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5Min Intraday System

  • #4,421
  • Jun 18, 2008 9:22am Jun 18, 2008 9:22am
Quoting Golfer
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.
Thanks for your feedback Willem, I didnt take the trade but it was tempting. As you say, this CT trades require "luck"... I prefer to take odds. Thanks again for the comments.
  • #4,422
  • Jun 18, 2008 9:52am Jun 18, 2008 9:52am
Golfer,

I´ve been trading this strategy since april with great success...

What can i do to join the skype group??

Thanks
  • #4,423
  • Jun 18, 2008 10:11am Jun 18, 2008 10:11am
Quoting Juancho
Golfer,

I´ve been trading this strategy since april with great success...

What can i do to join the skype group??

Thanks
Just Skype me so that I can add to my contacts, then I'll add you to the chat.

My Skype ID is whk139
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,424
  • Jun 18, 2008 10:13am Jun 18, 2008 10:13am
My EY trade where I use the market rhythm and bounces off the 50MA and my Small resistance line. I've tried to enter as close as possible to the 50MA
Attached Image (click to enlarge)
Click to Enlarge Name: 20080618 5min trade 1jpeg.JPG Size: 114 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,425
  • Jun 18, 2008 10:22am Jun 18, 2008 10:22am
There she goes.....
Attached Image (click to enlarge)
Click to Enlarge Name: 20080618 5min trade 1.2jpeg.JPG Size: 98 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,426
  • Jun 18, 2008 11:19am Jun 18, 2008 11:19am
My last trade of the US session. Bounce of the 10, TC and powercandle.
  • #4,427
  • Jun 18, 2008 11:22am Jun 18, 2008 11:22am
Quoting MxPips
My last trade of the US session. Bounce of the 10, TC and powercandle.
Problem uploading attachment. Chart added.
Attached Image (click to enlarge)
Click to Enlarge Name: 18jun08gbpusddaily.jpg Size: 129 KB
  • #4,428
  • Jun 18, 2008 11:36am Jun 18, 2008 11:36am
Quoting Golfer
There she goes.....
How concerned were you by the higher lows at the bottom of the second and third bounces, or is that not as important in this rhythm pattern?
  • #4,429
  • Jun 18, 2008 11:46am Jun 18, 2008 11:46am
Quoting MxPips
Problem uploading attachment. Chart added.
Like I mentioned on Skype - perfect one. Great TC and power candle with a not too steep pullback.

Well done - print that picture and study it. That is the setup you should be looking for with the necessary patient and discipline.

Wait, wait and wait for the "right" setup!!!! The key to success with this system.

I am sure Islandtrader can agree with that statement - if I look at his/her trading style on this thread and Skype (I like it).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,430
  • Jun 18, 2008 12:52pm Jun 18, 2008 12:52pm
The thing I fault myself for on the second trade is not moving my stop up, which is what I'm always hoping for the opportunity to do, but, then, the time came, and I let my worries control me and took profit for 5 pips. There could have been 10 pips and a possibility of a reentry, which I also didn't take because I was evaluating my trades, considering my session over. That seems to happen every now and then. --Tony

PS: Congratulations, MxPips!
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5minintraday 18june2008.gif Size: 25 KB
  • #4,431
  • Edited 2:30pm Jun 18, 2008 2:20pm | Edited 2:30pm
Quoting spitfire412
How concerned were you by the higher lows at the bottom of the second and third bounces, or is that not as important in this rhythm pattern?
Too me, very important even on a short term strategy/chart like the 5min. It gives you an indication of the rhythm as well.

Following this system and charts (my 3pairs) now for more than 15 months now, one starts to recognise some of the price patterns, candle formations and behaviours.

In the begining I didn't really believe Phillip and I wanted to trade all the pairs. What could be so difficult about it? Just wait for the pullback and enter. Surprise!!!!!

