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5Min Intraday System

  • #6,041
  • Dec 15, 2008 7:30am Dec 15, 2008 7:30am
1st chart - the triangle I've identified as it was forming. Just before the false breakout. Luckily I didn't trade the false breakout because I was waiting for confirmation and it didn't appear.

2nd chart - the breakout, pullback and the move away again. That was the entry point. I've missed it because I am busy with another trade using Phillip's combo system.

Lesson learned - once you've identified a price pattern, follow it closely. On this 5min system, things can change very quickly.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,042
  • Dec 15, 2008 8:08am Dec 15, 2008 8:08am
just wanna show how price can nicly goes up with 1minute chart when the speed is fast
willem:i bought right after ur triangle breakout and H1 close and thx about EA i'll find it
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  • #6,043
  • Dec 15, 2008 8:15am Dec 15, 2008 8:15am
Quoting bshadroo
just wanna show how price can nicly goes up with 1minute chart when the speed is fast
willem:i bought right after ur triangle breakout and H1 close and thx about EA i'll find it
Great - it is a very nice EA with many features. Just read the user manual very carefully
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,044
  • Dec 15, 2008 5:25pm Dec 15, 2008 5:25pm
Busy at work today and I was unable to get involved with the trend, but I was able to make 1 trade. It was a break out trade. I took when the price broke the above resistance. I was not looking for it to run much because it was a descending triangle and there was such a large run earlier on in the morning.
Starting in '09, I'm going to take 4 hrs off every 2 wks to see what can be accomplish without interuption/work during a normal USD/EUR session. I'm thinking of it as more live practice. No real signif $....yet, just little amounts. I do that in a progressive manner. I score myself over 10 trades (I make about 1-2 trades/day). If I have a winning % greater than 60% and my pips are large enough, I'm allowed to increase the $ my 1 minilot.
Golfer, thanks for your posts and your replies. I studied over the wk-end on pin bars and I feel more confident with those and look forward to using that type of set-up more in the future. Tonight, I'l view your post on the possible trades you posted today
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  • #6,045
  • Dec 16, 2008 1:46am Dec 16, 2008 1:46am
I saw the triangle developed and decided to enter while ignoring the SMAangle and MACD.

2nd chart - look what happen if one enters/take profit too early. Just to show you how difficult it is te decide when to let your profits run. I've got my 10pips allright but I missed that nice TC because I am working on capturing my data for my PhD (public holiday in South Africa and sit in front of my home PC just looking at the charts every now and then). I would have taken it for sure. Once again, saw the price pattern but didn't follow it through. When will I learn my lession? That would have been a nice setup and trade for discussion on the Skype chat.

Edit: Look what happens afterwards, pullback way pass my entry point (not on the 2nd chart).
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,046
  • Dec 16, 2008 2:44am Dec 16, 2008 2:44am
My pinbar trade for Raymond - on Cable. Almost didn't work out. But that 2nd tail (2 candles after my entry gave me confirmation).
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,047
  • Dec 16, 2008 4:47am Dec 16, 2008 4:47am
didnt wait for TC on this one
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  • #6,048
  • Dec 16, 2008 11:42am Dec 16, 2008 11:42am
Willem,
A little studying this wk-end and your guidance earned me 10 pip. I bought at the close of the pinbar
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  • #6,049
  • Dec 16, 2008 7:16pm Dec 16, 2008 7:16pm
I hate posting trades like this, but I hate losing $ more. So I have to bite the bullet and post it anyway...a sort of punishment. If I'm not to O.K. with posting it, I never should of taken it in the first place. I was anticipating a bounce off of the 10 MA and did not wait for the TC on the MACD = -15 pips. I put my stop just below the signal candle.
I finished my batch of 10 trades: 6 wins, 3 losses, and 1 BE for a total of 25 pips. According to the rules I set out, I'm allowed to increase my lot size, but I'm not going to. I feel like I should prove it again over the next 10 trades. Unfortunately, I starting out with 1 loss and -15 pips. Anyways here is a demonstration of my lack of patience
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  • #6,050
  • Dec 16, 2008 7:24pm Dec 16, 2008 7:24pm
Quoting Golfer
My pinbar trade for Raymond - on Cable. Almost didn't work out. But that 2nd tail (2 candles after my entry gave me confirmation).
On the triangle being formed on your chart, would you have waited for a break of the support or a TC within the triangle. I had a similar set up I posted on p401, post 6009. You stated you would not have taken the trade b/c it was a bit risky, and I thought after you mentioned that that you were probably correct and I just got lucky. Can you explain?
  • #6,051
  • Dec 17, 2008 12:49am Dec 17, 2008 12:49am
Quoting Morelands
I hate posting trades like this, but I hate losing $ more. So I have to bite the bullet and post it anyway...a sort of punishment. If I'm not to O.K. with posting it, I never should of taken it in the first place. I was anticipating a bounce off of the 10 MA and did not wait for the TC on the MACD = -15 pips. I put my stop just below the signal candle.
I finished my batch of 10 trades: 6 wins, 3 losses, and 1 BE for a total of 25 pips. According to the rules I set out, I'm allowed to increase my lot size, but I'm not going to. I feel like I should...
Only two comments:

1. The daily range was already 300-500pips if I am not mistake. I am still very careful after a daily range of 100+pips - the original guidelines. yes, there will be some pips on the table but I just don't like taking that risk. Phillip also mentioned to take the 2nd and 3rd setup in a move and that is it. But I know how tempting it is when you see the markets are moving. Even I do it.

2. Broken Small support line - warning sign for me. I am still using that rule.

I played golf yesterday - it was a public holiday in SA. So I didn't trade after 10H00gmt for the rest of the day.

