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5Min Intraday System

  • #4,501
  • Jun 24, 2008 3:11pm Jun 24, 2008 3:11pm
A MP3 file presented by Phillip regarding his 4hMACD system. But some of the parts are also applicable to his 5min system especailly when it comes to learning forex trading. I posted my previous post before listening to his MP3 file.

Link:

http://www.forexfactory.com/showpost...ostcount=15684

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,502
  • Jun 25, 2008 2:05am Jun 25, 2008 2:05am
Put off taking the short by the big up bar.
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  • #4,503
  • Jun 25, 2008 2:28am Jun 25, 2008 2:28am
[01:41:36 a.m.] mkain dice:market very choppy right now
[01:42:06 a.m.] mxpips dice:yes, no clear direction yet
[01:42:08 a.m.] mkain dice:just 3(4) little sisters in g/u minutes ago
[01:42:22 a.m.] mkain dice:now is in warzone close to pivot
[01:42:42 a.m.] mkain dice:5th sister could come
[01:46:29 a.m.] mxpips dice:what do you think mkain, we have a tc and powerbar
[01:47:23 a.m.] mkain dice:too far of zone nor smooth pullback
[01:47:29 a.m.] mkain dice:it could work
[01:47:35 a.m.] mkain dice:but not my fav pattern
[01:47:42 a.m.] mkain dice:i'm out
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  • #4,504
  • Jun 25, 2008 4:39am Jun 25, 2008 4:39am
Hi mkain,

are you italian or was that just a conversation in an italian chatroom? That was a nice trade man!

Quoting mkain
[01:41:36 a.m.] mkain dice:market very choppy right now
[01:42:06 a.m.] mxpips dice:yes, no clear direction yet
[01:42:08 a.m.] mkain dice:just 3(4) little sisters in g/u minutes ago
[01:42:22 a.m.] mkain dice:now is in warzone close to pivot
[01:42:42 a.m.] mkain dice:5th sister could come
[01:46:29 a.m.] mxpips dice:what do you think mkain, we have a tc and powerbar
[01:47:23 a.m.] mkain dice:too far of zone nor smooth pullback
[01:47:29 a.m.] mkain dice:it could work
[01:47:35 a.m.] mkain dice:but not my fav pattern
[01:47:42 a.m.] mkain dice:i'm out
  • #4,505
  • Jun 25, 2008 4:53am Jun 25, 2008 4:53am
I haven't traded that pair today, but I looked at my system to see what it suggested me, I'll post a chart if you are interested.


Quoting mkain
[01:41:36 a.m.] mkain dice:market very choppy right now
[01:42:06 a.m.] mxpips dice:yes, no clear direction yet
[01:42:08 a.m.] mkain dice:just 3(4) little sisters in g/u minutes ago
[01:42:22 a.m.] mkain dice:now is in warzone close to pivot
[01:42:42 a.m.] mkain dice:5th sister could come
[01:46:29 a.m.] mxpips dice:what do you think mkain, we have a tc and powerbar
[01:47:23 a.m.] mkain dice:too far of zone nor smooth pullback
[01:47:29 a.m.] mkain dice:it could work
[01:47:35 a.m.] mkain dice:but not my fav pattern
[01:47:42 a.m.] mkain dice:i'm out
  • #4,506
  • Jun 25, 2008 5:08am Jun 25, 2008 5:08am
Interesting news from Michael Stumm, for those of you interested in automated trading with Oanda:

"I can confirm that FxSpyder is authorized by OANDA to offer their platform to end users via an API relationship and that OANDA provides technical support to FxSpyder in order to create as reliable a product for OANDA's traders as possible.

