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5Min Intraday System

  • #3,041
  • Feb 13, 2008 11:48pm Feb 13, 2008 11:48pm
For those of you trading the Asian session - two great setups when 21 was getting out of the non-trade zone.

3 little sisters coming to visit us for a cup of tea (or is it pips). These are the setups one should be waiting for. They call you to make the trade and you can see them easily while they are being developed.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080214 ey jpeg.JPG Size: 99 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,042
  • Feb 14, 2008 1:45am Feb 14, 2008 1:45am
Quoting Golfer
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.
dear golfer:
it was wednesday and carry traders day so 100pip for ej in such a day was normal(specially uj breaked its weekly range up) i think,and for second ur right i men we can just enter after a breakup.
  • #3,043
  • Feb 14, 2008 8:00am Feb 14, 2008 8:00am
Quoting Golfer
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.
Hi Golfer,

Your rules and appendices are certainly very helpful. I've been perusing them repeatedly trying to absorb all the information and develop an eye for the system. I'll keep these three points in mind as well as useful guidelines for trading in general

And you're completely right about trading not coming easy, but I'm not worried. Just takes time and work.

Regards.
The problem with experience is that the test comes before the lesson.
  • #3,044
  • Feb 14, 2008 10:11am Feb 14, 2008 10:11am
Just ignore the chat regarding the EU in between the EY chat:

[06:59:53 PM] Willem Kruger says: EY - let see if we can get a zero bounce break as the 21MA comes out of the non-trade zone
[07:00:29 PM] Willem Kruger says: EY - just tails everywhere. Sign of uncertainty?
[07:00:58 PM] Willem Kruger says: EY - lets see the next candle
[07:02:11 PM] Willem Kruger says: EY - no signs of high probability setup. Only looking at the MACD now
[07:02:49 PM] Willem Kruger says: EY - also difficult to draw small resistance line

[07:05:18 PM] Willem Kruger says: EY - looking great. Just look at last two bars of MACD. ALmost the same
[07:08:50 PM] Willem Kruger says: EY - Maybe a bounce of the 50MA. 21MA does not act as resistance today

[07:09:35 PM] Willem Kruger says: EY - If we get a high just below the 50MA, it could be the 3rd sister
[07:12:57 PM] Willem Kruger says: EY - Could this one be the 3rd sister?
[07:13:22 PM] Willem Kruger says: EY - but no signal on MACD yet

[07:19:37 PM] mkain says: E/U is in the zone now
[07:20:35 PM] Willem Kruger says: EU - right om R2 lin as well. MACD is near zero line. Lets wait and see
[07:20:48 PM] Willem Kruger says: line

[07:21:42 PM] Willem Kruger says: EY - still no signal
[07:22:40 PM] Willem Kruger says: EU - I don't see any signs of a high probability setup at this stage
[07:23:51 PM] mkain says: maybe a smoth round bottom can be formed later
[07:24:10 PM] mkain says: if 21 ema is broken i'll stay out
[07:24:28 PM] Willem Kruger says: EU - do agree. Patience.

[07:26:27 PM] Willem Kruger says: EY - Just don't like the number of bars already above zero line. Usually only 2-3 candles, then back through the zero line
[07:30:23 PM] Willem Kruger says: EU - right on my SMall suport line now

[07:31:31 PM] Willem Kruger says: EY - last three candles lower highs

[07:35:23 PM] Willem Kruger says: EU - small resistance line broken

[07:50:17 PM] Willem Kruger says: EY - just close half position for 2pips profit
[07:50:54 PM] Willem Kruger says: EY - did enter at 158.08 short
[07:51:36 PM] Willem Kruger says: EY - TP set @ 157.95
[07:59:13 PM] Willem Kruger says: EY - TP hit with a nice tail
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080214 ey 1.gif Size: 27 KB
Click to Enlarge Name: 20080214 5min trade 2 jpeg.JPG Size: 100 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,045
  • Feb 14, 2008 10:53am Feb 14, 2008 10:53am
Quoting Bandersnatch
Hi Golfer,

Your rules and appendices are certainly very helpful. I've been perusing them repeatedly trying to absorb all the information and develop an eye for the system. I'll keep these three points in mind as well as useful guidelines for trading in general

And you're completely right about trading not coming easy, but I'm not worried. Just takes time and work.

Regards.
Hi Banders

Great, just take some time to follow the markets and charts as it develops. You'll get a feel for it. Just like the 3 little sisters' trade in the above post today. It was great to see how it develops, how you look for all the criteria of the rules, then it gave a signal just to fall like a ???? to trigger the TP. What a great feeling!

Great when you can trust a system but also to see where you did go wrong (always people here to give advice). And Phillip is usually just a PM/Skype chat away.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,046
  • Feb 14, 2008 11:03am Feb 14, 2008 11:03am
Just to show you why I emphasis the recent low on the previous chart. It was right on the M3 daily pivot line (157.73). Look at the bounce off it. If the 3rd sister was formed close to it, I would have been more careful.

