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5Min Intraday System

  • #5,701
  • Oct 30, 2008 3:07pm Oct 30, 2008 3:07pm
Just to show you the missed opportunity - look at her run!

But I am happy with my 11:1 WINNING RATIO today.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,702
  • Oct 30, 2008 3:17pm Oct 30, 2008 3:17pm
The setup was OK - however no power candle but my entry was way too late.

Lession learned again - If I missed a entry, don't try and get a late entry. Let it go and wait for the next one.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,703
  • Oct 30, 2008 3:35pm Oct 30, 2008 3:35pm
Quoting Golfer
The setup was OK - however no power candle but my entry was way too late.

Lession learned again - If I missed a entry, don't try and get a late entry. Let it go and wait for the next one.
nice trades willem ,well done.about ur loss i would say it was very near to the H1 TL (before breaking down )and i think thats why it didnt worked out
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  • #5,704
  • Oct 31, 2008 3:34am Oct 31, 2008 3:34am
another trade with profit 10pips. Enter after powercandle and TC(not so smooth), right on 8MA. could have take more pips, but didn't want to risk
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  • #5,705
  • Oct 31, 2008 3:37am Oct 31, 2008 3:37am
my BE trade .comments are on the charts
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  • #5,706
  • Oct 31, 2008 5:12am Oct 31, 2008 5:12am
Thanks for the links and charts.
  • #5,707
  • Oct 31, 2008 5:32am Oct 31, 2008 5:32am
Quoting bshadroo
nice trades willem ,well done.about ur loss i would say it was very near to the H1 TL (before breaking down )and i think thats why it didnt worked out
Thanks, Bs. Yes, I only went to the 1H and 4H chart after the trade and I saw it when I analised the trade. Like I do with every trade - analise all my trades, positive or negative.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,708
  • Oct 31, 2008 5:43am Oct 31, 2008 5:43am
Quoting Sher_net
another trade with profit 10pips. Enter after powercandle and TC(not so smooth), right on 8MA. could have take more pips, but didn't want to risk
Nothing wrong with trade - see my comments regarding TP.

I can see why you took 10pips profit - it was also right on the 1st support line.

Another option was the 2nd support line but I wouldn't have gone for the 3rd support line (recent low formed by the tails.).

Always nice to have pips in the bank.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,709
  • Oct 31, 2008 8:16am Oct 31, 2008 8:16am
Hi!
Yes, Golfer, you are right. I took profit just on that line you draw, first support line. I wasn't sure that price can break that level. AS you can see price went back a little after reaching that level. If I didn't took profit, I probably would be out with B/E.
  • #5,710
  • Oct 31, 2008 8:23am Oct 31, 2008 8:23am
Just took another setup on EJ. The power candle after which i entered, broke the resistant TL as you can see on chart. Also I like the zero bounce on MACD.
I put TP on 30 pips profit. When i had 15pips I was going to take profit, but my internet connection went bad. After minut i saw that price reached my TP level.

P.S. Have a nice weekend everyone!
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  • #5,711
  • Oct 31, 2008 9:39am Oct 31, 2008 9:39am
10pips,it could be more(smaangle was not in good situation so i decided to close soon )
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  • #5,712
  • Oct 31, 2008 2:12pm Oct 31, 2008 2:12pm
Answers (my comments in blue) on a pm I received from a fellow member (only parts of the message):

Been following Phillip Nel's 4H system, but since it's been abit slow recently (stop loss size)

I've tried the system but it seems like it is not for me. Just cannot get a good trade on it. So I decided to give a skip but I do follow the thread and the charts.

, thought of checking this out in the meantime and was wondering if you could answere just 2 question, seeing that you are the designated big guy.

Not really - just study and practice this system almost from the begining.

1)As one of the Masters of this system, what is your average success rate

About 74-80% winning and yes, my patience and discipline are my biggest drawback. I am working very hard at that.

Currently I am trying to focus on just to enter on my high probability setups (pullback with price patterns). That is why I tend to ignore the Skype chat lately because it became a distraction with all the CT and private discussions. I was hoping we could have focused on the setup as they appears but unfortunately it was not the case.

and in particular, what has been a bad patch?

1. Ranging markets - when the 4h charts are running flat. Be careful. I like to see wave-like movements on the 4h chart or nice trending markets (not very often).

2. Asian sessions.

3. When I was trying to enter each and every setup. After that Phillip assisted with the TC pattern on the MACD and I teached myself to identified certain patterns that frequently appeared on the charts:

My SMall support and resistance lines
Pivot lines
Church formations
Ellipse formation
Triangles
Bearish/Bullish 3 pattern
Tails

Just to name a few.

