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5Min Intraday System

  • #3,581
  • Apr 16, 2008 12:56pm Apr 16, 2008 12:56pm
Quoting Bag Lady
I've just finished reading through the entire thread

It's a fantastic read, thoroughly recommend it to anyone new here. There is no short cut to success, you must put the time in and the effort and do your research for yourself!

A massive pat on the back and big hugs go out to Willem, but also Phillip, Xaron, Mkain, bshadroo, Dhalsim, Emacro, Eyevoltage... the list is too long, but you should know who you are! Thanks for all your hard work and commitment to all of our futures. May your bags overflow with pips!

Look forward to joining in when and where I can,
Rebecca,x.
thx rebeca.actually i would say speciall thanks to golfer(willem).he tries hard for this system(thread) and my account is in an uptrend since i joined phillips H4 and m5 systems and i'll post my balance chart soon .(to decide where to buy it: )
we have a wonderfull organization here and i belive one cannot succes in forex alone and once he starts to share his ideas ,he starts to learn and starts to make money.
  • #3,582
  • Apr 16, 2008 3:15pm Apr 16, 2008 3:15pm
I saw this setup just before I had to leave my PC for a meeting. So I enter and activated Yannis' EA. About 2 hours later I saw my 1st half was closed after 12pips (as set on EA). And my SL was following the 21MA.

Yannis - EA looks good so far. It even gives you the exact number of pips taken (12pips/2 = 6pips for first exit)

I exit the second half manual after a double bottom was formed - EA indicated 16pips (32pips/2).

The setup was one of the best this week except for 1 or 2 signals (as mentioned on the chart). Lately I am also looking at areas of consolidation and/or triangle. Then I'll wait for a breakout and then for the pullback to the support/resistance lines. Then enter on the bounce back in the direction of the breakout.

Just like this trade - all 3 charts are the same trade.

What a great setup.
Attached Image(s) (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,583
  • Apr 17, 2008 1:23am Apr 17, 2008 1:23am
Quoting Bag Lady
I've just finished reading through the entire thread
Wow! My respect! That must had been hard...

Regards - Xaron
  • #3,584
  • Apr 17, 2008 1:42am Apr 17, 2008 1:42am
Quoting Dahlia
Xaron,

Your profits seem to be in odd pip increments: 8.6, 7.9, etc... I guess you're not following the "move to BE at 6 pip gain, then TP at 10 pips". How are your moving your stops? At what increments? Do you move them according to the latest resistance? If not, by what criteria are you planning your stops and exits?

Thanks!
Dahlia
That's right. I don't use a TP and I don't set the stop to BE after 6 pips, only sometimes. I set the stop to BE after I've closed the first half of my position (try to reach 10 pips here). After that I trail the stop for the second half below the last recent low.

Regards - Xaron
  • #3,585
  • Apr 17, 2008 1:44am Apr 17, 2008 1:44am
[quote=Xaron;1953911]Wonko, old friend.

No, I don't look at candle formations. For me they don't say anything in this short timeframe - they're just not reliable (for me).

hi
as u know phillip and golfer use the MACD indicator as a powerfull help/confirmation for entry in m5 and the MACD colors are very depend on the candle closing and ofcourse the shape of candles or we can say candle stick and if the candle formation is not reliable ,macd signals are not reliable too.i myself find candle formation in m5 very usefull .(tails,dojies,hanging mans,...)
so... whats the right answer? what do u think willem?
  • #3,586
  • Apr 17, 2008 1:58am Apr 17, 2008 1:58am
so... whats the right answer? what do u think willem?[/quote]

Hi bshadroo, I can't answer for Willem but I would say the right answer is what works for an individual trader. Xaron is clearly very successful in his trading style, which he admits is probably more aggressive than most. I'm with you and prefer to use candle formations and MACD to tell me the story of a set up in order to let me know how reliable it is.

There is no right or wrong way in terms of application of a system, because it has to suit each individual trader. You are also a successful trader, but if you were forced to trade Xaron's methods and he was forced to trade yours, you'd both probably end up with horrible losses!

Rebecca,x

PS, thanks so much for the welcome, I look forward to joining this wonderful community more regularly in the future. I'll also be at the 4hr thread from time to time. It feels like my family has just got bigger and better and stronger, thank you!
May all your pips grow into great big fruitful trees
  • #3,587
  • Apr 17, 2008 2:05am Apr 17, 2008 2:05am
Quoting bshadroo
hi
as u know phillip and golfer use the MACD indicator as a powerfull help/confirmation for entry in m5 and the MACD colors are very depend on the candle closing and ofcourse the shape of candles or we can say candle stick and if the candle formation is not reliable ,macd signals are not reliable too.i myself find candle formation in m5 very usefull .(tails,dojies,hanging mans,...)
so... whats the right answer? what do u think willem?
The right answer is that there is no right answer. What does work for one doesn't work for another one. Personally I try to keep it simple as possible and don't want to use many indicators...

