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5Min Intraday System

  • #5,401
  • Sep 17, 2008 3:03am Sep 17, 2008 3:03am
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  • #5,402
  • Sep 17, 2008 3:14am Sep 17, 2008 3:14am
Quoting Phillip Nel
This is my final post on this matter.

Accuracy of 67%wins to 33% losses.

I hope this will encourage you to study the market rhythm and the way it acts very intensive as to know when a good setup is forming to take advantage of it.
Phillip
Impressive, Phillip rules
  • #5,403
  • Sep 17, 2008 4:11am Sep 17, 2008 4:11am
Quoting Phillip Nel
Info
Hi Phillip

Excellent post and valuable information for this system. A must for everyone using this system. That is all I can say.

My comment:
1. Very important to see what is going to happen after the breakout - I got burned several times entering on the breakout. Sometimes you might not even get an entry after the breakout - don't feel bad. Wait for the next setup.

2. One thing I learned using this system and trading with Phillip - don't feel bad when you missed a nice run. Previously I got very upset when I saw a nice move and I missed it. This has a negative effect on your next trade - you tend to jump the gun (too early entry and get burned). Stay with what you feel comfortable with. Nowadays I do analise that move and see where I got it wrong or why did I miss the entry for the future.

Just sharing my experience with this system and enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,404
  • Edited 4:50am Sep 17, 2008 4:37am | Edited 4:50am
Hi there,

Since the MACD Colored is a big part of this strategy, I was thinking that it would be of great help if someone can add to it a signal (audio and visual like the EMA crossover signal) when it changes colors. This way it would be much easier to catch TC formations without needing to stay all day in front of the charts.

Do you think such an alert is helpful?

Best of pips,

Necre
  • #5,405
  • Edited 6:09am Sep 17, 2008 5:54am | Edited 6:09am
Quoting Phillip Nel
Info
Thankyou Phillip for the detailed teaching. Always appreciated. You have made some valuable and specific point points as to What to look for before deciding to close the trade or letting it run. ( managing profit and loss) in a short term strategy because in a shorter time frame decisions have to made faster and to make a non emotional decision one needs the necessary and practical information.

I have a question The power bar that you took on actually touched the trend line . however 4 bars before the signal bar there was a slight pull back and move away. if that was taken as the pull back then the stop loss would have been taken out by the tail of your signal bar, So as you said to wait for a specific thing to happen. it is better for the set up to actually touch the trend line. I know sometimes i get excited by a pull back and enter and get taken out and then price moves up. Like in this case if i had taken the first pull back.

Thanks again.
Nadia.

Willem . Excellent point. ALWAYS ANALYZE A TRADE AFTER YOU HAVE TAKEN IT. GOOD ONE OR BAD ONE.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,406
  • Sep 17, 2008 6:57am Sep 17, 2008 6:57am
Here is a break out trade i just did
first i open 2 lots at the signal bar with the tail closed both at BE at the next bar because of its tail on top. the very next bar was again bullish so i enter again with 2 mini lots. closed one with 8 pips and second with 20 pips. ALso moving averages are still not open up so a little uncomfortable letting it run. I dont know if that makes a difference but still Learning. Thanks Phillip.
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Click to Enlarge Name: eu breakout 2.jpg Size: 173 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,407
  • Sep 17, 2008 6:58am Sep 17, 2008 6:58am
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  • #5,408
  • Sep 17, 2008 7:00am Sep 17, 2008 7:00am
Quoting BIL2205
Here is a break out trade i just did
first i open 2 lots at the signal bar with the tail closed both at BE at the next bar because of its tail on top. the very next bar was again bullish so i enter again with 2 mini lots. closed one with 8 pips and second with 20 pips. ALso moving averages are still not open up so a little uncomfortable letting it run. I dont know if that makes a difference but still Learning. Thanks Phillip.

This time it worked out. Watch the post I just did and the reasons why I did not take it. It is just my way of filtering potential wrong deals.

Edit
Just had a look at your trendlines. 100% Drawn and that helped you to make a decision that worked out. Well done. I will give a long setup that has formed below the 50sma a bit more chance to show its intention. Otherwise it was well executed.
  • #5,409
  • Edited 7:48am Sep 17, 2008 7:05am | Edited 7:48am
Quoting Phillip Nel
This time it worked out. Watch the post I just did and the reasons why I did not take it. It is just my way of filtering potential wrong deals.

Thankyou for explaing the trade in detail .You are right about the moving averages, I was cautious about taking profit since Moving averages were still all tangled up. And very imp to remember the rule PRICE ABOVE 50 SMA FOR LONG & BELOW 50 FOR SHORT.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,410
  • Sep 17, 2008 7:58am Sep 17, 2008 7:58am
10 pips on the ellipse, support and power bar.
Attached Image (click to enlarge)
Click to Enlarge Name: uc.gif Size: 13 KB
  • #5,411
  • Sep 17, 2008 8:38am Sep 17, 2008 8:38am
Quoting Golfer
Hi Phillip

Excellent post and valuable information for this system. A must for everyone using this system. That is all I can say.

