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5Min Intraday System

  • #5,841
  • Nov 18, 2008 4:50pm Nov 18, 2008 4:50pm
I know Palmer tried using 3 different lots when trying to catch bigger pip based on larger time frames. You may want to ask him, but I believe he would bank 2 of the lots and try to let the 3rd one run. He also stated you are trying to catch a trend verrrrry early, so the odds are not in your favor and he at least wanted to try to bank some pips before going for the pot of gold. I have tried it about 3-4x and have not been successful at catching one of the trends. However, all it take is one time and I'm sure it would feel pretty good. Best of luck
Raymonds
  • #5,842
  • Nov 19, 2008 1:36am Nov 19, 2008 1:36am
Just an interesting observation regarding my attached weekly results:

 

  1. Week up to Oct 31 ending with 71% success rate but $6 loss. That is what happens if you let your losses run. Exit your trade as early as possible if you don't like the setup. Even with a small loss.

Attached File(s)
File Type: pdf Book1 forex factory.pdf   9 KB | 1,097 downloads
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,843
  • Nov 19, 2008 10:21am Nov 19, 2008 10:21am
no setup for today ,thats why there is no post today ,it is a good sign.people follow the rules
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  • #5,844
  • Nov 19, 2008 11:20am Nov 19, 2008 11:20am
Can't let it go that easily. A reverse steeple for 12 pips
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  • #5,845
  • Nov 19, 2008 1:26pm Nov 19, 2008 1:26pm
I didn't really see nice setups in die London session - just like Bs. I didn't feel comfortable with the rhythm of my 3 pairs. So I decided to give it a rest during the early hours. Just watching the charts and look at the price movements. Also after the first news release - no real movements. Then I thought to myself - this is now real consolidation and you'll get burned trying to trade this system in markets conditions like this. So I spend quality time with the wife and didn't look at the chart after the first US news release.

But I saw this setup on the EY earlier and took it for 10pips.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,846
  • Nov 19, 2008 1:44pm Nov 19, 2008 1:44pm
Quoting mdowd
Can't let it go that easily. A reverse steeple for 12 pips
Hi Md

Very nice setup and well taken. I was just too tired to trade tonight. Didn't feel emosional up to it - better to stay away then and do something else (relaxing).

I saw Cable give a nice 3 little sisters after that. You took the first one.

You won't get a better example of TCs like this chart.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,847
  • Nov 19, 2008 2:22pm Nov 19, 2008 2:22pm
Here are 2 trades. The first is the TC on the first sister for 11 pips. However, i took the second trade after the break of the near horizontal/support. I lost 20 pips. Was I wrong to enter at that time?
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  • #5,848
  • Nov 19, 2008 3:22pm Nov 19, 2008 3:22pm
Golfer
I almost took number three of the TC. But I ducked because the SPY turned up(The standard forex pairs seem to be following the futures in the late morning and afternoon.). Glad I didn't because I keep a tight stop which would have been taken out.
  • #5,849
  • Nov 19, 2008 3:50pm Nov 19, 2008 3:50pm
I am using this on the 1M with success. Got 45 pips today. 7 trades 0 losses.
anyone using this on 1m? I am using 20 pip stop loss. I aim for 5-10 pips profit.
  • #5,850
  • Nov 19, 2008 4:33pm Nov 19, 2008 4:33pm
Quoting bigbear777
I am using this on the 1M with success. Got 45 pips today. 7 trades 0 losses.
anyone using this on 1m? I am using 20 pip stop loss. I aim for 5-10 pips profit.
1min charts are helpful in high volatility times like lately, however i'm not so familiar with that time frame, many traders here use them (bshadroo and Phillip for example).
Congratulations for your success, keep on going and I hope to see some of your charts later to learn more
  • #5,851
  • Nov 19, 2008 10:40pm Nov 19, 2008 10:40pm
Quoting Morelands
Here are 2 trades. The first is the TC on the first sister for 11 pips. However, i took the second trade after the break of the near horizontal/support. I lost 20 pips. Was I wrong to enter at that time?
Info
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,852
  • Nov 20, 2008 1:32am Nov 20, 2008 1:32am
Quoting bigbear777
I am using this on the 1M with success. Got 45 pips today. 7 trades 0 losses.
anyone using this on 1m? I am using 20 pip stop loss. I aim for 5-10 pips profit.
yes,i use it as mkain said ,forexample i was watching it when eu crazy movment starts yesterday but didnt enter because of comments on chart .u should use it very carefully and in the time of very fast movments
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  • #5,853
  • Nov 20, 2008 4:27am Nov 20, 2008 4:27am
I scratched the trade for 3.5 pips because it wasn't making any progress.
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  • #5,854
  • Nov 20, 2008 7:22am Nov 20, 2008 7:22am
Hello Phillip!