4. Exit a loser trade - but I am getting better at it. Once again - a bad habit created by doing demo trading.

That is why I would advice people to start with a small live account and only trade small lots (o.01) - just my opinion.

2) Do you live trade with this setup

Definitely but with small lots. I try to risk only 1.5% of capital per trade. I almost don't demo trade anymore - helps with my discipline. Got into bad habits with demo trading - lost of discipline and take trades that are not on because one doesn't really worry.

and if not why? (In the context of the system that is)

Not necesary to answer because the system is working for me. The majority of my negative trades are when I broke/bend some of my rules. Or trade when there is no rhythm.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,713
  • Nov 3, 2008 1:09am Nov 3, 2008 1:09am
Quoting Golfer
The setup was OK - however no power candle but my entry was way too late.

Lession learned again - If I missed a entry, don't try and get a late entry. Let it go and wait for the next one.
Very nice......I seem to keep relearning that same lesson as well.
  • #5,714
  • Nov 3, 2008 3:46am Nov 3, 2008 3:46am
Quoting Golfer
Answers (my comments in blue) on a pm I received from a fellow member (only parts of the message):

Been following Phillip Nel's 4H system, but since it's been abit slow recently (stop loss size)

I've tried the system but it seems like it is not for me. Just cannot get a good trade on it. So I decided to give a skip but I do follow the thread and the charts.

, thought of checking this out in the meantime and was wondering if you could answere just 2 question, seeing that you are the designated big guy.

Not really - just study and practice this system almost from the begining.

1)As one of the Masters of this system, what is your average success rate

[color=#0000ff]About...
Golfer,

I am glad to hear your opinions on trading with a mini or micro account. You're the first person to confirm that for me. I've developed very bad habits on my demo. I trade two mini accounts now but not after completely devastating one of them. Had to top it up twice but what I learned from that was the patience and the discipline which is hard to learn demo trading.

I would still recommend newbies to get their feet wet with demo trading and learn the market rhythm. You have to do this first, you can't run before you walk.

My pips started rolling in once I started understanding market rhythm and combing multiple time frame analysis (4hr, 1hr, and 5min). And by rereading philips's lessons many times over.

However, no one can teach someone patience or discipline in trading. The best teacher for that is in the pain of loosing your hard earned cash.
  • #5,715
  • Nov 3, 2008 8:26am Nov 3, 2008 8:26am
Quoting MAD
Golfer,

I am glad to hear your opinions on trading with a mini or micro account. You're the first person to confirm that for me. I've developed very bad habits on my demo. I trade two mini accounts now but not after completely devastating one of them. Had to top it up twice but what I learned from that was the patience and the discipline which is hard to learn demo trading.

I would still recommend newbies to get their feet wet with demo trading and learn the market rhythm. You have to do this first, you can't run before you walk.

My pips started rolling in once I started understanding market rhythm and combing multiple time frame analysis (4hr, 1hr, and 5min). And by rereading philips's...
I totally agree with you.

1. All I want to stress is the fact that everybody should trade a demo account as if it is a real account. Please do not develop bad habits just because it isn't real money.

I also had to top-up my mini account (and I am not ashame to acknowlegde it) once because of this system reason being I just didn't have the necessary patience and discipline.

2. Yes, you'll get burned badly with this system if you don't follow the rules - believe you me. And I am sure Phillip will agree. And it is not the system - this system is working!

Just my opinion - feel free to differ from me.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,716
  • Nov 3, 2008 10:20am Nov 3, 2008 10:20am
good triangle breakout but no chance for entry
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  • #5,717
  • Nov 3, 2008 11:49am Nov 3, 2008 11:49am
There was 2 chances to get in with the 5min. 3 Sisters with a break below entry at 1.2735 and then a second chance after a pullback and then a power bar move away at 1.2720. Using the 21ema as a trailing stop to take profit.
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  • #5,718
  • Nov 3, 2008 6:26pm Nov 3, 2008 6:26pm
find this thread again , I like MA system , it's very simple to use even for a beginner
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  • #5,719
  • Nov 4, 2008 2:24am Nov 4, 2008 2:24am
Hi guys,

I'm back and will do post some trades again.

Due to the heavy volatility I've changed something for me:

1. Very low leverage - for me this is 1:1 for every entry
2. Multiple entries to do cost averaging if necessary
3. No hard stops - only mental ones

I trade the EUR/USD only at this moment...
  • #5,720
  • Nov 4, 2008 3:46am Nov 4, 2008 3:46am
Quoting Xaron
Hi guys,

I'm back and will do post some trades again.

I trade the EUR/USD only at this moment...
Welcome back Xaron! I always have enjoyed your trading charts.
BTW, why you using mental stops? Is it only careness?
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