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5Min Intraday System

  • #5,201
  • Aug 18, 2008 11:30am Aug 18, 2008 11:30am
i netted 29pips from this trade


Price came to retest or pullback towards 50ma, which also coincided with M2 pivot line. price found support around this area. Price then pullaway from the support with smooth curve up.I entered the trade after the closure of the power candle, although it was a little risky because of the tweezer formation at the pivot which could be a resistance area but the market prove me right.


pls someone should kindly comment on the trade.i will really appreciate it.


seyi
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  • #5,202
  • Aug 18, 2008 11:33am Aug 18, 2008 11:33am
The triangle mentioned on Skype, pressure form buyers (Mkain's observation) and the breakout.

Signals to look for but 21 was in non-trade zone. Just an example what to look for.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,203
  • Aug 19, 2008 1:11am Aug 19, 2008 1:11am
Quoting seyionyx
i netted 29pips from this trade


Price came to retest or pullback towards 50ma, which also coincided with M2 pivot line. price found support around this area. Price then pullaway from the support with smooth curve up.I entered the trade after the closure of the power candle, although it was a little risky because of the tweezer formation at the pivot which could be a resistance area but the market prove me right.


pls someone should kindly comment on the trade.i will really appreciate it.


seyi
Hi Seyi

I see nobody wants to comment on your chart - so here are my comments:

1. The Swissy is not one of my pairs (that I am following), so I am not familiar with it. So I was hoping somebody else would comment.

2. Looking at your chart - I've highlighted the TCs because that is where I usually enter (at the opening of the candle above the white line - the previous bar on the MACD is called the signal bar). Decide for yourself where you would like to enter.

3. Nice power candles - agree.

4. Be careful for activities, especially closes, on the wrong side of the 21 on the chart itself. Make sure that you do have signs of support/resistance found on the 21

A = Too many bar below the zero line to call it a zero break (my personal opinion). I like to see only 3-4bars below MACD before breaking back upwards again.

B = Too many activities below the 21 making it risky to enter. Meaning the price hasn't find support on the 21 yet. Yes, after your entry the price found support on the 10MA (luckily).

C = Very nice triangle formation but in the wrong direction. But the breakout was still in the right direction but not that significant, I would have liked to see an ascending triangle. I won't get involve there.

After that triangle numbered C I draw a small line to indicate 3 higher lows (another signal I am looking for in a setup) but it was below the 21. I won't get involve there. Just an example to show you. If that higher lows were formed in the war zone, I would have pulled the trigger.

I hope you've enjoyed that trade - nice one!
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,204
  • Aug 19, 2008 2:44am Aug 19, 2008 2:44am
Here is another trade that did not go as planned. I really don't like posting these losses, but this is on a demo account and I keep telling myself it is good for me in the end, a learning process. Phillips 4hr method is working better for me, so it is making this a little easier.
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  • #5,205
  • Aug 19, 2008 4:31am Aug 19, 2008 4:31am
Quoting Morelands
Here is another trade that did not go as planned. I really don't like posting these losses, but this is on a demo account and I keep telling myself it is good for me in the end, a learning process. Phillips 4hr method is working better for me, so it is making this a little easier.
Hi More

I entered the same trade and lost 15pips. My 2nd trade for the week. Now you know I must feel - minie is a live account. I saved my chart to be posted later.

Don't feel bad - this is not a perfect system.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,206
  • Aug 19, 2008 10:20am Aug 19, 2008 10:20am
My trade and what I saw:

No power candle.

No real zero break on MACD.

No price pattern except the 3 lower highs - very nice going below the S1 line.

O well, lets try again.

Come on people, lets have some interaction. Any comments on our (& Moreland) trade?
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,207
  • Aug 19, 2008 10:31am Aug 19, 2008 10:31am
Then another setup appeared - after this one failed as well one must realise that it is all SIDMOV today. So be very careful. Now I'll wait for the US session to open - hopefully we can get direction.

This one I didn't take.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,208
  • Aug 19, 2008 10:42am Aug 19, 2008 10:42am
An example of a triangle breakout - my entry was too late - that was why I exit for 5pips.

