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5Min Intraday System

  • #4,401
  • Jun 17, 2008 8:33am Jun 17, 2008 8:33am
When I came back to my PC and scanning my charts, I saw this nice 3little sister being developed. I saw the entry point has passed but I decided to enter without knowing that the news release was in a few minutes.

Lessions learned and stressed:

1. wait before the news release

2. don't try and enter after the signal was given - it might work but it becomes a high risk trade

Just look at the classic triangle trade in the begining - I hope somebody got it.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080617 5min trade 2jpeg.JPG Size: 124 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,402
  • Jun 17, 2008 9:58am Jun 17, 2008 9:58am
Looking for a trade acording to the 5 min strategy I didnīt take a trade with a couple of points in favor, but not enough to be an "ideal" setup. Once the trade worked I analysed it and ended up considering that it would have been a well taken trade. I would apreciate any comments on this type of early trend changes and bounces off the 50.
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  • #4,403
  • Jun 17, 2008 10:39am Jun 17, 2008 10:39am
Quoting MxPips
Looking for a trade acording to the 5 min strategy I didnīt take a trade with a couple of points in favor, but not enough to be an "ideal" setup. Once the trade worked I analysed it and ended up considering that it would have been a well taken trade. I would apreciate any comments on this type of early trend changes and bounces off the 50.
Hi Mx

Sorry but these CT trades are not for me. I've got burned too many times trying it. That is where I lost most of my money (of my practice mini account) experimenting with this system. It looks so inviting but.......

Maybe you will have more luck than me - and my opinion is that it is luck.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,404
  • Jun 17, 2008 12:45pm Jun 17, 2008 12:45pm
Great example of the formation of a triangle - if it just wasn't so late in the day. The reason why I exit for 5pips profit and the price gave me 9pips.

If this was in the London/early US session, it would have been a great setup. Look for setups like this.

Just look how nice one of the pivot lines is acting as support.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 20080617 5min trade 3ajpeg.JPG Size: 99 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,405
  • Jun 17, 2008 1:03pm Jun 17, 2008 1:03pm
Quoting Golfer
Great example of the formation of a triangle - if it just wasn't so late in the day. The reason why I exit for 5pips profit and the price gave me 9pips.

If this was in the London/early US session, it would have been a great setup. Look for setups like this.

Just look how nice one of the pivot lines is acting as support.
Good for you, Willem. I wish I didn't have to be the one to show what not to do, so much of the time, but here we go. My title for these trades is Confusion because it shows how I became mixed up with the idea of whether I was trading 5 min or 4 hr. --Tony
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  • #4,406
  • Jun 17, 2008 1:18pm Jun 17, 2008 1:18pm
Quoting OldDog
Good for you, Willem. I wish I didn't have to be the one to show what not to do, so much of the time, but here we go. My title for these trades is Confusion because it shows how I became mixed up with the idea of whether I was trading 5 min or 4 hr. --Tony
Hi Tony

Sorry Tony but I know how you feel. I felt the same when I started to try the 4h MACD system. I got totally confused because I tend to concentrate on the MACD for signals. That was why I started concentrate on the 5min system because it is quicker and one can see the price actions much easier/quicker. But look at my two trades posted above - also negative. You are not alone!

Now I do starting to see some of the trades on the 4h MACD system as well.

And lately I saw it is very difficult to trade the 5min system in the US session - no clear signals. In the past week or so I haven't see any proper setup that is tradeable.

But stay with it - as long as you understand the principles and follow the rules.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,407
  • Jun 17, 2008 1:39pm Jun 17, 2008 1:39pm
Quoting Golfer
Hi Tony

Sorry Tony but I know how you feel. I felt the same when I started to try the 4h MACD system. I got totally confused because I tend to concentrate on the MACD for signals. That was why I started concentrate on the 5min system because it is quicker and one can see the price actions much easier/quicker. But look at my two trades posted above - also negative. You are not alone!

Now I do starting to see some of the trades on the 4h MACD system as well.

And lately I saw it is very difficult to trade the 5min system in the US session - no clear signals. In the past week or so I haven't see any proper setup that is tradeable.

But stay with it - as long as you understand the principles and follow the rules.
Thanks Willem. --And that's the period I'm trading. I just have to keep my focus. One point I was trying to make on that last post is that, if I had been primarily studying the development of that TC on the 4 hour chart, I would have taken my profit at the 89 sma on the 4 hour. I had written down where the 4 hour averages were but hadn't commited myself completely to a 4 hour trade. That first trade would have been about a 20 pip trade, and I wouldn't have traded the second one at all because I would have kept the 4 hour 89 sma in mind. Buying at 1.5522 when the 4 hour 89 was at 1.5529 was silly. It seems that, when I'm looking at one time frame, I become totally focused on it and, even though I've written my analysis, I tend to forget what I'm not looking at. I think I'm going to have to post things up where they're in front of my eyes so that I can't ignore them. --Tony
  • #4,408
  • Jun 18, 2008 2:06am Jun 18, 2008 2:06am
Hi,

Did anyone else struggle in being added to the skype chat? Willem has added me, and says I show up in the list, but I've not seen the chat show up in my Skype client. I've logged a call with Skype, just thought I'd check here if anyone else had similar issues?

