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5Min Intraday System

  • #3,021
  • Feb 5, 2008 9:13am Feb 5, 2008 9:13am
The Cable trade as mentioned on Skype chat. It didn't give a smooth TC MACD pattern but rather a classic 2-candle entry - bounce off the 21MA and Small resistance line. I do like it when the SMall resistance/support line is close the 21MA.

I look at the previous low a few candles ago (1.9628) and told myself "One could get 10pips out of this one - go for it. It is very important to look for support/resistance levels like that (previous high/lows and daily pivot levels).
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,022
  • Feb 5, 2008 9:26am Feb 5, 2008 9:26am
[05:17:02 PM] Willem Kruger says: EUR - just missed another classic 2-candle setup.
[05:18:02 PM] Willem Kruger says: But my small resistance line was broken
[05:20:45 PM] Willem Kruger says: EUR - that trade had 10pips in it
[05:21:14 PM] Oyinbo Abraham Ayodeji says: i am reading the post now
[05:22:40 PM] Willem Kruger says: EUR - I was just too late and I don't believe in getting in a setup when the candle is already formed and moving

You need to enter as close as possible to 21MA if it is a 2-candle setup. As you can see from this example.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,023
  • Feb 5, 2008 11:48am Feb 5, 2008 11:48am
The first setup I've missed (remember my time is GMT + 2h as ti appears on Skype chat):

[05:17:02 PM] Willem Kruger says: EUR - just missed another classic 2-candle setup.
[05:18:02 PM] Willem Kruger says: But my small resistance line was broken
[05:20:45 PM] Willem Kruger says: EUR - that trade had 10pips in it

[05:21:14 PM] Oyinbo Abraham Ayodeji says: i am reading the post now
[05:22:40 PM] Willem Kruger says: EUR - I was just too late and I don't believe in getting in a setup when the candle is already formed and moving

[05:28:37 PM] Willem Kruger says: EUR - ?reverse head an shoulder pattern forming?

[05:56:59 PM] Willem Kruger says: EUR - very interesting but it looks like a descending traingle being formed

[05:57:53 PM] Oyinbo Abraham Ayodeji says: what does TC means?
[05:58:49 PM] Willem Kruger says: Trend continuation - Phillip's 4h MACD system
[05:58:59 PM] Oyinbo Abraham Ayodeji says: ok
[05:59:03 PM] Oyinbo Abraham Ayodeji says: thanks
[05:59:19 PM] Willem Kruger says: Pleasure

[06:02:11 PM] guptabhk says: hi willem , yes it seems descending triangle , for which break of low will be cosidered ??
[06:02:41 PM] Oyinbo Abraham Ayodeji says: yeah
[06:03:21 PM] guptabhk says: even cable also seems to show the same way
[06:03:34 PM] Willem Kruger says: Triangle - very difficult because of the already big move

[06:04:03 PM] Willem Kruger says: Eur - lets see if we can get another bounce off the 21MA
[06:04:54 PM] Willem Kruger says: If that happens, we can have a move downwards but 1.4640 has been tested several times. Strong support

[06:06:01 PM] Willem Kruger says: EUR - At the 21MA now
[06:07:09 PM] Willem Kruger says: EUR - just went short
[06:07:26 PM] Willem Kruger says: WIll close it if small resistance line is broken
[06:08:46 PM] Willem Kruger says: Very risky
[06:11:53 PM] Willem Kruger says: Looks like 1.4640 is too strong

[06:14:53 PM] Willem Kruger says: EUR - looking for exit close a possible to BE
[06:15:23 PM] guptabhk says: ya broke the resistance line
[06:15:40 PM] Willem Kruger says: Yes
[06:28:12 PM] Willem Kruger says: EUR - just close the trade for 2pips profit
[06:29:40 PM] Willem Kruger says: And there she goes

[06:29:57 PM] Oyinbo Abraham Ayodeji says: take a look at the cable
[06:30:45 PM] Willem Kruger says: Cable - the same as EUR. Very risky
[06:30:59 PM] Oyinbo Abraham Ayodeji says: ok
[06:31:03 PM] Willem Kruger says: Risky trades can work out
[06:31:10 PM] Oyinbo Abraham Ayodeji says: am not taking but having a look at it
[06:31:36 PM] Willem Kruger says: Yes, follow it to get a feel for it
[06:32:12 PM] Oyinbo Abraham Ayodeji says: ok

