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5Min Intraday System

  • #4,481
  • Jun 23, 2008 8:24am Jun 23, 2008 8:24am
a setup we discussed and traded on Skype with MxPips and Bil2205, very nice.
BE I was happy to take after 1hour, price retraced up from +5 pips in the end, I didn't want to take further risk.

Edit: only now I notice the 3 sisters... shame on me
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  • #4,482
  • Jun 23, 2008 10:00am Jun 23, 2008 10:00am
Quoting islandtrader
a setup we discussed and traded on Skype with MxPips and Bil2205, very nice.
BE I was happy to take after 1hour, price retraced up from +5 pips in the end, I didn't want to take further risk.

Edit: only now I notice the 3 sisters... shame on me
Great analysis - I can see you know what you need to look for, not just firing in all directions. I like it.

Don't worry about the 3 little sisters. I do miss them regulary. As long as you identify them afterwards. You'll get use to them. Just remember that once you see a lower high, immediately think of the 3 little sisters and look for signals. That is how I taught myself.

Great trading - I was on the plane and then in car on my way to capital city of Phillip's province, so i didn't really tradeand coudn't chat on Skype. Only one trade on Cable (1pip profit) while I was waiting for the driver.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,483
  • Jun 23, 2008 11:02am Jun 23, 2008 11:02am
My trades this morning. I found I wasn't really in focus on the first trade. I'd only just gotten things in order, ready for trading and saw what I thought was a rounding of the price at the resistance. I jumped in before I could think it over. The child part of me was in charge and the parent was looking elsewhere. --Tony
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  • #4,484
  • Jun 23, 2008 11:18am Jun 23, 2008 11:18am
My 3rd trade.
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  • #4,485
  • Jun 23, 2008 12:39pm Jun 23, 2008 12:39pm
Quoting Golfer
Don't worry about the 3 little sisters. I do miss them regulary. As long as you identify them afterwards. You'll get use to them. Just remember that once you see a lower high, immediately think of the 3 little sisters and look for signals. That is how I taught myself.
Thanks Golfer for your encouragement.

Another trade I did (same as Old Dogs 3rd trade) but I missed the entry after the power bar and got in 1.5519 (5 pips late). Usually I don't chase entries, and I managed the trade badly imo. S1 line just above respected by price action, small support line broken, I let it run hoping for the best. Only luck that I could get out with 3 pips profit.
Down -7 pips for the day.
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  • #4,486
  • Jun 23, 2008 5:12pm Jun 23, 2008 5:12pm
Hi Golfer,

I've a few questions before I go to bed. How important do you think are candlestick patterns and broader formations in Phillip's system? We all know the sayings: "The trend is your friend", and "cut your losses and let your profits run". Phillips system is certainly in line with the first saying, but does his system follow the rule: "let your profits run"? or are most of us pure scalpers, looking for a quick profit? I know that Phillip trades the 4hr TF as well, but even with that TF one can be a scalper rather than follow the rule "let your profits run". Nothing wrong with scalping, I'm one too, but I would like to know if this trading style (scalping) does somehow limit our possibility to fully exploit the potential of Phillip's system. I hope that my questions make sense to you. Thank you for your reply.

Interesting web site, free and no spam: http://thepatternsite.com/index.html
  • #4,487
  • Jun 24, 2008 12:32am Jun 24, 2008 12:32am
An added bonus from bullish 3 and pivot support.
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  • #4,488
  • Jun 24, 2008 1:15am Jun 24, 2008 1:15am
Nice move man. Early birds make pips


Quoting emacro
An added bonus from bullish 3 and pivot support.
  • #4,489
  • Jun 24, 2008 1:32am Jun 24, 2008 1:32am
Late birds make also profit (7 pips) but risk a bit more
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  • #4,490
  • Jun 24, 2008 1:43am Jun 24, 2008 1:43am
Early, late, birds make the pips. Make sure you are a disciplined bird.
  • #4,491
  • Jun 24, 2008 1:54am Jun 24, 2008 1:54am


Quoting emacro
Early, late, birds make the pips. Make sure you are a disciplined bird.
  • #4,492
  • Jun 24, 2008 2:36am Jun 24, 2008 2:36am
Looks like great minds think alike! Nice to get back on this thread again, especially when emacro's example shows I can still spot 'em!! I would have got on earlier, but I was called away from the computer.
Really good to see you guys are still hard at it!

