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5Min Intraday System

  • #2,601
  • Nov 13, 2007 2:48pm Nov 13, 2007 2:48pm
Its nice to see something that has proven itself over as period of time and still works.
Thanks for sharing this with us Phil

has anyone tried the EA for this? does it even work?
Don't chase the market, Let the market come to you
  • #2,602
  • Nov 13, 2007 9:11pm Nov 13, 2007 9:11pm
Quoting Tmac
Its nice to see something that has proven itself over as period of time and still works.
Thanks for sharing this with us Phil

has anyone tried the EA for this? does it even work?
Hi Tmac

Yes, I did and no, it doesn't work because YOU need to evaluate each setup individually. You cannot take each and every setup without reading the story. You'll get burned - trust me on that one. I've been there.

There is a EA for putting a SL and TP automatically - the 5minhelper EA posted a few pages ago.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,603
  • Nov 14, 2007 1:27am Nov 14, 2007 1:27am
Here's my next trade.

1: Nice pull back into war zone. Not too steep. Support found on the 21ema. SMA well above .015

2: Entered as price bounced off the 21ema on the green candle marked by the arrow below it.

3: 15 pip PT hit quite easily with SL never being in danger.

4: Great trade. :-)

Any comments?

Cheers,
PKFFW
Attached Image
  • #2,604
  • Nov 14, 2007 1:41am Nov 14, 2007 1:41am
And another.....

1: Nice pullback into war zone. SMA above 0.1

2: Two green candles pushing up away from 21ema.

3: Entered about halfway up the second green candle. Perhaps a little late.

4: Not shown on the chart but this small retracement turned right at the 38% fibo line from the most recent swing low you can see near the left of chart. Added confirmation.

5: 15 pip PT met.

Comments?

Cheers,
Pkffw
Attached Image
  • #2,605
  • Nov 14, 2007 4:55am Nov 14, 2007 4:55am
there's a well-respected trader in this forum who works for a bank > trader888 < and he says this method is sensible compared to most others discussed at this forum.

many systems or methods seems to work and then fall apart later.
  • #2,606
  • Nov 14, 2007 7:59am Nov 14, 2007 7:59am
Quoting findcount
there's a well-respected trader in this forum who works for a bank > trader888 < and he says this method is sensible compared to most others discussed at this forum.

many systems or methods seems to work and then fall apart later.
Hi Fc

Great to hear from you again. I hope you are doing well with the pips. I miss you on this thread.

That is the reason why I spent eight months familiarising myself, training myself using this 5 minutes system. And my monthly results are proof that the system is working. It only needs discipline and patience patientce, patience.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,607
  • Edited 11:50am Nov 14, 2007 8:08am | Edited 11:50am
Hi Pk

Not too bad. Just be aware of a possible lower high - it is the candles just below your hand-draw arrow. It is not really a problem with this pair, but it could be with the EUR. The EY is volatile enough to give you 15 pips profit

I do like a smooth pull-back into the war zone. If there is a hint of a possible lower high or high and low, I'll be very careful.

Well done.


Quoting Pkffw
Here's my next trade.

1: Nice pull back into war zone. Not too steep. Support found on the 21ema. SMA well above .015

2: Entered as price bounced off the 21ema on the green candle marked by the arrow below it.

3: 15 pip PT hit quite easily with SL never being in danger.

4: Great trade. :-)

Any comments?

Cheers,
PKFFW
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,608
  • Nov 14, 2007 8:14am Nov 14, 2007 8:14am
Hi Pk

My opinion - a little bit risky but nothing wrong with it. If its your style/system - go for it.

This was the first pullback towards the war zone and you took the trade on the 10MA. Luckily for you it went up - possible from the fib level. If it is the first pullback of the small trend I usually wait and see what will happen - get a feel for the speed of the market. But I know the traders would like to take the very first pullback after the 50 MA cross. They said they are the most profitable trades - just too risky for me, high risk trades.

You are familiar with the speed of the market? Fast - pullback on the 10 MA, medium - pullback on the 21 MA, slow - pullback under 50 MA.

Great one!

Quoting Pkffw
And another.....

1: Nice pullback into war zone. SMA above 0.1

2: Two green candles pushing up away from 21ema.

3: Entered about halfway up the second green candle. Perhaps a little late.

4: Not shown on the chart but this small retracement turned right at the 38% fibo line from the most recent swing low you can see near the left of chart. Added confirmation.

5: 15 pip PT met.

Comments?

Cheers,
Pkffw
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,609
  • Nov 14, 2007 12:10pm Nov 14, 2007 12:10pm
Very interesting trade today. I just saw the activities below my Small support line and decided to bring my TP to just 5 pips. I wanted to get out with a small profit.

