5Min Intraday System

Great and don't forget about the Bearish 3 pattern and resistance lines.

Just a last thanks to Phillip for giving us this system and sharing all his his expertise with us. I presume we won't hear from him again on this thread. I personally learned more from him than all the books and courses I bought. I am going to miss you on this thread.

Philip's posts are a major loss. Sorry that he got caught in that policy.
A quick 10 pips on an ellipse.

Setup (pennant - price is taking a break/rest) being formed - wating for breakout, hopefully to the downside (red arrow) for a few pips. Serious break would be the big number break (1.3300)

10 pips off a pin bar

half closed for 17 pips ,rest is running. i used a sellstop order because my new broker gives me price change alert most of the time.it is not good
edit:second part stopped out with 15 pips

Two trades today for 10 pips each.

I am not following what system are you using and according to what rules did you enter both of the trades?

Mine was like this.

TP hit on second trade

No obvious trend on EURUSD 5min chart, so breakout trades are good alternative.

Great breakout trade. It is a bit risky to enter on the breakout because it could be a false breakout. But sometimes the breakout doesn't give a pullback - then you need to take the odds on.

Nice triangle.

sanjur0fla Please explain both trades
Quote:
Originally Posted by mdowd http://www.forexfactory.com/images/buttons/viewpost.gif
Two trades today for 10 pips each.

I am not following what system are you using and according to what rules did you enter both of the trades?

Mine was like this.

In both cases the market dipped into the war zone and was on an up trajectory. In the 1st case I waited until the MACD was confirmed and bought. Case 2 I anticipated when the bar was in motion and caught the profit before it turned.

You do well on breakouts. I find i have problems dealing with them.

Do you use 1min chart to confirm those entries you made like bshadroo does? Cause it takes quite some time to form a bar and I see you entering right in the middle.

Good job as well.

I can use a one minute bar. But I usually watch the price movement on Interactive Brokers to get a feel of the market. Since it simply records the market instead of being a market maker I can get a feel for the size and pressure that the banks are using.

Can some one explain the procedures of this system in a more understandable way. Thank you

You may refer to first post of this thread. Phil has kind enough to put a summary there. That's what i did. After reading all that links on first post, i go tru all the page one by one, in case i miss anything.

The main key is discipline, do not jump on all trade but find the high probability trade

This thread is awesome. I would like to say thanks to everyone contributing to this thread.

I did go to the summary on first page bit was in mp3(audio) format and being not too old in forex I foun it difficult to understand what he was expalining without pics, Can you pls summarise everything for me

Hi Pip-Stud

Sorry that you don't seem to get a grip with this system. I had the same problem - that is why I developed My Rules and the appendices to make live easy for myself. Those documents are my summaries of this system - basically:

1. 50SMA should be going down or up by 20degree. Very difficult to emasure - therefor it is replaced by the SMAangle and the 21MA on the SMAangle. When 21 is bewteen the 0.1 and -0.1 line on the SMAangle, the 50SMA is not more than 20degrees and we call it the non-trade zone. You don't enter a trade when it is the case.

2. When the 21EMA on the SMAangle moves outside the non-trade zone, then you wait for the price to pull back into the war zone - that is the area between the 10 and 21EMA on the chart itself.

3. Then you evaluate that pullback against the market rhythm (this is the difficult part of this system) to determine whether this pullback is a high probability setup or not. There are several methods to evaluate this just to name a few:

3.1 Price patterns such as 3 little sisters/big brothers, triangles, Church to right/Reverse church, ellipse formation, pin bars

3.2 Support and resistance levels such as Highs and Lows, pivot levels, fib levels, trendlines (my favourite)

3.3 TC on the MACD

4. And then you decide on your own exit strategy - initially Phillip developed it for 10pips profit but it will depend on your own style.

Summary:

This system is based on the identification of the start of an intra-day move/trend, you wait for a small pullback/retracement, determine your entry point during that pullback and trade with the trend (e.g. upmove (21 on the SMAangle broke the 0.1line) with a small downward pullback - entry a long trade). NEVER against the trade (counter trend (CT) trading)

Please read all the documents on page one and look at the example posted by the members. Otherwise you'll get confused and will never master this system. There is no magic - just the normal HARD WORK to master this system, nothing comes easy.

That is why I like to write comments on my charts posted - so that you can see what I am doing and why. Not just post a chart with a trade.

I hope it helps you.

Another breakout trade

Its sounds too complex for me, I wish I know how to set up the system it looks very profitable but a litlle difficult for a newbie like me,
Thanks any way for your help I hope will fugure it out soon enough