5Min Intraday System | Page 162 | 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

  • #3,221
  • Mar 20, 2008 10:23am Mar 20, 2008 10:23am
My first win in my first week of this system! YAY!

I was about to post my chart, and then I remembered my 2 losses yesterday that I was too ashamed to post. Not really fair to brag about your wins and keep hush hush about your losses So I'm braving it and posting all three charts. Who knows, maybe we can all learn from each other's losses as well. So, here are mine:

Loss 1: The higher low should have been a warning that the trend maybe changing. Fast EMA REALLY hinging in the wrong direction.

Loss 2: The Doubletop is also a reversal signal. Fast EMA REALLY hinging in the wrong direction again. (AGAIN, I didn't see this until too late)

Win: The win today made up for the two losses yesterday. It was pretty close though. Price reversed RIGHT at my 10 pip TP!

The charts are below. Dark line indicate entry bar. Arrow indicate trade direction. Facial expression indicate win/loss.

Dahlia
Attached Images
Money missed is better than money lost
  • #3,222
  • Edited 11:48am Mar 20, 2008 10:41am | Edited 11:48am
Quoting Dahlia
My first win in my first week of this system! YAY!

I was about to post my chart, and then I remembered my 2 losses yesterday that I was too ashamed to post. Not really fair to brag about your wins and keep hush hush about your losses So I'm braving it and posting all three charts. Who knows, maybe we can all learn from each other's losses as well. So, here are mine:

Loss 1: The higher low should have been a warning that the trend maybe changing. Fast EMA REALLY hinging in the wrong direction.

Loss 2: The Doubletop is also a reversal signal. Fast EMA REALLY hinging in the wrong direction again. (AGAIN, I didn't see this until too late)

Win: The win today made up for the two losses yesterday. It was pretty close though. Price reversed RIGHT at my 10 pip TP!

The charts are below. Dark line indicate entry bar. Arrow indicate trade direction. Facial expression indicate win/loss.

Dahlia
Very good !
I was chatting with Golfer about the HL and LH as warning signals today, that concept works for this system too.
Keep on goping.
P.S: Your sad face in charts scares me, smile always the bad trades help us to learn
  • #3,223
  • Mar 20, 2008 11:17am Mar 20, 2008 11:17am
Here's my first live trade with this strategy. I have been working my way through the tread but not close to finishing so if this trade wasn't according to the strategy, please let me know.

I've been doing a lot of back testing and if rhythm and MA angle are present this seems like a very productive way to trade the 5min.

I have had bad experiences in the past trading the 5min so I'm a bit weary yet, which is why I'm only trading micro lots. I just wanted to post this and get some input on my way to learning the 5min.

The first trade as you can see went quickly into + territory. I would've gotten in on the previous candles about 6 back but I was just turning my com on at that time. The reason I took this trade was the SMA angle had broken the .1 line and signal candle had a tail from the 10ema plus a MACD TC. I took my first profit at +20 closing 1/2 and set the remaining to BE. The second 1/2 I closed at +50 but could've left some to run and got more.

After the momentum slowed a bit the speed was on the 21ema and their was a 2nd entry off the 21 but I didn't take it because the MACD was above the zero line. So one trade totaling +35.

Also it's nice how price reacts around the psych levels 1.5550, 1.5500, etc.
Attached Image (click to enlarge)
Click to Enlarge Name: euro.gif Size: 21 KB
  • #3,224
  • Mar 20, 2008 2:50pm Mar 20, 2008 2:50pm
Quoting Dahlia
My first win in my first week of this system! YAY!

I was about to post my chart, and then I remembered my 2 losses yesterday that I was too ashamed to post. Not really fair to brag about your wins and keep hush hush about your losses So I'm braving it and posting all three charts. Who knows, maybe we can all learn from each other's losses as well. So, here are mine:

Loss 1: The higher low should have been a warning that the trend maybe changing. Fast EMA REALLY hinging in the wrong direction.

Loss 2: The Doubletop is also a reversal signal. Fast EMA REALLY hinging in the wrong direction again. (AGAIN, I didn't see this until too late)

Win: The win today made up for the two losses yesterday. It was pretty close though. Price reversed RIGHT at my 10 pip TP!

The charts are below. Dark line indicate entry bar. Arrow indicate trade direction. Facial expression indicate win/loss.

Dahlia
Hi Dah

Just my comments on your trades - I just like to look at your charts because I see myself a few months ago in your charts. But please don't worry about it. I was in the same boat until Phillip suggested the MACD and the TC pattern

Chart 1:

One of my main rules when I am not sure about a setup - look where the candles close. It should not close on the wrong side of the 21MA. There were two other setups that were tradeable. See why Phillip warned us after a move gave us a few setups.