Thanks,

spitfire412
(skype=spitfire_412)
  • #4,409
  • Jun 18, 2008 2:11am Jun 18, 2008 2:11am
I had the same problems. But after few hours i could log on to the chat. Just waitīnīsee.
Donīt live for working, but work for living.
  • #4,410
  • Jun 18, 2008 3:31am Jun 18, 2008 3:31am
Hi all,

I did some further testing and analyzed my bad trades. The task was simple: I don't want to take the bad trades only the good ones. So which trades are the good ones? In most cases the price went into my direction almost immediately.

So how can I avoid the bad ones?

I don't use market orders anymore, just stop buy/sell orders. If the price has entered the war zone I set a stop order above/below the last candles high/low. I trail this order every candle. If the candle closes on the other side of the SMA 50 the current setup is invalid and I close the pending order.
That way I'm only in the trade if it continues the trend. Of course this isn't the holy grail, there are failures as well.

Today is a great day to give an example for the EUR/USD:

http://www.xaron.net/dl/fx/2008/intr...usd_180608.png

So far I avoided two losers (one short, and one long) and had two winners...

Regards - Xaron
  • #4,411
  • Jun 18, 2008 3:35am Jun 18, 2008 3:35am
Xaron,

Do you allow the candle that went into the warzone to trigger a trade as well, or only after its close? (for example, the candle with the long tail which penetrated the warzone on your chart to the left of the right-most square icon; do you wait for that one to close, or also trade it if it drops below the previous candle's low)?

SF412
  • #4,412
  • Jun 18, 2008 3:42am Jun 18, 2008 3:42am
Only after its close, even if this is outside of the war zone again...
  • #4,413
  • Jun 18, 2008 3:51am Jun 18, 2008 3:51am
Quoting spitfire412
Hi,

Did anyone else struggle in being added to the skype chat? Willem has added me, and says I show up in the list, but I've not seen the chat show up in my Skype client. I've logged a call with Skype, just thought I'd check here if anyone else had similar issues?

Thanks,

spitfire412
(skype=spitfire_412)
If anybody can assist - please do so. I do see Spitfire on the list of members - even with the green icon next to his name. But he doesn't receive the Skype chat for some other reason unknown to me.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,414
  • Jun 18, 2008 3:54am Jun 18, 2008 3:54am
Hi guys, I have been a lurker on this thread for a very long time and just wanted to thank everyone who has contributed to this awesome strategy, especially phillip nel and golfer (both of you are legends). It's a perfect strategy for someone like me who has a day job and have consistently been making profits each month.

For anyone looking to trade for only a few hours a day and want to make a small gain each week (or big, depending on yoru capital ), this strategy is the best!!!
  • #4,415
  • Jun 18, 2008 4:03am Jun 18, 2008 4:03am
Quoting Xaron
Only after its close, even if this is outside of the war zone again...

Right... so that's "one in - one out and below/above "then. And you don't care if the warzone candle closed inside the zone - just having been inside the zone is good enough?
  • #4,416
  • Jun 18, 2008 4:08am Jun 18, 2008 4:08am
Quoting spitfire412
Right... so that's "one in - one out and below/above "then. And you don't care if the warzone candle closed inside the zone - just having been inside the zone is good enough?
Yes. The only reason for canceling a setup is the close on the other side of the SMA 50 for me. That might not be perfect but works for me.
  • #4,417
  • Jun 18, 2008 4:17am Jun 18, 2008 4:17am
Just another example, right now:

http://www.xaron.net/dl/fx/2008/intr...d_180608_2.png

Regards - Xaron
  • #4,418
  • Jun 18, 2008 4:36am Jun 18, 2008 4:36am
I do the same for the DAX (german stock index):

http://www.xaron.net/dl/fx/2008/intraday/dax_180608.png

Regards - Xaron
  • #4,419
  • Jun 18, 2008 5:49am Jun 18, 2008 5:49am
Quoting Xaron
Hi all,

I did some further testing and analyzed my bad trades. The task was simple: I don't want to take the bad trades only the good ones. So which trades are the good ones? In most cases the price went into my direction almost immediately.

So how can I avoid the bad ones?

I don't use market orders anymore, just stop buy/sell orders. If the price has entered the war zone I set a stop order above/below the last candles high/low. I trail this order every candle. If the candle closes on the other side of the SMA 50 the current setup is invalid and I close the pending order.
That way I'm only in the trade if it continues the trend. Of course this isn't the holy grail, there are failures as well.

Today is a great day to give an example for the EUR/USD:

http://www.xaron.net/dl/fx/2008/intr...usd_180608.png

So far I avoided two losers (one short, and one long) and had two winners...

Regards - Xaron


Hi Xaron,

could you please further clarify your new set up, with price example (it is not very clear from your charts). Have you backtested this new set up on your previous loosing trades and how many of them would it cut out in %? How many remaining good trades would you have earned in %? How much would have been your win/lose ration with this new set up?

Thank you for your reply
  • #4,420
  • Jun 18, 2008 6:27am Jun 18, 2008 6:27am
Looks very interesting Xaron, I'm following your approaches with great interest!
Kind regards,
islandtrader
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