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5Min Intraday System

  • #4,941
  • Jul 18, 2008 11:39am Jul 18, 2008 11:39am
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File Type: zip 5 Min Strategy.zip   822 KB | 1,752 downloads
  • #4,942
  • Jul 18, 2008 1:00pm Jul 18, 2008 1:00pm
I love this thread and the people on it! I also love Phillip's 4Hr thread, but I cannot really post much there since the period when I do most of my trades does not usually offer many good 4Hr possibilities. But this thread has become, for me, like a training center, where people come together to work on their skills and to share their efforts, successes, and failures with each other so that they can see each others' progress and be reminded that progress is seldom in a straight line, but more like price action when it's trending. Comes up, goes down, comes up a little more, then maybe goes down a lot, but then comes back up even higher.

Now, I'm using this thread, and the people on it (I'm using you all!! If you don't like it you'd better tell me!) to improve my skills, for me, especially my emotional skills and my discipline.

I'm starting to post trades that aren't really of this method but are of the 5 minute time period and are, I believe, based on the same price action this system tries to take into consideration. In my personal rules, I am not dividing this into two systems, but merely an extension of this one. However, to make the distinction for the thread, I am calling these trades, like today's, Support/Resistance trades. One is a success and the other a failure, and they are a success or failure for the same reason my pure 5Min Intraday trades would be, for emotional reasons and for failure or success in identifying where the support and resistance is. If anyone on this thread finds that these trades are not appropriate to this thread, I will be sorry not to be able to post them for my own selfish reasons, that it helps me to think about the trades I've done, but I will, also, want to stop if it causes anyone confusion as to what this thread is about. I will still post simple pullback trades, when I have the opportunity. Please let me know if these trades do not seem appropriate. --Tony
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5min s-r 18july2008.gif Size: 27 KB
  • #4,943
  • Jul 18, 2008 1:11pm Jul 18, 2008 1:11pm
Now, here comes the second trade, where, typically for me on a Friday, I make my pips and then give them back because I'm wanting to make more. It's another version of the not wanting to be left out syndrome, where emotions enter in, not because I feel left out but because I'm wanting to prove to myself that I really am getting this trading thing down. The result is the same. I'm no longer as focused on the price action as I need to be, and I am thinking too much about making the trade a success (that I can even share with others!) --Tony
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Click to Enlarge Name: eurusd 5min s-r 18july2008 trade2.gif Size: 31 KB
  • #4,944
  • Jul 18, 2008 3:18pm Jul 18, 2008 3:18pm
Quoting OldDog
Now, here comes the second trade, where, typically for me on a Friday, I make my pips and then give them back because I'm wanting to make more. It's another version of the not wanting to be left out syndrome, where emotions enter in, not because I feel left out but because I'm wanting to prove to myself that I really am getting this trading thing down. The result is the same. I'm no longer as focused on the price action as I need to be, and I am thinking too much about making the trade a success (that I can even share with others!) --Tony
OldDog it was like you wrote the exact same thing that happens to me after a long day of work, if its of any help I think that the "not wanting to be left out syndrome" that you discovered is pretty common in our profession, but well, i have to tell you that all your posts are much apreciated and Its good to also know thats not only me thats "using" all of you great traders to learn more everyday. Keep up the good work and have a great weekend.
  • #4,945
  • Jul 18, 2008 4:06pm Jul 18, 2008 4:06pm
Quoting MxPips
OldDog it was like you wrote the exact same thing that happens to me after a long day of work, if its of any help I think that the "not wanting to be left out syndrome" that you discovered is pretty common in our profession, but well, i have to tell you that all your posts are much apreciated and Its good to also know thats not only me thats "using" all of you great traders to learn more everyday. Keep up the good work and have a great weekend.
Thanks a lot for the sharing MxPips. Let's use each other as much as we can!

The following is a Word '97 document format written copy of Phillips last mp3 for anyone who has difficulty understanding spoken English. --Tony
Attached File(s)
File Type: doc PhillipNel Five Minute Strategy 18July2008.doc   7 KB | 759 downloads
  • #4,946
  • Edited 8:10pm Jul 18, 2008 5:06pm | Edited 8:10pm
Quoting Alpe
Dear fellow seniors,

Is this still consider 3 sister formation? The MAs does not follow according to the rules.