Make sure the move is a daily trend (continue after opening of NY session) or small intra-day movement (usually turn around with the opening of NY session). You need to approach is each one differently.

Please look at my small support line and how would have drawn it - very helpful.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,225
  • Mar 20, 2008 2:59pm Mar 20, 2008 2:59pm
Chart 2:

I would have probably taken this one as well. My comments on your chart - the higher lows getting ready for a ascending triangle but then that big red candle cancelled the setup.

When I got:

  1. 3 higher lows on my small support line with a resistance area (Like your chart) or
  2. 3 lower highs on my small resistance line with a support area

I know a possible triangle is coming up and I'll seriously consider taking the next pullback to my small line.

Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,226
  • Mar 20, 2008 3:02pm Mar 20, 2008 3:02pm
Just look at how I would have drawn possible small resistance lines to see how the setup develops. I would not have drawn all the lines but just show you how the setups develop under certain lines and how the lines can keep you out of possible bad trades.

Great that you didn't take the next pullback to the 21 because of (1) the higher low that was formed and (2) a close on the wrong side of the 21.

Just my opinion - please do what you feel comfortable with.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,227
  • Mar 20, 2008 3:23pm Mar 20, 2008 3:23pm
Just to show people the difference between what I call the small intra-day movement (SID MOV) and a trend (EY today - which I am sure Mkain took several pips).

I am still struggling when a market makes a run like the EY today. I tend to ignore the setups later in the move just because I don't know when the market will turn around and bit you.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080320 sidmov.gif Size: 26 KB
Click to Enlarge Name: 20080320 sidmov 2.gif Size: 25 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,228
  • Edited 3:43pm Mar 20, 2008 3:25pm | Edited 3:43pm
Quoting Golfer
Just my comments on your trades - I just like to look at your charts because I see myself a few months ago in your charts. .
Isn't it great to know that you're no longer a newbie making these newbie mistakes anymore? Hope to be where you are soon

Quoting Golfer
Look where the candles close. It should not close on the wrong side of the 21MA. There were two other setups that were tradeable. See why Phillip warned us after a move gave us a few setups.

Please look at my small support line and how would have drawn it - very helpful.
Good tips. I didn't trade during the New York's afternoon session so that I can organize my trading plan, with my own set of rules. Prices appearing on the wrong side of the 21 EMA and the wrong side of the trendline should definitely make the list.

Quoting Golfer
[Re:the second chart] I would have probably taken this one as well. The higher lows getting ready for a ascending triangle but then that big red candle cancelled the setup.
Yes, that one was a double whammy: The double top AND a trendline break, and I STILL took the trade. Can you see why I was ashamed to post the chart yesterday?

Quoting Golfer
[Re: Third chart] Great that you didn't take the next pullback to the 21 because of (1) the higher low that was formed and (2) a close on the wrong side of the 21.
Yep! Learned from my goof from yesterday: Higher low = no go (for shorts).

See?? I'm already a better trader through yesterday's mistake! If I never make the same mistake twice, I'll be an expert by the end of the month! [Sadly, like most newbies, I'm sure I'll make the same mistakes at least a few times ]

Thanks for the comments Golfer. I hope others would be encouraged to post losing trades as well as winning ones. It should prove very helpful to see what the common mistakes are so we can avoid them. Especially newbies.

Dahlia
Money missed is better than money lost
  • #3,229
  • Mar 20, 2008 3:43pm Mar 20, 2008 3:43pm
My comments in your message:

Quoting Dahlia
Isn't it great to know that you're no longer a newbie making these newbie mistakes anymore? Hope to be where you are soon

Don't be mistaken - I still make mistakes. I know it is easy to look back and comment on charts but it is a totally different to do it while the setups are being formed. That is what I am trying to do on SKype chat - mention what I am looking for.

Good tips. I didn't trade during the New York's afternoon session so that I can organize my trading plan, with my own set of rules. Prices appearing on the wrong side of the 21 EMA and the wrong side of the trendline should definitely make the list.



Yes, that one was a double whammy: The double top AND a trendline break, and I STILL took the trade. Can you see why I was ashamed to post the chart yesterday?

Please don't - we are all human. Even Phillip is.

Yep! Learned from my goof from yesterday: Higher low = no go (for shorts).

