5Min Intraday System | Page 142 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex intraday using the 5min chart: EURUSD 108 replies

The Force 5min system 3,806 replies

Intraday Pound Trades on 5min chart [GBPUSD] 36 replies

5min Bollinger breakout system 42 replies

Attachments: 5Min Intraday System
Exit Attachments

5Min Intraday System

  • #2,821
  • Dec 23, 2007 1:33pm Dec 23, 2007 1:33pm
hi dear willem
how are you ? just want to say hello to u ,saying thx for ur helps , say happy new year to you and ask does this system changes in thease 3months or not?
  • #2,822
  • Dec 23, 2007 11:39pm Dec 23, 2007 11:39pm
Quoting bshadroo
hi dear willem
how are you ? just want to say hello to u ,saying thx for ur helps , say happy new year to you and ask does this system changes in thease 3months or not?
Hi Bs

Always just a pleasure to share my experience with you all.

No, nothing has change over the past three months - still using the My Rules as posted on page 156. The only exceptions are:

1. The EA posted by Ramschakle (zz) (Swiss Army) a few pages ago that manages you TP and SL automatically once you've entered a trade manually. You still need to do it manually because like Phillip said - it is one of the most important part of this system (the human decision to enter).

2. Let the 4h system's price rules guide to as the direction you should take your trade e.g. when the price brakes through the 89 upwards it tends to move back downwards to it before it continues upwards. Use that details to determine the main direction to look for high probability trade setups.

I saw you are very busy on the 4h system - great for you and just keep with Phillip's advice and you'll seldom go wrong.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,823
  • Dec 24, 2007 12:24am Dec 24, 2007 12:24am
Quoting Golfer
Hi Bs

Always just a pleasure to share my experience with you all.

No, nothing has change over the past three months - still using the My Rules as posted on page 156. The only exceptions are:

1. The EA posted by Ramschakle (zz) (Swiss Army) a few pages ago that manages you TP and SL automatically once you've entered a trade manually. You still need to do it manually because like Phillip said - it is one of the most important part of this system (the human decision to enter).

2. Let the 4h system's price rules guide to as the direction you should take your trade e.g. when the price brakes through the 89 upwards it tends to move back downwards to it before it continues upwards. Use that details to determine the main direction to look for high probability trade setups.

I saw you are very busy on the 4h system - great for you and just keep with Phillip's advice and you'll seldom go wrong.
hi
thanks for quick answer and guides.its look pretty good to follow m5 chart after find the direction whith h4system.so we can find a better entry at least.
thx
  • #2,824
  • Dec 24, 2007 12:56am Dec 24, 2007 12:56am
I receive a PM regarding brokers - and I just want to share some of the advice I've given the member:

At this stage I do have a mini account of about $400 and I just trade micro lots (0.02 lots) to get the necessary confidence. I started trading mini lots (0.1-0.5lots) but because I was experimenting I lost about $100 - the reason I've changes to micro lots. Once again - learning the hard way. The main reason for the losses was that I let my losses run to see what is going to happen. This is now something of the past because I am now satisfied with my five-minute system (listened to Phillip's last MP3 post).

This one of the most important pieces of advice coming from my experience - when you start trading live, start with micro lots until you do have your emosions under control. You don't really make money but then you also lose the minimum. Your account will be there for a very long time. It is not that easy to trade live - much easier trading with a demo account.

I've decided to use it to get the necessary practice with a live account and get one's emosions under control.

I've bougth several trading courses and already blown two mini account - each within 3 -6 months (that was before I met Phillip). I do have this account now for almost more than 1 year and it is still very alive.

I am now satisfied with the five-minute system and I won't really experimenting on this system anymore. As from 2008 I am going to trade according to my rules. I do have another one minute system I am experimenting with and will probably lose another few dollars.

I hope it helps.

__________________
Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,825
  • Dec 24, 2007 2:10am Dec 24, 2007 2:10am
Wiliem,

Couldnt agree more - emotion is a very important factor as is trading a live albeit small account. There are 2 ways to look at your mini account that may help discipline, one is to imagine it has 2 or even 3 zero's at the end and ask would you risk that much on your trading decision. The other is to consider that the only way you are going to trad full time for a living is only if you can grow the account to a size that will allow you to do so. OK this may take a couple of years but it will instill good discipline and also show you a lot of the emotional side of trading.

