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5Min Intraday System

  • #5,121
  • Aug 5, 2008 7:36pm Aug 5, 2008 7:36pm
Dear Golfer,
Thanks for the indicators and template.
I tried to implement your template.I hope everything is right.

I don't understand those arrows in my chart.I think they are from
" Mk EMA Crossover Signal.ex4".Am I right?


Thanks
Mike
Attached Image (click to enlarge)
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Failure, is a wonderful teacher!
  • #5,122
  • Aug 5, 2008 11:36pm Aug 5, 2008 11:36pm
Quoting mike1349
Dear Golfer,
Thanks for the indicators and template.
I tried to implement your template.I hope everything is right.

I don't understand those arrows in my chart.I think they are from
" Mk EMA Crossover Signal.ex4".Am I right?


Thanks
Mike
Hi Mike

Perfect - now you can play around with it and save your own template.

Yes, the arrows are from Mkain's indicator develop by Mkain here on this thread. The arrows appear when the 1EMA crosses the 3EMA. Just another signal for confirmation that I am using.

Enjoy it!!!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,123
  • Aug 6, 2008 6:04pm Aug 6, 2008 6:04pm
Thank you!!
Failure, is a wonderful teacher!
  • #5,124
  • Aug 7, 2008 10:13am Aug 7, 2008 10:13am
Nothing happening - nobody trading this system anymore. I saw a few nice setups but I was at my PC to trade. I don't know why people don't want to post chart anymore. If it is applicable, I won't comment anymore.

No posting - then so be it.

Then I'll post my +1pip trade today - first one for the week. Was just too busy to do some trading.

This trade - no real price pattern, just out of desperation. Very dangersous to trade out of desparation. I enter the trade what I thought was a triangle breakout and I had to leave my PC. SL almost got hit but luckily my favourite pair gave a change to exit for 1pip profit.

Jusy an example how not to trade.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080807 5min trade 1.1.JPG Size: 115 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,125
  • Aug 7, 2008 10:35am Aug 7, 2008 10:35am
I wanted used my fibbo strategy but it seems price just went till 23.6 % in retracement.
[09:51:50 a.m.] mkain dice pivot and fibbo 38 coincide with 34 ema
[09:52:14 a.m.] MxPips dice:sure that could be a nice resistance area
[09:55:32 a.m.] MxPips dice:yeah, nice fib zone
[09:57:36 a.m.] MxPips dice:34+pivot+38.2 fib
[09:57:57 a.m.] mkain dice:tri-force
[09:58:03 a.m.] MxPips dice:haha yeah
[09:58:05 a.m.] MxPips dice:what is your plan mkain?
[09:58:17 a.m.] mkain dice:divergence to going down besides
[10:02:34 a.m.] MxPips dice: posible powerbar in ej
[10:02:44 a.m.] MxPips dice:what do you think mkain
[10:02:59 a.m.] mkain dice:looks good
[10:03:39 a.m.] mkain dice:windmill gap scares me a little
[10:04:04 a.m.] mkain dice:but i think we have more signals in favour
[10:04:26 a.m.] scottyd14 dice:will you wait till current candle closes?
[10:06:24 a.m.] mkain dice:that depends of style you have
[10:06:30 a.m.] MxPips dice:are you short mkain?
[10:06:38 a.m.] mkain dice:sometimes price run before candle closes
[10:06:54 a.m.] scottyd14 dice:yes i went short at close
[10:07:01 a.m.] mkain dice:target m2 at 168 21
[10:24:12 a.m.] mkain dice:closed +6
[10:27:48 a.m.] scottyd14 dice:close +7.4 pips nice job mkain
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  • #5,126
  • Aug 7, 2008 10:56am Aug 7, 2008 10:56am
After my trade similar settups appeared in g/u and u/chf.
I did not take any but charts were interesting to post them.
Attached Image(s) (click to enlarge)
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  • #5,127
  • Aug 7, 2008 11:21am Aug 7, 2008 11:21am
Quoting Golfer
Nothing happening - nobody trading this system anymore. I saw a few nice setups but I was at my PC to trade. I don't know why people don't want to post chart anymore. If it is applicable, I won't comment anymore.

No posting - then so be it.

Then I'll post my +1pip trade today - first one for the week. Was just too busy to do some trading.

This trade - no real price pattern, just out of desperation. Very dangersous to trade out of desparation. I enter the trade what I thought was a triangle breakout and I had to leave my PC. SL almost got hit but luckily my favourite pair gave a change to exit for 1pip profit.

Jusy an example how not to trade.
I personally tried the system for a months with very low success. thanks god it was only paper trading. Of course it could be I'm not able to manage it, the system, for me, is a very high stress system and you have to be stucked in front of the pc to catch the right...second to enter. To much stress.
It is of course ok for training ourselves at the rythm of the markets as Phil says.
  • #5,128
  • Aug 7, 2008 11:28am Aug 7, 2008 11:28am
A nice trade discussed yesterday on skype. Price bounced off the 21 making lower highs, and finaly giving a perfect powercandle. Took 7 pips.
Attached Image (click to enlarge)
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  • #5,129
  • Aug 7, 2008 1:36pm Aug 7, 2008 1:36pm
My cable trade using my demo account because I was not comfortable with the setup. Also just to show people what could happen if you don't follow your trade - I could have exit at two occasions for 10 to 14pips profit. My EA was set to take 15pips profit.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080807 5min trade 1.1.JPG Size: 119 KB
Click to Enlarge Name: 20080807 5min trade 1.2.JPG Size: 126 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,130
  • Aug 7, 2008 1:51pm Aug 7, 2008 1:51pm
My EUR trade as discussed on Skype. Once again - my small resistance lines telling me the price can turn around at any time (already using the 3rd fan). Like I told Nadia - using my demo because I didn't feel comfortable with the setup.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080807 5min trade 2.1.JPG Size: 105 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,131
  • Aug 7, 2008 2:06pm Aug 7, 2008 2:06pm
Quoting eraserhead
I personally tried the system for a months with very low success. thanks god it was only paper trading. Of course it could be I'm not able to manage it, the system, for me, is a very high stress system and you have to be stucked in front of the pc to catch the right...second to enter. To much stress.
It is of course ok for training ourselves at the rythm of the markets as Phil says.
Thanks for your honest opinion.