Regards - Xaron
  • #3,588
  • Apr 17, 2008 3:05am Apr 17, 2008 3:05am
Quoting Bag Lady
so... whats the right answer? what do u think willem?
Hi bshadroo, I can't answer for Willem but I would say the right answer is what works for an individual trader. Xaron is clearly very successful in his trading style, which he admits is probably more aggressive than most. I'm with you and prefer to use candle formations and MACD to tell me the story of a set up in order to let me know how reliable it is.

There is no right or wrong way in terms of application of a system, because it has to suit each individual trader. You are also a successful trader, but if you were forced to trade Xaron's methods and he was forced to trade yours, you'd both probably end up with horrible losses!

Rebecca,x

PS, thanks so much for the welcome, I look forward to joining this wonderful community more regularly in the future. I'll also be at the 4hr thread from time to time. It feels like my family has just got bigger and better and stronger, thank you! [/quote]
thx forthe answer but with all do i respect u im afraid i should disagree with u
i wanna tell u a real story ,i saw a very successful trader when i started to trade forex.he wins about 500$ in day (trading more than 1lot)and every body was saying he is very strong ,smart... and he had his own style .and also people say if u use his style maybe u cannot be successful (just like u said) and so on.but what was his trading style? he didnt use stoploss and thats it.market was range when he was doing this and he was opening a position and when he went in profit he was closing it.even he used to ading to his position is loss(loss average) but he was making alot of money .i was a new trader on that time and had no experience about markets huge movments and then i started to not to use stoploss like him.i was successful at the begining but then...
look at the silver's chart from oct.2005 to may.2006 ,unfortunetly he loose about 1million dollar with adding to his sells around that area and now he is living like a dead body(im really really sorry for him ).me also loose 2000$ when audusd broken up the 0.8 level with adding to my loosing position.
and .... what happend at the end ? a very successful trader/strategy become a bankruped person .
so i beleive there are some imoprtant rules in forex world and we should follow then to be successful (maybe candlestick is one of them ,im really not sure) but what im sure is ,we cannot say some persons system is good just because he makes money now.
Xaron:this story is a generall speaking thing ,hope u dont fall in a missunderstanding my friend .i see u making money and im very happy about this and im learning alot from ur trades.
  • #3,589
  • Apr 17, 2008 3:23am Apr 17, 2008 3:23am
Yep, trading without a stop is dangerous. It's possible if you use low leverage and go with the fundamentals...

Regards - Xaron
  • #3,590
  • Apr 17, 2008 3:32am Apr 17, 2008 3:32am
What a very sad, cautionary tale. Money management is critical, whatever system or strategy you use. Protecting your account needs to be the first, second, and third thing on your mind! Your strategy must suit your personality, but your personality must suit forex. It's not easy money or a get-rich-quick scheme. It should really be steady and controlled. Always evaluate and analyse your winners and your losers, and your break evens. Most important, always analyse and evaluate your emotions before, during, and after your trades. Stay in control.
May all your pips grow into great big fruitful trees
  • #3,591
  • Apr 17, 2008 3:58am Apr 17, 2008 3:58am
closed it for +10pips
Attached Image (click to enlarge)
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  • #3,592
  • Apr 17, 2008 5:02am Apr 17, 2008 5:02am
Nice one bshadroo, my chart looked slightly different and the sma angle indicator was still in the no-trade zone so I let it go. Then I saw a descending triangle and missed the next one out too!! (the chart below shows the descending triangle as looking a bit squashed, but on my full screen it had a much steeper decline from the top left! honest!! I was using a visual flat base to the triangle, you can see it horizontally across the region 1.5947-ish). Once it had broken, I thought I'd wait for a retrace and get in a small position if possible in case of attack on the 1.6000. I think that will be a tough nut to crack though!
Attached Image
May all your pips grow into great big fruitful trees
  • #3,593
  • Apr 17, 2008 5:11am Apr 17, 2008 5:11am
Once the descending triangle had broken upwards, it retraced quickly back to the break point. It then looked like a possible bullish 3 pattern emerging so I prepared for possible entry - see first chart below.

But then I noticed the divergence on the MACD against the highs of the chart (HH on chart, double top on MACD = bearish divergence) and so left it alone again. See second chart below. The charts are a bit squashed looking but if you use a bit of imagination you can hopefully see what I mean

My charts look a lot easier to see on my screen, thankfully!! Hope this helps new folks in chart analysis as possible patterns are developing and then collapsing... it's watching a story unfold in front of your eyes in real time, and it's much, much harder than looking at a story in hindsight!