I was introduced to this daily pivot indicator on ff and wow - what a valuable & accurate tool.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080214 5min trade 2a.gif Size: 29 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,047
  • Feb 15, 2008 2:19am Feb 15, 2008 2:19am
Kind of three little sisters on gu today I could not take it (I was busy doing other things) but it was a great setup.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 19 KB
  • #3,048
  • Feb 15, 2008 3:39am Feb 15, 2008 3:39am
Hi Golfer and guys
I have been reading this thread for quite a while now, it does change so quick, but the fact that it has kept going is a testament to the system, GOLFER you are great with your persistance and obviously you have got it working well for you. I have dabbled with it and to be honest with so many things to concentrate on have not done brilliantly but I do see the benefit and believe it to be one of the best out there.
I will keep posting with results and findings and good luck to every one taking this on.
respect
Tom(uk)
  • #3,049
  • Feb 15, 2008 5:19am Feb 15, 2008 5:19am
i was around EU today and got out 10 pips each in two consecutive trades...as per the rules i am done for the day!

lovely system!!!!
I believe . . .
  • #3,050
  • Feb 15, 2008 6:09am Feb 15, 2008 6:09am
Hi Golfer
Can you highlight your trading method using this strategy, you seem to have it just right and full respect to you, I am adopting my strategy now and would like to take some pointers from you.
Very much appreciated
respect to you my friend
Tom(uk)
  • #3,051
  • Feb 16, 2008 6:37am Feb 16, 2008 6:37am
Quoting ghous
i was around EU today and got out 10 pips each in two consecutive trades...as per the rules i am done for the day!

lovely system!!!!
Yes, this is a lovely system IF you do follow the rules but it will burn you if you don't!

Well done!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,052
  • Feb 16, 2008 6:50am Feb 16, 2008 6:50am
I am trying to follow the rules and take in as much info as possible, it is easy to get distracted by reading other forums, I have just read the 200ema forum and can see the attraction and usefullness in that.
But saying that this system and forum and fantastic dedication you have put in is a testament to this and I applaud you
respect
Tom(uk)
  • #3,053
  • Feb 16, 2008 7:07am Feb 16, 2008 7:07am
Quoting booktimes
Hi Golfer
Can you highlight your trading method using this strategy, you seem to have it just right and full respect to you, I am adopting my strategy now and would like to take some pointers from you.
Very much appreciated
respect to you my friend
Tom(uk)
Hi Tom

Sorry for the late response but I played golf yesterday and this morning. I didn't trade yesterday but just to get back to your request:

1. I do trade (if I do have the patience and discipline) according to My Rules as posted on page 103 and 156 as well as the appendices. It is based (almost the same - definitely the same principles) on Phillip's original rules.

2. I started to identify the high probability setups by looking at certain price patterns found regularly on the 3 pairs I am following - explained in one the appendices on paghe 156.

3. Lately I also added the TC pattern on the MACD as used by Phillip on his 4h MACD system. Phillip himself introduced me to the TC patterns because I struggled to decide which pullback to take. This is an excellent filter to avoid the bad pullback and setups.

To summarised:

1. The system is based on price movements (when a specific short term trend is in place), pullback of the price and then a continuation of the move in the original direction.

2. The movements and pullbacks are confirmed by specific candle/price formations (3 little sisters/triangles and churches (my own creation)) and indicators which determine the entry points.

3. Additionally you can take his 4h system and look at that price movements and rules and trade is the direction of the rules. I also use that system to determine TP levels and when not to enter (if the price is near the 89 and found resistance, I don't enter when I do find a nice long setup).

Phillip created a Skype 5min IM chat which died a slow death. I decided to resuscitate it and now we do use it to discuss setups as it develops. Anybody is welcome to join or the leave the chat whenever he/she feels like it. We only discuss the 5min setups and I do use My Rules and appendices as reference. I specifically try to mentioned all the issues I look at during the development of a setup - especially what to look for in the high probability setups. Then it is up to each member to enter the trade whenever he/she feels like it. WE DO TELL PEOPLE WHEN TO ENTER - I DON'T GIVE SIGNALS. This system is too quick to give signals.

I hope it answer your questions. I am still learning after started trading and studying this system in Feb 2007. I do like the simplicity once you do understand the market movements. And I am sure you won't get anybody more committed (to his systems as well) to support amateurs like us.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,054
  • Feb 16, 2008 8:22am Feb 16, 2008 8:22am
Thanks Golfer
Thank you for your explanation, can I ask what the macd TC set up is?

