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5Min Intraday System

  • #5,661
  • Oct 23, 2008 3:42am Oct 23, 2008 3:42am
Quoting mkain
Remember use MA from indicators (not custom indicators) and set it as first indicators data.
If that doesn't work you could try it by one of templates of the thread.
Here is my old template (I don't use SMA angle anymore)
http://www.forexfactory.com/showpost...postcount=3188
You can set your favorite colours later.
Thanks. That worked. If you don't use the SMA angle anymore what do you use? The MACD?
  • #5,662
  • Oct 23, 2008 4:30am Oct 23, 2008 4:30am
Price broke thru the triangle, pulled back to the break out level, and then began to move away. Good for 10 pips
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  • #5,663
  • Oct 23, 2008 4:36am Oct 23, 2008 4:36am
Quoting MAD
Thanks. That worked. If you don't use the SMA angle anymore what do you use? The MACD?
You are welcome.
I replaced SMA angle for Stochastic Histogram (windmil) with 21 ema on it.
Anyway SMA is helpful for newbies, keep it if it works for you.
Now my charts look like this :
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  • #5,664
  • Oct 23, 2008 7:25am Oct 23, 2008 7:25am
Quoting Morelands
Price broke thru the triangle, pulled back to the break out level, and then began to move away. Good for 10 pips
See my comments on charts
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,665
  • Oct 23, 2008 7:30am Oct 23, 2008 7:30am
For all the newbies and for those who don't follow Phillip's 4h system:

Listen to Phillip's mp3 file on how he uses the 5min system and the 4h system together.

Here is the link:

http://www.forexfactory.com/showpost...ostcount=17531
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,666
  • Oct 23, 2008 8:05am Oct 23, 2008 8:05am
Quoting Golfer
See my comments on charts
That is exactly why I got my 10 pips and got out. Also, I'm funded now to do my live trade, but I just demo'd this one because I want my first live trade to be a + one. Always appreciate your input.
Raymond
  • #5,667
  • Oct 23, 2008 8:17am Oct 23, 2008 8:17am
Quoting Morelands
That is exactly why I got my 10 pips and got out. Also, I'm funded now to do my live trade, but I just demo'd this one because I want my first live trade to be a + one. Always appreciate your input.
Raymond
All the best, I did start small - 0.01lot to get the feel for trading with live money first.

I am sure you'll do well with the necessary patience and discipline.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,668
  • Oct 23, 2008 9:02am Oct 23, 2008 9:02am
I went short after TC. I liked lower highs forming after each candle.
My only mistake was that I should've put SL above previous high(rectangle). As you can see, price just hited my SL and went back in direction.


P.S. In markets like these days, 10-15pips SL doesn't enough. So when my SL is bigger than 15pips, I enter with half size, so that it was proper to Money Managment. Accordingly I try catch more than 10pips profit.
Any ideas?
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  • #5,669
  • Oct 23, 2008 9:25am Oct 23, 2008 9:25am
Quoting Sher_net
I went short after TC. I liked lower highs forming after each candle.
My only mistake was that I should've put SL above previous high(rectangle). As you can see, price just hited my SL and went back in direction.


P.S. In markets like these days, 10-15pips SL doesn't enough. So when my SL is bigger than 15pips, I enter with half size, so that it was proper to Money Managment. Accordingly I try catch more than 10pips profit.
Any ideas?
It was a nice setup - I agree but look at my comments on my cable chart a few posts ago. And especially the big bullish candle and the tail just before that - makes me being more careful.

Yes, you can increase your stoploss or place SL just above/below the following:

1. look at the previous highs/lows
2. signal candle of the TC
3. 21MA

By looking at the above 3 possibilities will give you an indication of the risk involved but I know it is not always possible.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,670
  • Oct 23, 2008 9:29am Oct 23, 2008 9:29am
Quoting Sher_net
I went short after TC. I liked lower highs forming after each candle.
My only mistake was that I should've put SL above previous high(rectangle). As you can see, price just hited my SL and went back in direction.


P.S. In markets like these days, 10-15pips SL doesn't enough. So when my SL is bigger than 15pips, I enter with half size, so that it was proper to Money Managment. Accordingly I try catch more than 10pips profit.
Any ideas?
this is exactly like my trade .i never liked gbpusd and each time i trade it i loosed .there are alot of tails in this pair and i dont like it .
about ur second part of post ,i agree its a good idea
  • #5,671
  • Oct 23, 2008 1:17pm Oct 23, 2008 1:17pm
Quoting bshadroo
this is exactly like my trade .i never liked gbpusd and each time i trade it i loosed .there are alot of tails in this pair and i dont like it .
about ur second part of post ,i agree its a good idea
Ha ha...I thought i was the only one having the same problem with GbpUsd.
I break up and average down the cost to turn lose trade into winner. Not really advisable. So far ok. I notice GBPusd moves very fast and then pullback before continuing with the same direction. Can scalp 3-6 pips while waiting for the high probability trade.

