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5Min Intraday System

  • #5,221
  • Aug 20, 2008 4:52am Aug 20, 2008 4:52am
Thanks Mkain,

Will You please re-attach MK EMA with alert version ? This alert feature should be very useful to me -

Also, I realy need to share something with all of you: 20 mins ago I`ve made MY FIRST PROFITABLE REAL TRADE


Best of pips

Necre
  • #5,222
  • Edited 8:52am Aug 20, 2008 5:10am | Edited 8:52am
Quoting necre
Thanks Mkain,

Will You please re-attach MK EMA with alert version ? This alert feature should be very useful to me -

Also, I realy need to share something with all of you: 20 mins ago I`ve made MY FIRST PROFITABLE REAL TRADE


Best of pips

Necre
If you think you won't become mad here you are...
P.S:Congratulations for your first positive trade
Attached File(s)
File Type: mq4 EMA Crossover Signal with sound alert.mq4   4 KB | 641 downloads
  • #5,223
  • Aug 20, 2008 5:26am Aug 20, 2008 5:26am
hi necre, i am also a newbie in this thread.i took the same trade.

entry was @ 1.8629
stoploss for gbp is 20 and
target for gbp is bt 10 -25

my reason for the trade (note: time GMT +2)
price broke away from yesterday's low, the downtrend was starting and
it pullback to yesterday's low,which coincided with 10ma on the 5min,it was not a perfect retest but i realised pressure was building to push price down with candles that are forming(also looked @ 15min candles). The 21ma was not out of the non trading zone so i was careful about the entry.

there was earlier entry @ 9.15 which was far from 10ma, and another @ 9.35 and it seems resistance holding around 1.8640
entry:a tailish candle form,which is not really a power candle, but enter towards the closing time of second candle(the power candle). it was a risky one. MACD didnt show a smooth TC

i was able to take 16pips from it.
i believe for my gbp, stoploss should be more than 10-15pips(i am comfortable with b/w 20- 25 pips) but i dont know about others.

seyi
Attached Image (click to enlarge)
Click to Enlarge Name: trade 5.gif Size: 24 KB
  • #5,224
  • Aug 20, 2008 6:17am Aug 20, 2008 6:17am
@mkain - Thanx for the alert indi. In order to keep my mental health I will shut down the alarm when any other conditions for a valid trade are in contradiction.

@seyionyx - apart from what mkain pointed out, I think my SL was alitle to close. From the way you explained the entire decision making process, I think You`re far away from the newbie status that you mentioned. Hope to get to your knowledge level ASAP

Again, thanx for your support. I`m starting to feel more confident now, having all of you as backup

Necre
  • #5,225
  • Aug 20, 2008 6:17am Aug 20, 2008 6:17am
it was a risky one too but got 14pips. golfer has advice me to be careful taking trades when acitivity is below 21ma.


Reason for the trade:
Pullback:i dont really like the pullback bcos of too many candles coming in and out of the warzone. so i decided to wait for a smooth TC on the MACD and also keeping eyes on d 15min candle for a more clearer view. there was no definite pattern except that it was looking like a flag which later looks like a triangle.

entry: a bullish candle form which is not a perfect power candle,wait for the second candle bcos of possible breakout.since the trend is up,i place my entry after the second canlde closed.

close the trade around a pivot point with 14pips.

golfer or mkain or anyone:
i am struggling with taking trades when there is a sort of MACD divergence and a triangle or rectangle formation.

when a triangle/rectangle pattern is forming, sometimes there seems to be a macd divergence which sort of confuses me about the trade. for example this chf trade.although this trade is not a perfect example.

Pls if u understand what i am saying, kindly share your opinion about it


seyi
  • #5,226
  • Aug 20, 2008 6:35am Aug 20, 2008 6:35am
sorry i forget to place the chart
Attached Image (click to enlarge)
Click to Enlarge Name: trade 7.gif Size: 26 KB
  • #5,227
  • Aug 20, 2008 6:48am Aug 20, 2008 6:48am
Quoting seyionyx
sorry i forget to place the chart
Divergence can help you to filter some trades, if you see some of my post or Golfer's in this thread you'll find many examples.
Divergence is just an extra, try to focuss in price action and find what works for you.
I hope it helps.
  • #5,228
  • Aug 20, 2008 9:13am Aug 20, 2008 9:13am
eurusd:

it looks like the 3 little sister on the 5min,but wasn't so sure.

so i switch over to 15min to see if i can get a clear clue and it gave a clue of TC and a power candle. so i took the trade and the market rhythm proves it right.

i would have taken it also on the usdchf which was even in clearer but timing of entry was getting late so couldnt take it.

i believe am getting better with the system.i know there will be some period that i may loose but at least the pips am making will cover up and the long run the discipline and patience will help me to stay positive.

seyi
Attached Image(s) (click to enlarge)
Click to Enlarge Name: trade 8.gif Size: 30 KB
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  • #5,229
  • Aug 20, 2008 9:55am Aug 20, 2008 9:55am
I see some of you buying little far from the war zone...
Aren't we supposed to buy\sell only in the war zone??

