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5Min Intraday System

  • #3,861
  • May 9, 2008 3:20am May 9, 2008 3:20am
spiky market today... not good for scalping... trade safely.. if not there's always next week . Cheers.
  • #3,862
  • May 9, 2008 4:04am May 9, 2008 4:04am
An example.
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  • #3,863
  • May 9, 2008 4:27am May 9, 2008 4:27am
GBPUSD ITS RANGING A LOT SIDEWAYS
and still staying in the non trading zone +0.1 -0.1
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  • #3,864
  • May 9, 2008 5:10am May 9, 2008 5:10am
lunch was ready,there was some guests waiting for me,i dont like not to watch my M5 trade,close for +2pips
falled 20pips after i closed .but it was nice setup,hope some one cauth it
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  • #3,865
  • May 9, 2008 7:38am May 9, 2008 7:38am
When trading on small time scales like the 5 min system of Phillip Nel it is of the highest importance to protect yourself with a stop loss.

I was reminded at this just an hour ago when we had a general power supply failure in the street. Which means no electricity in the house, no functioning elevator, no functioning fixed telephone line... Luckily this happened during the day.

To show you just how important the use of stop loss is when scalping, let me give you this example:

Say you wanted to risk 2,5% of your account on 1 trade and you plan to put a stop loss at 10 pips (8 pips + 2 pips spread). So 10 pips down means your account goes down with 2,5%. Now suppose you place your trade and after you have placed your trade you want to place your stop loss. But then Oh disaster! Lightning! Power failure! ... If at such a moment the market starts to move against you, your account is in great danger. If for some reason the market decides to move 400 (40 x 10) pips against you in this period, your account is history, it has been reduced to ZERO (as 40 x -2,5% = -100%). All of your efforts of many weeks, months or years will have been waisted, in vane. This is the most extreme scenario, but even a move of 200 pips will halve your account in this case. And if you have risked 5% on this trade, 200 pips is all it takes to wash away all of your past profits.

So when trading on strategies like this one, ALWAYS put in the stop loss FIRST, BEFORE you place the trade.

Amat
  • #3,866
  • May 9, 2008 7:43am May 9, 2008 7:43am
Quoting Palmer
My stop would have been around the .80 'something' area, there were several previous price bars that had trouble breaking through this level that I would have caught my attention, the yellow line.

My risk is more or less like a floating percentage around 3%. If 3% is 20 pips or so, I'll give it 21,22 pips...because nothing in trading is exact. Support lines, Fib#'s, channels, etc. Everything needs room to breath around a hard number.
Hi Palmer,

Could you share your MT4 indicator and template with me? It is very beautiful and I love it.
Thanks.

Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #3,867
  • May 9, 2008 7:59am May 9, 2008 7:59am
aihua5:

Give me about 30 mins or so.....be back shortly
  • #3,868
  • May 9, 2008 8:52am May 9, 2008 8:52am
Quoting dhalsim
hi, OldDog
glad to see you here,
and I want ask for some help from you and others,
you know there were some mp3 on the thread,
but only the 5min summary mp3 was typed,
and for me who have difficulty in spoken English,
It is such a pity.
so if you have some time,
could you type some of important mp3 and post it here,
I would appreciate it very much.
and I would also say thank you for your work on 4H thread.

Dhalsim
Hi Dhalsim, --I'll be glad to help out. Give me an idea of what mp3's you would like me to copy. Thanks, --Tony
  • #3,869
  • May 9, 2008 8:56am May 9, 2008 8:56am
This was a busy morning for me:

There were several very nice signals but I was 'making coffee' and broke into a fishing conversation so that took a little time away from the screen and I missed those. I then waited until after the trade balance news which was quite and took the EURUSD signal. I couldn't take a screen shot of the trade...simply forgot to. The vertical white line was the entry, 6 on the first lot and 4 on the second for 10 total.

bsh: I will take your advice soon, because right now there were about 10 more pips available. I may try to put a stop in like 5 pips above the entry bar an go in with a lower lot size just to feel this out. Like you have said, and many others, trying to catch that run...So, next week I'll look at taking 3 positions (might be a lot to manage) and use the third with a mini lot and use the high of the entry bar + 5 pips or so just to see what happens. IF you think about it, this re-entry into the war zone is more or less a trend continuation signal on the 5min trend. The important thing to remember is that this is a 5min trend = 20, 30, 40 pips??? and not a 4hr trend 200, 300, 400 pips???