I have 1 question: what shows the macd +/-0,4 levels?

Thx!
  • #5,855
  • Nov 20, 2008 7:58am Nov 20, 2008 7:58am
15 pips on the breakout down of the pennant.
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  • #5,856
  • Nov 20, 2008 8:40am Nov 20, 2008 8:40am
Hi Th

See my comments in your message:
I've been working my way through this thread for some days now

I hope you've started on page one and worked through all the links posted there. All the patterns are explained in posts

and am not yet familiar with the names used here to describe chart patterns. Would someone please advise me.

Three Little Sisters = pennant, wedge?

A continuation pattern to the down side formed by three lower highs

Reverse steeple = inverse cup and handle?

Sorry, not my invention

Reverse Church = reverse cup and handle?

A new lower low (the church bell tower) followed by pullback to the war zone and then a consolidation period (formed by a lateral movement of the price - the church building). Then there is a continuation to the down side. So there is not really a cup and handle formed.

TC = ?

Well explained on page 1 in one of the appendices. You will also find more information on Philips 4hMACD system. One of the fundamentals of his systems

Also, if you are noting these strong continuation patterns, why not ride them?

Much easier said than done. One cannot determine before hand which setup will run. Like you said it's very easy to see it afterwards. One can also use the 4hour MACD rhythm and rules - sometimes you can see which setup could run. Otherwise, I do like my 10pips profit and walk away.

There are two examples given on this page (#5844 and #5846) which trended well and would have, as the pattern suggested, produced around 70 and 60 pips respectively! However, as we all know - hindsight is wonderful isn't it!

As I understand it though, Phillip's method is all about limiting exposure to risk. My problem is that I am addicted to the 'what if' syndrome!

I had the very same problem - that is why I started identifying and trading the price patterns. Because then you do have an idea what the price might do. If the price doesn't do what is expected, then I know the trade is not on. So I will exit as close as possible to break even or I won't even enter the trade

I wish that I could find a cure for this condition. The thing is that whilst it is good to limit ones exposure to the vagaries of the market, the down side is that one has to make more frequent trade entry and exit decisions.

This is very important. For the past two years I've worked on my entry strategy. I think now is the time that I can look at my exit strategy but I still like Philips initial approach and I would recommend it for the newbies. Take your 10pips profits and leave.

I hope it helps you and enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,857
  • Nov 20, 2008 9:14am Nov 20, 2008 9:14am
15 more pips on the ellipse
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  • #5,858
  • Nov 20, 2008 9:33am Nov 20, 2008 9:33am
Quoting mdowd
15 pips on the breakout down of the pennant.
Hi Md

Sorry, just to show people the pennant on the chart. Great trade.

Seems like you have adapted this system and doing very well with it.

Patience is the key word.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,859
  • Nov 20, 2008 10:53am Nov 20, 2008 10:53am
Thx Golfer, (#5856), much appreciated.

Yes I confess to a lack of due diligence.I will indeed now read the pda files I have been collecting so far!

I like your 10pips target limit. If I set this on entry as a contingent order, it would remove much of the stress I think. Strict money management and compounding should do the rest I hope.

This is a great thread - I'm having a ball!
  • #5,860
  • Nov 21, 2008 2:08am Nov 21, 2008 2:08am
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