5Min Intraday System

After looking back over these 2 i'm not too happy with them, but they turned out alright. In the second piccy, the price shot up almost instantly as i closed the position. Oh well, as Golfer always says, move on to the next high probability setup.

Edit: Just looked again. In the Eur/Usd trade if i'd drawn a trend line from the 11.35 GMT candle i would have seen that where i exited was literally on the trendline and the 21 ema, both acting as support. Kicking myself now, but i'll get there eventually!!!

Eur/Jpy +12 pips
Eur/Usd +1 pip

my second eu trade,out for +8pips

Hi Bs

Well done - I was watching the same setup but there were too much uncertainty for me. I couldn't see any clear signals.

Just a setup I saw while I was watching the markets. I immediately save the picture as the setup develops because I saw the warning signs. Look what happen next on your own chart - time is GMT on my chart.

My Cable trade for today - also a few examples of TCs on the MACD. I hope everybody understand it now.

Going through my charts (analysis) I saw the picture of yesterday's loss and we need to post losses.

What I thought was a nice TC - just to show you people not every trade will work out as planned.

.
Hi Golfer,
The broke of the small resistance line means what? Will appreciate your reply.
Alnames.

Hi Alnames, --I'm sure Golfer will answer you, but I'll tell you what it would mean for me. The break of the resistance line would mean that it was time to take a small loss before it became a large one because the fact that it broke through resistance meant that there was a good chance for it to go higher, taking out his stop.

I have a loss to report today because I traded when I shouldn't have. I have too many distractions today, my dog in the animal hospital, my car in the car hospital. Anyway, I could have made 5 pips but chose to wait for a possible break above the previous high. I believe part of the reason for my determination to do this had to do with the emotional pull of almost having my stop taken out and then having what looked like a nice move upwards. I think that I may have wanted to vindicate the poor entry I'd made by making more pips, thus making me feel better. I would have called it a bad trade even if I'd made 15 or 20 pips, but, still, I wanted to feel better. Must remind myself not to trade when distracted. --Tony

Edit: Willem, thanks for all the continued encouragement and support you give. I'm sticking with it. Thanks. --Tony

Hi Al

Thanks, Tony for the reply in the mean time.

After a few months using this system, I had a problem deciding which pullback to take and which one to ignore. I got burned badly entering on the wrong pullback and it was very difficult for me decide which pullback is the high probability setup.

I am a believer of price patterns and the fact that the price reacts resistance and support levels to form acceptable price patterns. So I started to analyse the pullbacks and I looked for price patterns. Just like Phillip believes in candle formations and emosions. That is when I saw the reactions of the candles alone certains lines. I played around with it untill I came up with what I called My Small resistance/support line.

TO me My SMall resistance/support line gives me an indication of the speed of the market. See the Appendix of My Rules on how to draw the lines (link on page 1 of this thread). Look at the attached example:

1. If the price stays on the right side of the line, it means the price is still moving the right direction.

2. Once the line is broken, it means the speed is changing/slowing down and the market is preparing to turn around.

3. If I am looking at the setup for a possible entry point and my line is broken, I'll ignore the setup.

4. If I am in a trade and my line is broken, I'll exit as close as breakeven (BE) as possible.

To summarise, I use the line to determine the speed of the market as well as to minimise the bad trade setup and losers.

Just remember Phillip's initial rules regarding the speed of the markets - I still use it:

1. Bounce off the 10MA - fast moving markets

2. Bounce off the 210MA - medium speed moving markets

3. Bounce off the 50MA - slow moving markets

I hope it makes sense.

Another example with one of my trades.

Hello Golfer and all traders,
Here is the updated version of the Sitter.
Fixes a bug with the Virtual / Actual.SL plus a couple of other minor bugs as well as on screen display info.
I wish you all an excellent upcoming trading week.

Yannis

Hi Yannis

Tx, I'll give it a try but as you can see from my charts, I am still with V1.20. It is working for me. I got several popup messages with the other.

I'll let you know with this one - looks complicated and I like to keep it simple as possible. But lets see.

Tx again.

No problem at all Golfer, whatever is more convenient for you.
Anyway, the popups have stopped with this version, it was an msn like window poping up with EA info that needed a windows dll to be registered, but as it caused troubles, i took it off.

Yannis

This would have been a nice three sister on Eur Usd
I was thinking to enter at 1.5750 but hesitated too much

Only 1 trade today for 11pips profit. I missed the Cable trade and also almost this one. Was worried about the S1 line.

Hi Kunz

I followed the same pattern but I also didn't enter - see my comments.

2nd chart - how I see the 3 little sister formations using the highs of the candles.

But I think it is just a matter of opinion - use whatever is working for you.

No entry by the method during my live period today. --Tony

Just to show you an example how not to trade - quick trade of mine for 2pips profit. Too many signals against the trade making it a high risk trade. Even if it is a TC - look for the other signals. The previous low, S3 line and the big number were the major negative signals.

Better option is to wait for the R3 to be broken - it is also the support area for previous low. Then hopefully we can get pullback to it and a bounce back downwards. Then you look for the signals to enter.

I was just testing Yannis EA new version - it works so far. Just wait to see if it trigger the TP as your other versions have done.

Buy GJ 206.341 Close 206.40 +5.9pips

Golfer
Be my guest, annotate and explain...