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5Min Intraday System

  • #2,401
  • Oct 16, 2007 4:17am Oct 16, 2007 4:17am
Quoting pip_rapist
Hi Willem

Can you explain what the 3 candles is about or direct me to the post that explains it more? Thanks.
Hi Pr

No, there isn't a specific rule about "that 3 candles". I just trade what I see. I saw the resistance - 3 candles highs was on that level. If I don't feel comfortable with a trade, I try to exit as close a possible to BE. I had the very same situation this morning on EY - just before that massive fall (luckily).

I do have however my 5-6candle rule (exit as close a possible to BE if there is no movement after 5-6candles)
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,402
  • Oct 16, 2007 4:42am Oct 16, 2007 4:42am
hi guys. I'm back.
this chart is from the GU pair, very scary one, because those long red bar.. It's been a long way to think about this trade, but because the bearish pressure is very high than I take the chance and earn 10 pips..
Attached Image (click to enlarge)
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  • #2,403
  • Edited 5:11am Oct 16, 2007 5:09am | Edited 5:11am
[quote=Golfer;1646981]
Quoting yendis70
[php]


Hi Sid

Sorry but my last 2c on this topic.

Don't drag the SMAangle indicator to the chart. Rightclick on it in the navigation box and an option of "attach to chart" will appear. Click on that.

The 21MA should be drag to the SMAangle window and not the "attach to chart" option.
Willem, you got in first this time, mate. I was just going to tell yendis70 myself, then I noticed your post.

I really hope he manages to sort things out.

Cheers
  • #2,404
  • Oct 16, 2007 10:16am Oct 16, 2007 10:16am
hmm.....seems to notice this method has quite a few opportunities but i always see them after they passed......

so am i correct to say........

1) best opportunities come about when the MAs stop merging and start to all go down/up with the 2 EMAs some distance away from the SMA.......

***2) enter when the candle close in between the 2 EMAs on a pullback..........a must to wait for candle to close? .......and what if there's no pullback, don't enter ?

3) best not to enter if prices enter the zone between EMA21 and SMA50 or still worth a try ?

very sorry if these questions have been asked before, especially number 2........
  • #2,405
  • Edited 4:17pm Oct 16, 2007 3:52pm | Edited 4:17pm
Quoting findcount
hmm.....seems to notice this method has quite a few opportunities but i always see them after they passed......

so am i correct to say........

1) best opportunities come about when the MAs stop merging and start to all go down/up with the 2 EMAs some distance away from the SMA.......

***2) enter when the candle close in between the 2 EMAs on a pullback..........a must to wait for candle to close? .......and what if there's no pullback, don't enter ?

3) best not to enter if prices enter the zone between EMA21 and SMA50 or still worth a try ?

very sorry if these questions have been asked before, especially number 2........
Hi FC

1. I don't really look at the distance/space between the MA. What I do look for is when the 21MA is become flatter - be careful.

2. I try to enter as close as possible to the 21MA and yes, I first want the candle to close (see the 2candle rule in My Rules). I do look for the story behind the setup (price formation). If there is no high probability setup = no trade. Even if it looks like a good setup - I'll be very careful.

No pullback (fast speed) = no trade because it is VERY difficult to trade the fast speed market. However, I don't even want to mention it but then you can go to the 1min chart and look for entry setups. But even I don't do it - just don't like the 1min system - too risky for me.

3. That is one of my own rules that I've developed. That is what I meant with a close of a candle on the wrong side of the 21MA (between 21 and 50MA). It is important that the 21MA MUST act as resistance/support for trades to be successful (medium speed) - That is where many traders go wrong. They enter with the first pullback into the zone. Wait for the price to test the 21MA with certain price actions. Then you know the trade is on. Sometimes it goes straight through the 21MA and triggers the SL on the way to the 50MA. And bounce off the 50MA (slow speed)

I'll only enter between the 21MA and 50MA when there is a 3 little sisters formation and the 3rd sister found RESISTANCE on the 50MA (therefore the 3rd sister is between the 21 and 50MA in down trend).

I hope it make sense because you've asked three questions which address the most important issues of the 5min system. You need to understand this to be successful. AND PATIENCE.

Sorry for the long explanation but you need to understand these critical concepts of the 5min system. What I've explained now are some of the criteria for high probability trade setups.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,406
  • Edited 4:20pm Oct 16, 2007 4:08pm | Edited 4:20pm
Quoting gunset
hi guys. I'm back.
this chart is from the GU pair, very scary one, because those long red bar.. It's been a long way to think about this trade, but because the bearish pressure is very high than I take the chance and earn 10 pips..
Hi Gs

My chart of cable:

See what I meant by closes on wrong side of the 21MA - look at where my small resistance line starts - closes on wrong side. The same for the next pullback. Can you see why you should wait for testing of the 21MA with price patterns?

