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5Min Intraday System

  • #3,401
  • Apr 3, 2008 10:35am Apr 3, 2008 10:35am
My 3rd trade of the day on EUR using the classic 2-candle entry as described/ruled by Phillip. 10pips in the bank
Attached Image (click to enlarge)
Click to Enlarge Name: 20080403 5min trade 3 jpeg.JPG Size: 101 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,402
  • Apr 3, 2008 10:40am Apr 3, 2008 10:40am
Then my 4th trade on the EY - what I thought was a TC being formed. 10pips profit from it at the end.
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Click to Enlarge Name: 20080403 5min trade 4jpeg.JPG Size: 111 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,403
  • Edited 11:07am Apr 3, 2008 10:49am | Edited 11:07am
I've decided to to do this trade on cable in series of 4 pictures to show people how a classic trade (ascending triangle) develops. It is always nice to see pictures of trades but I think I need to post one to see how it develops. I hope it helps.

Part 1 & 2.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080403 5min trade 5jpeg.JPG Size: 111 KB
Click to Enlarge Name: 20080403 5min trade 5ajpeg.JPG Size: 108 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,404
  • Apr 3, 2008 11:05am Apr 3, 2008 11:05am
Here is part 3 & 4 of the trade
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Click to Enlarge Name: 20080403 5min trade 5cjpeg.JPG Size: 103 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,405
  • Apr 3, 2008 11:37am Apr 3, 2008 11:37am
Quoting Golfer
My 3rd trade of the day on EUR using the classic 2-candle entry as described/ruled by Phillip. 10pips in the bank
hi, Willem
for the post, what is 2-candle entry, did you enter when it touch 21 MA?
could you explain it or find a post related to it?
thanks

Dhalsim
Success is the small sum of efforts, repeated day in and day out.
  • #3,406
  • Apr 3, 2008 11:47am Apr 3, 2008 11:47am
Quoting dhalsim
hi, Willem
for the post, what is 2-candle entry, did you enter when it touch 21 MA?
could you explain it or find a post related to it?
thanks

Dhalsim
Hi Dhal

Is it all explained in My Rules and appendices.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,407
  • Apr 3, 2008 11:54am Apr 3, 2008 11:54am
thanks to Golfer on skype
I got some pips here and would like to go to sleep now.
pips with you!

Dhalsim
Attached Image (click to enlarge)
Click to Enlarge Name: 08403eurjpy1.gif Size: 23 KB
Success is the small sum of efforts, repeated day in and day out.
  • #3,408
  • Edited 12:26pm Apr 3, 2008 11:56am | Edited 12:26pm
Quoting Golfer
Hi Dhal

Is it all explained in My Rules and appendices.
I am not a native of English,
so I have read but I did not know your rules thoroughly,
I will read and find it tomorrow,
thanks!

Dhalsim
Success is the small sum of efforts, repeated day in and day out.
  • #3,409
  • Apr 3, 2008 2:46pm Apr 3, 2008 2:46pm
Quoting dhalsim
I am not a native of English,
so I have read but I did not know your rules thoroughly,
I will read and find it tomorrow,
thanks!

Dhalsim
Hi Dalh

No problem, I'll see if I can get an example while we are live on Skype and we can go through it. Like I am doing with the other setups on Skype as well - explain what I am looking for while a setup is developing. If the trade is not too quick - like the 20sec trade for 10pips today:

[04:37:22 PM] Willem Kruger says: Entry was on the opening of three candles ago right on the 10 - perfect. More than enough pips to the previous high which is right on the big number
[04:39:49 PM] Willem Kruger says: 20 sec for 10pips on EUR
[04:40:14 PM] Willem Kruger says: Bounce off the S1 with higher lows
[04:41:29 PM] Willem Kruger says: EUR - lets see for a pullback back to the M2 line @ 5604
[04:42:34 PM] Willem Kruger says: EUR - I am sure there is enough momentum to take it to pivot line @ 5636
[04:55:00 PM] Willem Kruger says: Eur - and there we have the bounce
[05:05:00 PM] Willem Kruger says: EUR - as expected, bounce off the daily pivot
[05:05:29 PM] Willem Kruger says: Isn't this a beautiful system of what?
[05:06:19 PM] Willem Kruger says: EUR - ?next bounce of the 10 to break the daily pivot level?
[05:12:05 PM] Willem Kruger says: EUR - in line for bearish 3 formation
[05:12:26 PM] Willem Kruger says: EUR - waiting for 10 to catch up with price
[05:13:40 PM] Willem Kruger says: EUR - missed it
[05:21:30 PM] Willem Kruger says: EUR - now for a pullback to the pivot line
[05:34:52 PM] Willem Kruger says: EY - lets see if she can recover and give us a bounce or two
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,410
  • Apr 3, 2008 2:52pm Apr 3, 2008 2:52pm
....DONE!...

Now to review all my notes...

Golfer: I see that in some of your more recent charts you have 4 moving averages plotted, can you fill us in on the 4th one?