Its seems easier for Eurusd. Usdjpy also not bad.

In times like this, where the down trend is strong and not much retracement.
I did not close my position even when i make my 10pips. when the nextday i open up my platform and see that i am up by 100 pips. I move my stop loss to 20pips. and then 40pips untill the retracement hit me.



Good lucky guys and enjoy pimping.
  • #5,672
  • Edited 3:28am Oct 24, 2008 3:17am | Edited 3:28am
18 pips eu .look at the TLs
edit:my target was the lower TL with 25 trailing stop wich price riched it after i closed (second picture).(i decide to close it earlier because of my gu loss yesterday to save some pips today )
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  • #5,673
  • Oct 24, 2008 3:26am Oct 24, 2008 3:26am
My first live trade!!!! and good for 34 pips. The picture is from my demo account b/c I don't like the charts from where I hold my real $ and I'm not sure how to transfer them to FF. It was a TC. It was a little further away from the war zone than I like but the market is really moving, so I took the leap.
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  • #5,674
  • Oct 24, 2008 7:55am Oct 24, 2008 7:55am
my M5/M1 eu trade for 42pips .comments are on chart
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  • #5,675
  • Oct 24, 2008 8:45am Oct 24, 2008 8:45am
another triangle breakout trade .this time smaangle was also OK.
good day
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  • #5,676
  • Oct 24, 2008 9:59am Oct 24, 2008 9:59am
couldnt enter this one ,SL was too big for me
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  • #5,677
  • Oct 25, 2008 12:07pm Oct 25, 2008 12:07pm
Bshadroo,
Nice trading yesterday!!!!!! I could not agree with you more. I think people don't recognize the value of this short term system, especially when the market was moving like it was on Fri. Keep posting, even the ones that aren't successful because I learn from them too.
Raymond
  • #5,678
  • Oct 25, 2008 1:37pm Oct 25, 2008 1:37pm
Quoting Morelands
Bshadroo,
Nice trading yesterday!!!!!! I could not agree with you more. I think people don't recognize the value of this short term system, especially when the market was moving like it was on Fri. Keep posting, even the ones that aren't successful because I learn from them too.
Raymond
thank u .i do agree with u with the loosing trades .we need to post them and discuss about why they dont work out.i have an archive of my trading and i was looking for reasons of why my gu trade went wrong ,here is my gu trade wich hitted my 20pips SL(i speaked about it in post #5670) and the possible reasons for sharing with u .
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  • #5,679
  • Oct 26, 2008 8:41pm Oct 26, 2008 8:41pm
Here is my trade for the night. I was waiting for the gap to fill. It is a subject Phillip has discussed a few times. I was up 50+ pips when that huge tail happened (where the down arrow is), typical for the pound. It's a 57pt tail. It just appearred and then the price went right back up to approx where the candle closed. I happened within 5 seconds. I made out with 28 pips but still feel like I was robbed.
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  • #5,680
  • Oct 27, 2008 12:49am Oct 27, 2008 12:49am
Quoting Morelands
Here is my trade for the night. I was waiting for the gap to fill. It is a subject Phillip has discussed a few times. I was up 50+ pips when that huge tail happened (where the down arrow is), typical for the pound. It's a 57pt tail. It just appearred and then the price went right back up to approx where the candle closed. I happened within 5 seconds. I made out with 28 pips but still feel like I was robbed.

For the newbies - please don't be confused with this trade - it is not according to Phillip's original rules. It looks like a Counter Trend (CT) trade based on the gap to be filled. The 50MA is not in the correct postition and the price is way below the 50MA

Setup A and B was the correct setups to take according to the rules.

Setup C - the 50MA angle was not yet 20 degrees - wrong setup. And see what happens - very risky. Not high probability setup.

If you don't have a SMAangle indicator, remember that the 50MA should be about 20 degrees in the direction of the trade. If you are not familiar with this system or the price rhythm, be very careful if you want to take a trade like this. It is very risky and tails like this can be very costly.

There is only a few situations where I'll ignore the rules and focus on the price rhythm but a gap is not one of them. I am even very careful for the 3 big brothers pattern lately (just because we are in such a strong bearish movement).

Enjoy the trading.
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Willem Forex recipe for success = Patience, discipline & hard work.
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