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5Min Intraday System

  • #5,081
  • Jul 31, 2008 1:52pm Jul 31, 2008 1:52pm
Thank you very much for the warm welcome and encouragement, Senior Golfer !

Will definitely look up and 'internalise' all that is in the 1st page.

er ..just that ... I am new in this forum, and not IT savy .. and hence a bit overwhelmed by tonnes of information in here ... a little hand holding will help ..to set up points (2) and (3 ) ..

please .. anyone ...?

Thank a million again !

: )
  • #5,082
  • Jul 31, 2008 2:28pm Jul 31, 2008 2:28pm
Quoting TheArcher
Thank you very much for the warm welcome and encouragement, Senior Golfer !

Will definitely look up and 'internalise' all that is in the 1st page.

er ..just that ... I am new in this forum, and not IT savy .. and hence a bit overwhelmed by tonnes of information in here ... a little hand holding will help ..to set up points (2) and (3 ) ..

please .. anyone ...?

Thank a million again !

: )
Yes, I know the feeling - that is why I compiled the Appendices. Hopefully to makes this system more user-friendly for newbies. Especially how to build the SMAangle.

Otherwise just download all the indicators and copy one of our templates as posted - much easier than building your own chart. But for that you need to learn your MT4 platform. I cannot do that - you need to play around with it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,083
  • Jul 31, 2008 7:47pm Jul 31, 2008 7:47pm
andone shorting usd/jpy during this bounce up near 107.75 to 107.80???
"Don't work for your money, but let money work for you."
  • #5,084
  • Jul 31, 2008 9:30pm Jul 31, 2008 9:30pm
Roger ! Senior Golfer !

Your avatar of an elephant reminds me of this -- " Big , Strong , Friendly "

I find you so, too !

Thank you very much !

: )
  • #5,085
  • Edited 9:43pm Jul 31, 2008 9:36pm | Edited 9:43pm
RE : upload indicators to MT4

.. err .. perhaps some newbies who have walked my path could help me out ..?

meanwhile, let me see if I can figure it out ....

: )

--------------------
to douse my curiosity , can anyone with the "fully-loaded" charts post the current UJ 5min charts to see how the lines are forming ... for practise purposes ... thks !
  • #5,086
  • Edited Aug 1, 2008 12:59am Jul 31, 2008 10:23pm | Edited Aug 1, 2008 12:59am
Quoting chady250
andone shorting usd/jpy during this bounce up near 107.75 to 107.80???
Hi Chad

I don't follow that pair anymore but it is better if you post a chart with your question/post so that people can be sure which bounce your are talking about. Like now, I don't have a clue what you are talking about and I cannot comment.

Also, the only way to learn this system is to give your comment on the pullback first (why you think one could have entered on the pullback) rather than asking other members comments first. Ask people to comment on your comments (get use to benchmarking your comments against those of the other members). Much better way to learn this system and develop your own style of trading - that was how I've learned from Phillip.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,087
  • Aug 1, 2008 3:30am Aug 1, 2008 3:30am
2 candle setup short.
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  • #5,088
  • Aug 1, 2008 3:34am Aug 1, 2008 3:34am
a stress free 10 ticks
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  • #5,089
  • Aug 1, 2008 4:00am Aug 1, 2008 4:00am
Quoting emacro
a stress free 10 ticks
Did you consider the possible effect of the GBP news release?

I was watching the setup and considered the setup when I saw the news was coming up. I even saved a picture of the setup just before the news release. Then I had a few pips gap down (12pips) just after the news release whereafter the price turned around and recovering back upwards (after a double bottom).

Interesting chart - will post later
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,090
  • Aug 1, 2008 4:14am Aug 1, 2008 4:14am
Quoting Golfer
Did you consider the possible effect of the GBP news release?

I was watching the setup and considered the setup when I saw the news was coming up. I even saved a picture of the setup just before the news release. Then I had a few pips gap down (12pips) just after the news release whereafter the price turned around and recovering back upwards (after a double bottom).