Well done - that is why you should review your ALL trades at the end of the day, even the negatives

See?? I'm already a better trader through yesterday's mistake! If I never make the same mistake twice, I'll be an expert by the end of the month! [Sadly, like most newbies, I'm sure I'll make the same mistakes at least a few times ]

For sure - I still make the same mistakes but I don't get upset anymore. Just make a note (mental and in writing) of it

Thanks for the comments Golfer. I hope others would be encouraged to post losing trades as well as winning ones. It should prove very helpful to see what the common mistakes are so we can avoid them. Especially newbies.

If you look back, you'll see some of my negative trades. The reason why I changed to trade micro lots (live mini account) and get the necessary confidence without blowing my account (and self confidence). Now I am starting with 0.1 lots again

Dahlia
Enjoy the trading!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,230
  • Mar 21, 2008 3:14am Mar 21, 2008 3:14am
I just walked through the last couple of pages and I am very pleased with the interaction and especially the quality of the analyses that is shared here. The after thoughts of the trades that are published are of a very high standard. It really discuss core issues. Nice to see so many new faces.
Thanks especially to Golfer for taking care of the 5min system. He has stayed with it and eventually it is giving rewards to him. It is all about practice and practice and still practice.
Learn to know the looks of the setups that produces positive results that when you see one you automatic pull the trigger.
Remember that in a run if it allready gave 2 setups that you might have missed be carefull for the 3rd setup. Watch that LH and HL setups and cutt your losses as closed to BE as possible if you are in a position.
  • #3,231
  • Mar 21, 2008 3:23am Mar 21, 2008 3:23am
Quoting sanjur0fla
System reminds me of a Jon Levine system. His system, though, does have strict rules and uses 21EMA, 75SMA and 200SMA plus Fibonacci levels. It produces excellent results when you get the rules down and follow them every time. Uses 5 min chart. You can google for "jon levine" or "ffe" or find it on bittorrent sites. I did pay for it, but can share for free, just pm me.
I will be interested. My e-mail is [email protected]
Thanks
Phillip
  • #3,232
  • Mar 21, 2008 8:13am Mar 21, 2008 8:13am
Quoting Phillip Nel
I just walked through the last couple of pages... [Etc...]
Phillip! Nice to see you in the 5 minute timeframe again! Hope you come back often

I plan on moving to your 4hr MACD thread at some point as well, but not before I master this one first. One thing in the 4hr thread that does intrigue me is the market rhythm concept. I've skimmed through the posts on market rhythm on the 4 hr thread, but was wondering how much it applies to the 5 minute timeframe? What parts of the concept is the same between 4hr and 5 minute timeframes? What parts are different (other than the scale of the movements?)

Thanks!
Dahlia
Money missed is better than money lost
  • #3,233
  • Mar 21, 2008 8:46am Mar 21, 2008 8:46am
Dahlia:

I saw you post on the EFX thread about that broker..Did you ever open an account with them?
  • #3,234
  • Mar 21, 2008 8:49am Mar 21, 2008 8:49am
Quoting Golfer
Hi Palmer

The SMAangle indicator as promised. That is the one I am using from my trading platform. If it doesn't work, Mkain posted all the indicator on page 213, post #3188.
Thanks Willem....

As I've said before....If I was granted a super power it would be to have the power to not need sleep....Flying would be cool too though
  • #3,235
  • Mar 21, 2008 9:20am Mar 21, 2008 9:20am
Quoting Palmer
Dahlia:

I saw you post on the EFX thread about that broker..Did you ever open an account with them?

Yes. I moved to EFX/MBT from Tradestation.

Good:
Love the lower transaction costs (spread and commission were both lower than Tradestation)
Love the idea of no trade manipulation from my broker.
Customer service seems pretty good.
I like the platform. (I hear reviews about how ECN platforms can be hard to learn? I didn't find this to be the case.)

Not great:
Don't like the charts that come free. Indicators range from few, to weak (not customizable on Remote Trader, they are on the Navigator), to non-existent. Anxiously awaiting the promised "much more powerful charts" for the Remote Trader, due to be released in the coming months. Until then, you always have the option of using eSignal (~$90/month) or Intellichart (~$20/month?).

However, with this 5 minute system and the 3 emas, the free charts have what I need.

Are you considering them as well?

Dahlia
Money missed is better than money lost
  • #3,236
  • Mar 21, 2008 11:15am Mar 21, 2008 11:15am
Yes, but I will keep an MT4 broker as well for the 4hr/1hr method and use the MT4 charts for the lower time frame 'possibilities'. I would use EFX to trade the lower timeframe and longer timeframe with the MT4 broker. It's all part of the 'master plan' that I'm conjuring up....scary stuff.

I'm out for the week...

