5Min Intraday System

Xaron welcome back. Would welcome any trade posts you have time to post.

thanks
Rob

Hi X

Welcome back. I wonder what happen to you. Good to see you back on the thread and hopefully making some pips.

Yes, what I realised was the more you study a system with a specific purpose in mind, the more you see in that system (as well as the pairs that you are trading. And then we do have Phillip and his excellent skills and experience. Lately is just very busy and successful with his 4h system. But he won't ignore his initial system, this 5min system. It is just the time factor (he is not able to trade it during the London session because of his full-time work). But just look his post on top of the page - look at the candle/bar formation with his entry. Very interesting. It was a calculated entry - not just a "hope for the best". He knows what he is doing.

I cannot tell you how much I've learned from him in the past year - more than the 3-5 courses I bought before I stumble (accidently) across the 5min system on my first every visit to FF. It was amazing how simple the system was - the only difficult part is to learn the price movements of your favourite pair/s. And to learn not to take each and every setup meaning discipline and patience. Thats all.

Thanks again, Phillip. Keep it up.

Thanks for the welcome again. Nothing special has happened to me. I trade mainly on a daily base.

The next weeks I'll have less time intraday, but if I see a chance I'll take it. Beginning with january I'll have more time again...

Regards - Xaron

Let me one thing add: The stop is the main problem for me. Often I get stopped out just to see the trend to be continued. For the cable I use a stop of 20 pips and a tp of 20 pips for now, so just a CRV of 1:1.

I even thought about a stop of 40 pips and a tp of 20 pips...

Regards - Xaron

Two trades:

EUR/USD long, SL: 10 pips, TP: 10 pips
+10

GBP/USD long, SL: 20 pips, TP: 20 pips
+20

Regards - Xaron

like i said before - Xaron will be back again.......

he was too busy counting money all this while.........

Haha... sure.

Regards - Xaron

Hi X

Yes, I agree with you.

Lately I also use a 25-30pip SL but I do have a line (in my mind - and I know Phillip draws such a line on his chart) 10pips away from my entry for a SL level. You need to have the discipline to exit your trade if it moves against you. Also just to be on the safe side and for that sudden tail that will trigger your SL and then move back in your direction.

For the TP, I do take every trade on its merit.

This one is specially for Longboat - who is struggling to get the timing of the entries right. EY made a beautiful church to a right formation today. You should have entered on candle one or two at the level as indicated. After the third candle tasting the 21MA, you can take the chance and enter as close as possible to the 21MA on the candle.

Please note that lower high as indicated by three and four - take the pips that's on the table. Exit at the level as indicated you should have known that that should be your exit level because it is your M3 line. 10pips profit.

I hope it makes more sense now

.

.

Like I said on Skype chat - I hope some of you got some of the great setups and trades.

Tx Phillip.

Just a question. You use, let's say a hard stop of 30 pips. So do you close your position on the candles close if it's below your 10 pips stop line to wait if there is some kind of false breakout?

Regards - Xaron

Hi X

Correct. After I do get a tail through my 10pips SL line, I tend to close that specific trade very early - sometimes just for a few pips profit. However it will all depend on the actual setup.

hi all,
this was my first trade of today and i took 14 pips.
i will have to use the method of 25-30SL and exit on 10 if it does not go where it should :-)
antjama

http://img507.imageshack.us/img507/2285/asdif6.jpg

Hi Antj

Not too bad. You just need to have a reason why did you enter on that setup (the story behind the setup). That is why I started looking at price patterns and I know Phillip is looking at candle formation. Otherwise you will start a bad habit of trying to enter each and every setup (like I did in Apr).

Just one comment: I just don't like to see a close below the 21MA. Tails going through the 21MA usually make me nervious. Closes on the wrong side of the 21MA means the 21MA is no longer the support/resistance and anything can happen.

This time it worked out. Well done.

I do agree with your argument about SL - please have the discipline to do it.

Hi all
[04:49:20 PM] Willem Kruger says: $Y - lets look for possible Reverse church
[04:53:50 PM] Willem Kruger says: EY - on the daily pivot level. I've drawn a small (rather long) resistance line currently at 164.20. Lets see if there is bounce off it for possible 10pips
[04:58:35 PM] zz says: waching UJ now
[04:59:37 PM] Willem Kruger says: $J - yes, initial setup look goood for possibel Reverse church pattern
[05:00:00 PM] Willem Kruger says: Staying below my M2 line
[05:00:18 PM] zz says: M2?
[05:01:00 PM] Willem Kruger says: Mid pivot line M2. Drawn by custom indicator.
[05:01:45 PM] zz says: it rebounded at S1
[05:05:02 PM] Willem Kruger says: $Y - interesting tail
[05:06:53 PM] Willem Kruger says: $Y - still waiting to see what is going to happen
[05:10:49 PM] zz says: closer to the smal ressintace
[05:11:54 PM] Willem Kruger says: Yes Lets see - still waiting
[05:12:38 PM] Willem Kruger says: 3 lower high on the last 3 candles. Another sign
[05:12:53 PM] Oyinbo Abraham Ayodeji says: i just got in from work now and want to trade but would love to wait till US interest rate is anounced
[05:13:14 PM] Willem Kruger says: Still enough time for a quick 10pips
[05:13:44 PM] Oyinbo Abraham Ayodeji says: are u sure?
[05:14:05 PM] Willem Kruger says: Yes - already BE on EY
[05:14:19 PM] Willem Kruger says: Took it from the 50MA
[05:14:54 PM] Willem Kruger says: But now I don't like the look. will exit a close as possible to profit as possible
[05:15:28 PM] Willem Kruger says: a close above 50MA - don't like it
[05:16:44 PM] zz says: looking for a shoert in $Y
[05:16:49 PM] zz says: short
[05:19:37 PM] Willem Kruger says: Exit EY for 5pips profit
[05:19:43 PM] Oyinbo Abraham Ayodeji says: as in short at 111.63
[05:20:10 PM] Willem Kruger says: Great - there she goes
[05:20:38 PM] Willem Kruger says: Be careful at S1 111.53
[05:22:03 PM] Willem Kruger says: zz - great one. I hope you are in
[05:22:07 PM] zz says: move my sl to break even
[05:22:08 PM] zz says: free ride
[05:22:16 PM] zz says: hit tp
[05:22:45 PM] Willem Kruger says: That was a beauty with the 3 lower highs on the 3 candles justr before the entry
[05:22:59 PM] zz says: yup that was anice one williem
[05:23:29 PM] Sherzod says: Hi all! Nice trade!
[05:24:05 PM] Sherzod says: I just came. Missed this trade
[05:24:11 PM] zz says: It would be nice if the 5 min helper can work
[05:24:59 PM] Willem Kruger says: Once again - trust your price patterns and the small reistance line will give you an indication of the entry point.
[05:25:26 PM] Willem Kruger says: Yes, I did ask on the thread for somebody to write another EA. Waiting for a response
[05:25:49 PM] Willem Kruger says: I'll post this chat with the chart on the thread.
[05:26:11 PM] Oyinbo Abraham Ayodeji says: UJ has just bounced off now

The chart of my EY trade as mentioned on the previous post (Skype chat). Off the 50MA for 5pips.

My 2 trades using the 1min system. The first trade was difficult to enter - the reason for the late entry.

Unfortunately I didn't look at the $Y - wow, what beautiful setups from the 10MA.

The 1min $Y chart with the entries.