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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #3,441
  • Apr 4, 2008 2:31pm Apr 4, 2008 2:31pm
Phillip!

Nice to see you back in the 5 min timeframe! Please come back often. We need you here too

Dahlia
Money missed is better than money lost
  • #3,442
  • Apr 4, 2008 9:18pm Apr 4, 2008 9:18pm
Quoting CycleTrader
The help given by Philip, Golfer and the others in this thread is tremendous! The tutorials/charts; I have never seen a community so willing to share and help, as freely as you all do.

My hat is off to all of you.

There is a lot of talk about this system and the "Four hour" system and their similarities. Which should I learn first? If it matters, I plan to focus on just the EURUSD and I am able to be in front of the computer during most all of the US hours.

Thank you,

CT
I believe 4H first,
because you would learn market rhythm there,
that is important

dhalsim
Success is the small sum of efforts, repeated day in and day out.
  • #3,443
  • Apr 5, 2008 12:48am Apr 5, 2008 12:48am
Here is a pattern you'll see frequently on he pullback - smooth round top caused by lower highs on candles as they made the way towards the war zone.

Be careful, a no-go for me.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080404 round top bad setup jpeg.JPG Size: 99 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,444
  • Apr 5, 2008 1:27am Apr 5, 2008 1:27am
Quoting Phillip Nel
Info
Thanks Phillip,
today I got a 22 pips loss,
but I think I know the reason,
and I anticipate your mp3 for several days on 4H thread,
finally it comes here!
now I would trade 5 min system more confidently,
this week, I made 10 trade on different time frame, only one negative,
I learned a lot from the 4H MACD thread, especially the market rhythm!
Thanks again!

by the way, who can type the mp3 file,
could not got the spoken English thoroughly
Success is the small sum of efforts, repeated day in and day out.
  • #3,445
  • Edited 3:00am Apr 5, 2008 2:41am | Edited 3:00am
Warning signals you should be aware of:

1. Head and shoulder formation

2. SMooth round top

Do not consider an entry on the bounce of 21 as indicated

I did enter just before the formation of second shoulder resulting in a 20pip loss. My entry was on that bounc off my small supporty line during the formation of the second shoulder and it didn't reach my profit target - just to show you my negative trades as well.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080404 5min loser market 1jpeg.JPG Size: 100 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,446
  • Apr 5, 2008 2:52am Apr 5, 2008 2:52am
I got a few signal in this setup telling me to pull the trigger.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080404 5min trade 1jpeg.JPG Size: 95 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,447
  • Apr 5, 2008 3:05am Apr 5, 2008 3:05am
Another example using signals in the setup to take the trade
Attached Image (click to enlarge)
Click to Enlarge Name: 20080404 5min trade 2 jpeg.JPG Size: 108 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,448
  • Apr 5, 2008 3:11am Apr 5, 2008 3:11am
I had two 1min trades after the NFP release. I don't really like the 1min system because I got burned too many times. That is why my entries were so late - I was waiting to make sure about the pullback and the bounces of the 10 and 21MA as indicated. Both trades resulted in nice profits.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080402 5min trade 4 1min news.JPG Size: 95 KB
Click to Enlarge Name: 20080404 5min trade 3 1min news.JPG Size: 93 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,449
  • Apr 5, 2008 3:14am Apr 5, 2008 3:14am
That's great to see this thread still actively, Philip is a genius who creats so many great strategies to trade with.

In my opinon, 5min is an asistant tool with 4h strategy. I consider 4h as the base of my trading method, just like the rocks in the river, which give you the pivot to stand on. I sometimes use 5min to catch a trend in 4h that is not easy to enter, such as too big sl to enter but it is absolutely a good chance or miss the enter point and the trend has started already.

The best signal is GJ which has formed a TC, and good r/s there, but the SL is too big to enter, then I can use 5min. From my experience, Philip's 3MAs of 5min is a little late for GJ, I mean, if the zone of MAs a little bigger, it is much better to let the retracement of price into the zone. At most time, GJ's retracement is a little outside or just touch the 10ema but it continues its trend. Hope I express myself clearly.

I have asked Philip when is the best time to enter 5min when the MAs has divergenced already. His opinion is same as mine, which is the second one.

I also othen use 5min as a more useful TF to observe the trend which I had catched already using 4h strategy. I mean use 5min to determine my 1 or 2TP. I think you all have the experence that sometimes that price go suddenly in a long distance in 5min, that means this is not a good opportunity to trade 5min here, or flatness at 5min which tells you that the trend has finished in a time. Then I can deside whether quit some lots at this case.

