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5Min Intraday System

  • #421
  • Feb 16, 2007 7:07am Feb 16, 2007 7:07am
Quoting Mobsie
Hello,

yes sometime the EA open an trade not so exact like PhilNelSignal Indicator.

I used the logic from Dariuske PhilNel Indicator.

Yesterday i send the source to Dariuske, maybe he find something what i do wrong.

I post my version off source here today.

Togehter i can be done better.

Cheers
Mobsie
Mobsie,
Thanks.
In this thread, I have posted several postings last night (#415, #416, #417 and #418). In those postings I suggested several things. Please look into those ideas.
I am not a code writer but I think I can interprete your code and try to find any mistakes and pass it on to you.
Best of luck.
Chandra
  • #422
  • Feb 16, 2007 10:58am Feb 16, 2007 10:58am
Hi Chandra,

i have downwritten all your ideas and i will trie to integrate them.

Cheers
Mobsie
  • #423
  • Feb 16, 2007 11:22am Feb 16, 2007 11:22am
Quoting Mobsie
Hi Chandra,

i have downwritten all your ideas and i will trie to integrate them.

Cheers
Mobsie
Thanks, Mosbie.


It may be hard on you to integrate all the ideas together. Finish your present program and let us make it working. Later on, you can add one thing at a time.
Best wishes.
-Chandra
  • #424
  • Feb 16, 2007 3:52pm Feb 16, 2007 3:52pm
Mibsie,
Please explain what these inputd do in your EA:

Angle: Default value 0.22:
1. What is this 0.22? Is it radians?
2. How does it represent 20 degrees for long positions and minus 20 degrees (or +340 degrees) for shorts?
3. Does this angle work for both long and short trades.

Count Bars: Default 500.
No questions.

Take Profit: Default 14:
1. Does it mean yo get 14 pips after the spread?
2. Does it take care of different spread pips for different pairs?

Stop Loss: Default 15:
1. Does it mean you loose 15 pips in addition to spread loss?
2. Does it take care for different spread for different pairs?

Note: My experience says these numbers are not working in the EA.

All other inputs:
No questions.

Thank you.
-Chandra
  • #425
  • Feb 16, 2007 4:04pm Feb 16, 2007 4:04pm
Hello Chandra,

the Angle yes is radians, and work in both direction.

SL and TP: Yes different spread for different pairs, but without broker spread !!!
Today i write an function that close the trade at the numbers you say.
If you say TP 4 then after 4 pips (4 pips for you, with broker spread) the trade will close. Same for SL. I must do this, because i need this because with my broker an MUST place an min. TP and SL off 12 Pips. 12 Pips is sometimes to much. You can get fast 6-8 like PhilNel write but not these 12.

But the EA works at this moment, and the numbers are used an have an effect. The Angle stuff is the same inside the nice PhilNel indicator.

Hope this help a little.
Cheers
Mobsie
  • #426
  • Feb 16, 2007 7:43pm Feb 16, 2007 7:43pm
Chandra,

I agree the numbers set up in the EA do not work. We may have to use a longer SL to get this thing to work right. We are going to have to trial and error it for awhile. Maybe we can throw some numbers in a pot and we can work different ones to arrive at a set of numbers for everyone. This way we can cut the time in half it takes to find the right combination.

Thanks, jim
  • #427
  • Feb 17, 2007 8:00am Feb 17, 2007 8:00am
Thanks
Have made my first positive deal on the GBP Friday. I still look at the graph and when the motion to the setup looks good I turn on EA and it does the rest. Only took 7 pips gain but I have set the tp and sl accordingly.
Good luck with further improvements
  • #428
  • Feb 17, 2007 12:20pm Feb 17, 2007 12:20pm
Sorry All,

I meant we may have to back off our T/P to make this thing consistant. And the 7 pips that Phil mentioned solunds about right. I have one running with 7 T/P and 14 S/L on demo so we shall see. I know that this is not good money management, however we have t try every angle.

