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5Min Intraday System

  • #3,921
  • May 12, 2008 2:46pm May 12, 2008 2:46pm
Quoting bshadroo
my pivot lines become very near to each other in mondays(10 to 20 pips distance from each other) ,i think it is because of a little daily candle for sunday (it is just 3 hours).do u have the same problem and how fix it?
Hi Bs

No, I don't have a problem with that. Sorry, I cannot help you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,922
  • May 12, 2008 3:30pm May 12, 2008 3:30pm
Quoting kingjaxe
hi guys , does any1 know how to remove these lines in the blue rectangle at the bottom of my main chart ( i have download mkain;s template)?? and where can i download mkain;s arrows signal ( which page) , besides thank U all for great job and keeping this thread still alive.
Use Ctrl + l to erase or put volume lines.
Here is the original post with small explanation.
http://www.forexfactory.com/showpost...postcount=3542
  • #3,923
  • May 12, 2008 6:52pm May 12, 2008 6:52pm
Hi Guys

I've been using a different platform and gradually moving across to MT4.

The only thing is my old system had a pivot indi that would automatically draw in the pivot, S1,S2,R1 and R2 everyday.

Is this possible with MT4 or do you need to get them and draw them yourself? I have just been learning/testing off the original MA's and angle, but found these level v helpful.

Thanks

Fernie
  • #3,924
  • May 12, 2008 10:06pm May 12, 2008 10:06pm
Quoting Golfer
Hi Tony

Great - Phillip taught us well and I am so glad that there are members that listen to him.

I started with about (following) 7 pairs, then I decided to follow only 4 pairs. Then I decided to drop the $JPY as well. Now I am down to only my favourite 3 pairs and loving every minute of it. I don't even look at the other pairs.
Hi Willem,

First thanks for your 2 candle setup re-teaching yesterday.
Another question for my curiosity about your dropping usdjpy from your watch list. Are there enough chances in eurusd, gbpusd and eurjpy? Or is this your favorite or othere reasons?
Thanks.

Regrads
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #3,925
  • May 12, 2008 10:13pm May 12, 2008 10:13pm
Quoting Fernie
Hi Guys

I've been using a different platform and gradually moving across to MT4.

The only thing is my old system had a pivot indi that would automatically draw in the pivot, S1,S2,R1 and R2 everyday.

Is this possible with MT4 or do you need to get them and draw them yourself? I have just been learning/testing off the original MA's and angle, but found these level v helpful.

Thanks

Fernie
On page 1, under bullet 5 you'll find the links to posts where the indicators are posted. You need to work through and study all the links on page 1 to make a success of this system. That is why I summarised the last part of this thread. It takes hard work to succeed in this system.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,926
  • May 12, 2008 10:22pm May 12, 2008 10:22pm
Quoting aihua5
Hi Willem,

First thanks for your 2 candle setup re-teaching yesterday.
Another question for my curiosity about your dropping usdjpy from your watch list. Are there enough chances in eurusd, gbpusd and eurjpy? Or is this your favorite or othere reasons?
Thanks.

Regrads
Aihua
More than enough changes to trade. If you follow too many pairs, you'll miss out on nice setups and random will take you out (phillip's famous advice on the 4h MACD system). And it did happen to me on several occations. That is why I decided to drop the $jpy as well. Nowadays I am much more successful and making more pips in trading just my 3 pairs.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,927
  • May 12, 2008 10:36pm May 12, 2008 10:36pm
Quoting Golfer
More than enough changes to trade. If you follow too many pairs, you'll miss out on nice setups and random will take you out (phillip's famous advice on the 4h MACD system). And it did happen to me on several occations. That is why I decided to drop the $jpy as well. Nowadays I am much more successful and making more pips in trading just my 3 pairs.
Hi Willem,
That is one excellent advice to me. One time one thing. Yes , there are enough chances to trade in the 3 pairs.
But in my thought, eurjpy is more volatile than usdjpy, why do you choose volatile eurjpy but not stable usdjpy in the 5 min system? I think that for 10+spread sl, maybe we should choose more stable pairs for this small SL.
What is your idea?

