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5Min Intraday System

  • #6,061
  • Dec 18, 2008 11:00am Dec 18, 2008 11:00am
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,062
  • Dec 18, 2008 3:54pm Dec 18, 2008 3:54pm
Here are 2 trades today and neither of them were +, minus 45 pips for the day. Overall, I don't think they were that bad. The 1st was a TC on the pound. There was divergence, but I liked the tail poking though the 21 and the power candle I used for my entry. The second was a break out trade. I would have made the 10 pips, if I wouldn't have spazzed out with my trigger finger and actually missing the mouse, cause it to move the arrow off the buy key and then trying to recover. The price had move 5 pips but I bought anyway. It went 7 pips in the positive and then turned around. Actually, its kind of funny except for the lost $. Tomorrow is another day.

Oops the second picture is not the one I wanted to post
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  • #6,063
  • Dec 18, 2008 3:57pm Dec 18, 2008 3:57pm
Here is the 2nd trade
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  • #6,064
  • Dec 18, 2008 11:11pm Dec 18, 2008 11:11pm
Quoting Morelands
Here are 2 trades today and neither of them were +, minus 45 pips for the day. Overall, I don't think they were that bad. The 1st was a TC on the pound. There was divergence, but I liked the tail poking though the 21 and the power candle I used for my entry. The second was a break out trade. I would have made the 10 pips, if I wouldn't have spazzed out with my trigger finger and actually missing the mouse, cause it to move the arrow off the buy key and then trying to recover. The price had move 5 pips but I bought anyway. It went 7 pips in the positive...
I want to comment on the second chart because in the past I had several trades like that and I got very upset. After talking to Phillip about trades like that he suggested:

1. Trading the TC on the MACD

2. Be careful if there are more than 4 setups in a move. This chart was a great example - almost 8 setups. The market has to turn around somewhere and we don't know where. Don't push your luck by taking one setup after another in one specific up movement. Just take 1 or 2 setups and be happy with your profit. Or do like Bsharoo does, that the first setup, exit half after 10-15pips profit and let your second half runs. That will keep you out of bad trade.

Another suggestion is to:

1. Take the 1st setup, take full profit after 10pips and wait for another setup to appear.

2. Take the second setup, exit half of your position after 10pips, move SL to BE and let the other run and exit that half on the 21MA

Because now your second trade is a free ride - you have already pocketed your profits from the first trade.

Any comments?
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,065
  • Dec 18, 2008 11:31pm Dec 18, 2008 11:31pm
Quoting Morelands
Here are 2 trades today and neither of them were +, minus 45 pips for the day. Overall, I don't think they were that bad. The 1st was a TC on the pound. There was divergence, but I liked the tail poking though the 21 and the power candle I used for my entry. The second was a break out trade. I would have made the 10 pips, if I wouldn't have spazzed out with my trigger finger and actually missing the mouse, cause it to move the arrow off the buy key and then trying to recover. The price had move 5 pips but I bought anyway. It went 7 pips in the positive...
Once again - not really a wrong trade. I think I would ahve taken it as well because of that 3 lower highs. Then market moved against you. Very volatile market conditions!!!! Just a few comments on the chart.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,066
  • Edited 12:42am Dec 19, 2008 12:17am | Edited 12:42am
TC ,both in H4 and M5 ,i consider it as a H4 trade and will let my profit run
edit:half=30 half=BE
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  • #6,067
  • Dec 19, 2008 5:11am Dec 19, 2008 5:11am
2 trades
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  • #6,068
  • Dec 19, 2008 8:13am Dec 19, 2008 8:13am
divergence in macd and RSI ,dangerous to trade
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  • #6,069
  • Dec 19, 2008 8:30am Dec 19, 2008 8:30am
Quoting bshadroo
divergence in macd and RSI ,dangerous to trade

first price action then indicator
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  • #6,070
  • Dec 19, 2008 6:08pm Dec 19, 2008 6:08pm
Thanks Willem

Raymond
  • #6,071
  • Dec 19, 2008 11:49pm Dec 19, 2008 11:49pm
Quoting bshadroo

first price action then indicator
I do agree, we tend to focus too much on the indicators. Just remember they are lagging - especially on a short term chart like the 5min.

