5Min Intraday System

Quoting adrianebn

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Is there someone that is willing to do some mentor service, im ready to share profits for real genuine advice

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Quoting Golfer

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Hi Ad

I am not interested in profit sharing but to assist fellow traders to develop their own style of trading within the 5min system (for those who are interested).

Phillip created the 5min Skype Instant Message system but it seems like it died a "slow death". I've tried once or twice, but it seems like nobody are interested in anymore.

The purpose of the Skype chat easy to discuss the set ups as they occurr and exchange opinions around it. That will give you immediate feedback/opinions as the set ups are developed.

At the end of the day, it will all depend on you and your style of trading whether you want to take the trade set up or not.

Unfortunately, I can only chat on skype after 15H00GMT when I am back at home (I do have another full-time job and trading is just a hobby). But I am also in South Africa meaning it will all be GMT + 2h. My Skype ID is whk139 if you want to contact me for assistance/soundboard. I am not going to tell you when to enter - that will depend on you.

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Quoting Golfer

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...
Now look at the lows between candle A & B - everyone is higher. Ascending triangle and I expected a breakout to the upside. Look at candle A - could also be seen as a double bottom (look at all the previous lows - lower low). That is why I put "wrong" above the arrow - it would be suicide/high risk to enter on that candle.

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Quoting Pkffw

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Well ok I figured I had a little while to watch the charts tonight and saw this develop.

1: Inside the circle looks like a "church to right" formation to me. Whilst watching I was concerned about the steepness of the pull back but then it found good support in the war zone.

2: Support is also near the pivot line and above my red support line.

3: 4th candle is a nice green one away from the 21ema

4: I entered on the open of the candle under the arrow.

5: Price moved up a total of 12 pips from my entry. I moved stop to break even after 9 pips(6+spread of 3). As my SL was 10(7+spread) pips I was aiming for 15 pips TP(12+spread) for a decent R:R

6: Got stopped out for BE on the retrace.

Even though it was only a BE trade I'm satisfied that I followed the rules. I maybe could have closed it for a couple of pips profit when it started retracing during that candle but I wanted to give it room to move and not close out prematurely.

One question though.

After this kind of price action would you consider entering again 2 candles later when price has found support in the war zone again and begun moving away from the 21ema?

Comments most welcome.

Cheers,
Pkffw

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Quoting Pkffw

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Hiya,

Well it's taken me a good few days(nearly 2 weeks around work, family etc) to read it all but it's been well worth it. During that time I've been watching the charts demo trading the system as well. Not really focused on that part just yet as I wanted to read the whole thread first. Just more to get a feel for it all at this stage.

Very important - then you can start using the system.

I've also gone through 6 months worth of data for the EUR/USD from Jan '01 to June '01 on my Forex Tester program.(simulator thingy) I couldn't use the SMAangle indicator though so it was alot by eye. My "hit rate" was pretty low because of this and the fact that I'm still learning the system.

SMAangle is very important for me. I do trade sometimes on my cell phone and then it is without it. SOmetimes it could be very difficult.

Managed 57% positive trades.

Not bad that all - now let's see how you do with the live price. I'm sure it will be much better if you do have written the rules and follow your rules.

For simplicity I just used a 10 pip SL and 15 pip TP. My spread was 4 pip which is very high these days but I couldn't figure out how to change it! haha Still showed good results, netting 380 pips on the EUR/USD pair alone over that time.

Golfer, you have really done some amazing work on this system. Your dedication to learning the ins and outs and sticking with it rather than jumping from system to system is terrific. Congrats.

Thanks, it is because I can see the value of this system and it is working. But most of all we do have the support of Phillip - an excellent teacher. He is always willing to assist us and he's very patient with newbies.

One question only at this stage.......have you done any testing on using a higher timeframe, say 30min or 1hour chart, as a filter?

No, at this stage I only use the five-minute charts. For direction I do the use Dolly sysyem on a 30 minutes chart as well as Phillip's 4hour MACD system. The day was an excellent example of trading in the direction of the 4h MACD system

Only taking trades in the direction of the trend on the higher timeframe. If so, did it show any improvement?