Just to show you how exit a trade is you don't feel comfortable with it. Don't worry if it moves in your direction afterwards like this one did. Many more to come.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,024
  • Feb 6, 2008 2:18pm Feb 6, 2008 2:18pm
Just a quick 10pips on EY - bounce of 21MA where my Small resistance meets it. MACD is also giving a TC but not so smooth

And then the final pattern which tell me the trade is on - the 3 little sisters as indicated. The last sister was just below the 50MA - perfect for an entry. Be careful about the 21MA on SMAangle - way too high. But like I've mentioned it several times: this is the pattern where I'll bend the rules just a little bit. Iv'e tried to entry but couldn't get a nice pullback. There was baout 25pips in it.

I am not an Elliot wave expert but isn't this entire move this afternoon in line of what a Elliot wave is (5 up and 3 down?). Very interesting.

Please ignore vertical lines and coloured arrows - just another indicator I'm playing around.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,025
  • Feb 9, 2008 10:40am Feb 9, 2008 10:40am
Quoting Porsche917
Unfortunately, my English is not so good that I can understand spoken texts. Is here somebody into in this thread, which can write the text of Philips last mp3? (similaras in the Thread of 4H-Strategy?
Many thanks in advance!

Regards Kersten
hey porsche ,seems nobody here
  • #3,026
  • Feb 9, 2008 12:03pm Feb 9, 2008 12:03pm
For a reason or another, humans try to make simple things complicated. This is the case 99.9999% the time when a trading system begins with very simple rule, and as time progresses we start to add the laggish macd, adx, xx indicators to confirm the entry. Why?

Let me tell you that macd, adx, rsi, etc. are after-the-fact indicators. I mean If i simply use a system based on 5ma 20ma cross, it would not help much by using rsi / macd as filter for simple reason:

Prices can still rally when macd below 0, or rsi below 50. and the rally can finish just above 0/50.

Prices can still decline when macd is above 0 or rsi above.. and so on

I am truly against any extra indicators that just add to the laggish entry.
Let it be simple.

So if I want to experiment this method, I will plot the 3 MAs and nothing else. No trendline breaks (reminds me of how many false breaks in shorter timeframes) no price patterns...as 50% of the time they fail.

  • #3,027
  • Feb 9, 2008 12:40pm Feb 9, 2008 12:40pm
Quoting CounterTrend
For a reason or another, humans try to make simple things complicated. This is the case 99.9999% the time when a trading system begins with very simple rule, and as time progresses we start to add the laggish macd, adx, xx indicators to confirm the entry. Why?

Let me tell you that macd, adx, rsi, etc. are after-the-fact indicators. I mean If i simply use a system based on 5ma 20ma cross, it would not help much by using rsi / macd as filter for simple reason:

Prices can still rally when macd below 0, or rsi below 50. and the rally can finish just above 0/50.

Prices can still decline when macd is above 0 or rsi above.. and so on

I am truly against any extra indicators that just add to the laggish entry.
Let it be simple.

So if I want to experiment this method, I will plot the 3 MAs and nothing else. No trendline breaks (reminds me of how many false breaks in shorter timeframes) no price patterns...as 50% of the time they fail.

At last somebody is challenging us (and also what looks like My Rules)! Great!

I do agree with simplicity and I also want to keep systems a simple as possible. That is why I do love this system. Easy to follow once you do understand it. But unfortunately the forex market is not that simple.

My summary of this system: this system is based on price actions/movements confirmed by the MAs. Not only based on the movements and crosses of MAs alone. That is why I do agree with you your opinion on indicators.

This is just my opinion after following and studying this system for more than 1 year now. But I am sure Phillip will give his opinion as the developer of this system spending much more time developing it.