My comment:
1. Very important to see what is going to happen after the breakout - I got burned several times entering on the breakout. Sometimes you might not even get an entry after the breakout - don't feel bad. Wait for the next setup.

2. One thing I learned using this system and trading with Phillip - don't feel bad when you missed a nice run. Previously I got very upset when I saw a nice move and I missed it. This has a negative effect on your next trade - you tend to jump the gun (too early entry and get burned). Stay with what you feel comfortable with. Nowadays I do analise that move and see where I got it wrong or why did I miss the entry for the future.

Just sharing my experience with this system and enjoy the trading
should write thease sentences by gold.its my experience too many times
  • #5,412
  • Sep 17, 2008 9:59am Sep 17, 2008 9:59am
My triangle breakout trade and taking profit in two stages:

15pips with two lots = 7.5pips
14pips with last lot = 4.6pips

Total of about 12pips from a 40pips move - sorry but this is where my mind is losing me. This why I am struggle to close a trade in phases because of this reason. I still need to "turn my head". Or maybe I am doing some wrong, I don't know.

I can see it will work on volatile pairs like my EY but the EUR? I really need to work hard on this mental part of the trading (major problem for me).

Edit - the closure of the 1st 2 lots was done on the second last candle on the chart and not the candle indicated by my arrow.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080917 5min trade 1.1.JPG Size: 123 KB
Click to Enlarge Name: 20080917 5min trade 1a.1.JPG Size: 128 KB
Click to Enlarge Name: 20080917 5min trade 1b.1.JPG Size: 125 KB
Click to Enlarge Name: 20080917 5min trade 1c.1.JPG Size: 111 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,413
  • Sep 17, 2008 10:30am Sep 17, 2008 10:30am
Hi Nad

Thanks for your advice and being a sound board on my problem (mentioned on my previous post). It is really nice to have a "family" like this on Phillips' thread and Skype for support.

Keep it up and I'll work on it!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,414
  • Sep 17, 2008 12:09pm Sep 17, 2008 12:09pm
A loss with EU, can someone point out what's wrong with this trade?

Pull back in a nice trend with MACD TC confirm, I took that trade after MACD confirm.

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: EU.jpg Size: 57 KB
  • #5,415
  • Sep 17, 2008 12:34pm Sep 17, 2008 12:34pm
Quoting scarlet
A loss with EU, can someone point out what's wrong with this trade?

Pull back in a nice trend with MACD TC confirm, I took that trade after MACD confirm.

Thanks
The candles are large, very large. The bullish candle into the war zone looks like it is somewhere around 30 pips. It is not a nice rounding... 2 candle entry and exit into the war zone. The 2 candles crossed the 21. I hope this was not too harsh a critique, just trying to be helpful. Keep posting and learn from your mistakes. We all make them and that is the only way to improve.
Raymond
  • #5,416
  • Sep 17, 2008 2:33pm Sep 17, 2008 2:33pm
Quoting scarlet
A loss with EU, can someone point out what's wrong with this trade?

Pull back in a nice trend with MACD TC confirm, I took that trade after MACD confirm.

Thanks
Hi Scar

I do agree with Raymond and just a few more comments on your chart. Major issue is the steep pullback.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 67 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,417
  • Sep 18, 2008 2:13am Sep 18, 2008 2:13am
Hi there,

I noticed that the EMA crosover signal that some of us are using repaints itself !! (enclosed below)

For me at least, this is very bad news... Because I trade mostly from my job, i was keeping my platform minimized (while fulfiling my job dutyes) and only when an alert was played I took a look at the charts. Also, I used it to do the backtesting for improving the money management. I hope you understand why I`m so upset...

So, is there anyone who can fix it, or at least sugest another alert which can fit this strategy? Or maybe write an alert based on the colored MACD (as I sugested in an earlier post)...

Please help !

Whishing you big pips,

Necre
Attached Image (click to enlarge)
Click to Enlarge Name: Repaint.jpg Size: 47 KB
  • #5,418
  • Edited 2:59am Sep 18, 2008 2:39am | Edited 2:59am
Quoting necre
Hi there,

I noticed that the EMA crosover signal that some of us are using repaints itself !! (enclosed below)

For me at least, this is very bad news... Because I trade mostly from my job, i was keeping my platform minimized (while fulfiling my job dutyes) and only when an alert was played I took a look at the charts. Also, I used it to do the backtesting for improving the money management. I hope you understand why I`m so upset...

So, is there anyone who can fix it, or at least sugest another alert which can fit this strategy? Or maybe write an alert based on the colored MACD (as I sugested in an earlier post)...

Please help !

Whishing you big pips,

Necre
Remember I told you that you must refresh your charts.
As market keeps on moving sometimes the ema crossing is cancelled.
  • #5,419
  • Edited 5:15am Sep 18, 2008 4:17am | Edited 5:15am
20pips.i went down to M1 for an earlier entry
edit: if i trail it with 25 pips i'd 140 pips up now
edit: my 25pips trailing stop would hitt by +111 pips profit now
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 16 KB
  • #5,420
  • Sep 18, 2008 4:38am Sep 18, 2008 4:38am
Hello,
I was wondering what success rate (in %) people are achieving with this system ??

Thanks!
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