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5Min Intraday System

  • #4,621
  • Jun 30, 2008 8:35am Jun 30, 2008 8:35am
Quoting Golfer
Eye

I was following the setup (recognize it as a possible ellipse price pattern/setup) and was waiting for the TC to appear. I had my finger on the trigger. Then somebody walked into my office and I was distracted. Certainly I would have taken the TC short on this setup - no question about it. That was a beauty, very easy to spot why it was being formed - the same as the EY earlier today. This is more my type of set-ups.

The M2 line was already broken by the previous low - then I tend to ignore it. However I will still watched the price around the M2 line once I entered. I will exit early once I see any signs of support found on that line.

I hope somebody got pips from it.
Well, islandtrader did, mate!

That's the beauty of this system. Boring, it ain't!!
  • #4,622
  • Jun 30, 2008 8:55am Jun 30, 2008 8:55am
Quoting eyevoltage
Well, islandtrader did, mate!

That's the beauty of this system. Boring, it ain't!!
That is what I love about this system - beautiful once you can start identifying the price patterns as it develops. And it is really not that difficult. But we want/tend to read too much in a pullback. Just look for familiar signals

Phillips' best piece of advice to me some time ago:

  1. Only trade the setups that you identified as high probability setups and that you are familiar with. If something doesn't look familiar, ignore the setup. Even if it worked out at the end.

It is working time and time again. Just another reason why one cannot follow and trade seven or eight pairs.

Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,623
  • Jun 30, 2008 9:08am Jun 30, 2008 9:08am
Out at 86 10 pips profit. Jumped the gun a bit on the TC. I guess it was and ellipse pattern that did it for me. Note the 50 ema is not in ideal position, but provide the resistance to be broken.
Attached Image
  • #4,624
  • Jun 30, 2008 9:11am Jun 30, 2008 9:11am
Quoting Golfer
That is what I love about this system - beautiful once you can start identifying the price patterns as it develops. And it is really not that difficult. But we want/tend to read too much in a pullback. Just look for familiar signals

Phillips' best piece of advice to me some time ago:

  1. Only trade the setups that you identified as high probability setups and that you are familiar with. If something doesn't look familiar, ignore the setup. Even if it worked out at the end.

It is working time and time again. Just another reason why one cannot follow and trade seven or eight pairs.

That's good advice, mate, and I can't imagine how ANYONE could try and follow more than say four pairs, at the VERY most. I've read on this forum how some traders are monitoring TWENTY pairs at once on 3 or 4 screens, and that just makes my jaw drop! I've tried monitoring four pairs, and found that difficult enough, so I've narrowed it down to three, and sometimes only two. Cable and fibre (eur/usd) always, plus either usd/jpy or usd/chf. I almost never look at any other pairs other than the Majors. There's quite enough going on in those four without bothering with any others, IMHO.

Cheers
  • #4,625
  • Jun 30, 2008 10:41am Jun 30, 2008 10:41am
That two EY trades mentioned earlier in the thread.

You can see my second entry in the right hand corner just after my entry.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080630 5min trade 2.1.JPG Size: 129 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,626
  • Jun 30, 2008 10:45am Jun 30, 2008 10:45am
7pips profit - I was hoping that the 50and 34MA may act as resistance after such a move. Usually it does. VERY RISKY.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080630 5min trade 2a.1.JPG Size: 121 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,627
  • Jun 30, 2008 12:17pm Jun 30, 2008 12:17pm
Hi to all.Somes signal to trade ỤJ
Down trend at afternoon and up in evening,USD is supported by DJI and Chicago PMI.
Good signals.
Vietnamese Trader.G day and G trade
Attached Image (click to enlarge)
Click to Enlarge Name: UJ danh ca 2 chieu.jpg Size: 129 KB
  • #4,628
  • Jun 30, 2008 12:35pm Jun 30, 2008 12:35pm
Quoting Golfer
Yes, it was a 3 Little sisters formation. And well left alone by you. I would advise not to get involved in short setups/signals above the 50MA. Too risky.

