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5Min Intraday System

  • #241
  • Edited 1:34pm Jan 19, 2007 12:45pm | Edited 1:34pm
Quoting wansh
phil,

thanks for the explaination. i 'm really lack in money management.
any suggestion of good money management plan?
your money management?http://www.forexfactory.com/images/icons/icon7.gif

your system working fine and suit with my trading style.
+ dicipline this system is very profittable.

i also want to contribute something (researching) to ensure it will be a perfect profittable system.

till then.

My money management is purely based upon how many times will I be able to trade (according to the capital I have) with the amount I am about to trade and if I am wrong for a couple of times. How many wrong times depends on the history of the strategy I am trading either by backtesting but preferably while trading live. If after 30 to 50 trades you had a worst of 5 bad runs in a row it means that is the amount you should have available plus some more to be able to go on and take the good runs after the bad patch. That is why I only make three trades max per day. A move normally provides two trades. The London session might give two and the US session might give two. When the move is steady downwards but many pips it might give three to four. After two wins for the day I am out. After two losses I am out. After one win and one loss i will trade one more if it comes. Don't try to get even with the market. You then get emotional and that is looking for trouble.
Hope this helped.
  • #242
  • Jan 19, 2007 2:34pm Jan 19, 2007 2:34pm
Hi Phil,

I dragged the 21 EMA on to the MA Angle - that was easy. The problem is that the 21 EMA only curves on the positive side - it goes flat at 0. Do you know what happened?
Thanks.

pipsacker
  • #243
  • Jan 19, 2007 4:12pm Jan 19, 2007 4:12pm
hi ,
i have read all the previous pages on this system it sounds like what i need,
which is a simple profitable addition,
i am new to trading anything so i have purchased vantage point to help me look for signs of trends etc,
am i right in thinking that vp would not be much good for your system , has any one tried it with this system,
i have also read the vp thread (not much help)
thanks guys
gb
  • #244
  • Edited 11:21pm Jan 19, 2007 11:19pm | Edited 11:21pm
Hello Phillip Nel and others, I just want to express to my deep gratitude for your incredible 5m scalping strategy. If we are patient and wait for the proper setup, it it truly the best scalping method one can hope for.

In the last 3 days that I have being using this system with a live account and right money management, I have already bank 3 profitable trades. I work full time during the day eastern time so I use it in asian session and early london session ET.

Very good in all aspects and also thank a lot Darisuke for the SMAAngle indicator and the PhiliNelSignal, it work very strongly with it.

I see truly a very bright future for this system and a lot of good pips for all.

From what I have look so far, if you truly wait for a good angle of the 50sma to 25 or more with a good retrace of price action in between the 10 and 21 EMA and even a little penetration under the 21 EMA by 1 or 2 pips (in case for a long setup), you really get a very strong signal to go for it.

As my trades develops, I will surely give you feedback on all of them

Wishing a very good week-end to all and best in all your trading

shreem
  • #245
  • Jan 20, 2007 1:41am Jan 20, 2007 1:41am
Quoting shreem
Hello Phillip Nel and others, I just want to express to my deep gratitude for your incredible 5m scalping strategy. If we are patient and wait for the proper setup, it it truly the best scalping method one can hope for.

In the last 3 days that I have being using this system with a live account and right money management, I have already bank 3 profitable trades. I work full time during the day eastern time so I use it in asian session and early london session ET.

Very good in all aspects and also thank a lot Darisuke for the SMAAngle indicator and the PhiliNelSignal, it work very strongly with it.

I see truly a very bright future for this system and a lot of good pips for all.

From what I have look so far, if you truly wait for a good angle of the 50sma to 25 or more with a good retrace of price action in between the 10 and 21 EMA and even a little penetration under the 21 EMA by 1 or 2 pips (in case for a long setup), you really get a very strong signal to go for it.

As my trades develops, I will surely give you feedback on all of them

Wishing a very good week-end to all and best in all your trading

shreem

Very good
The Asian session gives very good signals as it moves steady and not so rapid. Unfortunately it is 2am South African time. As you said even a pip or so below 21EMA is also OK.
Good luck
  • #246
  • Jan 20, 2007 1:43am Jan 20, 2007 1:43am
Quoting pipsacker
Hi Phil,

I dragged the 21 EMA on to the MA Angle - that was easy. The problem is that the 21 EMA only curves on the positive side - it goes flat at 0. Do you know what happened?
Thanks.

pipsacker

I don't have an idea. I played around a little but found nothing as to why it is doing it. Hope someone reading this can help you.
  • #247
  • Jan 20, 2007 1:59am Jan 20, 2007 1:59am
Thanks, Phil.

pipsacker
  • #248
  • Edited Jan 21, 2007 2:35am Jan 20, 2007 3:04am | Edited Jan 21, 2007 2:35am
I have done some manual backtesting on your system. It looks like one could possibly average about 100 or more a month, even with losses. I am full-time newstrader, but I see that this works well enough for me implement in my trading! Thanks Phil and may God bless you !
  • #249
  • Jan 20, 2007 6:46am Jan 20, 2007 6:46am
hi,
im just getting my head around the system,
i need to set up a chart ,
would someone tell me in simple terms how i do this?
i have found the metatrader demo account web site but cannot find some lines such as the 50 sma,
please help,
by the way does anyone know if i could use vantage point with this system?
gb
  • #250
  • Jan 20, 2007 7:00am Jan 20, 2007 7:00am
Quoting rorieu
Philip

I agree about the angle indicator - it helps enormously. Can't work without it now!

Suggest you add the levels as shown (your own values) - makes it so easy to decide?

