5Min Intraday System | Page 274 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex intraday using the 5min chart: EURUSD 108 replies

The Force 5min system 3,806 replies

Intraday Pound Trades on 5min chart [GBPUSD] 36 replies

5min Bollinger breakout system 42 replies

Attachments: 5Min Intraday System
Exit Attachments

5Min Intraday System

  • #5,461
  • Sep 23, 2008 9:08am Sep 23, 2008 9:08am
An example of why I do take 10pips profit and be happy with it.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080923 5min trade 1.1.JPG Size: 114 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,462
  • Sep 23, 2008 9:20am Sep 23, 2008 9:20am
See comments on chart - this was also a triangle breakout, not indicated on chart because it will become to "busy".
Attached Image (click to enlarge)
Click to Enlarge Name: 20080923 5min trade 2.1.JPG Size: 122 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,463
  • Sep 23, 2008 9:41am Sep 23, 2008 9:41am
I saw this setup being developed and I started to follow it. I save a picture to show you people some signal (apart from the market rhythm) I am looking for while is setup is being developed.

As you can see, it is not that easy. Like I said to Nadia - how the make a decision when you don't have the final picture. It is very difficult. It is always very easy afterwards to explain once the setup was formed - that is why I decided to save this picture to make a point.

Also, that is why you should save pictures of your entry (just after your entry) and after your exit. To try and identify the signals as they develop. The signals don't look the same during the development (sometimes not even familiar) and after the setup was formed/traded. Very easy to see them afterwards but not so easy while they are in the developmental stages.

I hope I made myself clear - that was one aspect of the trading I stuggled with. The before and after picture.

Just sharing my experience as a novice with you. Thanks again Phillip, without you, I would have stopped trading or spent a lot of money on worthless systems and courses. Now I do have a different approach when it comes to forex trading.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080923 eur.1.JPG Size: 114 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,464
  • Sep 23, 2008 9:46am Sep 23, 2008 9:46am
Quoting Golfer
An example of why I do take 10pips profit and be happy with it.
an example of why should one take 10pips profit and be happy with it.
i put my stoploss at BE when i was 15pips profit then price turned around and hitted my SL at BE
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 21 KB
  • #5,465
  • Sep 23, 2008 10:15am Sep 23, 2008 10:15am
Quoting bshadroo
an example of why should one take 10pips profit and be happy with it.
i put my stoploss at BE when i was 15pips profit then price turned around and hitted my SL at BE
Today was a day for taking 10pips profit and be satisfied. It was a range bound market. Once a trend is in place, one can trade with trailing SL. But when can one say it is a trending market?????
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,466
  • Sep 23, 2008 10:21am Sep 23, 2008 10:21am
Quoting Golfer
Today was a day for taking 10pips profit and be satisfied. It was a range bound market. Once a trend is in place, one can trade with trailing SL. But when can one say it is a trending market?????
yes ,thats the question
  • #5,467
  • Sep 23, 2008 1:25pm Sep 23, 2008 1:25pm
Pattern mentioned on Skype chat - meaning the candles are making constant higher lows. Smooth round bottom - as describe on Phillip's 4h MACD system, this time just on the chart and not on MACD. A negative signal for going short for me.

Skype chat:

[08:13:00 PM] Willem Kruger says: EY -just another pattern - look at the smooth turnaround formed by the candles just before the pullback. Almost the same as what Phillip put in the 4hMACD system. Round bottom
Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 101 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,468
  • Sep 23, 2008 1:47pm Sep 23, 2008 1:47pm
[07:35:58 PM] Ryan says: pullback is shaping up nicely..not too steep
[07:45:54 PM] Willem Kruger says: EUR - yes pullback looks nice
[07:49:38 PM] Ryan says: power candle forming
[07:50:16 PM] Willem Kruger says: Yes lets see
[07:50:32 PM] Willem Kruger says: Very close to previous low
[07:50:52 PM] Willem Kruger says: Right on M2 line
[07:54:04 PM] Willem Kruger says: No price pattern with the pullback
[07:56:23 PM] Willem Kruger says: EUR - lets see if we can get a Bearish 3 pattern now
[07:59:40 PM] Ryan says: very choppy
[07:59:44 PM] Willem Kruger says: Bearish 3 cancelled, double bottom formed, be careful
[08:00:30 PM] Willem Kruger says: First Small resistance line broken - another neg signal
Attached Image (click to enlarge)
Click to Enlarge Name: 1.2.JPG Size: 101 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,469
  • Edited 10:07pm Sep 23, 2008 8:38pm | Edited 10:07pm
Hey Golfer,

I see that you keep an Excell spreadsheet of your trades and post it every several months or so. Do you have a summary spreadsheet that shows your record for the entire time from the beginning until now? Kind of a "pips gained per month" kind of thing?... If so, would you mind posting it?

I know Phillip posted his trades recently, and that helped a lot. But I was also hoping to see the progressing path of someone who's learning the system as a beginner.

This request comes at a bump on the forex road for me. The short version of the story is: I thought I had trading figured out, then I learned that I have much further to go than I thought. Two steps forward, one step back. I'm getting there... I just need some inspiration from someone who was once a beginner too.

