5Min Intraday System

Quoting Golfer

Disliked

Should have taken the TC while I was saving the pictures for the above explanation. Great TC (smooth and ellipse format) - but S2 line was in the way and it was way pass my trading times.

Hopefully you know now what the "8" on the MACD means.

8pips needed to change the current red bar on MACD to green again.

Ignored

Quoting emacro

Disliked

Golfer
What are the arrows on your chart signifying?

Thanks

Ignored

Quoting Golfer

Disliked

A very quick trade - just arrived at home and look at the PC when I saw the setup and entered. Just another example of scanning the chart quickly to see if anything calls me. And this setup did call call.

Mike:

Look at chart 2 - the exit of my trade. No new low yet. Only on the third chart. Divergence.

Do we consider taking the next TC? Above the S1 line. Divergence. But no high low formed so far. The previous low was lower than the 2nd last low.

Now I am looking for a lower high to be formed - 2nd sister (hopefully in the war zone)

Are you with me or do you differ from me? What is your opinion?

Ignored

Quoting mike1349

Disliked

Attachment
Thanks Golfer.I got the divergence perfectly.As long as MACD and price are the same angle it's OK to take the TC(I mean we have no divergence.
)

Yes, for example lower lows on both - MACD and price meaning no divergence.

My problem was I thought the angel of line is important too which is not.

Correct - angle is not important.

Thanks.I got it.

Pleasure

I have some more question about the higher low which i put it in your chart.I don't get your explanation.

Right - make sure that a higher low has formed. I'll give the price a change to make sure that it is a new low that was formed. Give it a candle or two. Then you can say - this is now a new low which is a higher low. Because the next candle can/might go even lower as previous low, then it is not a new higher low but a new lower low (makes a big difference). Once you have signs of retracement back upward for a candle or two, you have a new low formed being it a lower or higher low.

New higher low (even if the MACD is in line - also higher low) - yes it does matter. Now I'll be very careful with the next setup. I'll make sure that I do see great signals for a high probability trade. I won't enter just because the pullback looks nice. Specific positive signals should be calling me to take the trade.

New higher lows mean that the pressure is from below pushing the price upward - to where? We don't know - the next resistance level. Which is where? Wait to see where it find resistance or look for previous milestones.

Exit on a new low is your question - I do believe that this is a 10pips profit system and you need to have specific profit targets. That was my profit target irrespective of new lows being formed. Like I said before, "let your profit runs" just doesn't work for me on this 5min system. Got burned too many times.

How do you see/use lower lows in a trade? Maybe we misunderstand each other?

Thank you
Mike

Ignored

Quoting mike1349

Disliked

Thank Golfer.I see the lower low like you.After I get 2-3 candles in oposite direction(Bullish ones), I see low has formed and if it is lower than the previous low so it would be lower low.
I am a little bit confused but MACD was more important which I got it.

I follow your chart in the next few days and If I have a question I'll ask you.Let run over this one.As you sid I think it's misunderstanding.

Thanks for your patient and Time.
Mike

Ignored

Quoting mike1349

Disliked

Attachment
Thanks Golfer.I got the divergence perfectly.As long as MACD and price are the same angle it's OK to take the TC(I mean we have no divergence.
)
My problem was I thought the angel of line is important too which is not.

Thanks.I got it.

I have some more question about the higher low which i put it in your chart.I don't get your explanation.

Thank you
Mike

Ignored

Quoting seyionyx

Disliked

hi golfer and everyone, i have been studying the 5min system on this thread for quite some times, i believe i am getting to understand the system and have been practicing for some while.

Practice is very important - getting a feel for the system and price actions. As well as bench marking your ideas against those of other members.

i want to start making post so as to confirm that i am on the right track of following the system. wherever i make a mistake

This is the purpose of this thread - don't worry.

i would love to be corrected and where i am getting it right i would love to be encourage. thanks phil, Golfer and others for this system. it has really help a lot of us newbie than you can imagine.

From my own point of view, i believe the system is all about identifying a trend,

Intra-day and on a longer term

wait for a pullback towards the warzone, if a high probability signal is giving @ the warzone,

Looking for confirmation/positive signals as mentioned on the charts posted - almost too many to mention.

one can enter. a lot of setup will usually occur but one has to be careful taking the trade.

Very important - all about testing your patience. I think that is why people are leaving this thread and system. Intra-day traders want to see quick profit, want to enter a trade almost every hour (my opinion - that is what I wanted to do in the past) and make hugh profits. This is not such a system. Sometimes I can go 2-3 days without a trade. Take note! Be realistic!

i believe it requires a lot of discipline and patience, bcos at times there are some tempting trade setup but are not high probability. i will be looking forward to post my first chart soon.

Looking forward to it

seyi

Ignored

Quoting Golfer

Disliked

Hi Em

Which arrows are you talking about? The small red and green ones?

If it is those, it is Mkain's indicator. It indicates a change over/cross of the 1EMA and the 3EMA. Just another confirmation signal I am looking for.

Ignored

Quoting emacro

Disliked

Any link on where to download?

Ignored