Just to show you that you can get out of a trade if you don't feel comfortable with a trade anymore. Don't wait and hope that your original 10-15profit levels will be triggered. Get out and wait for the next setup.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,610
  • Edited 12:44pm Nov 14, 2007 12:33pm | Edited 12:44pm
Just an interesting setup (in the ellipse) I started to follow but it move too quickly (it didn't even touch the 10MA) for an entry.

My advice - just say "Interesting", don't get upset because you've missed a setup but just move on. Wait for a high probability setup to occur.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,611
  • Nov 14, 2007 11:11pm Nov 14, 2007 11:11pm
Quoting Golfer
Hi Pk

Not too bad. Just be aware of a possible lower high - it is the candles just below your hand-draw arrow. It is not really a problem with this pair, but it could be with the EUR. The EY is volatile enough to give you 15 pips profit

I do like a smooth pull-back into the war zone. If there is a hint of a possible lower high or high and low, I'll be very careful.

Well done.
You are absolutely right Golfer! To be honest I didn't even see the lower high. That's what learning is all about though. Practice, practice, practice!

Thanks for the feedback. Really made me see if wasn't as good a set up as I thought. It worked out this time but who knows next time?

Cheers,
Pkffw
  • #2,612
  • Nov 14, 2007 11:26pm Nov 14, 2007 11:26pm
Quoting Golfer
Hi Pk

My opinion - a little bit risky but nothing wrong with it. If its your style/system - go for it.

This was the first pullback towards the war zone and you took the trade on the 10MA. Luckily for you it went up - possible from the fib level. If it is the first pullback of the small trend I usually wait and see what will happen - get a feel for the speed of the market. But I know the traders would like to take the very first pullback after the 50 MA cross. They said they are the most profitable trades - just too risky for me, high risk trades.

You are familiar with the speed of the market? Fast - pullback on the 10 MA, medium - pullback on the 21 MA, slow - pullback under 50 MA.

Great one!
More pertinent feedback. Thanks once again.

Here's my thoughts on the first pull back in a trend.

I've been over 1 years worth of data now on my simulator, advancing bar by bar on the 5 min chart. Not alot but I'm getting a feel for it.

I will take the first pull back in a "new trend" if it is in the direction of the established trend on the 1 hour timeframe. By this I mean if the general trend has been up on the 1 hour chart but the 5 min chart has been flat or more recently in a down trend then I will take the first pull back once the trend changes back to up on the 5 min chart. Particularly if the turnaround is at a support, pivot or fib level.

I have found these types of trades to be of a high probability. Not as high probability as the second and third pull backs in a steady medium speed trend but still very good in by my reckoning.

They have also proven to be profitable. I do not yet feel confident in letting my trades run and judging when to close a position for maximum profit. However I believe that with time, practice and experience a good trader could make significant gains from these "first pullback" trades. Played properly with tight stops for losers and letting the profitable ones run the trader should(I believe based only on my 1 years worth of simulation) come out significantly ahead.

Having said all that...........after going over my trade again I agree that it was probably not the best set up. Patience and discipline are things I am still working on. :-)

Cheers,
PKFFW
  • #2,613
  • Nov 15, 2007 5:55am Nov 15, 2007 5:55am
Quoting Golfer
Hi Fc

Great to hear from you again. I hope you are doing well with the pips. I miss you on this thread.

That is the reason why I spent eight months familiarising myself, training myself using this 5 minutes system. And my monthly results are proof that the system is working. It only needs discipline and patience patientce, patience.

FC, huh ? hey, sounds pretty cool too........

i'm ashamed to admit i don't have your kind of consistency that i crave and i applaud you for your persistence, patience and everything else......

so how many opportunities is the norm for just one pair ? i hope at least 1 0r 2 times a day ?

bravo, golfer........
  • #2,614
  • Nov 15, 2007 9:46am Nov 15, 2007 9:46am
Quoting findcount
FC, huh ? hey, sounds pretty cool too........

i'm ashamed to admit i don't have your kind of consistency that i crave and i applaud you for your persistence, patience and everything else......

so how many opportunities is the norm for just one pair ? i hope at least 1 0r 2 times a day ?

bravo, golfer........
Hi Fc

I am just too lazy to type out the full name.

Yes, if you follow the markets closely you would be able to get 1 trade per day per pair.

Enjoy the pips.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,615
  • Nov 15, 2007 9:52am Nov 15, 2007 9:52am
Quoting Pkffw
You are absolutely right Golfer! To be honest I didn't even see the lower high. That's what learning is all about though. Practice, practice, practice!

Thanks for the feedback. Really made me see if wasn't as good a set up as I thought. It worked out this time but who knows next time?

Cheers,
Pkffw
Hi Pk

That is what Phillip told me day after day. Today the high risk trade can work and everybody is impressed and want to trade more. But it maybe it won't tomorrow, then everyone is upset and is of the opinion that the system is of no use. It is not the system - it is the trader. That is why I constantly say "Don't trade every setup." I am sure you are tired hearing it but it is so important.

