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5Min Intraday System

  • #5,921
  • Nov 28, 2008 3:22am Nov 28, 2008 3:22am
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  • #5,922
  • Nov 28, 2008 4:28am Nov 28, 2008 4:28am
Quoting bshadroo
.
Yes, thanks for posting it. That would be counter trend (CT) trading - which is not part of this system. It looks very tempting to take trades like that but it is not in the rules of Phillip's system. It also looks so easy but believe me, you'll get burned more often than winning. You need to look at/for another system to enter trades like that. It may work out and sometimes I do take/enter setups like that. But it is very risky.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,923
  • Nov 28, 2008 4:29am Nov 28, 2008 4:29am
18pips TC
willem :yes ,u r right CT trades are not according this system
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  • #5,924
  • Nov 28, 2008 5:18am Nov 28, 2008 5:18am
Quoting bshadroo
18pips TC
willem :yes ,u r right CT trades are not according this system
Great one - I saw the setup developed but I had to go out and missed the trade. I also would have taken it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,925
  • Nov 28, 2008 7:45am Nov 28, 2008 7:45am
Quoting Golfer
Yes, thanks for posting it. That would be counter trend (CT) trading - which is not part of this system. It looks very tempting to take trades like that but it is not in the rules of Phillip's system. It also looks so easy but believe me, you'll get burned more often than winning. You need to look at/for another system to enter trades like that. It may work out and sometimes I do take/enter setups like that. But it is very risky.
again ,a sHs in macd but i didnt trade ,not fammiliar enough with counter trades in M5 TF
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  • #5,926
  • Nov 28, 2008 8:23am Nov 28, 2008 8:23am
this is how i use M1 chart for as an early entry (just like using H1 chart for entering early H4 trades),a liitle bit risky but i've seen this picture many times before and was almost sure .but please tell me if my M1 charts are confusing for u people then i can qiute posting them.
result:+19pips
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  • #5,927
  • Nov 28, 2008 10:36am Nov 28, 2008 10:36am
Hi
It is nice to see the 5min still going strong. The volatility is giving the 5min some good oppertunities if you have patience. I really saw some nice trades posted.
  • #5,928
  • Nov 28, 2008 10:47am Nov 28, 2008 10:47am
I dont use the MACD. Rhythm is what I look for and a good place to enter after a power candle from the zone.
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  • #5,929
  • Edited 1:22pm Nov 28, 2008 1:05pm | Edited 1:22pm
Quoting bshadroo
this is how i use M1 chart for as an early entry (just like using H1 chart for entering early H4 trades),a liitle bit risky but i've seen this picture many times before and was almost sure .but please tell me if my M1 charts are confusing for u people then i can qiute posting them.
result:+19pips
Hi BS

No problem for me. If it working for you,go ahead. It is like the price patterns for me. It helps me with the market rhythm and I do agree with Phillip. I still use the MACD but if I do see a nice price pattern showing me some rhythm, I'll take it on even before a TC is formed on the MACD.

Phillip and all other memebers:

Once again Phillip,for sharing your knowledge with us. During the past 2 years I've learned a lot about market movements/rhythm and it is only now that I start to see what you mean. I was so frustated in the begining but I decide your words make sense if one compares it with the charts. It is just to identify it yourself and I had difficulty with that. If I look at my success rate recently - over 70% - it looks like I am starting to identify the market rhtythm and ignore doubtful/high risk setup (and there are many of them). Or I am doing something right

In the begining I was too focused on the trades - I just wanted to trade. I couldn't wait for the TC to be formed so that I can enter the trade. I went out and 'hunted' for trades.

WRONG!!!!!!!!

Now I am more relaxed and I follow the markets with interest. I am waiting for the markets/trade to show themselves and come to me. I don't know really how to explain this. I do look for familiar patterns and see how the market re-acts. Only after that I'll decide to enter or not. I just cannot believe how stupid I was about 2-3years ago.

Thanks again and keep it up. Lost more setups to come. Don't get upset with missed opportunities.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,930
  • Nov 28, 2008 2:11pm Nov 28, 2008 2:11pm
I just cannot believe how stupid I was about 2-3years ago.

