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5Min Intraday System

  • #4,441
  • Jun 19, 2008 1:09pm Jun 19, 2008 1:09pm
Quoting BIL2205
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.
Hi Nad

Seems like nobody wants to talk with Nad, so here we go:

Well done!!
Attached Image (click to enlarge)
Click to Enlarge Name: 1jpeg.JPG Size: 185 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,442
  • Jun 19, 2008 2:53pm Jun 19, 2008 2:53pm
Thankyou willem for your detail reply. i wish i could be as organized in my explaination of the trade i take, the thoughts are all in my head but you have put them on the chart very clearly, thanks again. that is why i love to read your posts and learn from them. :nerd:
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #4,443
  • Jun 19, 2008 4:35pm Jun 19, 2008 4:35pm
Hi guys,

what is the best advice to trade???????what are the most usefull indicators???????
  • #4,444
  • Jun 19, 2008 8:07pm Jun 19, 2008 8:07pm
Hi Golfer,

I'm at the first steps of trading this system and I like it because it is based on price action. I like to go with the trend but occassionaly also against it when a good opportunity arises. I'm at the moment testing a counter trend strategy that I would like to incorporate in Phillips system if it proves to be succesful. Once a trend starts I would like to trade it to the utmost and the only way I can do this is by knowing where to place a stop loss before I enter a trade. Placing a stop loss in agreement with the 21 would have been succesful today (Eur/Usd London's morning session). I trade only London's morning's session up to 2-3 pm because I work in the afternoon, it is therefore important for me to get it right from the start if I want to close the day in positive territory. My approach to stop loss is conservative because I know that I'm not good in handling a position that goes against me. Phillip's system tells me when I have to enter a trade if I'm willing to trade in agreement with the dominant trend and therefore I must also know where to place my stop loss in agreement with the market/price action. I must be in agreement with the market at any time if I want to make some profit from this trading activity. It is the market that has to "force" me to open a position and to close it if things go wrong. Newton's First Law of Motion says that every body continues in a state of rest or uniform motion in a straight line unless it is compelled to change that state by forces applied to it. Simply said, it is easier for a market to continue its direction than to reverse its direction. This is the core point conditon of Phillip's system, to know the trend and to enter it once the market/trend takes a short breath. It is therefore important that the market tells me (and not me guessing) what the acceptable depth of that short breath is before i enter a trade. If I enter a downward trend with a short I want my stop loss to be close to the last bears that would enter that trend and not with the first bulls that would attempt to revert it. I'm conscious that that line that devides the last bears from the first bulls is a short one that nobody knows with absolute precision, but I believe that from previous price action we can see where the bulls lost their grip and the bears continue their feast. I prefer to be wrong and to give my money to the first true bulls (looking at todays Eur/Usd London's morning session) rather then placing my stop loss in the middle of the field, in no man's land. I said before that I want that the market forces me enter a postion, it's like beeing in the frontline and waiting for those that are in the very frontline to open a space for me to follow their steps. If those that are in that very frontline get hurt, they can run back up to a maximum distance, after that extreme point they would loose breath and die. We are trading the 5 mins here and I want to be as conservative as I can be in such a volatile environment, therefore even if I enter a counter trend position I must know where I am with my trade within the battle field and where I have to go out if my trade is wrong, it is the market that has to me tell me what I have to do. May sound stupid what I say but this is the very reason why I like Phillip's system. Hope my bad english makes sense too. I have posted an update of this morning's London session Eur/Usd ( I made only a few very short live trades this morning for a total of 10 pips, no wrong trade just too early exits because I was demo testing other set ups at the same time) and I want to show what trades I would have taken based on my trading style including the counter trades that I have been testing this morning. Thank you for your reply and all your good advices. I know that I will learn much from you and I hope that you will find some interest in my amateur trading.



Quoting Golfer
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.
Attached Image (click to enlarge)
Click to Enlarge Name: Eur USD.PNG Size: 64 KB
  • #4,445
  • Jun 19, 2008 11:51pm Jun 19, 2008 11:51pm
Quoting mohan
Hi guys,

what is the best advice to trade???????what are the most usefull indicators???????
Page 1 has all the important links as well as the last post/MP3 file made by Phillip. Study the posts on page 1 very carefully and make sure you understand the principles behind the system.

Very important:

This is not a mechanical system and you need to understand and intepret the charts (read the story behind the charts). Otherwise you won't succeed using this system. Trust me on this one.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,446
  • Jun 19, 2008 11:57pm Jun 19, 2008 11:57pm
Quoting BIL2205
Thankyou willem for your detail reply. i wish i could be as organized in my explaination of the trade i take, the thoughts are all in my head but you have put them on the chart very clearly, thanks again. that is why i love to read your posts and learn from them. :nerd:
My pleasure.

