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5Min Intraday System

  • #2,201
  • Sep 24, 2007 12:47pm Sep 24, 2007 12:47pm
Quoting Golfer
I would advice all novice traders to read the words below Phillip's name in his messages. It is so true an that is why I don't take each and every setup. Sorry to nag about this, but people should realise that not every setup in this system is profitable.

And I think that is why I am still alive in this game of trading. PATIENCE!

Hi Golfer
Thanks for the effort you put into this thread. As you said, patience is what it is all about. To be able to walk away from a trade that you dont feel good about and to get out of a trade close to breakeven that turn out wrong. Not every signal is valid. Search for the high probability ones you feel good about before entering.
Phillip
  • #2,202
  • Sep 24, 2007 1:13pm Sep 24, 2007 1:13pm
Just in case anyone wants to try a different Pivot indicator I've attached the "Auto Pivot Indicator". It was developed by someone here on FF, if you want more info just do a search.

I like it because you can set it to ignore Sunday data so your charts don't get to jumbled up on Monday! It also allows monthly, weekly or daily pivots.
Attached File(s)
File Type: mq4 AutoPivotIndicator.mq4   15 KB | 565 downloads
  • #2,203
  • Sep 24, 2007 3:16pm Sep 24, 2007 3:16pm
Quoting Golfer
Hi Ammar

Like I said - page 103 is My Rules for my style of trading if you want to look at it.
Hi Golfer

Many thanks for your support

Ammar
  • #2,204
  • Sep 24, 2007 5:01pm Sep 24, 2007 5:01pm
Thanks G (the same nick with me!!!) for all your comments. I'll post my live chart so we can discuss about it, but It won't be so many because I trade on Asia and a few London market which is not so active...
  • #2,205
  • Sep 24, 2007 11:38pm Sep 24, 2007 11:38pm
Quoting gunset
Thanks G (the same nick with me!!!) for all your comments. I'll post my live chart so we can discuss about it, but It won't be so many because I trade on Asia and a few London market which is not so active...
Hi G

Thats great because I don't believe in "overtrade". That was what almost killed me in Apr this year.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,206
  • Sep 24, 2007 11:39pm Sep 24, 2007 11:39pm
Quoting aboammar
Hi Golfer

Many thanks for your support

Ammar
Pleasure - lets see that trades.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,207
  • Sep 24, 2007 11:47pm Sep 24, 2007 11:47pm
My trade yesterday on Cable using my mobile phone on my live account. I traded setup A but I entered too early and my SL was too close. I just liked the flattish kind of pullback.


Lost 7 pips - first loss this month. If my SL was the usual 10pips, it would have been 10-12pips profit.

Should have entered on the candle under arrow.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070924 5min trade1.gif Size: 20 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,208
  • Edited Sep 25, 2007 12:32am Sep 24, 2007 11:55pm | Edited Sep 25, 2007 12:32am
But these two I caught -Both with nice double 3 little sisters. Ignore the pivot lines - it is for today. I've used my mobiole phone for trades.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20070924 5min trade2.gif Size: 21 KB
Click to Enlarge Name: 20070924 5min trade3.gif Size: 20 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,209
  • Sep 25, 2007 12:59pm Sep 25, 2007 12:59pm
My trade today - I was hoping my support line would hold. It was one of those setup which didn't call you to trade. You have to look for it. I would like to see "the setup calls you to take it", so obvious should the setup be.

One cannot win them all.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070925 5min trade 1.gif Size: 28 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,210
  • Sep 25, 2007 11:49pm Sep 25, 2007 11:49pm
http://www.forexfactory.com/showthre...14630&page=473

Sorry that I am taking up all the space here but listening to Phillip's daily wrap-up yesterday on his 4h MACD system(link above and I'm sure he won't mind), I just want to emphasise what he said there:

1. Don't overtrade
2. Look for the high probability trades
3. The set-up must call you - you shouldn't be looking for it
4. Enter at the right time. Don't try and enter late if you've missed the boat.
5. Look at the market motion
6. Follow only 2-3 pairs and know them by heart.
7. Look at candle formation

The advice starts at around 03:30 minutes into the mp3 file and I know it is for the 4h MACD system but what I've hightlighted here is also relevant for the 5min system.