I would love to see your outcomes. Keep them coming.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,028
  • Feb 9, 2008 1:15pm Feb 9, 2008 1:15pm
I still didn't trade this system as much as you did. So you know what results it produce with the extra filters more. But I was rather speaking generally, I have had implemented systems in cases that macd/adx/rsi do not really matter beside the MA main crossover and they didn't work with me at all as filters. Even made losses and missing profitable trades. From there I wanted everything to be simply, so I was overly agressive towards macd/rsi/sto..but that is not offense. It's just why I hate all oscilattors

Keep contribution, looks like the main developer is not here nowadays. I am keeping a close eye on this method.
  • #3,029
  • Feb 9, 2008 2:04pm Feb 9, 2008 2:04pm
See my comments in your message.

Quoting CounterTrend
I still didn't trade this system as much as you did. So you know what results it produce with the extra filters more.

Yes, I've tried to develop filters to avoid the bad trades because one cannot predict what is going to happen in the market. Some indicators and price movements might give us an indication of what is going to happen next e.g. triangle formation, 3 little sisters and so on.

But I was rather speaking generally, I have had implemented systems in cases that macd/adx/rsi do not really matter beside the MA main crossover and they didn't work with me at all as filters. Even made losses and missing profitable trades.

I did find the very same with other systems. That is why I do like this system. Price movements confirmed by indicators. Not only looking at indicators and follow them blindly.

From there I wanted everything to be simply, so I was overly agressive towards macd/rsi/sto..but that is not offense.

None taken - that is why you need to understand and study this system. One cannot just start trading the system and think you would have success with it (it is my opinion that it is the general perception of the amateur trader including me).

It's just why I hate all oscilattors

I do agree - that is why I don't want to rely solely on them. Price actions/movements (high probability setups as discussed in My Rules) as well as pivots levels and other support and resistance levels making this system more realistic and practical.


Keep contribution, looks like the main developer is not here nowadays.

Don't worry, I do have regular communication with him. He still uses this system. Sometimes we do have daily discussions to discuss/clarify/confrim some issues. He will quickly guide us if we are out-of-line. He also visits the 5min Skype chat (which he started). I don't think you'll ever find a more supportive person than Phillip. Just try and look at his 4h MACD system and see for yourself.

I am keeping a close eye on this method.
That is the reason why I do post my trades - for people to keep their eye on my examples and give their opinions. That is how we all learn. I am totally open for suggestions - the reason why I "expose" myself on the 5 min Skype chat (give comments on the setups on my 3 pairs as they develop) and posting my trades.

Thanks for your honest opinion. I do appreciate it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,030
  • Feb 10, 2008 11:31am Feb 10, 2008 11:31am
Quoting bshadroo
hey porsche ,seems nobody here
Yes bshadroo, seem so to be! Never mind!

Much success next week for everyone!
  • #3,031
  • Feb 11, 2008 2:33pm Feb 11, 2008 2:33pm
My only trade today using on of my high probability setups (ascending triangle being formed between resistance (seegreen rectangle) and my Small support line (magenta line)). I don't usually trade in this time frame but I just liked the setup. Just look at the higher lows of some of the candles - indication of a triangle being formed. I just waited for a pullback into the war zone after the last bounce off my small support line and pulled the trigger.

10pips profit.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,032
  • Feb 11, 2008 2:41pm Feb 11, 2008 2:41pm
Another two examples of setups on EY:

First green arrow indicates an entry using the ascending triangle methods - what a beauty.

Second green arrow indicates an entry using a TC pattern on the MACD.

I hope it is clear - just be patient and the setup will call you. Just like the three setups in these two posts. Don't take every setup!
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,033
  • Feb 12, 2008 1:56am Feb 12, 2008 1:56am
Just to show you how the ascending triangle is repeating itself. Just look at my previous post.

This is one of the high probability trade set up you should be waiting for. Look how nice aligned is the small support line and the 10MA. Already a few bounces off the small support line with the higher lows - giving you the signs of a possible setup.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,034
  • Feb 12, 2008 7:43am Feb 12, 2008 7:43am
I saw this pattern today it could be a great one candle entry but I did not take it because of the small body of candle.
Any comments?
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  • #3,035
  • Feb 12, 2008 11:25am Feb 12, 2008 11:25am
Hi Mk

Well done for not taking that trade - there were no high probability setups signs. I took the next setup for 10pips on my mobile phone because of the smooth TC pattern on the MACD. That setup called me to take it - I didn't look for a setup. It looked for me.

