5Min Intraday System | Page 156 | 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

  • #3,101
  • Edited 2:05pm Feb 26, 2008 1:49pm | Edited 2:05pm
I saw an interesting one candle entry today in e/u but I did not take it because it was above R3, swissy showed similar pattern too
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 21 KB
  • #3,102
  • Feb 26, 2008 2:03pm Feb 26, 2008 2:03pm
And here is swissy chart,at least this one was above S3.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 21 KB
  • #3,103
  • Feb 26, 2008 2:56pm Feb 26, 2008 2:56pm
Quoting mkain
I saw an interesting one candle entry today in e/u but I did not take it because it was above R3, swissy showed similar pattern too
Hi Mkain

I also follow the move but didn't enter. Too afraid for a pullback at this late stage and I don't like to trade so late in the day. Usually the time for the price to come back a bit - just to hit your SL.

I did about 3 scalping trades on EY in the mean time - nice triangle trades (I saw a few lower highs, made the trades and then price turned around (breakout of the triangle) just after my last trade.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,104
  • Feb 26, 2008 3:02pm Feb 26, 2008 3:02pm
Quoting mkain
And here is swissy chart,at least this one was above S3.
Another interesting aspect I saw regularly is that the pullback candles stay within the initial down movement/candle (the start of the bearish 3 candle formation usually found on the daily or longer time frames). Look at the previous setup as well. That means a relatively flat pullback (one way to identify a flattish pullback) - good sign for a high probability setup being developed.

I hope you follow my explanation otherwise I'll draw it on your chart.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,105
  • Feb 28, 2008 1:00am Feb 28, 2008 1:00am
Hi Willem
Firstly thanks for you introduction to this great short term strategy. I read a little your rules on page 156 and 206. They are great stuff.
But in latest post I found your MT4 template and indicator has changed, ADX is eliminated.
Could you upload your indicator and new template here? And could you update the new rules pdf according to your new template in your free time?
Thanks a million.
Cheers
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #3,106
  • Edited 3:08am Feb 28, 2008 2:39am | Edited 3:08am
Quoting aihua5
Hi Willem
Firstly thanks for you introduction to this great short term strategy. I read a little your rules on page 156 and 206. They are great stuff.
But in latest post I found your MT4 template and indicator has changed, ADX is eliminated.
Could you upload your indicator and new template here? And could you update the new rules pdf according to your new template in your free time?
Thanks a million.
Cheers
Aihua
Hi Aihua

I don't use the ADX anymore - so you can ignore it. But I know there are people using it so you can use the ordinarily ADX on your platform. Fortunately I cannot access platform right now, so I'll post my template later today.

Please let me know if there is anything that you don't understand or that you do need clarification.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,107
  • Feb 28, 2008 8:24am Feb 28, 2008 8:24am
After news 1 candle entry on e/j, it's a little risky "after news pattern" if you take such patterns watch them closely.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 18 KB
  • #3,108
  • Feb 28, 2008 10:37am Feb 28, 2008 10:37am
As I said in skype I was out but maybe some of you took this one on e/u trendline + 21 ema bounce + smooth macd
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 19 KB
  • #3,109
  • Feb 28, 2008 1:39pm Feb 28, 2008 1:39pm
Hi Mkain

I also missed it - what a beauty! Tx for the chart - see my additional comments on it. Also no activities/closes below the 21 - another positive sign, go for it when you see it.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080228 jpeg.JPG Size: 118 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,110
  • Feb 28, 2008 2:52pm Feb 28, 2008 2:52pm
Hi

Long time listener, first time caller.

I have been watching phil's 4 hour system for about a year now, with great success, but have been a bit hesitent to follow this one.

I notice golfer you have had a bit of imput into this sytem from the start also.

It looks a lot harder to trade, especially if the 5 min charts range.

Can someone let me know their experiences with this system, and what they are averaging in terms of pips on it?

I kinda am a bit reluctant to give it a go, but the thread has lasted a while, so Im kinda thinking it might have a higher probability than i thought.

Cheers

Rustyforex
  • #3,111
  • Feb 28, 2008 3:51pm Feb 28, 2008 3:51pm
Quoting Rusty_forexman
Hi

Long time listener, first time caller.

I have been watching phil's 4 hour system for about a year now, with great success, but have been a bit hesitent to follow this one.

I notice golfer you have had a bit of imput into this sytem from the start also.

It looks a lot harder to trade, especially if the 5 min charts range.