Alpe
We call them 3 brothers (sisters are in downtrend) but it is ok, it works dispite it is not so common as sisters pattern.( it appears in CT at most I don't know why )
Nice chart
  • #4,947
  • Jul 18, 2008 5:34pm Jul 18, 2008 5:34pm
When exactly did that trade happen?

Quoting Golfer
Just to show people what happens if one try to trade the SIDMOVs.

I couldn't follow the trade but it doesn't matter - it was a stupid mistake. No triangle formation (no higher lows - just a area of resistance), no signal. 21 is going back into the non-trade zone. I am not even going to write comments because there isn't any. A pure gamble trade because of no patient/discipline.

EA triggered my SL for -15pips. Too bad. Won't do it again.
  • #4,948
  • Jul 18, 2008 5:48pm Jul 18, 2008 5:48pm
Quoting Golfer
Just to show people what happens if one try to trade the SIDMOVs.

I couldn't follow the trade but it doesn't matter - it was a stupid mistake. No triangle formation (no higher lows - just a area of resistance), no signal. 21 is going back into the non-trade zone. I am not even going to write comments because there isn't any. A pure gamble trade because of no patient/discipline.

EA triggered my SL for -15pips. Too bad. Won't do it again.
Sorry Golfer.To make sure.Your entry's been 2 candles before the big bearish candle.Am I right?

Mike
Failure, is a wonderful teacher!
  • #4,949
  • Jul 18, 2008 6:33pm Jul 18, 2008 6:33pm
Quoting OldDog
Thanks a lot for the sharing MxPips. Let's use each other as much as we can!

The following is a Word '97 document format written copy of Phillips last mp3 for anyone who has difficulty understanding spoken English. --Tony
Thanks Tony,
It's Friday night and I am here at job with no speaker so it was a big help

Mike
Failure, is a wonderful teacher!
  • #4,950
  • Jul 18, 2008 7:37pm Jul 18, 2008 7:37pm
It's a pleasure to listen you on mp3. I just wanted to inform you that Warren Buffett opened a $21 billion bet against the dollar in 2002. I don't know if and when he closed that bet, would be interesting to know the risk/reward ratio of that bet! Another interesting guy was George Soros, he risked in 1992 US$10 billion to short the pound, and made US$1 billion in a single day. After Soros bet, the pound fell 41% against the yen over a period of 11 months.

Quoting Phillip Nel
Info
  • #4,951
  • Jul 19, 2008 12:34am Jul 19, 2008 12:34am
Philip - "And, by trading small, I don't think it was meant in terms of losing small all the time. It's about risking a certain percentage of your capital. That was the small I think, that was intended there." - Correct.

Golfer - "Not every member/trader trade the same way and what is working for me, is not necessarily going to work for you." - This is common sense but I am afraid it is not so common.

Golfer - I refrained from adding comments or elaborating on my rules/strategy simply bec. I know, one day, there will be an argument on how I trade. I also believe by just watching the charts I have posted, some will be able to get an idea on how I trade. That is what I did when I look at the first page of this system. Only the first page and I never asked any questions regarding this system. Simple is best.

You can usually see through a person's character by how he writes. Things like "Thank you for your remark", "I agree with you", and "Thank you for your comment". He's trying to make it appear like someone is on his side. Now, I did not say they are on my side.

My definition of a stupid fool stands. They never learn. They are so narrow minded and thinks they are so smart they have to say "I just wanted to inform you that Warren Buffet blah blah blah.. and George Soros blah blah blah...". Well, what effect are those in trading? Absolutely nothing. It is just for his ego. He thinks that engaging in this type of conversation makes him look intelligent and be "in the crowd". Trying to let people think he knows something but in fact he knows nothing.
  • #4,952
  • Jul 19, 2008 4:29am Jul 19, 2008 4:29am
This is not the best place to have a quarrel. There is so much nonsense and evil thinking in your words, that I'll refrain from answering you on this thread. If you have more of such comments or would like some explanations, you can contact me free of charge on the skype chat. I hope that your lunatic mood ends soon. Enjoy your weekened.


Quoting Qwert
Philip - "And, by trading small, I don't think it was meant in terms of losing small all the time. It's about risking a certain percentage of your capital. That was the small I think, that was intended there." - Correct.

