5Min Intraday System

I agree with Mkain - as we discussed it on the Skype chat (mentioned by Nadia).

The Skype chat:

[06:38:35 PM] Nadia says: eu??
[06:41:32 PM] Willem Kruger says: I am in at 5598
[06:41:37 PM] Nadia says: might see a double top here
[06:42:02 PM] Willem Kruger says: I'll watch my small support line very carefully
[06:42:26 PM] Nadia says: i waitd for tc and platfor execute late so in at 1.5603.. 2 pips late
[06:43:04 PM] Willem Kruger says: Yes, I've enter on the TC but also 1 pip too late
[06:43:33 PM] Nadia says: 5600 is acting as resistance
[06:44:22 PM] Willem Kruger says: Yes, if now move in 2 candles, I'll exit
[06:46:53 PM] Nadia says: tp hit 10 pips
[06:47:22 PM] Willem Kruger says: Same here - didn't even see it. Busy on laptop with my study
[06:47:31 PM] Nadia says: fast move
[06:47:33 PM] Willem Kruger says: TC worked again
[06:47:38 PM] Nadia says: (handshake)
[06:48:22 PM] Willem Kruger says: The pullback went to the R3 line and bounce off. The reason why I took the TC
[06:48:40 PM] Willem Kruger says: R3 line on 5592
[06:48:59 PM] Nadia says: also off a trend line ( support)
[06:49:22 PM] Willem Kruger says: and 21 - everything in line. Great
[06:49:22 PM] Nadia says: pull back was within the zone as well
[06:49:42 PM] Nadia says: i was worried about price forming a double top
[06:50:00 PM] Nadia says: but the odds a re always there is every trade
[06:50:06 PM] Willem Kruger says: That is why one should not take every setup. Wait for everything to fall into place
[06:51:07 PM] Willem Kruger says: cable - even gave a nice signal. Ellipse pullback - beautiful
[06:51:15 PM] Willem Kruger says: nicer
[06:51:57 PM] Willem Kruger says: But the TC is too late. For this type of setup I won't wait for the TC

The first chart is just after my entry and the second one is after the trade with signs of my second trade in progress (ascending triangle also mentioned on SKype):

[07:00:11 PM] Willem Kruger says: Stay with pairs you are familiar with. EY is currently my favourite pair.
[07:01:09 PM] Willem Kruger says: EUR - here comes another breakout. Triangle
[07:01:18 PM] Willem Kruger says: possible breakout
[07:02:06 PM] Willem Kruger says: Already two higher lows. Lest wait and see

Hi everyone!

I would really like to be added to the 5min chat.

Skype name: JonnyaSmith

Thank you very much!!
Jonny

Hi,

Just want to thank Philip Nel for sharing his strategy. Time and time again I have been impressed by the generosity and selflessness of this forum's members. I'm so glad to be part of this great community.

I have recently started to pick up this strategy, and I find that it suits my trading style a lot.

Would really like to be added to the Skype Chat.

Skype User Name : randomswing

Thanks!

After good euro news I saw this bullish 3 pattern using 1 min chart on e/u, I did not take it (I don't use 1 min entry so much) but this is one pattern that Golfer and I use in 5 min.
See the 3 small red candles after big green one and pullback near the 10 EMA (war zone)

Hi all,

After the holiday last weekend, I've decided to hold off on trading for a few days to study the market. I've printed off charts of the last week (so far) and have marked EVERY signal that the system gives. I marked the ones that paid off in green. Marked the failed ones in red. BE's get a red mark (just for good measure). Then, I go back and see what all the successful ones had in common, what all the failed ones had in common.

So far, it is a very enlightening excercise. I believe that if everyone does this, you will come up with a set of rules very quickly, and after seeing the results, you will be absolutely convinced NOT to break your rules. For example, just from testing the last couple of days, it seems obvious that you can reduce your failed signals by about 40% if you would just pass on signals that occur after three previously successful ones. (Phillips rule about "3 deals MAX". It's a good rule, folks!) Try it for yourselves and see what other rules you might uncover!

By the way, mark EVERYTHING that you think might affect price movements: News, holidays, session closes/opens, etc... Very helpful.

Hi Dah

Great - I can se you are on right track. Look for any familiar signs on the price movements. Keep working on it. That was how I develop the Appendix on high probability setups. That appendix does work for me - I think it is now about 40 trades this month (I don't have my diary with me right now) with 3 neg and 1 BE, over 300pips.

The next step is to follow the market live as the setups develop - a totally different ball game and one needs to get use to. But it will come naturally once you know what to look for. Sometimes I just sit and work on my PC/laptop and follow the setups with "one eye" and try to recognise the critical issues especially when the 21 is in the non-trade zone. That is how you learn this system. See the reactions of the markets live.