Thanks Golfer!
Money missed is better than money lost
  • #5,470
  • Sep 24, 2008 8:33am Sep 24, 2008 8:33am
out -6pips after the candle after signal candle closed bearish
edit:dropped 20pips after i closed.another reason to show why shuold close the position as soon as possible after one recognise it doesnt go in his direction
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 16 KB
  • #5,471
  • Sep 24, 2008 9:37am Sep 24, 2008 9:37am
Quoting Dahlia
Hey Golfer,

I see that you keep an Excell spreadsheet of your trades and post it every several months or so. Do you have a summary spreadsheet that shows your record for the entire time from the beginning until now? Kind of a "pips gained per month" kind of thing?... If so, would you mind posting it?

I know Phillip posted his trades recently, and that helped a lot. But I was also hoping to see the progressing path of someone who's learning the system as a beginner.

This request comes at a bump on the forex road for me. The short version of the story is: I thought I had trading figured out, then I learned that I have much further to go than I thought. Two steps forward, one step back. I'm getting there... I just need some inspiration from someone who was once a beginner too.

Thanks Golfer!
Hi Dah

No, I don't keep an Excell spread sheet of my trades on Phillip's 5min system. I only a spreadsheet when I am testing a system - like two other systems I am testing. That is until I decided that this system is working for me or not. And Phillip's 5min system is working for me - especially now that I do look at the market rhythm and price patterns.

Nowadays I would rather save pictures of my trades and price patterns that I've seen previously on my 3 pairs. I also was practising with setups and thr system and didn't follow My Rules to the letter.

All I can tell you that I my mini account went down to about $250 at the end of June 2008. That was because of testing several setups and other systems. Like I said before, I like to trade very small live lots (0.01lots) rather than using a demo account to make sure I do get the feeling of trading with live money.

In July I decided to trade more conservatively (entering just when I really feel comfortable with the setup) and dropped the other systems I am testing. I only traded 0.2lots and took 10-15pips profit per trade. I think I had about 4 trades where I took 100, 60, 55 and 45pips profit. Otherwise just 10-15pips($2-$3 profit) per trade.

Now my account is standing at $330.

Just to correct you - I do see myself as a beginner, LOL. I still have a lot to learn.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,472
  • Sep 24, 2008 9:57am Sep 24, 2008 9:57am
Quoting bshadroo
out -6pips after the candle after signal candle closed bearish
edit:dropped 20pips after i closed.another reason to show why shuold close the position as soon as possible after one recognise it doesnt go in his direction
Good decision.

I played golf this morning (public holiday in South Africa) and only had a look at the markets around 11H00gmt. And I didn't like what I see. I took 10pips on EY what I thought was a 3rd sister. Then I decided to call it a day and went to do some other stuff. It is only now that I am back and still don't like what I see. Only cable is looking promising.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 111 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,473
  • Sep 24, 2008 10:13am Sep 24, 2008 10:13am
Then I saw Cable is moving in channels today - not so easy trading this system in market conditions like this. You need to know what you are doing!!!
Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 123 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,474
  • Sep 24, 2008 10:30am Sep 24, 2008 10:30am
Just to show you a high risk trade for 10pips profit - is it really worth it?
Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 107 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,475
  • Sep 24, 2008 12:25pm Sep 24, 2008 12:25pm
Another trade - on the TC but it was not a smooth TC. The higher lows worried me but then there was a break.

10pips profit.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080924 5min trade 1.1.JPG Size: 108 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,476
  • Sep 25, 2008 1:23am Sep 25, 2008 1:23am
good day, guys, excelent setup this morning.
Attached Image
  • #5,477
  • Sep 25, 2008 1:34am Sep 25, 2008 1:34am
Quoting samurai
good day, guys, excelent setup this morning.
yes, great smooth TC formed with higher lows. Nice signals - I hope you took it and made some pips.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,478
  • Sep 25, 2008 6:11am Sep 25, 2008 6:11am
A good setup...
Attached Image
  • #5,479
  • Edited 2:11pm Sep 25, 2008 10:22am | Edited 2:11pm
Small trade for 10 pips mentioned in skype.
In times like lately it's better do not be greedy.
[[10:02:20 a.m.]mkain dice: possible 3 rd sister en e/u forming
[10:02:30 a.m.] mkain dice:no power candle yet
[10:04:29 a.m.] islandtrader dice:the 1 hour has long wicks to the down side
[10:04:51 a.m.] islandtrader dice:it's not in a rhythm
[10:05:12 a.m.] islandtrader dice:too risky for me
[10:06:00 a.m.] mkain dice:retracement coincided with 38 % fib
[10:12:03 a.m.] mkain dice:+ 10
P.S:Nice trade Emacro
Attached Image (click to enlarge)
Click to Enlarge Name: chart3.gif Size: 22 KB
  • #5,480
  • Sep 25, 2008 12:41pm Sep 25, 2008 12:41pm
10 pips on a reverse steeple formation. Smooth ellipse.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 13 KB
4 traders viewing now