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5Min Intraday System

  • #5,761
  • Nov 7, 2008 11:58am Nov 7, 2008 11:58am
Quoting tar
Hi Golfer , u r trading this method for a while and i didnt visit this thread for long time, is it working well ? which pairs better in your opinion ?
Just done my calculation for my trades based on this system for the week:

40 trades:
8 negative
4 BE
28 positive

Hope it answer your answer.

Yes, still with the mini account - with another EA I increased my account with 58% last month. With that growth, in Jan 2009 I'll be able to open a standard account.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,762
  • Nov 7, 2008 2:17pm Nov 7, 2008 2:17pm
Quoting Golfer
Just done my calculation for my trades based on this system for the week:

40 trades:
8 negative
4 BE
28 positive

Hope it answer your answer.

Yes, still with the mini account - with another EA I increased my account with 58% last month. With that growth, in Jan 2009 I'll be able to open a standard account.
Good for u
  • #5,763
  • Nov 8, 2008 6:58am Nov 8, 2008 6:58am
My trades yesterday, one 25 pips, three break even.

http://www.xaron.net/dl/fx/2008/intr...usd_071108.png

Regards - Xaron
  • #5,764
  • Nov 8, 2008 2:23pm Nov 8, 2008 2:23pm
[quote=Golfer;2335233]Just done my calculation for my trades based on this system for the week:

40 trades:
8 negative
4 BE
28 positive

Wow! 40 trades a week. I had no idea you traded that often. How many per .Eur/usd, gbp/usd, and Eur/jpy. I have a very limited schedule and I was happy to place 3-4 trades/wk (I had to cut back from 5 night/wk b/c my blood pressure was too high from a lack of sleep- 4-5hrs/night, three kids, and my wife works FT, too). I now trade 3-4 nights/wk for 2 hr during the eur session and try to catch something while at work when the US and eur markets are open. I'm just hoping to double my account in 6 months to a yr. You almost did it in a month. Excuse me while I pick my jaw up off the floor. Good for you. I can only hope to make enough so I don't have to work FT and can trade the USD/EUR session. Wow
Raymond
  • #5,765
  • Nov 9, 2008 12:16am Nov 9, 2008 12:16am
[quote=Morelands;2335986]
Quoting Golfer
Just done my calculation for my trades based on this system for the week:

40 trades:
8 negative
4 BE
28 positive

Wow! 40 trades a week. I had no idea you traded that often. How many per .Eur/usd, gbp/usd, and Eur/jpy. I have a very limited schedule and I was happy to place 3-4 trades/wk (I had to cut back from 5 night/wk b/c my blood pressure was too high from a lack of sleep- 4-5hrs/night, three kids, and my wife works FT, too). I now trade 3-4 nights/wk for 2 hr during the eur session and try to catch something while at work when the US and eur markets are open. I'm just hoping to double my account in 6 months to a yr. You almost did it in a month. Excuse me...
Hi Raymond

Yes, 40 trades per week is way too many. I still take too many risky trades.

I also have limited time to trade - the reason for taking too many risky trades. I usually do have 10-20min to to look at the charts before I need to move on to attend meetings or give lectures. That is when I do a quick trade and take 10pips profit. That is why I cannot let my profits run - I like to follow my trades live and see how they develop.

The EA I am running is NOT Phillip's 5min system - it is a another system I use during the Asian session, from 18H00gmt to 04H00gmt.

Back to Phillip's system:

Eur = 24 trades
Cable = 12 trades
EY = 4 trades

The majority of trades are taken between 13H00-18H00gmt - I do arrive home around 14-15H00gmt and still have some trading time (this is when I tend to take high risk setups and exit for only a few pips - not even 10pips) untill 18H00gmt when I try to stop trading. Another reason why I stopped chatting on the 5min Skype chat - one needs to have full concentration when trading high risk setup and not distracted by some private chats going on on the chat. I really don't mind discussing setups as they develop but??? I hope we can restart the chat again.

I am currently very careful with my favourite pair - EY - because of the increased movement/range. One's SLs can (to) easily be triggered. Especially with the spikes of the prices currently being experienced. That is why I tend to concentrate on the EUR lately.

In the next few weeks I want to decrease the number of trades taken so that I should only take high probaility setups.

Enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,766
  • Nov 9, 2008 3:43am Nov 9, 2008 3:43am
Xaron and others. I suggest you add the CCI-55 to your charts. This will show you when there is divergence and when not to trade or to scalp.
I've attached a screengrab to show you how this works with Xaron's screengrab.
Regards.
George
Attached Image
  • #5,767
  • Nov 9, 2008 4:39am Nov 9, 2008 4:39am
Just an example how to use price patterns:

I came across a video on the internet regarding triangle with the following comment: "One can expect the breakout to have the same range as the start of the price pattern".

I just came across this nice triangle as an example - very interesting.

Take note - the second triangle didn't work out. Support was too strong - the breakout came much later after another upward move.

The second chart is another triangle formed after the 1st triangle. That one ran a lot lower.

So look for the 3 little sisters forming a triangle giving you a better setup to trade.

Enjoy the trading
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 109 KB
Click to Enlarge Name: 2.1.JPG Size: 106 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,768
  • Nov 9, 2008 6:44am Nov 9, 2008 6:44am
40 trades weekly not too much , i know scalpers trade 20 times daily at least !
  • #5,769
  • Nov 9, 2008 7:16am Nov 9, 2008 7:16am
Still playing around with price patterns and studying this system after hours to get more experience/skilled in this system. One should never stop learning!

Very interesting chart I came across while looking for price patterns.

Note at the nice pin bar marked as "A". The open and close of the pin bar is within the left eye. As a reversal pattern, be careful with the next setup.

