5Min Intraday System | Page 244 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex intraday using the 5min chart: EURUSD 108 replies

The Force 5min system 3,806 replies

Intraday Pound Trades on 5min chart [GBPUSD] 36 replies

5min Bollinger breakout system 42 replies

Attachments: 5Min Intraday System
Exit Attachments

5Min Intraday System

  • #4,861
  • Jul 14, 2008 4:31am Jul 14, 2008 4:31am
Quoting Morelands
Here's my 1st posted trade. It didn't work out. Opinions are welcomed. I entered at the red arrow
Hi More

No power candle, no MACD TC signals, only 2 candles in the war zone, no sign of resistance found other that one bounce off the 21MA. I don't really trade the classic 2-candle setup anymore - too risky for me.

I entered just when you saved your chart - I was trading the 3rd sister and not the pullback. That tail of the 2nd last candle on your chart was my signal that the price might come down.

Exit for 7pips profit (tried for 9pips but my connection was too slow. Will post chart later today).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,862
  • Jul 14, 2008 5:34am Jul 14, 2008 5:34am
Hi Golfer

do your sl's & tp's include the spread? How is your ea martingale stratey working?


Quoting Golfer
As stated before - the EA I am using to manage my trades is set at follows for each of my 3 pairs:

EUR - SL 15pips & TP 10pips
Cable - SL 20pips & TP 12pips
EY - SL 25pips & TP 15pips

But then I do manage my trades manually as well based on the price patterns/candle formation after my entry. The EA just makes sure that my SL and TP are in place in case something happens. Move to BE - I do it mentally not physically.

I only follow those 3 pairs - I cannot comment on all the other. Maybe there are other people following them.
  • #4,863
  • Jul 14, 2008 6:14am Jul 14, 2008 6:14am
Quoting On the Spot
Hi Golfer

do your sl's & tp's include the spread? How is your ea martingale stratey working?
Yes, my SLs include the spread - 2pips on EUR and 4pips on Cable and EY.

I'll send you a PM regarding the martingale strategy - not part of this 5min system but excellent.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,864
  • Jul 14, 2008 6:56am Jul 14, 2008 6:56am
Can you explain more about the classic 2 candle? How many candles do you typically want in the war zone? Thanks for your reply.
Raymond


Quoting Golfer
Hi More

No power candle, no MACD TC signals, only 2 candles in the war zone, no sign of resistance found other that one bounce off the 21MA. I don't really trade the classic 2-candle setup anymore - too risky for me.

I entered just when you saved your chart - I was trading the 3rd sister and not the pullback. That tail of the 2nd last candle on your chart was my signal that the price might come down.

Exit for 7pips profit (tried for 9pips but my connection was too slow. Will post chart later today).
  • #4,865
  • Jul 14, 2008 7:31am Jul 14, 2008 7:31am
Quoting Morelands
Can you explain more about the classic 2 candle? How many candles do you typically want in the war zone? Thanks for your reply.
Raymond
Hi Raymond

The classic 2-candle entry method is the one used initially in this system:

1. The first candle candle enters the war zone and move towards the 21MA.

2. Most of the time this candle will close within the war zone or show some resistance on the 21MA (tail touching the 21).

3. The next candle bounce off the 21MA and start to move away from the 21MA.

This is where the entry usually takes place.

The problem I do have with this method of entry is that sometimes the price just turn around after 2 candles in the war zone and move through the 21 to trigger your SL. Just as it did with your trade.

Nowadays I want to see signs of resistance/support found on the 21 - e.g. price formations, lower highs.

I cannot say how many candles should be in the war zone - you'll get a feel for it. Usually it takes 3-5 candles to form a smooth TC, sometimes just 2-3 candles.

I hope it make sense. Look at some of the examples posted and do some backtesting with F12 key (on MT4 platform).

Also, please look on page 1 for the links to examples posted (two links posted) where the method is explained.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,866
  • Jul 14, 2008 8:24am Jul 14, 2008 8:24am
Quoting Golfer
Hi Raymond

The classic 2-candle entry method is the one used initially in this system:

1. The first candle candle enters the war zone and move towards the 21MA.

2. Most of the time this candle will close within the war zone or show some resistance on the 21MA (tail touching the 21).

3. The next candle bounce off the 21MA and start to move away from the 21MA.

This is where the entry usually takes place.