Jim
  • #429
  • Feb 17, 2007 2:16pm Feb 17, 2007 2:16pm
Phillip

Appreciate your efforts on the 5m and 4hr strategies. Been looking for some technical guindance on trading off shorter time frames(5m). The 10,21, & 50 helped establish some guide lines so that I am not just shooting from the hip(guessing). Hit 2 out of 3 on friday my first day putting it to work on live account. Also the use of ma's on the 4hr has been good too.
  • #430
  • Feb 17, 2007 7:11pm Feb 17, 2007 7:11pm
Hi Hard1Had1,
  • #431
  • Feb 17, 2007 8:20pm Feb 17, 2007 8:20pm
Quoting Phillip Nel
Thanks
Have made my first positive deal on the GBP Friday. I still look at the graph and when the motion to the setup looks good I turn on EA and it does the rest. Only took 7 pips gain but I have set the tp and sl accordingly.
Good luck with further improvements
What was your TP and SL, Phillip? I am trying to recreate your result.
-Chandra
  • #432
  • Feb 17, 2007 8:33pm Feb 17, 2007 8:33pm
I just finished reading the whole thread. This seems like the most practical TS I have read about. Is the EA posted in post 399 the latest one available? Thanks for all the work involved in this thread. Paul
  • #433
  • Feb 17, 2007 11:33pm Feb 17, 2007 11:33pm
I look at Sl & TP differently then most. Why do you need a preset PIP amount? That does not address any technical observations and is just a guess of what might work. I believe this system is the one I will stick with and love the alerts. I have no doubts that this method/system may be one of the best I have seen.
Now for the money management. I take the position at what might be considered a pivot based off of price action. Let's say you get an alert to go long. You will notice that alert on the bottom of the candle wick is usually a pivot candle.
So enter on the next candle move when it takes out the high of the candle that formed the alert. When that candles height is exceeded by 1 PIP go long. Now it is common knowledge among pros or seasoned traders to place a protective SL at the LOW of the candle (pivot) with the alert. I like to place a SL about 10 PIPS below the low. This number is arbitrary since you can use any PIP amount. I don't want to get stopped out prematurely so I use something lower then the low of that candle for some wiggle room.
No it you scalp 5 minutes you might choose 1 or 2 PIPS but on a daily candle you should you maybe 20 PIPS. Really depends on the timeframe and the currency pair. You get the point.
Now let’s talk about profit targets. I use a 2 standard deviation Bollinger Band and grey out the mid band. I don't need it. BB is useful for resistance and support. Not the holy grail but a darn good indicator. So let’s say I am entering on a 15 minute chart. I will look at a timeframe 4 times longer so the 1 hour will do. I place my SL target just below the upper BB.
I also think it’s a good idea to remove 1/2 of your position at that point and then let the other 1/2 ride placing your stop at B/E (breakeven).
-------------------------------------------------------------------------

Here is another very interesting way to polish this method and make it perform better.

Let's say you are long Cable on the 1 hour. By the way this method of Phil’s will work on any human traded equity from hogs to 4x. Trust me the basis is sound and will work. Also, it will work from tick data to monthly timeframes. Just some currency pairs are better then others but they all work. R/R (risk/reward) is an individual choice and can work from a skinny 1:1 to a fat 1:3. Just have to book enough winners at the skinny ratio.
Ok back to what I was saying. Got side tracked. You’re long Cable on the 1 hour. Folks LQQK at the 4 hour and see if your trend is your friend. That 4 hour better being hinging down or already heading south or you are entering a risky trade. That idea work for ANY timeframe. Keep it 4:1 on timeframes to see the longer trend, friend.
One last observation that is really key here. Let’s say you are long Cable on the 1 hour and you want a good chance that this will be a successful trade and not do one of those moves that you enter on and get stopped out only to find that the price moved to the next timeframe alert on the 4 hours (4:1). What happens so so often is that when you took the entry on the 1 hour you failed to look at the closed bar in relationship to the (2) two ema's on the 4 hour. The further the closed bar is from the ema's on the 4 hour the HIGHER the risk that the entry was premature.
So next time you enter do this:

1. I want to go long on Cable on the 15 minute

2. I look at the 1 hour bar to see how close it is to the two (2) ema's

3. If the bar is close and almost touching the 1 hour ema's you have a good chance the 15 minute will be a good entry.

Look over what I have said here and re-read it more then once. I have spent 10 years of my life analyzing charts and systems. I know how to make something better once given the tools.

Best to all!

Steinitz
  • #434
  • Feb 17, 2007 11:38pm Feb 17, 2007 11:38pm
Small correction

Quoting steinitz
I look at Sl & TP differently then most. Why do you need a preset PIP amount? That does not address any technical observations and is just a guess of what might work. I believe this system is the one I will stick with and love the alerts. I have no doubts that this method/system may be one of the best I have seen.
Now for the money management. I take the position at what might be considered a pivot based off of price action. Let's say you get an alert to go long. You will notice that alert on the bottom of the candle wick is usually a pivot candle.
So enter on the next candle move when it takes out the high of the candle that formed the alert. When that candles height is exceeded by 1 PIP go long. Now it is common knowledge among pros or seasoned traders to place a protective SL at the LOW of the candle (pivot) with the alert. I like to place a SL about 10 PIPS below the low. This number is arbitrary since you can use any PIP amount. I don't want to get stopped out prematurely so I use something lower then the low of that candle for some wiggle room.
No it you scalp 5 minutes you might choose 1 or 2 PIPS but on a daily candle you should you maybe 20 PIPS. Really depends on the timeframe and the currency pair. You get the point.
Now let’s talk about profit targets. I use a 2 standard deviation Bollinger Band and grey out the mid band. I don't need it. BB is useful for resistance and support. Not the holy grail but a darn good indicator. So let’s say I am entering on a 15 minute chart. I will look at a timeframe 4 times longer so the 1 hour will do. I place my SL target just below the upper BB.
I also think it’s a good idea to remove 1/2 of your position at that point and then let the other 1/2 ride placing your stop at B/E (breakeven).
-------------------------------------------------------------------------

Here is another very interesting way to polish this method and make it perform better.

