5Min Intraday System

Quoting Xaron

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Sure, it's simple. The rules are the ones on page #1.

Changes:
Stop: 40 pips
TP: 10 pips
Entry #1 with 1 lot (mini, micro or whatever) between EMA 10 and 21 (as usual)
Entry #2 with 1 lot 20 pips below only if the tp wasn't reached with the first position!

Example:
Entry GBP/USD at 2.0000, SL: 1.9960, TP: 2.0010
If the price reaches 1.9980 buy another lot at 1.9980, SL: 1.9960.
You have now an average price of 1.9990. Set the tp for both positions at 2.0000, SL is at 1.9960.

There are cases, where the SL is hit. I know that the risk/reward ratio doesn't look good, but we play with probabilities. You have to choose good setups...

Of course you can use higher TPs or some kind of trailing stops. It's you choice.

Regards - Xaron

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Quoting BIL2205

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here is the Euro trade i just did for 8 pips net. i am usualy conservative with 5 pips. but today i went for a little more, good price motion,. I enter at the close of the candle pointed by arrow. combined with a TC. price went exactly down to the trend line but i took my profit and got out.

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Quoting 4newbie

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so here is trade#3 GBP/USD SL 10 TP 10

TP hitted

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Quoting BIL2205

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here is the Euro trade i just did for 8 pips net. i am usualy conservative with 5 pips. but today i went for a little more, good price motion,. I enter at the close of the candle pointed by arrow. combined with a TC. price went exactly down to the trend line but i took my profit and got out.

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Quoting ayour2a

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hello Bil2205,can u pls post ur template here.Thanks

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Quoting Dahlia

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Maybe it's because I'm just starting out, but... Does it seem that the 5 minute chart is too big today on the E/U, and even the U/J? Ie... The stop is too tight, and the TP too small? I had to go to the one minute chart, and then the indicated proportions seem more fitting...

Hey Golfer, how come you don't like 1 min charts? They actually seem more orderly to me...

Anyways, made some impulsive trades today, with some glaring warnings that I didn't catch until too late. Too ashamed to post . Hope to improve tomorrow...

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Quoting Golfer

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Sorry, don't really understand the first part of your message ?too big?

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Quoting Dahlia

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Yes, the E/U 5 min chart seems too big for the SL and TP described in Phil's first post.

Example: We're told that the stop loss is 6 pips.

No, SL should be set initially at 10pips. SL to be shifted to BE after 6pips profit.

But like Xaron said earlier - I've inceased my SL but it depends on each setup.

However, the war zone was about 7-10 pips wide in many of the set-up areas.

Yes, it could even be bigger.

If you enter close to the wrong edge of the zone, then you can be stopped out while still inside the zone.

You are so correct - in the begining I was so frustated to be stopped out several times within the war zone. I just didn't know what to do. Then I realise that one needs to time your entry precisly. Be VERY careful with EY. SOmetimes I even take my 10pips profit within the war zone.

If you wait for the price to move closer inside the zone, you might miss the fill... Hard to decide when one should enter or wait with such a big war zone.

Agree - but you'll get use to it. Later on you'll get use to identify the high probability setup. Sometimes the EY will give you 10ips for free. Like my trade yesterday - within 15 secondes. Just a bonus.

Also, the TP is about 10 pips. However, the "waves", or complete movements, seem to be about 20-30 pips wide, leaving a ton of pips on the table....

Agree - that is why you will get use to the movement patterns of EY. Every afternoon/evening I am working on my laptop (working on my other research study - my full time work) but sometimes I do keep an eye on the chart especiall on the EY. I do look at the movement and then I get a feeling for the movement. Please do the same and you'll get a feel for it.

However, if you bring these proportions to the 1 minute chart, it seems to fit just snuggly enough... It seems that if I were to stick with the 5 min charts, then I'd want to adjust the SL and TP.

That is Phillip's advice - change to the 1min chart in fast moving market. In a fast moving market (and I think that is what you mean by "big" chart) you won't find an entry on the 5min chart because the price is moving too fast and it is moving away form the MAs. Like the interest rate yesterday. I waited for the MAs to do some catching up with the price on the 5min - then I entered. I know Phillip is very good with the 1min - I do struggle. So go for it.

Again, this is my first week with this method... I could very well be over/under analyzing things.

No, defnitely not. That was how I started about 1 year ago. Things need to make sense to you. They do make sense now to me.

Also, we have a lot of news this week, may be today is not the norm in terms of volatility?

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Quoting BIL2205

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Sure here it is. .

Willem, thanks for your suport. GU is looing good today for 5 minute as well.

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Quoting mark r

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Hi,

this method, like Phillips 4 hour MACD strategy is excellent- Ive been away from my computer for most of today and unable to track the moves on the bigger timeframes but managed to snatch a couple of quick trades and finished ahead on the 5 min system

I did the very same - could not trade during the day. But then I saw a few very nice setups and it worked out - 58pips profit.

I have also added the MACD from the 4 hour system- and notice that a few of you use it as well as the slope line

Yes, see my signature (page 206 in this thread) but comimng from the 4h - I am sure you don't need any introduction. LOL.

I have a question about the MACD please:

To get in at the start of a move back out of the "war zone", Ive found involves trading in anticipation of the MACD moving and then finding confirmation ( or otherwise) at the end of the 5 min bar- this is how Ive been trading the system- on feel rather than MACD signals but I can see that waiting for a MACD signal takes less pips but might be a safer way of entering

That was my original concern about the MACD and the 5min candles. I had several discussion with Phillip on it and he convinced me. Nowadays I do look at the rhythm and the MACD. SOmetimes I do enter before the formation/completion on the TC. Also I like the candles to be close to the war zone when the TC is formed. Just look at my previous trade - it didn't even enter the war zone. But I liked the 3 lower highs on the 3 candles just before my entry.

-I'm not suggesting that the MACD is given prominence over rhythm or movement that is central to this but I'm wondering whether you are waiting for a MACD confirmation before the move or doing as I do and trade on feel?

I do know exactly how you feel - I had the very same feeling. Something you need to work out for yourself. Find the rule that works for you.

I'm also trading it with a 10 pip SL and a 10 pip TP- anyone else along similar lines?

Sometimes I do increase my SL and my TP depeneding on the setup and move.

any guidance here would be gratefully received

regards,

Mark

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