Yes, like Phillip is telling us (in his last MP3 post I think) - this system is to teach us patience and discipline as well as teaching us market rhythm.

My opinion:

1. It is not a big money making system - you'll make that with more longer time frame systems.

2. This is a intra-day scalping system and (I think) any intra-day scalping system requires patience and is stressful (except if you use a EA).

3. Once you become familiar with the system and setup, it is not really necessary to sit in front of the PC. I just scan the chart now and then while I am doing other stuff. You'll recognise the high probability much earlier and ignore the other setups. Like today on Skype - I saw the setups but I didn't like it (last two trades posted here). But I took it on my demo account just for fun with the guys on SKype.

I'll only sit in front of the PC after I've entered a trade and follow the price closely. The trade should end after 5-6candles (my 5-6candle rules). Noways I'll sit day in and day out in front of the PC.

I do see the members on Skype constantly saying "price is getting close to war zone" or "pullback is on it way". Then I look at the chart and I say to myself - "Wow, it didn't even catch my eye. Noways I'll even consider the setup. It is a waste of time and effort. I'll go and do sometime else." But that is how we practise trading this system.

I do agree - it is all about your style of trading. Do what you feel comfortable with. Don't force a system - it will never work.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,132
  • Aug 7, 2008 6:52pm Aug 7, 2008 6:52pm
Quoting Golfer
My EUR trade as discussed on Skype. Once again - my small resistance lines telling me the price can turn around at any time (already using the 3rd fan). Like I told Nadia - using my demo because I didn't feel comfortable with the setup.
Hi Golfer,
Thanks for the charts.I got a questio if you don't mind.I think MACD divergence can't happen in first set ups.For example in your 1st trade MACD starts with a smaller bar but we can't call it divergence.

But in the next trades actually you connected the Lows in MACD and show the divergense.

I hope you understand what I mean.I always have problem with divergence so I hope you could clear it for me.

Thanks
Mike
Failure, is a wonderful teacher!
  • #5,133
  • Edited Aug 8, 2008 12:21am Aug 7, 2008 11:28pm | Edited Aug 8, 2008 12:21am
Quoting mike1349
Hi Golfer,
Thanks for the charts.I got a questio if you don't mind.I think MACD divergence can't happen in first set ups.For example in your 1st trade MACD starts with a smaller bar but we can't call it divergence.

But in the next trades actually you connected the Lows in MACD and show the divergense.

I hope you understand what I mean.I always have problem with divergence so I hope you could clear it for me.

Thanks
Mike
Hi Mike

Just to clarify my previous post on divergence:

1. We do have two divergences on the chart numbered as Divergence 1 & 2 (the black and the green lines). That happens when the price is making lower lows but the MACD is NOT moving in line with the price (not making the same lower lows) but it is making higher lows.

2. The 3rd setup (blue lines) is not divergence but there is a higher low on the price/candles telling me not to consider taking the next pullback into the war zone.

That is how I see and I understand divergence. I hope it clarifies the divergences on this chart.

Any comments are welcome.

Edit 1: Therefore my trade was done before the first divergence appeared.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 101 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,134
  • Aug 8, 2008 3:46am Aug 8, 2008 3:46am
10pips
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  • #5,135
  • Aug 8, 2008 4:00am Aug 8, 2008 4:00am
Hi everybody, can you help me with MACD settings. MACD /5,13,1/. Iis it: short EMA periods 5, long EMA periods 13, signal EMA periods 1 ? Am I correct? Because, I can not get a histogramm MACD with such settings. Where am I wrong? Thank you,
  • #5,136
  • Aug 8, 2008 4:59am Aug 8, 2008 4:59am
10 quick pips on a trade that usually is only done west of the Atlantic
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  • #5,137
  • Aug 8, 2008 5:30am Aug 8, 2008 5:30am
Quoting mdowd
10 quick pips on a trade that usually is only done west of the Atlantic
Very nice TC (zero break) on the MACD after that Doji with the tail (upwards). Nice signals. Just missing the powwer candle but it is not always necessary to have a power candle.

Well done.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,138
  • Aug 8, 2008 5:36am Aug 8, 2008 5:36am
Quoting bshadroo
10pips
Great triangle breakout trade - if I am correct with my analysis/intepretation of your chart .
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,139
  • Aug 8, 2008 5:42am Aug 8, 2008 5:42am
Quoting lite27
Hi everybody, can you help me with MACD settings. MACD /5,13,1/. Iis it: short EMA periods 5, long EMA periods 13, signal EMA periods 1 ? Am I correct? Because, I can not get a histogramm MACD with such settings. Where am I wrong? Thank you,
Yes, I saw on our coloured MACD (custom indicator) it is called the fast EMA (5), slow EMA(13) and signalSMA (1). If you do have the default MACD, you need to change the setting of it.

I hope it helps.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,140
  • Aug 8, 2008 5:45am Aug 8, 2008 5:45am
I bailed out for 5 pips. The long term trend was good, but I was seeing too much buying coming in as support and the other jpy charts were strengthening.
Attached Image (click to enlarge)
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