Can someone let me know their experiences with this system, and what they are averaging in terms of pips on it?

I kinda am a bit reluctant to give it a go, but the thread has lasted a while, so Im kinda thinking it might have a higher probability than i thought.

Cheers

Rustyforex
Hi Rustyforex,

I am very new to both Phillips 4hour and this 5 minute system - taking things slowly..reading thru both threads, and demo trading to learn the systems and gain some experience.

Today I took 3 trades

1 Short U/J, 9 point loss , the market turned around 1 pip after I was stopped out!
2 Short E/C, 9 point gain
3 Short U/J, 9 point gain

I have followed Phillips rules on page 1, and am in the process of reading/digesting the infomation that Golfer has kindly placed on pages 156 and 206

My advice to you would be to try the system, demo trading first to build up your confidence, and then slowly dip our toes in the water.

I would also like to thank so many people for their generosity, in posting their trades and experiences and knowledge, both here and on the 4 Hour thread - too numerous to name, but a special thanks of course goes to Phillip.

Thank you Phillip.

Cheers

freddi
  • #3,112
  • Feb 28, 2008 5:09pm Feb 28, 2008 5:09pm
Quoting Rusty_forexman
Hi

Long time listener, first time caller.

I have been watching phil's 4 hour system for about a year now, with great success, but have been a bit hesitent to follow this one.

I notice golfer you have had a bit of imput into this sytem from the start also.

It looks a lot harder to trade, especially if the 5 min charts range.

Can someone let me know their experiences with this system, and what they are averaging in terms of pips on it?

I kinda am a bit reluctant to give it a go, but the thread has lasted a while, so Im kinda thinking it might have a higher probability than i thought.

Cheers

Rustyforex
Well I could say that this system is now in a good point, at beginning we just had moving averages, now we have many helpful tools (SMA,pivots,candle paterns,MACD,etc).
Don't be afraid about 5 min time frame you just need to be selective with your entries to be successful.
In my opinion master this system is easier than 4H MACD, read,take a demo (with few currencies for start) and practice.
I bet you'll find it interesting as I did it.
  • #3,113
  • Feb 28, 2008 7:59pm Feb 28, 2008 7:59pm
I trade a system very similar to this one, but I use the 10 and 20 ema. I wait for a candle to open and close without touching the 10 ema. When this candles high or low is surpassed I enter.

I then ride the trend as far as I can. I usually exit when the price retraces to the 20 but also use peaks and valleys as stop losses and entry points and pyramid as I go.

Seems to work on all time frames.

On the attached chart the red line is where I entered and I'm still in!

Great thread and system!
Attached Image (click to enlarge)
Click to Enlarge Name: 1020.gif Size: 22 KB
  • #3,114
  • Feb 28, 2008 8:36pm Feb 28, 2008 8:36pm
Quoting Golfer
Hi Aihua

I don't use the ADX anymore - so you can ignore it. But I know there are people using it so you can use the ordinarily ADX on your platform. Fortunately I cannot access platform right now, so I'll post my template later today.

Please let me know if there is anything that you don't understand or that you do need clarification.
Hi Willem
Your clarification is very helpful for me to learn this strategy.
I think that I need to read and learn it carefully before I ask questions. Thanks a lot. Look forward to your updated template.
Cheers
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #3,115
  • Feb 28, 2008 11:22pm Feb 28, 2008 11:22pm
Quoting aihua5
Hi Willem
Your clarification is very helpful for me to learn this strategy.
I think that I need to read and learn it carefully before I ask questions. Thanks a lot. Look forward to your updated template.
Cheers
Aihua
Hi Aihua

The template as promised - sorry, but I didn't really have time yesterday. If you open the 1min chart with this template, you'll find a B Bands indicator as well. Don't worry about it.

Just change the line on the SMAangle for the EY to 0.15 and -0.15.

Enjoy the trading
Attached File(s)
File Type: tpl 1 & 5 min scalping 0.1.tpl   14 KB | 2,609 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,116
  • Feb 29, 2008 12:58am Feb 29, 2008 12:58am
Quoting Rusty_forexman
Hi

Long time listener, first time caller.

I have been watching phil's 4 hour system for about a year now, with great success, but have been a bit hesitent to follow this one.

I notice golfer you have had a bit of imput into this sytem from the start also.

It looks a lot harder to trade, especially if the 5 min charts range.

Can someone let me know their experiences with this system, and what they are averaging in terms of pips on it?

I kinda am a bit reluctant to give it a go, but the thread has lasted a while, so Im kinda thinking it might have a higher probability than i thought.