I'm not so sure about the blobs they're too frequent and often not relevant.
I've turned the volume off on the audible alarms!

R
Not relevant?

The audio signal (and dots) appear when the angle is above the treshhold, and price moves back between the 10 and 21 EMA.

Are those not the conditions to take a trade?


I am glad the other indicator helps.

Dariuske.
  • #251
  • Jan 20, 2007 7:03am Jan 20, 2007 7:03am
Quoting shreem
Very good in all aspects and also thank a lot Darisuke for the SMAAngle indicator and the PhiliNelSignal, it work very strongly with it.

shreem
You are welcome!

Dariuske.
  • #252
  • Jan 20, 2007 7:10am Jan 20, 2007 7:10am
Quoting rorieu
A degree helps.

Working now.
To find the indics easily in the long list in MT I attached a prefix. This must have affected their function?
I've always done this - never had a problem before.
Actually I usually 'rename' the mt4 (prior to insertion) not the ex4.

Thanks Darius.
Then you were lucky until now.
You should NEVER rename a mql4! Unless you know what you are doing.

Reason: "Reference"! If another program uses 'SMAAngle' (for example) and you rename it 'Angle', the program that uses SMAAngle will NEVER work because it cannot find a program with that name (because you renamed it).

Hope the explanation helps.

Dariuske.
  • #253
  • Jan 20, 2007 7:15am Jan 20, 2007 7:15am
Quoting Phillip Nel
Dariuske
Thanx. It works very well. It gives every oppertunity but one will not trade everyone. It still require manual inspection. What I very much like is that with the setting of the angle at between 2.3 and 2.5 it cuts out that early false signal when the move is still young. I am very happy with it.
I am glad you like it and find it useful!!
The reason I wrote it, was indeed as a tool to help with trading.
Not as a finished product, to follow blindly every signal it gives.

I will post the mql, one of these days.

Regards, Dariuske.
  • #254
  • Jan 20, 2007 9:32am Jan 20, 2007 9:32am
Quoting Phillip Nel
My money management is purely based upon how many times will I be able to trade (according to the capital I have) with the amount I am about to trade and if I am wrong for a couple of times. How many wrong times depends on the history of the strategy I am trading either by backtesting but preferably while trading live. If after 30 to 50 trades you had a worst of 5 bad runs in a row it means that is the amount you should have available plus some more to be able to go on and take the good runs after the bad patch. That is why I only make three trades max per day. A move normally provides two trades. The London session might give two and the US session might give two. When the move is steady downwards but many pips it might give three to four. After two wins for the day I am out. After two losses I am out. After one win and one loss i will trade one more if it comes. Don't try to get even with the market. You then get emotional and that is looking for trouble.
Hope this helped.

phil,

thanks for your guidance.

have a nice trading day ahead.http://www.forexfactory.com/images/icons/dollar.gif
  • #255
  • Jan 20, 2007 11:09am Jan 20, 2007 11:09am
Here are a template.
Just extract it to c:\programf Files\MetaTrader 4\templates
Then at the right top you will find the Template Icon.
Open the EurUsd chart. Click the Template Icon and select 5minzone
Attached File(s)
File Type: zip 5minzone.zip   1 KB | 3,036 downloads
  • #256
  • Jan 20, 2007 12:46pm Jan 20, 2007 12:46pm
When I do this, my MetaTrader shutsdown...

Any ideas?
  • #257
  • Edited 2:22pm Jan 20, 2007 1:04pm | Edited 2:22pm
Quoting Rosco_P
When I do this, my MetaTrader shutsdown...

Any ideas?

I have deleted mine and installed it from the one posted in the forum with no problems. I am using Version 4 Build 201. You can see that on Help and then About. May be it is an older version. I don't know why it is doing that. Hope you get it right.


Update:
Just do it by hand then.
  • #258
  • Jan 20, 2007 1:36pm Jan 20, 2007 1:36pm
the same with me. mt4 shuts down!
  • #259
  • Jan 20, 2007 6:45pm Jan 20, 2007 6:45pm
I have load the template and it work just fine. I use the metatrader 4 of Alpari metadater. everything just appear perfect.

When you put the template in the metatrader, you need to close your platform and open it again so that the template take effect.

Hope it help!

Maybe, guys, you should look which update version you have
  • #260
  • Jan 20, 2007 6:46pm Jan 20, 2007 6:46pm
Firstly,

Thank you to Phil for sharing the strategy. Though the concept is not a new one, but defining the parameters is a big help. Also, his willingness to help newbies, answer questions, clarify uncertainties, is amazing (a quality of many ppl on this forum, which is what makes this place fantastic).

A big thank you to dariuske. You've made the decision process a lot simpler with this system.

My main point of this post is to bring some points to the attention of recent members of this forum (recent = less than 6 mths). I know not everyone joining the forum reads every single sticky post on the different categorie. When I joined this forum, people like James, Diallist, MB, Scott, Fiji, used to make a lot more posts than they do now. I learnt a lot from them. One thing that has always stuck in my head, was the concept of "A" grade trades. Basically meaning, trades with the highest possibility of success. As a beginner, iti s very easy to get tempted to over trade, go for big winners etc. They re-inforced the concept of not being necessary to make a trade just because you have not made a trade today/yesterday etc. Wait for the "A" grade trade, and make them. There are plenty of these happening every day on so many different pairs etc. The essence is patience, and Phill's system if anything, really teaches you to be patient.

It is quite possible to make a money management plan based on A, B, C grade trades.

Be patient, wait for the A grade trade, and then implement your strategy. You can't go wrong.

Cheers,
K.
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