Let's say you are long Cable on the 1 hour. By the way this method of Phil’s will work on any human traded equity from hogs to 4x. Trust me the basis is sound and will work. Also, it will work from tick data to monthly timeframes. Just some currency pairs are better then others but they all work. R/R (risk/reward) is an individual choice and can work from a skinny 1:1 to a fat 1:3. Just have to book enough winners at the skinny ratio.
Ok back to what I was saying. Got side tracked. You’re long Cable on the 1 hour. Folks LQQK at the 4 hour and see if your trend is your friend. That 4 hour better being hinging up or already heading north or you are entering a risky trade. That idea work for ANY timeframe. Keep it 4:1 on timeframes to see the longer trend, friend.
One last observation that is really key here. Let’s say you are long Cable on the 1 hour and you want a good chance that this will be a successful trade and not do one of those moves that you enter on and get stopped out only to find that the price moved to the next timeframe alert on the 4 hours (4:1). What happens so so often is that when you took the entry on the 1 hour you failed to look at the closed bar in relationship to the (2) two ema's on the 4 hour. The further the closed bar is from the ema's on the 4 hour the HIGHER the risk that the entry was premature.
So next time you enter do this:

1. I want to go long on Cable on the 15 minute

2. I look at the 1 hour bar to see how close it is to the two (2) ema's

3. If the bar is close and almost touching the 1 hour ema's you have a good chance the 15 minute will be a good entry.

Look over what I have said here and re-read it more then once. I have spent 10 years of my life analyzing charts and systems. I know how to make something better once given the tools.

Best to all!

Steinitz
  • #435
  • Feb 18, 2007 12:24am Feb 18, 2007 12:24am
Quoting Phillip Nel
This is what a perfect start looks like. It happened today on the EurUsd. The 50SMA is moving up, the 21EMA is opening up(moving away) from the 50SMA and the 10EMA is moving away from the 21EMA. If you see that, wait for the pullback into the zone and enter.
I've seen a couple of strategies like this...the 5-13-62 EMA for example, why not get in on a buy when the 5 crosses both the 13 and 62 and the 13 crosses the 62..it is obvious from all charts that when it happens u can get in and make more profit..same for shorting in opposite direction! I really dont understand why not? am I the only one seeing this?
  • #436
  • Feb 18, 2007 4:44am Feb 18, 2007 4:44am
Quoting haks79
I've seen a couple of strategies like this...the 5-13-62 EMA for example, why not get in on a buy when the 5 crosses both the 13 and 62 and the 13 crosses the 62..it is obvious from all charts that when it happens u can get in and make more profit..same for shorting in opposite direction! I really dont understand why not? am I the only one seeing this?


If it was like that for all charts 80% of the time then we will all make money. The setup is not allways perfect with crossovers as it has not shown its colours yet. If a pullback occur after an entry was made on MA crossover can the stoploss handle it. MA crossovers are not so reliable on its own.

The purpose as to why I only take 8-10 pips might totally differ to others. This system teaches me patience as to wait for the setup, follow exact rules, take profit according to plan, take loss according to plan. I wonder how many traders have this methodology in their actions. A lot have it in their plans but never execute it accordingly.

If you cannot follow a plan step by step with a 10pips strategy you wont also with a 100pip strategy. If you cannot handle the small you wont be able to handle the big.

This 5min strategy is my Forex gym. This is where I practice my emotions and my patience without risking to much. I then have a 1hour strategy and a 4hour strategy that all make up a series of income. When the one fails the other produce spreading the risk. only my way of doing it.

The 5min strategy was never intended to make a living out of.
  • #437
  • Feb 19, 2007 5:54am Feb 19, 2007 5:54am
I am continue to develop the EA.

I need some good stuff to filter false signals, i need an good short trend indicator.

What are your ideas?

Mobsie
  • #438
  • Feb 19, 2007 6:32am Feb 19, 2007 6:32am
Quoting Mobsie
I am continue to develop the EA.

I need some good stuff to filter false signals, i need an good short trend indicator.

What are your ideas?

Mobsie
Mobsie,
Are you going away (deviating) from Phillips 5-Minute strategy? You may stay with his approach and keep the EA simple. Your original EA seems to be ok. You may have to fine tune it a bit.
Thank you.
-Chandra
  • #439
  • Feb 19, 2007 7:19am Feb 19, 2007 7:19am
Hello,

no i not go away from orginal rules. i need the trend to filter falsa signals.

Sometimes it buy or sell wrong because the 50 MA goes i one direction but price are fast in other.

This i will filter.

Cheers
Mobsie
  • #440
  • Feb 20, 2007 1:46pm Feb 20, 2007 1:46pm
Hi Guys
I just discovered this thread today and it looks really great. And everyone seems to understand and follow it. but when I tried to put the EMA's and SMA into the mertatrader i didnt know what value to use for "apply to" action button. I would be grateful if anyone can explain the system in more details in terms of setting it up in metatrader4 for novices like myself.

All your help is much appreciated.
Thanks
tasse
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