Thanks again and keep it up. Lost more setups to come. Don't get upset with missed opportunities.[/quote]

Willem,
Stupid eh? Don't worry...no hard feeling here. I just know I'm about at the place you were 2-3 years ago. At this point, I'm just trying to not lose a lot of $. I'm not the most patient person in the world, but I'm not going to give up, either. I just want to be at the place where you are where I can identify to good vs. the bad set ups. I know I got a lot of work ahead of me...looking at charts on the wk-ends and such. I always appreciate your help. Have a nice wk-end
Raymond
  • #5,931
  • Nov 30, 2008 6:22am Nov 30, 2008 6:22am
Quoting Morelands
I just cannot believe how stupid I was about 2-3years ago.

Thanks again and keep it up. Lost more setups to come. Don't get upset with missed opportunities.
Willem,
Stupid eh? Don't worry...no hard feeling here. I just know I'm about at the place you were 2-3 years ago. At this point, I'm just trying to not lose a lot of $. I'm not the most patient person in the world, but I'm not going to give up, either. I just want to be at the place where you are where I can identify to good vs. the bad set ups. I know I got a lot of work ahead of me...looking at charts on the wk-ends and such. I always appreciate your help. Have a nice wk-end
Raymond[/quote]

Hi Raymond

Looks like we have almost the same personality. Not much patience but we don't give up.

Yes, I do agree with you. Lots of hard work, practice and patience. That is almost all what is required to make a success in this business and this system. Just look what is working for you and is not. Then stay with and work on it. There was a period of time where this thread was a bit quite but I stucked with it as peoplecome and go. Luckily Phillip supported me through my difficult and "lean" times on this thread. That is why I am trying to do the same now. Not that I know everything - in fact I am still way behind on experience. But I am sharing and that is how we will learn from each other.

Keep it up.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,932
  • Dec 1, 2008 4:07am Dec 1, 2008 4:07am
A smooth ellipse off the pivot line for 13 pips
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  • #5,933
  • Dec 1, 2008 4:19am Dec 1, 2008 4:19am
Quoting sanjur0fla
Put your stop orders:
Perfect, I do have the very same lines drawn. Now I am waiting for a breakout - hopefully to the downside following the EY and Cable's fall.

I've missed the 3rd little sister in that triangle just below the 50MA - was very tradeable!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,934
  • Dec 1, 2008 4:34am Dec 1, 2008 4:34am
Accidentally deleted previous message instead of editing it.
Apologies - had to readjust triangle lines (I usually include candle shadows).
Really hope it breaks to the down side.
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  • #5,935
  • Dec 1, 2008 4:42am Dec 1, 2008 4:42am
Well, even with "wrong" triangle it hit my TP of 10 pips (barely)
  • #5,936
  • Dec 1, 2008 4:46am Dec 1, 2008 4:46am
Taking too long to really breakout.
  • #5,937
  • Dec 1, 2008 8:38am Dec 1, 2008 8:38am
why #2 didnt workout?!!
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  • #5,938
  • Dec 1, 2008 8:50am Dec 1, 2008 8:50am
Should not be trading after 348pips downtrend , is it too risk to ignore this signal ? or the stopless is too small ? I keep stopless 20pips.

Another problem, I fear losing trade since I try to keep the size of my loss as small as possilble . I was a bit upset and despondent after some loss trade.
How to Overcome ? Actruall I did not bad in November. Statement as follow:


Total Net Profit: 92.41 pips
Total Trades: 60
Profit Trades (% of total): 38 (63.33%)
Loss trades (% of total): 22 (36.67%)
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  • #5,939
  • Dec 1, 2008 9:28am Dec 1, 2008 9:28am
Quoting ryan-hs
Should not be trading after 348pips downtrend , is it too risk to ignore this signal ? or the stopless is too small ? I keep stopless 20pips.
there are alot of tails in gu chart always ,i think ur stoploss was should be few pips above signal candle and 20pips was ok .also 350pips for gu is not too much specially in thease days.
Another problem, I fear losing trade since I try to keep the size of my loss as small as possilble . I was a bit upset and despondent after some loss trade.
How to Overcome ? Actruall I did not bad in...
if u can overcome ur emotions after a loss u have good chances to cover ur loss ( #2 and #3 after ur trade)
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  • #5,940
  • Dec 1, 2008 10:08am Dec 1, 2008 10:08am
Quoting bshadroo
if u can overcome ur emotions after a loss u have good chances to cover ur loss ( #2 and #3 after ur trade)
yes, i've seen it. But my daily limit for the loss are two loss trade(like Golfer. ). So I can't take them.
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