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5Min Intraday System

  • #4,301
  • Jun 11, 2008 9:31am Jun 11, 2008 9:31am
Quoting Dahlia
Anyone purposely staying away from the market on this FOMC/Beige Book day? I'm sitting here fishing, and seeing no good set ups... (I'm only looking at the E$ at the moment)

ETA: And just as I wrote that, the E$ shot up 20 pips! Oye... Can't take your eyes off the screen for a moment
No, just too choppy for me with no definite direction. You cannot really trust any pullback into the war zone.

It is days like this that I am concentrating on other stuff. I don't really want to try and take on the markets when it looks like this.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,302
  • Jun 11, 2008 9:34am Jun 11, 2008 9:34am
Quoting MxPips
Thanks a lot Golfer and Mkain, good advice... Ill continue following the thread and hope to get better at this system. Is any of you using it as your primary trading strategy?

Good Pips from MX!
Currently yes - I am teaching and training myself because this system suites my style of trading. I've tried several other systems that works but I just like this one. Once you get the hang off it.

I am only concentrating on the triage as mentioned below my name. Still struggling with that and one gets burned badly if you don't follow the triage.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,303
  • Jun 11, 2008 9:56am Jun 11, 2008 9:56am
This is a message I received from a fellow member (I deleted his name for confidentiality sake) of this thread and I want to share it with you - to share my honest opinion with the rest of the people reading this thread.

This is my opinion of this system and why I am still trading it. It has nothing to do with the message I receive and I do appreciate message like this. It makes one thinks about forex trading, the system and yourself as a trader. Thanks for the message.

hi, golfer, have you earned big money using this 5m system?

No, because currently I am not into big money yet. Still learning (see my last post on the thread) and practising with a mini live account to get the feel for it.

I just read through the first 40 pages...you began to use this system from last april...how about your trade?

Very good (compare to my standards) - I am still trading it after 18months. I hope that is enough evidence. But I am still making silly mistake because I don't follow My Rules and my triage. But I am getting better at it.

I backtest from 2002

I only believe in backtesting by making use of the F12 function on your keyboard if you have a MT4 platform (done it almost every weekend after my wife went to sleep - spend hours and hours in front of my laptop).

Demo trading - to start of, yes but then you learn bad habits. You need to start trading live with a mini account ($200-$500)trading as soon as possible. Only use 0.01lots to get a feel for trading with real money. I am doing it now for 18months and I am still alive.

, It looks very hard to trade this system....sometimes it's a pullback, sometimes it's not.

That is what I am trying to tell the people visiting the thread. YOU CANNOT TAKE ANY OF THE SETUPS OR BY RANDOM. You need to read the story behind the setup.

Does that real work?

For me as a short term trading strategy, yes because it is my style of trading.

Do I need to go through all the posts in this thread.

Look at the first leg of my triage - nothing come easy in life and forex. Only look at and study the useful posts

Now it is up to you to decide if this system is for you (and forex trading). Only you can decide - I can just give my opinion and it might not be same as yours.

May the pips be with you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,304
  • Jun 11, 2008 10:40am Jun 11, 2008 10:40am
Hi guys, I didnt take a long trade today on the EUR$ I looked at the setup and firstly I thought the market wasnt ready for going up, and right after that it dropped some pips and formed a bullish pattern that closed inside the warzone, is it a valid trade acording to the system? It was very profitable.
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  • #4,305
  • Jun 11, 2008 10:50am Jun 11, 2008 10:50am
Quoting MxPips
Hi guys, I didnt take a long trade today on the EUR$ I looked at the setup and firstly I thought the market wasnt ready for going up, and right after that it dropped some pips and formed a bullish pattern that closed inside the warzone, is it a valid trade acording to the system? It was very profitable.
Hi Mx

I took it even though I didn't feel comfortable with it - mentioned the negative signals on Skype chat. But then I saw the zero break on the MACD coming up and I took it based only on the MACD signal.

It was a risky trade and I was prepared to risk 10pips for 10pips profit
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,306
  • Jun 11, 2008 10:54am Jun 11, 2008 10:54am
Yes it looked a bit risky, since Im new to the system ill take it slow, ive been burned out several times trying to rush things up with a couple of other systems...

How can I join the chat in skype?