Cheers,
Pkffw
P.S: I will post charts for discussion and analysis once I get into the swing of proper demo trading. Probably next week as I'm busy with work this week.

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Quoting JohnnyB

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Hi Golfer and all, compliments for your interesting postings.

Pleasure

Even if I dont' frequent this forum actively i still receive the updates on this thread in my mail box and as a trendfollowing trader i thought maybe my point of view can give you some further information for what to look at.

Great - that is what this thread is all about. Helping other traders with alternative point of views.

IMHO dont' get too focused on very small chart formations on the 5min chart,

I also didn't believe in short term price patterns but after following my 4 pairs I've realised that some patterns repeat themselves. Like Phillip's 3 little sisters. But one still needs to be careful and don't follow each of blindly. Like you - read the story behind each setup.

look instead for price action (HL,LL etc) and S/R Zones.

I cannot agree with you more - very important like double tops/bottoms and daily pivot levels (thanks to Eyevoltage - hope you are doing well with the Dollie system (looks like it)). I recently started with fib levels as well,

Attached the same chart from the usd/jpy with my comments. Hope you'll find it interesting.

Yes great coming from another trader - I thought I was just talking to myself. This is what I would like to see how people should look at charts. I cannot repeat myself enough - read the story behind the set out (what has happened (SL planning)and what you think could happen(TP planning)).

Don't just jump in if you see the price coming into the war zone. There is more than just the the pullback into the zone.

Happy trading
JB

ps: this setup is a typical setup you'll find everywhere. Trendlinebreak followed by a retracement to the MA. Always nice to catch some pips.

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Quoting Pkffw

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Well ok I figured I had a little while to watch the charts tonight and saw this develop.

1: Inside the circle looks like a "church to right" formation to me.

Well spotted!!

Whilst watching I was concerned about the steepness of the pull back

Yes, I was also concerned and I was waiting for the support on the 21 MA or in the war zone. With such a steep pullback I won't take the very first bounce off the 21MA(within the war zone)(what I call the two candle pullback in My Rules)

but then it found good support in the war zone.

2: Support is also near the pivot line and above my red support line.

3: 4th candle is a nice green one away from the 21ema

Yes!

4: I entered on the open of the candle under the arrow.

Don't worry about the opening or the close of the candle - it is all about the feel

5: Price moved up a total of 12 pips from my entry. I moved stop to break even after 9 pips(6+spread of 3). As my SL was 10(7+spread) pips I was aiming for 15 pips TP(12+spread) for a decent R:R

Sometimes you will realise that 15 pips profit is on the table - otherwise she should be satisfied with only 10pips. EUR$ doesn't often give you the 15 pips profit opportunity. With Cable and EY you can try and take 15 pips profit

6: Got stopped out for BE on the retrace.

Even though it was only a BE trade I'm satisfied that I followed the rules. I maybe could have closed it for a couple of pips profit when it started retracing during that candle but I wanted to give it room to move and not close out prematurely.

This is one important lesson I learn from Phillip - BE is a valid outcome. Previously I was always looking for a profit or a loss in a trade. Now if I don't feel comfortably with a trade I'll try and get out as close as possible to break even.

One question though.

After this kind of price action would you consider entering again 2 candles later when price has found support in the war zone again and begun moving away from the 21ema?

Personally I will be very careful after a tail like that. However in this instance I would have taken the trade.

Comments most welcome.

Cheers,
Pkffw

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Quoting antjama

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hi all,
that's my first post here. i'm checking this system and i like it very much (even thouhg when i trade in metatrader (demo) i have around 70% good trades and when i trade in oanda (demo) i have opposite).
but i have a question: could someone explain me how this maangle indicator works? i read all posts but didn't get it. the system should the angle of 50sma but i can't figure it out how this indicator works - when it shows good angle for example?
thanx,
antjama

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