I am a big believer in trendlines and fibos, I think they define alot of entry and exits.
I have read your explanations to the system strategy on page 156 and keep reading them, to try and understand more the diff candle patterns like you said, church, triangle and 3 sisters, I like it when you start to feel comfortable with a system and I do with this, now it is all down to the studying and learning.
I did have a good friend who was a forex broker and his advice to me was,
if you find a system u comfortable with learn it inside out, there is absolutely no such thing as a holy grail and even the top forex guys who have been trading for years dont win all the time but as long as you win more than you lose on a good percentage than that is the crux of making a living out of trading.
He also told me to set targets which are mentally important, which I have set nothing too outragious and not achievable, but good working targets.
Will keep you informed of these.
respect
Tom(uk)
  • #3,055
  • Feb 16, 2008 8:29am Feb 16, 2008 8:29am
Hi Golfer
One more thing, how do I get into your skype chat, I have skype
Tom(uk)
  • #3,056
  • Feb 16, 2008 12:44pm Feb 16, 2008 12:44pm
Quoting booktimes
Hi Golfer
One more thing, how do I get into your skype chat, I have skype
Tom(uk)
Hi Tom

Just send me your Skype ID or contact me on Skype. Then I'll add you to the chat. I usually start a chat at 15H00GMT if there is something going on. If there isn't anything going on, I won't put an IM on the chat. I try to stay focus and minimise private chat on the 5min chat. Any private question - I then change to a private chat with that specific member.

My Skype ID is whk139 if you want to contact me so that I can add you to the chat.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,057
  • Feb 17, 2008 12:35am Feb 17, 2008 12:35am
I forgot to post the chart of 14/02 with nice setups and my trade for 10pips. See comments on chart.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080214_5min_trade_1_jpeg_a.JPG Size: 105 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,058
  • Feb 17, 2008 12:52am Feb 17, 2008 12:52am
Quoting booktimes
Thanks Golfer
Thank you for your explanation, can I ask what the macd TC set up is?

I am a big believer in trendlines and fibos, I think they define alot of entry and exits.
I have read your explanations to the system strategy on page 156 and keep reading them, to try and understand more the diff candle patterns like you said, church, triangle and 3 sisters, I like it when you start to feel comfortable with a system and I do with this, now it is all down to the studying and learning.
I did have a good friend who was a forex broker and his advice to me was,
if you find a system u comfortable with learn it inside out, there is absolutely no such thing as a holy grail and even the top forex guys who have been trading for years dont win all the time but as long as you win more than you lose on a good percentage than that is the crux of making a living out of trading.
He also told me to set targets which are mentally important, which I have set nothing too outragious and not achievable, but good working targets.
Will keep you informed of these.
respect
Tom(uk)
Hi Tom

Very wise words. I bought a few electronic systems and books before I met Phillip here on ff and every system claimed to have a high success rate. But if you don't study, understand and practise it, you won't have success.

And yes, I know there is no holy grail. One will have losses and you need to live with it (accept it and keep it to mimimal). Looking forward to see your advice on the mental side of trading as mentioned in your message.

I do have a written intra-day trading plan to expplain my actions and where I should be going. I think I posted it previously but here it is again.



Enjoy the trading.
Attached File(s)
File Type: doc Intra-day trading plan 20071224 a.doc   80 KB | 3,727 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,059
  • Feb 17, 2008 3:25am Feb 17, 2008 3:25am
I believe in the theory that trading is 10% skill and 90% mental, when you step back and look at the bigger picture it has to be, all trading is not automatic it takes a level of thinking before pulling the trigger, exiting, deciding to let it run, and the most hurtful not being able to press the button when it goes against you HOPING it will turn around.
I believe in discipline and a trading regime.
eg:
I get up at 6.00am gmt every morning during trading days.
I trade for 3 hours till 9.00, If i lose or win it makes no odds, i finish at 9.00
I then go to my normal job which I am self-employed and is totally different to trading, I am a landscaper.
I will then trade again from 16.00pm gmt but am much more cautious, as after that time the liquidity in the market has dropped. My forex friend told me that most brokers, spread betting firms make more money after that time because they can see who is online and trading and allegedly can hunt stops and manipulate trading platforms, my friend says he never trades after 16.00pm, interesting thought!
Another thing I dont like to do is put stoplosses on, I believe that brokers are told to hunt them and have tried and tested small stoplosses before and saw them nearly always get taken. My friend says brokers love traders who apply stops, to them it is like a red flag to a bull, something to go after, he says the clever and skillfull traders use mental stops, this again is down to mental discipline, which is what I try and do.
I set a mental stop of say 10 pips and if it is reached I cut off the trade, by that time the trade has gone against you anyway.
Every time I put on a trade I think of it as a battle me against the broker, a faceless enemy who will do everything he can to get my money, so I try and cut off his avenues and not putting stops is one thing he dosent like. My trading has improved since I adopted this tactic.
My mental figure is to make 50 pips a day, which is not a great target in hindsight, I mean it is an achievable target once the trading strategy you are using is learnt and applied.
Good luck and respect
Tom(uk)
  • #3,060
  • Feb 17, 2008 9:37am Feb 17, 2008 9:37am
I took the liberty to develop Appendix E for this great system:

Using the TC pattern on the MACD indicator to filter certain pullbacks and setups. After several Skype discussion with Phillip (and receiving several pictures from him), I finally understand the concept of "smooth TC pattern on MACD indicator."

I compiled this document using the information provided by Phillip and this is how I understand it now. I hope it will assist somebody using this system.

I'll attach the file tomorrow - just need to put it in pdf format.
Willem Forex recipe for success = Patience, discipline & hard work.
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