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5Min Intraday System

  • #4,001
  • May 19, 2008 3:26pm May 19, 2008 3:26pm
That last question mark ("smooth rounding") on my previous chart (the last few candles on my chart look like to be forming a smooth rounding) - that is how you need to read the chart. It was the starting of a smooth rounding followed with a nice TC for a few pips.

Great signal - just too late in the evening/afternoon for me.

But just to show you people how to evaluate the pullbacks into the war zone. See if you can see something familiar and go for. That is why I love price/candle formation.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,002
  • May 20, 2008 3:20am May 20, 2008 3:20am
10 pips for the day.
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  • #4,003
  • May 20, 2008 3:39am May 20, 2008 3:39am
nice pullback with MACD TC.
After the previous run of 80 pips I wanted to see a deeper retracement into the war zone, so I missed out on it...
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  • #4,004
  • May 20, 2008 4:09am May 20, 2008 4:09am
Quoting islandtrader
nice pullback with MACD TC.
After the previous run of 80 pips I wanted to see a deeper retracement into the war zone, so I missed out on it...
Hi Is

I can see why you wanted a deeper pullback - that setup is a classic 2-candle setup. Always very difficult to take the 2-candle setups.

I wasn't at my PC - so I didn't see the setup as it develops. But the TC, the power candle (first green candle), the next candle's opening which was on or near the 10MA are signals that would convince me to take the odds on. Also there was 10pips+ to the previous high.

Those are the signals I am looking for in a setup.

Three very important points:

1. But well done for staying out of a setup which you don't feel comfortable with.

2. You need to have specific signals you are looking for in a setup as it develops. Look for your signals in the setup, make your decision based on the signals and stay with your decision. That is what is important in this system.

3. Don't just take a pullback because it is moving into the zone.

Just my opinion - the reasons why we post charts on this thread.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,005
  • May 20, 2008 5:16am May 20, 2008 5:16am
Thanks Golfer for your feedback.

I have some uncertainty about the entry though:
Would you enter after the close of the power candle/opening of next candle, at green line (entry A, one candle before MACD TC signal)
or wait for the MACD TC signal and enter at the opening of the next bar (entry B)?
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  • #4,006
  • May 20, 2008 5:35am May 20, 2008 5:35am
My two trades this morning

Eur usd: buy stop order at 1.5640 TP at 1.5650

This was a sort of break out trade with a small retracement in the war zone

Eur Jpy: buy stop at 161.85 TP at 162 (pivot point and round number)

It's a long time that i don't post in this thread but I've been always following it.

I love its semplicity!! Thanks Golfer for keeping interest in it
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  • #4,007
  • May 20, 2008 7:00am May 20, 2008 7:00am
Third little sister on GBP /USD forming
  • #4,008
  • Edited 7:29am May 20, 2008 7:03am | Edited 7:29am
here is the chart, also nice TC on MACD, lets see what happen

Edit 1
- 10 pips , would u take this trade too guys ?? Willem ?? and why , why not?? thanks
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  • #4,009
  • May 20, 2008 9:49am May 20, 2008 9:49am
Quoting kingjaxe
here is the chart, also nice TC on MACD, lets see what happen

Edit 1
- 10 pips , would u take this trade too guys ?? Willem ?? and why , why not?? thanks
Hi King

I haven't look at the live charts yet - so my opinion is based on what I see on your chart:

1. I won't go long again because of 3 facts mentioned onthe chart.

2. I won't go short - 3rd sister is not below 50MA (way too high - very risky).

So, I don't know what happen to the market. I'll have a look when I get home from work.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,010
  • May 20, 2008 9:53am May 20, 2008 9:53am
Hi everyone, I'm new to the forum and forex in general. This thread has been amazing so thanks to Philip, Golfer and everyone else for keeping it going and providing such great information and analysis. I'm only up to page 110 but getting through it as fast as i can.

I started trading the system yesterday on a practice account. 1 BE and 3 losses started the day off before i realised that i was looking at pullbacks that were too sharp. The markets seemed to be very choppy and not trending nicely, so i moved down to 1 minute charts as suggested by someone in the thread (sorry can't remember who) and found this (see image).