Interesting chart - will post later
Not aware of the news release. Lucky it went my way enough to take the 10 from resting limit order.
  • #5,091
  • Aug 1, 2008 4:39am Aug 1, 2008 4:39am
Quoting emacro
Not aware of the news release. Lucky it went my way enough to take the 10 from resting limit order.
Thanks for the reply, I was just wondering. Nice to have 10pips in the bank. I'll wait a little bit longer for my 10pips.

Nowadays I do look at forexfactory's "Calender" first when I see a possible setup - just to make sure about the times of the news releases.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,092
  • Aug 1, 2008 8:25am Aug 1, 2008 8:25am
I've tried the 1min system with NFP today but it didn't work. Got out for 1pip profit.

I'll wait and see what the 5min chart brings us.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,093
  • Aug 1, 2008 9:48am Aug 1, 2008 9:48am
My chart of (what I think is Emarco's trade) cable today - the setup I considered before I realised that the news release was in a few minutes.

I didn't take the setup and like I told Nadia today on Skype - not very easy trading the 5min system lately. I had a very few trades this week and I know it is very frustating. But luckily I am getting better at it. One needs to teach oneself patience - that's all! Nobody else does. That is why I am trying to ignore all the temptations/distraction coming my way.

It is very important to stay focused and not get distracted and/or confused by the other systems. Make sure your are familair with the principles of both Phillip's systems. Believe me (I've been there), it is very easy to get derailed if:

1. you are not familiar with this system's principles
2. you don't have rules for your ystem/style of trading
3. you are frustated and trying something new or try to adopt somebody else's style of trading.

Even I am still sometimes a victim of distraction.
Attached Image(s) (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,094
  • Aug 1, 2008 11:32am Aug 1, 2008 11:32am
Quoting Golfer
My chart of (what I think is Emarco's trade) cable today - the setup I considered before I realised that the news release was in a few minutes.

I didn't take the setup and like I told Nadia today on Skype - not very easy trading the 5min system lately. I had a very few trades this week and I know it is very frustating. But luckily I am getting better at it. One needs to teach oneself patience - that's all! Nobody else does. That is why I am trying to ignore all the temptations/distraction coming my way.

It is very important to stay focused and not get distracted and/or confused by the other systems. Make sure your are familair with the principles of both Phillip's systems. Believe me (I've been there), it is very easy to get derailed if:

1. you are not familiar with this system's principles
2. you don't have rules for your ystem/style of trading
3. you are frustated and trying something new or try to adopt somebody else's style of trading.

Even I am still sometimes a victim of distraction.

Yes Golfer. Totally agree. I always get positive pips early of the week with full discipline and towards the end of the week i start to break the rule trying new stuff.. I ALWAYS BROKE THE RULE THAT I SET MYSELF.. But it seem like it has become a very bad habit... and that make me frustrated...I have full confidence with the system but i found out i don't have confidence with my emotion... Day like today where the market go sideway since london open cause lot of less patience traders frustrated for sure... im one of them...
one thing i have to improve for sure is my patience and emotion....

  • #5,095
  • Aug 1, 2008 11:56am Aug 1, 2008 11:56am
[04:53:40 PM] Willem Kruger says: EUR & EJ moving in a triangle now - lower highs and higher lows making is very difficult, I won't get involve

[05:30:15 PM] islandtrader says: if support line on eu holds, could be a nice TC entry, but sma in non-trade zone
[05:36:33 PM] Willem Kruger says: Agree - just worried about the tripple top already formed

[05:37:36 PM] Willem Kruger says: Cable showed a nice TC but also on a strong support level 9730/35

[05:39:06 PM] islandtrader says: getting a bit late for entries imo

[06:10:31 PM] Willem Kruger says: Agree - that is why I went out, sorry

Comments:

You won't get more classic signs on one setup like this. If it wasn't for Friday afternoon, I certainly would have taken one of the TCs. I didn't even highlight the power candles - no place left on chart , so many signals were present.

