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5Min Intraday System

  • #3,301
  • Mar 27, 2008 2:24pm Mar 27, 2008 2:24pm
Thanks for being so patient Golfer.

Sorry to be peppering you with all the questions. I'm just trying to get a handle on the system. I'm not only a newbie to the system, I'm also new to forex and trading.

I'll get there some day Meanwhile, thanks!
Money missed is better than money lost
  • #3,302
  • Mar 27, 2008 2:38pm Mar 27, 2008 2:38pm
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
You are right, the three candles that follow the big one must be between the body (open/close).
  • #3,303
  • Mar 27, 2008 3:12pm Mar 27, 2008 3:12pm
Quoting Dahlia
Thanks for being so patient Golfer.

Sorry to be peppering you with all the questions. I'm just trying to get a handle on the system. I'm not only a newbie to the system, I'm also new to forex and trading.

I'll get there some day Meanwhile, thanks!
Hi Dah

No problem, please feel welcome. You need to understand the movement & signals. I think Phillip was really very tired of me (I am sure he was on the point of giving up with me) and all my questions but that was how I learned this system.

Go for it and don't give! I am still practising all the time.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,304
  • Mar 28, 2008 6:31am Mar 28, 2008 6:31am
Mixed level of difficulty today in the early London session. Made some nice trades, no losers so far, except a small loss in the EUR/JPY which would have been profitable minutes later...

http://www.xaron.net/dl/fx/2008/intr...jpy_280308.png

http://www.xaron.net/dl/fx/2008/intr...usd_280308.png

http://www.xaron.net/dl/fx/2008/intr...usd_280308.png

http://www.xaron.net/dl/fx/2008/intr...jpy_280308.png

Regards - Xaron
  • #3,305
  • Mar 28, 2008 8:25am Mar 28, 2008 8:25am
nice trades

how many pips were done?


Quoting Xaron
Mixed level of difficulty today in the early London session. Made some nice trades, no losers so far, except a small loss in the EUR/JPY which would have been profitable minutes later...


Regards - Xaron
  • #3,306
  • Mar 28, 2008 8:30am Mar 28, 2008 8:30am
Thanks!

About 50 pips for all pairs.

Regards - Xaron
  • #3,307
  • Mar 28, 2008 8:44am Mar 28, 2008 8:44am
Quoting mkain
I don't know FX sol platform, Golfer and I use metatrader for charts, you can download it here
http://www.metaquotes.net/
As all 5 min and 1 min charts are the same don't care about broker.
Download these indicators and save them in: C:\Programfiles\MetaTrader4\experts\indicators
And template (optonal) in:
C:\Programfiles\MetaTrader 4\templates
Just execute the template and change the SMA levels according to pairs if you follow Golfer settings.
Sir..that will b nice..if i can get t manual as well!!
  • #3,308
  • Edited 10:33am Mar 28, 2008 10:10am | Edited 10:33am
Quoting sonicdeejay
Sir..that will b nice..if i can get t manual as well!!
I don't have any special rules yet, so then work with Golfer's patterns and settings
http://www.forexfactory.com/showpost...postcount=2333
http://www.forexfactory.com/showpost...postcount=2334
http://www.forexfactory.com/showpost...postcount=3076
http://www.forexfactory.com/showpost...postcount=2766
I hope it helps.
  • #3,309
  • Mar 28, 2008 10:17am Mar 28, 2008 10:17am
Hello everyone!

I'm also new on this forum and new in trading. I also tried this system - and I have to say its working (for now )

Thanks for sharing it!!!
  • #3,310
  • Mar 28, 2008 11:16am Mar 28, 2008 11:16am
Made some scalps based on this system. Thanks a lot to Phil Nel and Golfer (for the specific rules).
  • #3,311
  • Mar 28, 2008 1:06pm Mar 28, 2008 1:06pm
I have been trading the 4 hour system with a live mini account for $.10 a pip with some success for a week now. I have been studying this system for a couple of days and decided today would be a good day to try it out. In MT4 I went up to file and logged out of my real account and into my practice account, loaded the PhilNelSignals expert (ty by the way) and I went hunting for a trade.