I tell you what I got from this system that I supposed to do:

1. Wait for a big trend (let's say up)
2.1 As soon as the market goes to the zone - make a buy
2.2 Put a Stop-Loss (I put it at S\R levels)
3. Exit ( I exit with stoch 14,3,3 cross)

Did I get it right???
Do you think my exits and stops are good?

P.S
I don't get out if the market gets above the the 21 line... I get out only when my stop is hit. Is it good enough?

And I am not sure if what I'm suggesting is good because I'm only trading this system for 1 day on a demo...
  • #5,230
  • Aug 20, 2008 11:18am Aug 20, 2008 11:18am
Hi there.

I also have a request to you:

Please, someone explain to me again what this power bars look like... transalated in candlesticks...

thanx

Necre
  • #5,231
  • Aug 20, 2008 11:31am Aug 20, 2008 11:31am
Quoting Gary Miller
I see some of you buying little far from the war zone...
Aren't we supposed to buy\sell only in the war zone??

I tell you what I got from this system that I supposed to do:

1. Wait for a big trend (let's say up)
2.1 As soon as the market goes to the zone - make a buy
2.2 Put a Stop-Loss (I put it at S\R levels)
3. Exit ( I exit with stoch 14,3,3 cross)

Did I get it right???
Do you think my exits and stops are good?

P.S
I don't get out if the market gets above the the 21 line... I get out only when my stop is hit. Is it good enough?

And I am not sure if what I'm suggesting is good because I'm only trading this system for 1 day on a demo...
Hi there,

I clearly am not an expert... I live trade only sice yesterday... still from all my demo experience I discovered that the SL on S/R levels is very logical. The down side is that sometimes this S/R level is 30 maybe more pips down... so in order to keep the 2% risk of the trade one should decrease the lot size.

Regarding the TP levels - having in view the above mentioned SL level and the fact that Reward risk ratio must be > 1, the TP must be at least equal to the SL... so you should not exit erlier.

My conclusion - You shoud not enter trades where the SL&S/R levels are distant, making this way the TP to optimistic.

Hope this helps

Necre
  • #5,232
  • Aug 20, 2008 1:38pm Aug 20, 2008 1:38pm
hi necre,

i think there is a document on power candle posted here on this thread,but i cant remember where it is but probably golfer or mkain can help u better.

but this is a chart relating power bar and power candle.pls its just a reference to the power bar there is no analysis here.

there are two main types of power candle (with reference to a bullish trend)
1. one in which the candle open @ a lower price and closes @ a higher price with out any significant lows and high. example is the 1st candle

2. one that looks like a hammer i.e. tailish with bullish body. example is the 2nd candle

i stand corrected if i am wrong but this is what i believe it is. the definition also applies to bearish which will be the other way.

the power bar in the chart is for a bullish trend, so the reverse will be for a bearish trend. For me, a power candle/bar sometimes correlates with the TC on the MACD if you look @ the charts given.

hope this helps

seyi
Attached Image (click to enlarge)
Click to Enlarge Name: power candles.gif Size: 30 KB
  • #5,233
  • Aug 20, 2008 2:28pm Aug 20, 2008 2:28pm
Quoting necre
Hi there.

I also have a request to you:

Please, someone explain to me again what this power bars look like... transalated in candlesticks...

thanx

Necre
page 319, post# 4777
  • #5,234
  • Aug 20, 2008 2:57pm Aug 20, 2008 2:57pm
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?
Just one comment - be careful when the 21 is still in the non-trade zone. I do have a habit to draw lines on the TC. Only the 3rd TC was formed after the 21 has left the non-trade zone. I know some people has abounded the SMAangle and they don't even look at the angle of the 50MA (one of the basics of this principles) but I still look at and use it.

Like Mk said - no real price pattern. Just candles going up and down. That was why your SL was triggered. I do like to see some form of price pattern to see where the support and resistance levels are. But it is not always possible. Ignore the setup then if you are not sure? I think so.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 103 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,235
  • Aug 20, 2008 3:02pm Aug 20, 2008 3:02pm
Quoting necre
Thanks Mkain,


Also, I realy need to share something with all of you: 20 mins ago I`ve made MY FIRST PROFITABLE REAL TRADE


Best of pips

Necre
Ni Nec

Well done and many more to come with necessary discipline and patience.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,236
  • Aug 20, 2008 3:19pm Aug 20, 2008 3:19pm
Quoting seyionyx
hi necre, i am also a newbie in this thread.i took the same trade.

entry was @ 1.8629
stoploss for gbp is 20 and
target for gbp is bt 10 -25

my reason for the trade (note: time GMT +2)
price broke away from yesterday's low, the downtrend was starting and
it pullback to yesterday's low,which coincided with 10ma on the 5min,it was not a perfect retest but i realised pressure was building to push price down with candles that are forming(also looked @ 15min candles). The 21ma was not out of the non trading zone so i was careful about the entry.

