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5Min Intraday System

  • #3,741
  • May 2, 2008 3:40am May 2, 2008 3:40am
Good morning, made 0.7% today, very slow and choppy market. I'll stay out now because of NFP...

EUR/JPY
#1: Got out luckily with a small loss. My stop loss was only 0.5 pips away from the low!
Long at 162.112
Closed at 162.077: -3.5 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_020508.png

EUR/USD
#1:
Long at 1.54691
Closed at 1.54701: +1.0 pips
#2:
Short at 1.54604
1st half closed at 1.54504: +10.0 pips
2nd half closed at 1.54694: +1.0 pips
#3:
Long at 1.54690
1st half closed at 1.54769: +7.9 pips
2nd half closed at 1.54700: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...usd_020508.png

USD/JPY
#1:
Long at 104.791
1st half closed at 104.861: +7.0 pips
2nd half closed at 104.801: +1.0 pips

http://www.xaron.net/dl/fx/2008/intr...jpy_020508.png

Regards - Xaron
  • #3,742
  • May 2, 2008 8:39am May 2, 2008 8:39am
7 for 7 for the week

Took the EURJPY trade. Closed out 1 lot for 5 and the second for 7. 10 pips were available on the second lot but things were jumpy after the NFP so I took the money and ran. This took a while to set up after the news. The large candles had me a little anxious so I waited for price to start ticking back up before entering with the price flirting with the 21....

That's if for the day.
Attached Image
  • #3,743
  • May 2, 2008 9:14am May 2, 2008 9:14am
I'm watching the indicator paint yellow bars and I think what it is doing for the previous bars is repainting those bars where the price was in the war-zone in the past, or when the indicator was first loaded (turned your charts on)...or something like that. Either way it's meaningless because it's all about the now with this.
  • #3,744
  • May 2, 2008 10:17am May 2, 2008 10:17am
Hi all

So glad to see new faceson this thread. Glad to seepeople are making money. Looking forward to see you all next week.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,745
  • May 2, 2008 6:27pm May 2, 2008 6:27pm
Quoting Qwert
This is a very good trading strategy. I first tested it on demo last week. I started using it live just this week and there were a lot of opportunities to trade everyday. I have more trades in a day and I'm more confident in the prices showing it's direction.

I read only the first 2 pages and look at the sample charts given. I just use the original 10ema, 21ema and 50sma and nothing else. I guess I have no need of adding any other indicators. I now use it to trade E/J, U/J, E/U, G/J, and G/U.

I'd like to thank Phillip Nel for this easy and simple trading strategy. Very easy on the eyes too.

Also, I like to thank Xaron for his advice on choosing a broker.
Hi Qw

I do agree - keep it as simple as possible.

But I cannot stress the follwoing fact enough:

Please don't take every setup available - make sure you take only the high probability setups. Otherwise you get burned.

That is why I've developed a set of rules for myself with the assistance of Phillip to identify the high probability setup. It works for me but maybe it won't work for you. After a while develop your own set ofrules - you'll be amazed how good it is for your trading in general.

Just to confirm: I do believe in daiy pivot lines and certain price patterns as discussed on page 1. Even though it is on the 5min charts, it helps me a lot to identify high probability setups.

Lastly don't get upset if you see a risky setup turned into a profitable trade. You'll find many of them - so will you find many that are not profitable. Keep with the high probability setups and you'll survive to trade another day. Don't chase every setup - if you've missed it, let it go. Don't try and entry late - wait for the next setup. Forex markets don't go anywhere.

Looking forward to see your charts and trades
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,746
  • May 2, 2008 6:33pm May 2, 2008 6:33pm
Quoting etype62
I'm relatively new to this thread and I'm in awe of the high level of contributions and obvious successes gleaned by y'all. Philip's intelligence and patience is quite amazing and I also applaud Palmer, Golfer and esp. Xaron's thoughtful postings and openness regarding his trades. And of course all the others who have built this lovey place to be. You folks have definitly turned my trading around.

Thank you.
Hi Et

Welcome to this system. Please see my message above for a few basic tips on using this system. Things I've learned the hard way.

But it is all about your style of trading - enjoy it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,747
  • May 2, 2008 6:42pm May 2, 2008 6:42pm
Quoting TrendRider
Dear Traders,

I have discovered this thread two days ago and decided to give it a try since I am working on 15 min and 5 min chart as well. My humble results so far is encouraging (2 out of 2 trades wins)

I must really give credit to Phil, for creating and releasing this wonderful system, Golfer, for consolidating all the important info and many others who supports this thread by giving your suggestions.

I am starting my trades to target 10 pips profit and Stop Loss of 20 to 30 pips for EUR/USD. Below is my trade and hope to encourage more people to come and share your experience and improvements to this system (if applicable).