Also, your logic on seeing a 4 to 5 pip profit on the 5min as being the same as a 25 pip profit on the 4hr should be everyone's mantra here. The smaller your timeframe the smaller your pip target.

I'm looking forward to using this as a stand alone 5min method and in conjunction with the 4hr method. When the 4hr is rangebound and narrowing that down to the 1hr and possibly using the 5min for entries on the 1hr s/r areas (during the range) can be a great addition. Also, when the 4hr is running on the 8, using the 5min for those areas. I realize that the 4hr moves too much to use the 5min for entries, it's the specific areas of the 4hr method that the 5min method could be used to zero in on. Not catch the turn of the 4hr area, but as usual, let it develop first and use the 5min to 'ride along'...

Looking forward to this....
  • #3,411
  • Apr 3, 2008 3:30pm Apr 3, 2008 3:30pm
Just started following the thread and have read the first 40 pages.

I can't seem to find where some of you decided to add the MACD and how you are using it with this strategy.

Any help is appreciated.

Thanks,

CT
  • #3,412
  • Edited 3:49pm Apr 3, 2008 3:40pm | Edited 3:49pm
Quoting CycleTrader
Just started following the thread and have read the first 40 pages.

I can't seem to find where some of you decided to add the MACD and how you are using it with this strategy.

Any help is appreciated.

Thanks,

CT
Here you are:
http://www.forexfactory.com/showpost...postcount=3076
Macd is used since page 197.
  • #3,413
  • Apr 4, 2008 1:12am Apr 4, 2008 1:12am
Quoting Golfer
Hi Dalh

No problem, I'll see if I can get an example while we are live on Skype and we can go through it. Like I am doing with the other setups on Skype as well - explain what I am looking for while a setup is developing. If the trade is not too quick - like the 20sec trade for 10pips today:
Great! I read through the rules,
but I am still confused about it,
waiting for more examples

Dhalsim
Success is the small sum of efforts, repeated day in and day out.
  • #3,414
  • Apr 4, 2008 2:44am Apr 4, 2008 2:44am
No trades from me today. I've got burned several times on NFP days so I stay out today.

Regards - Xaron
  • #3,415
  • Apr 4, 2008 2:50am Apr 4, 2008 2:50am
Hi,

I have a short question. Is the clean system from post #1 still accurate and up to date? Quite frankly I'm too lazy to read all the 3400 comments of the thread...
  • #3,416
  • Apr 4, 2008 3:40am Apr 4, 2008 3:40am
In general, yes. But I use a wider stop of 30 pips.

Check out page 156 & 206 for Golfer's rules.

Regards - Xaron
  • #3,417
  • Apr 4, 2008 5:27am Apr 4, 2008 5:27am
Quoting Palmer
....DONE!...

Now to review all my notes...

Golfer: I see that in some of your more recent charts you have 4 moving averages plotted, can you fill us in on the 4th one?

Also, your logic on seeing a 4 to 5 pip profit on the 5min as being the same as a 25 pip profit on the 4hr should be everyone's mantra here. The smaller your timeframe the smaller your pip target.

I'm looking forward to using this as a stand alone 5min method and in conjunction with the 4hr method. When the 4hr is rangebound and narrowing that down to the 1hr and possibly using the 5min for entries on the 1hr s/r areas (during the range) can be a great addition. Also, when the 4hr is running on the 8, using the 5min for those areas. I realize that the 4hr moves too much to use the 5min for entries, it's the specific areas of the 4hr method that the 5min method could be used to zero in on. Not catch the turn of the 4hr area, but as usual, let it develop first and use the 5min to 'ride along'...

Looking forward to this....
Hi Palmer

The suggestion to add the 34 EMA came from Phillip. I used it for two reasons as suggested by Phillip:

1. The EY tends to bounce off it more regularly

2. You can see how nice the MAs are spreading out if a small trend is starting to form
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080404 ey bounce 34jpeg.JPG Size: 97 KB
Click to Enlarge Name: 20080404 ey bounce 34ajpeg.JPG Size: 108 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,418
  • Apr 4, 2008 5:36am Apr 4, 2008 5:36am
Hi Golfer,

Can you please add me to your skype forum.
My Sky ID is svirgo1690

Thanks
  • #3,419
  • Apr 4, 2008 6:32am Apr 4, 2008 6:32am
Quoting Xaron
No trades from me today. I've got burned several times on NFP days so I stay out today.

Regards - Xaron
Hi X

I was waiting for your trades, always good lessons....

What means "NFP days"?

Thanks
Suba
  • #3,420
  • Apr 4, 2008 6:40am Apr 4, 2008 6:40am
Thanks Suba!

NFP: Nonfarm Employment Change news at 08:30

These kind of news days (always on friday) are very unpredictable. There might be possible trades but I stay out. Will be back on monday.

BTW: I use only the 3 moving averages not the MT4 indicator stuff nor the MACD. It's too much for me.

Regards - Xaron
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