This was a great setup even though 21 was still in non-trade zone. 1st entry could have been the breakout candle but was it a false breakout? One needs to wait and see. I didn't trust myself and went for an early exit. Should have trusted the bounce of the support line.

My favourite pair - always willing to give you 10pips if your are patient and wait for the right setup.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,209
  • Aug 19, 2008 11:31am Aug 19, 2008 11:31am
thanks Golfer and mkain for your comment on my previous post. i really appreciate it.

this trade took place early london session.

i saw the setup.it was a pullback to the warzone, i think golfer usually this bullish three pattern, not so sure but for me i like calling it a letter N pattern cos it looks like letter N. Price found support @ 10ma, there was a power candle signal confirmed by a MACD TC. i enter into the trade after which i left the PC but on coming back to manage the trade, i see price has ran down and was correcting itself back to the 10ma. since one of the rule is never turn a winning trade to loosing trade, i closed for 2 pips and after which the market ran down more.

it was so painful but at least i am ok with the trade.


seyi
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  • #5,210
  • Aug 19, 2008 11:31am Aug 19, 2008 11:31am
I know there is nothing that will work every time. I just looking to play the percentages. I know with time, effort, patience, and mistakes along the way I will improve. I really appreciate your input and I know that will help me too.
By the way, I've been known to hit a few white balls myself. Matter of fact, I should be out there within the hour.
Raymond
  • #5,211
  • Aug 19, 2008 11:48am Aug 19, 2008 11:48am
i was just watching this promising setups but couldnt enter bcos my entry would have been far from 10ma and price is just going up.

does someone has a good suggestion on how to take trade like this bcos sometime price is in a fast trend, and some good setups are right there infront of you but bcos of the rule of taking trades around the warzone you are being limited.

i have been thinking if price is in a fast trend and it is not news driving it, one can switch over to the 1min and apply the 5min rules to enter.

can someone suggest something?

seyi
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  • #5,212
  • Aug 19, 2008 12:02pm Aug 19, 2008 12:02pm
this is 1min chart of the previous post.

note the trend is fast on the 5min and entry signal based on macd tc and power candle was far from warzone.

and switching to the 1min, i saw some good entry, but phillip said that if we want to trade the news, then we can use the 1min but the the market didnt make this move based on news. i think if the trend is very fast, we can enter based on the 1min. if some one switch to last week eurusd chart where the euro was really falling down, there were lots of opportunity to enter based on the 1min.

pls correct if i am wrong and i dont want to deviate from the 5min rules but its just something i have been observing for quite some time.

seyi
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  • #5,213
  • Aug 19, 2008 2:40pm Aug 19, 2008 2:40pm
Quoting seyionyx
thanks Golfer and mkain for your comment on my previous post. i really appreciate it.

this trade took place early london session.

i saw the setup.it was a pullback to the warzone, i think golfer usually this bullish three pattern, not so sure but for me i like calling it a letter N pattern cos it looks like letter N. Price found support @ 10ma, there was a power candle signal confirmed by a MACD TC. i enter into the trade after which i left the PC but on coming back to manage the trade, i see price has ran down and was correcting itself back to the 10ma. since one of the rule is never turn a winning trade to loosing trade, i closed for 2 pips and after which the market ran down more.

it was so painful but at least i am ok with the trade.

seyi
Yes, it was almost a bearish 3 pattern (not a bullish 3). Look on page 1 for links to some posts with examples. It is a big down candle followed by 3 small candles which highs and lows are within the boundries (high & low of big bearish candle) of the big bearish candle. It means the move is downwards and market tries to correct itself. But there is not enough buyers to take it above the high of the big bearish candle. Then the sellers take over and the price moves downward again. And yes, it looks just like a "N".

Your entry was just a bit early - 21MA was still in non-trade zone of the SMAangle. Otherwise, not problem. Profit taking is very difficult in this system. Just look at my EY posted earlier/above. After my early exit, the price ran for another ?80pips. Phillip suggested using the para-SAR to exit but decide for yourself.

First you need to identify the high probability setups. Later you can decide on a exit strategy.

