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5Min Intraday System

  • #2,521
  • Oct 30, 2007 11:02am Oct 30, 2007 11:02am
My trade today on my cell phone - the chart is not that clear and I don't have access to all the indicators. It was purely on the ascending tirangle formation but it was very close to resistance area (previous long-term high) - so I didn't push my luck.
Attached Image (click to enlarge)
Click to Enlarge Name: 20071030 5min trade 1.gif Size: 25 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,522
  • Oct 30, 2007 2:24pm Oct 30, 2007 2:24pm
Quoting eyevoltage
Assuming the trouble with displaying charts clears up, could you kindly mark on your chart EXACTLY where you entered this trade? The concept of using Fibs with this method is interesting, but I'd like you to pin-point on the chart where you actually entered with relation to the 50% fib line.

Cheers

here is one of my trade from late asian session yesterday, based on fib retracement. The down arrow is where I entered- price was at 50% retracement level. I got out early (the arrow up).

Click on pic to enlarge:
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-usd fib trade.jpg Size: 203 KB
  • #2,523
  • Oct 30, 2007 3:48pm Oct 30, 2007 3:48pm
My analysis for today:

http://www.imagehosting.com/out.php/i1316338_EURUSD.gif

http://www.imagehosting.com/out.php/i1316336_USDJPY.gif

http://www.imagehosting.com/out.php/i1316339_EURJPY.gif

So if I were at my computer all day long, I could have got up to 30 pips in the trades I could consider probable enough. Practically, it's a pity, not a single trade (in the second part of my day).

Thus, dayly result: 0 trades/0 pips/$0/0%.
  • #2,524
  • Oct 30, 2007 4:02pm Oct 30, 2007 4:02pm
As we have seen, this taktics needs analytics to choose where and when to open a trade. But the operations after opening - stoploss, takeprofit management and so on - are quite simple and can be fulfilled by a program.

I've written an expert on MQL4 which:
* when a trade is opened puts stoploss and takeprofit (thus if you are not using other experst on your chart, you can put this one, it won't be doing anything before a trade is opened; with it you needn't calculate SL and TP levels - just open the trade and the expert will change them as needed);
* moves SL to BE when +6 (or other number if needed) pips;
* if a bar is closed below (for a long trade) or above (for a short one), puts TP to BE;
* SL, TP and BE pips can be customized (and for every chart).

I will be glad if this my modest contribution to the thread will be useful.
Attached File(s)
File Type: mq4 5MinHelper.mq4   8 KB | 564 downloads
File Type: ex4 5MinHelper.ex4   7 KB | 487 downloads
  • #2,525
  • Oct 30, 2007 5:55pm Oct 30, 2007 5:55pm
Quoting Ishak
here is one of my trade from late asian session yesterday, based on fib retracement. The down arrow is where I entered- price was at 50% retracement level. I got out early (the arrow up).

Click on pic to enlarge:
Many thanks for your reply to my query, Ishak. The thing that has me puzzled about your trade, is that price has already breached the trend line (drawn from a point before the cross-over) before it reaches the 50sma/50% fib retracement line. I see you haven't drawn the trend line on your chart, so I've attached mine below, with the said TL clearly shown as a pink dotted line. Now unless I've missed an update or something, once the TL is breached, then all trades above that TL are null and void.

I apologize in advance if I've got this wrong, Ishak, but have a look at my chart and I'd welcome your comments.

Cheers
Attached Image
  • #2,526
  • Oct 30, 2007 10:37pm Oct 30, 2007 10:37pm
Quoting eyevoltage
Many thanks for your reply to my query, Ishak. The thing that has me puzzled about your trade, is that price has already breached the trend line (drawn from a point before the cross-over) before it reaches the 50sma/50% fib retracement line.

Cheers
It was a high probability setup.
Only reason I sold gbp: 50% fib level. Basically to scalp 5 - 8 pips, even though it gave more.
After a substantial move GBP normally pullback to 50% level, most of the time.
  • #2,527
  • Oct 31, 2007 4:39am Oct 31, 2007 4:39am
Quoting Ishak
It was a high probability setup.
Only reason I sold gbp: 50% fib level. Basically to scalp 5 - 8 pips, even though it gave more.
After a substantial move GBP normally pullback to 50% level, most of the time.
Thank you for answering my query, Ishak. I was just a bit puzzled because trades aren't usually taken from the 50sma with this method. Yes, you got a result, but not strictly according to the 5min Intraday.

Please don't think I'm criticising you. However, newbies coming on to this thread might be wondering where this "new" rule came from!