BUT if just want to look for setups, you'll get burned. Very important to look for the formation of the pullback. I had a Skype chat with a fellow trader regarding an EA for this system and I told him NEVER (just my personal opinion). You need the human to make the decision which pullback to take/entry. Maybe your research shows us the other side.

Well done!!

Thanks for the encouraging words Golfer!



Hmm… I don't think I described my intention very clearly… I mark every signal/set up, not with the intention of trading every set up, but with the intention of seeing the complete universe of possibilities. I wanted to see ALL of the successful signals as well as ALL of the failed ones. Only by seeing all of both kinds can I be confident of what they both look like and how often they occur.

I agree that an EA can’t beat the human eye, at least not with this system.

here is the trade i did for 10 pips. nice pull back ,, resistance on 21 and candle emotion with tails, everything fit into place so i pull the trigger.was aware of support at 1.9949 so exit with 10 pips .

My cable trade today

I just did this one on euro , was a little risky since MA were not that open apart, but price had made higher high and higher low , plus trendline offered support. so enter witjh a small position, exit with 8 pips net.

[08:27:41 PM] Willem Kruger says: Tx
[08:33:53 PM] Willem Kruger says: EY - nice bullish 3 pattern now this pair
[08:34:03 PM] Willem Kruger says: on this pair
[08:37:10 PM] Mark Reeves says: I see it- looks as though its moving up-looks good- above R1 as well
[08:38:51 PM] Willem Kruger says: Big bullish/green candle follow by 3 small bearish candles within the High and Low of that bullish candle
[08:39:11 PM] Willem Kruger says: That is what the bullish 3 pattern looks like
[08:39:34 PM] Mark Reeves says: Would you trade off the pattern or wait for a TC or a bounce within the warzone?
[08:39:47 PM] Willem Kruger says: No, wait for pullback
[08:40:59 PM] Mark Reeves says: if it gets support off the pivot it would probably tick all the right boxes
[08:41:13 PM] Willem Kruger says: Agree

There is another example of this pattern just before this one and look at the breakout

I had 7 trades today - all positive, 51pips. The 3 trade rules broken but look at the the charts of the day. Nice trending markets. You won't get it better than this.

Print the charts and compare it to choppy days. You'll see that you can only take 1 setup per move before it turns around. Even look at this morning EY chart and one member on SKype mentioned that he doesn't know what is going on with that pair during the London session. A sign to stay away and then during the US session - wow, what a beauty. Look at all the price patterns during the pullbacks.

The market has asked to be hunted today on the 5min. Well done.

My best trade so far this morning, good for 50 pips.

http://www.xaron.net/dl/fx/2008/intr...jpy_270308.png

This one was bad luck, but I didn't followed my new rules (below) closely...

http://www.xaron.net/dl/fx/2008/intr...usd_270308.png

Stopped out exactly to the pip.

I use some different rules now:
EUR/USD: SL: 20 pips, TP: 40 pips
EUR/JPY: SL: 25 pips, TP: 50 pips
GBP/USD: SL: 30 pips, TP: 60 pips
USD/JPY: SL: 25 pips, TP: 50 pips

Entry: Exactly the middle between EMA 10 and EMA 21 using a limit order. This entry is only valid if there was a higher high (for long) or lower low (for short) before

Additional exit: Close the order if the candle closes on the other side of the SMA 50.

I know, I will get stopped out more often than with the basic rules, but I like the risk/reward.

Regards - Xaron

Another one... I got out at +30 pips (stop was 25 pips), because there was a small resistance on the hourly chart there...

http://www.xaron.net/dl/fx/2008/intr...jpy_270308.png

Regards - Xaron

Hi Xaron

The EY is busy with her usual/typical trend. I hope you've caught some of the other setups as well.

Glad to see you are doing so well.

thanks for the links, downloaded all

i used to read a little on this system a few months back but couldnt follow up since was very busy. will restart using it.

1 question you might help me in.

the main problem i used to encounter is that the 5min system doesnt have a good indicator of any reversal.

ex. i sometimes got into a trade only to find out that on this occasion it started to turn and went opposite, happened often so that was my concern

tks again

Well done , I tried to catch this one (e/j) but I was stopped out (stop 15 pips) it was at same time u/j signal and I chose e/j maybe because it is my fav pair, I think u/j would be better because of far pivot.
Your e/u trade beautiful 3 little sisters.

please if anyone that uses the 5min system can help or explain this for me.

as you can see from the image of cable right now there is a 'buy' signal right after the red big bar next to my arrow and that in turn turned aginst and went down and still is doing it again as i type this.

is there a way to predict the turnaround in the market? or is there a way to indicate that its loosing strenght and might not go up anymore even if hitting the MA's

thanks