The alerts started popping up right away (very nice). A short on the audusd came up and I took it for 5 mini lots ($5 a pip). The pair moved 8 pips against me then started to move between -8 and -5 for the remainder of the candle. Following the rules (spread +6) my stop was at -11 so I left it alone.

I went hunting for another trade and found a long on the eurjpy. I entered my order for 5 mini lots, and pressed the buy button. Alert "You do not have the funds available for this trade", hmm thats not right my practice account should have over $10,000. So I look down to the account balance and I am in my real account, and I am down $40. Ahhhh

By now I am into the audusd trade 3 candles and it seems to want to go up. -10, -9, -4, -7, -2 (come on baby), -1 (just 1 more please), 0 (I almost broke the mouse I hit the close trade button so hard). I lived through my mistake, whew.

My take away from this is DOUBLE CHECK THE ACCOUNT PRIOR TO TRADING.
  • #3,312
  • Mar 29, 2008 1:37am Mar 29, 2008 1:37am
Quoting BillyZ
I have been trading the 4 hour system with a live mini account for $.10 a pip with some success for a week now. I have been studying this system for a couple of days and decided today would be a good day to try it out. In MT4 I went up to file and logged out of my real account and into my practice account, loaded the PhilNelSignals expert (ty by the way) and I went hunting for a trade.

The alerts started popping up right away (very nice). A short on the audusd came up and I took it for 5 mini lots ($5 a pip). The pair moved 8 pips against me then started to move between -8 and -5 for the remainder of the candle. Following the rules (spread +6) my stop was at -11 so I left it alone.

I went hunting for another trade and found a long on the eurjpy. I entered my order for 5 mini lots, and pressed the buy button. Alert "You do not have the funds available for this trade", hmm thats not right my practice account should have over $10,000. So I look down to the account balance and I am in my real account, and I am down $40. Ahhhh

By now I am into the audusd trade 3 candles and it seems to want to go up. -10, -9, -4, -7, -2 (come on baby), -1 (just 1 more please), 0 (I almost broke the mouse I hit the close trade button so hard). I lived through my mistake, whew.

My take away from this is DOUBLE CHECK THE ACCOUNT PRIOR TO TRADING.
Hi Billy

Don't worry, I made the same mistake. I even once entered 1 lot and 0.01 lot. Luckily I ended with 3pips profit.

I am sure you took very same EY long trade as me. I took two long trades just before the price came down. The one trade I entered way too early and I didn't wait for a pullback (and I know with the EY YOU MUST WAIT FOR THE PULLBACK). The second trade I entered on the pullback and got 10pips profit from it. The first trade I had exit for 30pips loss (had to leave the PC urgently and couldn't follow the trade). I'll post the chart later for somebody to learn from my mistake.

Like I said - I am also still learning.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,313
  • Mar 29, 2008 1:40am Mar 29, 2008 1:40am
Quoting Kameleon
Hello everyone!

I'm also new on this forum and new in trading. I also tried this system - and I have to say its working (for now )

Thanks for sharing it!!!

Hi Kam

I cannot say it enough - PLEASE don't trade every setup/pullback you see. Look for high probability setup - then this system will work with a very high success rate. You'll have the negative trade now and then.

Go for it!!!!!!!!!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,314
  • Mar 29, 2008 4:29am Mar 29, 2008 4:29am
Quoting Golfer
Hi Kam

I cannot say it enough - PLEASE don't trade every setup/pullback you see. Look for high probability setup - then this system will work with a very high success rate. You'll have the negative trade now and then.

Go for it!!!!!!!!!!!

I'm totally aware that there is no system that would guarantee 100% profit taking. There will be losses....I just hope there will be more profit :-)

And very thanks in advance for any help and good advice!!

Which pairs do you trade most?
  • #3,315
  • Mar 29, 2008 4:32am Mar 29, 2008 4:32am
and sorry for my not perfect english....I will try to do my best and I hope you will be able to understand what I'm trying to say :-)
  • #3,316
  • Mar 29, 2008 11:09am Mar 29, 2008 11:09am
Quoting Kameleon
I'm totally aware that there is no system that would guarantee 100% profit taking. There will be losses....I just hope there will be more profit :-)

And very thanks in advance for any help and good advice!!

