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5Min Intraday System

  • #3,281
  • Mar 27, 2008 9:08am Mar 27, 2008 9:08am
Quoting adrianebn
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
Hi Adriane

I had the same problem - so I contacted Philip and ask for advice. He came up with the MACD and the TC pattern. A great tool to filter some of bad trades.

Another filter that I am using is the high probability setups as explained in the appendices - mostly, they are price patterns. Mkain is doing well with it. Once your familiar with your pairs, you will see which setups to take. Mkain and myself are now familiar with the EY pairs and her movements.

The last thing I am looking at is the longer timeframe and I try to trade in the direction of the longer timeframe (e.g. the 4h rules).

The Skype chat also be helpful.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,282
  • Mar 27, 2008 9:16am Mar 27, 2008 9:16am
Quoting adrianebn
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
Hi Adriane

I was following cable as well. What we do have a great example of a bearish 3 pattern - explained a few page ago. A sign for me not to get involve. Also that big bearish candle as well as the M4 line just above the setup. Several signs we (Mkain and I) started to use to identify possible bad trades. You just get a feel for what to look at. Difficult to tell you exactly when to trade or not to trade.

Hope it make sense.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,283
  • Mar 27, 2008 9:20am Mar 27, 2008 9:20am
thank you willem, great help

whys the skype help sorry?

i will ready carefully the docs and study a little you guys how you move and then will join you in the trades!

what time frames are you guys? im in Malta GMT+1
  • #3,284
  • Mar 27, 2008 9:24am Mar 27, 2008 9:24am
Quoting Golfer
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.
Okay, I'm young and inexperienced: what made you confident enough in the strength of the trend to continue taking the deal after 3 successful deals? After 3, the trend usually falters. What made you confident that it wouldn't?

After thinking to myself that I would just watch the markets for a few days, I got the itch to trade. Well, this shows what happens when you are a newbie trading on an impulse. This trade was full of dilemas for me:

1) I got in too soon! The price didn't even enter the war zone yet, just brushing it. Got stopped out. As you can see, if I had waited a bit longer, it would have paid off. HOWEVER...

2) If I had waited a bit longer, I would see that the pullback would result in a lower low, which would have been a warning that the uptrend is about to end. So if I had waited longer, I probably wouldn't have taken this profitable trade.

Oh well, money missed is better than money lost. That should be the number one rule of trading...
Attached Image
Money missed is better than money lost
  • #3,285
  • Mar 27, 2008 9:25am Mar 27, 2008 9:25am
Quoting adrianebn
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
hi Adriane

I took the previous setup for 10pips profit because of the flattish kind of pullback and what looks like a possible Church to right formation. I was nearly taken out because of that deep pullback ( I entered before that pullback because it looks like support found on 10MA and it wouldn't come down to the 21).

Once again - just my opinion of the setup. It (the pullback) looks familiar to me and I took it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,286
  • Mar 27, 2008 9:28am Mar 27, 2008 9:28am
Quoting adrianebn
thank you willem, great help

whys the skype help sorry?

i will ready carefully the docs and study a little you guys how you move and then will join you in the trades!

what time frames are you guys? im in Malta GMT+1
Skype chat - we do discuss the setups as they develop and mention the issues we are looking at (if there is enough time to do it). Then it is up to you to pull the trigger or not (we don't tell people when to enter).

I am in South Africa (GMT+2) and usually join the chat around 15H00GMT.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,287
  • Mar 27, 2008 9:31am Mar 27, 2008 9:31am
Hi,

thought I would post a losing trade from earlier this afternoon- I had a winning trade this morning on EJ and took this move up marked by the thumbs down- only to find it went against me
The TC had changed, it seemed to find some support from the 21, it seemed to look good.................only it wasnt!

any thoughts would be welcome- it may be just one of those trades that doesnt work out- alternatively it might be one that I could have avoided

the only thing wrong with it in hindsight is that the MACD signal isnt smooth but apart from that it seemed to stack up

regards

Mark
Attached Image (click to enlarge)
Click to Enlarge Name: ej 2008.03.27.gif Size: 15 KB
  • #3,288
  • Mar 27, 2008 9:38am Mar 27, 2008 9:38am
Quoting Dahlia
Okay, I'm young and inexperienced: what made you confident enough in the strength of the trend to continue taking the deal after 3 successful deals? After 3, the trend usually falters. What made you confident that it wouldn't?

