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5Min Intraday System

  • #4,561
  • Jun 26, 2008 12:08pm Jun 26, 2008 12:08pm
Trades for today. Going to have to watch out on my first trade each day. I seem to be vulnerable at that time! --Tony
  • #4,562
  • Jun 26, 2008 12:11pm Jun 26, 2008 12:11pm
Forgot to add chart! Hey, where's my focus?!
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  • #4,563
  • Jun 26, 2008 12:13pm Jun 26, 2008 12:13pm
Folks attached is my chart i am a newbie to the 5 minute here is what i saw
In the far left of blue rectangle is a large bear candle. I see a triangle that has my daily pivot as the bottom trend line. After the large bear i see three small bulls staying with in the low and high of the bear. The third bull is a doji and just inside the war zone. Now i took that 4th candle after the the large bear and bailed when i hit the pivot for +3 pips. Looking back i should have waited for a break of the pivot ?
I am not concerned with the pips as much as seeing what i thought were some of golfer's chart patterns
triangle, big bear followed by three small bulls TC ....
any comment appreciated thanks in advance this is a great thread and i appreciate everyone's insight
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  • #4,564
  • Jun 26, 2008 1:04pm Jun 26, 2008 1:04pm
My Comments in your message:

Quoting scottyd14
Folks attached is my chart i am a newbie to the 5 minute here is what i saw
In the far left of blue rectangle is a large bear candle. I see a triangle that has my daily pivot as the bottom trend line. After the large bear i see three small bulls staying with in the low and high of the bear.

That is a classic bearish 3 pattern - cannot get it better than that!!!!

The third bull is a doji and just inside the war zone. Now i took that 4th candle after the the large bear and bailed when i hit the pivot for +3 pips.

No problem - better safe than sorry. See my other comments for correct entries

Looking back i should have waited for a break of the pivot ?

The safe option but with so many signals - take on the odds and trust the system and signals

I am not concerned with the pips as much as seeing what i thought were some of golfer's chart patterns
triangle, big bear followed by three small bulls TC ....
any comment appreciated thanks in advance this is a great thread and i appreciate everyone's insight
Look at my lines indicating the TC on the MACD (#1, 2 & 3 as well as the Zero bounce). The entries are the opening of each of the candles above the lines with the arrows. These are the candles after the signal bar on the MACD. The signal bar is the first bar to change colour.

The first TC didn't come with a power candle but TC #2 did. However #2 was in non-man's land and very close to pivot line making it very risky.

The zero bounce was perfect - near war zone and with power candle & enough space to pivot line to take 10pips.

#3 was very risky - in non-man's land and very close the pivot line. But then there was that bearish 3 pattern. Very tempting.

I hope it make sense.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,565
  • Jun 26, 2008 1:42pm Jun 26, 2008 1:42pm
[IMG]file:///C:/Users/SCOTTY%7E1/AppData/Local/Temp/moz-screenshot-1.jpg[/IMG]i also took the following in my demo account
I saw good spread in the MA's
I saw a zero bounce and saw this as a TC
Took a quick 10 pi p win i saw in the skype you saw this but thought it was "too Risky" please point out to me what was the too risky parts.
I waited until the close of the red candle which also triggered the zero bounce.
thanks in advance
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  • #4,566
  • Jun 26, 2008 2:08pm Jun 26, 2008 2:08pm
For those who are not familiar with the TC pattern.

The classic TC formation - the TC should be smooth and not "sharp". With some practice, you'll see that a TC will be smooth when it is forming.

The Zero bounce and zero breaks are also considered as TC patterns.

I hope it helps

Edit 1: Please note that step 3 should read: "Signal bar - first RED bar....."
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,567
  • Jun 26, 2008 2:14pm Jun 26, 2008 2:14pm
Quoting scottyd14
[IMG]file:///C:/Users/SCOTTY%7E1/AppData/Local/Temp/moz-screenshot-1.jpg[/IMG]i also took the following in my demo account
I saw good spread in the MA's
I saw a zero bounce and saw this as a TC
Took a quick 10 pi p win i saw in the skype you saw this but thought it was "too Risky" please point out to me what was the too risky parts.
I waited until the close of the red candle which also triggered the zero bounce.
thanks in advance
My reasons for thinking it was risky:

[08:45:43 PM] Willem Kruger says: Risky because:
[08:46:07 PM] Willem Kruger says: 1. Pass my trading time - don't like to trade after 18H00gmt
[08:46:17 PM] Willem Kruger says: 2. Close to S1 line
[08:46:36 PM] Willem Kruger says: 3. 2-candle entry method which I don't really like
[08:46:56 PM] Willem Kruger says: 4. Already 100pip move for this trend
[08:47:17 PM] Willem Kruger says: 5. Close above 21
[08:47:40 PM] Willem Kruger says: 6. No other price pattern formation
[08:47:45 PM] Willem Kruger says: that is about it
[08:48:04 PM] Willem Kruger says: all the signal I consider before an entry
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,568
  • Jun 27, 2008 3:14am Jun 27, 2008 3:14am
I received a message from a member with questions regarding certain price patterns. My answer to him (and I got permission from him to share it with all of you - maybe you have the same questions) with some editing:

You've missed some of the "new" developments of the system. I also struggled with which pullback to take and which to leave alone. I contacted Phillip and we decided to look at the TC pattern on the MACD as used in Phillip's 4h MACD system. It is a great filter to eliminate the bad trades. I've just posted the EY chart of today with great examples of TCs on the MACD. I'll post another few examples. We are looking for the smooth TCs and the the "sharp" TCs.