Which pairs do you trade most?
Hi Kam

Only 3 pairs - EUR$, cable and Eurjpy. One should only follow and trade a few pairs and get familiar wih their movements and setups. See My Rules and Appendices as indicated on my signature.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,317
  • Mar 29, 2008 1:26pm Mar 29, 2008 1:26pm
We need to post negative trades so that people can see and learn. My first trade:

1. My entry was in what I called "No-man's land". No where near the war zone or any support line

2. No signal on the MACD - just an imagination from my side

3. Way too close to the R1 line

4. I was thinking (NEVER do that - trade what you see and NOT what you think/feel) that the pair is making a move upwards and the R1 will be broken easily. Looking back now, it is easy to how strong the resistance was.

Retrospectively - a real pathetic trade.

The second trade - must better according to My Rules resulting in 10pips profit.

Lession confirmed:

This system is a PULLBACK system and don't trade on the upward/down movement. Wait for the pullback and read the story.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080328 5min trades 1 & 2 jpeg.JPG Size: 107 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,318
  • Edited 2:11pm Mar 29, 2008 2:01pm | Edited 2:11pm
My 3rd trade on the EY yesterday - this one I took while I was sitting at the airport on my way down to the coast (George) for the weekend. I did the trade on my mobile phone and I saw the MACD (not very clear and not in colour) on my chart - what a beauty.

My entry was short and not long as indicated on the picture (sorry).

I took 14pips and after that I decided to change my strategy on my favourite pair (EY) a bit - because look at where she turned (and this is nothing new).

I'll test it and give feedback later (I am think about closing my trades on EY in two stages - half my position after 10pips and let the other half run or close at BE).

Mkain - just trade and picture is specially for you:

I saw on the Skype chat you don't really like the 34MA. Phillip suggested that I use the 34 on the EY (only - not on any other pair) because it tends to bounce off it more frequently. Also to see the nice spreading out of the MAs during the start of the movement to indicate a smooth take away. But if you don't like, so be it. DO what you feel confortable with (I do get tired of saying it but it is so true)
Attached Image (click to enlarge)
Click to Enlarge Name: 20080328 5min trades 3 jpeg.JPG Size: 107 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,319
  • Mar 29, 2008 4:59pm Mar 29, 2008 4:59pm
Been reading through the thread here since its beginning and figured I would post a chart once again.

Hope all is well with you, enjoying your post continually.

Ken

Chart - E/J 5 Minute From London Open Friday March 28th.

London takes the market upwards to a new high and a double top forms there at the Resistance area marked on my chart.

Then we see some noise for a few hours with a test of the support area which was resistance seen with the Orange circles left of chart.

My Ema's are also starting to show some downward movement possiblities, and finally a spike down when price dips below the 144 LWMA (red).

The price spikes upwards to the right orange circle to test the previous resistance that was seen earlier that day.

At the point of touching the 157.82 supp/res line, price takes off rapidly downward with a continual bearish 5 minute candle formation, which I like to see happen prior to the entry that took place later during the retracement.

I have the Gray circle showing the first support to be tested and price drops right through that support line on it's way down to the lower gray support circle, the price taps it perfectly and in just one hour and 100 pips we have a setup coming up.

Now we see support occur at the lower gray circle, price jumps up quickly to tap the upper support line which now becomes the resistance at 157.21, the nice point is that it retraces 35-40 pips which I like alot, then it also taps a support/resistance line, and thirdly it reaches the Yellow 21 EMA perfectly and calls me in to SHORT.

Now the target is simple enough, price has already predicted its final move, I take a short at the 157.21 line (21 EMA) and ride it down to the test of support at 156.79.

In the entire move every rule of entry and exit has been met, and with just two hours of trading we have a perfect trade fulfilled completing a 40 pip profit.

Hope this chart makes sense.

Click on chart to enlarge >>>>>
Attached Image (click to enlarge)
Click to Enlarge Name: EJ 5 Min Scalp.PNG Size: 49 KB
  • #3,320
  • Mar 29, 2008 5:15pm Mar 29, 2008 5:15pm
This is a closer look at the candles and the respect price puts on supp/res lines.

Cheers,

Ken
Attached Image (click to enlarge)
Click to Enlarge Name: EJ 5 Min Scalp Up close.PNG Size: 21 KB
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