After thinking to myself that I would just watch the markets for a few days, I got the itch to trade. Well, this shows what happens when you are a newbie trading on an impulse. This trade was full of dilemas for me:

1) I got in too soon! The price didn't even enter the war zone yet, just brushing it. Got stopped out. As you can see, if I had waited a bit longer, it would have paid off. HOWEVER...

2) If I had waited a bit longer, I would see that the pullback would result in a lower low, which would have been a warning that the uptrend is about to end. So if I had waited longer, I probably wouldn't have taken this profitable trade.

Oh well, money missed is better than money lost. That should be the number one rule of trading...
Hi Dah

I know the feeling - itching to pull the trigger. O, I do see myself in your message. Thanks for the post.

I put some comments in your post - hope you don't mind. I didn't even look at the MT4 charts for the MACD signal. I think you got in too late and not too early. The previous setup with the bullish 3 pattern was perfect.

Stay with us - you'll get it right! I can see you are on the right track.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,289
  • Mar 27, 2008 9:39am Mar 27, 2008 9:39am
Quoting mark r
Hi,

thought I would post a losing trade from earlier this afternoon- I had a winning trade this morning on EJ and took this move up marked by the thumbs down- only to find it went against me
The TC had changed, it seemed to find some support from the 21, it seemed to look good.................only it wasnt!

any thoughts would be welcome- it may be just one of those trades that doesnt work out- alternatively it might be one that I could have avoided

the only thing wrong with it in hindsight is that the MACD signal isnt smooth but apart from that it seemed to stack up


Mark
The first pullback was interesting (flat pullback), in the one you took the previous candles had long tails and the big down candle was a big engulfing, I would be careful before put a trade with such patterns.
regards
  • #3,290
  • Mar 27, 2008 9:46am Mar 27, 2008 9:46am
Quoting Golfer
I know the feeling - itching to pull the trigger. O, I do see myself in your message.

I put some comments in your post - hope you don't mind... I think you got in too late and not too early. The previous setup with the bullish 3 pattern was perfect.

Stay with us - you'll get it right! I can see you are on the right track.

Thanks for the encouragement. Good to be reminded that sucessful traders made newbie mistakes at the beginning too. Maybe my posts can be of comfort to other newbies in letting them know that they're not alone in making these newbiew blunders .

Regarding the previous high, yes, I shorted the doubletop that followed, but since it wasn't part of this system, I didn't post it.

Also, in case you missed my first question, here it is again:

Quoting Dahlia
Okay, I'm young and inexperienced: what made you confident enough in the strength of the trend to continue taking the deal after 3 successful deals? After 3, the trend usually falters. What made you confident that it wouldn't?
Money missed is better than money lost
  • #3,291
  • Mar 27, 2008 9:50am Mar 27, 2008 9:50am
Quoting mark r
Hi,

thought I would post a losing trade from earlier this afternoon- I had a winning trade this morning on EJ and took this move up marked by the thumbs down- only to find it went against me
The TC had changed, it seemed to find some support from the 21, it seemed to look good.................only it wasnt!

any thoughts would be welcome- it may be just one of those trades that doesnt work out- alternatively it might be one that I could have avoided

the only thing wrong with it in hindsight is that the MACD signal isnt smooth but apart from that it seemed to stack up

regards

Mark
Hi Mark

My comments
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,292
  • Mar 27, 2008 9:57am Mar 27, 2008 9:57am
Quoting Golfer
Hi Mark

My comments
Hi Golfer,
I was in the chatroom long time ago.Would you please add me again.
My skype is mike1349.
If I am already there I don't know how can I get in again!!

Thanks
Mike
Failure, is a wonderful teacher!
  • #3,293
  • Mar 27, 2008 9:59am Mar 27, 2008 9:59am
Hi McKain and Golfer- thanks for the input

With the bullish 3 pattern- I take it the tails of the 3 bearish candles have to be within the large bullish candle to qualify?

( thats possibly where Ive gone wrong in my haste to spot one!)

regards

Mark
  • #3,294
  • Mar 27, 2008 9:59am Mar 27, 2008 9:59am
Quoting Dahlia
Thanks for the encouragement. Good to be reminded that sucessful traders made newbie mistakes at the beginning too. Maybe my posts can be of comfort to other newbies in letting them know that they're not alone in making these newbiew blunders .

Regarding the previous high, yes, I shorted the doubletop that followed, but since it wasn't part of this system, I didn't post it.

Also, in case you missed my first question, here it is again:
Hi Dah

Sorry, I've missed it.

Very good question - I've been following the EY for more than 1 year now and you get use to the setups and patterns. I've sent Phillip several charts regarding the EY and her trends. I do remember my comment once and it went like this:

"It is so nice if the EY run like this. You'll get 6-8 pullbacks in one movement"

If the EY has a trend, it is beautiful and it runs on the 10 or 21MA.