Golfer - "Not every member/trader trade the same way and what is working for me, is not necessarily going to work for you." - This is common sense but I am afraid it is not so common.

Golfer - I refrained from adding comments or elaborating on my rules/strategy simply bec. I know, one day, there will be an argument on how I trade. I also believe by just watching the charts I have posted, some will be able to get an idea on how I trade. That is what I did when I look at the first page of this system. Only the first page and I never asked any questions regarding this system. Simple is best.

You can usually see through a person's character by how he writes. Things like "Thank you for your remark", "I agree with you", and "Thank you for your comment". He's trying to make it appear like someone is on his side. Now, I did not say they are on my side.

My definition of a stupid fool stands. They never learn. They are so narrow minded and thinks they are so smart they have to say "I just wanted to inform you that Warren Buffet blah blah blah.. and George Soros blah blah blah...". Well, what effect are those in trading? Absolutely nothing. It is just for his ego. He thinks that engaging in this type of conversation makes him look intelligent and be "in the crowd". Trying to let people think he knows something but in fact he knows nothing.
  • #4,953
  • Jul 19, 2008 10:09am Jul 19, 2008 10:09am
Sell U/J 106.226 Close 106.00 +22.6pips
Attached Image
  • #4,954
  • Jul 19, 2008 10:59am Jul 19, 2008 10:59am
Quoting Golfer
On page 1 - very first link explained by the master (Phillip) himself.

Thanks a lot. I am reviewing your set of rules. Thanks for the help.
trademeister
  • #4,955
  • Jul 19, 2008 11:08am Jul 19, 2008 11:08am
Quoting OldDog
Thanks a lot for the sharing MxPips. Let's use each other as much as we can!

The following is a Word '97 document format written copy of Phillips last mp3 for anyone who has difficulty understanding spoken English. --Tony
thanks old dog this will be very usefull to me.. and keep posting your chart,event the lost trade, that's not many in this forum who posting their lost and give detil comment about his/her psycologist/felling, i like to read it, because i sometimes dealt with some situation like u. sory bad english.
  • #4,956
  • Jul 20, 2008 8:32am Jul 20, 2008 8:32am
Hi Golfer,

how are you doing?
  • #4,957
  • Edited 2:39pm Jul 20, 2008 12:56pm | Edited 2:39pm
Quoting trademeister
Thanks a lot. I am reviewing your set of rules. Thanks for the help.
trademeister
Pleasure.

Please look at this system and develop your own rules (written down so that you read it and know it by heart) based on the fundamentals of this system.

Enjoy the trading!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,958
  • Jul 20, 2008 1:07pm Jul 20, 2008 1:07pm
Quoting mike1349
Sorry Golfer.To make sure.Your entry's been 2 candles before the big bearish candle.Am I right?

Mike
Sorry Mike, didn't trade on Friday. Took the weekend off with the wife. Reading the thread now - saw your message.

You will see evidence on my entries on the chart (almost on all my charts) - Yannis' EA records the entry and exit and leave the evidence on chart.

I hope the evidence is clear enough to see - sometimes it is necessary to zoom in to see the entry and exit.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,959
  • Jul 20, 2008 5:35pm Jul 20, 2008 5:35pm
Being from the USA I tend to watch Sunday night opens since they seem to carry through. Just to point out out that trades come anytime, here is an inerted church steeple on GU. (There was also one on GY, but the spread was too hard to handle.
Attached Image (click to enlarge)
Click to Enlarge Name: gu2.gif Size: 16 KB
  • #4,960
  • Jul 21, 2008 4:07am Jul 21, 2008 4:07am
Quoting Phillip Nel
Info
Hi Phillip

Thanks again for the wise words as usual. Every time it comes back the basics - if you don't get the basics right, you are in trouble.

Please get the basics right and focus on the job at hand. Don't let somebody/something else distract you from your trading (style).

It happened to me in the past with some of the members as well as with the Skype chat. For a while I ignored the Skype chat. Nowadays I am more focused - I can trade and do the Skype chat. When I am in a trade, I tend to ignore the chat and focus on the trade.

That is why at this stage I am satisfied with the way I am trading no matter the opinion of people. But I am also open for suggestions.
Willem Forex recipe for success = Patience, discipline & hard work.
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