Either way, here is an 'after the fact' screen shot of the entry.

aihua5: I'll upload the indicators and template in the next few posts because the FF only limits 2 uploads per post....
Attached Image
  • #3,870
  • May 9, 2008 9:06am May 9, 2008 9:06am
These are the three indicators for the template:

If you already are use to your own pivot indicator, then only download the PNell5Min MAvg indicator and just re-save your template with it.

What the PNell5MinMAvg indicator does:

All this is, is, the three moving averages represented by a colored bar. When the mavg's line up bullish, 8>21 and 21>50 and 8>50 it paints a green bar, opposite for bearish = red bar. When the mavg's are not trending it paints a gray bar = don't trade and let the trend get going.

THIS INDICATOR DOES NOT FACTOR IN THE SLOPE OF THE 50SMA.
I do this just by simply looking at it.

The yellow bar is painted when price comes back into the war-zone. The funny thing about this is that it repaints previous bars that were previously in the war-zone at that time but pay absolutely no attention to that. I'm not sure why it does it but it's not important because you are concerned with what is happening NOW. Again, if someone want to try to fix it, please do. I did this to make it easier for me to see what the moving averages are doing with a quick glance.

You also need the MACD v102...
Attached File(s)
File Type: mq4 PNell5MinMAvg.mq4   4 KB | 865 downloads
File Type: mq4 MultiplePivotsV2.mq4   26 KB | 580 downloads
File Type: tpl pn5.tpl   20 KB | 653 downloads
File Type: mq4 MACD_Colored_v102.mq4   6 KB | 597 downloads
  • #3,871
  • May 9, 2008 9:12am May 9, 2008 9:12am
Quoting OldDog
Hi Dhalsim, --I'll be glad to help out. Give me an idea of what mp3's you would like me to copy. Thanks, --Tony
hi, Tony,
I am so glad to hear that,
I would make a list during weekend and post it here.
Thanks

Dhalsim

here comes my two trades today.
one breakeven and another 17.5 pips gain.
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Success is the small sum of efforts, repeated day in and day out.
  • #3,872
  • May 9, 2008 10:01am May 9, 2008 10:01am
Quoting rod30
what i must to do wait for a new trend ????
Hi Rod

You can still trade a down movement like this but wait for the price to find resistance on the 21. Your chart shows no resistance found on the 21 with lots of activities above the 21MA (tails and closes). I'll wait for the price to show some resistance near the 21 or even in the war zone before I'll consider a setup to the downside.

That is the main objective of this system - support/resistance found in the war zone/21MA followed by power candle and TC on MACD. I'll also look for a possible 3 little sisters formation (another signal).

I hope it helps.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,873
  • May 9, 2008 10:09am May 9, 2008 10:09am
Quoting Palmer
These are the three indicators for the template:

If you already are use to your own pivot indicator, then only download the PNell5Min MAvg indicator and just re-save your template with it.

What the PNell5MinMAvg indicator does:

All this is, is, the three moving averages represented by a colored bar. When the mavg's line up bullish, 8>21 and 21>50 and 8>50 it paints a green bar, opposite for bearish = red bar. When the mavg's are not trending it paints a gray bar = don't trade and let the trend get going.

THIS INDICATOR DOES NOT FACTOR IN THE SLOPE OF THE 50SMA.
I do this just by simply looking at it.

