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5Min Intraday System

  • #3,241
  • Mar 24, 2008 9:24am Mar 24, 2008 9:24am
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

for me second entery/setup is not good because of candle, candle looks like doji...i like when candle has bigger body...and pullbacks from the ema21 not from the ema10 it is more reliable setups for me
  • #3,242
  • Mar 24, 2008 12:44pm Mar 24, 2008 12:44pm
Hi

thanks for all of your advices- I now have a pivot point indicator on my chart which I'm sure will help

In terms of the MACD- are you all waiting for the MACD to signal before entering the trade or are you entering in anticipation some of the time? (which to be frank is what I have been doing for fear of the move being over shortly after the MACD delivers its signal)

thanks again

regards

Mark
  • #3,243
  • Mar 24, 2008 1:30pm Mar 24, 2008 1:30pm
Quoting mark r
Hi

thanks for all of your advices- I now have a pivot point indicator on my chart which I'm sure will help

In terms of the MACD- are you all waiting for the MACD to signal before entering the trade or are you entering in anticipation some of the time? (which to be frank is what I have been doing for fear of the move being over shortly after the MACD delivers its signal)

thanks again

regards

Mark
Hi Mark

Sometimes I do enter before the MACD signal but then you need to be VERY sure about the setup (usually one of my high probability setup patterns). I would recommend that one should wait for the MACD signal - SMOOTH TC and not just every TC. Do a little bit of back testing and you'll see:

The sharp-edged MACD signal will result in a loss because it usually involves a big candle and then a retrachment (just to trigger your SL). Be careful for big candles.

Cable chart:

You do have 6 possible trades (A-F)within 90 minutes. Nice system, you think. Don't be fooled. That is why people do get burned. Which one should you take?

I would have taken A because of my Bullish 3 pattern (which Mkain would agree). That one should have been taken before the MACD signal.

B is a nice TC but entry was too far from the war zone. C was also a nice TC but once again, too far from war zone.

Now we come to D & E. Very nice bounces off the 21MA. This is where I had a problem. Once you see the bounce off the 21 (D), should we take the next pullback (E)? That is where Phillip came up with the TC on the MACD. Can you see how the MACD saved us from a bad trade? It went through the 21MA (F) and that is where I got burned and very upset in the past. But hopefully it is solved now.

My trade/s - only A was on (and I missed it because I was working but saw the others and ignore them).

So you can see, you should evaluate each setup individually as they appear.

I hope it helps.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,244
  • Mar 24, 2008 1:57pm Mar 24, 2008 1:57pm
Willem, I read the rules you created in collaboration with Phil Nell and I must say, I am very impressed. I will certainly give this method some time over the next few weeks as I need a good scalping strategy in my portfolio.

Thanks for putting the time and effort in this thread and ofcourse the same goes to the creator, Phil.
  • #3,245
  • Mar 24, 2008 2:03pm Mar 24, 2008 2:03pm
Hi Willem

thanks- thats really helpful- looking back I can see the importance of the Patterns and how the MACD fits in-sounds as though as a general rule I should be looking for MACD TC's that develop near the war zone to start with

It also shows how potential signals are filtered

In terms of patterns- I downloaded and read the guide that you have put together which is very helpful and even found a "reverse Chruch" on EU today- (at least I think it is)- the 3 bullish pattern that you refer to- is that the way it gradually moves back to the war zone in a number of incremental moves which should be refelcted in the MACD's bars gradually getting smaller?

Thanks again

regards

Mark
  • #3,246
  • Mar 24, 2008 2:08pm Mar 24, 2008 2:08pm
Quoting Dazfx
Willem, I read the rules you created in collaboration with Phil Nell and I must say, I am very impressed. I will certainly give this method some time over the next few weeks as I need a good scalping strategy in my portfolio.

Thanks for putting the time and effort in this thread and ofcourse the same goes to the creator, Phil.
Hi Dazfx

Thanks, yes, it took me more than 1 year of studying my 3 pairs and the setups. During the year I did develop My Rules based on my observation. And it is ongoing.

Good luck with the system - once you get use to the price movements and pullbacks, it gets easier. Looking forward to see your trades and charts.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,247
  • Mar 24, 2008 2:28pm Mar 24, 2008 2:28pm
Quoting mark r
Hi Willem

thanks- thats really helpful- looking back I can see the importance of the Patterns and how the MACD fits in-sounds as though as a general rule I should be looking for MACD TC's that develop near the war zone to start with

It also shows how potential signals are filtered

In terms of patterns- I downloaded and read the guide that you have put together which is very helpful and even found a "reverse Chruch" on EU today- (at least I think it is)- the 3 bullish pattern that you refer to- is that the way it gradually moves back to the war zone in a number of incremental moves which should be refelcted in the MACD's bars gradually getting smaller?

Thanks again

regards

Mark
Hi Mark

Bearish 3 pattern:

Big bearish candle followed by 3 bullish candles but all 3 stay withing the High and the Low of the big bearish candle. Meaning the trend is downwards.

The opposite for the Bullish 3 pattern.

