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5Min Intraday System

  • #2,441
  • Oct 19, 2007 8:50am Oct 19, 2007 8:50am
hello mr. G, looks like you're online now.. did you see any good trade now?...

mr. nape,
I'm still trying to understand how the 3LB works, and I don't see how can I enter since the colour of the 3LB drawn AFTER the bar closed. meanwhile the price could be far away from the war zone. if the colour drawn when the bar built, than I can act ASAP, but since it drawn after the bar closed, it'll lost its momentum (in my humble opinion ).. please advice..
  • #2,442
  • Oct 19, 2007 8:57am Oct 19, 2007 8:57am
Quoting findcount
many thanks to Golfer once again.............

quite queer that the method's creator isn't here more often ?

perhaps, he has passed the baton to Golfer ?
Hi Fc

Don't worry about Phillip, his 4H MACD system is keeping in very busy. After 15H00GMT sometimes you will see his name at the bottom of this threat meaning that he is still very much involved reading the threat. I don't really want to be in his shoes if you realise what crazy/stupid things traders are doing. You'll be amazed.

I have just decided to study this system and understand it because I have realised that it can work with the necessary discipline and patience.

Now after studying it for eight months, I feel more comfortable with the system - yet not confident. Still lots to learn about it.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,443
  • Oct 19, 2007 9:10am Oct 19, 2007 9:10am
Quoting findcount
many thanks to Golfer once again.............

quite queer that the method's creator isn't here more often ?

perhaps, he has passed the baton to Golfer ?
Hi Fc

No, I am too stupid for that (LOL).

No, I am just trying to give advice to all the other people out there so that they don't make the very same mistakes I've made. I am just showing them what I think is important but I do encourage them to develop their own trading style. And I would love to see - like napeharm combining his/her two indicators with this system (I think it is excellent - if it is working for him or her).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,444
  • Oct 19, 2007 9:12am Oct 19, 2007 9:12am
Hi,

You are right Golfer, that the 3lb indicator can only be another tool working along side your own patterns and observations. Some days it doesnt show any signals for no reason i can figure, during which time one would be relying on the inherent nature of the method and your own patterns. It can be a useful tool though.

At other times when a candle is moving obviouly faster or longer than previous ones the entry can be rather obvious and so one might enter without waiting for the close and the 3lb candle colour to appear. That is just another judgement call. All trades are slightly different. One cannot depend on any of the things we use individually but call on judgement and experience.

As for the Bagovino Sidewinder, i suggested that for AmatPro who wasnt sure how long to stay in when things are going pear shaped. Since much of his trade showed gray, and going nowhere on the indicator, i would suggest it was time for a swift exit. Also that if the indicator shows grey that the entry might be poor also, showing little strength or direction.



However we dont want this thread to disappear into indicator hell like many do, since the method is essentially straightforward.



napeharm
  • #2,445
  • Oct 19, 2007 9:13am Oct 19, 2007 9:13am
Him...........so we can clear that one up!


napeharm
  • #2,446
  • Oct 19, 2007 9:19am Oct 19, 2007 9:19am
Quoting napeharm
Hi,

You are right Golfer, that the 3lb indicator can only be another tool working along side your own patterns and observations. Some days it doesnt show any signals for no reason i can figure, during which time one would be relying on the inherent nature of the method and your own patterns. It can be a useful tool though.

At other times when a candle is moving obviouly faster or longer than previous ones the entry can be rather obvious and so one might enter without waiting for the close and the 3lb candle colour to appear. That is just another judgement call. All trades are slightly different. One cannot depend on any of the things we use individually but call on judgement and experience.

As for the Bagovino Sidewinder, i suggested that for AmatPro who wasnt sure how long to stay in when things are going pear shaped. Since much of his trade showed gray, and going nowhere on the indicator, i would suggest it was time for a swift exit. Also that if the indicator shows grey that the entry might be poor also, showing little strength or direction.



However we dont want this thread to disappear into indicator hell like many do, since the method is essentially straightforward.



napeharm
You are so right with your last paragraph. That is another reason why I keep posting on the threat. I have seen several people come and go in the past eight months - hopefully to become successful traders (and don't have any time left for us).

Sometimes I do feel like stopping but then:

I believe by posting your trades (and ideas) as well as receiving comments (sometimes criticism) will only make you a better trader. I don't believe sitting in a corner alone will make you a better trader. Sharing is what ff is all about.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,447
  • Oct 19, 2007 9:19am Oct 19, 2007 9:19am
Gunset,

This is a judgement call. Often times one cannot wait for the 3lb signal to form at the close. One must decide for oneself, or use experience. Sometimes the 3lb form on the close to form a signal which is perfect,other times as expressed above, one uses the bascis of the method and Golfers patterns for support. Trades will not all slip into place as we would wish all the time, otherwise we would all be rich.........


You make a valid point however, that sometimes waiting for the close will let the trade lose momentum and fall farther from the war zone than we would like and I addressed this in my earlier posts. This is the trade off for waiting for candle close and using it. You have to chose but also you need 1000s of hours of screen time..........


napeharm
  • #2,448
  • Oct 19, 2007 10:06am Oct 19, 2007 10:06am
Quoting gunset
hello mr. G, looks like you're online now.. did you see any good trade now?...

mr. nape,
I'm still trying to understand how the 3LB works, and I don't see how can I enter since the colour of the 3LB drawn AFTER the bar closed. meanwhile the price could be far away from the war zone. if the colour drawn when the bar built, than I can act ASAP, but since it drawn after the bar closed, it'll lost its momentum (in my humble opinion ).. please advice..
Hi Gs

Just watching all four my pairs for a possible short setup but I don't like to trade so late on Friday "afternoon". All of them are near daily pivot lines except Cable.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,449
  • Oct 19, 2007 10:11am Oct 19, 2007 10:11am
I've just checked the 5min Skype chat for any sign of live. But it seems like it is way past resus.