Anyway, just thought i would share some of the things i know some other traders do when opening their first small live trading account. Its certainly better than opening a big account and blowing it - learn from your mistakes whilst they are not so expensive.

Wishing you and everyone else all the best for xmas and the new year.
  • #2,826
  • Dec 24, 2007 2:22am Dec 24, 2007 2:22am
I am a newbie. Can anyone help with these questions:
1.How do I draw trendline on a chart?
2.General Observations and Thoughts on trading Euro/Usd
3.How to attach Bollinger Band Width to my charts?
I will be forever grateful for anyone that provide solution to these problems.
  • #2,827
  • Dec 24, 2007 2:23am Dec 24, 2007 2:23am
Very interesting statistics - I opened my current mini live account in January 2007 and I've used it to practice and experiment with systems.

I've just counted my number of trades which is about 225 trades from January 2007 (many of my trades were done using demo accounts initially). It was only in November 2007 that I have started using my live account exclusively and then I decided to use only microlots of my live account to practice and experiment.

Of 225 ttades only about 105 were positive - the rest were all losers. And I have only lost about $100 of my initial $500. Just to show you what money management as well as risk management can do to your account even if you are practising and experimenting with systems.

I am looking forward to trade properly in 2008 now than I am finishing off my practising and experiments.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,828
  • Dec 24, 2007 2:29am Dec 24, 2007 2:29am
Quoting wilczek
Wiliem,

Couldnt agree more - emotion is a very important factor as is trading a live albeit small account. There are 2 ways to look at your mini account that may help discipline, one is to imagine it has 2 or even 3 zero's at the end and ask would you risk that much on your trading decision. The other is to consider that the only way you are going to trad full time for a living is only if you can grow the account to a size that will allow you to do so. OK this may take a couple of years but it will instill good discipline and also show you a lot of the emotional side of trading.

Anyway, just thought i would share some of the things i know some other traders do when opening their first small live trading account. Its certainly better than opening a big account and blowing it - learn from your mistakes whilst they are not so expensive.

Wishing you and everyone else all the best for xmas and the new year.
Hi Wil

Great piece of advice - I haven't thought of putting additional zeros (imaginary) to the numbers in mini account. I will certainly do that in future.

All the best wishes for you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,829
  • Dec 24, 2007 2:45am Dec 24, 2007 2:45am
Hi blue Angel

See my comments in your message as underlined:

Quoting blueangle
I am a newbie. Can anyone help with these questions:

1.How do I draw trendline on a chart?

On the second row of your MT4 platform there are a few icons that can be used to draw a line. Click on the "/" icon, bring your cursor to the chart, now right click where you want to start with your trendline, keeping it in and move your mouse to your next point and release. That will give you the initial trendline. You can then go and stand with your cursor on the trendline, double click and you will see three small blocks appearing on the trendline. Now you can move the trendline by moving the small blocks on the trendline.

2.General Observations and Thoughts on trading Euro/Usd

I am not sure what you are looking for but for me this is the very basic pair that you can use for the five-minute system. It is a very reliable pair with just enough volatility for the five-minute system to be effective. I do use at 10 (mostly) -15 pips profit level and move my initial SL to break even after six pips in profit.

I do use this Swiss Army EA (posted Ramschakle a few pages ago) and my initial SL is 20 pips away just to avoid the stoploss hunters. Also my TP is 25 pips away - just in case there is a sudden movement. I won't wait for that stoploss to be triggered but I'll exit the trade much earlier if it moves against me. The maximum loss you should take is 10pips. The same for the the TP - if I see the move is very slow, I'll remove my TP to 10pips.

3.How to attach Bollinger Band Width to my charts?

Unfortunately I don't use it - won't be able to assist you with this one.

I will be forever grateful for anyone that provide solution to these problems.
I hope it helps you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,830
  • Dec 24, 2007 4:58am Dec 24, 2007 4:58am
Hi Golfer!
Is this a right pattern?