While OANDA does not formally endorse third party products, from time to time, OANDA will work with third party providers to help them integrate their products with OANDA. An example of this was Esignal. FXSpyder is another example"

(From Oanda forum)
  • #4,507
  • Jun 25, 2008 5:28am Jun 25, 2008 5:28am
...
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  • #4,508
  • Jun 25, 2008 5:44am Jun 25, 2008 5:44am
Here are two trades I didn´t take today, they werent 100% acording to the rules of the system but when I was analysing them I knew they could work, I would apreciate some feedback, I dont know if Im undertrading, or if this setups just werent high probability and I was on the right track not trading them.
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  • #4,509
  • Jun 25, 2008 6:04am Jun 25, 2008 6:04am
Hi MxPips,

I'm not an expert of this system and i don't trade strictly to Phillips rules but it seems to me that you are definitely undertrading whatever your system is. I have the same problem when I take a few losses but then after a short rest, I'm again confident that I can make it.


Quoting MxPips
Here are two trades I didn´t take today, they werent 100% acording to the rules of the system but when I was analysing them I knew they could work, I would apreciate some feedback, I dont know if Im undertrading, or if this setups just werent high probability and I was on the right track not trading them.
  • #4,510
  • Jun 25, 2008 6:27am Jun 25, 2008 6:27am
Hi Golfer,

why are you still trading with a mini account? Is trading your hobby or are you still practising the system before moving to the standard lot?


Quoting Golfer
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.
  • #4,511
  • Jun 25, 2008 6:56am Jun 25, 2008 6:56am
Quoting On the Spot
Hi MxPips,

I'm not an expert of this system and i don't trade strictly to Phillips rules but it seems to me that you are definitely undertrading whatever your system is. I have the same problem when I take a few losses but then after a short rest, I'm again confident that I can make it.

Thanks for the comment On the spot, and yes, maybe not in everycase but I am undertrading. Im taking a little while to adapt my style to the 5 min system which Im loving, but maybe in trying to learn the system I tend to exagerate the systems rules. As you say its all about gaining confidence, and I beleive that following ones rules is also crucial.
  • #4,512
  • Jun 25, 2008 7:29am Jun 25, 2008 7:29am
Quoting MxPips
Thanks for the comment On the spot, and yes, maybe not in everycase but I am undertrading. Im taking a little while to adapt my style to the 5 min system which Im loving, but maybe in trying to learn the system I tend to exagerate the systems rules. As you say its all about gaining confidence, and I beleive that following ones rules is also crucial.
Following ones rules and gaining confidence in this system is certainly crucial to survive in this market and make some pips. I have looked at the GBP/USD chart and looked at what my modified version of Phillips system said and started to make some calculations. IF I had traded this pair this morning from 8 am to 1 pm (London time), following strictly my rules I would have made around 100 pips, but I haven't traded it I prefer to loose 100 pips and gain confidence in a system that works FOR ME rather than gaining 100 pips and learning nothing. Time should not be an issue for a learner and I prefer to take it easy. I'm also fully aware of the fact that Phillips system works perfectly without any add on and if I'm adding something to it I will trade with my money for a couple of years as Phillip did before I may share it with anybody else and say "Yes it works". If there is one thing that I hate, it's deception. We can all add something to this system, but for now all the merit goes Phillip until one of us can make a better one. Honour to Phillip our Godfather
  • #4,513
  • Jun 25, 2008 7:40am Jun 25, 2008 7:40am
Quoting On the Spot
Hi mkain,

are you italian or was that just a conversation in an italian chatroom? That was a nice trade man!
I'm colombian,that conversation was in public chat of this strategy in Skype, we use to discuss charts online.
  • #4,514
  • Jun 25, 2008 7:51am Jun 25, 2008 7:51am
Quoting MxPips
Here are two trades I didn´t take today, they werent 100% acording to the rules of the system but when I was analysing them I knew they could work, I would apreciate some feedback, I dont know if Im undertrading, or if this setups just werent high probability and I was on the right track not trading them.
Hi Mx,
No trade zone in SMA angle it's a Golfer's rule (I follow it 70%, I ignore it if price pattern is very good as in ellipse pullback or three little sisters) you can skip it is you don't feel confortable with it, see Xaron and Emacro they don't use SMA angle at all.
  • #4,515
  • Jun 25, 2008 8:21am Jun 25, 2008 8:21am
Quoting On the Spot
Hi Golfer,

why are you still trading with a mini account? Is trading your hobby or are you still practising the system before moving to the standard lot?
Hi Spot

Yes, I am still using the same mini account which I started in Dec 2006 with $500. I am trading 0.2lots when trading the 5min system. I am also using the very same account playing around with other system but I do risk only 1.5% of capital per trade.