See my chart for comments. It is linked to a chart I posted on Philip's 4h thread. All the setups/run were because of a breakout of a triangle:

http://www.forexfactory.com/showthre...14630&page=772 (post #11571)

Now look at 4h chart and for those who know the rules - the price was making it for the 89MA (which it reach eventually).

That is the beauty of this system - combine it with a longer time frame system and look for setups in the direction of the "trend/rules".
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,036
  • Feb 12, 2008 2:11pm Feb 12, 2008 2:11pm
Once again the 3 little sisters visiting me on the EY. Like I said before, I'll ignore a few rules (21MA way too far above non-trade zone) but the 3 sister should be below the 50MA. This one was perfect.

Just look at the nice TC/zero bounce on MACD - just had a Skype chat with Phillip confirming the value of the TC pattern on MACD. It is very reliable. You could have waited for the close of the candle where I entered and enter with the opening of the next candle (I was anticipating the zero bounce) and took the risk on.

Nice quick 10pips. Could have been more but I won't risk it because it is not according to the rules - no trend in motion. Take your profit and move on.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,037
  • Feb 13, 2008 1:41pm Feb 13, 2008 1:41pm
Hi Golfer,

Big thanks for all your input on this thread. It seems you've been carrying the burden all by yourself for quite a while now.

In any case, I'm newish to the 5min system, but I think it would make a good addition to my overall strategy since longer term systems sometimes go through periods of inactivity. I'll keep studying and hopefully we can get a good dialog going and keep the thread alive.

All the best.
The problem with experience is that the test comes before the lesson.
  • #3,038
  • Feb 13, 2008 2:05pm Feb 13, 2008 2:05pm
hi
i missed this trade today.i was waiting for it about 4hours ,but missed that because of smoke a sigrate result:smoking is not only harmful for health but also its bad for trading.
i could be catch at least 20pips from that ,but i didnt
willem:
i hope that new guy who said in h4 thread that "looks at m5 for fun" see this nice triangle setup .
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  • #3,039
  • Feb 14, 2008 1:24am Feb 14, 2008 1:24am
Quoting Bandersnatch
Hi Golfer,

Big thanks for all your input on this thread. It seems you've been carrying the burden all by yourself for quite a while now.

In any case, I'm newish to the 5min system, but I think it would make a good addition to my overall strategy since longer term systems sometimes go through periods of inactivity. I'll keep studying and hopefully we can get a good dialog going and keep the thread alive.

All the best.
Hi Banders

Welcome to this great system. I am trading according to My Rules and appendixes as posted on page 156. Also the TC patterns on the MACD - new addition to the system. I did post an Appendix on it a few pages ago.

That is why I keep posting my charts because I d believe in this system - if:

1. You study, underdstand and follow the rules.

2. You do have the necessary patience and dicsipline (something I am still struggling with but it is getting better).

3. You don't enter a trade using every setup you see. You need to read the story of each setup.

I am sure you'll enjoy this system even though it is hard work. Forex trading don't come easy - otherwise everybody would be doing it. But I am sure you are aware of it.

Looking forward to see your charts, expanations and trades. Please do feel free to post your charts and don't be afraid of of what other people will say.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,040
  • Feb 14, 2008 1:33am Feb 14, 2008 1:33am
Quoting bshadroo
hi
i missed this trade today.i was waiting for it about 4hours ,but missed that because of smoke a sigrate result:smoking is not only harmful for health but also its bad for trading.
i could be catch at least 20pips from that ,but i didnt
willem:
i hope that new guy who said in h4 thread that "looks at m5 for fun" see this nice triangle setup .
Hi Bs

Yes, great triangle and I was watching but decided to stay out because:

1. The run was already more than 100pips (not really an issue with this pair but stll).

2. The 157.60/65 looked like a stong resistance area (tested several times) - so I relaxed. And then she suddenly went through it. What I want to see is a test of a resistance/support area for only for a few candles and then she must go through it. Not as many candles as this setup. Then I do lose interest because I got burned several times before (trading a setup like this) entering on a breakout (what I think is order hunters) just to see it suddendly turned around to hit my SL.

But the trade was on and well done for people who took it. Just not my cup of tea.
Willem Forex recipe for success = Patience, discipline & hard work.
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