With high probability trade one looks for a 75%+ positive outcome. High risk trade can be 50% of even lower.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,616
  • Nov 15, 2007 9:59am Nov 15, 2007 9:59am
Quoting Pkffw
More pertinent feedback. Thanks once again.

Here's my thoughts on the first pull back in a trend.

I've been over 1 years worth of data now on my simulator, advancing bar by bar on the 5 min chart. Not alot but I'm getting a feel for it.

I will take the first pull back in a "new trend" if it is in the direction of the established trend on the 1 hour timeframe. By this I mean if the general trend has been up on the 1 hour chart but the 5 min chart has been flat or more recently in a down trend then I will take the first pull back once the trend changes back to up on the 5 min chart. Particularly if the turnaround is at a support, pivot or fib level.

I have found these types of trades to be of a high probability. Not as high probability as the second and third pull backs in a steady medium speed trend but still very good in by my reckoning.

They have also proven to be profitable. I do not yet feel confident in letting my trades run and judging when to close a position for maximum profit. However I believe that with time, practice and experience a good trader could make significant gains from these "first pullback" trades. Played properly with tight stops for losers and letting the profitable ones run the trader should(I believe based only on my 1 years worth of simulation) come out significantly ahead.

Having said all that...........after going over my trade again I agree that it was probably not the best set up. Patience and discipline are things I am still working on. :-)

Cheers,
PKFFW
Hi Pk

I must agree with you - the first pullback always looks very/so attactive (more than often I do feel tempted to enter). But work out for yourself what you want to do. You are the trader and you have your own personality and style of trading. I have my own style and I will NEVER force anyone to follow my style. That is the beauty of Phillip's systems.

For everybody reading:

It is good to share one's opinion on trades/setups. It is not an attact on your style of trading. Maybe one can learn from each others. One needs to see what is working for you.

All I can tell you is that this 5min system is working for me.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,617
  • Nov 15, 2007 6:23pm Nov 15, 2007 6:23pm
Quoting Golfer
Hi Pipal

I've tried the ADX and currently I just used it to confirm the "strenght" of the "trend" as well as correct side of the trend.

It is a very important point you mentioned - entered into a profitable trade too late resulting in a loss. I had the very same problem. I don't enter if I recognise the setup but the price has already moved a few pips in the direction of your trade. I'll wait for the next setup - too bad but great for them who took it!

That is why I practise for 8 months to identify high probability trade setups (price patterns) after the setups were formed (basically doing some lookbacks every evening and weekends)). Now I am trying to identify the setups as they are being formed on the right side of my Small support/resistance line.
Thanks for your nice advice. It's time for me to sum up what I have done for the last two week.

I've given up using the ADX as a filter. It gives out various indications in different conditions that I can't count on. For the last two weeks, I learn I can't get in too early and too late, and get out too early and too late neither. But it's just hard to manage. Likewise I want to trade with confidence like your sayings, but in many times I hesitated and missed many good opportunities.

Now I am trying to focus more on support/resistance levels to enhance my understanding of price actions while trading. Hope that would increase my condifence and improve my timings in getting in and out.
  • #2,618
  • Nov 15, 2007 8:01pm Nov 15, 2007 8:01pm
hello
my friend advise my to this strategy
can any one tel me are there any change of rules that in first page or same rules
and advise me if i can use it with gbp-jpy


thank you
  • #2,619
  • Nov 15, 2007 8:44pm Nov 15, 2007 8:44pm
i don't know if this has been talked about or not and if answer is yes, then i apologize.........

if i were to enter on pullbacks when the price is going in the same direction of the primary trend, i would be able to have more opportunities per day, right ?

plus, entering on pullbacks only in the primary trend would be safer ? especially if the daily, 3/4 hourly, 1 hourly is in sync with the main trend ?

or am i crazy and spouting nonsense again ?:
  • #2,620
  • Nov 15, 2007 10:22pm Nov 15, 2007 10:22pm
Quoting ssiam
hello
my friend advise my to this strategy
can any one tel me are there any change of rules that in first page or same rules
and advise me if i can use it with gbp-jpy


thank you
Hi Ss

I've developed My Rules for this system in consultation with Phillip and you'll find it on page 103 & 156 of this page.

You can use it on any pair BUT:

1. You need to study your pair/s to get to know them.
2. Work out the SL and TP levels for the GY because I know it is a very volatile pair. I looked at it and decided against that pair. It was very difficult for me determine if support/resistance was found on the 21MA. There were frequent tails going through the 21MA. Not easy to spot price patterns on that pair.

Just my opinion but go and see for yourself. Maybe it can work for you.
Willem Forex recipe for success = Patience, discipline & hard work.
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