Good luck with your trading, mate.
Cheers
  • #2,528
  • Oct 31, 2007 4:46am Oct 31, 2007 4:46am
Hi everybody! That's a great forum, especially this 5min system thank You everybody, who's making this method more effective!
this is my entry, by the rules everything was fine for me i think:

21ema > 0.1 line
resistance line R1 was broken
price was above support line
flat retracement to war zone
ascending triangle formation was building

but i got out at BE, my enter was in the gray rectangle

P.S. just noticed that ADX was below 25, may that be the reason?
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Click to Enlarge Name: Image00001.jpg Size: 437 KB
  • #2,529
  • Oct 31, 2007 6:20am Oct 31, 2007 6:20am
Quoting antoxa
Hi everybody! That's a great forum, especially this 5min system thank You everybody, who's making this method more effective!
this is my entry, by the rules everything was fine for me i think:

21ema > 0.1 line
resistance line R1 was broken
price was above support line
flat retracement to war zone
ascending triangle formation was building

but i got out at BE, my enter was in the gray rectangle

P.S. just noticed that ADX was below 25, may that be the reason?
Yes, your ADX was below the 25, but both the DI's were well below as well. However, I think the main reason this failed was your R1 line. As you correctly pointed out, R1 had been broken, but price had retraced back under it again. Consequently, although price was pretty flat as it approached your red trend line, it still needed to break that R1 again before any trade could be taken. That's my opinion, mate. Maybe someone else has other ideas, perhaps?

Cheers
  • #2,530
  • Edited 6:42am Oct 31, 2007 6:29am | Edited 6:42am
Quoting antoxa
Hi everybody! That's a great forum, especially this 5min system thank You everybody, who's making this method more effective!
this is my entry, by the rules everything was fine for me i think:

21ema > 0.1 line
resistance line R1 was broken
price was above support line
flat retracement to war zone
ascending triangle formation was building

but i got out at BE, my enter was in the gray rectangle

P.S. just noticed that ADX was below 25, may that be the reason?
Hi Ant

I was looking at the very same set up but I decided not to enter. The reasons:

1. My daily pivot line (R1) was at 2.0733 and that was above the entry point.

2. There was a close of a candle below the 21MA - after such a phenomenon I am always careful. I just don't like a close on the wrong side of the 21MA.

Be careful if the candles from the high (pullback) go straight through the 10MA, the war zone and 21MA. That is usually what I called a steep pullback. If you look at my examples of the Church to rigth formation, you'll see that the pullback is usually to the 10MA before the church building is being formed. Then, you will have is slow enter into the war zone. Time to pull the trigger.

I won't say there's anything wrong with your entry - the price pattern was there for the taking. Just the above two points kept me out of the trade. But it's great that you got out BE and didn't allow it go into a loss (could have happened very easily).

Well done and keep looking - you will start to recognize the high probability trade set-ups.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,531
  • Edited 6:49am Oct 31, 2007 6:38am | Edited 6:49am
Quoting eyevoltage
Yes, your ADX was below the 25, but both the DI's were well below as well. However, I think the main reason this failed was your R1 line. As you correctly pointed out, R1 had been broken, but price had retraced back under it again. Consequently, although price was pretty flat as it approached your red trend line, it still needed to break that R1 again before any trade could be taken. That's my opinion, mate. Maybe someone else has other ideas, perhaps?

Cheers
Hi Eyev

What can I say - great minds think alike.

Thank you for your assistance. I would like to see that flat area being above the R1 line. Then you can expect a move to the upside and take the trade set up.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,532
  • Oct 31, 2007 9:10am Oct 31, 2007 9:10am
Well, i felt the need to fill in the boredom of today by looking at 4 hour charts and began looking at various approaches to occupy my mind.


After awhile i ditched the moving averages and put onto the chart an indicator called Variable Moving Average. I have looked at this many times and taken it off. Often an indicator might have a use but one needs to find the context in which to use it effectively. Abit like the 3 Line Break which works well but need a method etc.

After being satisfied the Var. Mov. Av indicator did anything useful at all i casually put it onto the 5 min. chart to see it is worked there.


The results can be found below, as i will post half a dozen grabs and the indicator itself with the setting i found worked well. Basically i have applied the indicator to replace the 21 ema. The settings i have found aren't 100% and can be tinkered with, but it is pretty close to a 21ema. The indicator shows coloured dots and i wondered if they had any relevance to the areas we are trying to trade. Well, on balance i reckoned they were in a similar place and might be of interest to show some confirmation of entry candles. The indicator will not replace the understanding of the method or of discretion and judgement but might help all the same.

I havent tested this exhaustively as yet, i dont know why it does what it does or what the numbers mean or whether it repaints. The number of dots can be altered using the last setting on the properties window, the greater the setting the fewer the dots.


napeharm
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ama.gif Size: 22 KB
Click to Enlarge Name: ama1.gif Size: 21 KB
  • #2,533
  • Oct 31, 2007 9:12am Oct 31, 2007 9:12am
2&3
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ama12.gif Size: 22 KB
Click to Enlarge Name: ama123.gif Size: 23 KB
  • #2,534
  • Oct 31, 2007 9:13am Oct 31, 2007 9:13am
etc etc
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ama1234.gif Size: 22 KB
Click to Enlarge Name: ama12345.gif Size: 22 KB
  • #2,535
  • Oct 31, 2007 9:15am Oct 31, 2007 9:15am
Last grab and indicator. This one is known as AMA but is identical in the code to the Variable Moving Average.

napeharm
Attached Image (click to enlarge)
Click to Enlarge Name: ama123456.gif Size: 24 KB
Attached File(s)
File Type: mq4 AMA.5.mins.mq4   3 KB | 609 downloads
  • #2,536
  • Oct 31, 2007 9:17am Oct 31, 2007 9:17am
I think the last grab makes the point well, no dots........no trades. In this case the price waiting for the interest rate news later and going nowhere.

napeharm
  • #2,537
  • Oct 31, 2007 12:54pm Oct 31, 2007 12:54pm
Quoting eyevoltage
Thank you for answering my query, Ishak. I was just a bit puzzled because trades aren't usually taken from the 50sma with this method. Yes, you got a result, but not strictly according to the 5min Intraday.