I also didn't think one could recognise price patterns on a short term chart like the 5min charts - once again didn't believe Phillip. But I stay with it and now I do have another opinion. But I still have a long way to go - possibly another few years. I still make too many silly/simple mistakes

Just stay with one system and follow it. You'll see for yourself. It is so interesting.

Edit - but I would love to hear Phillip's view on this issue.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,432
  • Jun 19, 2008 1:01am Jun 19, 2008 1:01am
Quoting Golfer
Like I mentioned on Skype - perfect one. Great TC and power candle with a not too steep pullback.

Well done - print that picture and study it. That is the setup you should be looking for with the necessary patient and discipline.

Wait, wait and wait for the "right" setup!!!! The key to success with this system.

I am sure Islandtrader can agree with that statement - if I look at his/her trading style on this thread and Skype (I like it).
In my opinion, Golfer's contributions to this thread (Phil too) are priceless.
  • #4,433
  • Jun 19, 2008 2:39am Jun 19, 2008 2:39am
Quoting emacro
In my opinion, Golfer's contributions to this thread (Phil too) are priceless.
I second that. It's been said often, but I too am grateful everyday for the huge support and dedication from Golfer and Philip, the high quality of the thread and contributions from all members.
  • #4,434
  • Jun 19, 2008 5:19am Jun 19, 2008 5:19am
I think that a dynamic stop loss is more useful then a static/fixed stop loss. A good exit point (in case you are wrong) is as important as a good entry point. I'm trying to use stop loss that makes sense with previous price action. My stop loss is sometimes 10 pips but often some pips less (every little helps) and I'm positivly benefiting from it. I'll post a chart to give you an example and perhaps you can help me to find some criterias for this new set up.
Attached Image (click to enlarge)
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  • #4,435
  • Jun 19, 2008 6:24am Jun 19, 2008 6:24am
Had to wait for a while, but finally banked the 10 pips.
Attached Image
  • #4,436
  • Jun 19, 2008 6:24am Jun 19, 2008 6:24am
My trades today so far:

2 winners, 1 BE.

http://www.xaron.net/dl/fx/2008/intr...usd_190608.png

Regards - Xaron
  • #4,437
  • Jun 19, 2008 8:22am Jun 19, 2008 8:22am
Quoting On the Spot
I think that a dynamic stop loss is more useful then a static/fixed stop loss. A good exit point (in case you are wrong) is as important as a good entry point. I'm trying to use stop loss that makes sense with previous price action. My stop loss is sometimes 10 pips but often some pips less (every little helps) and I'm positivly benefiting from it. I'll post a chart to give you an example and perhaps you can help me to find some criterias for this new set up.
I know Phillip sometimes uses the 21 as SL (long - few pips below and short - few pips above the 21. Sometimes you can use the 50MA or the Small support/resistance line as SL. No fix rule. We started with the 10pips rule but I also don't use it anymore.

Just be careful and take note of the R:R ratio. This system doesn't have a great R:R ratio if you use a too large SL. Another reason only to take high probability setup (certain price patterns will do it for me).

My advice is to exit a trade before your SL is triggered. Once you see it moving against you - you do see negative signals.

Good luck with trading this system and your trading style. I am sure you would do great and I would like to see your results/charts posted.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,438
  • Jun 19, 2008 8:42am Jun 19, 2008 8:42am
Buy UJ 107.857 Close 107.957 +10pips

The other green dot is from an earlier trade.
Buy UJ 107.65 Close 107.85 +20pips
Attached Image
  • #4,439
  • Jun 19, 2008 10:14am Jun 19, 2008 10:14am
Another Buy UJ 107.92 Close 107.99 +7pips
Initial TP was 108.02 but as you can see I already waited long enough.
Attached Image
  • #4,440
  • Jun 19, 2008 11:02am Jun 19, 2008 11:02am
hello i just did this trade on gu . nice pull back in the zone, price had just made a higher high and so went in at the smooth tc and power candle.
result = +7 pips net. Pretty simple and classic set up i think. any thoughts are welcome...
Nadia.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 5 min trade.jpg Size: 169 KB
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