The problem I do have with this method of entry is that sometimes the price just turn around after 2 candles in the war zone and move through the 21 to trigger your SL. Just as it did with your trade.

Nowadays I want to see signs of resistance/support found on the 21 - e.g. price formations, lower highs.

I cannot say how many candles should be in the war zone - you'll get a feel for it. Usually it takes 3-5 candles to form a smooth TC, sometimes just 2-3 candles.

I hope it make sense. Look at some of the examples posted and do some backtesting with F12 key (on MT4 platform).

Also, please look on page 1 for the links to examples posted (two links posted) where the method is explained.
I'm on p. 58 of the thread, but I can already tell that I'm going to have to go back a review. Thanks for your input... really appreciate it.

Raymond
  • #4,867
  • Jul 14, 2008 8:34am Jul 14, 2008 8:34am
Today, I had 3 trades(all buy U/J) totaling +121pips.

5Min Intraday system is a 10pips strategy so I won't post anymore my trades next time since I usually have a TP of more than 10pips. I maybe a bad influence and will confuse other traders on what this system's rules are.
  • #4,868
  • Jul 14, 2008 8:47am Jul 14, 2008 8:47am
It's not easy to make pips today, if you made your 121pips I'm glad for you. If it wasn't for my countertrades that add up to my overall result I would be less than 20 pips up now. Wish you all the best

Quoting Qwert
Today, I had 3 trades(all buy U/J) totaling +121pips.

5Min Intraday system is a 10pips strategy so I won't post anymore my trades next time since I usually have a TP of more than 10pips. I maybe a bad influence and will confuse other traders on what this system's rules are.
  • #4,869
  • Jul 14, 2008 9:16am Jul 14, 2008 9:16am
Quoting On the Spot
It's not easy to make pips today, if you made your 121pips I'm glad for you. If it wasn't for my countertrades that add up to my overall result I would be less than 20 pips up now. Wish you all the best
On the Spot - Thank you very much.

5Min Intraday system is indeed a very good system. Simple is best.
  • #4,870
  • Jul 14, 2008 9:53am Jul 14, 2008 9:53am
The chart of my 3rd sister sister trade as mentioned earlier in a post.
Attached Image (click to enlarge)
Click to Enlarge Name: 200800714 5min trade 1.1.JPG Size: 98 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,871
  • Jul 14, 2008 10:01am Jul 14, 2008 10:01am
Raymond,

Just another example of a 2-candle entry that went bad. This time I entered on the 3rd candle in no-man's land. The TC was a great TC - just too far away from the war zone.

I couldn't follow the trade because I had to leave my PC. SL was triggered for 21pip loss.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 200800714 5min trade 2.1.JPG Size: 117 KB
Click to Enlarge Name: 200800714 5min trade 3.1.JPG Size: 108 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,872
  • Edited 10:27am Jul 14, 2008 10:13am | Edited 10:27am
Quoting Qwert
Today, I had 3 trades(all buy U/J) totaling +121pips.

5Min Intraday system is a 10pips strategy so I won't post anymore my trades next time since I usually have a TP of more than 10pips. I maybe a bad influence and will confuse other traders on what this system's rules are.
Don't be mistaken, the 5min system was originally a 10pips system but even Phillip has an additional exit method when the markets are fast where he let his profit runs. The 10pips was the orginal target. Nothing wrong with the idea of let your profits run.

The main principle behind this system is:

1. Wait for a substantial movement (indicated by the 50MA with an angle of more that 50degree)

2. Look the a pullback during the movement to get a high probability entry.

3. Exit with a profit before the end of the move (trying to make a profit by trading the middle part of the movement).

4. Only 3 trades per day - to limit the damages/over trading because of the risk involve in intra-day trading.

Like I mentioned before - "copy cat" systems don't always work. Do what works for you and it seems to be working for you.

The main issue is to be able to explain why you took the trade - then nobody will be confused.

Enjoy it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,873
  • Jul 14, 2008 11:32am Jul 14, 2008 11:32am
Hi!

The 'power candle' is not very clear to me. I would like to know more and can't find just where the explanation is in this thread. Would apprciate
some guidance....thanks

trademeister
  • #4,874
  • Edited 12:06pm Jul 14, 2008 11:47am | Edited 12:06pm
Quoting trademeister
Hi!