Cheers

I appreciate your query. I am also on a journey to learn how to trade better. My goal is to understand and simplify.

Following a set of rules is important. I welcome all ideas. Golfer is doing a great job refining and tweaking the system since the begining and helping the community to be more precise in taking trades.

I first started trading this method when Philip Nel started the thread. I saw the basic example charts posted by Philip in the first few posts. I started to understand the underlying behaviour of a move, price action and trends. Later on I discoverd that this trade idea is being used universally by many seasoned traders. Some call it 1-2-3 method, some call it buying on dips in uptrend and selling on rallies in downtrend.

The hardest part is to wait long enough to recognize that a trend is building and price is breaking in one direction. Once we see the breakout and price is going in one direction only, all we have to do is find a good entry, which is at pullback.

Knowing a bit about Elliot Waves and Fibonacci's has give me a better perspective and better results.

Finally, pullback method only works when price is in a trend and after a real breakout. Tight ranges and choppy conditions, when price zig zags around 50 sma, are the killers.

Goodluck and good trading.
  • #2,538
  • Oct 31, 2007 1:58pm Oct 31, 2007 1:58pm
Quoting Ishak

The hardest part is to wait long enough to recognize that a trend is building and price is breaking in one direction. Once we see the breakout and price is going in one direction only, all we have to do is find a good entry, which is at pullback.

Goodluck and good trading.
Yes, thank you for your reply, Ishak, and I'm glad that you didn't take my comments the wrong way. There's always the danger that the recipient will take offence at any implied criticism, when really, it's only a simple query.

You've obviously put your time in with this method, mate, and I think it's safe to say that you favour pull-back trading above other methods, which is good, because I'm a big fan as well. That's why I isolated your quote above, because it could quite accurately describe another great system on FF and that's the Cornflower, lever70's brainchild. I'll just bet you're involved with that as well!

Thanks again, mate, and the best of luck.
Cheers
  • #2,539
  • Oct 31, 2007 1:59pm Oct 31, 2007 1:59pm
Quoting Ishak
I appreciate your query. I am also on a journey to learn how to trade better. My goal is to understand and simplify.

Following a set of rules is important. I welcome all ideas. Golfer is doing a great job refining and tweaking the system since the begining and helping the community to be more precise in taking trades.

I first started trading this method when Philip Nel started the thread. I saw the basic example charts posted by Philip in the first few posts. I started to understand the underlying behaviour of a move, price action and trends. Later on I discoverd that this trade idea is being used universally by many seasoned traders. Some call it 1-2-3 method, some call it buying on dips in uptrend and selling on rallies in downtrend.

The hardest part is to wait long enough to recognize that a trend is building and price is breaking in one direction. Once we see the breakout and price is going in one direction only, all we have to do is find a good entry, which is at pullback.

Knowing a bit about Elliot Waves and Fibonacci's has give me a better perspective and better results.

Finally, pullback method only works when price is in a trend and after a real breakout. Tight ranges and choppy conditions, when price zig zags around 50 sma, are the killers.

Goodluck and good trading.
Hi I

I've also tried the 1-2-3 system a few years ago - just recently I found it on my PC again. Very interesting - it was one of the few systems that didn't end up in the waste basket. I had some sort of success with it but then I didn't understand the market motion. I think it is worth looking at it again.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,540
  • Edited 3:20pm Oct 31, 2007 2:40pm | Edited 3:20pm
Quoting Yorik
As we have seen, this taktics needs analytics to choose where and when to open a trade. But the operations after opening - stoploss, takeprofit management and so on - are quite simple and can be fulfilled by a program.

I've written an expert on MQL4 which:
* when a trade is opened puts stoploss and takeprofit (thus if you are not using other experst on your chart, you can put this one, it won't be doing anything before a trade is opened; with it you needn't calculate SL and TP levels - just open the trade and the expert will change them as needed);
* moves SL to BE when +6 (or other number if needed) pips;
* if a bar is closed below (for a long trade) or above (for a short one), puts TP to BE;
* SL, TP and BE pips can be customized (and for every chart).

I will be glad if this my modest contribution to the thread will be useful.
Hi Yo

I've tried your expert and it works great. The only problem I have is the movement of the TP to BE:

1. Why do you want to do that?
2. How do you cancel the action?

Tx
Willem Forex recipe for success = Patience, discipline & hard work.
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