This is not necessarily the right way for you to look at charts, just the way I do it. Hope it helps?

Rebecca,x.
Attached Images
May all your pips grow into great big fruitful trees
  • #3,594
  • Apr 17, 2008 5:37am Apr 17, 2008 5:37am
What can I say, target reached, about 2% today.

EUR/JPY
#1: Bah, why did I close that trade so early? One thing to learn...
Long at 162.829
1st half closed at 162.891: +6.2 pips
2nd half closed at 162.943: +11.4 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_170408.png

EUR/USD
#1:
Long at 1.59567
1st half closed at 1.59648: +8.1 pips
2nd half closed at BE: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...usd_170408.png

USD/JPY
#1:
Short at 101.872
1st half closed at 101.816: +5.6 pips
2nd half closed at BE: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_170408.png

Regards - Xaron
  • #3,595
  • Apr 17, 2008 5:52am Apr 17, 2008 5:52am
Schöne Trades. Dass der EURJPY gleich so dermaßen über den SP schießt...

Nice Trades. You can´t know that EURJPY shoots over the SP.
Don´t live for working, but work for living.
  • #3,596
  • Apr 17, 2008 6:04am Apr 17, 2008 6:04am
Thanks, matsf! You're right but usually I don't close the second half of my position but trail the stop...

Regards - Xaron
  • #3,597
  • Apr 17, 2008 6:18am Apr 17, 2008 6:18am
I will read through this thread at the weekend, because it seems very interesting for me and my strategy.
Then i hope i can take part and show some trades and charts.

Keep up that great work.
Don´t live for working, but work for living.
  • #3,598
  • Edited 7:06am Apr 17, 2008 7:04am | Edited 7:06am
Hi Guys

Just wanted to ask for any tips after my first -10 pip trade this morning.

I must say that I am working Phillip's original theory with the 3 MA's and "closing my eyes and going for it" as I have often seen one candle dip into the zone and then back out in my direction. (of course, i didn't trade those )

I entered the trade on the 10.45am candle (UK) @ 1.5964 after spread with a 10 pip SL and you can see what happened. I'm not concerned as I can see the strategy works from you more experienced guys, but would be interested in your thoughts please.

I considered entering the GBPUSD on the 11.40am candle, but of course didn't!

I guess I just need to get sorted mentally - 90% is phsycological, the rest is in your head!!

Can anyone tell me how many posts you need before you can post your charts?

Cheers

Fernie
  • #3,599
  • Apr 17, 2008 7:13am Apr 17, 2008 7:13am
Quoting Bag Lady
Once the descending triangle had broken upwards, it retraced quickly back to the break point. It then looked like a possible bullish 3 pattern emerging so I prepared for possible entry - see first chart below.

But then I noticed the divergence on the MACD against the highs of the chart (HH on chart, double top on MACD = bearish divergence) and so left it alone again. See second chart below. The charts are a bit squashed looking but if you use a bit of imagination you can hopefully see what I mean

My charts look a lot easier to see on my screen, thankfully!! Hope this helps new folks in chart analysis as possible patterns are developing and then collapsing... it's watching a story unfold in front of your eyes in real time, and it's much, much harder than looking at a story in hindsight!

This is not necessarily the right way for you to look at charts, just the way I do it. Hope it helps?

Rebecca,x.
Hi Rebecca.
Just for ease my curiosity those arrows are from Ema cossover signal that I posted days ago?
It seems yours gives too many signals.
My chart
Attached Image (click to enlarge)
Click to Enlarge Name: chart4.gif Size: 19 KB
  • #3,600
  • Apr 17, 2008 7:21am Apr 17, 2008 7:21am
Quoting Fernie
Hi Guys

Just wanted to ask for any tips after my first -10 pip trade this morning.

I must say that I am working Phillip's original theory with the 3 MA's and "closing my eyes and going for it" as I have often seen one candle dip into the zone and then back out in my direction. (of course, i didn't trade those )

I entered the trade on the 10.45am candle (UK) @ 1.5964 after spread with a 10 pip SL and you can see what happened. I'm not concerned as I can see the strategy works from you more experienced guys, but would be interested in your thoughts please.

I considered entering the GBPUSD on the 11.40am candle, but of course didn't!

I guess I just need to get sorted mentally - 90% is phsycological, the rest is in your head!!

Can anyone tell me how many posts you need before you can post your charts?

Cheers

Fernie
You can post your charts whenever you want just click in "attachments" (in tool bar next to smiling icon) and upload image while you are posting.
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