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5Min Intraday System

  • #2,961
  • Jan 22, 2008 9:41am Jan 22, 2008 9:41am
Quoting kc8flq
I've been reading thru the thread the last cpl weeks. I'm also currently studying Phil's 4hr macd system too.
I've taken a few trades with this system tho paper only, and I have to say the results are very impressive. I know Phil takes profits after 10-15 pips, but I kinda like the theory of letting profits run, and cutting losers short quick.
Yesterday's 4 trades netted a profit of 28 pips +20 cable, +9 cable, -4 cable, and -3 ed, which brings me to my question, is the 3 trade max perday, based on 3 per curr. pair traded or 3 overall??

Happy trading and many pips to everyone!!
may be golfer gives a better answer but there is my answer:
thats no exact rule to say howmany tardes for howmany pairs.some days u can trade more than 3 in each pair and somedays even no trade its just base on the market trend.
when phillip says no more that 3 trades ,he wants to say dont be so greedy i think.
(just my thinks and can be wrong ,correct me willem)
  • #2,962
  • Jan 22, 2008 1:37pm Jan 22, 2008 1:37pm
Quoting kc8flq
I've been reading thru the thread the last cpl weeks. I'm also currently studying Phil's 4hr macd system too.
I've taken a few trades with this system tho paper only, and I have to say the results are very impressive. I know Phil takes profits after 10-15 pips, but I kinda like the theory of letting profits run, and cutting losers short quick.
Yesterday's 4 trades netted a profit of 28 pips +20 cable, +9 cable, -4 cable, and -3 ed, which brings me to my question, is the 3 trade max perday, based on 3 per curr. pair traded or 3 overall??

Happy trading and many pips to everyone!!

At the time I was only able to trade after 16:00 GMT+1 so I restricted myself to only 3trades. It more about not being greedy and if you have a bad day that it does not eat into your account. Just some money management to stay in the game.
  • #2,963
  • Jan 22, 2008 2:44pm Jan 22, 2008 2:44pm
Quoting bshadroo
thx for correcting
look at my eu trade about 1 hour after fedrate.rate cut made me braver to choose a larger stop loss (about 20pips) and larger take profit. i went to BE after 10pips profit and let it run .a nice 40pips .
Hi Bs

Yes, I am working on exit half my position at 10pips profit (BE already after 6pips profit) and follow the run with possible trailing SL (Swiss army ea is doing it for you).

Yes, the SL is a personal thing and do what you feel comfortable with. On the EY I do use a 30-35pips SL but I do exit if I feel uncomfortable with the trade. Don't let it reach your SL - you need to exit much earlier to minimise your losses. Otherwise the RR is not optimal and you'll get burned.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,964
  • Jan 22, 2008 2:49pm Jan 22, 2008 2:49pm
Quoting kc8flq
I've been reading thru the thread the last cpl weeks. I'm also currently studying Phil's 4hr macd system too.
I've taken a few trades with this system tho paper only, and I have to say the results are very impressive. I know Phil takes profits after 10-15 pips, but I kinda like the theory of letting profits run, and cutting losers short quick.
Yesterday's 4 trades netted a profit of 28 pips +20 cable, +9 cable, -4 cable, and -3 ed, which brings me to my question, is the 3 trade max perday, based on 3 per curr. pair traded or 3 overall??

Happy trading and many pips to everyone!!
Hi Kc

I do agree with Phillip but some days there are great runs - like today. My money management allows me more trades now because I am still practising and learning this system. Yes, you read correctly - after 1 year I am still learning this system. Ask Phillip to confirm this. Also you don't get a degree within 1 year studying part time. The same applies for learning a system like this.

I do trade a live mini account with 0.02 lots. Just to get the feeling and getting use to trading live.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,965
  • Jan 22, 2008 3:02pm Jan 22, 2008 3:02pm
My trades today playing around with TC setups on MACD after Phillip's suggestions. I am struggling to decide which pullback to take if there isn't a nice price pattern (high probability setup).

Now we are playing around with TC setups on the MACD - just like Phillip's 4h MACD system. That is why you'll see entries outside the war zone - one of the things I am struggling with.