The yellow bar is painted when price comes back into the war-zone. The funny thing about this is that it repaints previous bars that were previously in the war-zone at that time but pay absolutely no attention to that. I'm not sure why it does it but it's not important because you are concerned with what is happening NOW. Again, if someone want to try to fix it, please do. I did this to make it easier for me to see what the moving averages are doing with a quick glance.

You also need the MACD v102...
Hi Palmer,

You are always kind. Thanks a lot. I really like the people in 4H macd strategy and this strategy.
Many pips to you.

Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #3,874
  • May 9, 2008 10:45am May 9, 2008 10:45am
Quoting AmatPro
When trading on small time scales like the 5 min system of Phillip Nel it is of the highest importance to protect yourself with a stop loss.

I was reminded at this just an hour ago when we had a general power supply failure in the street. Which means no electricity in the house, no functioning elevator, no functioning fixed telephone line... Luckily this happened during the day.

To show you just how important the use of stop loss is when scalping, let me give you this example:

Say you wanted to risk 2,5% of your account on 1 trade and you plan to put a stop loss at 10 pips (8 pips + 2 pips spread). So 10 pips down means your account goes down with 2,5%. Now suppose you place your trade and after you have placed your trade you want to place your stop loss. But then Oh disaster! Lightning! Power failure! ... If at such a moment the market starts to move against you, your account is in great danger. If for some reason the market decides to move 400 (40 x 10) pips against you in this period, your account is history, it has been reduced to ZERO (as 40 x -2,5% = -100%). All of your efforts of many weeks, months or years will have been waisted, in vane. This is the most extreme scenario, but even a move of 200 pips will halve your account in this case. And if you have risked 5% on this trade, 200 pips is all it takes to wash away all of your past profits.

So when trading on strategies like this one, ALWAYS put in the stop loss FIRST, BEFORE you place the trade.

Amat
im not sure but one af my friend he is a stocks trader has UPS two internet access and 2 PC very good system 49 trades win 6 loss i think not bad for the first day
  • #3,875
  • May 9, 2008 10:48am May 9, 2008 10:48am
Quoting Palmer
This was a busy morning for me:

There were several very nice signals but I was 'making coffee' and broke into a fishing conversation so that took a little time away from the screen and I missed those. I then waited until after the trade balance news which was quite and took the EURUSD signal. I couldn't take a screen shot of the trade...simply forgot to. The vertical white line was the entry, 6 on the first lot and 4 on the second for 10 total.

bsh: I will take your advice soon, because right now there were about 10 more pips available. I may try to put a stop in like 5 pips above the entry bar an go in with a lower lot size just to feel this out. Like you have said, and many others, trying to catch that run...So, next week I'll look at taking 3 positions (might be a lot to manage) and use the third with a mini lot and use the high of the entry bar + 5 pips or so just to see what happens. IF you think about it, this re-entry into the war zone is more or less a trend continuation signal on the 5min trend. The important thing to remember is that this is a 5min trend = 20, 30, 40 pips??? and not a 4hr trend 200, 300, 400 pips???

Either way, here is an 'after the fact' screen shot of the entry.

aihua5: I'll upload the indicators and template in the next few posts because the FF only limits 2 uploads per post....
it was a trend changing and i was watching that,i was waiting for somewhere around circles to enter because price usually price tends to test 50 when it changes his direction but this time didnt do that.
and... i hope u do more profitable trades next week like u said (running profit) and i will waitnig eagerly to see ur open position wich is +40 already
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  • #3,876
  • May 9, 2008 11:32am May 9, 2008 11:32am
Today I took the luster off an otherwise good week. I focused on my entry, but, unfortunately, I got caught up in what my goals were and looked at the price movement in relation to that. Then hope and fear set in, and I was a lost cause. I followed my rules on my entry but failed to follow them on my exit. Will have to write my exit rules in stone; in large glowing letters (maybe blinking like a warning light).