Next the setup you've described. I wouldn't have taken it because you can see the candles' high are making higher highs.

The next setup is one that I would have taken because it is a Reversed church formation with a descending triangle formation (lower highs of candles(pressure form sellers) and flat basis (support)) But look at the nasty tail below the "e" - about 12pips from the 10MA. Just enough to trigger your SL if you've entered on the 10MA.

Then came the cross of my small resistance line and I'll ignore further setups.

So there was one trade for me in forme but I've taken all the setup - well how many? 6 if I am not mistaken and what was Phillip's initial advice? He doesn't give advice for no praticular reason - take note of it.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,407
  • Oct 16, 2007 4:15pm Oct 16, 2007 4:15pm
Just to show you how I've exit a trade too early because I didn't like the development of the trade.

Initally a ascending triangle and I've entered on the opening of the candle above arrow. Look how the candles in the ellipse how it broke my small support line and went to the 50MA. That made me worried and I close with 1pip profit.

After that it went for 15+ pips but do you see the anger in my eyes? No because I didn't feel comfortable with the development of the setup and look what happens after that.
Attached Image (click to enlarge)
Click to Enlarge Name: 20071016 5min trade 1 ey.gif Size: 17 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,408
  • Oct 16, 2007 5:11pm Oct 16, 2007 5:11pm
dear Mr. Golfer,
I'm sorry for expressing this comment, but I will not enter the trade above because the 21 EMA is to flat and almost paralel with the 50 MA. It always worries me.. for me it's a no trade...
  • #2,409
  • Oct 17, 2007 7:34am Oct 17, 2007 7:34am
Hi Philip, thank you for your "FX-gym" (or should we say 'gem' ).

I like this lowest risk/high probability strategy a lot.

I wanted to know how do you define a 'bad trade'. I have an example here - not from EUR/USD or cable, but from swissie from today.

I entered on 1.1821-25 with stoploss at 1.1815, all conditions seemed to be met. TP was 1.1833 and I would set SL at BE if 1.1831 level would be hit.

But after 5 bars the trend started to slow down and the 21EMA went downwards and the price entered the 21EMA-50SMA zone. I started feeling uncomfortable and wanted to get out. So I closed the trade at 1.1820 with 5 pip loss before it hit the 'disaster stop loss' of 1.1815. A few bars later I was 'proven' right.

How many bars do you usualy wait before closing a 'bad' trade? Should you get alarmed when the price moves into the 21EMA-50SMA or do we stay calm and wait and see?
Attached Image (click to enlarge)
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  • #2,410
  • Oct 17, 2007 9:51pm Oct 17, 2007 9:51pm
An update------Well, I'm back at it again. The indicator is saved in: c:/program files/interbankfx trader4/experts/indicators/5minzone.tpl.
I then rt click on the indic in the navig. window>click on 'attach to chart'>click OK ----nothing. BUT, alas, I'm still working on it. I'm nevertheless trading, but not successful. I'm pushing the trades, rather than waiting for the good set-ups.

Thnx for all your help.
Sid
  • #2,411
  • Oct 17, 2007 10:14pm Oct 17, 2007 10:14pm
I've signed up w/ Skype. My user ID is yendis70. Would appreciate being added to the chat rm. w/ text messaging access.
Sid
  • #2,412
  • Oct 18, 2007 12:12am Oct 18, 2007 12:12am
Just to show people what can happen in fast moving markets (no enter/setups on the 5min chart). There was no change of a trade on the 5min chart and I've changed to the 1min chart and there were tw setups.

Just take note that the 2 arrows on the 5min charts are not enter setups of the 5min chart - I've left the arrows to indicate where the entry points on the 1min charts were.

But like is said - I do not really like this way of trading.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20071017 ey 5min setup.gif Size: 20 KB
Click to Enlarge Name: 20071017 ey 1min setup.gif Size: 19 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,413
  • Oct 18, 2007 2:35am Oct 18, 2007 2:35am
dear sir,

What's your advice in this setup? there are a lot of "tails" but all of them closing inside the war zone.. but looking the high is downward on every bar, it worried me.. any suggestion??
Attached Image (click to enlarge)
Click to Enlarge Name: ejph181007.JPG Size: 52 KB
  • #2,414
  • Oct 18, 2007 2:35am Oct 18, 2007 2:35am
Quoting Golfer
Just to show people what can happen in fast moving markets (no enter/setups on the 5min chart). There was no change of a trade on the 5min chart and I've changed to the 1min chart and there were tw setups.