Outcome: 5 trades, 3 pos, 2 neg (after my SLs were triggered, it moved in my directions - so the setup was correct). 19pips profit. That is why you need to get your entry pin-pointed.

Edit: All the trades were done on my mobile phone - MACD not so nice like on the PC. Also very small picture but one can get an idea.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080122 5min trade 1 tc.gif Size: 28 KB
Click to Enlarge Name: 20080122 5min trade 2 tc.gif Size: 28 KB
Click to Enlarge Name: 20080122 5min trade 3 tc.gif Size: 27 KB
Click to Enlarge Name: 20080122 5min trade 4 tc.gif Size: 29 KB
Click to Enlarge Name: 20080122 5min trade 5 tc.gif Size: 29 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,966
  • Jan 23, 2008 9:12am Jan 23, 2008 9:12am
Just to inform members following this thread so that they are not confused about (the reasons for) some of our entries:

Phillip is looking at using the MACD's TC pattern as another rule to enter trades. Just like his 4h MACD system. We will still use the other rules to determine high probability setup. The MACD TC pattern will only be used as another filter.

Very important -the TC should be a smooth TC meaning:

1. In an downtrend the green MACD bars (during the pullback towards war zone) should slowly becomes shorter and then the next red bar should JUST be longer that the last green bar.

Look at the example from Phillip.
Attached Image (click to enlarge)
Click to Enlarge Name: 5 Min Strategy 20080121a.gif Size: 21 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,967
  • Jan 23, 2008 9:18am Jan 23, 2008 9:18am
Another example received from Phillip - sorry for using your charts, Phillip but please collaborate if you want to.
Attached Image (click to enlarge)
Click to Enlarge Name: 5 Min Strategy 20080121c.gif Size: 19 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,968
  • Jan 23, 2008 9:22am Jan 23, 2008 9:22am
Another example - look at the difference between the first red candle on the two setups number 1 & 2. #2's first red candle is too long making the TC not smooth.
Attached Image (click to enlarge)
Click to Enlarge Name: 5 Min Strategy 20080121h.JPG Size: 96 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,969
  • Jan 23, 2008 9:49am Jan 23, 2008 9:49am
What a great example of TC patterns on MACD and this example also answered Kc8's question on how many trades per day.

Just look at this chart - after 3 setups you would have a losers or BE. This is very typical of the 5min system. You wil find 2-3 nice setups in a movement before the pair will turn around (range bound conditions). In trending market condition, you'll have more setups. On EY I've seen up to 7 tradeable setups in a day.

Just compare the first 4 setups with setup #5 to see the explanation on "smoothness"

Just take note that almost all the entries using the TC method will be outside the war zone. Something I am struggling with. If the signal candle is too big and the opening of the next candle is too far away from the 10MA, ignore that setup.

Your SL should also be bigger when using the TC pattern as entry point making it more risky. Now it becomes more important to exit the trade before SL is triggered otherwise your loss will be too big. Exit if you don't feel comfortable with the trade.
Attached Image (click to enlarge)
Click to Enlarge Name: ey tc 1 jpeg.JPG Size: 102 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,970
  • Jan 23, 2008 10:06am Jan 23, 2008 10:06am
That's nice, thanks Willem!

Regards - Xaron
  • #2,971
  • Jan 23, 2008 10:56am Jan 23, 2008 10:56am
Quoting Xaron
That's nice, thanks Willem!

Regards - Xaron
Hi X

Welcome back - nice to see you again. I hope the pips are treating you well.

Just a pleasure.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,972
  • Jan 23, 2008 11:20am Jan 23, 2008 11:20am
Just to summarise my posts on previous page regarding TC patterns:

1. I will still trade according to Phillip's orginal system and My Rules as well as Appendixes on page 156.

2. First priority is to identify high probability setup (price patterns e.g. 3 little sisters) and trade according to My Rules.

3. I'll use the MACD TC pattern as confirmation for my setup and entry point.

4. If there is a setup without any of my 4 price patterns, I'll use the MACD TC pattern to confirm the tradeability of the setup (smoothness) as well as the entry point (opening of next candle after signal candle).