For example, I remember I entered a TC at EU, in not a long time, the price went down dozens of pips in 5min chart, more than my 1 TP plan 25pips, so I quit a half lots at this point before price retraced lots of pips.

I don't think there is much more neccessary to use MACD in 5min chart, Philip. This is an art to use all your strategies together, 5min is the shortest TF to observe the market, I find this is absolutely interesting. Thanks again for our master to creat such good tools

Hope you can understand me who is not a native English speaker. Is there a 5min chatting room in skype? If it has, please add me, my skype is wangzehua83. Thanks.
Plan your trades and trade your plans
  • #3,450
  • Apr 5, 2008 6:08am Apr 5, 2008 6:08am
Quoting CycleTrader
The help given by Philip, Golfer and the others in this thread is tremendous! The tutorials/charts; I have never seen a community so willing to share and help, as freely as you all do.

My hat is off to all of you.

There is a lot of talk about this system and the "Four hour" system and their similarities. Which should I learn first? If it matters, I plan to focus on just the EURUSD and I am able to be in front of the computer during most all of the US hours.

Thank you,

CT
If you can only watch most of the US session you are in the same boat that I was in before I could make some deals during the London session. The US session is difficult if you live in South Africa and do a day job only getting home at 16:00 GMT. Most of the news are allready out by then and most moves has allready started. The 5min is then difficult as the price has allready moved by 16:00GMT most of the times if there were news moving it. I use to trade only the 5min and the 4Hour at 16:00 and 20:00 candles as well as the 04:00 candle if there was a possibility of a setup there. So you can do a mix of both but remember trading the 5min after 16:00GMT is difficult. You also WILL HAVE to be VERY disiplined as to not trade signals that are not very sure as to give you the edge. Learn which good setups(how they look) gives positive pips in the past by backtesting and trade only that type of setups. In the beginning it will mean maybe 50pips per month but as you grow you will make more pips as your management skills develops and your discipline also improves. Hope this has answered you.
Phillip
  • #3,451
  • Apr 5, 2008 10:56am Apr 5, 2008 10:56am
Quoting CycleTrader
The help given by Philip, Golfer and the others in this thread is tremendous! The tutorials/charts; I have never seen a community so willing to share and help, as freely as you all do.

My hat is off to all of you.

There is a lot of talk about this system and the "Four hour" system and their similarities. Which should I learn first? If it matters, I plan to focus on just the EURUSD and I am able to be in front of the computer during most all of the US hours.

Thank you,

CT
Hi CT

Now I can share my experience as a learner wih you:

I started with the 4h system but was too fixed on the MACD signals that I missed the entire picture of the 4h MACD system. I just couldn't get the grasp of the system. So I started with the 5min system which was (at that stage) focused on the price movements around the moving averages. So it was easier for me to see the bigger picture.

Only afterwards I realised that the 2 systems are based on the very same principles.

My opinion:

The 5min is moving very fast with fast signals - so you can get a great idea (much quicker)about the price movements/rhyhtm of the market. SO you get in and out very quickly with less pips. But it is not for the very day trader and it is very risky. It took me more than 1 year to get to terms with Phillip's min system and like anything in trading - nothing comes easy. You need to work for it.

The 4h system is must more slower (that was why I coulndn't get the grasp of it initially - too slow for me because I was use to scalping on short time frames) and you have more than enough time to read the markets and get the bigger picture.

So, it will all depend on what type of trade you are and how you want to learn trading with Phillip's system.

I am glad I started with the 5min system and now moving on the 4h system. Other people might like it the other way around. Just decide what kind of trader you are and what your system you personality should suite.

Good luck with the decision
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,452
  • Apr 6, 2008 6:42am Apr 6, 2008 6:42am
Quoting Golfer
I had two 1min trades after the NFP release. I don't really like the 1min system because I got burned too many times. That is why my entries were so late - I was waiting to make sure about the pullback and the bounces of the 10 and 21MA as indicated. Both trades resulted in nice profits.
i was watching m1 chart after news , but i didnt feel good with the movment and dont enter. i used t enter in the initial direction befor but this time price went back all the way down even below the start of movment and H1 closed like a dogi ,so i didnt involved.
anyway , happey to see u use m1 chart nad happy about your profit on it
  • #3,453
  • Apr 7, 2008 4:17am Apr 7, 2008 4:17am
Good morning. Got my 1% of balance today.

