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5Min Intraday System

  • #5,281
  • Aug 22, 2008 10:44am Aug 22, 2008 10:44am
Info - I should sit more often on airports for my trading!!!!
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,282
  • Aug 22, 2008 10:48am Aug 22, 2008 10:48am
Quoting Golfer
Info - I should sit more often on airports for my trading!!!!
Ha! --Is this your bicycling vacation? If it is, have the most fun ever!!! --Tony
  • #5,283
  • Aug 22, 2008 11:08am Aug 22, 2008 11:08am
Quoting necre
Hi guys,

Is this a valid trade ?

I took it... It`s still runing


Later edit...

Unfortunately the SL was trigered (
Hi Nec

Why did you think it was a valid setup? Why did you take it? What were your signals?

Sorry for the questions but it is much better if you benchmark your ideas against the other members.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,284
  • Aug 22, 2008 11:12am Aug 22, 2008 11:12am
Quoting Morelands
golfer,
Which pair(s)s do you trade?
Raymond
Hi Ray

Only 3 pairs - EUR$, Cable and EURJPY. I try not even to look at other pairs - even if members mentioned them or ask questions about them. Avoid temptations. Discipline!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,285
  • Aug 22, 2008 4:07pm Aug 22, 2008 4:07pm
Quoting Golfer
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!
thx willem .its all because ur and other good trader's patient in answering me.
and ...i think it will be very good to see the bigger TF first and findout the main price path and then going down to M5.
  • #5,286
  • Aug 22, 2008 8:50pm Aug 22, 2008 8:50pm
Quoting gutieme
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
Hi Gut

I only use Phillip's post (the first link on page 1) and I looked for examples myself (doing backtesting). I saved a few examples and reviewed them frequently.

I don't know if anybody else has suggestions?
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,287
  • Aug 22, 2008 9:06pm Aug 22, 2008 9:06pm
Quoting OldDog
Ha! --Is this your bicycling vacation? If it is, have the most fun ever!!! --Tony
Hi Tony

Yes, it is. For two weeks. I'll try and enjoy it. I am not really a biker - rather a jogger. It is my wife and a friend of us' idea. I hope I'll survive.

Enjoy the trading and take a fews pips for me as well.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,288
  • Aug 22, 2008 9:17pm Aug 22, 2008 9:17pm
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
I don't follow this pair but it looks like a great setup - I marked the TC and my entry would have been the opening of that candle. I would have exit for 10pips because of the divergence.

Not a bad decision/trade, Scot.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,289
  • Aug 22, 2008 9:31pm Aug 22, 2008 9:31pm
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
Looks like a too fast market - too far away from war zone. A aggresive turnaround is a possibility with such fast markets and that will trigger your SL. I'll wait for a pullback to see what kind of move is it.

In the past I've tried to enter in a fast movement just to see that I've entered on the bottom on a down trend and the price turned around and move back upwards.

This is a pullback system (e.g. strong downward movement, small pullback (upwards) just to find resistance, then continue to move downwards and that is the part you want to catch) aiming to capture the middle part of a move and not to capture the entire move (don't be greedy).

In the begining I got upset when I saw all the pips left on the table but now I understand the principles behind this system and especially intra-day scalping.

I hope it make sense.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,290
  • Aug 23, 2008 3:04am Aug 23, 2008 3:04am
Quoting Golfer
Looks like a too fast market - too far away from war zone. A aggresive turnaround is a possibility with such fast markets and that will trigger your SL. I'll wait for a pullback to see what kind of move is it.

In the past I've tried to enter in a fast movement just to see that I've entered on the bottom on a down trend and the price turned around and move back upwards.

This is a pullback system (e.g. strong downward movement, small pullback (upwards) just to find resistance, then continue to move downwards and that is the part you want to catch) aiming to capture the middle part of a move and not to capture the entire move (don't be greedy).

In the begining I got upset when I saw all the pips left on the table but now I understand the principles behind this system and especially intra-day scalping.

I hope it make sense.
Hi golfer,

Thanx for the replies.