Very interesting: the profit that I am making with the 5min system - I do give it back with the testing of the other systems.

Yes, trading is just a hobby - like Phillip, I do have a full time job with two bosses.

I am getting more confident now and I don't practice/playing around with other systems that often. At this stage I am looking at two other systems - the one being an EA for the Asian.

In about 6months - 1years time I want to open a standard account and trade the 5min with it. At this stage I still don't have the necessary discipline/patience (I'll post my two trades today and you'll see) to trade that kind of money but I am working on it.

Just listen to Phillip's MP3 file of yesterday (link posted earlier by me on this thread) - you cannot learn forex trading in a few months. I follow this system allmost from the begining (Feb 2007) and only now I do feel more comfortable with it. It also assist me with my other systems. Before I met Phillip and his systems, I had an idea of forex trading but that was what I thought. There are so much to learn that one should concentrate on only one or two system. I've tried many other systems here on ff but this one I do understand because it is so simple yet it needs understanding and concentration.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,516
  • Edited 8:57am Jun 25, 2008 8:34am | Edited 8:57am
Quoting MxPips
Thanks for the comment On the spot, and yes, maybe not in everycase but I am undertrading. Im taking a little while to adapt my style to the 5 min system which Im loving, but maybe in trying to learn the system I tend to exagerate the systems rules. As you say its all about gaining confidence, and I beleive that following ones rules is also crucial.
Hi Mx

Perfect approach - I did it the other way around and lost about half of my account. But like I told Phillip, I had to learn this system the hard way. I wanted to see what is hurting me and why. And to see what I must ignore. And I am still doing it with my mini account. But I do keep notes (not mental notes - it doesn't work) of what to ignore and why.

I don't believe in the concept of undertrading but I do believe in overtrading. Undertrading, no because you SHOULD NOT take every setup. You should only take the setups which you are familiar with and where the signals are clear. The main purpose is to end positive at the end of your period - like mine (50pips a week is my target).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,517
  • Jun 25, 2008 8:50am Jun 25, 2008 8:50am
Yo soy italiano pero hablo también español y otro 2 idiomas. Saludo

Quoting mkain
I'm colombian,that conversation was in public chat of this strategy in Skype, we use to discuss charts online.
  • #4,518
  • Edited 9:00am Jun 25, 2008 8:54am | Edited 9:00am
I liked the neat(ish) reversal to the 21ema, and the entry would have been where the small magenta trendline crossed the 10ema. However, I wasn't happy with the state of the ADX at that precise time, so I kicked it into touch. Yes, ultimately, pips missed, but that's better than being in an "iffy" trade.

(SMA Angle not shown for reasons beyond me. Computers, eh? )
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  • #4,519
  • Jun 25, 2008 9:23am Jun 25, 2008 9:23am
Quoting eyevoltage
I liked the neat(ish) reversal to the 21ema, and the entry would have been where the small magenta trendline crossed the 10ema. However, I wasn't happy with the state of the ADX at that precise time, so I kicked it into touch. Yes, ultimately, pips missed, but that's better than being in an "iffy" trade.

(SMA Angle not shown for reasons beyond me. Computers, eh? )
eyevoltage, how should your ADX have looked like for you to enter that trade?
a higher -DI?
Redards,
  • #4,520
  • Jun 25, 2008 11:23am Jun 25, 2008 11:23am
thanks Golfer for your guidance...
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