P.S. I didn't take it.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 24dec dsc_trg .gif Size: 24 KB
  • #2,831
  • Dec 24, 2007 6:30am Dec 24, 2007 6:30am
Quoting Sher_net
Hi Golfer!
Is this a right pattern?

P.S. I didn't take it.
Hi Sher

Yes, correct. The pattern is correctly drawn.

I was also watching it but why didn't you take it? Remember to have a story (reasons why you don't take it). My reasons were:

1. Slow day before Christmas

2. Tails going through the 21MA - difficult to determine resistance level. This institutes a meduim to slow speed which I am don't really like trading.

Above two reasons - It can go upwards any time.

3. Relatively large candles.

Look at the EY at the same time - much better triangle formation above 21MA (not even coming into play - meaning fast speed. I also didn't take this one because lately I am very careful with my entry on EY. I want to take it is close as possible to 21MA. This one didn't even give a proper pullback to the 10MA - very risky to enter on EY so far away from the 10MA/war zone.
Attached Image (click to enlarge)
Click to Enlarge Name: 20071224 ascending triangle.gif Size: 22 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,832
  • Dec 24, 2007 6:43am Dec 24, 2007 6:43am
Another example as it is developing right now. Lets see how it develops.
Attached Image (click to enlarge)
Click to Enlarge Name: 20071224 ascending triangle 2.gif Size: 20 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,833
  • Dec 24, 2007 7:57am Dec 24, 2007 7:57am
Thye outcome of my previous post on the ascending triangle with comments on the chart.
Attached Image (click to enlarge)
Click to Enlarge Name: 20071224 ascending triangle 3.gif Size: 24 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,834
  • Dec 26, 2007 2:54pm Dec 26, 2007 2:54pm
Out of boredom at my work today, I made a small indicator for this strategy.

It shows visually when the price get close to the moving average you have set and an histogram of a longer term moving average. default is 50-100 EMA but you can change it directly in the code provided.

It's quick, dirty and a bit buggy (there is an error when applying the indi to the chart but it works fine) and might need some more work but you get the idea.
Attached Image (click to enlarge)
Click to Enlarge Name: bouncing.PNG Size: 29 KB
Attached File(s)
File Type: mq4 PDI.mq4   2 KB | 864 downloads
  • #2,835
  • Dec 27, 2007 5:05am Dec 27, 2007 5:05am
Just to show you what could happen if you don't follow the rules. See my comments on the chart. In addition to that:

The main issue here is:

Be careful when you do see a move like this with no pullback into the war zone thinking that you are missing out on a nice move.

Don't try to be clever and try to get an early entry like I've done here. Wait for the pullback into the war zone and see what is going to happen there. If you look at this chart, you will definitely see that it is a no-no situation when the price entered the war zone.

This is an example where people might get upset with this system. You do see a nice move like this but no signal (pullback into the war zone). Then you think you are missing out on a nice move and you try to get cute with an early entry (it could have worked out if you've entered about 6-7 candles earlier). What initially looked like a fast speed turns out to be a slow speed move - be careful.

Please be patient and don't try to take trades from the 10MA if it isn't a recognizable price pattern. Especially in a choppy market like today.

My advice:

1. Wait to see what is going to happen in a war zone
2. Look for a recognizable price pattern
3. Look for recognizable candle formation as provided by Phillip (posted at few pages ago)
Attached Image (click to enlarge)
Click to Enlarge Name: 200712127 5min trade 1.gif Size: 21 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,836
  • Dec 27, 2007 2:19pm Dec 27, 2007 2:19pm
My discussion on Skype (the area in the ellipse was discussed):

#1 = Start of pullback with only negative/bearish candles
#2 = Initial pullback in war zone. Very difficult to catch because at that stage one is unsure where the price is going.