With reference to the market being to fast I agree with you... I was too far from the war zone. Concerning the pullback I think that such a move was present 1 candle behind my entry point (in the triangle). So in my view, the pullback rule was satisfied. PLS have a look back to my chart and confirm this. Maybe I got it all wrong with these pullbacks - that`s why I really need to set this straight.

Thank you again for your help.

Necre
  • #5,291
  • Aug 24, 2008 6:06am Aug 24, 2008 6:06am
Phillip,

Can you apply your strategy to daily instead of 5 min charts?
Make It Simple !
  • #5,292
  • Aug 25, 2008 8:57am Aug 25, 2008 8:57am
my eu trade for 15pips
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  • #5,293
  • Aug 25, 2008 9:12am Aug 25, 2008 9:12am
Quoting bshadroo
my eu trade for 15pips
Would you have entered if there wasn't a mild pull back? Was the TC candle a little far away from the war zone?
Raymond
  • #5,294
  • Aug 25, 2008 9:38am Aug 25, 2008 9:38am
Quoting Morelands
Would you have entered if there wasn't a mild pull back? Was the TC candle a little far away from the war zone?
Raymond
well ,after M5 close i went down to M1 to see whats happening.as u see M5 closed below the M1 resistnas and there was a chance to price pull back to the M1 TL or at least 21ema in M1 .
if it was closed above the M1 res. i'd entere right after the M5 close
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  • #5,295
  • Aug 25, 2008 11:14am Aug 25, 2008 11:14am
Quoting bshadroo
well ,after M5 close i went down to M1 to see whats happening.as u see M5 closed below the M1 resistnas and there was a chance to price pull back to the M1 TL or at least 21ema in M1 .
if it was closed above the M1 res. i'd entere right after the M5 close
Good job. I hesitated and took the time to go over charts because I was waiting for the information to come out on the 14:00gmt Existing Home Sales. I've decided not to enter within 30 minutes of any red flagged news. --Tony
  • #5,296
  • Aug 26, 2008 2:22am Aug 26, 2008 2:22am
hi everyone, i wasn't able to trade on lastweek friday and yesterday. hope some people made some pips. Golfer thanks for your reply. I really appreciate it. over the weekend, i did 3 months backtesting of setups around warzone and pivots point. so i believe, i am having a better understanding that price action place an important role especially when there are conflicting setups. i am so glad that i have 12 consecutive wins in my trade having been following the 5min system. i am hoping to get better with it at the long run. Reason for the trade: 21sma was in the trade zone Pullback towards the 10ma and resistance was found there power candle signal confirmed by MACD TC and the market prove the system right seyi
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  • #5,297
  • Aug 26, 2008 4:11am Aug 26, 2008 4:11am
short gbp futures at 50
short eurjpy at 41.

Relatively painless compared to others.
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  • #5,298
  • Aug 26, 2008 5:49am Aug 26, 2008 5:49am
two beautiful setups where given by GBP. the setups was @ the 10ma. It seems for sometime 5min system high probability setups are occuring around the 10ma. Just an observation bcos most of my trades are taken there and Price action is proven the setup right.

Setup 1:
Pullback towards 10ma which looks a bit flattish
candles finding resistance @ 10ma
Power candle signal formed
smooth MACD TC confirmed it


setup 2:Almost the same as setup 1
Pullback towards 10ma
candles finding resistance @ 10ma
power candle signal
smooth MACD TC confirmed it

the 5min system is really working.i have no doubt. thanks philip,golfer and everyone that has made this system a success.

hope more beautiful setups occurs today

seyi
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  • #5,299
  • Aug 26, 2008 9:19am Aug 26, 2008 9:19am
17pips in 2 minutes.M1 chart helps me alot
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  • #5,300
  • Aug 26, 2008 9:37am Aug 26, 2008 9:37am
Quoting bshadroo
17pips in 2 minutes.M1 chart helps me alot
and look how my BE stoploss would be hitted if i were eager and didnt take my profit
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