For now I am just concentrating on taking 10pips profit if it is on the table.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,214
  • Aug 19, 2008 2:45pm Aug 19, 2008 2:45pm
Quoting Morelands
I know there is nothing that will work every time. I just looking to play the percentages. I know with time, effort, patience, and mistakes along the way I will improve. I really appreciate your input and I know that will help me too.
By the way, I've been known to hit a few white balls myself. Matter of fact, I should be out there within the hour.
Raymond
I hope you enjoy the golf. I won't be able to play for 2 weeks because I am off to do a bicycle trip from Passau to Budapest. I hope I don't get withdraw symptoms. Play a few rounds for me as well.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,215
  • Aug 19, 2008 2:52pm Aug 19, 2008 2:52pm
Quoting seyionyx
i was just watching this promising setups but couldnt enter bcos my entry would have been far from 10ma and price is just going up.

does someone has a good suggestion on how to take trade like this bcos sometime price is in a fast trend, and some good setups are right there infront of you but bcos of the rule of taking trades around the warzone you are being limited.

i have been thinking if price is in a fast trend and it is not news driving it, one can switch over to the 1min and apply the 5min rules to enter.

can someone suggest something?

seyi
Correct - very difficult to enter on the 5min chart (no entry according to the rules) if the market is moving fast like today. And then you can change to the 1 min chart. Today it gave nice signals on the 1min chart. Sometimes the market is going so fast the there isn't any signals on the 1min chart as well. Then I'll just let the market pass me by.

Listen to Phillip's MP3 document (4h MACD system)(http://www.forexfactory.com/showpost...ostcount=16646) regarding the last run of the EUR. He didn't get involve because his MACD system didn't give any signals. Staying with your rules - even if it looks like you are missing a nice run. Don't try and get an late entry.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,216
  • Aug 19, 2008 3:02pm Aug 19, 2008 3:02pm
Quoting seyionyx
this is 1min chart of the previous post.

note the trend is fast on the 5min and entry signal based on macd tc and power candle was far from warzone.

and switching to the 1min, i saw some good entry, but phillip said that if we want to trade the news, then we can use the 1min but the the market didnt make this move based on news. i think if the trend is very fast, we can enter based on the 1min. if some one switch to last week eurusd chart where the euro was really falling down, there were lots of opportunity to enter based on the 1min.

pls correct if i am wrong and i dont want to deviate from the 5min rules but its just something i have been observing for quite some time.

seyi
Yes, 1 min charts are part of this system - no problem. Almost all the rules stay the same.

Please look through Appendix C of My Rules where we described using the 1min chart in this system. With examples.

Page 1 with the links are very improtant to work through.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,217
  • Aug 19, 2008 11:51pm Aug 19, 2008 11:51pm
Took this long trade on eurjpy last night.(local time here)
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  • #5,218
  • Aug 20, 2008 1:03am Aug 20, 2008 1:03am
i really appreciate u taking out time to comment on my post. it's helping me becoming a better trader.

seyionyx
  • #5,219
  • Edited 2:09am Aug 20, 2008 1:58am | Edited 2:09am
Hi guys,

It`s my first post on this thread... and first of all, I want to thank Phillip, Golfer and all the contributors for sharing all this info.

Yesterday I took my first live trade and I lost (only 50 cents).

OK, sorry for the long intro - now, I have a question for Golfer: How can I make the alert on the MK EMA signal actualy play a sound? I`ve already activated the alert from its menu but it played no sound.

Second question for all of you:

What was wrong with this short trade?
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  • #5,220
  • Aug 20, 2008 3:59am Aug 20, 2008 3:59am
Quoting necre
Hi guys,

It`s my first post on this thread... and first of all, I want to thank Phillip, Golfer and all the contributors for sharing all this info.

Yesterday I took my first live trade and I lost (only 50 cents).

OK, sorry for the long intro - now, I have a question for Golfer: How can I make the alert on the MK EMA signal actualy play a sound? I`ve already activated the alert from its menu but it played no sound.

Second question for all of you:

What was wrong with this short trade?
Well, the original ema crossover signal had alarm, I decided to delete it when I changed the settings for this system because it becomes really annoying in range market (you could become mad )
About your trade I thiink you entry was a little far (try to enter closer to warzone), MACD was not smooth and I don't see any chart pattern to enter there (no traingle, no ellipse, etc)
In other hand I think the best option for start to trade this system is e/u.
I hope it helps.
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