Regards
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #3,928
  • May 13, 2008 1:10am May 13, 2008 1:10am
Quoting aihua5
Hi Willem,
That is one excellent advice to me. One time one thing. Yes , there are enough chances to trade in the 3 pairs.
But in my thought, eurjpy is more volatile than usdjpy, why do you choose volatile eurjpy but not stable usdjpy in the 5 min system? I think that for 10+spread sl, maybe we should choose more stable pairs for this small SL.
What is your idea?

Regards
Aihua
A very good question - my first reason is that I got burned too many times on the $JPY. In the beginning I've struggle to read this pair.

Secondly, the EUR is my stable pair, Cable is a bit more volatile but manageable. Then there is EY - my favourite pair. I know she is very volatile but with a spread of only 4pips, it is manageable. The GBPJPY has a spread of 8pips is on my platform and I cannot really read that pair. Because of the volatility of the EY, if your entry is spot on - she will give you 10pips very easily. It is also easier to get out near break even if she turns against you. Which was not always possible on $JPY. Also, I just like her wave-like movements as well as the bounces off the support and resistance levels as well as the moving averages.

So I decided to have a stable pair, one that's a little ball more volatile and then a very nice volatile pair. And nice mix of pairs to keep you on your toes.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,929
  • May 13, 2008 5:32am May 13, 2008 5:32am
Quoting Golfer
On page 1, under bullet 5 you'll find the links to posts where the indicators are posted. You need to work through and study all the links on page 1 to make a success of this system. That is why I summarised the last part of this thread. It takes hard work to succeed in this system.
Thanks Golfer,

I have added the Pivot line, but there doesn't seem to be any Support & Resistance indis in bullet 5. I'd be grateful for guidance from you or someone outthere.

Cheers

Fernie
  • #3,930
  • May 13, 2008 6:07am May 13, 2008 6:07am
Quoting Fernie
Thanks Golfer,

I have added the Pivot line, but there doesn't seem to be any Support & Resistance indis in bullet 5. I'd be grateful for guidance from you or someone outthere.

Cheers

Fernie
Hi Fer

It is the very first link under the heading "Multipivot and EJ candle time". Here is the link again for the indicator I am using:
http://www.forexfactory.com/showpost.php?p=1742203&postcount=26 82
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,931
  • May 13, 2008 6:42am May 13, 2008 6:42am
Quoting Golfer
A very good question - my first reason is that I got burned too many times on the $JPY. In the beginning I've struggle to read this pair.

Secondly, the EUR is my stable pair, Cable is a bit more volatile but manageable. Then there is EY - my favourite pair. I know she is very volatile but with a spread of only 4pips, it is manageable. The GBPJPY has a spread of 8pips is on my platform and I cannot really read that pair. Because of the volatility of the EY, if your entry is spot on - she will give you 10pips very easily. It is also easier to get out near break even if she turns against you. Which was not always possible on $JPY. Also, I just like her wave-like movements as well as the bounces off the support and resistance levels as well as the moving averages.

So I decided to have a stable pair, one that's a little ball more volatile and then a very nice volatile pair. And nice mix of pairs to keep you on your toes.
Hi Willem,

Great! I got it. I will try to find and be familiar with my favorite pairs.
Willem, you eurjpy spread is too large, why do you try to change to ECN platform or Oanda(I use it) ? Just one suggestion for short-term trading.


Regards
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #3,932
  • May 13, 2008 6:58am May 13, 2008 6:58am
Quoting aihua5
Hi Willem,

Great! I got it. I will try to find and be familiar with my favorite pairs.
Willem, you eurjpy spread is too large, why do you try to change to ECN platform or Oanda(I use it) ? Just one suggestion for short-term trading.


Regards
Aihua
Hi Aih

At this stage, I am very cautious about brokers because I was a victim of Refco - luckily, I just had a mini account with them.

I've looked at Oanda andtheir spread looks good. However, I am not familiar with ECN platform.

I do need a broker with a MT4 trading platform.

Thanks for the advice.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,933
  • May 13, 2008 7:02am May 13, 2008 7:02am
No trades before the news, will wait later this AM....
  • #3,934
  • Edited 7:36am May 13, 2008 7:15am | Edited 7:36am
Quoting Golfer
Hi Fer

It is the very first link under the heading "Multipivot and EJ candle time". Here is the link again for the indicator I am using:
http://www.forexfactory.com/showpost.php?p=1742203&postcount=26 82
Thanks and sorry to be a pain, but I have entered the Multipivot indicator, which gives me one dotted yellow line for the pivot, but I am also looking for the daily S1, S2, R1 and R2 levels. Are these available as a custom indicator?