Link:

Appendix E – TC pattern on MACD:


http://www.forexfactory.com/showpost.php?p=1857937&postcount=30 76



Then Phillip also identify the power candles within the war zone. There are three types of bullish and bearish power candles.

Link:


1. Phillip’s latest summary of his 5min system



http://www.forexfactory.com/showpost.php?p=1936843&postcount=34 36


Right - the church formations. Nowadays I am looking for 3 candles with higher lows in a row, then the TC, then I enter. With the Church formations, you can usually expect a zero bounce or break on the MACD (which is also a type of TC formation on the MACD). If the MACD doesn't give a signal. I'll ignore the setup. I don't use the church formations as the only entry lately.

Next - 3 little sisters. My personal opinion is that this formation is part of the Elliot wave system. I am not a Elliot wave fan but I am starting to look into it. But I like the formation - very reliable but difficult to decide when to enter.

I hope it helps.

Very important to look at the first few links/posts that I've put together and Phillip pasted on the first page of the thread now.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,569
  • Jun 27, 2008 3:17am Jun 27, 2008 3:17am
Got a buy signal on USD/JPY at 8.15 GMT, let's see what happens
  • #4,570
  • Jun 27, 2008 3:26am Jun 27, 2008 3:26am
Signal failed, stop loss executed -15pt 1st trade of the day


Quoting On the Spot
Got a buy signal on USD/JPY at 8.15 GMT, let's see what happens
  • #4,571
  • Jun 27, 2008 3:49am Jun 27, 2008 3:49am
A very nice pullback, with the candle with thelong tail showing support on the 21 found.

However I missed this one, away from the pc. Entry would have been between 45 to 48.
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  • #4,572
  • Jun 27, 2008 3:53am Jun 27, 2008 3:53am
It was a very stupid trade, i was as looking for a few pips in a quick counter trade but I got the signal wrong. I went for a week signal, when the real signal I was looking for arrived at the closed of the 8.25 GMT candle. Got only 5 pips back for 15 pips lost in the previous trade. I'm doing well in the trades that follow the trend but I still struggle to get it right in the counter trend trades. I will set apart a small amount of pips made from good trades to practice every day a few counter trend trades till I get it right.


Quoting poplar
i think that's counter trend..
it suppose to sell because that according to rhytim price break that suport and comeback to it (CMIIW), in 1H it give Zero Bounced.
  • #4,573
  • Jun 27, 2008 3:56am Jun 27, 2008 3:56am
Quoting On the Spot
Got a buy signal on USD/JPY at 8.15 GMT, let's see what happens

Spot, was this the signal you're talking about?
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  • #4,574
  • Jun 27, 2008 4:00am Jun 27, 2008 4:00am
Missed that trade too, while i was focused on my counter trend trade. My system shows a good buy signal at the close of the 8.25 GMT candle.

Quoting emacro
A very nice pullback, with the candle with thelong tail showing support on the 21 found.

However I missed this one, away from the pc. Entry would have been between 45 to 48.
  • #4,575
  • Jun 27, 2008 4:02am Jun 27, 2008 4:02am
.
Quoting eyevoltage
Spot, was this the signal you're talking about?
  • #4,576
  • Jun 27, 2008 4:08am Jun 27, 2008 4:08am
Quoting On the Spot
It was a very stupid trade, i was as looking for a few pips in a quick counter trade but I got the signal wrong. I went for a week signal, when the real signal I was looking for arrived at the closed of the 8.25 GMT candle. Got only 5 pips back for 15 pips lost in the previous trade. I'm doing well in the trades that follow the trend but I still struggle to get it right in the counter trend trades. I will set apart a small amount of pips made from good trades to practice every day a few counter trend trades till I get it right.

I also tried some counter trend trading but got burned severely. That is where I lost the majority of my mini account.


I also use my profits from the good trades to play around and test other set-ups such as CT trading. But now I am finished with CT trading on the five minutes system - it just doesn't work for me.

Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,577
  • Jun 27, 2008 4:11am Jun 27, 2008 4:11am
Missed another trade, got a buy signal at the close of the 8.35 GMT candle. What's going on today, should perhaps go back to bed
  • #4,578
  • Jun 27, 2008 4:15am Jun 27, 2008 4:15am
Last counter trade of the day, in 126.28 . Make it or break it.
  • #4,579
  • Jun 27, 2008 4:25am Jun 27, 2008 4:25am
It just ain't work man. 5 pips stop loss executed and back to -15 pips

Quoting Golfer

I also tried some counter trend trading but got burned severely. That is where I lost the majority of my mini account.


I also use my profits from the good trades to play around and test other set-ups such as CT trading. But now I am finished with CT trading on the five minutes system - it just doesn't work for me.

  • #4,580
  • Jun 27, 2008 4:30am Jun 27, 2008 4:30am
Hi Golfer,

If you have some spare time, could you please briefly explain me why on earth I feel attracted by counter trend trading? Must be something mental!
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