On my chart....1 indicates the start of the retracement.
2 indicates entry.
3 shows how ADX is giving a clear signal to GO!

Cheers
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  • #4,493
  • Jun 24, 2008 2:53am Jun 24, 2008 2:53am
Hi Spot
See my comments in your message:
[quote=On the Spot;2070937]Hi Golfer,
I've a few questions before I go to bed. How important do you think are candlestick patterns and broader formations in Phillip's system?
To me, it is very important and I do use it. As I explained in My Rules (one of the appendices - links are pasted on page 1). I know people say that the 5min chart is too short a time frame but I do look for some of the candle formation to assist me with the identification of the high probability setups. Because you cannot just take any pullback into the war zone (boring to telling it all over again but it is the main principle behind this system). If you don't master this principle, you won't master this system and you can move on.
We all know the sayings: "The trend is your friend", and "cut your losses and let your profits run". Phillips system is certainly in line with the first saying, but does his system follow the rule: "let your profits run"? or are most of us pure scalpers, looking for a quick profit? I know that Phillip trades the 4hr TF as well, but even with that TF one can be a scalper rather than follow the rule "let your profits run".
I am believer that this a 10pip system but I know there are people that let their profits run. I also do it but only when the market allows it (and that is very rare with me. I got burned too many times trying to let my profits run. I know Phillip sometimes let his run and he uses another indicator to signal an exit. Currently I am too busy studying the marketsand this system, so I am happy with just 10pips profit. Maybe later when I am more familiar with the system and my pairs.
The other statement is definitely true - cut your losses!!!! Very quickly or you won't survive with/in this system.
Nothing wrong with scalping, I'm one too, but I would like to know if this trading style (scalping) does somehow limit our possibility to fully exploit the potential of Phillip's system.
No, go for it. That is why I'll only give my opinion. I'll never tell a person to this or that. I developed My Rules based on Phillip's principles and it works for me. That is why I never say on Skype 'Enter now'. I am just pointing out the signals I am looking for. It is up to you then to decide for youself. And then based on that, develop your own style.
I hope that my questions make sense to you.
Definitely and I hope answers do.
Thank you for your reply.
Interesting web site, free and no spam: http://thepatternsite.com/index.html[/quote]
Thanks for website - very helpful
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,494
  • Jun 24, 2008 3:01am Jun 24, 2008 3:01am
Quoting eyevoltage
Looks like great minds think alike! Nice to get back on this thread again, especially when emacro's example shows I can still spot 'em!! I would have got on earlier, but I was called away from the computer.
Really good to see you guys are still hard at it!

On my chart....1 indicates the start of the retracement.
2 indicates entry.
3 shows how ADX is giving a clear signal to GO!

Cheers
Hi Eye

Great to see you are back and as sharp as always. Still making the pips as always. Seems like our other thread died - so here we are again. But I am sure you do use that system (or version thereof).

Currently I am just too busy with my full time job - not really time to trade. Just keeping an eye on the charts and gad for the other people making pips.

Keep to going, nice to see your charts again.

PS - Palmer will be very proud of you using the ADX. He is using the ADX as additional signal for this system. But the principles stay the same.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,495
  • Jun 24, 2008 3:42am Jun 24, 2008 3:42am
Quoting eyevoltage
Looks like great minds think alike! Nice to get back on this thread again, especially when emacro's example shows I can still spot 'em!! I would have got on earlier, but I was called away from the computer.
Really good to see you guys are still hard at it!