It is coming for the boss himself and I've learned a lot from him. All that I can say - not to be ignored
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,211
  • Sep 26, 2007 12:18am Sep 26, 2007 12:18am
hi Mr. Golfer,

Thanks for the tips. still didn't get the perfect setup this asian market.

Quote
3. The set-up must call you - you shouldn't be looking for it

btw. I'm a newbie and still don't understand this, maybe time after time I'll get it...
  • #2,212
  • Sep 26, 2007 4:24am Sep 26, 2007 4:24am
Quoting gunset
hi Mr. Golfer,

Thanks for the tips. still didn't get the perfect setup this asian market.



btw. I'm a newbie and still don't understand this, maybe time after time I'll get it...
Hi G

Don't worry, it took me a few months to see the setups. Attached an example of this morning:

Just ignore the 21MA in the SMAangle indicator.

Look at the pressure under the arrow at setup A. Small candles and the price is struggling to move upwards. Something is going to happen and it did. Now look at candles in ellipse C - candles up and down and they didn't know where to go. Stay out.

Just look at the nice smooth round pullback and bounce of the the 21MA - under ellipse B. Also just below my daily pivot line (perfect). I would have enter at the opening of the cande under the arrow - break even trade for me (After netto 6 pips move in your direction - move SL to BE).

Then another doji under my "?" - uncertainty in the market.

The other

Hope it helps.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070926 5min trade1.gif Size: 20 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,213
  • Sep 26, 2007 4:33am Sep 26, 2007 4:33am
Another example busy developing - just to give you an indication. Look at the small steady pullback towards the zone. Nice small candles but then the angle is too steep. I would like to see a flatter angle.

Lets see what is going to happen.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070926 setup.gif Size: 19 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,214
  • Sep 26, 2007 7:07am Sep 26, 2007 7:07am
I think this is a perfect setup for USDJPY!! too bad my internet provider is lagging too much, so my live account can't connected, just enter with demo account which miraculously able to connect!! let's see the result... comments please...
Attached Image (click to enlarge)
Click to Enlarge Name: ujph260907.JPG Size: 51 KB
  • #2,215
  • Sep 26, 2007 7:40am Sep 26, 2007 7:40am
Quoting Golfer
Another example busy developing - just to give you an indication. Look at the small steady pullback towards the zone. Nice small candles but then the angle is too steep. I would like to see a flatter angle.

Lets see what is going to happen.
Hey Golfer, Where did you get that neat indicator in the top left corner of your chart that shows current and previous days range?
Thanks!
  • #2,216
  • Sep 26, 2007 7:41am Sep 26, 2007 7:41am
Quoting gunset
I think this is a perfect setup for USDJPY!! too bad my internet provider is lagging too much, so my live account can't connected, just enter with demo account which miraculously able to connect!! let's see the result... comments please...
Hi G

Why do you think it is perfect setup? You must have a story to tell yourself (why do you think it is perfect setup and why should you enter the trade?). For each and every setup you must have a story to tell - otherwise it is just another pullback into the zone.

If you cannot tell a story about a setup - ignore that setup.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,217
  • Edited 7:59am Sep 26, 2007 7:57am | Edited 7:59am
Hi G

Sorry but I cannot read a story in your $JPY chart.

Just look at the EURJPY right now and you'll see an nice typical formation between 10:40 and 12:10 GMT - one of those I do like to trade. See if you can tell the story of that setup. I'll post it later but maybe you can post it for me.

The result is a 20pip profit trade
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,218
  • Sep 26, 2007 8:01am Sep 26, 2007 8:01am
Quoting DaTrader
Hey Golfer, Where did you get that neat indicator in the top left corner of your chart that shows current and previous days range?
Thanks!
Hi DaT

Sorry. In the begining I downloaded a lot of indicators. I cannot remember which one but I'll try and have a look.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,219
  • Sep 26, 2007 8:57am Sep 26, 2007 8:57am
hi.. really sorry can't post any chart right now, since my internet connection is terribly slow!! the story behind the UJ chart... it's higher than the RL, and the pullback is not too steep, and I got 6 pips for only less than 1 minute! on my EURJPY chart the price is already below the RL, so I ignore it. please correct me if I'm wrong....
  • #2,220
  • Sep 26, 2007 9:09am Sep 26, 2007 9:09am
Seven strike winning from EJ n UJ just for today!!!
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