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5Min Intraday System

  • #4,981
  • Jul 22, 2008 5:01pm Jul 22, 2008 5:01pm
Don't offer your opinion on things that are outside your competence. Always wear underwear.

Quoting Qwert
A stupid fool once said to me...



Now, I have noticed that the stupid fool has ADD, Attention Deficit Disorder.


If it wasn't for connection problems, I would have made +88pips on U/J yesterday.

My trades today:
Buy U/J 106.37 Close 106.63 +26pips
Buy U/J 106.37 Close 106.79 +42pips
Buy U/J 106.12 Close 106.63 +51pips
Total of +119pips.

I had to post 3 charts to let you see I didn't close any open positions in-between.
  • #4,982
  • Jul 22, 2008 5:25pm Jul 22, 2008 5:25pm
Quoting Palmer
This was a good start after being away for about three weeks, 50 total...
Hi Palmer,

Welcome back and nice trade .I was at work at that time.

I was wondering does that expert adviser on your screen really alert with TC's? if you don't mind.

Thanks
Mike
Failure, is a wonderful teacher!
  • #4,983
  • Jul 22, 2008 5:34pm Jul 22, 2008 5:34pm
The more I trade this system, the more I come to see that patience is the main ingredient of it.
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  • #4,984
  • Jul 22, 2008 8:39pm Jul 22, 2008 8:39pm
Quoting Golfer
Thanks, Mkain - you are the creator of the indicator, best coming from you. I was still at work.
Thank you Golfer & Mkain.

Thanks,

Pete
  • #4,985
  • Jul 23, 2008 4:06am Jul 23, 2008 4:06am
long 169.85 s/l 169.60, -25pips

MACD TC, higher lows...

but in the max limit of tolerated loss. (1%)
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  • #4,986
  • Jul 23, 2008 4:07am Jul 23, 2008 4:07am
Here are 2 trades for the day/night for -1 pip
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  • #4,987
  • Jul 23, 2008 4:55am Jul 23, 2008 4:55am
long 1.9938 +10 pips, R +0.5

4th brother, bounce from 21ema, ots signal,
thank you onthespot for that indicator, proves very helpful, but need more trades to be able to tell how it fares in the long run.
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  • #4,988
  • Jul 23, 2008 7:07am Jul 23, 2008 7:07am
Quoting islandtrader
long 1.9938 +10 pips, R +0.5

4th brother, bounce from 21ema, ots signal,
thank you onthespot for that indicator, proves very helpful, but need more trades to be able to tell how it fares in the long run.
hi iland
please, what's the name of the green/red indicator on the bottom?

@all
thank's for your fantastic work on this thread.

best regards,
gü;-)
  • #4,989
  • Jul 23, 2008 7:14am Jul 23, 2008 7:14am
Quoting fxnix
hi iland
please, what's the name of the green/red indicator on the bottom?

@all
thank's for your fantastic work on this thread.

best regards,
gü;-)
It's the 'ots' indicator introduced by On the Spot. You might contact him for indicator and explanation....
  • #4,990
  • Jul 23, 2008 8:09am Jul 23, 2008 8:09am
Hi,
Here is my 2 trades for today.I got 10 pips in eur but BE in G/U after I didn't hit my TP after few candles

Thanks
Mike
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Failure, is a wonderful teacher!
  • #4,991
  • Jul 23, 2008 10:55am Jul 23, 2008 10:55am
This an example of how NOT to take a trade. I was attracted by the lovely gravestone doji straddling the S1 line, just under the 21ema. I entered at the open of the next candle, because the ADX was vaguely encouraging. The only thing was, I didn't like the look of the MACD 4H, but I jumped in anyway. At one point, I was around 6 pips up, but ended up -4 pips, and all because I couldn't let the bloody thing go. I honestly think that's the hardest part of this game.....recognizing a bad trade and getting out. And all because one doesn't want to be a !! Stupidity personified.
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  • #4,992
  • Jul 23, 2008 11:30am Jul 23, 2008 11:30am
I saw the 2 tails with lower highs and I was waiting for the TC. Look at my entry #1 @ 169.22 10sec before the close of signal candle of the TC. In no-man's land far away from war zone.

Then I waited for a pullback to the 10MA and enter again (#2) on the 10MA @169.32

I pinpoint the 2 lows where one could have exited. Look at the difference between the two trades:

#1 - max move was 10pips which means 6pips profit

#2 - max move was 20pips which means 16pips profit

That is what I mean by "try and avoid trading in the no-man's land".

Also just to show the people how the EY will give you 10pips on an even so-so setup. There wasn't even a price pattern. But your entry should be spot on.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,993
  • Jul 23, 2008 11:39am Jul 23, 2008 11:39am
Quoting eyevoltage
This an example of how NOT to take a trade. I was attracted by the lovely gravestone doji straddling the S1 line, just under the 21ema. I entered at the open of the next candle, because the ADX was vaguely encouraging. The only thing was, I didn't like the look of the MACD 4H, but I jumped in anyway. At one point, I was around 6 pips up, but ended up -4 pips, and all because I couldn't let the bloody thing go. I honestly think that's the hardest part of this game.....recognizing a bad trade and getting out. And all because one doesn't want to be a !! Stupidity personified.
Hi Eye

In this case I would have entered before the TC because of the shooting star and power candle where I put the label.