1st trade (28 Apr 08): Target Profit: 10 pips, Stop Loss: 30 pips

http://api.photoshop.com/home_6de186...74dc22fc48c51c

2nd trade (Today): Target Profit: 10 pips, Stop Loss: 20 pips

http://api.photoshop.com/home_6de186...7fb313a2ef8e00


I am planning to practice closing half of my order and ride on the rest of the profit within these few days and see if it can gain me more pips. Comments are welcome!
Hi Trend

Welcome and I like your style as well as your arguments. Like Palmer is saying - short time frame, smaller profits. I do agree with let the second half run but I haven't really play with it. Still working on identifying the high probabilty setups as they develop - looking for the signals, then enter, set my 10pips TP immediately and see how it goes. I'll change in the near future - probably with Yannis' EA.

Once again - thanks Yannis for the EA.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,748
  • May 2, 2008 6:50pm May 2, 2008 6:50pm
To all the newbies:

Palmer made 4 very important points - I've highlighted it in red in his message:

[quote=Palmer;1975821]emarco:

The main ingredient for the entry is the slope of the 50 with the trend. I've added the ADX as a filter, I posted a pdf last week or so to show how I see things. In this case, the DMI+ was creeping up telling me that price was on its way up a little. But, when the DMI- crosses above the DMI+ (for price to continue downwards) that's when I got in.

My plan is to keep an eye on the (1) USDJPY, EURUSD, GBPUSD, and the EURJPY. If there is more than one pair that is giving a signal I'll take the pair that I feel (or looks like) it has the strongest trend or has room to move in my direction (towards a pivot or s/r level). (2) Take one trade a day during the NY morning session. Go in with two lots, look for about 5 pips on the first lot and if the market starts to move fast my way, try to ride it for several more, then done for the day.

Only watching the 5min NY session from about 7am to 11am as part of the 'plan' (3) keeps me more disciplined to look for the best set-up. This has worked out very well for me.

But again, (4) the slope of the 50 is the critical point. It's got to be there...[/quote]
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,749
  • May 3, 2008 12:39am May 3, 2008 12:39am
Quoting Palmer
Letting 'the second half ride'...

This is a lot easier said then done. Remember, this is a 5 minute chart. The smaller the timeframe you trade the smaller your profit target needs to be. As soon as i get my 4 or 5 on the first lot, I'm out. If the second lot creeps back up to b/e, out with that as well. My goal with this method is to be positive every day (again waiting for the best set-up with the ADX). To bank 15, 20, 30 pips to 'let the second half ride' does happen but a lot of times price will come back and you'll be negative pips before you get positive again for the trend to start again moving your way. This negative move can be 10, 20 pips....you exit and then see the market come back and then start doubting yourself. That negative 10, 20 pips or so can be a good chunk of change depending on your leverage or can just continue to move against you into a loss.

If my second lot is up at 10 pips or so I then look at moving that to b/e. If it keeps moving my way (fast market) I then move the stop to lock in more. But again, I think a 10 pip gain on a 5min chart withing a few minutes is a GREAT trade. That tells me everything worked out by the book. Go in heavy (high leverage) make $$$.$$ or $$$$.$$, and get the hell out. If you can make in one trade in a few minutes what you make during your entire work day, that's fantastic. If you make this on the first trade of the day, your'e done. Why risk giving it back? My 'goal' is to make in one trade what I make in one week. Three trades at the most (within the same trade looks like the best success rate) and end up b/e at the worst.

The system/method works the same no matter what your leverage is. It's the discipline and patience to be able to recognize the entry and get out positive.
Palmer...what do you means with high leverage? 1:20, 1:50, 1:400?

Thank´s

Any brazilian on this tread?
  • #3,750
  • May 3, 2008 10:26am May 3, 2008 10:26am
Golfer - Thank you for your inputs.
  • #3,751
  • May 4, 2008 5:02am May 4, 2008 5:02am
palmer:
nice to see u here ,i have a question:whats ur initial stoploss?10 to 12 pips?above/below 21 ?above/below 50? and whats ur R:R?
thx
  • #3,752
  • May 4, 2008 10:38am May 4, 2008 10:38am
Quoting Suba
Palmer...what do you means with high leverage? 1:20, 1:50, 1:400?
Thank´s
I think that is you could enter with more lots than you trade 4H or other longer time frame,
and that would give you enough pips

Dhalsim
Success is the small sum of efforts, repeated day in and day out.
  • #3,753
  • May 4, 2008 7:42pm May 4, 2008 7:42pm
Quoting Suba
Palmer...what do you means with high leverage? 1:20, 1:50, 1:400?

