5Min Intraday System

Quoting Morelands

Disliked

page 319, post# 4777

Ignored

Quoting Gary Miller

Disliked

what is TC signal??

Ignored

Quoting seyionyx

Disliked

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

Ignored

Quoting seyionyx

Disliked

i saw this setup this morning and it looks like a bullish 3 pattern was developing,i flip over to the samples of bullish 3 pattern given by golfer. but i couldnt get a clear entry approach from the sample given.

when i was doing my personal backtesting on the 5min system, my comfortable approach is to wait for the closure of a signal candle confirmed by MACD around the warzone. i am not very comfortable to place an entry if price dips into the warzone without confirmation with the MACD.


So i took this trade, with the approach that:

21ma is out of the non trade zone
bullish 3 pattern
enter very close to the 10ma as indicated on the chart
but there was no confirmation from MACD yet

Profit:12pips

i took the risk with a made up mind bcos i have been trading on my live account and i was ready to give up some pips but i was lucky.

can anyone tell me a good/better entry approach for a bullish 3/bearish 3 pattern cos i often see them often and i tend to ignore them.

seyi

Ignored

Quoting seyionyx

Disliked

eur presented 3 little sister.

entry was confirmed by:
1.power candle signal
2. smooth TC on MACD

seyi

Ignored

Quoting necre

Disliked

Hi there,

First of all I want to thank all of you for your support in my quest to conquer this trading tehnique.

Now I`m posting a chart with a potential triangle brakeout. I didn`t take the short trade because it was in the oposite side of MA50 & I had no MACD signal. Still, if the MA and MACD conditions where met, ould you consider to take such a trade ?.

The reason I`m asking this is because I`m trying to train my eyes for price action...

Best of pips

Necre

Ignored

Quoting seyionyx

Disliked

Mkain:
i read your post. to my understanding, the divergence in the chart u posted seems to be a hidden divergence.

So is it also applicable to 5min? cos i was only thinking it was just macd divergence that reference was made to.

pls can anyone tell me where Golfer's post on divergence is?. i know i came across it sometimes but i have been checking previous post but not found it yet.

seyi

Ignored

Quoting seyionyx

Disliked

this another positive trade today.

Reasons:
1.A triangle pullback to the warzone
2.Power candle signal
3.MACD TC (not smooth initially but became smooth as other candles formed)

4. but 21ma was going into the non-trade zone (i have problem with this:if a setup present itself and it is high probability, should one enter or not if 21 is moving/pointing into the non-trade zone)

With a 3 little sisters formation, yes. Otherwise, no. Be aware of SIDMOVs (small intra-day movements). When you start getting use to the movements or trying to trade those moves, be ready to get burned a lot. Ask me, been there, done that, got the scar.

Just be very sure of your signals and take quick profit.

well, took the trade and the market prove it right.

seyi

Ignored

Quoting seyionyx

Disliked

hi everyone,

thanks golfer for the comments. things are getting clearer day by day for me.

And with hard work you'll enjoy trading after all.

i really appreciate your analysis for the US session, although i couldnt trade. i was not around. i realize that even if i was around i may find it difficult in taking some setups which usually i have been struggling with.

your analysis is making the setup easier.

my question is this (pls hope and not bothering u too much)

Never - like I said, it makes me think as well. I just don't like questions from members like "Where can I get an EA for this system?" Then defintely that member is not interested in learning forex trading and markte rhythm.

The 2nd,3rd and 4th TC signals, were given below a Pivot point in which i usually respect. Is there a confirmation or anything that one can use as a filter to taking trades around a pivot point like todays US session.

No, not really. I like to look at the price actions and formations. You can also look at a longer time frames. I tend to look at Phillip's 4h MACD system and rules and try to trade in the direction of the rule. Once again, you need to understand that system and rules as well.

I know Phil original 5min system did not consider Pivot points.

Correct

But for me,it is difficult for me to neglect an indicator that i have been used to in trading.

I also started using the pivot indicator when I saw how the price reacts around that levels. Also when I start drawing support and resistanc lines on the 4h charts. I remember asking Phillip how he does it because I didn't have a clue how to do it.With patience and lots on files sent I understand the art of drawing them.

That was when I discover the My Small support/resistance lines and how the price reacts to them. Very interesting. Now I am using it to filter SOME bad setup/trades. I also miss a few profitable trades because of them. But then I look at Phillip's signature on his posts. So true!


if i was around, i would be contemplating of whether to take it or not which is not good for me.

Great!! Don't just take a trade because the price entered the war zone or a TC was formed. Look for the signals!

seyi

Ignored