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5Min Intraday System

  • #4,841
  • Jul 11, 2008 10:10am Jul 11, 2008 10:10am
anybody do this?i was offline
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  • #4,842
  • Jul 11, 2008 12:17pm Jul 11, 2008 12:17pm
Quoting bshadroo
anybody do this?i was offline
I did, and then got cocky and gave it all back but 1 pip. I set my profit at 10 pips, so I was unable to get into the larger move towards the higher high. --Tony
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  • #4,843
  • Jul 11, 2008 12:34pm Jul 11, 2008 12:34pm
Quoting emacro
Entry would be on the macd TC 5 candles back. However I missed this due to the EJ trade.

The 'upwards sloping' pullbacks into the warzone are psychologically difficult to take, but can be the best ones.
yes,eu,GU are supported by oil raising.Very big move,price don not pullback in zone 10-21.

Very suprised but I haved 1 position long EU.Lucky for me.

My lesson today: Trade what you see don not Trade what you feel.Old lesson.
http://i272.photobucket.com/albums/j...emotion-97.gif
  • #4,844
  • Jul 11, 2008 5:17pm Jul 11, 2008 5:17pm
I'm sorry to inform you that I'm not in the position at the moment to upload the MT4 file on Forex factory because the tool I'm using is under copyright. I spoke with islandtrader this morning about this issue and told him that I had to change something in that program to adapt it to Phillip's system. I was not aware that a MT4 file could be under copyright until I saw it written. When I open the MACDcoloredv102 I found that that too is under copyright: "Copyright 2007, Herb Spirit, Inc." I'm a bit confused on this copyright issue and what copyright stands for.
  • #4,845
  • Jul 12, 2008 1:17am Jul 12, 2008 1:17am
Once again it is Saturday morning and time to review the charts.

My trade yesterday after that great move mentioned on Skype. But some people were so busy talking other stuff, so I let the Skype chat pass and trade the setup. I didn't really feel comfortable taking the TC because sometimes the markets tend to turn around and bit you. But I decided to trust the system - 12pips profit. tHE SMOOTHNESS of the TC and turning of the candles convinced me to enter.

Look at all the other TC I've marked:

#0 - no go for me, too close to the R1 line. And no signs of support found on the 21 yet

After that a nice flat pullback - 1st positive sign

#1 - was a go, just above R1 line after a power candle.

Followed by almost a Bullish 3 pattern in pink rectangle. Great stuff -another positive signal.

M4 line is not a factor here - price ignored it.

#2 - no go for me, even after the bullish 3, too close to R2 line and no power candle

#3 - not so sure I would have taken that one as well, no power candle.

Followed by another Bullish 3 pattern in the pink rectangle.

#4 - definite go for me, power candle and just above R2 line.

Once again M5 was ignored - point taken.

#5 - any comments?
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,846
  • Jul 12, 2008 1:28am Jul 12, 2008 1:28am
Info about cable yesterday - usage of small resistance line, kept me out of trouble.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,847
  • Jul 12, 2008 1:38am Jul 12, 2008 1:38am
Be careful when you see market conditions like this. I saw people on the Skype chat consider these markets yesterday - suicide with the traditional Phillip 5min system.

Use another range bound trading system while you waht for the triangle breakout - it did happen during the NY session.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,848
  • Jul 12, 2008 1:47am Jul 12, 2008 1:47am
Another setup I followed yesterday - decided to let it go after saw not higher highs were formed. Afterwards I saw the SHS formation.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,849
  • Jul 12, 2008 1:53am Jul 12, 2008 1:53am
And then later the day - ignore 2 possible trades because it was just too risky for me. After my Reverse church formation failed while my small resistance lines got ignored/broken except for the 3rd fan.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,850
  • Edited 7:54am Jul 12, 2008 3:44am | Edited 7:54am
Quoting Golfer
Once again it is Saturday morning and time to review the charts.

My trade yesterday after that great move mentioned on Skype. But some people were so busy talking other stuff, so I let the Skype chat pass and trade the setup. I didn't really feel comfortable taking the TC because sometimes the markets tend to turn around and bit you. But I decided to trust the system - 12pips profit. tHE SMOOTHNESS of the TC and turning of the candles convinced me to enter.

Look at all the other TC I've marked:

#0 - no go for me, too close to the R1 line. And no signs of support found on the 21 yet

After that a nice flat pullback - 1st positive sign

#1 - was a go, just above R1 line after a power candle.

Followed by almost a Bullish 3 pattern in pink rectangle. Great stuff -another positive signal.

M4 line is not a factor here - price ignored it.

#2 - no go for me, even after the bullish 3, too close to R2 line and no power candle

#3 - not so sure I would have taken that one as well, no power candle.

Followed by another Bullish 3 pattern in the pink rectangle.

#4 - definite go for me, power candle and just above R2 line.

Once again M5 was ignored - point taken.

#5 - any comments?
It seems yesterday it was a great day for this strategy (it's a pity that I had problem with PC) anyway I'll explain here a strategy that I use in 5 min charts after price does long run:

1.When price has a long run with small / without pullback i draw a fibonacci since beginning of run till its "end".
2.If price does a retracement till 38.2 % o 50 % level and It coincides with our warzone pullbacks we can have an entry over there and "take the odds on" as Phillip says.