Just some interesting reading.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: flag 1.1.JPG Size: 100 KB
Click to Enlarge Name: pin bar 1.1.JPG Size: 75 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,770
  • Nov 9, 2008 7:31am Nov 9, 2008 7:31am
Latest vesion of this system - answer to a member's pm:

All the links are still on page 1 of the thread. Latest additions to the system are:

1. TC on MACD (same as being used on Phillip's 4h MACD system)

2. Power candles/bars on the signal bar of the TC as a signal to enter on the opening of the next candle.

3. Use the 4h MACD rhythm as direction for your trades - long or short in the direction of the 4h MACD market rhythm/rules.

Nowadays I am trying to look for specific price patterns just before or during the setup. Because there are so many setup - it is sometimes very difficult to decide which setup is the high probability setups. Also just to minimise the number of trades (avoid overtrading) especially the bad trades.

Otherwise nothing really new.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,771
  • Nov 9, 2008 7:37am Nov 9, 2008 7:37am
Quoting tar
40 trades weekly not too much , i know scalpers trade 20 times daily at least !
Hi Tar

I do agree - but according to Phillip's orginal rules, one should have 2-3 trades per day with this system. There are only a limited number of high probability setups in a day - definitely not up to 8 trades a day like I am doing right now. I am still overtrading but I am working on it - a bad habit I've developed while I was trading a demo account. And I got burned more times than I could have managed. That is why I am trying to reduce my number of trades per day using this system. When the market are trending - yes, one can easily have more than 3 trades a day. But not every day!

I can do that very easily on a 1min chart with another system taking 3-4pips profit on each trade but one needs to know what you are doing. Maybe some day I'll try again?

Thanks for the comment and enjoy it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,772
  • Nov 9, 2008 8:02am Nov 9, 2008 8:02am
Very interesting to compare this chart with the one previously posted with the flag pattern.

A good week's trading to all of you!
Attached Image (click to enlarge)
Click to Enlarge Name: flag 2.1.JPG Size: 89 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,773
  • Nov 9, 2008 5:56pm Nov 9, 2008 5:56pm
Hi

Could someone tell me what the green and red lines on the MACD histogram represent (ie what turns it green or red). I'm sure this is a dumb question.
Also, just to get it straight in my head, if I am looking to go long, I need the following to confirm

1) Angle on the 50 ema of 20 degrees
2) PB between the 10-21 ema
3) Bullish power bar breaking a small trendline
4) Green bar on the MACD

Is this correct. Thanks for your help

Peter
  • #5,774
  • Nov 9, 2008 9:25pm Nov 9, 2008 9:25pm
Never Mind about the MACD. Just figured it out. Duuhhh!!. But am I correct in the rest of my previous quesion?

Peter
  • #5,775
  • Nov 9, 2008 9:45pm Nov 9, 2008 9:45pm
Hi P

See my comments in your message:

Quoting petera
Hi

Could someone tell me what the green and red lines on the MACD histogram represent (ie what turns it green or red). I'm sure this is a dumb question.
Also, just to get it straight in my head, if I am looking to go long, I need the following to confirm

1) Angle on the 50 ema of 20 degrees

Yes but upwards. This is replaced by the SMAangle with the 21MA on it. If you don't have a MT4 trading platform, you can still use the 20 degree rule.

2) PB between the 10-21 ema

Ideally, yes. Just remember there are 3 speed(s) of the markets, fast, medium and slow.

3) Bullish power bar breaking a small trendline

Bullish power candle bouncing off the 21MA or My Small support line. Be careful with "breaking a small trendline". I think you are referring to price pattern and a breakout of a price pattern such as a triangle. Don't get confused.

Bullish...
[color=blue]I would suggest that you work through the links posted on 1st page and then post a few charts indicating your entry and what you've seen on your chart. Much easier for us to comment that way. Also easier for you to learn the system.

Good luck.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,776
  • Nov 10, 2008 2:12am Nov 10, 2008 2:12am
hello all
im in a bussines travel in china and really have not enough time to watch the market ,but this morning i had time to look at the assian sesion.but didnt take cause i have not enough experience for this time of day .but it would worked out any way .
btw ,although all of PMs between me and saka ,unfortunetly we have no chance to meet each other , sorry saka and thx for ur kindness.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 20 KB
  • #5,777
  • Nov 10, 2008 3:09am Nov 10, 2008 3:09am
Golfer hi , how much u risk from your account in every trade 2% .... ?
  • #5,778
  • Edited 4:51am Nov 10, 2008 4:39am | Edited 4:51am
Quoting tar
Golfer hi , how much u risk from your account in every trade 2% .... ?
Hi Tar

I started very small - trading with 0.01 lots just to get the feeling for trading with real money.

Currently I am trying to risk 1.5% to 2% of my capital per trade. I do have a spreadsheet working out my risks - not exactly and scientific but it gives me an indication that the number of lots that I can use based on the capital in my account and my SL. I don't really use the value of the pips of each pair - I'd take it as 1pip = $1 - so my risk is just an indication, not a precise calculation.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,779
  • Nov 10, 2008 6:10am Nov 10, 2008 6:10am
Thanks for your help Golfer

Peter
  • #5,780
  • Nov 10, 2008 6:15am Nov 10, 2008 6:15am
Quoting petera
Thanks for your help Golfer

Peter
Hi p

My pleasure - looking forward to see your charts and giving you advice to ensure that you do understand the system. It is not easy to give theoretical information without using examples. Please feel free to post a few charts with your comments and I'll give my opinion. We are all here to learn.
Willem Forex recipe for success = Patience, discipline & hard work.
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