Some other comments on the chart.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,052
  • Dec 17, 2008 1:32am Dec 17, 2008 1:32am
Quoting Morelands
On the triangle being formed on your chart, would you have waited for a break of the support or a TC within the triangle. I had a similar set up I posted on p401, post 6009. You stated you would not have taken the trade b/c it was a bit risky, and I thought after you mentioned that that you were probably correct and I just got lucky. Can you explain?
No, you didn't get lucky. It was a third sister and the trade was on. It was just my personal opinion and how I felt about that setup. I will pass on many good setups just because there maybe a signal I just don't like. Other members may take it and make money from it and it was not because they got lucky. it was a valid setup. Good for them. Not all setups are perfect.

Just as long as you can say why did you enter (I've looked at this and that) based on sound principles - not just because it was a bounce off of the 50MA or a pullback into the zone. There are lot more issues to consider. This is what I am trying to tell people on this thread - not to gamble. But you don't need to worry about it - you are on the right track.

The same for negative trades - analise it and see what went wrong. Or was it just the market moving against your trade.

Your question:

If it is an TC within the triangle, I'll consider it carefully looking at other signals as well. And take only 10pips because there could be a breakout to the upside.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,053
  • Dec 17, 2008 5:56pm Dec 17, 2008 5:56pm
What a move! It looked like Phillip's combo really cashed it in. I can't watch the market for any length of time (I will eventually) and I get what I get. Here is my small slice of the pie...10pips. It was a break out. I took it as the price broke the resistance.
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  • #6,054
  • Dec 18, 2008 3:55am Dec 18, 2008 3:55am
closed half for 12pips and the rest 100pips,
willem :i satarted to use yaniss EA but my only mistake was TP seted to 100pips and i didnt know ,otherwise i would let the second half running with 25 trailing
and... one of my friends told me (for kidding) dont surprise if eu closes at 1.6 this week ,and its going to happend
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  • #6,055
  • Dec 18, 2008 4:41am Dec 18, 2008 4:41am
Quoting bshadroo
closed half for 12pips and the rest 100pips,
willem :i satarted to use yaniss EA but my only mistake was TP seted to 100pips and i didnt know ,otherwise i would let the second half running with 25 trailing
and... one of my friends told me (for kidding) dont surprise if eu closes at 1.6 this week ,and its going to happend
Great one - I wasn't in front of my PC with that move. One of the few times that taking half profit and let the other half/profits run, worked out. Unfortunately no one can predict when.

Yes, I tested the EA on a demo account first untill I felt comfortable with all the features (only those that I am using - I don't use all the features).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,056
  • Dec 18, 2008 5:21am Dec 18, 2008 5:21am
Quoting Golfer
Great one - I wasn't in front of my PC with that move. One of the few times that taking half profit and let the other half/profits run, worked out. Unfortunately no one can predict when.

Yes, I tested the EA on a demo account first untill I felt comfortable with all the features (only those that I am using - I don't use all the features).
hi
i know u close M5 trades for 10 to 15 pips and i think its more safe to that ,this huges moves may happen in 50 trade once and its correct to say " Unfortunately no one can predict when" but im looking to find out/guess possible huge moves .
look at the picture below ,H1 bounced of the TL with a TC and i thoght it may goes to the end of the channel thats why i close half for 12 and set the reminder SL to BE and let the rest run with 25 trail.
plz let me know what do u think to do that with M5 trades.u r my teacher in this system and its very important to me to know ur idea
thx
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  • #6,057
  • Dec 18, 2008 8:13am Dec 18, 2008 8:13am
My EY trade based on the tails, the TC formation and power candle alone - no other price pattern. I didn't like the pullback - so I decide to take only 15pips profit and didn't push my luck too far.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,058
  • Dec 18, 2008 9:49am Dec 18, 2008 9:49am
-16pips TC
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  • #6,059
  • Dec 18, 2008 12:30pm Dec 18, 2008 12:30pm
Quoting bshadroo
-16pips TC
Very volatile market conditions today during the NY session. Even the EURGBP went for 190pips. Normally that pair moves 30-50pips during this session. Your SL must be very big for market conditions like this. And I saw the market went in your direction after your SL was triggered. No ways you could have prevented it.

I was almost too scared to trade. Nice if you got it right. Shocking if you got it wrong.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,060
  • Dec 18, 2008 12:45pm Dec 18, 2008 12:45pm
Quoting bshadroo
hi
i know u close M5 trades for 10 to 15 pips and i think its more safe to that ,this huges moves may happen in 50 trade once and its correct to say " Unfortunately no one can predict when" but im looking to find out/guess possible huge moves .
look at the picture below ,H1 bounced of the TL with a TC and i thoght it may goes to the end of the channel thats why i close half for 12 and set the reminder SL to BE and let the rest run with 25 trail.
plz let me know what do u think to do that with M5 trades.u r my teacher in this system and its very...
Hi Bs

No, don't be mistaken - not your teacher please (LOL). We are both here to learn. If you need to know anything about public health, then I'll teach you.

Unfortunately there are just a few of us left - so, not much to learn for the other members. Only between the few of us. What a pitty because I can certainly do with some comments on my charts!

Let profit run - well, as you know not my favourite topic. Even now with Phillip's combo systems, I am struggling with my mindset. I am more than happy if I can take all my profit at once. Rather than to exit half of my position after 20pips gain and see the other half exit at BE (which happens most of the time on short term trading) for a nett gain of 10pips. On long term trading - another story because your SL is further away from the action and the price has room to play with. That is how I see the difference between Phillip's 5min and 4h MACD system.

Nowadays I am trying to look at the price pattern and the support/resistance levels and try to determine my TP accordingly
Willem Forex recipe for success = Patience, discipline & hard work.
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