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5Min Intraday System

  • #5,981
  • Dec 8, 2008 7:32am Dec 8, 2008 7:32am
Quoting sanjur0fla
10 pips everywhere - don`t be greedy
Took the same trade allthough the SMAangle (50MA was not yet going down by 20 degrees) was not yet in line. It was "touch and go". I just liked the formation on the triangle - I even save a picture of the early formation of the triangle - will post it later.

Nice one!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,982
  • Dec 8, 2008 10:58am Dec 8, 2008 10:58am
This is what I look for when I triangle is being formed.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,983
  • Edited 4:48pm Dec 8, 2008 3:43pm | Edited 4:48pm
I don't have a MACD I'm used to at work and so I just have gone after price action and these were taken at work. It was a slow market on my first trade, a loss of 25 pips, and I thought it was going to go short off of the 50 MA. It instead took out my stop. The second was again off of the 50 MA for 20 pips.
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  • #5,984
  • Dec 8, 2008 6:35pm Dec 8, 2008 6:35pm
Greetings to Philip Nel and others. Thanks for sharing.
Here is an EA, Smultron, what I stitched together from bits of other EAs. It is hoped it will emulate the 5min intraday trading method. I invite you to try it. I haven't tried it myself yet.
It doesn't have any stop function and is meant to work together with ManageTP, which would, well, manage TP, and stop any loss. (They both belong in the experts folder) The one I'm attaching has SL 80 (8 pips - 5 digit broker) and TP 80 with increments of 10, but this can of course be tweaked. It also moves SL to breakeven at the advance to 60 (6 pips). Open two 5min charts of the same pair and put Smultron and ManageTP on one each. They both employ the same magic number, so they should talk.
If some coders (which I am not) pick up and run with this maybe a programming thread would be in order.
I would be greatly satisfied if this could in some small way serve to spread forex wealth to yet more people.
Div
Attached File(s)
File Type: mq4 SmultronEA_01.mq4   6 KB | 498 downloads
File Type: mq4 ManageTPv2-4.mq4   6 KB | 457 downloads
  • #5,985
  • Dec 8, 2008 11:59pm Dec 8, 2008 11:59pm
Quoting Morelands
I don't have a MACD I'm used to at work and so I just have gone after price action and these were taken at work. It was a slow market on my first trade, a loss of 25 pips, and I thought it was going to go short off of the 50 MA. It instead took out my stop. The second was again off of the 50 MA for 20 pips.
Nothing wrong with first trade - going for the 3rd/4th sister. Trading off the 50MA is not that easy. Your entry was maybe a bit too early - I like to see resistance found on the 50MA or My Small resistance line. ?Your entry was almost in no-man's land. I know it is difficult to make that decision while the markets are live and it is easy to make comments afterward but I like to see a definite move downwards before I enter from the 50MA. Like your 2nd trade - much better. Also look for a tail upwards towards the 50MA or just going through the 50MA.

Go for it.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,986
  • Dec 9, 2008 1:34am Dec 9, 2008 1:34am
10pips,watching 2840 level
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  • #5,987
  • Dec 9, 2008 2:21am Dec 9, 2008 2:21am
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  • #5,988
  • Dec 9, 2008 2:23am Dec 9, 2008 2:23am
i puted an order after candle close for saving 2,3 pips but it caused me miss 30pips run.waiting for retracement after signal candle?is it good ?for me usually no
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  • #5,989
  • Dec 9, 2008 4:03am Dec 9, 2008 4:03am
Quoting bshadroo
i puted an order after candle close for saving 2,3 pips but it caused me miss 30pips run.waiting for retracement after signal candle?is it good ?for me usually no
Hi Bs

No, I don't wait for a re-tracement of the price after the signal candle. Especially after a nice smooth rounding like this. I'll enter immediately on the opening of the next candle or a few seconds before the close of the signal candle (if I am very sure about the TC).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,990
  • Dec 9, 2008 8:48am Dec 9, 2008 8:48am
The setup on Cable I've missed - I was just opening a market order when the price started to run downward.

And I don't believe in a "late entry" - so I let it go and saved the picture.

What a nice setup - Bshadroo, especially the nice pinbar bouncing off My Small resistance (Morelands - this is what I am looking for near the 50MA if you trade the 3rd sister near the 50MA. Just think of My Small resistance line as the 50MA).
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,991
  • Dec 9, 2008 8:40pm Dec 9, 2008 8:40pm
Too busy at work to trade, but I saw some nice opportunities. I was even able to draw the trend lines prior to the trade, but had to leave just before. I posted one below. It was a triangle that I would have bought prior to the candle closing. I have traded this before and have been very successful with the triangle trade, particularly when there is a good trend.
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  • #5,992
  • Dec 9, 2008 11:45pm Dec 9, 2008 11:45pm
Quoting Morelands
Too busy at work to trade, but I saw some nice opportunities. I was even able to draw the trend lines prior to the trade, but had to leave just before. I posted one below. It was a triangle that I would have bought prior to the candle closing. I have traded this before and have been very successful with the triangle trade, particularly when there is a good trend.
I like your last sentence - that is precisely what this system is all about: Trading patterns/pullback that your are familiar with or that you've seen before. If you stay with this system, you'll start to see them over and over again. You cannot just jump in and think you'll be successfull.

That is why I think people are struggling with this system - They just want to come and trade and be successful. Be warned - it takes time to be successful with this system. It is not a system to be traded with a EA - you need to evaluate each setup with a "human mind". You can use an EA to monitor your trade after entering but not to enter a trade.

But maybe I am wrong? I would love to be proven wrong.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #5,993
  • Dec 10, 2008 1:40am Dec 10, 2008 1:40am
``
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  • #5,994
  • Dec 10, 2008 2:03am Dec 10, 2008 2:03am
Quoting ryan-hs
``
u should have wait for the up TL broken down at least ,make sure u r trading what u see not what u expect ,forming 3Lsisters was just a guess before the exact confirmations happend.
willem:i dont belive one can enter a trade using an EA.that means the EA should have some kind of artifical inteligent wich is not discovered yet .
  • #5,995
  • Edited 2:47am Dec 10, 2008 2:36am | Edited 2:47am
Quoting ryan-hs
``
Remember that 3rd sister should appear below 50 SMA (and vice versa for brothers).
It's not a rule, just one of Golfer's advices.
I hope it helps.
P.S: Search in first page (post#1) to find sisters pattern examples.
  • #5,996
  • Dec 10, 2008 4:07am Dec 10, 2008 4:07am
Your replies are very helpful to me.

thanks you guys.
  • #5,997
  • Dec 10, 2008 4:49am Dec 10, 2008 4:49am
-10ppips
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  • #5,998
  • Dec 10, 2008 5:21am Dec 10, 2008 5:21am
i should record another loss, -10pips
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  • #5,999
  • Dec 10, 2008 6:04am Dec 10, 2008 6:04am
Quoting bshadroo
-10ppips
Bs - nice pinbar according to the criteria. However it is bearish candle - would love to see a bullish candle there (power candle). Sorry it didn't work out.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,000
  • Dec 10, 2008 6:28am Dec 10, 2008 6:28am
Quoting bshadroo
i should record another loss, -10pips
I was watching the same setup but didn't enter because I didn't like the setup - almost a classic 2-candle entry method. Straigth up and down. I started to ignore those setups. No price pattern. Looks like a smooth TC was forming. So I decide to give a pass.

Just then Phillip's 15min system gave a second signal for the day on the EUR(buy signal) which I took for a profit
Willem Forex recipe for success = Patience, discipline & hard work.
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