I think point 1 and 2 on my chart seems from what i can understand to be pretty close to the kind of setup we're looking for. I trailed the stop down on this one for 25 pips.

My main question though is with point 3. Should i have even been in a trade here? If so, how would you have traded it? I closed out for -3 pips as i wasn't sure what i was doing or if it the price was going to do anything.

my only thought looking back was that the price had already droped around 80 pips so maybe i should have just left it.

Thanks for your feed back, i hope to be able to contribute more to the thread as my experience grows.

Rob
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  • #4,011
  • May 20, 2008 9:58am May 20, 2008 9:58am
Quoting kunz78
My two trades this morning

Eur usd: buy stop order at 1.5640 TP at 1.5650

This was a sort of break out trade with a small retracement in the war zone

Eur Jpy: buy stop at 161.85 TP at 162 (pivot point and round number)

It's a long time that i don't post in this thread but I've been always following it.

I love its semplicity!! Thanks Golfer for keeping interest in it
Hi Kunz

As usual - great trades on great setups.

Only a pleasure - looking forward to see more of your trades. It is boring (just joking - LOL) to see only a few members' charts. How about some new blood?
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,012
  • May 20, 2008 10:38am May 20, 2008 10:38am
Quoting Golfer
Hi Kunz

As usual - great trades on great setups.

Only a pleasure - looking forward to see more of your trades. It is boring (just joking - LOL) to see only a few members' charts. How about some new blood?

Thanks Willem,

I really hope that i continue to do well with this system!
The most difficult thing for me is to not overtrade and to take only good setup.
In this period I'm trading live but only with mini lot; my goal is to develop confidence to trade full lot

good trading to every one
  • #4,013
  • May 20, 2008 10:45am May 20, 2008 10:45am
Quoting islandtrader
Thanks Golfer for your feedback.

I have some uncertainty about the entry though:
Would you enter after the close of the power candle/opening of next candle, at green line (entry A, one candle before MACD TC signal)
or wait for the MACD TC signal and enter at the opening of the next bar (entry B)?
Info
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,014
  • May 20, 2008 12:46pm May 20, 2008 12:46pm
Quoting Golfer
Hi Tony

I didn't trade the US session on Friday because I had a friend over for the week-end.

I just saw your post and looked at the chart. It is very difficult to enter in such a fast moving market. I also wouldn't be able to enter a trade on your chart.

Some people change to 1min chart when a market is moving so fast but I don't really like it. One doesn't know when the price will turn around.

The same rules apply for the 1min chart but the MACD is not that improtant. It is all about the price actions between the MAs.
Thanks Willem, --I don't like the 1Min either. On my live charts, I don't trust it, and my demo Interbank one doesn't allow it. When I click on the 1Min tab, I get a flat horizontal line. Just as well because I don't think I like that fast a movement.

I didn't trade yesterday. Had to set up my evaporative air conditioner. It's starting to get hot in the Southwestern US now.

There was only one trade on EurUsd I might have taken today by our method, but the reasons I didn't take it are on the chart.

I got 10 pips out of EurUsd on a five min chart in three trades on pure price action off support, using another method I have. --Tony
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  • #4,015
  • May 20, 2008 1:53pm May 20, 2008 1:53pm
Quoting poombs
Hi everyone, I'm new to the forum and forex in general. This thread has been amazing so thanks to Philip, Golfer and everyone else for keeping it going and providing such great information and analysis. I'm only up to page 110 but getting through it as fast as i can.

I started trading the system yesterday on a practice account. 1 BE and 3 losses started the day off before i realised that i was looking at pullbacks that were too sharp. The markets seemed to be very choppy and not trending nicely, so i moved down to 1 minute charts as suggested by someone in the thread (sorry can't remember who) and found this (see image).

I think point 1 and 2 on my chart seems from what i can understand to be pretty close to the kind of setup we're looking for. I trailed the stop down on this one for 25 pips.

