5Min Intraday System

Quoting OldDog

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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.

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Quoting Golfer

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Hi Tony

I also would have taken it but would have exit for 2pips profit. See my comments.

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Quoting Golfer

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Hi Tony

I also would have taken it but would have exit for 2pips profit. See my comments.

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Quoting MxPips

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Hi Tony and Willem, I also took the same trade, but I couldnt close it at BoE, I was tempted to, but I think I fell in love with the higher lows and ended up with -8 pips. Were the time and day so important int his trade?? Here´s my chart.

Everyone have a great weekend!

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Quoting MxPips

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Hi Tony and Willem, I also took the same trade, but I couldnt close it at BoE, I was tempted to, but I think I fell in love with the higher lows and ended up with -8 pips. Were the time and day so important int his trade?? Here´s my chart.

Everyone have a great weekend!

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Quoting Golfer

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Hi Tony

I also would have taken it but would have exit for 2pips profit. See my comments.

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Quoting OldDog

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Thank you, Willem. --The issue of managing the stop loss for the smallest loss possible is becoming an interesting problem for me. I have a 3 pip spread, and I was trying to get 2 pips profit, but kept missing it.

What I do is I change my TP to just 2-3pips, sometimes just 1pip. So that I don't need to depend on my "hand".

I couldn't guage when the break below the trend line would occur, but I was becoming more sure that it would and got sweated out by the slow movement of the price. In this case, I could have, at least, managed a smaller loss.

I have, however, been finding myself losing confidence and taking losses in quite a few trades that would have turned out profitable.

O, that was/is me as well. 3-4pips turning into a 10-20pips loss. I am working hard at it.

As a matter of fact, I have taken trades with this method and others based on price action, support, resistance and have been right an amazing number of times for me. The catch is that, on the ones that would have given me 10 and 20 pips, I have taken losses of 5 to 7 pips. Something that is really faking me out are the periods of slow, slow price movement, when a candle just sits there after I've entered. What's it going to do? Now that I've entered, price does nothing. It doesn't prove me right, and it doesn't prove me wrong on candle after candle. All my past mistakes start to weigh on me, and out I go. I have to keep working on attitude, discipline, and rule following. --Tony

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Quoting Golfer

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Hi Tony

See my comments in your message:



Keep working on it - you won't be sorry!

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Quoting OldDog

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Thank you, as always, Willem, for the support you give to all of us on this thread! --Tony

Oh, and Bshadroo, you have a good weekend, also!

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Quoting Golfer

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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

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Quoting On the Spot

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Hi Golfer,

Today after taking a few whipsaws with my trend reversal set up (costing me precious pips that I made with Phillip's system), I took the decision to scrap it and to stick with Phillip's "Go with the flow system". I confess that another reason why I decided to scrap it, is that I get somehow anxious when I open a postion that goes against the dominant trend and it put's me also in direct conflict with Phillip's system that I want to trade in the first place.

Anxiety is also in direct conflict with my christian faith and my responsability towards my family. I can and must trade a system that I can handle and not one that wants to test my nerves minute per minute. I'm testing a new set up that is in agreement with the dominant trend and Phillip's system, IF IT IS PROFITABLE I will rename Phillip's system: "Phillip's On The Spot system"

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Quoting Golfer

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All I can say is look at my triage - patience, discispline and hard work. I think we can addthe fourth one namely rules.

I spend more than 1 year training myself to use this system as well as developing My Rules for this system. And Phillip spend 2 years developing this system (if I am not mistaken). One cannot just develop a system with rules within weeks or months, backtesting it and stating that it is working. It takes time and the system should be tested in various type of market conditions. That is precisely what I've done. Been with this system now since Feb 2007, I think we went through most type of markets conditions and I am still using the same mini account without any "top-up". With all my testing playing around and all. I think it say something about this system.

Also, what I've learned is not to change a system because you had a few bad days. For example, I had two bad months (where I couldn't decide which pullbacks to take) - only after that I decide to review My Rules and I came up with some of my price patterns (Church to right, triangle, and, and). And after another month or two Phillip suggested the TC on the MACD just like he uses it with his 4h MACD system. I saw many people come and go with this system with very nice suggestion but it just doesn't work for me. Like Xaron - his approach doesn't work for me but it works for hom - great.

That is where I am today with this system. As well as with my triage. It is working for me and I love it.

All that I am saying is that it takes time and hard work to:

1. Develop and build a system based on principles and rules that work for you

2. Train yourself to use and trust that system

Don't think you can come and use My Rules and think you'll be successful as Phillip. In the begining I got very frustated when I saw people (including Phillip, sorry!!!) taking trades on the 4hMACD system I couldn't see the setup. Then I realise it is their style of trading and not mine. I need to adapt the system to suite my style of trading. Now I am more than happy for them when they are successful because I know myself and my style of trading.

That is why I am telling everbody to discover their own style of trading. May be a "copy cat method" will work for some people. By all means, go for it.

Sorry for all these psycho stuff - initially I didn't believe in it (I didn't even read it) but the more experience I gain, the stuff becomes more clearer to me.

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Quoting islandtrader

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Short 1.5519, -10pips

reasons for entry:
1. reversed church pattern, building in warzone.
2. smooth MACD pattern.
3. small resistance line above.

reasons not to enter:
1. 4h chart shows how price touched two intersecting trend lines and 1.5500 level, together with 365MA support.
2. It was third pullback in a row, so I thought to myself that entry might be risky.
3. Pivot Support line just underneath recent candles, I tried to ignore it
4. MACD was not showing TC signal and no power bar.

reasons for exit:
1. price moved above small resistance line and 21EMA.
2. My stop loss was 20pips (maybe to large for eu) and I wanted to give it a chance to move back below to close my trade as close as possible to BE, well, could have worked out if I had waited another 5 minutes.

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Quoting islandtrader

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Short 1.5519, -10pips

reasons for entry:
1. reversed church pattern, building in warzone.
2. smooth MACD pattern.
3. small resistance line above.

reasons not to enter:
1. 4h chart shows how price touched two intersecting trend lines and 1.5500 level, together with 365MA support.
2. It was third pullback in a row, so I thought to myself that entry might be risky.
3. Pivot Support line just underneath recent candles, I tried to ignore it
4. MACD was not showing TC signal and no power bar.

reasons for exit:
1. price moved above small resistance line and 21EMA.
2. My stop loss was 20pips (maybe to large for eu) and I wanted to give it a chance to move back below to close my trade as close as possible to BE, well, could have worked out if I had waited another 5 minutes.

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