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5Min Intraday System

  • #5,041
  • Jul 26, 2008 9:35am Jul 26, 2008 9:35am
Quoting On the Spot
Dear Phillip,

I've listened your mp3 and I fully agree with what you said. This is your thread and your system, you set the rules and I fully respect your decision. I have the impression that your system has somehow become a closed model of development, where the development is possible exclusively within your philosophy of fixed rules dictated by your ideas and your experience (absolutely nothing wrong with this approach). My philosophy adopts an open source model of development, where my ideas and experience (I've traded stocks and future contracts for a good number of years) may be one of the initial factors of development but not the dominant factor. I'm interested in full public collaboration, a horizontal multidirectional approach to development in contrast to your vertical unidirectional approach. You and some other traders have done a great job with this system, especially in the early stages but I have the impression that your fixed rules will not allow you further significant development of this system. I may be wrong, it's just my opinion. I have to move on in the meantime with what I have learned from you and from many other traders since I've started trading back in 2000. I don't have time to manage a thread, but I'm considering a journal based on an open source model of development.

I wish you all the best for the 5 min and 4 hour system.

Yours sincerely
You are 100% correct that this is a somehow closed model ruled by rules, but not just my rules. There was some development in the beginning but to enhance the strategy as a trade with the trend system. Your approach was not a development of the system but an addition to the system with a total different approach namely countertrend trading. You are welcome to develop the existing 5min system staying within the rules and guidelines as set out. By that I mean filters to escape some bad trades and not additional systems.

If the traders on the thread wants the countertrend system then it means that the 5min trade with the trend as explained up to now has been matured and that the traders want an addition to be made and then you will have to take it further with explanation and rules(a system must have strict rules) and take care of it explaining and incorporating the additional system so that the two can become weapons to trade with.

I trade exactly the same method of the 5min and 4Hour on my stocks as well averaging 30% per year for the past 11years. As the decisionmaking of people under certain condition have not changed in 11years of trading I can still use the same strategy as 11years ago.

I really hope that people will learn from the 5min system and then move on to something bigger as the 5min was made available as a learning school to teach discipline and patience for the bigger field out there. If you cannot master this 5min system and become profitable with it you will not survive out there. This system is the primary school preparing you for the high school and hopefully lay the foundation for the univarsity of forex trading. I dont want people start teaching high school stuff here as this strategy is ment to be the start of an career. You will see later on what this 5min has really ment for you. If you have given it a chance to teached you.

Moving on means you have found something bigger(and I hope it was born out of the 5min system) and I wish you good trading pips in your pocket.
  • #5,042
  • Jul 28, 2008 3:00am Jul 28, 2008 3:00am
Golfer
Can you do an explaination on this very important aspect of trading. It goes down to discipline and not to jump the gun on setups, a point Phil always emphasize on the 4 hr entry.
  • #5,043
  • Edited 4:17am Jul 28, 2008 4:02am | Edited 4:17am
Quoting emacro
Golfer
Can you do an explaination on this very important aspect of trading. It goes down to discipline and not to jump the gun on setups, a point Phil always emphasize on the 4 hr entry.
Sure, no problem.

Sometimes I do get very frustrated, especially with the EY - you wait for the candle to close and you see that its about 20 seconds before the close of the candle. The next thing happening is the opening of the candle and immediately it goes three or four pips in your direction before you can get an entry. And it is just those 3-4 pips that you do need for the 10pips profit.

So, what I do now, I look at that time, and I look at the number of pips needed for a TC to be formed. If there is 20seconds left before the closure of the candle and there is already 3-4 pips in for the TC, I'll pull the trigger. Very important, the specific price pattern should be there as well. If there is only one or two pips in for a TC, I'll wait for the candle to close. Because it can still turn around and not form a TC - it already happens several times to me. So be careful.

I'll try and see if I can get an example or two and post it later to day or during the week.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,044
  • Edited 9:36am Jul 28, 2008 5:03am | Edited 9:36am
Here is my trade for the night. With this type of set up, I trade 2 separate lots. I closed my 1st trade for a +6 pips and left the SL on the other below the 21 on the 5 min. The reason I'm doing this is because I'm hoping this will go up to the 89MA on the 4 hr. I will probably change my SL as the 21 moves up or a trailing stop since I have to be at work in 2 hours. Let's see

Went to work and set my profit to 1.5793 with a trailing stop of 35. Apparently, the SL was too large and I got out at break even. As I say to my kids...Rats!!!!!!!!
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  • #5,045
  • Jul 28, 2008 8:23am Jul 28, 2008 8:23am
A nice ten ticks on this one.
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  • #5,046
  • Jul 28, 2008 9:40am Jul 28, 2008 9:40am
Just 2 setups (zero bounch and TC) on Cable earlier I didn't like and didn't trade.

The second setup (TC) with the triangle and bearish 3 pattern was very inviting however. Discipline!!!!
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,047
  • Jul 28, 2008 9:54am Jul 28, 2008 9:54am
Another example of a no-go setup on EY for me. Not all TC are tradeable, remember that.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,048
  • Jul 28, 2008 10:14am Jul 28, 2008 10:14am
Hey Golfer

In the chart the classic 2 candle entry, there was a larger than normal candle, does it matter in recognising the 2 candle entry?

Thanks
  • #5,049
  • Jul 28, 2008 10:20am Jul 28, 2008 10:20am
My trade - what a beautiful setup, resistance changed to support with a Bullish 3 pattern right on the R1 line.

E marco - this is an excellent example why I am trying to get an early entry. I was waiting for the candle to close because there were only 2 pips between a TC or not a TC. Then suddently the candle close and the next one opened with a gap. 2-3pips wasted. This is what I am talking about.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,050
  • Jul 28, 2008 10:24am Jul 28, 2008 10:24am
Quoting emacro
Hey Golfer

In the chart the classic 2 candle entry, there was a larger than normal candle, does it matter in recognising the 2 candle entry?