On my chart....1 indicates the start of the retracement.
2 indicates entry.
3 shows how ADX is giving a clear signal to GO!

Cheers
Good to see you back here again.
Winners all the way!(like Man Utd)
  • #4,496
  • Edited 4:29am Jun 24, 2008 4:26am | Edited 4:29am
Quoting Golfer
Hi Eye

Great to see you are back and as sharp as always. Still making the pips as always. Seems like our other thread died - so here we are again. But I am sure you do use that system (or version thereof).

Currently I am just too busy with my full time job - not really time to trade. Just keeping an eye on the charts and gad for the other people making pips.

Keep to going, nice to see your charts again.

PS - Palmer will be very proud of you using the ADX. He is using the ADX as additional signal for this system. But the principles stay the same.
Great to make contact again, me old mate, and let me say how impressed I've been with your dedication to this thread. There must be literally hundreds of people who have been helped by your charts and updates, including myself. You've created a complete reference system, Willem, which I (and probably many others) constantly refer back to all the time! Which is VERY impressive, considering your very demanding career! Well done, mate.

Yes, I like using the ADX, which I've found to be a very accurate indicator for trend strength.

I have to say, though, I'm guilty of having my favourites amongst the FF systems on offer. Along with this one, I like Dollie/Guppy, Cornflower, Melpheos's Fib system, Spudbyre's stochastics and boxingislife's sexy stochastics as well. I know that you prefer to zero in on one particular system i.e. this one, but for me, having other options stops the boredom creeping in, because if it isn't happening with one system, it usually is with something else. Sounds a bit daft really, but I've found it to be true.

Good to see emacro is still around (even though he's a City fan!). JUST KIDDING, EMACRO!!

Take care....I'll be around and popping in from time to time.
Cheers
  • #4,497
  • Jun 24, 2008 9:16am Jun 24, 2008 9:16am
Took 15 pips on this long late day trade. I just liked the ascending wedge pattern and the breakout came. It's 12:07 am now, really late.
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  • #4,498
  • Edited 1:42pm Jun 24, 2008 10:08am | Edited 1:42pm
here my trade on e/u for today:

Edit: sorry, this was gbp/usd of course
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  • #4,499
  • Jun 24, 2008 10:53am Jun 24, 2008 10:53am
I didn't see any trades in my session today, except in hindsight, but I think I would want to take such a trade in the future, given similar indications. So, I decided to do some more hindsight thinking and to also notice the instruction the market was giving me today on inside bars. --Tony
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  • #4,500
  • Edited 12:08pm Jun 24, 2008 11:58am | Edited 12:08pm
Quoting OldDog
I didn't see any trades in my session today, except in hindsight, but I think I would want to take such a trade in the future, given similar indications. So, I decided to do some more hindsight thinking and to also notice the instruction the market was giving me today on inside bars. --Tony
I agree, Tony, it is not an easy chart to trade. I won't have taken any of the setups. Just too riksy for me with price crossing the MAs and no real signs of support/resistance. No recognisable pattern. At this stage I'll close my charts and do some other work. Just to get away from the temptation TO LOOK FOR a trade - which is suicide.

To all members:

I use to follow the charts tick by tick but not anymore. Too many temptations to enter high risk trades. And then I get very frustated and starting to lose confidence in the system. Everybody should be aware of the possibility of losing confidence and you need to ask yourself why is that. I came to realise that I was looking for setups and trying out high risk trades. Then I got upset when the markets turned against me. But why do the markets turned against me? It was me pushing the system (my luck)(not following My Rules) and not the system!!!!

Nowadays I just scan the chart because the setup must call me. I tend to ignore the maybe setup. That triangle trade of Emarco was a great example of a setup calling me. It must be so clear that you need to think, wow, I don't believe it is so easy.

Edit 1 - please don't get upset when you see people taking trades and making money while you stay aside. Nothing wrong with that. You' change/setup will come.
Willem Forex recipe for success = Patience, discipline & hard work.
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