I have already shared this method in 5 min chat, I hope to post more charts as example in next trades.
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  • #4,851
  • Jul 12, 2008 7:24am Jul 12, 2008 7:24am
Quoting mkain
It seems yesterday it was a great day for this strategy (it's a pity that I had problem with PC) anyway I'll explain here a strategy that I use in 5 min charts after price does long run:

1.When price have a long run with small / without pullback i draw a fibonacci since beginning if run till it's "end".
2.If price does a retracement till 38.2 % o 50 % level and It coincides with our warzone pullbacks we can have an entry over there and "take the odds on" as Phillip says.

I have already shared this method in 5 min chat, I hope to post more charts as example in next trades.
Hi Mkain

Very good strategy logic. Which would be the entry bar, or does one just enter on the macd TC signal?
  • #4,852
  • Jul 12, 2008 7:51am Jul 12, 2008 7:51am
Quoting emacro
Hi Mkain

Very good strategy logic. Which would be the entry bar, or does one just enter on the macd TC signal?
I prefer enter after powerbar (not too far from warzone), smooth TC on MACD or powerbar + TC signal on MACD.
Perhaps another methods are good also (Golfer's patterns, doji straight in warzone etc.), try to find if they work for you.
Greetings.
  • #4,853
  • Jul 12, 2008 8:17am Jul 12, 2008 8:17am
Quoting mkain
I prefer enter after powerbar (not too far from warzone), smooth TC on MACD or powerbar + TC signal on MACD.
Perhaps another methods are good also (Golfer's patterns, doji straight in warzone etc.), try to find if they work for you.
Greetings.
Great info, thanks.

What is your particular exit strategy? 10 pips?
  • #4,854
  • Jul 12, 2008 1:19pm Jul 12, 2008 1:19pm
Quoting emacro
Great info, thanks.

What is your particular exit strategy? 10 pips?
I have 2 kind of trades with this system.
1.If the setup looks great I take 2 positions, the first with 10-15 pips as target (if I'm lucky I'm able get even more) and in second one I set stop at BE after 6 pips profit and let it run (usually it closes at BE but I catch some big moves sometimes).
2.if the setup doesn't look so good or if I'm involved with 4h system's trades I take just one position with same target (10-15 pips).
  • #4,855
  • Edited 3:45am Jul 13, 2008 3:30am | Edited 3:45am
Quoting mkain
It seems yesterday it was a great day for this strategy (it's a pity that I had problem with PC) anyway I'll explain here a strategy that I use in 5 min charts after price does long run:

1.When price has a long run with small / without pullback i draw a fibonacci since beginning of run till its "end".
2.If price does a retracement till 38.2 % o 50 % level and It coincides with our warzone pullbacks we can have an entry over there and "take the odds on" as Phillip says.

I have already shared this method in 5 min chat, I hope to post more charts as example in next trades.
Hi Mkain

I read your method - I don't have any problem with it.

However......

I know people will ask, how about the next TC? Why didn't you take that setup? Look at all the signal - all were great signals.

My opinion:

1. That long run already - I just don't like trading after a run like that. You can never be sure when it will end.

2. Look at the divergence on the MACD - negative signal even though it is on a 5min chart.

3. What I also see frequently on charts is that 2nd new high. It just make a new high by a few pips and then turn around. The next new high should be a substantial new high - not just by a few pips. Then when the price retrace back, it should find support at the level of the previous high.

Any comments?
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,856
  • Edited 6:58am Jul 13, 2008 6:35am | Edited 6:58am
Quoting Golfer
Hi Mkain

I read your method - I don't have any problem with it.

However......

I know people will ask, how about the next TC? Why didn't you take that setup? Look at all the signal - all were great signals.

My opinion:

1. That long run already - I just don't like trading after a run like that. You can never be sure when it will end.

2. Look at the divergence on the MACD - negative signal even though it is on a 5min chart.

3. What I also see frequently on charts is that 2nd new high. It just make a new high by a few pips and then turn around. The next new high should be a substantial new high - not just by a few pips. Then when the price retrace back, it should find support at the level of the previous high.

Any comments?
Hi Willem
I always try to do not overtrade dispite sometimes price makes many pullbacks (like G/U last week)
At this E/U price had already enough pullbacks IMHO in other hand it was Friday and London session was over, why don't take a rest?
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  • #4,857
  • Jul 14, 2008 1:34am Jul 14, 2008 1:34am
Quoting Golfer
#4 - definite go for me, power candle and just above R2 line.
As I can see on the chart in trade 4 you would enter the trade even the price hasn't moved into warzone. Are there any other circumstances (beside bullish pattern) that would made you enter the trade when price made no retraction to warzone.

Thnx
  • #4,858
  • Jul 14, 2008 2:33am Jul 14, 2008 2:33am
[quote=Hrivel;2107665]As I can see on the chart in trade 4 you would enter the trade even the price hasn't moved into warzone. Are there any other circumstances (beside bullish pattern) that would made you enter the trade when price made no retraction to warzone.

Thnx[/quote

It will all depend on the setup and the speed of the market:

1. Fast speed meaning you'll have previous bounces off the 10MA

2. Smooth round TC formed while price is not yet in the war zone.

3. 3 little sisters and brothers.

After trading this system and your favourite pair or two for a few months you'll get the feel for the markets and setups.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,859
  • Jul 14, 2008 3:19am Jul 14, 2008 3:19am
Out at 52 for 17 pips. Just had to post this nice type of pullback. And you don't have ot enter near the top.
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  • #4,860
  • Jul 14, 2008 4:05am Jul 14, 2008 4:05am
Here's my 1st posted trade. It didn't work out. Opinions are welcomed. I entered at the red arrow
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