Thanks for the input, Elvis has left the building.
  • #3,237
  • Mar 21, 2008 12:30pm Mar 21, 2008 12:30pm
I had a Skype IM chat with Bshadroo a while ago in which I've tried to explain my approach to this 5min system:

Today's trade is an example therefor. I was thinking about Phillip's advice:

"....never let a 25pip profit turns into a loss...."

That is now what I am also trying to do. I do see a 4-5pip profit in the 5min system in the same light as a 25pip profit in the 4h system. In the past it happened so often; 4-5pips profit turns into a 15-20pip loss. I was getting %^#@< with it.

Now I'll take 1-3pips profit if I am not satified with the movements. Today's trade was an example. I was concerned about the previous high and resistance and if the price didn't make a definite break through, I'll take a few pips profit. That was what I've done. And the results is a another positive trade with a profit. But I left pips on table - so what? I'll catch them next time when I do feel sure about the setup.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080321 5min trade 1 jpeg.JPG Size: 94 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,238
  • Mar 24, 2008 3:57am Mar 24, 2008 3:57am
Hi,

Hope everyone is enjoying the Easter break- bright sunshine today here in the UK (North East)- but snow falling yesterday!

Could someone have a look at my trading screen and let me know if I've got the screen set up properly? The only Indi I couldn't seem to find was the ADX and I'm not sure whether that is still being used or whether it's entirely optional?

I also made 2 trades today on GU- indicated by the up arrows- the first I entered a little too early on the first green signal but made a TP of 10 and the second one I got stopped out for 10 but on analysing it cannot find anything fundamentally wrong with it apart from the fact that I entered it before the candle had been completed and if I had seen the long tail up I probably wouldn't have taken it- it didnt work but the rules kept me from losing any more than 10- can anyone give me a second opinion on this?

Any help would be much appreciated

regards

Mark
Attached Image (click to enlarge)
Click to Enlarge Name: gu 24.3.8.gif Size: 15 KB
  • #3,239
  • Mar 24, 2008 7:34am Mar 24, 2008 7:34am
Quoting mark r
Hi,

Hope everyone is enjoying the Easter break- bright sunshine today here in the UK (North East)- but snow falling yesterday!

Could someone have a look at my trading screen and let me know if I've got the screen set up properly? The only Indi I couldn't seem to find was the ADX and I'm not sure whether that is still being used or whether it's entirely optional?

I also made 2 trades today on GU- indicated by the up arrows- the first I entered a little too early on the first green signal but made a TP of 10 and the second one I got stopped out for 10 but on analysing it cannot find anything fundamentally wrong with it apart from the fact that I entered it before the candle had been completed and if I had seen the long tail up I probably wouldn't have taken it- it didnt work but the rules kept me from losing any more than 10- can anyone give me a second opinion on this?

Any help would be much appreciated

regards

Mark
Hi Mark

Sorry, I didn't trade today. Played golf - just arrived home and saw your chart. All that is missing are the pivot lines. Look at my charts and re-look at your trades. Nothing wrong with your chart/trades but the pivot lines should be used to guide you.

Your second trade - should have waited for the M1 pivot line to be tested and there were no signal on the MACD. The bars of the MACD went through the zero line to the negative side - something I would be worried about. I like the bars to stay on the positive side for long trade. I would have liked to see a zero bounce on the MACD at that stage - would have been a great signal to have taken a long trade.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080324 1.gif Size: 26 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,240
  • Edited 9:53am Mar 24, 2008 7:49am | Edited 9:53am
Quoting mark r
Hi,

Hope everyone is enjoying the Easter break- bright sunshine today here in the UK (North East)- but snow falling yesterday!

Could someone have a look at my trading screen and let me know if I've got the screen set up properly? The only Indi I couldn't seem to find was the ADX and I'm not sure whether that is still being used or whether it's entirely optional?

I also made 2 trades today on GU- indicated by the up arrows- the first I entered a little too early on the first green signal but made a TP of 10 and the second one I got stopped out for 10 but on analysing it cannot find anything fundamentally wrong with it apart from the fact that I entered it before the candle had been completed and if I had seen the long tail up I probably wouldn't have taken it- it didnt work but the rules kept me from losing any more than 10- can anyone give me a second opinion on this?

Any help would be much appreciated

regards

Mark
IMHO this system works much better with MACD than with ADX (it comes with MT4 in Insert/Indicators/Trend/Average Directional Movement Index), I agree with Golfer about pivots because they can help you to filter some risky entries and are useful as profit targets.
When I started with this system I used the signal indicator too, by the current time I consider it annoying and it can give false signals besides so then try to be selective with your entries.
Have nice pips.
2 traders viewing now