5Min Intraday System

Then the last trade on skype on the famous 3 little sisters formation - the one Nadia also took. The entry was a little bit late because I saw this setup almost too late.

Just to show you a descending triangle being formed. As discussed on Skype - why I stated that the entry should be taken around that specific point.

Also look at how I draw my SMall resistance line once I identify a possible triangle. It helps with the pin-pointing of the entry point.

Another descending triangle formation on EurJpy today. I entered from 10MA, after puting my stop to BE, I let it run till S1 line. +40pips

http://imagebin.org/12220

Hi Sher

Great one and well spotted - very nice to trade the price patterns. High probability setups.

I took the very next descending triangle for 10pips profit. I didn't want to let it run because of the previous run we already had (your trade).

Enjoy it

The trade I mentioned on Skype which I thought there isn't 10pips in it.

My two trades on Cable as mentioned on SKype. The first one was not according to My Rules but the 50MA sometimes does act as resistance for 10pips.

Second trade was Church to right with a possible ascending triangle. Had to take the trade from the 10MA

Hi,
I started to play live with this system 3 days ago using only 3 MAs from Neil's first post and I have to say I'm quite happy with the results. I made about 7% of my initial deposit (very small for the beginning).
Let's see how it will work for me later on :-)
I play mostly on EUR/USD and EUR/GBP
chrs.
antjama

Hi Antj

Welcome.

During my early days I also look at the EURGBP but I thought it's not volatile enough for the 5 min system of Phillip. I would like to see your trades on the charts.

Enjoy the trading

Yorik developed a EA for placing stop losses and break even automatically after entering a trade. This EA can be found on page 170. Unfortunately this EA will move your stop loss very quickly to break even. I just had two trades where my stoploss was moved to break even after I was 2pips in profit. I know Ramshcakle (zz) is struggling with the very same problem. I know Yorik programmed it to move the stoploss to break even if the 21AM was crossed to the wrong side. The revised EA doesn't have that function but still we experience problems with it. I think there is something wrong with "brain" of the EA. It should only move your SL after you are 6pips in profit.


This is a very handy tool to use especially in a fast moving market. I am "technologically disabled" and I don't know how to write an EA.

Is there somebody that could assist us with it? The EA should also move your stop loss to break even, once you are 6pips in profit.

2 Trades on EurUsd. First one a bit early but the second one was there.

.

2 Trades

Hi Phillip

Welcome back - nice to see you back here.

EUR trade:

I see this trade of yours is also a Church to right formation with a nice touch of the 21MA. Excellent entry point - the touch of the 21MA. With this formation, it is better to wait for an entry from the 21MA. It is a different story when there is a triangle - you try to enter on a small resistance or support line.

My EY trade today as mentioned on Skype.What worried me was the 21 on SMAangle coming down.

And both the trades were also after price patterns - 1st one was a small ascending triangle and second one Church to right.

Thanks Phillip.

Lets see if it is going to make it. Breakeven (BE) after 8pips
Edit 1
Breakeven reached after +8pips.

Edit 2
Take Profit (TP) of 12 taken ( I saw it was closed for +14)

This is a phenomenon that I frequently see on this pair. That bounces off the of the 50MA for a 10pip profit. Please don't let the profit runs but take it 10pips if it is on the table.

Very important to look for lower highs and higher lows.

Great - looks like you are doing better here than on the 4h. Just joking. Just to keep your hand! Just to show us it can be done.

If it was also so easy for us. Well done.

Once again - how to exit a wrong trade. This is the trade Nadai and me took on SKype. What we thought was resistance and went short. Then it turned against us. Once I had the opportunity to get at BE, I got out. Don't try and think: "It will turn around, it will, it will, it must." Forget about it. Get out. Look what happen after our trade. It went immediately after that against us.

Don't worry if it does reach your TP afterwards (after you have exited at BE). It could have happened like this trade. Sometimes it never give you another change to get out at BE. Only that one change. Get out and wait for the next setup.

I think I had 3 BE trades today (testing systems and Yorik EA(withou success) and only one went on to trigger my initial TP.

Sorry, struggle to upload chart. Will try later

Hey guys, I'm back again and will post some trades if I find time to trade again.

Thanks golfer for keeping this thread up!

Regards - Xaron