[01:44:30 PM] Willem Kruger says: Dustin - look at my last post today on ff and then You'll see that I do agree with you
[01:45:17 PM] Willem Kruger says: EY - making a similair move than my cable trade earlier
[01:47:35 PM] Willem Kruger says: EUR & Cable are just too choppy

[01:56:38 PM] Willem Kruger says: EY: out of non-trade zone. Waiting for pullback into war zone. Hopefully above R1 level @ 5.98
[01:57:31 PM] Willem Kruger says: EY - remember my non-trade zone is -0.15 to 0.15

[02:16:27 PM] Willem Kruger says: EY - looking good for Church to right
[02:19:47 PM] Willem Kruger says: EY - candles are still negative (red)
[02:21:27 PM] Willem Kruger says: EY - getting some positive signals now
[02:23:01 PM] Willem Kruger says: EY - this is so typical of this pair. Just a small initial pullback into the zone and there she goes
[02:24:15 PM] Willem Kruger says: It is so difficult to get that initial pullback
[02:28:30 PM] Willem Kruger says: See you later - hope you do catch some pips

But then look at the two setups in the form of Church to right formation (not so very clear for the beginners but definitly tradeable). Like I told Dustin on Skype: The church building (main body of the candles forming the building) should mainly be in the upper part of the war zone.

The support found on the upper part/10MA is the most important sign to look for in the Church to right formation.

One needs to be make sure that there is enough pips to the next resistance level (like in the second trade = just enough pips). If it is too close - ignore the setup and price pattern. Like my previous (loser) trade.

I played golf this afternoon - so I've missed the setups.
Attached Image (click to enlarge)
Click to Enlarge Name: 20071227 ey.gif Size: 28 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,837
  • Dec 27, 2007 2:32pm Dec 27, 2007 2:32pm
Just to show you the difference between the two Church to right formation and the next two setups marked as "No church".

The first "No church" doesn't have a bell tower because of the flat pullback - therefor no church to right formation. If you do have a flat type of pullback like that (meaning there is resistance), be on the lookout for higher lows (pressure form below - buyers pushing the price upwards) to form a ascending triangle. But there is no clear signs of that.

The 2nd "no church setup" - you can see that there is no support on the 10MA/war zone/21MA. Go and play golf.

Sorry for repeating/showing the price patterns over and over again but it is working for me. Some sort of filter for this system and I know people are looking for filters. I just want to make sure people understand what I am trying to explain. I am sure some of my price patterns are not recognised by professionals or may have other names but they do work for me.
Attached Image (click to enlarge)
Click to Enlarge Name: 20071227 ey 2.gif Size: 28 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,838
  • Dec 27, 2007 2:42pm Dec 27, 2007 2:42pm
O, I shouldn't have played golf today - great trading during the US session. Possible entry points on the EUR.

Look at the last one. Once the small support line was broken, look to exit trade as close as BE as possible and it was possible. Get out and don't wait for a 10pips profit - 2pips profit at the most.

The same can be said for the first one - it took way too long before the move came.
Attached Image (click to enlarge)
Click to Enlarge Name: 20071227 eur.gif Size: 26 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,839
  • Dec 28, 2007 3:23am Dec 28, 2007 3:23am
Two nice trades which are in line with the 4hour MACD trend (chart 2 for those who are familiar with Phillip's 4h system). The first trade was a pullback just above the M3 line - take it on. The second one was a Church to the right - the church building was, however, a bit long but a nice bounce of the 21MA.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 200712128 eur 1.gif Size: 15 KB
Click to Enlarge Name: 200712128 eur 2.gif Size: 16 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,840
  • Dec 28, 2007 4:29am Dec 28, 2007 4:29am
[11:29:24 AM] Willem Kruger says: Cable - just too choppy

[12:01:19 PM] Willem Kruger says: Cable - very interesting. Look for that triangle

[12:03:41 PM] Willem Kruger says: Cable - possible breakout of triangle

[12:22:30 PM] Willem Kruger says: Cable - and there is the breakout. Entry point was 9978

Comments:

Initially the market was very choppy. Then there was a clear picture of a triangle being formed - not a very clear resistance level but visible. I did expect a breakout and the nice entry was that pullback into the war zone (on the blue candle going up - according to Phillip's candel formation)
Attached Image (click to enlarge)
Click to Enlarge Name: 200712128 cable 1.gif Size: 19 KB
Willem Forex recipe for success = Patience, discipline & hard work.
1 trader viewing now