5Min Intraday System

Quoting Qwert

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Since you asked, I usually don't use a SL. Although I can afford a 1,000pip against my trade, I would rather close it if price goes 300pips against me. But I wouldn't recommend my SL strategy. That is why I never mentioned it.

In the previous trade, I initially had a TP at S1 105.61 but since I was not very confident of how the market moves, I lowered it to 105.50

I would recommend the following:
1. Concentrate on one currency pair. Try to observe and learn how that currency pair moves and what the government's attitude towards their currency. For U/J, I believe that it is more important to know the attitude of the Japanese government rather than the American government.
2. Be very patient before and after opening of a trade. Sometimes, I don't have trades for many days if I feel I don't understand the market and I have trades open for many hours before closing it.
3. Don't be emotional. I have little emotions when a trade is open even if it goes 100+pips against me.
4. Use daily pivots, support and resistance levels for U/J. I use them now so my TP are now bigger.
5. I'm not sure about risk/reward ratio but just trade small and you will almost always be all right even if price goes against you.

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Quoting Qwert

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Since you asked, I usually don't use a SL. Although I can afford a 1,000pip against my trade, I would rather close it if price goes 300pips against me. But I wouldn't recommend my SL strategy. That is why I never mentioned it.

In the previous trade, I initially had a TP at S1 105.61 but since I was not very confident of how the market moves, I lowered it to 105.50

I would recommend the following:
1. Concentrate on one currency pair. Try to observe and learn how that currency pair moves and what the government's attitude towards their currency. For U/J, I believe that it is more important to know the attitude of the Japanese government rather than the American government.
2. Be very patient before and after opening of a trade. Sometimes, I don't have trades for many days if I feel I don't understand the market and I have trades open for many hours before closing it.
3. Don't be emotional. I have little emotions when a trade is open even if it goes 100+pips against me.
4. Use daily pivots, support and resistance levels for U/J. I use them now so my TP are now bigger.
5. I'm not sure about risk/reward ratio but just trade small and you will almost always be all right even if price goes against you.

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Quoting emacro

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The rules saves the day.

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Quoting Qwert

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on the spot - When someone read your comments, it will make them feel that you are in a bad mood.

Re: My recommendations
There are so many pointers that makes a successful and good trader but these are just recommendations. No one follows every single one of them. Just trying to help. Maybe you'll again misinterpret those first two sentences in blue. Now, I'll tell you that "I DID NOT SAY I"M A SUCCESSFUL AND GOOD TRADER."

Re: SL
That is why I said I never mentioned my SL bec. I don't want other traders to do what I do. I only mentioned it bec. Xaron asked. I also never boasted that I was a good trader or that I have increased my account by how much percent or that I have only a few losses and they are small, etc. etc. etc. You say that it is only a question of time that one will go broke. Some people really are very negative.

Re: Price going against you
Trading a small percentage of your capital will not make you go broke if you do your homework. Only a fool will keep on trading blindly. If you don't feel confident with your trade and feels it's like a gamble, it probably is. No one is created equal. Others are better in forex and others not. Others learn quickly, others learn slowly, and others never learn. Also, a fool can learn to be good but a stupid fool will never learn. You'll understand why I mention this later.

Re: My strategy
I do not only watch the 5min chart. It is only if I wanted to earn a few extra pips that I use the 5min Intraday system. I never wanted to elaborate on my strategy bec. it is hard to explain and everyone has their own way of trading. If something goes wrong, you'll still be the one they'll blame. So no point in discussing my strategy. I created my own and some can too.

Re: Trading forex is easy
I never said it. You have so many explanations like Mr Buffet, BOJ, etc. Stupid fool you are. Just shows you are really, really stupid. Do I have to repeat it, stupid?

You are jealous bec. others can make lots of pips. Reading your comments show that you have a crab mentality - that when you think that someone is successful, you want to drag them down where you are - at the bottom. What a sick attitude.

In your last sentence you say it is only your opinion, but you did have to add sarcasms and insults. Just reading your posts revealed your character. Now, I expect no apology from you bec. I know you will try to defend yourself. If you get mad, then I have succeeded in insulting you. If you don't get mad, then I have succeeded in making you look like a stupid fool. It works both ways. Now, I know you feel like a stupid fool.

Anyway, I don't want to waste my time anymore replying to a very, very narrow minded person like you.

I had loved this thread bec. I felt people here were good. But along comes a STUPID FOOL.

Now, did I make someone's day today? Hahahahahahaha

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Quoting Golfer

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I hope everybody is going to enjoy the interactions on this thread.

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Quoting Golfer

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I don't want to get involve in an arguement but I think we must look at the purpose of this thread:

1. Phillip gave us a sound foundation for a intra-day short term strategy.

2. Not every member/trader trade the same way - luckily each has her/his style.

3. If Phillip's 5min system was a straight forward system, Phillip would have long ago developed a EA to trade this system. Then you can just activate the EA and go to sleep

4. Unfortunately trading is not that easy - the same for this 5min system. It needs human interaction and analysis.

5. Use the foundation provided by Phillip and adapt it to suite your style. I DID.

6. Make sure your system is working for you - mine is and I am not going to defend it. Take it or leave it.

7. Share your style and rules with everyone else as long it is in line with Phillip's principles and if it is working for you.

8. The other members can have a look at it, test it, adapt it or ignore it.

9. You don't need to defend your strategy if it is working for your - my opinion is that you should at least be able to explain it so that the other members can understand/evaluate/test it.

10. Just remember, what is working for me, is not necessarily going to work for you.

I hope everybody is going to enjoy the interactions on this thread.

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Quoting Golfer

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Sometimes it help to zoom out and look at the bigger picture - the time before my trade as mentioned above.

Now that is what I called SIDMOVs - very dangerous for this 5min system. Be careful once you start drawing small support and resistance lines and your chart looks like this. My advice is to rather stay away or trade another ultra-short scalping method.

Now I can see why I couldn't find a setup yesterday to trade.

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