After our Skype chat yesterday - you are already doing it with the 4hMACD. The very same principles should be applied with the 5min system. Just do the same with the 5min system. The rules are just a bit different but the story is the same.

Just look at the 5min chart the same way you are looking at the 4h chart (in which case you are doing an excellent job).

Go for it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,447
  • Jun 20, 2008 1:03am Jun 20, 2008 1:03am
Quoting BIL2205
Thankyou willem for your detail reply. i wish i could be as organized in my explaination of the trade i take, the thoughts are all in my head but you have put them on the chart very clearly, thanks again. that is why i love to read your posts and learn from them. :nerd:
Also it takes a lot of effort to compile the chart but to me, it is worth it. That was how I started - looking at the start/picture of my trade afterwards and looking for certain signals. Then I wrote down the signals on the chart otherwise you'll forget them in a few days time.

Nowadays I just wrote them on the charts to share with everybody - not just for myself. Lession learn from Phillip.

To all members:

That is why I don't comment on chart posted by fellow members if they don't explain why they have entered or exit. Or give a pinpoint entry/exit. All I can say - good luck to them. Because it is luck if you don't use rules and signals.

Look at Xaron (sorry for in the begining - I still remember - calling you Zaron). He adapted this system very successfully but with certain rules. Not with luck. And I am sure he is loving it.

Go for it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,448
  • Jun 20, 2008 1:21am Jun 20, 2008 1:21am
Quoting On the Spot
Hi Golfer,

I'm at the first steps of trading this system and I like it because it is based on price action. I like to go with the trend but occassionaly also against it when a good opportunity arises. I'm at the moment testing a counter trend strategy that I would like to incorporate in Phillips system if it proves to be succesful. Once a trend starts I would like to trade it to the utmost and the only way I can do this is by knowing where to place a stop loss before I enter a trade. Placing a stop loss in agreement with the 21 would have been succesful today (Eur/Usd London's morning session). I trade only London's morning's session up to 2-3 pm because I work in the afternoon, it is therefore important for me to get it right from the start if I want to close the day in positive territory. My approach to stop loss is conservative because I know that I'm not good in handling a position that goes against me. Phillip's system tells me when I have to enter a trade if I'm willing to trade in agreement with the dominant trend and therefore I must also know where to place my stop loss in agreement with the market/price action. I must be in agreement with the market at any time if I want to make some profit from this trading activity. It is the market that has to "force" me to open a position and to close it if things go wrong. Newton's First Law of Motion says that every body continues in a state of rest or uniform motion in a straight line unless it is compelled to change that state by forces applied to it. Simply said, it is easier for a market to continue its direction than to reverse its direction. This is the core point conditon of Phillip's system, to know the trend and to enter it once the market/trend takes a short breath. It is therefore important that the market tells me (and not me guessing) what the acceptable depth of that short breath is before i enter a trade. If I enter a downward trend with a short I want my stop loss to be close to the last bears that would enter that trend and not with the first bulls that would attempt to revert it. I'm conscious that that line that devides the last bears from the first bulls is a short one that nobody knows with absolute precision, but I believe that from previous price action we can see where the bulls lost their grip and the bears continue their feast. I prefer to be wrong and to give my money to the first true bulls (looking at todays Eur/Usd London's morning session) rather then placing my stop loss in the middle of the field, in no man's land. I said before that I want that the market forces me enter a postion, it's like beeing in the frontline and waiting for those that are in the very frontline to open a space for me to follow their steps. If those that are in that very frontline get hurt, they can run back up to a maximum distance, after that extreme point they would loose breath and die. We are trading the 5 mins here and I want to be as conservative as I can be in such a volatile environment, therefore even if I enter a counter trend position I must know where I am with my trade within the battle field and where I have to go out if my trade is wrong, it is the market that has to me tell me what I have to do. May sound stupid what I say but this is the very reason why I like Phillip's system. Hope my bad english makes sense too. I have posted an update of this morning's London session Eur/Usd ( I made only a few very short live trades this morning for a total of 10 pips, no wrong trade just too early exits because I was demo testing other set ups at the same time) and I want to show what trades I would have taken based on my trading style including the counter trades that I have been testing this morning. Thank you for your reply and all your good advices. I know that I will learn much from you and I hope that you will find some interest in my amateur trading.
Thanks for the explanation - it make sense.

I am also looking into a "trend" reversal system (based on the classic 1,2,3 or A,B,C system) but I don't want to share it here because it is not in line with what Phillip's system is all about (TC (trend continuation) system). I've used with success in the past but now with my experience gained thanks to Phillip's advice, his system and the price actions, I'll give it another try. But it is very risky.