You'll find several patterns on the web. I've just summarised the most important ones for me in a document (only bearish patterns so far - want to use it in Phillip's 4h MACD system).
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,248
  • Mar 25, 2008 4:42am Mar 25, 2008 4:42am
Two trades today:

http://www.xaron.net/dl/fx/2008/intr...jpy_250308.png

Regards - Xaron
  • #3,249
  • Mar 25, 2008 5:04am Mar 25, 2008 5:04am
A quick question.

Do the MAs have to be stacked (ie: In uptrend, 21EMA above 50MA, 10EMA above 21EMA and Price above 10EMA)?

Thanks
  • #3,250
  • Mar 25, 2008 5:37am Mar 25, 2008 5:37am
Quoting Dazfx
A quick question.

Do the MAs have to be stacked (ie: In uptrend, 21EMA above 50MA, 10EMA above 21EMA and Price above 10EMA)?

Thanks
Hi Daz

Yes, and the area between the 10 and 21 is called the war zone.

No for the last part of your question. The price must pull into the war zone and that is where you try and pull the trigger. Sometimes just above the 10MA. Just look at Xaron's chart above for a great example.

Remember, this system is based on a "trend, then a Pullback and then a continuation of the "trend". You need to enter on the pullback.

ALWAYS enter on a pullback and NOT/NEVER in an uptrend (what I call a "late/early enter") because sometimes your entry in an uptrend is just at the High of that trend and you'll get burned in the pulback.

I hope you understand that otherwise I'll show you an example.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,251
  • Mar 25, 2008 5:44am Mar 25, 2008 5:44am
Quoting Xaron
Two trades today:

http://www.xaron.net/dl/fx/2008/intr...jpy_250308.png

Regards - Xaron
Hi Xaron

As usually - well done! Two great Church to right formations for a profit.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,252
  • Mar 25, 2008 7:18am Mar 25, 2008 7:18am
Am I doing this right?

Entry in the Warzone. Just ignore the indicators, I took the print screen from another account. I do have the chart setup similar to Golfer's.

Attached Image (click to enlarge)
Click to Enlarge Name: 5minscalp1.gif Size: 21 KB


Thanks
  • #3,253
  • Mar 25, 2008 8:29am Mar 25, 2008 8:29am
Hi willem , could u please share the pivot indicator you use on the 5 minute . thanks,
Nadia,
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #3,254
  • Mar 25, 2008 9:56am Mar 25, 2008 9:56am
The chart as discussed on SKype.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080325 3 sisters jpeg.JPG Size: 106 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,255
  • Mar 25, 2008 10:00am Mar 25, 2008 10:00am
Quoting BIL2205
Hi willem , could u please share the pivot indicator you use on the 5 minute . thanks,
Nadia,
Hi Nad

The two pivot indicators I am using. The first one is one I am using on my 5min charts because I think it is enough for the 5min system.

The second one gives you the weekly and monthly lines as well (I think). Maybe helpful for the 4h system?
Attached File(s)
File Type: ex4 MultiplePivotsV2.ex4   24 KB | 1,697 downloads
File Type: ex4 ###Auto Pivot.ex4   15 KB | 1,722 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,256
  • Mar 25, 2008 10:01am Mar 25, 2008 10:01am
Other example with swissy.
Attached Image (click to enlarge)
Click to Enlarge Name: chart1.gif Size: 21 KB
  • #3,257
  • Mar 25, 2008 10:11am Mar 25, 2008 10:11am
Quoting Dazfx
Am I doing this right?

Entry in the Warzone. Just ignore the indicators, I took the print screen from another account. I do have the chart setup similar to Golfer's.

Attachment

Thanks
IMHO I prefer candles with bigger bodies for the entry.
Check this post document for examples (with Phillip's charts)
http://www.forexfactory.com/showpost...postcount=2766
  • #3,258
  • Mar 25, 2008 10:17am Mar 25, 2008 10:17am
Hi,

caught a move on the GU earlier this afternoon- marked by the red thumbs up- I actually got into the trade on the 10 MA as the price was moving away from the 21 & the R2 Pivot for 10 pips.I hesitated before pulling the trigger due to what seemed to be some levelling off of the trend but the way the price found support on the Pivot led me to take it

regards

Mark
Attached Image (click to enlarge)
Click to Enlarge Name: gu 2008.03.25.gif Size: 17 KB
  • #3,259
  • Mar 25, 2008 10:25am Mar 25, 2008 10:25am
Quoting Dazfx
Am I doing this right?

Entry in the Warzone. Just ignore the indicators, I took the print screen from another account. I do have the chart setup similar to Golfer's.

Attachment

Thanks
Hi Daz

My comments on your chart - well taken. Nice what we call a 2-candle pullback entry. Most improtant point - enough pips to the previous high.


Just my opinion - do what you feel comfortable with.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,260
  • Edited 12:00pm Mar 25, 2008 10:50am | Edited 12:00pm
Quoting mark r
Hi,

caught a move on the GU earlier this afternoon- marked by the red thumbs up- I actually got into the trade on the 10 MA as the price was moving away from the 21 & the R2 Pivot for 10 pips.I hesitated before pulling the trigger due to what seemed to be some levelling off of the trend but the way the price found support on the Pivot led me to take it

regards

Mark
Glad to see it worked, I skipped g/u today because of big tails in 1 hour chart, the first signal in your chart was a kind of zero bounce... very interesting one.
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