Also, can anyone tell where to get the FF News indicator that was posted earlier on the thread. Would save me wading through every page.

Cheers

Fernie
  • #3,935
  • May 13, 2008 8:12am May 13, 2008 8:12am
Quoting Fernie
Thanks and sorry to be a pain, but I have entered the Multipivot indicator, which gives me one dotted yellow line for the pivot, but I am also looking for the daily S1, S2, R1 and R2 levels. Are these available as a custom indicator?

Also, can anyone tell where to get the FF News indicator that was posted earlier on the thread. Would save me wading through every page.

Cheers

Fernie
Hi F

No problem - I had the same problem. it is the indicator with all the pivot levels. You just needs to change the colours of the lines. I think that indicator is created for a chart with a black background. You also need to set the mid pivot point to "true" to get the M0-5 lines on the chart.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #3,936
  • May 13, 2008 8:26am May 13, 2008 8:26am
OK, one and done...

On the EURUSD the 5min came back into the zone so I started watching the 1min. I'm only looking at the ADX on the 1min, not the MACD or the mavg's. The vertical line on the 1min is where price came into the zone on the 5min...
Attached Images
  • #3,937
  • May 13, 2008 8:30am May 13, 2008 8:30am
Now the 1min ADX and the DMI+ tick down with the DMI- ticking up, enter with two lots there. The 5min chart was still 'valid' for an entry. Price was hitting Golfer's 50SMA resistance line as well and came back down.

6 on one lot and 4 on the second for 10 pips..
Attached Images
  • #3,938
  • May 13, 2008 8:44am May 13, 2008 8:44am
first of all , thank U Mkain for help and answer,


my first trade today on eur/usd, i saw resistance on 50 SMA , also nice TC on MACD and mkain arrow signal after i took a trade,, took 11 pips but it could be easily 15 pips more ,

and one question
do U look at other pairs when u see a setup for example on EUR/USD , because i like to see a similiar setup also on other pairs espesially USD/CHF or USD/YEN when i take a trade on EUR/ USD etc ,, sry for my english,
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  • #3,939
  • May 13, 2008 8:56am May 13, 2008 8:56am
Quoting kingjaxe
first of all , thank U Mkain for help and answer,


my first trade today on eur/usd, i saw resistance on 50 SMA , also nice TC on MACD and mkain arrow signal after i took a trade,, took 11 pips but it could be easily 15 pips more ,

and one question
do U look at other pairs when u see a setup for example on EUR/USD , because i like to see a similiar setup also on other pairs espesially USD/CHF or USD/YEN when i take a trade on EUR/ USD etc ,, sry for my english,
It looks like we took the same trade. But, you never know what price is going to do once your in. It may run and it may turn around and take you out. I go in with two lots and as soon as I hit 5 pips on one, I'm out. I'll monitor the second. If it creeps back to b/e I'm out of it as well. If it runs my way, then I adjust the stop and milk it for what I can. Smaller timeframe = smaller pip target and never lose any of the initial 5 pips that are banked already. This has worked out very well for me. I just don't like to give anything back...

Lot's of work to do today, back later this afternoon.

Peace out everyone!
  • #3,940
  • May 13, 2008 9:33am May 13, 2008 9:33am
Quoting Palmer
It looks like we took the same trade. But, you never know what price is going to do once your in. It may run and it may turn around and take you out. I go in with two lots and as soon as I hit 5 pips on one, I'm out. I'll monitor the second. If it creeps back to b/e I'm out of it as well. If it runs my way, then I adjust the stop and milk it for what I can. Smaller timeframe = smaller pip target and never lose any of the initial 5 pips that are banked already. This has worked out very well for me. I just don't like to give anything back...

Lot's of work to do today, back later this afternoon.

Peace out everyone!
hey palmer,

sorry if i missed it, but what is you initial stop loss? and is it the same for both lots? since your are eliminating the first lot with 5 pips and let the second run, it could be you are also a bit straighter with your sl on the first lot...

thx in advance

dr_ceran
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