Looking forward to see your results
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,449
  • Jun 20, 2008 1:31am Jun 20, 2008 1:31am
Quoting Golfer
Look at Xaron (sorry for in the begining - I still remember - calling you Zaron). He adapted this system very successfully but with certain rules. Not with luck. And I am sure he is loving it.

Go for it.
Haha, the good old days. Thanks Willem, I second what you say.

Regards - Xaron
  • #4,450
  • Jun 20, 2008 4:27am Jun 20, 2008 4:27am
Hi, I'm done for today.

3 trades, 3 winners.

http://www.xaron.net/dl/fx/2008/intr...usd_200608.png

Next week I'm on vacation so good trading to all of you!

Regards - Xaron
  • #4,451
  • Jun 20, 2008 4:43am Jun 20, 2008 4:43am
Nice setup
and enjoy your free days
  • #4,452
  • Jun 20, 2008 5:19am Jun 20, 2008 5:19am
Hello everyone

I am just starting to get into this 5 min system. Do you guys take into consideration the trend on 4hr chart and then only trade the 5min when moving the same direction?

Yesterday the 5min presented a couple of opportunites on the euro but 4hr chart was vry mixed.

Any thoughts much appreciated...
  • #4,453
  • Jun 20, 2008 5:34am Jun 20, 2008 5:34am
fxray: Personally I don't care about higher timeframes. Sometimes you filter the bad trades, sometimes you don't. Please note, that new trends first develop in the lower timeframes before you can see them on the higher ones.

So if you 4H looks like a downtrend, the 5M can show a clear uptrend which can develop to a new trend reversal on the 4H chart...

I just use the 3 MA's like originally suggested, nothing more. I like the idea to keep a system as simple as possible, so no need for me to make it more complicated. But that's my way of thinking.

edit: Danke Wonko!

Regards - Xaron
  • #4,454
  • Jun 20, 2008 6:00am Jun 20, 2008 6:00am
Quoting fxray
Hello everyone

I am just starting to get into this 5 min system. Do you guys take into consideration the trend on 4hr chart and then only trade the 5min when moving the same direction?

Yesterday the 5min presented a couple of opportunites on the euro but 4hr chart was vry mixed.

Any thoughts much appreciated...
1h and 4h charts can be complemetary because not all 5 min entries are related to longer time frames try to find if they work for you and your trading style.
Here is an example of today's e/u movement to show how longer time frames can help you:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4h.gif Size: 27 KB
Click to Enlarge Name: 1h.gif Size: 21 KB
Click to Enlarge Name: 5min.gif Size: 23 KB
  • #4,455
  • Jun 20, 2008 7:27am Jun 20, 2008 7:27am
Hi there,

Just a quick info, I've downloaded the new version of Firefox 3, it seems to work much faster than the last version of Internet explorer I've been using till now, and it gives me also the possibility to zoom quickly in and out of the charts. I'm not in any way affiliated to mozilla, just an info I wanted to share with you guys.
  • #4,456
  • Jun 20, 2008 7:32am Jun 20, 2008 7:32am
Here is the last version of the EA.
Thanks Golfer for pointing out the bug on previous version.
This one should now be totally bug free.

Yannis
Attached File(s)
File Type: zip Artemis Sitter.zip   592 KB | 1,949 downloads
  • #4,457
  • Jun 20, 2008 8:33am Jun 20, 2008 8:33am
HI Guys

AM NEW ON THIS THREAD. hAD A QUICK QUESTION ABOUT THE SET UP OF THIS SYSTEM - HOW DI GET THE 21 EMA ON THE SMAANGLE indicator

Thanks in advance
  • #4,458
  • Jun 20, 2008 8:43am Jun 20, 2008 8:43am
Quoting Snoop Dogg
HI Guys

AM NEW ON THIS THREAD. hAD A QUICK QUESTION ABOUT THE SET UP OF THIS SYSTEM - HOW DI GET THE 21 EMA ON THE SMAANGLE indicator

Thanks in advance
Read Golfer's appendix A
http://www.forexfactory.com/showpost...postcount=2334
  • #4,459
  • Jun 20, 2008 9:57am Jun 20, 2008 9:57am
Quoting Yannis
Here is the last version of the EA.
Thanks Golfer for pointing out the bug on previous version.
This one should now be totally bug free.

Yannis
Hi Yannis

Thanks again - lets see.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,460
  • Jun 20, 2008 10:54am Jun 20, 2008 10:54am
Probably my only trade today. --Tony

Price was squished between lower trend line and upper pivot and price line. With the TC signal and solid little candle with tail off the 21 ema, I thought there might be enough energy for a break back through the pivot and price line resistance. No such thing.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5min entry 1 20june2008.gif Size: 16 KB
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