I've sent pm to Raymond trying to motivate him to look at the market rhythm and then the indicator. The indicator should confirm my decision - I try make my decision based on the price action.

In the past I did get very upset when I trade according to the indicators and then the markets moved against me. I did the same with Phillip's 4h MACD system and got very upset. Only after a few discussions with Phiilip did I realised what my problem is: Too focused on the indicators. Only after that I tend to focus on the market rhythm. But please be warned - it is not easy to identify it in the begining. Keep pratising.

That is why I tend to move more towards trading price patterns on the 5min charts. Just make more sense to me and it is part of the market rhythm. One cannot predict what the market is going to do next but based on price patterns one could make assumptions and planned accordingly. Not just trading blindly (gambling).

I hope it assist some of our members.

Raymond - pleasure, I hope it helps.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,072
  • Dec 20, 2008 12:24am Dec 20, 2008 12:24am
I think this is what Bs is trying to say and my inputs regarding market rhythm. I watched the market moving in the channel and 1 or 2 small trades within the channel. But I am making a mental note of this channel. I'll trade it if I see it again.

As Bshardoo mentioned - divergence on the MACD but the market was in such a strong move, it ignored the divergence. If you traded just the divergence (trading the indicator without looking at the bigger picture), you'll get burned.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,073
  • Dec 21, 2008 11:17am Dec 21, 2008 11:17am
Hi
Just to say that I am done trading for the year. I have closed my stocks portfolio for the year on Friday ending 26,98% higher for the year. I will be back active the first week of January2009. I will still be available on the e-mails or private message if you want to chat or want to know or discuss something.
Thanks for the support and the good spirit from you all. May you expereince a good Christmas and a very prosperous and happy new year.

A special thanks to Golfer for hosting this thread. It should be rename to Golfer 5min Intraday system. Thanks again Willem

God bless

Phillip and family
  • #6,074
  • Dec 21, 2008 11:10pm Dec 21, 2008 11:10pm
My outcome for last week - just to show you people what can be done with this system if one has the patience and discipline:

Total trades: 10
Pos trades: 9
Neg trades: 1
%pos trades: 90%

Total Pips made: 151pips (and my aim is 50pips a week. I got lucky - one cable trade gave me 49pips).

Another reason for the few trades using this 5min system - I was concentrating more on Phillip's combo systems - he said it is simple, it sound simple and the principles are very basic but to me - I have to work very hard at it. Once again it doesn't come easy but it seems to work.

Thanks Phillip for all the support and enjoy the break/holiday. No, it is your system and it will always be (LOL) - I am just enjoying it. It is great to see the market rhythm and the setups being developed within the market rhyhm.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,075
  • Dec 22, 2008 8:09am Dec 22, 2008 8:09am
Took the 12 pip profit just short of the pivot.
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  • #6,076
  • Dec 22, 2008 9:16am Dec 22, 2008 9:16am
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  • #6,077
  • Dec 22, 2008 9:27am Dec 22, 2008 9:27am
10 pips on the triangle breakout
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  • #6,078
  • Dec 22, 2008 11:49am Dec 22, 2008 11:49am
Quoting ryan-hs
`
See my charts
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,079
  • Dec 22, 2008 3:27pm Dec 22, 2008 3:27pm
Here is my 1 trade for the day. It was a break out trade for 13 pips. I did not take the false break out trade to the up side 2-3 candles earlier. I didn't like that it would have to break through the 50 MA and the above resistance, so I was looking for shorts only. Once it broke through the support, it was a quick pips.
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  • #6,080
  • Dec 22, 2008 9:52pm Dec 22, 2008 9:52pm
Thanks for you comment, You didn't like this type of triangle in a upmove that you said, I thought you should like the ascending triangle in a upmove because the latter type was higher probability than former .
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