My opinion:

These signals should be discussed on Skype - even though we won't take the setup. Just for the newbies to see what we are looking for. But?????
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,096
  • Aug 1, 2008 12:38pm Aug 1, 2008 12:38pm
golfer Hello! I am casually marshall of a golf course here in Barcelona (spain).

I'm interested in much the ADX indicator that you have in your template, ToR indicator!

Thank you!
  • #5,097
  • Aug 1, 2008 1:56pm Aug 1, 2008 1:56pm
Quoting ninpojutsu
golfer Hello! I am casually marshall of a golf course here in Barcelona (spain).

I'm interested in much the ADX indicator that you have in your template, ToR indicator!

Thank you!
Hi Nin

O that is nice - I hope you do play as well. I do love it.

The ADX is just another signal I've tried in the past and I know Palmer and other members are using it. But I am not so serious about it. I tend to concentrate more on candle formation and price actions. That is why I don't really comment on it on my charts - I just keep an eye on it.

I know people like to see the ADX line to be above 20 to 25 line showing signs of a "strong" trend. Then one needs to look at the + line (blue line) be above the -line (red line) and widening for a long trade signal. And the other way around for a short signal.

Look at point A - ADX is crossing the 25 line downwards meaning the trend it slowing down. At point B it crossed the line upwards meaning the trend is strenghting.

I hope it makes sense.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,098
  • Edited 11:02pm Aug 1, 2008 9:27pm | Edited 11:02pm
Finally , managed to load up the indicators. Don't ask me how I did it ! I wouldn't know how to trace the steps backwards. I just pressed here and press there, and got it into the system. As u can see in the charts ,it is still not 100% download yet.

What does it mean " This indicator expired" on the top left hand corner of the chart ?

The thing I am happy about is that the green and the orange dots appear with the audio and I can see the SMA50, EMA21,EMA10 for a visual inspection, even though the Angle thing got broken into 2 windows, which I think is crucial. I suppose I just trust the green and orange dots !

Honestly,for the time being, let me just monitor using this. Scared that if tweak further , I might lose whatever I have now !

So, something is better than nothing !

Another question , does this work equally well with USD/JPY ? From the charts, from 18:25hrs onwards , looks like it does ! This question because I perceive that this system was created for EURO/USD and GBP/USD .

Boy o boy ! Am I very excited ! Looking forward to next week for the real thing !

Whatever the outcome , I need to register this :

Thank you very much and my deep gratitude to Majestic Phillip Nel for generously sharing this simple system !
Thanks to General fxjourney, whose "nut-shell" posting nudged me into trying to load up the indicators
Thanks to Brilliant Dariuske for the development of the indicators.
Thanks to Big Strong Friendly Golfer for the warm and friendly welcome and making me feel comfortable.
And all the other wonderful people in this friendly thread !

A VERY BIG THANK YOU !

: )
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  • #5,099
  • Aug 1, 2008 9:52pm Aug 1, 2008 9:52pm
Can anyone advise me on the the timings, (the hours), when it 'works' best for the various pairs : USD/JPY, EUR/USD, GBP/USD ? (hrs in GMT ?)

Best regards

: )
  • #5,100
  • Aug 2, 2008 2:55am Aug 2, 2008 2:55am
Quoting TheArcher
Can anyone advise me on the the timings, (the hours), when it 'works' best for the various pairs : USD/JPY, EUR/USD, GBP/USD ? (hrs in GMT ?)

Best regards

: )
1. Currently I am trading the EUR/U$ (EUR), GBP/U$ (Cable) and EURJPY (EY). Phillip's advice is to follow one or two pairs and get famaliar with each price actions. I am now, after almost 2 years of trading Phillip's 5min system, getting use to my 3 pairs.

2. I am trading from 08H00-18H00GMT.

3. I am not trading the Asian session (luckily my sleeping time as I am at GMT+2h) and seldom after 18H00GMT - not enough momemtum. I got burned too many time trading the Asian session.
Willem Forex recipe for success = Patience, discipline & hard work.
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