if it is a live account).

I would also recommend that you practise your enter on a demo account. To get the right feeling for it as well as the timing for it. I've done it now for 3 months and still I am still doing it.

Hi Eben:

I do like that words of you "had a hard look at it".

Everybody:

Do a critical evaluation of each setup before pulling the triggered. Not just - "ah, another pullback into the zone, lets pull the trigger and hope for the best".

It doesn't work.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070827 eu possible trade.gif Size: 18 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,011
  • Aug 27, 2007 1:53pm Aug 27, 2007 1:53pm
I did see that GBP/USD did offer a few plays today and the 50 seems to be @ 20 degree angle. It is not set up now but to me EUR/USD has been range bound and the 50sma is flat. This mean stay out?
Check Mate GAME OVER
  • #2,012
  • Aug 27, 2007 2:11pm Aug 27, 2007 2:11pm
USD/CAD 5m chart does not look bad, but the daily is left to be desired.
Check Mate GAME OVER
  • #2,013
  • Aug 27, 2007 2:19pm Aug 27, 2007 2:19pm
What I like about the USD/CAD chart is the consistency. Many are looking like buck-shot up/down/sideways..
Check Mate GAME OVER
  • #2,014
  • Aug 27, 2007 2:21pm Aug 27, 2007 2:21pm
Quoting bunton
I did see that GBP/USD did offer a few plays today and the 50 seems to be @ 20 degree angle. It is not set up now but to me EUR/USD has been range bound and the 50sma is flat. This mean stay out?
Hi Bun

Yes, the 50 is relatively flat and if you have the SMAangle indicator you'll see the 21MA is in the non-trade zone. The rectangle between 0.1 and -0.1. Stay away.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070827 eur flat.gif Size: 23 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,015
  • Aug 27, 2007 2:24pm Aug 27, 2007 2:24pm
Quoting Golfer
Hi Bun

Yes, the 50 is relatively flat and if you have the SMAangle indicator you'll see the 21MA is in the non-trade zone. The rectangle between 0.1 and -0.1. Stay away.
Golfer, I don't have MT charts and so I just got my MA/EMA's up. I use GTF's charting platform..
Check Mate GAME OVER
  • #2,016
  • Aug 27, 2007 2:26pm Aug 27, 2007 2:26pm
Choppy action from what I see onn most my 5min charts. This lacks direction and keeps me out..
Check Mate GAME OVER
  • #2,017
  • Aug 27, 2007 2:31pm Aug 27, 2007 2:31pm
Quoting bunton
What I like about the USD/CAD chart is the consistency. Many are looking like buck-shot up/down/sideways..
Hi Bun

Sorry but I don't follow that pair and don't know the price motions. What I see now is that the 21MA is broken on several times and that is against My Rules. But then one can see the support found on the 50MA.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070827 cad.gif Size: 24 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,018
  • Aug 27, 2007 2:34pm Aug 27, 2007 2:34pm
Quoting bunton
Golfer, I don't have MT charts and so I just got my MA/EMA's up. I use GTF's charting platform..
Hi Bun

Right, then you'll do it the old-fasion way. Nothing wrong with it. I do it like that on my mobile phone because I don't have a SMAangle on my mobile phone's platform.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,019
  • Aug 27, 2007 2:38pm Aug 27, 2007 2:38pm
Hello,

I am new to this thread and have only read about 1/10th of it, and I am printing out a good deal of it... Can anyone please tell me if the system has been updated much from its initial birth here on the forum?

Originally the rules were:
The rules are as follow.
1. The 50 Simple moving average must be in a strong trend identified by the angle it is in.
2. Wait then for the price to pull back into(inbetween) the zone of the 21EMA and the 10EMA.
3. Enter the trade within this zone.
4. Set stoploss to 6 pips plus spread.
5. Move stoploss to breakeven after 6 pips gain is on.
6. Take profit 8-10 pips.


any improvements since then?
(don't call me lazy... just strapped for time)
"Please sir, may I have some more pips?"
  • #2,020
  • Aug 27, 2007 2:48pm Aug 27, 2007 2:48pm
Quoting J2FcM
Hello,

I am new to this thread and have only read about 1/10th of it, and I am printing out a good deal of it... Can anyone please tell me if the system has been updated much from its initial birth here on the forum?

Originally the rules were:
The rules are as follow.
1. The 50 Simple moving average must be in a strong trend identified by the angle it is in.
2. Wait then for the price to pull back into(inbetween) the zone of the 21EMA and the 10EMA.
3. Enter the trade within this zone.
4. Set stoploss to 6 pips plus spread.
5. Move stoploss to breakeven after 6 pips gain is on.
6. Take profit 8-10 pips.


any improvements since then?
(don't call me lazy... just strapped for time)
Hi J2

No problem - My Rules om page 103 are based on Phillip's rules with one or two additions as discussed with Phillip. Recently I am trying to look for certain price patterns when there is a possible setup. You'll see several examples in the last few pages.

Please try and read all Phillip's posts and comment. Look at the charts posted to get a feel for the system and price actions within the war zone.
Willem Forex recipe for success = Patience, discipline & hard work.
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