5Min Intraday System

Quoting findcount

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i don't know if this has been talked about or not and if answer is yes, then i apologize.........

No need to aplologize - this is a free system/site. LOLhttp://www.forexfactory.com/images/icons/icon10.gif

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 ?

Yes, correct. That is why I started last month looking at Phillip's 4h MACD system and rules. Now I am trying to trade in the direction of the 4h MACD rules.

plus, entering on pullbacks only in the primary trend would be safer ?

Yes, it is also a safer approach. Example:

Let say we do have a primary downtrend. Sometimes the 21MA just came out of the non-trade zone crossing the 0.1 line (in the opposite direction of the primary trend), showing us a great setup and you enter long. The prioce goes immediately back into the non-trade zone, go through it and crosses the -0.1 line (exit on the other side in the direction of the primary trend). That was then just the usual pullback (upwards) before continuing in the direction of the primary trend.

That is why I was previously careful with the first pullback into the zone. But if that first pullback is in the direction of the primary trend, I think you can feel a lot more safer.

You shouldn't have entered if you know the primary trend was down.

That is why I started looking at the 4hMACD rules lately as well as possible divergence on 15min charts.

especially if the daily, 3/4 hourly, 1 hourly is in sync with the main trend ?

or am i crazy and spouting nonsense again ?:

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Quoting findcount

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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 ?:

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Quoting Golfer

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Can you see why one should not enter during the candle formation just above my "?"? Wait to see for some support found on the 21MA.

Cable didn't want to play along. I am out. Will wait for another setup with support found on 21MA

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Quoting Pkffw

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Well after trading from 0700hrs GMT to 1200hrs GMT on 15/11 and then again from 0700hrs to 1130hrs GMT on 16/11 with no setups happening and keeping my discipline, boredom finally got the better of me.

1: Pull back marked by arrow got my attention. Patiently waited to see if support would be found in the warzone.

2: Saw price retrace straight through 21ema. Should have simply moved on at this time but this was still the "best" set up I had seen in nearly 10 hours watching the screens so kept watching to see what would happen.

3: Spinning top developed right on my trendline and on the 38% fibo line. Interesting I say....

4: Next candle drops down into warzone convincingly away from fibo and trendline.

5: That's enough to convince my impatient fingers and I enter on the next candle.

6: Price goes down over next few bars, at one point I'm up a clear 8 pips. M ove my stop to BE(only rule I did follow! hahaha)

7: Was thinking of closing position when at 7 pips profit as price stalled during that small green candle but convinced myself this trade was going well and would make it down to the nearby support pivot.

8: Price retraces for a BE trade and lucky to get out at that!

Basically broke every rule in the book but managed to get out at BE. Patience and discipline are so hugely important in this game!

Cheers,
PKFFW

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Quoting Pkffw

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Golfer,

Well done on a very good November so far for you.

Quick question.........what time of day do you find gives the most number of signals on average?

I'm in Australia so the London open till about 12pm London time is during my evening and tradeable for me. However I'm finding that I can go 2-3 days without any good set ups occuring during that period. Maybe that's just lately, I haven't been studying the system long enough to really know. Do you find opportunities during the London morning often?

Cheers,
Pkffw

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Quoting Golfer

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Hi Pk

Very good question. I haven't really looked at it in detail but this is what I prefer ( I am going to write in terms of GMT to make it easier & my platform is set at GMT)(we are GMT + 2h):

1. Asia session - I am in South Africa, waking up at 03H00 to go to gym and to work at 05H30. I therefor never trade Asia session but I usually look at it. There is usually one good setup per day for the 4 pairs. What I've seen, I won't get too excited about. If there was one setup in a small trend, I won't take the second one if it appears. But I maybe wrong.

2. Then the London session - I usually expect something to happen after the UK news relases. Around 8-9H00.

3. Next is my favourite time - overlaping of the London and NY session. 09-12H00. Great session. This session usually gives me an indication what is going to happen for the rest of the day. This is also where I look for divergence on a 15min system (another system in development - however not very active at this stage).

4. Then the NY session - after 17H00 I don't really look at the markets except if there is something going on. This is when I work on my studies and doing some other stuff..

Hope it answer your question and it is just the feeling I have about my sessions.

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Quoting adrianebn

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hi willem

we never as yet managed to try get online with skype to live trade

i am in malta (gmt+2) and usualy the best trades happen early as you described and big activity comes when US/UK overlap, sometimes I get not to trade them if dont have wide stops ad tends to get you out in a second!

I use mostly the original 5min system chart without the 4 hour chart and is not bad, have to get into more detail of the 4hour chart setup

adrian

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Quoting adrianebn

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hi willem

we never as yet managed to try get online with skype to live trade

i am in malta (gmt+2) and usualy the best trades happen early as you described and big activity comes when US/UK overlap, sometimes I get not to trade them if dont have wide stops ad tends to get you out in a second!

I use mostly the original 5min system chart without the 4 hour chart and is not bad, have to get into more detail of the 4hour chart setup

adrian

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Quoting Golfer

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Hi Adrian

About the wide spread during news releases. It seems like a normal phenomenon for the spreads to increase to up to 10-15pips on the EUR during the US news releases. Luckily, it usually lasts only for a few seconds to a few minutes. I then avoid putting in trades and close my trades just before the news release.

For the one minute news trade system - I'll wait for the spread to come down to normal before entering a trade. Even with there is a beautiful set up.

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Quoting adrianebn

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i always got wiped out on the EUR/USD with 15 pips! Guess am doin sometin wrong then more then i thought.

for both eurand cable i use stops of 15 pips and got down this month in fact on the live account

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Quoting Golfer

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Hi Adrian

I went back about six pages but couldn't find any of your charts because I want to give you advice - so I presume you haven't posted any. Then I cannot give you any advice.

That was the only way I've learned to trade this method - by posting my charts and using people's opinions and criticism. Especially Phillip's advice but also from people posted the charts regularly.

Please post your charts/trades and we'll criticise (in a polite manner but don't take it personally)/give advice.

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Quoting adrianebn

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will do, i dont have the closed trades charts, but i shall start from todays trades so we can comment about them,

thanks alot

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