EUR/JPY
#1:
Long at 160.822 with 100,000 units
Partially closed with 60,000 units at 160.835 (got some slippage here, should had been around 6 pips): +1.3 pips
Closed at 160.881: +5.9 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_070408.png

EUR/USD
#1:
Short at 1.56577 with 100,000 units
Closed at 1.56729: -15.2 pips
#2:
Long at 1.56843 with 100,000 units
Closed at 1.56979: +13.6 pips

http://www.xaron.net/dl/fx/2008/intr...usd_070408.png

GBP/USD
#1: Smooth pullback, but I did set the SL to fast to BE
Short at 1.98708 with 100,000 units
Closed at BE: +1.0 pips
#2:
Short at 1.98576 with 100,000 units
Closed at BE: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...usd_070408.png

USD/JPY
#1: Entry was a little bit too late
Long at 102.595 with 100,000 units
Partially closed with 60,000 units at 102.665: +7.0 pips
Remaining 40,000 units closed at 102.843 (WOW, I've sold at the top!): +24.8 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_070408.png

Regards - Xaron
  • #3,454
  • Apr 7, 2008 6:48am Apr 7, 2008 6:48am
Fist of all, congratulations Xanon u are doing your job day by day, although I think u r too agressive...maybe your experience can tell you things that i canīt hear.

Iīve one doubt: Iīm using MACD colored im my chars, the defaut set-up is 5,13,1, but iīve seem that im E/Y it never shows a smooth TC patterns, have i to take another set-up for this or other pair?

Thankīs

Suba
  • #3,455
  • Apr 7, 2008 7:14am Apr 7, 2008 7:14am
Quoting Suba
Fist of all, congratulations Xanon u are doing your job day by day, although I think u r too agressive...maybe your experience can tell you things that i canīt hear.
Thanks! Yes, I'm very aggressive, try to pick up the early setups. I often look at the higher timeframes as well to avoid entering a long position below a resistance in the hourly chart for instance.

Time will tell if I can continue that way.

Regards - Xaron
  • #3,456
  • Apr 7, 2008 9:52am Apr 7, 2008 9:52am
Really nice job, Xaron!!

Where do you come from and when do you trade mostly? Which market do you think is the best? Asia, NY or London?

I whish you lot of pips in future!!
  • #3,457
  • Apr 7, 2008 10:44am Apr 7, 2008 10:44am
The triangle mentioned on Skype
Attached Image (click to enlarge)
Click to Enlarge Name: 20080407 triangle.gif Size: 29 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,458
  • Apr 7, 2008 10:56am Apr 7, 2008 10:56am
Quoting Suba
Fist of all, congratulations Xanon u are doing your job day by day, although I think u r too agressive...maybe your experience can tell you things that i canīt hear.

Iīve one doubt: Iīm using MACD colored im my chars, the defaut set-up is 5,13,1, but iīve seem that im E/Y it never shows a smooth TC patterns, have i to take another set-up for this or other pair?

Thankīs

Suba
Hi SUba

That is Xaron's style and it is working for him. He is still using the basic principles of Phillip's system. His style won't work for me but he is successful.

My advice:


1. Look at how other traders are doing it - the reason why I want members to post their charts so that we can look at why did they enter (reasoning).

2. Then you need to see what is working for you within this system and use it to your advantage.

3. Do not try and copy somebody's else style.

4. Ask members for clarification on their decisions so that you can understand Bullet 1.

Good luck.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,459
  • Apr 7, 2008 2:32pm Apr 7, 2008 2:32pm
Thanks Kameleon!

I'm from Germany and trade mainly the early London session up to the beginning of the NY session. The asia session works sometimes, too but at this time I still sleep.
Actually I don't know the late NY session and don't trade it.

Thanks Golfer as well! You're right. This approach isn't for everyone.

Regards - Xaron
  • #3,460
  • Apr 7, 2008 2:55pm Apr 7, 2008 2:55pm
Just one addition: The key to my success is the stop loss. I often was right in the past but my stop loss was too tight. I use a fix stop of 30 pips now to give the trade some room to breath. BUT: That doesn't mean I let my position run to the stop. If I'm wrong I get out.

So that way my stop is often higher than my take profit. That's why I close almost half of my position around 10 pips and let the second half run. I set the stop always below the last recent low (in up trends). Thanks Willem pointing me to this (partially close).

edit: Personally I don't like too much indicator stuff. I've traded something similar before Phil has posted this. Just enter in pullbacks during trends (higher highs, higher lows and vice versa). But thanks to Phil and Willem my trading became better.

Another thing (I've already posted earlier): I only enter in the war zone if there was a higher high / lower low before! That's important and a good trend confirmation! The speed of the movement (the momentum) is important as well. You can't see this on static charts...

Regards - Xaron
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