But still you need to evaluate each setup and ask yourself; "Is this the end of the move? I need to be careful and take only 10pips".

I cannot tell you: "Look for this and that and you'll know she is running." Just follow her for a few months and see for yourself. You''ll see one setup after another and you'll know. I've tried it with the GY without success. Just couldn't get a feel for it. And it is not the same pattern as the EUR$. Very interesting.

I hope it helps.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,295
  • Mar 27, 2008 10:03am Mar 27, 2008 10:03am
Quoting mike1349
Hi Golfer,
I was in the chatroom long time ago.Would you please add me again.
My skype is mike1349.
If I am already there I don't know how can I get in again!!

Thanks
Mike
hi Mike

I'll see what I can do.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,296
  • Mar 27, 2008 10:56am Mar 27, 2008 10:56am
Quoting Dahlia
Thanks for the encouragement. Good to be reminded that sucessful traders made newbie mistakes at the beginning too. Maybe my posts can be of comfort to other newbies in letting them know that they're not alone in making these newbiew blunders .

Regarding the previous high, yes, I shorted the doubletop that followed, but since it wasn't part of this system, I didn't post it.

Also, in case you missed my first question, here it is again:

Hi Dah

Look through the thread and I think in My Rules and you'll see a chart of Phillip with the same movements highlighted. Every time a higher high and also look for the lows. Once you get a lower low and lower high - the trend will end (possibly).

Now you see why I called the EY a "she" (sorry, ladies!).

Enjoy the trading
Attached Image (click to enlarge)
Click to Enlarge Name: 20080327 ey typical jpeg.JPG Size: 99 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,297
  • Mar 27, 2008 10:58am Mar 27, 2008 10:58am
Quoting mark r
Hi McKain and Golfer- thanks for the input

With the bullish 3 pattern- I take it the tails of the 3 bearish candles have to be within the large bullish candle to qualify?

( thats possibly where Ive gone wrong in my haste to spot one!)

regards

Mark
Hi Mark

Theoretically yes, but give and take a bit because it is a 5min chart. Play it by ear.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,298
  • Mar 27, 2008 12:45pm Mar 27, 2008 12:45pm
The ellipse type of pullback as discussed on SKype and my trade for 12 pips. Almost like the "Cup and handle" format.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080327 ey ellipse jpeg.JPG Size: 105 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,299
  • Mar 27, 2008 1:35pm Mar 27, 2008 1:35pm
Quoting Golfer
The ellipse type of pullback as discussed on SKype and my trade for 12 pips. Almost like the "Cup and handle" format.

Okay, now, see... This is where my newbie rules would get me, as they are conflicted... I see your elipse pattern, which says "go". HOWEVER, before the elipse happened, I would have drawn one of your little lines (see my line on your chart) and see that the price had broken it, which would have prevented me from entering when you did.

Given that the elipse is one of your high probability trades, did you disregard the break of the "little line"?

Thanks!
Dahlia
Attached Image (click to enlarge)
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Money missed is better than money lost
  • #3,300
  • Mar 27, 2008 2:08pm Mar 27, 2008 2:08pm
Quoting Dahlia
Okay, now, see... This is where my newbie rules would get me, as they are conflicted... I see your elipse pattern, which says "go". HOWEVER, before the elipse happened, I would have drawn one of your little lines (see my line on your chart) and see that the price had broken it, which would have prevented me from entering when you did.

Given that the elipse is one of your high probability trades, did you disregard the break of the "little line"?

Thanks!
Dahlia
Hi Dah

Yes, I do agree with you. Please, you need understand the system and ask questions like this.

In the begining I would have ignored the setup because of the broken small support line and I was not familiar with the EY pair. Now I'll risk a bit more because of the type of setup. However I'll just take 10pips max or exit early if the trade goes against me.

Look at the highs and lows as indicated. After point A, I see the trend is over and I won't consider another trade. I usually zoom in and out on the charts to get the bigger picture of the movement.

My advice - as a newbie, I would recommend for you to stay with what you feel comfortable with. If you are not familiar with the movements of your pairs, stay within the rules and don't break them. Not even for the 3 little sisters formation. Until you feel more comfortable and understand the movements.

Hope it helps
Attached Image (click to enlarge)
Click to Enlarge Name: 20080327 ey ellipse 2 jpeg.JPG Size: 107 KB
Willem Forex recipe for success = Patience, discipline & hard work.
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