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5Min Intraday System

  • #2,161
  • Sep 20, 2007 9:40am Sep 20, 2007 9:40am
My trade on demo today using the smooth round pullback (where a ellipse "A" can fit). The candle after the Doji completed the smooth round pullback and I waited for the price to pullback to the 21MA for an entry. Exit on S3 line. Result 20pips
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,162
  • Sep 20, 2007 9:46am Sep 20, 2007 9:46am
Just another trade of mine using another type of pattern - the resistance found on my small resistance line. I was worried about the 2 previous closes above the 21MA but was looking at the nice resistance on the resistance line (ellipse "A"). Then I decided to take it on and entered on the opening of the small blue candle under arrow.

I decided to take early profit because I didn't realy felt comfortable with setup. 15pips.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,163
  • Sep 20, 2007 10:06am Sep 20, 2007 10:06am
A quick 10pips after a 3 little sisters formation ("I,II,III") and where I had to draw my second resistance line. Taking a risk with the S1 line so close but I do love the 3 little sisters.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,164
  • Sep 20, 2007 10:12am Sep 20, 2007 10:12am
My first trade today on Cable - I just liked the way the price stayed below my small resistance line and pulled the trigger after 4 candles showing some resistance. 14pips result.

Wish every day was like this but reality will kick in some time. Just show you what patience can do for your trading.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,165
  • Sep 20, 2007 10:31am Sep 20, 2007 10:31am
Here is a sample of little sisters with the GBP this am.
the red line was my entry and green exit.

Great little trade though!
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  • #2,166
  • Sep 20, 2007 10:48am Sep 20, 2007 10:48am
Will you enter a long trade on the candle above the arrow after a run like this and candles like this in the ellipse?

Not for me, thank you. I'll wait for my Dollie system on a 30min chart to give me a short signal.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,167
  • Sep 20, 2007 12:49pm Sep 20, 2007 12:49pm
Follow up of my previous post - just another example of:

To trade what you see on the chart and not what/how you feel about the pair.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,168
  • Sep 20, 2007 7:58pm Sep 20, 2007 7:58pm
Here is a trade I'm really proud of. Its almost as perfect as they come.

I put in Entry Stops at the top of each move up. I kept my stop at the Pivot line and ended up with 3 entry points. I kept all the positions open till the price hit the first resistance point the put them in the bank. The total for all three positions came to a whopping 93 PIPS !!
Thats a lot more than just taking 10 off each entry seperately.

Anyway this method works much better with a cross then a USD pair.

Here is the chart showing it.
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  • #2,169
  • Sep 20, 2007 10:32pm Sep 20, 2007 10:32pm
Hi, I'm a new poster here, but I've used this system for a couple days. I've reread the whole thread, It's a great system but I need to make it comfortable with my style. Would you guys, the system's user please guide me. I'll post my chart daily so we can disscuss it, mainly I trade on asia market and a little london market.. so I hope my next posts can contributed something for this great system..
  • #2,170
  • Edited 12:17am Sep 21, 2007 12:13am | Edited 12:17am
Quoting gunset
Hi, I'm a new poster here, but I've used this system for a couple days. I've reread the whole thread, It's a great system but I need to make it comfortable with my style. Would you guys, the system's user please guide me. I'll post my chart daily so we can disscuss it, mainly I trade on asia market and a little london market.. so I hope my next posts can contributed something for this great system..
Gunset,
Welcome to the thread. This is a beautiful system, use it with discretion. I have done very well with this system, thanks to the author Philip Nel.

I have been trading this system with success for a few months now. I have not posted my trades lately, but did post some charts a while back. Will start posting charts again.

I suggest this:
a) Keep looking and waiting for price to break-out after a consolidation and then wait for a pullback to the zone between 10 and 21 ema's.
b) First pullback works the best and provides much better risk reward ratio.
c) Very important: Do a lot of back testing to understand and identify price behaviour.

Goodluck and good trading.
  • #2,171
  • Sep 21, 2007 2:44am Sep 21, 2007 2:44am
Quote
I suggest this:
a) Keep looking and waiting for price to break-out after a consolidation and then wait for a pullback to the zone between 10 and 21 ema's.
b) First pullback works the best and provides much better risk reward ratio.
c) Very important: Do a lot of back testing to understand and identify price behaviour.

Goodluck and good trading.


thanks for your suggestion. they are trully a jewel in my journney on forex world... I've tried this system a couple weeks (maybe 2-3 weeks) it gives a good result on my demo.. I trade the GU, EJ, and UJ pair. mainly in EJ pair. I use the SL 15 and TP 10 and the result, 100% profit in about 2-3 weeks. however, when I tried it on my live account, with SL 10 and no TP, it burned my account down -20%!! I don't know what's wrong, but I'm gonna find out, perhaps the SL too low, or just not my luck .. once again thank you very much for your tips..
  • #2,172
  • Edited 4:42am Sep 21, 2007 4:30am | Edited 4:42am
Quoting gunset
thanks for your suggestion. they are trully a jewel in my journney on forex world... I've tried this system a couple weeks (maybe 2-3 weeks) it gives a good result on my demo.. I trade the GU, EJ, and UJ pair. mainly in EJ pair. I use the SL 15 and TP 10 and the result, 100% profit in about 2-3 weeks. however, when I tried it on my live account, with SL 10 and no TP, it burned my account down -20%!! I don't know what's wrong, but I'm gonna find out, perhaps the SL too low, or just not my luck .. once again thank you very much for your tips..
Hi G

I was in the same boat - March & Apr 2007. I was doing very well on demo and in Apr I went live with a mini account ($500). I've tried to trade almost every setup (1.5% risk money management) and in Apr I lost about $30.