Good Dhalism. I'll look over your list next week and see what I can do. --Tony
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  • #3,877
  • May 9, 2008 12:01pm May 9, 2008 12:01pm
Quoting OldDog
Today I took the luster off an otherwise good week. I focused on my entry, but, unfortunately, I got caught up in what my goals were and looked at the price movement in relation to that. Then hope and fear set in, and I was a lost cause. I followed my rules on my entry but failed to follow them on my exit. Will have to write my exit rules in stone; in large glowing letters (maybe blinking like a warning light).

Good Dhalism. I'll look over your list next week and see what I can do. --Tony
sorry about that tony ,but look at the palmer, i think he is a great trader and look how he acts on his m5 trades ,he suprised me (as i said before )by taking just 5 , 6 ,10 pips profit in 2lots and he never let the trade goes against him(he may let only a minilot runs in his favour next week).there is alot of thing to learn in it.
i think m5 system is built by phillip for only maximum 10pips ,and if it goes more in ur second lot its all ur ...hmmm.. luck otherwise close the second at BE and never let a winning trade become a loss.
  • #3,878
  • May 9, 2008 12:45pm May 9, 2008 12:45pm
Quoting bshadroo
sorry about that tony ,but look at the palmer, i think he is a great trader and look how he acts on his m5 trades ,he suprised me (as i said before )by taking just 5 , 6 ,10 pips profit in 2lots and he never let the trade goes against him(he may let only a minilot runs in his favour next week).there is alot of thing to learn in it.
i think m5 system is built by phillip for only maximum 10pips ,and if it goes more in ur second lot its all ur ...hmmm.. luck otherwise close the second at BE and never let a winning trade become a loss.
Thanks Bshadroo. Yes, never let a winning trade become a loss, and yes, indeed, Palmer is a great example as a trader for all time frames. I decided that I would try to show the progression of that trade for anyone who might make similar mistakes. I got teased out of following my rules by focusing on the wrong things, letting the possibilities of the trade get in the way of the facts, which is another way of saying you are letting your hopes lead you. --Tony
  • #3,879
  • May 9, 2008 1:48pm May 9, 2008 1:48pm
Danke matsf!

Regards - Xaron
  • #3,880
  • May 9, 2008 3:05pm May 9, 2008 3:05pm
Quoting OldDog
Today I took the luster off an otherwise good week. I focused on my entry, but, unfortunately, I got caught up in what my goals were and looked at the price movement in relation to that. Then hope and fear set in, and I was a lost cause. I followed my rules on my entry but failed to follow them on my exit. Will have to write my exit rules in stone; in large glowing letters (maybe blinking like a warning light).

Good Dhalism. I'll look over your list next week and see what I can do. --Tony
Hi Tony

I was in the same boat - had several trades like yours. That was when I decided - Phillip initially teached me this is a 10pip system. With such a tight SL, it is difficult to let your profits run (unlike in Phillip's 4h system). Also the usual zig-zag of the market will take you out.

Also I've tried closing my trades in half but it just didn't do it for me. Sometimes the market is so quick you don't even time to blink your eyes. Then I realise - this is a scalping system and the 4h MACD is the longer time frame system where one can let your profit runs.

Then I decided - that is it, this is 10pip system and I'll keep it that way untill I get as use to the markets as Phillip. That is why I am so happy with Yannis' EA. It sets your SL (one your broker cannot see it and another one 60pips away that your broker can see) and TP automatically and you don't need to worry about your trade after the entry. Just waiting for the EA to trigger the TP and see the profit of 10pips every time in my account. No need to stress and sweat about what the market will do next. It is hard enough to find the rigth setup.

It is really not difficult to make 30pips per day with this system - what more do you want? One month I made just over 400pips and another month just around 300pips and I only let my profit runs during the major news release periods (using the 1min chart and system). It can be done with the necessary patience and discipline as well as taking the right setups as trades.

Be careful for that ugly words "wanting more and more". Be satisfied with what the market is giving you.

Just my perspective on this system and the way I decided to trade. I'll look for another longer term system to let my profits run.

Good luck with writing your rules and please do it.
Willem Forex recipe for success = Patience, discipline & hard work.
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