Thanks
No, not really. Only thing that matter is the first candle entering the war zone or bounching of the 21. Then the second candle bounching of the 21 and sometimes leaving the war zone.

No real signs of support/resistance found - that is the isssue I have with the classic 2-candle setup.

Just like the example above.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,051
  • Jul 28, 2008 2:01pm Jul 28, 2008 2:01pm
My trade as discussed on Skype - just deleted the other's messages for confidentiality:

[4:46:22 PM] Willem Kruger says: EY - starting to move latera along M3 line but also, 21 in non-trade zone

[4:47:40 PM] Willem Kruger says: No, 21 on the SMAangle is between 0.15 and -0.15 lines

[4:50:07 PM] Willem Kruger says: Give it some time and lets see
[4:50:40 PM] Willem Kruger says: EY - Looking for signs of a descending triangle

[4:54:34 PM] Willem Kruger says: Entry now is close enough to the war zone but MACD and 21 on SMAangle not yet in place

[4:57:05 PM] Willem Kruger says: Not yet - very tempting

[4:58:48 PM] Willem Kruger says: Yes, resistance found om M3 line
[4:59:04 PM] Willem Kruger says: touching my small support line now
[4:59:21 PM] Willem Kruger says: sorry, resistance line

[5:04:42 PM] Willem Kruger says: Yes, that is what I am waiting for (TC to form)
[5:05:01 PM] Willem Kruger says: as well as to see what is going to happen to my small resistance line

[5:05:42 PM] Willem Kruger says: EY - 21 coming out of non-trade zone now

[5:05:54 PM] Willem Kruger says: no, no spikes

[5:09:03 PM] Willem Kruger says: EY - worried about the lateral movement, taking too long now
[5:11:42 PM] Willem Kruger says: The same (small resistance line broken) - losing momentum

Then the TC was formed and I entered

[5:35:17 PM] Willem Kruger says: EY - just took my 10pips
[5:35:25 PM] Willem Kruger says: on that TC
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,052
  • Jul 29, 2008 6:51am Jul 29, 2008 6:51am
A nice TC for 10 ticks.
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  • #5,053
  • Jul 29, 2008 10:46am Jul 29, 2008 10:46am
HI Guys

Just a bit of advice.
I am having a lot of difficulty entering the 5 min trades. I either enter too early and then my stop loss gets hit or i enter too late and am settling for break even. Do people just enter on gut feeling. I mean should you always wait for the bar to hi 21MA or come close to it?
In most cases it doesn't and the proce just rallies in the direction of the trend.

Any advice??

Anoop
  • #5,054
  • Jul 29, 2008 12:45pm Jul 29, 2008 12:45pm
Quoting Snoop Dogg
HI Guys

Just a bit of advice.
I am having a lot of difficulty entering the 5 min trades. I either enter too early and then my stop loss gets hit or i enter too late and am settling for break even. Do people just enter on gut feeling. I mean should you always wait for the bar to hi 21MA or come close to it?
In most cases it doesn't and the proce just rallies in the direction of the trend.

Any advice??

Anoop
I had the same problem and asked Phillips advice. Phillip suggested that we use the TC on MACD as entry:

1. Smooth TC

2. Near the war zone

3. When price patterns show a high probability setup.

Look at all my recent postings/charts - I do indicate the TC on the MACD (the opening of the candles above my lines/arrows). Also the links are on page 1 explaining the TCs on the MACD.

I hope it helps
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,055
  • Jul 29, 2008 2:42pm Jul 29, 2008 2:42pm
Cheers Golfer

Just wondering - so you would be entering most trades when the pric is actually outside the war zone.
  • #5,056
  • Jul 29, 2008 11:28pm Jul 29, 2008 11:28pm
Quoting Snoop Dogg
Cheers Golfer

Just wondering - so you would be entering most trades when the pric is actually outside the war zone.
That is correct but make sure it is not too far from/outside the war zone.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,057
  • Jul 30, 2008 4:04am Jul 30, 2008 4:04am
I was a little unsure about this trade because of divergance on the MACD and 21 MA was at 5710 on the 1 hr. So, I only placed half of my normal position (still demo). What I did like was the candle with the arrow and the TC on the MACD.
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  • #5,058
  • Jul 30, 2008 4:41am Jul 30, 2008 4:41am
hi there, I'm totally new here and definitely in love wiht phillip's trading systems.

I really like the idea to trade through my smartphone. I started using MT4 on it and it's pure fun. Yesterday I made 100 pips with the massive down of the EUR just looking at the MACD 4H. Ok I know I'm going out of the thread, so here's the question:

can somebody confirm that it is not possible to add indicators and templates in MT4 for Smartphones? I would like to add the SMAAngle. I've tried but there's no "experts" folder etc...

Thanks
Davide
  • #5,059
  • Jul 30, 2008 4:58am Jul 30, 2008 4:58am
I took this traingle today in e/u , I forgot consider the big divergence before enter.
Result -13 .
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  • #5,060
  • Jul 30, 2008 5:19am Jul 30, 2008 5:19am
Quoting Morelands
I was a little unsure about this trade because of divergance on the MACD and 21 MA was at 5710 on the 1 hr. So, I only placed half of my normal position (still demo). What I did like was the candle with the arrow and the TC on the MACD.
Hi More

My comments because I was following the same setup but didn't enter because of the comments on your chart.

I would have taken the first TC because of that nice triangle but my 21 was not out of the non-trade zone yet.

I hope it makes sense.
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Willem Forex recipe for success = Patience, discipline & hard work.
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