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5Min Intraday System

  • #4,521
  • Jun 25, 2008 11:35am Jun 25, 2008 11:35am
Quoting islandtrader
eyevoltage, how should your ADX have looked like for you to enter that trade?
a higher -DI?
Redards,

What you have to understand about the ADX indicator is that everybody has their own interpretations of how it should look in order to initiate a trade. For me, the ADX (RED) should have crossed the 20 line "with authority", as they say. That means a meaningful cross, and not just a possible whipsaw. At the same time, I would prefer the -DI (GREEN) line also to be above the 20 level and to be ABOVE the ADX initially. That usually signifies a good move, but doesn't happen ALL the time, so one has to compromise a little sometimes. I didn't take this trade because ADX hadn't made that important initial move across the 20, and the -DI didn't look as if it could make its mind up! Result - leave it alone and wait for the next opportunity.
Hope that helps
Cheers
  • #4,522
  • Jun 25, 2008 11:52am Jun 25, 2008 11:52am
thanks eyevoltage, I'm aware of it that everybody sees the ADX from different angles, and since I'm not used to ADX signals, watching others using it is very helpful. Thanks a lot, I like your interpretation very much, will be on the lookout for those, and who knows, maybe incorporating it into my trading decisions one day.
  • #4,523
  • Edited 12:06pm Jun 25, 2008 12:03pm | Edited 12:06pm
Question.

Would this be a legitimate entry point? The candle hasn't gone anywhere near the 21ema, and is not quite brushing the 10ema. However, it's straddling the Pivot Point and the SMA Angle and the ADX/-DI look REALLY strong. I was away from the computer at the time, but I have to say I would have been strongly tempted!
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  • #4,524
  • Jun 25, 2008 12:04pm Jun 25, 2008 12:04pm
Quoting islandtrader
thanks eyevoltage, I'm aware of it that everybody sees the ADX from different angles, and since I'm not used to ADX signals, watching others using it is very helpful. Thanks a lot, I like your interpretation very much, will be on the lookout for those, and who knows, maybe incorporating it into my trading decisions one day.
Glad to be of assistance, old chap.
  • #4,525
  • Jun 25, 2008 3:24pm Jun 25, 2008 3:24pm
Quoting eyevoltage
Question.

Would this be a legitimate entry point? The candle hasn't gone anywhere near the 21ema, and is not quite brushing the 10ema. However, it's straddling the Pivot Point and the SMA Angle and the ADX/-DI look REALLY strong. I was away from the computer at the time, but I have to say I would have been strongly tempted!
I think it is trade I took - my 2nd one just after the 3little sisters Island posted. I can see we traded the system together for a long time now.

I mentioned on the Skype chat that the setup looked tempting but I was worried about the price being in the no-man's land. That is the area what you've identified on your chart - the price it too far away from the war zone. Then I decided to trust the system and signals. Took 12pips profit from it. I'll post my charts later - wasn't time to prepare the charts.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,526
  • Jun 25, 2008 3:39pm Jun 25, 2008 3:39pm
Remember my entries and exits are indicated on the charts with Yannis' EA. Skype chat edited to include only the chat regarding the last Cable trade:

[5:10:33 PM] Willem Kruger says: Cable - lets look at the next pullback, for any price formation, bit worried about the 2 big bearish candles
[5:11:12 PM] Willem Kruger says: Cable - so far on it way to form a bearish 3 pattern
[5:12:01 PM] Willem Kruger says: Cable - look for smooth higher lows on each candle, could be warning signs
[5:12:22 PM] Willem Kruger says: Nothing yet
[5:12:58 PM] islandtrader1 says: cable on pivot
[5:13:36 PM] Willem Kruger says: Yes look for pattern formation on that pivot line
[5:14:30 PM] Willem Kruger says: Cable - my small resistance line is drawn from the 2nd to 3rd sister and onwards
[5:15:40 PM] islandtrader1 says: I see. still some room
[5:17:19 PM] Willem Kruger says: Yes, they say one should give the market room to breath, great example here
[5:18:17 PM] Willem Kruger says: cable look at the speed - previous bounce was off the 21
[5:18:35 PM] Willem Kruger says: Will it stay the same?
[5:19:49 PM] islandtrader1 says: nice powerbar maybe
[5:20:09 PM] Willem Kruger says: Cable - Another signal, higher lows were cancelled with this candle
[5:20:35 PM] islandtrader1 says: yeah
[5:20:56 PM] Willem Kruger says: That is how I follow a setup
[5:21:32 PM] Willem Kruger says: Now I'll wait for a pullback towards the 10MA
[5:22:03 PM] Willem Kruger says: Cable is now in what I called "no-man's land"
[5:22:20 PM] islandtrader1 says: yes
[5:22:34 PM] islandtrader1 says: I like that term
[5:22:44 PM] Willem Kruger says: Previous candle - yes, 1st power candle
[5:23:32 PM] Willem Kruger says: Cable - 1st signals of a nice and flattish pullback now
[5:24:16 PM] islandtrader1 says: you mean candles going sideways and smooth MACD?
[5:25:34 PM] Willem Kruger says: Cable - yes if you look at the highs and lows of the candles forming a flat channel
[5:26:21 PM] islandtrader1 says: I'd prefer both eu and gu to retrace more into warzone
[5:29:41 PM] Willem Kruger says: Cable is tempting but that no-man's land???
[[5:57:15 PM] Willem Kruger says: Back home - I took that tempting TC setup on Cable just before I left for home. 12pips profit.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,527
  • Jun 25, 2008 4:54pm Jun 25, 2008 4:54pm
a nice M1 setup after fomc .i didnt enter because of large SL
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  • #4,528
  • Jun 25, 2008 6:25pm Jun 25, 2008 6:25pm
.
Quoting eyevoltage
Glad to be of assistance, old chap.
  • #4,529
  • Jun 25, 2008 7:42pm Jun 25, 2008 7:42pm
Hi On The Spot.

Yes, I'm a Christian. Why do you ask?
  • #4,530
  • Jun 25, 2008 9:32pm Jun 25, 2008 9:32pm
Quoting bshadroo
a nice M1 setup after fomc .i didnt enter because of large SL
I'm new to the 5 min system but have been with the 4hr since Feb. I have a question. I have begun reading the posts and golfer's stop are 20 pips max with a profit target of 25. I'm aware that there will be some variation and those are probably maximums. However, I have notice a lot of pips taken between 6 and 12. Where would you have placed your stop on the last trade. Could you expand on your sl and profit targets
Raymond
  • #4,531
  • Jun 26, 2008 2:30am Jun 26, 2008 2:30am
Quoting Morelands
I'm new to the 5 min system but have been with the 4hr since Feb. I have a question. I have begun reading the posts and golfer's stop are 20 pips max with a profit target of 25. I'm aware that there will be some variation and those are probably maximums. However, I have notice a lot of pips taken between 6 and 12. Where would you have placed your stop on the last trade. Could you expand on your sl and profit targets
Raymond
as i said i didnt take that trade because i should put my SL below the signal candle wich was more than 20pips.and target is usually 10pips in M1 news trading
  • #4,532
  • Jun 26, 2008 2:42am Jun 26, 2008 2:42am
I saw your quote from proverbs and wondered if you were a Christian. Peace be to you brother

Quoting eyevoltage
Hi On The Spot.

Yes, I'm a Christian. Why do you ask?
  • #4,533
  • Jun 26, 2008 3:29am Jun 26, 2008 3:29am
Long at 55 was my trade. I thought the initial move was down today, looking at eurusd, but checking the longer term, showed the trend up.
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  • #4,534
  • Jun 26, 2008 3:31am Jun 26, 2008 3:31am
Quoting On the Spot
I saw your quote from proverbs and wondered if you were a Christian. Peace be to you brother
Thank you. I wish you peace and prosperity also, brother.
  • #4,535
  • Jun 26, 2008 4:14am Jun 26, 2008 4:14am
quite some sir.
i hvae been wondering about with so many systems and tryng some with my hard earned money and i hve been really sucked, but anyway am still in the race. is this the one you prefeer again.
am happy getting you here.

your daughter
Quoting eyevoltage
Thank you. I wish you peace and prosperity also, brother.
  • #4,536
  • Jun 26, 2008 4:43am Jun 26, 2008 4:43am
Hi Golfer,

I've just a few questions.

*What hours and what pairs are you trading at the moment?
*How many trades per week (average) do you make?
*Do you stick to Phillips rule to exit after 2 losses in a row?
*How many pips do you loose in a week (average) in stop losses being hit or trades being closed manually?
*Do you believe in brokers hunting stops?
*How do you handle spikes?
*Are you happy with your broker and if not, which one would you like to trade with?
*Which indicator and settings would you suggest for identifying and overbought or oversold situation on a 5 min chart?
*Last question, do you get angry when you loose a trade or are you in control of your emotions?