I wouldn't have taken the setup because the third sister should be below the 50MA. Like I said before, it is very difficult to determine the entry point on the third sister. It will depend on your personal style of trading.
Thanks a lot Willem for your response, I will continue to study this price pattern and in time I hope Ill feel confident enough to trade it using proper RR and entry point. Again, thanks for your help Willem.
  • #4,629
  • Jun 30, 2008 12:42pm Jun 30, 2008 12:42pm
Quoting thang822462
Hi to all.Somes signal to trade ỤJ
Down trend at afternoon and up in evening,USD is supported by DJI and Chicago PMI.
Good signals.
Vietnamese Trader.G day and G trade
Yes, great signals in a trending markets. Note the speed of the markets and how it changes.

I am not familiar with this pair - so somebody else could give an opinion on other signals.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,630
  • Jun 30, 2008 12:54pm Jun 30, 2008 12:54pm
Quoting MxPips
Thanks a lot Willem for your response, I will continue to study this price pattern and in time I hope Ill feel confident enough to trade it using proper RR and entry point. Again, thanks for your help Willem.
My pleasure.

I followed the chat today on Skype - well done. Nothing wrong with your analysis - as well as those of Island. Very nice to see the quality of interaction - not just the ordinary chats but great discussions of the signals.

Great job!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,631
  • Jun 30, 2008 1:30pm Jun 30, 2008 1:30pm
One trade this morning on our system during my period. --Tony
Attached Image (click to enlarge)
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  • #4,632
  • Jun 30, 2008 1:51pm Jun 30, 2008 1:51pm
Quoting OldDog
One trade this morning on our system during my period. --Tony
Tony

Not really easy trading the EUR in your trading time frame lately. No good signals. All of the best.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,633
  • Jul 1, 2008 4:18am Jul 1, 2008 4:18am
An ellipse from the Western Hemisphere for 10 pips
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  • #4,634
  • Jul 1, 2008 4:43am Jul 1, 2008 4:43am
Snapshot of new add on in development

Quoting On the Spot
Hi Golfer,

I had no time this morning to post any chart, cuz I'm testing a simple but powerful add on that will enhance Phillips system performance and make trading this system an even greater pleasure. I'll see if I can post some charts tonight, keep the belt tight
  • #4,635
  • Jul 1, 2008 5:32am Jul 1, 2008 5:32am
Snapshot of new add on in development

Quoting On the Spot
Snapshot of new add on in development
Attached Image (click to enlarge)
Click to Enlarge Name: UJ.PNG Size: 40 KB
  • #4,636
  • Jul 1, 2008 6:09am Jul 1, 2008 6:09am
Heres a trade discussed in the Skype chat, Islandtrader spotted the trade using 4 hour strategy very early and the entry was made on a nice pullback closing above the pivot line.
Attached Image (click to enlarge)
Click to Enlarge Name: 01jul08eurusdbreakabovepivot.jpg Size: 120 KB
  • #4,637
  • Jul 1, 2008 6:38am Jul 1, 2008 6:38am
Quoting mdowd
An ellipse from the Western Hemisphere for 10 pips
Great trade with the zero break on the MACD as confirmation. Little bit of activities above the 21 but nothing to be concerned about.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,638
  • Jul 1, 2008 6:43am Jul 1, 2008 6:43am
Nice trade man

Quoting MxPips
Heres a trade discussed in the Skype chat, Islandtrader spotted the trade using 4 hour strategy very early and the entry was made on a nice pullback closing above the pivot line.
Attached Image (click to enlarge)
Click to Enlarge Name: Eur.PNG Size: 31 KB
  • #4,639
  • Jul 1, 2008 6:59am Jul 1, 2008 6:59am
Quoting On the Spot
Nice trade man

Thanks Onthespot, looks like your indicator could be a nice adition to the system, I hope you can futher show us how it works.
  • #4,640
  • Jul 1, 2008 7:15am Jul 1, 2008 7:15am
I truly like it for it's simplicity and it's good correlation to Phillips system, it shows me how easy it can be to spot a TT and what factors I should consider before taking a CT. A good trading strategy may be trading 1 lot for TT's and 0.3 lot for CT's that enter the weak bullish or weak bearish area?

Quoting MxPips
Thanks Onthespot, looks like your indicator could be a nice adition to the system, I hope you can futher show us how it works.
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