Good Pips From Mexico!
  • #4,307
  • Jun 11, 2008 10:56am Jun 11, 2008 10:56am
Quoting MxPips
Hi guys, I didnt take a long trade today on the EUR$ I looked at the setup and firstly I thought the market wasnt ready for going up, and right after that it dropped some pips and formed a bullish pattern that closed inside the warzone, is it a valid trade acording to the system? It was very profitable.
i was watching it but didnt trade because price closed below 21 and green macd bar was below zero line.it could be a good trade for me if i saw the TC above zero line and price didnt close below 21
edit:refreshed page ,golfer and mx was quicker than me
  • #4,308
  • Jun 11, 2008 11:09am Jun 11, 2008 11:09am
Quoting MxPips
Hi guys, I didnt take a long trade today on the EUR$ I looked at the setup and firstly I thought the market wasnt ready for going up, and right after that it dropped some pips and formed a bullish pattern that closed inside the warzone, is it a valid trade acording to the system? It was very profitable.
Sorry Tony, but I just cannot help myself (LOL). I just want to assist fellow members. I know how I've struggled in the begining and how the other members and especially Phillips assisted me. Just want to give back.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,309
  • Jun 11, 2008 11:24am Jun 11, 2008 11:24am
Golfer thanks a lot, those couple of notes realy clarified some of my big doubts such as TLs, and the importance of the MACD in this system... I hope soon enough Ill also be able to give back some knowledge to the new traders.
  • #4,310
  • Jun 11, 2008 11:38am Jun 11, 2008 11:38am
Quoting MxPips
Yes it looked a bit risky, since Im new to the system ill take it slow, ive been burned out several times trying to rush things up with a couple of other systems...

How can I join the chat in skype?

Good Pips From Mexico!
Just Skype so that I can add you to my contact and then I can add your to the chat.

My ID is whk139
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,311
  • Edited 12:59pm Jun 11, 2008 12:36pm | Edited 12:59pm
One trade today, which had to do with a combination of the MACD, a price line, and a feeling that price wanted to retest the 4 hour 200sma at 1.5562. I decided to count the little 2 candle turn around on the MACD as a TC, even though it hadn't yet made a zero break, because of where price had closed and because of the solid look of the closing up candle. There was another one I would have taken for similar reasons, but I was writing at the time. --Tony

Edit: Sorry, I got confused here. I meant to say that price reclosed above the price line of 1.5532. I took my profit at the price line of 1.5554. The writing on the chart should explain it all.
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  • #4,312
  • Jun 11, 2008 12:42pm Jun 11, 2008 12:42pm
This is the other one I would have taken because of the solid close back above the 1.5554 level and the TC on the MACD.
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  • #4,313
  • Jun 11, 2008 12:50pm Jun 11, 2008 12:50pm
The lower high marked by the small trend line has convinced me to stay out for the rest of this session. The 200 sma on the 4 hour chart may reinstate itself as resistance for the time being.
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  • #4,314
  • Jun 11, 2008 1:19pm Jun 11, 2008 1:19pm
Nice trades OldDog, what indicator do you use to trace your pivot lines? I noticed mine were incorrect.
  • #4,315
  • Jun 11, 2008 1:28pm Jun 11, 2008 1:28pm
Quoting Golfer
Sorry Tony, but I just cannot help myself (LOL). I just want to assist fellow members. I know how I've struggled in the begining and how the other members and especially Phillips assisted me. Just want to give back.
Absolutely! You simply must continue, Willem. --Tony
  • #4,316
  • Jun 11, 2008 1:34pm Jun 11, 2008 1:34pm
Quoting MxPips
Nice trades OldDog, what indicator do you use to trace your pivot lines? I noticed mine were incorrect.
Thanks MxPips, --Are you talking about my pivot lines or what I call my price lines? My pivot lines are the dotted ones. My price lines are the thicker orange ones that I draw myself. They're drawn from previous swing highs and lows on daily, 4 hour, and 1 hour charts. I count them valid as long as they are retested. --Tony
  • #4,317
  • Jun 11, 2008 2:12pm Jun 11, 2008 2:12pm
The pivot lines, the dotted ones, I think we should have the same pivot lines right?
  • #4,318
  • Jun 11, 2008 2:46pm Jun 11, 2008 2:46pm
Quoting MxPips
The pivot lines, the dotted ones, I think we should have the same pivot lines right?
Only if you have the same broker - otherwise it might differ wit a few pips
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,319
  • Jun 11, 2008 3:00pm Jun 11, 2008 3:00pm
Beautiful trade OldDog... what are the MA´s for the MACD??? I see (5,13,1) on the chart but my MACD with these values doesn´t look like yours.
THanks.
  • #4,320
  • Edited 9:56pm Jun 11, 2008 9:44pm | Edited 9:56pm
this is my trade any comment? took only 4 pip because to afraid when price retrace.

edit
ups i'm sorry that tabel is from my broker it's ma is from 4H strategy. I use/look other broker for entry in 4H and 5M so i can replicate philip chart.
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