Cheers

Rustyforex
Hi Rustyforex

Tx for the post and getting some comments from our fellow short-term traders. It is nice to see what other traders are doing.

Just gone back to your comments:

A very good observation you've made regarding " when the 5 minute charts range". This is when you get what I call SID MOV (short intra-day movement) as discussed on the previous page of this thread. Be very careful. I can see you know what you are talking about

Initially I started looking at the 4h MACD system but got very confused and changed during this 5-minute system. After a year, I am now familiar with it and I saw the need to incorporate the 4h MACD system. In the last few months, I started concentrating on the 4H MACD system once again and now I can see correlation between the 5 minute and 4 hour system:

If you do have a period of consolidation, the 5min system will only give one signal and then reversed (this is usually where one gets burnt - myself included (still)).

But if you look at the rules of the 4H MACD system and the market starts moving, you can get three to four signals in a row. Just like yesterday on Cable and EUR.

So in future, I will concentrate on the 4H charts to give me any indication what is going on and then decide how to trade the 5 minutes for that specific session.

I also have a 15 minute system based on divergence (RSI & %Williams indicators) to give me any indication of an earlier turned around.

So, in short - I totally agreed with you. One cannot just use the 5-minute system as it is (stand alone system). One needs to know what is going on in the market during that specific session. And this is where many of the newbies go wrong. They just want to trade every setup (pullback to the war zone - been there, done that, got burned and I still do). I also have still a lot to learn.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,117
  • Feb 29, 2008 3:43am Feb 29, 2008 3:43am
But I have always loved and use this method frequently. Golfer you have been a huge support thanks. i do not like to set stop losses but rather average in my price, for example, if it hits or goes into the trade zone(touches or passes the 10ema i will enter a trade if it gets 10 away from me(let's say it hits the 21) I will double up my position, knowing 9jout of 10 times it will come back my way for at least a short profit. My exit is simple, the cross of the 10 and 21 ema's, if that happens I bail. Very simple but you need MM, do not overleverage on initial entry. I have use various indicators to keep me out of bad trades, always looking for the exact combination of indicators to tell me the trade is the perfect one. But that does not exist. What does is MM, and believing in your initial entry and trade. I hope this helps some...
Enter Signature
  • #3,118
  • Edited 4:47am Feb 29, 2008 4:29am | Edited 4:47am
Quoting jamesr24
But I have always loved and use this method frequently. Golfer you have been a huge support thanks. i do not like to set stop losses but rather average in my price, for example, if it hits or goes into the trade zone(touches or passes the 10ema i will enter a trade if it gets 10 away from me(let's say it hits the 21) I will double up my position, knowing 9jout of 10 times it will come back my way for at least a short profit. My exit is simple, the cross of the 10 and 21 ema's, if that happens I bail. Very simple but you need MM, do not overleverage on initial entry. I have use various indicators to keep me out of bad trades, always looking for the exact combination of indicators to tell me the trade is the perfect one. But that does not exist. What does is MM, and believing in your initial entry and trade. I hope this helps some...
Hi jamesr24

Thanks for your message - yes I do see your name regularly at the bottom of the thread.

Thanks for your advice. Lately, I am struggling to exit the trade if it turns against me. Something I need to work on because I also don't like to put in SL. I just need to develop the discipline to exit the trade I see it's going against me.

I do use My small support/resistance lines as possible exit points (if the market turns against me) as well but I think the 10 and 21 MAs should also be used (if the price acrosses it in the wrong direction - exit immediately).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,119
  • Edited 7:15am Feb 29, 2008 6:45am | Edited 7:15am
Quoting aihua5
Buy usdchf @ 1.0464, SL @ 1.0424, 20 BE, TP @1.0513
Reason: oversold, may be pullbacked to 8ema, 1H long tail hammer.
Hi Aihua

Right - how about your 5min chart so that we can see your entry point in relationship with the indicators? Or aren't you going to use the 5min charts?

I saw you post the same chart/message on 4h - ?wrongly posted on this thread

Edit: Tx, I saw you removed the message. No problem.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,120
  • Feb 29, 2008 7:07am Feb 29, 2008 7:07am
My trade early today with comments. I was a bit worried about the candle just before my entry candle
Attached Image (click to enlarge)
Click to Enlarge Name: 20080229 5min trade 1 jpeg.JPG Size: 101 KB
Willem Forex recipe for success = Patience, discipline & hard work.
1 trader viewing now