You are right, best was a -1pip outcome. After the second small resistance line was broken with that higher low.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,994
  • Jul 23, 2008 12:14pm Jul 23, 2008 12:14pm
Quoting eyevoltage
This an example of how NOT to take a trade. I was attracted by the lovely gravestone doji straddling the S1 line, just under the 21ema. I entered at the open of the next candle, because the ADX was vaguely encouraging. The only thing was, I didn't like the look of the MACD 4H, but I jumped in anyway. At one point, I was around 6 pips up, but ended up -4 pips, and all because I couldn't let the bloody thing go. I honestly think that's the hardest part of this game.....recognizing a bad trade and getting out. And all because one doesn't want to be a !! Stupidity personified.
I took the same trade, entered at the second candle after the doji (too late, but got the MACD TC signal), and exited at BE after that little bullish doji. I thought it was a valid setup, nothing wrong with it.
  • #4,995
  • Jul 23, 2008 12:47pm Jul 23, 2008 12:47pm
Quoting islandtrader
I thought it was a valid setup, nothing wrong with it.

Island, sorry, poor choice of words on my part. The trade WAS a valid one. What I meant to say was something like "getting out of a good trade that turned bad", if you catch my drift.

Golfer, thanks for your input. I always value your opinion on the odd trade I post.

Cheers
  • #4,996
  • Edited 2:53pm Jul 23, 2008 2:38pm | Edited 2:53pm
These are support/resistance trades on the 5Min and, in these cases, not according to the rules of this method. They are posted for selfish reasons, meaning that I think I examine them more by exposing them to you all on this thread, and because I think they can be of use to some people to see the mistakes I so often make, and my analysis of them. And, on those rare occasions (which I hope to make less and less rare), when I succeed in focusing on my rules, some beautiful possibilities actually occur. What I am really hoping to do is to get good at analyzing support, resistance, price movement, and candle emotion. I don't believe I'm so terribly bad at that right now, but I've been a sad case in the emotional area, letting that get in the way of clear vision. I'm still setting my goals toward following and trusting the rules of this system, as laid out by Phillip and Willem, and of my own rules, which I've successfully backtested several times. Trust and emotional control, that will make such a difference in my trading. I'm going to try to figure out how to put that as an affirmation to repeat each morning and each night. The best to all! --Tony
Edit: When I said "lower high on the MACD" on my second trade, I was only thinking of the lower MACD bar. I should have said "round top."
Edit 2: Here I go into a fit of editing! But I wanted to say that I felt confident in the second trade, even though I knew it could go against me. I had analyzed it well, watched it developing, and had been patient. As a result, that goes a long way toward helping me to feel like that six pip gain was worth more than the possible twenty or thirty the trade could have made if I'd stayed at breakeven.
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  • #4,997
  • Jul 23, 2008 5:19pm Jul 23, 2008 5:19pm
Hi Golfer

Your potential set up looks inviting but I would not have taken that short trade due to a different view that I had of the market in that particular moment. A downtrend was in place that ended with a hammer and soon after the hammer we had a long bullish candle that was followed by the shooting star that you have mentioned. Shorting the market when it is showing reliable reversal patterns is perhaps not the best option as it wasn't in this case.

I've noticed from back testing counter trade signals given by my OTS indicator as islandtrader called it, that once a counter trade signal is on the chart it becomes somehow riskier to open a short or long position though the dominant trend remains in place till the 50 sma is not crossed and left behind. It is not a question of being right or wrong here, but to agree with the market as much as possible and we can do that to some degree by back testing our set ups/strategies to get some statistical data in support of our trading decisions.

The bullish counter trade signal is given by a bullish candle on the main chart and a red bar on the OTS indicator that crosses the 21 ema on the OTS indicator by at least 50%, the red bar should ideally gap up. I call this the bullish kicking pattern with reference to the homonymous Japanese candlestick. The bearish counter trade signal is given by a bearish candlestick on the main chart and a green bar on the OTS indicator that crosses the 21 ema on the OTS indicator by at least 50%, the green bar should ideally gap down. I call this the bearish kicking pattern with reference to the homonymous Japanese candlestick. I've noticed from my back testing that the bearish kicking pattern is somehow more reliable than the bullish kicking pattern. I've also noticed on some trends up to 3 counter trend signals developing in a short period of time, leading eventually to a reversal of the trend.

I want to add a word of caution to those who are using the OTS indicator: don't be tempted to counter trade, I've done it and I was profitable but you'll take a higher risk and you'll miss better trend following set ups on other pairs. You can trade with the market but you can't outsmart it. You may use the counter trade signal as a warning signal that the trend may soon come to an end and evaluate more in depth any successive set up that you may want to trade. Whatever indicator/set ups you use to trade Phillips system make sure it is profitable to you!

Have a good night




Quoting Golfer
Hi Eye

In this case I would have entered before the TC because of the shooting star and power candle where I put the label.

You are right, best was a -1pip outcome. After the second small resistance line was broken with that higher low.
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  • #4,998
  • Jul 23, 2008 10:26pm Jul 23, 2008 10:26pm
I am looking at setup #1 & 2 and both setups look the same to me if I look at your indicator. #1 was also a hammer but if you have taken the entry in the war zone, it would have given you 10pips. But not #2.

What are the differences between setup #1 and #2 according to your indicator?
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,999
  • Jul 24, 2008 2:29am Jul 24, 2008 2:29am
Just took this trade, on macd tc pattern.
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  • #5,000
  • Jul 24, 2008 2:36am Jul 24, 2008 2:36am
This is what you call 'negative signals' off the bat. Altough it went few pips in favour, it immediately reversed. Got out on the retracement down to 80/82.
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