Thank´s

Any brazilian on this tread?
I used the wrong word there, I meant what dhalism said, a few standard lots per entry. I didn't mean to be over leveraged on the position and disregard money management at all. 5 pips worth $20, $30...per pip adds up. That's what I mean by 'going in heavy'.

bshadroo:

Risk is never more than 3% of my account balance. But, if the close is on the wrong side of the 21 that may be an early exit even if the 3% has not been hit yet. Again, I'm only looking for about 5 on the first position. If the second position creeps back down to b/e, I'm out. Finger on the mouse button for the first few moments of the trade. If it makes it to 10 pips plus from entry, then it's decision time to try to trail it with a stop or just take it. It all depends on the trend. You don't know when a position is going to really take off until it actually does and then turns into a 20, 30...pip move. It does happen but I am very stingy with profits on the 5min timeframe, things happen too quick to not have a plan in place. Once I get 5 pips on the first position and if the second position comes back to b/e, click I'm out. If all I make is 5 for that trade/day it's still 5...$20, $30, $40 a pip is great for a few minutes of chart time. I will never let that 5 pip gain go negative on the second position...never.

As soon as I get in I click on one position to close it and wait for the 5, close it.

Click on the second position, as soon as the first one is closed, to close it or modify it depending on what the price is doing and go from there. Things moved well enough last week where I was able to take a screen shot with the position still open so everyone can see the actual buy/sell line on the chart, there was 'time'. I do this for the simple fact of letting everyone know that these are actual live trades. I do this on the 4hr thread as well. This not only adds to my confidence with the method or entry, but to try to add or aid a fellow trader's confidence to see that it actually works.

If it's a post trade chart all I can give you is my word that it was an actual trade.

Prepare for battle and everyone have a good week!
  • #3,754
  • May 5, 2008 12:17am May 5, 2008 12:17am
Quoting Palmer
I do this on the 4hr thread as well.
That's one thing I was about to ask. These patterns seem to occur on each time frame so it should be a vaild strategy for each from daily to 5min, right? Right now I look at the H1 for a retracement into the war zone, and look into 5min for the right entry. Of course I then use bigger SL TP levels.
  • #3,755
  • May 5, 2008 1:24am May 5, 2008 1:24am
dear palmer,
there is no doubt that thease trades are real (forget about that pm ,i was in bad situation there),but my problem is here:
whe i use m5 system ,it seems i cannot put a stoploss smaller that 15pips(for eu) while my takeprofit is usuaaly 7,8 pips.
general speaking:what R:R is it ok for this system?
(willem i apreciate ur possible answer)
  • #3,756
  • May 5, 2008 2:11am May 5, 2008 2:11am
Quoting Wonko
That's one thing I was about to ask. These patterns seem to occur on each time frame so it should be a vaild strategy for each from daily to 5min, right? Right now I look at the H1 for a retracement into the war zone, and look into 5min for the right entry. Of course I then use bigger SL TP levels.
yes, the same rules apply on each time frame,
there is another strategy called cornflower in FF,
it is very similiar to this 5min Intraday strategy,
but it is on 1H time frame.
Success is the small sum of efforts, repeated day in and day out.
  • #3,757
  • May 5, 2008 4:45am May 5, 2008 4:45am
Quoting bshadroo
dear palmer,
there is no doubt that thease trades are real (forget about that pm ,i was in bad situation there),but my problem is here:
whe i use m5 system ,it seems i cannot put a stoploss smaller that 15pips(for eu) while my takeprofit is usuaaly 7,8 pips.
general speaking:what R:R is it ok for this system?
(willem i apreciate ur possible answer)
Just to share what I have done for myself..

I place 20 pips stop loss with 10 pips Profit Target for every entry. So the Reward:Risk ratio is 1:2
Ride on the Bull, Sit on the Bear
  • #3,758
  • May 5, 2008 7:05am May 5, 2008 7:05am
Quoting TrendRider
Just to share what I have done for myself..

I place 20 pips stop loss with 10 pips Profit Target for every entry. So the Reward:Risk ratio is 1:2
Agree:

This may seem like doing things wrong with the R:R but what you will find is that the success rate is higher....
  • #3,759
  • May 5, 2008 7:06am May 5, 2008 7:06am
Quoting Palmer
Agree:

This may seem like doing things wrong with the R:R but what you will find is that the success rate is higher....
I see a few signals right now but the ADX is telling me not to get in, will wait until things look 'better'...
  • #3,760
  • May 5, 2008 7:25am May 5, 2008 7:25am
Quoting Palmer
I see a few signals right now but the ADX is telling me not to get in, will wait until things look 'better'...
Just to ask on the setup of this strategy:

- Do you use ADX or the MACD aside from SMAAngle? - which is preferable?

On 4HR strategy, I'm actually using the ADX.
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