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5Min Intraday System

  • #5,261
  • Aug 21, 2008 1:17pm Aug 21, 2008 1:17pm
Quoting OldDog
Here's a trade where support/resistance, moving averages, and MACD all worked together. --Tony
Hi Tony

Nice one. Signs/evidence of a committed trader prepared to work at it. Make notes and analise the charts/trades afterwards.

I hope it is going well with the 4h trades as well.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,262
  • Aug 21, 2008 2:02pm Aug 21, 2008 2:02pm
Quoting Golfer
Hi Tony

Nice one. Signs/evidence of a committed trader prepared to work at it. Make notes and analise the charts/trades afterwards.

I hope it is going well with the 4h trades as well.
Thanks Willem: I study the 4Hr price action, and 1Hr and daily, but I don't trade the 4Hr because the period I trade rarely gives reliable ones. In the past, if I took a 4Hr signal, I had to wait nearly all day, through the Asian session, to see whether I was going to win or lose -- too much pressure. I'm strictly 5Min now. If I see an opportunity developping on the 4Hr, I see if I can enter it on the 5Min. I'm doing pretty well on my 5Min strategies, so I'm happy. --Tony
  • #5,263
  • Aug 21, 2008 2:16pm Aug 21, 2008 2:16pm
Quoting OldDog
Thanks Willem: I study the 4Hr price action, and 1Hr and daily, but I don't trade the 4Hr because the period I trade rarely gives reliable ones. In the past, if I took a 4Hr signal, I had to wait nearly all day, through the Asian session, to see whether I was going to win or lose -- too much pressure. I'm strictly 5Min now. If I see an opportunity developping on the 4Hr, I see if I can enter it on the 5Min. I'm doing pretty well on my 5Min strategies, so I'm happy. --Tony
I am in almost the same situation. Because of my work situation, I cannot get to my PC every 4h on the hour to check the charts. Makes me very frustrated. Usually I can scan my charts every now and then. Then take a trade or two on the 5min system.

But I do follow the 4h system regularly for one day when I do have the time, I'll be ready. Also to give direction to the possible 5min trades.

I am so glad you are doing well. Patience and discipline is the answer!!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,264
  • Aug 21, 2008 2:33pm Aug 21, 2008 2:33pm
[quote=Golfer;2177712]I was hoping for a breakout of the triangle but resistance was too strong. Look at the lows of the candles - not really moving downwards meaning still pressure from buyers. You almost see a steady numbers of higher lows. Not very clear.

And that is how I read my charts.

Enjoy the rest of the trading.[/quote

I'm at the office, so I can't show my chart, but I took that trade last night on one of the TC. I got out after 5-6 candle b/c of no signif change in price.
Raymond
  • #5,265
  • Aug 21, 2008 10:26pm Aug 21, 2008 10:26pm
Quoting Golfer
I haven't see such a nice 3 little sisters formation in a long time. I marked the entry and exit points with the "price labels". Entry was 1 candle before the zero break occurs. But like I said, this is where I'll ignore the rules and enter a bit earlier.

Just look at the other TCs I've highlighted - the first 3 entries (small circles) are not that far away from the war zone. Great setups. But look at the 4th setup - entry too far away from war zone.
Hi Golfer:

I have been reading this interesting forum...and I was wondering about your comment "entry too far away from war zone"... is there any kind of measure that allow us to say whether an entry is "too far away"? Maybe some amount of PIPS away from EMA 10?
Thanks in advance for your comments.
  • #5,266
  • Aug 22, 2008 1:19am Aug 22, 2008 1:19am
Hi all,

@ Golfer - I see that you have SAR indicator attached to your charts. How do you use it... To filter entry or exits ? Also pls tell us what setting are ploted in?