My main question though is with point 3. Should i have even been in a trade here? If so, how would you have traded it? I closed out for -3 pips as i wasn't sure what i was doing or if it the price was going to do anything.

my only thought looking back was that the price had already droped around 80 pips so maybe i should have just left it.

Thanks for your feed back, i hope to be able to contribute more to the thread as my experience grows.

Rob
Hi Rob

Tx for the chart. I am not a 1min fan and I'll only use it during major news events. I've tried it in fast moving markets but got burned too many times that I feel it is just not for me. I would rather wait for 5min pullbacks and ignore fast moving markets. But I know there are people who love this time frame.

That is why I cannot comment on it but if that pattern/s appear on a 5min chart, I wouldn't have taken setup#3:

Mainly my 5-6candle rule would have keep me out - the flat pullback continue for a too long period. After 5-6 candles I think the market has loose momentum. I use the same rule to exit questionable trades. Look at the previous setups. Movements appear within 5-6candles. Also a few tails (activities above the 21 (wrong side of the 21)). And then your Small resistance line was broken.

Maybe some of our 1min fans can comment on Rob's chart.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,016
  • Edited 3:34pm May 20, 2008 2:13pm | Edited 3:34pm
Quoting OldDog
Thanks Willem, --I don't like the 1Min either. On my live charts, I don't trust it, and my demo Interbank one doesn't allow it. When I click on the 1Min tab, I get a flat horizontal line. Just as well because I don't think I like that fast a movement.

I didn't trade yesterday. Had to set up my evaporative air conditioner. It's starting to get hot in the Southwestern US now.

There was only one trade on EurUsd I might have taken today by our method, but the reasons I didn't take it are on the chart.

I got 10 pips out of EurUsd on a five min chart in three trades on pure price action off support, using another method I have. --Tony

Hi Tony

My opinion:

Very difficult to decide - there were signals for and against a trade. I don't think I would have taken it. To me a risky setup but it did work out.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,017
  • May 20, 2008 4:06pm May 20, 2008 4:06pm
Thanks for the comments Golfer.

I only moved down to 1min because i couldn't see anything looking like a setup at 5 mins. I don't want to deviate from philip's plan as i'm new at this, but the first trade looked like a textbook setup that you and the others have been showing.

Thanks for the pointer about the 5-6 candle rule.

I think with further reading ( up to page 122 now ) that i should be mindful of a narrowing gap between the 10 and 21 ema also.

such a simple system with so many nuances, i'm really liking the small s/r line too for staying out of trouble.

Anyway, thanks.

Lets hope there's some nice moves in the Sydney open.
  • #4,018
  • May 20, 2008 11:50pm May 20, 2008 11:50pm
Quoting poombs
Thanks for the comments Golfer.

I only moved down to 1min because i couldn't see anything looking like a setup at 5 mins. I don't want to deviate from philip's plan as i'm new at this, but the first trade looked like a textbook setup that you and the others have been showing.

Thanks for the pointer about the 5-6 candle rule.

I think with further reading ( up to page 122 now ) that i should be mindful of a narrowing gap between the 10 and 21 ema also.

such a simple system with so many nuances, i'm really liking the small s/r line too for staying out of trouble.

Anyway, thanks.

Lets hope there's some nice moves in the Sydney open.
Hi Poombs

Just my viewpoint of setups:

"I am not looking for a trade/setup, the setup must be looking for/calling me."

Once you start looking for a setup, you'll find one and it probably be the wrong one. The setup must be so clear, it must be calling you to take it. With time you'll see them, don't worry. I had the same problem - I just couldn't wait for a setup to appear. Nowadays, if I don't see anything familiar on my 3 pairs, I turn away from the PC to go and do something else. Just to return after 20-30min to have a look again. This is my style of trading.

Overtrading was (and still is) a big problem for me - the same for Kunz. But after more than 1 year on this system, I am getting better at it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,019
  • May 21, 2008 4:02am May 21, 2008 4:02am
Got the 10pips, again!
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  • #4,020
  • May 21, 2008 4:27am May 21, 2008 4:27am
long 1.5919
tp 1.5929
+10pips
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