There are several setups per day where one is uncertain about where it is going/tradeability. With the MACD TC pattern, hopefully my problem is solved.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,973
  • Jan 23, 2008 11:51am Jan 23, 2008 11:51am
Thanks to both of you Golfer and Philip for continuous studies of the market. You help us - new traders - a lot.
  • #2,974
  • Jan 23, 2008 2:24pm Jan 23, 2008 2:24pm
Just to show you another price pattern I like to look for lately - Bullish 3 pattern. The same principles apply to Bearish 3 pattern.

Once we do have a strong bullish candles like on thos chart and you see the pullback consists of smallish candles (2-3 candles) staying within the boundries of the strong bullish candle, be prepared when it comes near the 10, 21 or Small support line for a possible entry.

Almost the same principles of the Church to right formation. With the Church to right formation the price is finding some sort of support before continuing upwards. In the Bullish 3 formation, it is just small candles going down but slowly.

Also:

Look at how the MACD TC patterns are changing. First red bar of the MACD on the upside is the reason why that TC is not smooth. After that next twoTC patterns change to smooth. I go one of the setups for 12pips.
I hope it makes sense.
Attached Image (click to enlarge)
Click to Enlarge Name: ey 2 jpeg.JPG Size: 107 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,975
  • Jan 23, 2008 2:32pm Jan 23, 2008 2:32pm
Another Bullish 3 pattern on Cable as we speak.
Attached Image (click to enlarge)
Click to Enlarge Name: cable1 jpeg.JPG Size: 96 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,976
  • Jan 24, 2008 12:44am Jan 24, 2008 12:44am
Quoting Golfer
Hi X

Welcome back - nice to see you again. I hope the pips are treating you well.

Just a pleasure.
Yes, thanks. Currently I use an adaption of this system. I look for the same pattern, but I enter the trade using a stop buy order in an up trend above the last high and go for 4 pips only. The probability for a success is very high. It's more a combined breakout with trend filter thing.

That way I enter only trades when the trend is really continued.

Regards - Xaron
  • #2,977
  • Edited 1:54am Jan 24, 2008 1:38am | Edited 1:54am
Quoting Xaron
Yes, thanks. Currently I use an adaption of this system. I look for the same pattern, but I enter the trade using a stop buy order in an up trend above the last high and go for 4 pips only. The probability for a success is very high. It's more a combined breakout with trend filter thing.

That way I enter only trades when the trend is really continued.

Regards - Xaron
Hi X

Very interesting concept - the four pips profit. Because I had the very same experience.

Almost 95% of my trades go for 4-5pips in my direction, just to turn around and trigger my stoploss resulting in a loss. That is why sometimes I do take 3-4 pips profit or exit at BE if I don't like the set up. That is the case when the market is in range bound - usually you do get one or two tradeable setups in a movement.

I've realised it's very important to distinguish between when the market is range bound or trending.

It is another story when the market is trending - like in the US afternoon session yesterday. Beautiful setups especially the EY.

That is why I am currently looking for an additional filter to avoid the bad setups (looking now at the TC pattern (smooth) on the MACD - like Phillip's 4h system) and Lag indicator.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,978
  • Jan 24, 2008 2:05am Jan 24, 2008 2:05am
I'm looking forward to your progress.

Yesterday I made 6 trades, all 6 were winners. Today I already made 2, the first was a winner, the 2nd break even.

I'll have a look at these MACD stuff.

Regards - Xaron
  • #2,979
  • Jan 24, 2008 1:34pm Jan 24, 2008 1:34pm
I didn't have time to trade today but when I came home this evening I saw this beauty of an example of smooth pullback. Followed by 2 non-smooth pullback.
Attached Image (click to enlarge)
Click to Enlarge Name: ey tc 2.JPG Size: 99 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,980
  • Jan 25, 2008 4:43am Jan 25, 2008 4:43am
Hello Golfer / Xaron,
I am new in this business. But I observe the strategys 4H and 5min since some time and find both very interesting.
A question to the 5min strategy. I hope it is not naive.
How do I recognize when the angle is 20 degrees? If I move my chart, automaticly it changed also the degree number.
Thanks and good luck.
Regards Kersten.
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