Necre
  • #5,267
  • Aug 22, 2008 1:58am Aug 22, 2008 1:58am
Quoting gutieme
Hi Golfer:

I have been reading this interesting forum...and I was wondering about your comment "entry too far away from war zone"... is there any kind of measure that allow us to say whether an entry is "too far away"? Maybe some amount of PIPS away from EMA 10?
Thanks in advance for your comments.
Hi Gut

No, unfortunately there is no measure. It is all about a feel for the market. If the candle on the signal bar is a hugh candle, then the entry on the opening of the next candle will be (usually) far away from the war zone. Then I'll ignore that TC and wait for the next one.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,268
  • Aug 22, 2008 2:03am Aug 22, 2008 2:03am
Quoting necre
Hi all,

@ Golfer - I see that you have SAR indicator attached to your charts. How do you use it... To filter entry or exits ? Also pls tell us what setting are ploted in?

Necre
Hi Nec

Phillip suggested that one can use it as a exit strategy but I am still playing around with it. At this stage I concentrate more to identify the high probability setup and then take my 10pips profit.

You need to exit when the indicator turns around. The setting is the default setting.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,269
  • Aug 22, 2008 3:33am Aug 22, 2008 3:33am
nice tc in uj .both in H1 and m5.look at H1 chart and see how price bounced from broken TL
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  • #5,270
  • Aug 22, 2008 3:43am Aug 22, 2008 3:43am
5M chart shows strenght of the dollar
lol
  • #5,271
  • Edited 4:08am Aug 22, 2008 4:05am | Edited 4:08am
Hi guys,

Is this a valid trade ?

I took it... It`s still runing


Later edit...

Unfortunately the SL was trigered (
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  • #5,272
  • Aug 22, 2008 4:53am Aug 22, 2008 4:53am
My last trade left me a bad taste... The price exited the triangle and also crossed the 1.8600 suport... The GDB news where bad for the pound, confirming the down trend... Confirmation form MACD and SMA. The only thing that was out of order -> war zone was away...

So, any of you took this trade ?

Also I was wondering if maybe someone using this method can post some results over the last months?

Regards,

Necre
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  • #5,273
  • Aug 22, 2008 6:21am Aug 22, 2008 6:21am
Quoting Golfer
Hi Gut

No, unfortunately there is no measure. It is all about a feel for the market. If the candle on the signal bar is a hugh candle, then the entry on the opening of the next candle will be (usually) far away from the war zone. Then I'll ignore that TC and wait for the next one.
Thanks Golfer. Another quick question: How can I define a power candle in terms of its dimensions so I can automatically detect them? I would like to do some backtesting.

Thanks
  • #5,274
  • Aug 22, 2008 6:31am Aug 22, 2008 6:31am
Quoting necre
My last trade left me a bad taste... The price exited the triangle and also crossed the 1.8600 suport... The GDB news where bad for the pound, confirming the down trend... Confirmation form MACD and SMA. The only thing that was out of order -> war zone was away...

So, any of you took this trade ?

Also I was wondering if maybe someone using this method can post some results over the last months?

Regards,

Necre
Hi Nec:
My thought is that this setup is not suitable por this trading system. What I can see from the pic you should use another kind of system maybe Volatility Breakout System
  • #5,275
  • Aug 22, 2008 6:34am Aug 22, 2008 6:34am
Folks took this trade a lil earlier
i like the spread in the MA's saw the ellipse forming and he smooth TC the only thing that i wasnt keen on was the pivot about 10 pips above. Decide to take the long and set my TP at 6 pips.
closed out at +6 .. as it turned out the price went past the pivot. With maturity maybe i will learn to hold the trade a lil longer but no complaints on this set up.
Any feedback critiques please feel free as it will help me learn
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  • #5,276
  • Aug 22, 2008 7:28am Aug 22, 2008 7:28am
Quoting necre
My last trade left me a bad taste... The price exited the triangle and also crossed the 1.8600 suport... The GDB news where bad for the pound, confirming the down trend... Confirmation form MACD and SMA. The only thing that was out of order -> war zone was away...

So, any of you took this trade ?

Also I was wondering if maybe someone using this method can post some results over the last months?

Regards,

Necre
Great question - Posting results - each trader's results will differ. It will just give you an idea of individual success and not what the system can do for you. It is what you can do with the system.