Just take note that the 2 arrows on the 5min charts are not enter setups of the 5min chart - I've left the arrows to indicate where the entry points on the 1min charts were.

But like is said - I do not really like this way of trading.
hi golfer

i downloaded your docs and must say very pro in your explanations! can i ask you 2 things please?

- how many trades you average per day/week?
- whats is the average money value per trade?
(im asking this cause am tryiong to balance the trades into a feasable income)

tks alot
  • #2,415
  • Oct 18, 2007 2:53am Oct 18, 2007 2:53am
Quoting gunset
dear sir,

What's your advice in this setup? there are a lot of "tails" but all of them closing inside the war zone.. but looking the high is downward on every bar, it worried me.. any suggestion??
Hi Gs

The EY at this stage is a total no-go for me right now. Just because of that 21MA break and it turned around 50MA - meaning slow market speed and no support found on 21MA. It can go anywhere. Like it is doing right now. I'll ignore that pair for almost the rest of this session untill some direction is shown.

All 4 my pairs is a no-go at this stage of the game.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,416
  • Oct 18, 2007 3:37am Oct 18, 2007 3:37am
Quoting adrianebn
hi golfer

i downloaded your docs and must say very pro in your explanations! can i ask you 2 things please?

- how many trades you average per day/week?
- whats is the average money value per trade?
(im asking this cause am tryiong to balance the trades into a feasable income)

tks alot
Hi Ad

Thanks - I am just trying to help other traders so that they don't fall in the very traps that I did. Also just to formalise the systems for myself otherwise you will do what ever you like to do - and no-go in trading.

Re: the average trade per day week - very inconsistent. Maybe one day, sometimes not even one day because at this stage is just a hobby for me. Also, I am trying to " learn" the system.

Re: money value - at this stage, I am only looking at how many pips I can make because I am still practising and formalising my system. I am using only a mini account (live) at this stage and I do trade with mini lots to minimise my losses (and not to burn my account with only a few trades).

Once I get more familiar with the system and price movements and I've established my high probability trades (and most important to be able to recognize it), I'll go bigger. But not before that.

I did post my results on a regular basis (monthly) - that will give you an indication of the rate of success.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,417
  • Oct 18, 2007 3:40am Oct 18, 2007 3:40am
Quoting gunset
dear sir,

What's your advice in this setup? there are a lot of "tails" but all of them closing inside the war zone.. but looking the high is downward on every bar, it worried me.. any suggestion??

Hi Gs

Now you can start looking at the EY - possible setup around the daily pivot level.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,418
  • Oct 18, 2007 5:24am Oct 18, 2007 5:24am
Quoting Golfer
Hi Gs

Now you can start looking at the EY - possible setup around the daily pivot level.
Hi Gs

Ignore EY - too choppy. Only high risk trades are possible.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,419
  • Oct 18, 2007 5:33am Oct 18, 2007 5:33am
Hi,

All credit to phil for developing this method and for Golfer for pursuing it further to tie down entries etc.

Ever since I found the method many months ago the exact entry had concerned me. Phils ' close your eyes and press the button ' philosophy was always going to seem too risky for me as the price entered the 10/20 ema area. However since then I have come across a Three Line Break indicator which has never come off my chart since i found it. I have found it particularly useful to define the entry candle when the price has entered the 10/20 ema area. What I am looking for it for the candle to either have touched the 10 ema and moved away from it, or for a candle to be inside the 10/20 area and have broken out of it, both of which will have the Three Line Break signal candle present. The candle bar changes colour on the close and therefore is techincally later that the methods discussed here, though it may be possible to estimate with practise if the signal is likely to appear to pre-empt the candle close. The benefit of using this for me is that the signal suggests some movement or momentum has resumed.I have included the indicator if anyone finds it useful or safer!

To answer a previous point about exiting a trade which is faltering a proprietry indicator such as Bagovino Sidewinder might do the job, or anything similar to it. When it changes colour then the trade is possibly ending or giving warning it it ending etc.

Just afew thoughts for those who might find the enclosed indicators useful without altering the essence of the method.

Keep up the good work Golfer.

napeharm
Attached File(s)
File Type: mq4 #3LB_v2_mod.mq4   2 KB | 777 downloads
File Type: mq4 Bagovino-Sidewinder.mq4   7 KB | 889 downloads
  • #2,420
  • Oct 18, 2007 6:15am Oct 18, 2007 6:15am
golfer,

you're one amazing guy as a lot of people will simply go for the really fast moving trades without pullbacks.......they seem to be sure-fire trades......and yet you have the self-control to ignore them !!!

since you're so disciplined when it comes to this method, i reckon you hardly have any loss ? everyday is profitable ?
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