I went back to the drawning board and with the assistance of Phillip I've developed My Rules (page 103). Now I am trading according:

  1. To the Rules (written so that I can read them regularly and remember it).
  2. To certain price actions/patterns (just have a look at my charts on the thread - the same advice given by Ishak).

I've started last month live again with some demo trading in between to get my confidence back. Now I am doing mUch beter and I don't get upset anymore if I do miss a few great trades.

It is all about your style of trade and use this system accordingly.

My last piece of advice is NOT TO TAKE EACH AND EVERY SETUP THAT COMES ALONG. Read the story behind/before the setup.

Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,173
  • Sep 21, 2007 4:36am Sep 21, 2007 4:36am
Just got my 6 pips on the cable!!
dear friends, Is my resistant line correct? I read, re-read and re-read again and still Ihaven't had a clear picture about the resistant line... I'm sorry for my stupidity... My trade was below the TL but the price keep forcing to go to the right direction. So I close my eyes n got the 6 pips.. comments please...
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  • #2,174
  • Sep 21, 2007 4:49am Sep 21, 2007 4:49am
Quoting gunset
Just got my 6 pips on the cable!!
dear friends, Is my resistant line correct? I read, re-read and re-read again and still Ihaven't had a clear picture about the resistant line... I'm sorry for my stupidity... My trade was below the TL but the price keep forcing to go to the right direction. So I close my eyes n got the 6 pips.. comments please...
Hi G

No problem with the trade and the support line drawn.

Regarding the Small resistance/support line (this was a support line), I am working on a new document to clarfiy what I am doing. I am using the lines as an addtional filter for trades.

Previously I was looking for the very last high/low before the price crossed the 50MA (point 1) and then the very first pullback into the zone after the 50MA cross (point 2). Put a line between that 2 points and sometimes you do get a nice resistance/support line.

What I am look for now is a pattern where I can draw a line between 2-3 (and I am trying now the get 3 or more points in a line which cut accros the 50MA) points to get a nice Small resistance/support line.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,175
  • Sep 21, 2007 6:38am Sep 21, 2007 6:38am
My trade this morning on EUR. It was difficult to get a proper Small resistance line - the reason for the two lines.

I liked the downwards movement within the ellipse and I am usually looking for a movement within 5-6candles (if one gets a flat movement like this). In this case I've entered on the second doji (7th candles).

My Rules said to exit as close to BE as possible if there is no movement after about 6 candles - and I didn't like the last 3 blue candles before my exit ("x"). Except maybe the tail on the first blue candle. Get out if the chart is telling you to get out. Exit on BE.

Just look at happen the next candles. And I am still smiling (to get out BE), you cannot win them all!!!!

Many more setups and trades to come.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,176
  • Sep 21, 2007 6:52am Sep 21, 2007 6:52am
I've never drawn my own resistance line I just use the pivot point indicator. Seems to be very accurate/reliable.

Here it is. just set the time to your current brokers server time and your ready...

oh yea, put the file in your "indicators folder" under "experts" in Metatrader's folder on your computer under "program files"
Attached File(s)
File Type: ex4 MultiplePivotsV2.ex4   24 KB | 365 downloads
  • #2,177
  • Edited 8:23am Sep 21, 2007 7:19am | Edited 8:23am
Quoting FiboFan
I've never drawn my own resistance line I just use the pivot point indicator. Seems to be very accurate/reliable.

Here it is. just set the time to your current brokers server time and your ready...

oh yea, put the file in your "indicators folder" under "experts" in Metatrader's folder on your computer under "program files"
Hi FF

Yes, I am using the very same pp indicator and it is a great one. I use it as another filter (when to enter or exit the market).

I developed the Small resistance/support lines after I realise that some price patterns develop around these lines. I did discussion the lines with Phillip on several occuasions. Just visit Phillip's 4h MACD thread and you'll see how important tested resistance and support levels/lines are. That is the reason why I am trying to use it on a shorter time frame (with some success).

Now I use it as another filter to try and keep out of bad trades and it helps me a lot. Once the line is broken, I tend to ignore the setup (?±70% tends to be bad trades once the line is broken?)

But very important - stay with what you do feel comfortable with.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,178
  • Sep 21, 2007 8:26am Sep 21, 2007 8:26am
Just an example - the arrows are where I would have entered (I did have a BE trade on the first arrow). The red vertical line is where the 21MA is coming out of the non-trade zone.

Just look at after candle 5 - a close above resistance line and there she goes.

Very interesting.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,179
  • Sep 21, 2007 8:32am Sep 21, 2007 8:32am
This is my second trade for today.. the pair is EJ. entry 162.66, but the MACD and MA(21) already more than 0.4000 (it scared me) and also it is below the SL. So I decided to exit as soon as possible. result = +2pips. comments please...
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  • #2,180
  • Sep 21, 2007 8:56am Sep 21, 2007 8:56am
Quoting gunset
This is my second trade for today.. the pair is EJ. entry 162.66, but the MACD and MA(21) already more than 0.4000 (it scared me) and also it is below the SL. So I decided to exit as soon as possible. result = +2pips. comments please...
Just three comments - look at my chart:

1. I like your style - if you don't feel comfortable, get out. Great!

2. First I don't like closes on the wrong side of the 21MA - in the ellipse and "2 & 3". I tend to ignore the rest of the setup.

3. My R1 line is very close to your entry.

Otherwise no problem - high risk trade that could have paid off.
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Willem Forex recipe for success = Patience, discipline & hard work.
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