In the begining I was also very interested in other members' outcomes. Nowadays I am more concern about my own ability and outcomes. Because I know this system works. I do have a weekly aim of 50pips with this system and that ismy benchmark. I don't use other members as benchmark. That is where you lose your discipline and patience.

The results just depend on the user's style of trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,277
  • Aug 22, 2008 10:15am Aug 22, 2008 10:15am
Quoting Golfer
Great question - Posting results - each trader's results will differ. It will just give you an idea of individual success and not what the system can do for you. It is what you can do with the system.

In the begining I was also very interested in other members' outcomes. Nowadays I am more concern about my own ability and outcomes. Because I know this system works. I do have a weekly aim of 50pips with this system and that ismy benchmark. I don't use other members as benchmark. That is where you lose your discipline and patience.

The results just depend on the user's style of trading.
golfer,
Which pair(s)s do you trade?
Raymond
  • #5,278
  • Aug 22, 2008 10:19am Aug 22, 2008 10:19am
Quoting bshadroo
nice tc in uj .both in H1 and m5.look at H1 chart and see how price bounced from broken TL
What a great setup and trade. Nice to show people to link Phillip's 4h system with this system.

I remember Bs starting with Phillip's systems and asking a lot of questions, posting charts/trades and requesting detail explanations. Just to show people what can be done with hard work and commitment. Here he is - sucessfully trading both Phillip's system with confidence. Well done!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,279
  • Aug 22, 2008 10:27am Aug 22, 2008 10:27am
Quoting scottyd14
Folks took this trade a lil earlier
i like the spread in the MA's saw the ellipse forming and he smooth TC the only thing that i wasnt keen on was the pivot about 10 pips above. Decide to take the long and set my TP at 6 pips.
closed out at +6 .. as it turned out the price went past the pivot. With maturity maybe i will learn to hold the trade a lil longer but no complaints on this set up.
Any feedback critiques please feel free as it will help me learn
Scotty, --First of all, thank you for your moral support when I was in the doldrums with my emotions over trading.

I'm showing you a possibility for extending some trades farther and for handling the worry that ensues over whether or not your stop is going to be taken out. A trade like this happens only when price moves strongly in your direction. Otherwise, you try to get your profit or as small a loss as you can.

The approach is to define support/resistance from larger timeframes. My orange or gold? (I'm partially color blind) parallel horizontal lines, which I call price lines, are drawn from monthly, daily, 4 hour, and 1 hour points of interest. You would have to define these for yourself. I draw lines off swing highs and lows, consolidation highs and lows, inside highs and lows, etc. If I'm drawing them from a date fairly far in the past, I want to check and see if they've been tested more than once and from above and below. If I draw a 5 minute line, it's for temporary purposes, and I erase it, just as I do 5 minute trendlines. The important point is that I'm looking for support and resistance on the higher timeframes to give me an idea of where price might stop, surge, or retrace. I don't put blind confidence in these areas. I look to see how the 5 minute candles act around them and make my decisions from there.

I saw these possibilities early on, but I was unable to trade them well because, as you know, my emotions and lack of self-control kept getting in the way. I know I have a long way to go, but, at least, I feel now like I've made a good start, and I've seen it in the change in my trading.

I hope this can be of some help to you and others. The important thing is to look at some sort of support and resistance on larger timeframes (trendlines, moving averages, highs, lows. You have to have this knowledge prepared in advance, or you're too distracted to be able to focus on the actual trade, and, from past experience, I can say that you will, then, become prey to your emotions, fears, and hopes. The best to you and everyone! --Tony
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  • #5,280
  • Aug 22, 2008 10:35am Aug 22, 2008 10:35am
A quick trade waiting on the airport to board a plane. A classic 2-candle entry. The entry method I don't really like - no TC formation possible (usually).

But I just like the bounce off the pivot line as well as the 21MA.

That is what I like about this system: A quick look at the charts and you would be able to see and do a quick trade. But don't take me wrong - it still needs a lot of concentration.
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Willem Forex recipe for success = Patience, discipline & hard work.
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