The 'power candle' is not very clear to me. I would like to know more and can't find just where the explanation is in this thread. Would apprciate
some guidance....thanks

trademeister
On page 1 - very first link explained by the master (Phillip) himself.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,875
  • Jul 14, 2008 12:03pm Jul 14, 2008 12:03pm
Quoting trademeister
Hi!

The 'power candle' is not very clear to me. I would like to know more and can't find just where the explanation is in this thread. Would apprciate
some guidance....thanks

trademeister
If you like the candle stick pattern see post 4777 on page 319. Nothing like making the mistakes on your own... on a demo account that is. Either way it is the best and sometimes the hardest (showing your mistakes for everyone to see) way to learn. Thanks again for your reply golfer
Raymond
  • #4,876
  • Jul 14, 2008 1:29pm Jul 14, 2008 1:29pm
I didn't take this one (not at the keyboard), so I wonder if anyone else took it. The 21ema is just about to go above the SMAAngle trading zone, and the MACD TC isn't quite a perfect curve, but in the end, the trade turned out good for around 15 pips profit. I hope someone got this one!
Attached Image
  • #4,877
  • Jul 14, 2008 2:01pm Jul 14, 2008 2:01pm
Quoting eyevoltage
I didn't take this one (not at the keyboard), so I wonder if anyone else took it. The 21ema is just about to go above the SMAAngle trading zone, and the MACD TC isn't quite a perfect curve, but in the end, the trade turned out good for around 15 pips profit. I hope someone got this one!
No, Eye, I took the TC just before that one for +10pips. Very risky - then I saw the tripple top/SHS formation as I mentioned on the Skype chat and stayed out.

Yes, high risk trade could work out.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080714 5min trade 4.1.JPG Size: 111 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,878
  • Jul 14, 2008 2:20pm Jul 14, 2008 2:20pm
I respect the saying, "When in doubt, stay out, and that's what I did in this hindsight trade. However, I'm going to be watching such setups carefully in the future to try to get a feel for them, and that is the purpose of this chart. I've seen potential trades in the past, similar to this one, and they have seemed to work out. Just need to see more of them. Whether you use Fibonnaci, pivot, horizontal lines, trend lines, or simply moving averages as your support/resistance, the problem always remains. You have to decide whether the test of the area and the pull away are authentic or not, and you often get contradictory signals, and your experience must tell you what to believe and what not to.

I did some support/resistance trading today. Three trades, the first one made 11 pips and could have made a lot more. Just as in this system, the problem was in just how convinced I was in the continued move and in the issue of when to move my stop vs whether to put a take profit. I put my TP at 11 pips. If I had moved my stop up to breakeven, the same candle that gave me my 11 pips would have taken me out first at breakeven. That same candle closed right at resistance and might have been followed by a move back down, so, for now, I'm still leaning more towards entering an actual TP rather than looking for a chance to move up my stop. Eventually, I may be able to look to the 4Hr for better guidance on when to stay in a trade.

The other two trades put me back 7 pips in the hole, but I believe I learned from them, so I don't feel bad about them.

Here's my "hindsight" possible trade with the conflicting signals and thoughts I had about it. --Tony
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5min phillip hindsight 14july2008.gif Size: 23 KB
  • #4,879
  • Jul 14, 2008 7:12pm Jul 14, 2008 7:12pm
Quoting Golfer
No, Eye, I took the TC just before that one for +10pips. Very risky - then I saw the tripple top/SHS formation as I mentioned on the Skype chat and stayed out.

Yes, high risk trade could work out.
Hi Golfer,

i've been reading your patterns in the first page but I haven't seen "6 candle rule".

Would you please tell me where could I find it?

Thanks
Mike
Failure, is a wonderful teacher!
  • #4,880
  • Jul 14, 2008 10:20pm Jul 14, 2008 10:20pm
Quoting mike1349
Hi Golfer,

i've been reading your patterns in the first page but I haven't seen "6 candle rule".

Would you please tell me where could I find it?

Thanks
Mike
Hi Mike

Additional guidelines of My Rules 4th edition, bullet 7.7 - link is on page 1.

Looking for an exit 6 candles after your entry because the market is going nowhere.
Willem Forex recipe for success = Patience, discipline & hard work.
4 traders viewing now