there was earlier entry @ 9.15 which was far from 10ma, and another @ 9.35 and it seems resistance holding around 1.8640
entry:a tailish candle form,which is not really a power candle, but enter towards the closing time of second candle(the power candle). it was a risky one. MACD didnt show a smooth TC

i was able to take 16pips from it.
i believe for my gbp, stoploss should be more than 10-15pips(i am comfortable with b/w 20- 25 pips) but i dont know about others.

seyi
My charts of Cable and my 10pips after a breakout of the Bearish 3 pattern. Like I said - I like to look for and trade the price patterns with Phillip's system. Just make more sense to me than taking any pullback into the war zone.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 2.1.JPG Size: 110 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,237
  • Aug 20, 2008 3:23pm Aug 20, 2008 3:23pm
Quoting seyionyx
it was a risky one too but got 14pips. golfer has advice me to be careful taking trades when acitivity is below 21ma.


Reason for the trade:
Pullback:i dont really like the pullback bcos of too many candles coming in and out of the warzone. so i decided to wait for a smooth TC on the MACD and also keeping eyes on d 15min candle for a more clearer view. there was no definite pattern except that it was looking like a flag which later looks like a triangle.

entry: a bullish candle form which is not a perfect power candle,wait for the second candle bcos of possible breakout.since the trend is up,i place my entry after the second canlde closed.

close the trade around a pivot point with 14pips.

golfer or mkain or anyone:
i am struggling with taking trades when there is a sort of MACD divergence and a triangle or rectangle formation.

when a triangle/rectangle pattern is forming, sometimes there seems to be a macd divergence which sort of confuses me about the trade. for example this chf trade.although this trade is not a perfect example.

Pls if u understand what i am saying, kindly share your opinion about it


seyi
I do agree with Mkain - use divergence as an add but concentrate on price actions and rhythm.

I am not sure I do understand your divergence on the Swissy - maybe I am confused with the triangle lines and the divergence lines.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,238
  • Aug 20, 2008 3:33pm Aug 20, 2008 3:33pm
Quoting seyionyx
sorry i forget to place the chart
Only my pink lines indicate divergence but not the blue lines. I hope we are talking the same language regarding divergence. I dis have long discussions a few pages ago about divergences. Please revise it if necessary.

In this case the price didn't respect the divergence and made a strong move upwards. That is why forex trading is so unpreditable and only a few traders made it to the top.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 100 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,239
  • Aug 20, 2008 3:40pm Aug 20, 2008 3:40pm
Quoting seyionyx
eurusd:

it looks like the 3 little sister on the 5min,but wasn't so sure.

so i switch over to 15min to see if i can get a clear clue and it gave a clue of TC and a power candle. so i took the trade and the market rhythm proves it right.

i would have taken it also on the usdchf which was even in clearer but timing of entry was getting late so couldnt take it.

i believe am getting better with the system.i know there will be some period that i may loose but at least the pips am making will cover up and the long run the discipline and patience will help me to stay positive.

seyi
Yes, looking much better. Great, I hope it feels great.

Just a correction:

On the EUR chart, Mkain named that format the 3 big brothers and it is tradeable. Please note that I do prefer to enter on the 3rd brother when it is formed above the 50MA (formed by a nice bearish type candle like a morning star) and enter on the 3rd sister when it is formed below the 50MA (shooting/evening star).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,240
  • Aug 20, 2008 3:59pm Aug 20, 2008 3:59pm
Hi Gary

My comments in blue in your message:

Quoting Gary Miller
I see some of you buying little far from the war zone...
Aren't we supposed to buy\sell only in the war zone??

If possible yes but I had a problem deciding which pullback into the war zone to take because some of them just continue through the war zone. Then Phillip suggested to to use the TC signal. And those signal don't really appear in the war zone. Hopefully just outside the war zone.

I tell you what I got from this system that I supposed to do:

1. Wait for a big trend (let's say up)

Yes, not big but strong indicated by the 50MA's angle of more than 20%. Replaced by the SMAangle and the 21MA on it (21 MA in the non-trade zone means the 50MA is not at the right angle yet and the move/trend is not strong enough).

2.1 As soon as the market goes to the zone - make a buy

No, first you need to look for the signals indicating that the setup is a high probability setup. I've mentioned a few signals on a post a few page ago and you'll see it on my charts.

Then you wait for a nice TC to from in order to get an entry.

Later (when you feel comfortable with the price patterns) on you can enter using certain price pattern like a breakout trade.

2.2 Put a Stop-Loss (I put it at S\R levels)

Yes, look at your money manage system and R:R

3. Exit ( I exit with stoch 14,3,3 cross)

Yes, use your own personal style.

Did I get it right???
Do you think my exits and stops are good?

Depends on personal style.

P.S
I don't get out if the market gets above the the 21 line... I get out only when my stop is hit. Is it good enough?

I don't really follow you on this one - sorry.

And I am not sure if what I'm suggesting is good because I'm only trading this system for 1 day on a demo...
I hope it helps. Keeping it simple.
Willem Forex recipe for success = Patience, discipline & hard work.
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