Thank you for your reply
  • #4,537
  • Jun 26, 2008 5:13am Jun 26, 2008 5:13am
Quoting fxguy
quite some sir.
i hvae been wondering about with so many systems and tryng some with my hard earned money and i hve been really sucked, but anyway am still in the race. is this the one you prefeer again.
am happy getting you here.

your daughter
Nice to hear from you again, and I hope you're doing well from your trading.

There are some threads in FF that have stood the test of time, and this one, Phil's 5m Intraday is one of them. I've always liked this one, but I like to follow a couple of others as well. However, I keep coming back to this one for a very simple reason. It works!! And thanks to the sterling efforts of both Phil and Golfer, a lot of the hard work has been done for us, and removed a lot of the frustrating obstacles one comes across so often when trying to learn a new method.

Cheers for now.
  • #4,538
  • Jun 26, 2008 5:14am Jun 26, 2008 5:14am
Hi emarco,

perfect timing as usual man. I got a buy signal at 1.9777 (22 pips higher than your entry at 55) and an exit signal at 1.9790. I have the impression that you get better entry signals and I get better exit signals. I'm perhaps wrong, will therefore continue to follow your trades and let you know. I like your trading syle, very pragmatic.

Kind regards

Quoting emacro
Long at 55 was my trade. I thought the initial move was down today, looking at eurusd, but checking the longer term, showed the trend up.
  • #4,539
  • Jun 26, 2008 5:36am Jun 26, 2008 5:36am
I didn't unfortunately, but it's a lovely move. Personally, I would have waited for the move above the R1 line and then let it ride, not least because of the very small upper shadows on the candles. Almost ALL bull pressure! Nice to see. SMA + 21ema looks good, as does the ADX which, for me, would be ideal for a "go". I was watching something else at the time, so it serves me right.
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  • #4,540
  • Jun 26, 2008 5:43am Jun 26, 2008 5:43am
Hi Spot

See my answers in your message:

Quoting On the Spot
Hi Golfer,

I've just a few questions.

*What hours and what pairs are you trading at the moment?

From 07H00 to 18H00GMT if I do have a change to look at the charts

*How many trades per week (average) do you make?

It depends on the time that I do have to trade. From 0 trades to 6 trades per day. Average 20-30trades a week. I do aim for 50pips profit a week which is achievable when you do follow the rules.

*Do you stick to Phillips rule to exit after 2 losses in a row?

No, not yet because I am learning, gathering experience and testing all the different market conditions. I want to get a feel for market. But once I do start to trade seriously with a standard account, I'll keep to that rule. Sometimes I do have 4 losers per day and that hurts you account, believe you me. That is why I can see Phillip recommend only 2 losers and I would recommend to all the serious traders out there.

*How many pips do you loose in a week (average) in stop losses being hit or trades being closed manually?

I do really keep record anymore but I do have about (on average) 1 loser every 2-3days if I trade according to My Rules. I tend to exit rather earlier with 2-3pips profit than a loss.

*Do you believe in brokers hunting stops?

???? Cannot really comments on that but I do use Yannis' EA just for in case.

*How do you handle spikes?

As part of identifying the price patterns - especially the tails.

*Are you happy with your broker and if not, which one would you like to trade with?

No problems wit my broker.

*Which indicator and settings would you suggest for identifying and overbought or oversold situation on a 5 min chart?

I don't use it on the 5min system (maybe more reliable on the longer time frames - I do believe in looking at price actions/movements/candles.

*Last question, do you get angry when you loose a trade or are you in control of your emotions?

Yes the beginning a definite yes. I got very angry and upset. But that I do have My Rules and I am getting more familiar with the market conditions, it is much better. Nowadays I just get anger with myself if a make a stupid mistake - and it is so easy to make it using the 5min system because conditions change so quickly, trading part time and one needs to concentrate a lot. Previously it was very difficult to trade and follow the Skype chat. That was why I left the 4h chat - very confusing. I tend to ignore the 5min chat when people do have private chats. I try to keep it to the minimal or contact/call the member for a private chat. Nowadays it is easier to follow the Skype chat and trade.

Thank you for your reply
Pleasure is all mine - I hope it make sense
Willem Forex recipe for success = Patience, discipline & hard work.
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