Sorry about it - Phillip.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,450
  • Oct 21, 2007 3:12pm Oct 21, 2007 3:12pm
Hi,

I the price movements round ema seem to be simmilar to the 4h strategy,
while the degree of the sma serves as an indicator.
It's all about market rhythm as it seems.
Thank you Phillip also for providing this system to the forum. I guess the 5min
strategy can be useful if one gets bored waiting for a 4h strategy trade.
I will start learning this one, too.

Greetings
  • #2,451
  • Oct 21, 2007 5:26pm Oct 21, 2007 5:26pm
dear Mr. nape,
Hi.. I just want to know, when to entry, using this system combine with the 3 lb? sorry but I still didn't get the point, because I can't see the entry after the bar close. sorry mr. nape I just wnat to learn more...
  • #2,452
  • Oct 22, 2007 2:24am Oct 22, 2007 2:24am
Gunset,

If you are waiting for the 3lb. signal to form, then your entry will either be the opening of the next bar/candle or when the next bar/candle moves past the low of the signal one, you chose. Its all up to your own choice. Whatever you feel comfortable with.

napeharm
  • #2,453
  • Oct 22, 2007 4:47am Oct 22, 2007 4:47am
@nape,
thanks for the advice, and I''m sorry for my stupidity. I'll try to get "the feel" with this new knownledge and I hope I can learn a lot..
  • #2,454
  • Oct 22, 2007 7:38am Oct 22, 2007 7:38am
golfer,

i don't recall any other indicators apart from the 2 ema and sma when this method first discussed ?

you're using any other indicators yourself ?
  • #2,455
  • Oct 22, 2007 7:49am Oct 22, 2007 7:49am
Quoting findcount
golfer,

i don't recall any other indicators apart from the 2 ema and sma when this method first discussed ?

you're using any other indicators yourself ?
Hi Fc

Correct but just the following corrections:

The system started with the three MA (10, 21EMA, 50SMA). The SMA indicator was developed and added later on.

And then I had that bad run in April 2007 trying to take each and every set up as it appears. Then I started looking for filters to minimise the bad trades and to identify high probability trades.

The result - my rules as posted on page 103 and page 156. And that is how I trade today.

But still experimenting with other systems (even combining the 5-minute system with it).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,456
  • Oct 22, 2007 10:29pm Oct 22, 2007 10:29pm
Thanks for the directions Golfer. I am however unable to get the 21 EMA on my MA Crossover- and I followed your instructions exactly- drag indicator from normal list to crossover, etc- but it will only show up on the chart....maybe you can help?

Daniel
  • #2,457
  • Oct 23, 2007 1:00am Oct 23, 2007 1:00am
Quoting BAASDAAN
Thanks for the directions Golfer. I am however unable to get the 21 EMA on my MA Crossover- and I followed your instructions exactly- drag indicator from normal list to crossover, etc- but it will only show up on the chart....maybe you can help?

Daniel
Hi Daniel

No problem - Do you have Skype? My Skype ID is whk139. I am usually available after 17H00 (15H00GMT)( if I do remember you are also from South Africa - that Afrikaans word in your post on the 4h thread). Otherwise I'll send you my cellphone number and we can chat.

Let me know.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,458
  • Oct 23, 2007 4:24am Oct 23, 2007 4:24am
Dear folks,
What's your opinion about the chart below? should I take the trade, if the price fall into the war zone, or should I stay away from it, because the large green bar?? advice needed..
Attached Image (click to enlarge)
Click to Enlarge Name: guph231007.JPG Size: 42 KB
  • #2,459
  • Oct 23, 2007 5:16am Oct 23, 2007 5:16am
Quoting gunset
Dear folks,
What's your opinion about the chart below? should I take the trade, if the price fall into the war zone, or should I stay away from it, because the large green bar?? advice needed..
Hi Gs

First of all, what do you read in the setup?

This is my opinion and how I would approach it.

One cannot say if it would be possible to enter just by looking at the upward/downward movement. I don't make a decision just by look at the initial trend. What I look at in the upward movement are (read the story):

1. Speed of the movement - support on 10/21/50MA found

2. Big/small candles - I like smallish candles

3. The small support line - is it broken?

4. Any lower highs?

5. Any double tops?

6. Where are my daily pivot points?

7. What is the current status of the movement (30/60/90/120pips)?

8. Where is my 21MA on SMAngle - in this case already way pass the 0.4 line.

Then I'll wait the pullback and look for specific charateristics of the pullback. You need to develop your own set of charateristics for high probability trade setups.

Please don't just look for a up/down movement and think - a, here is something, lets trade it. That is where many people get burned.

I hope it helps you to read the story.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,460
  • Oct 23, 2007 10:08am Oct 23, 2007 10:08am
Just to show those who are still interested/using this system:

How important the following is:

1. daily pivot levels.

2. Patience

3. Following your rules

I totally ignore my Small support rule to enter what I thought was a triangle formation but it was in the wrong place (below the daily pivot line and trying to enter on 10MA) - high risk trade that didn't work out. Look at the setup in the ellipse - perfect ascending triangle and above the daily pivot lines.
Attached Image (click to enlarge)
Click to Enlarge Name: 20071023 5min trade 1 wrong & right.gif Size: 19 KB
Willem Forex recipe for success = Patience, discipline & hard work.
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