5Min Intraday System

hi mr golfer,

You seem to be a long trader for this 5 min system.
May i know this system can generate an average how many pips per month?
I havent read from page 1 to current page. But it seems each trade
can generate only about 20pips. is this a short term system? Pardon my ignorance.

jin

Hi Jin

Yes, your are correct. Original Phillip developed it as a 10pip system. Some people do use other exit strategies with success. It will depend on your style of trading. This is a short term system and I like to take my 10pips when it is on the table. But I don't use it as my primary/main system. Like Phillip always said: This system could be used as a supplement system while you wait for your longer term system to give signals.

Enjoy the trading

I haven't posted in a while. I've been very busy at work and/or not in front of the computer at the right times. I believe I'm also more particular as to which trades I will take. Here is the trade I took today. It was not according to a TC. It was more the nice rounding of price action, with lower highs and lower lows. Maxster always loved nice rounding in case anyone remembers him. I place my stop above the 21 and came within 5 pips of being taken out. I got out for 10 pips.

10 pips off an entry as the price was moving up after a pin bar.

My trade on the EY using the 3 little sisters formation.

Comments on the charts

Exit for 5pips profit after the doji on the support level.

53 pips, i entered on M5 TC signal

another buy :
edit:stoped out +55pips

Info

Using the 4th sister to scalp the EUR on a Friday night. This is not really how to trade this system because one needs to have a nice down move with a pullback. This trade is scalping 10pips because the signals were there:

Look at the circle A where the 50MA, small resistance line (upper line of triangle formation) and M4 pivot line came togther - perfect resistance level. I entered on the opening of the last candle on the chart. Exit manually for 10pips near my Small support line - didn't let it run to the 20pip TP (too far away for a late Friday afternoon and support line was in the way).

Info

Nice trading within the channel - well done!!!!

Just to show how one can determine how far a breakout can move/go - read it during my study of price patterns:

1. You look for the start of the triangle - in this case the difference between point A and B. It is usually the widest part of the triangle. In this case it was about 50pips.

2. The breakout will continue the same "lenght" of the initial formation of the triangle - in this case you can expect the price to move to an area near point C - 50pips away from the breakout point (the resistance line of the triangle).

Just some interesting stuff. It doesn't always work like that but then this is forex trading. What did you expect? If forex trading was so predictable, everybody would have been successfull. That is why there are just a few traders making a success in this business.

If it wasn't for the late Friday afternoon, I would have traded this breakout. Please note that the 21MA on the SMAangle is still in the no-trade zone. But the signals for the breakout was very nice.

Enjoy your weekend

Thanks for learn a trade.


I have noticed, that not always at trade all rules of system are observed. Sometimes it is not considered 21MA on the SMAangle. Sometimes it is not considered TC on the MACD. Sometimes there are no power candles, etc.

In what cases it is possible not to pay attention to their absence, and when they should be necessarily?
What signals should be always?
It is possible for it will learn or wide experience and intuition is for this purpose necessary only?


Sorry my bad English language.:-(

Hi Golfer and all threaders

How is it going? 5 min system going well? Silly question I know, great systems will always be, great. 2009 should be another great year!

It seems with such volatily lately the best stop would be 30 pips.
Today we had a great run in may pairs (despite holiday), charts speak by themselves.

For Keus:
Sometimes you must take the oods on and trade the patterns, they are more important than indicators in my opinion.
Everyone must develop his own style, keep on with SMA if you feel comfortable with it.

P.S:Welcome back emacro.

Hi Keus

I made the mistake when I started with this system and Phillip's 4h MACD system by trading the indicators and not the actual price movements. I got very confused and upset especially if a trade didn't work out but the indicators did give a nice signal. It was only after a few Skype sessions with Phillip that I've realised my mistake.

Nowadays I tend to focus on the price movements (that is why I put so much emphasis on price patterns, highs and lows, resistance and support levels and how the price re-acts when they are near that levels) and look for confirmation on the indicators (my signals). It is mind shift because all the courses I read concentrate on the indicators (lagging) - so I tend to focus on the indicators and try to trade the indicators and got burned severally. That is why it so interesting for me to visit some of the systems on ff and how people try to trade by just looking at indicators. I bought one course/system trading a 60min candle formation and just using 1 indicator to confirm the entry point. And it is a very success system.

To start with this system, look at the indicators and they'll give you an idea about the pullback/setup. But also look at the bigger picture - what did the price do and what is it doing right now? Then you make your decision.

An easy way to start is to look at the daily range. In the past, Phillip mentioned that the markets are moving in "beads''/"sessions" of 30pips. If you see a move of about 90-120pips, you don't consider the next setup becasue there is about an 80% change that the market will turn around. Now with the volatility, the senario has changed a bit. But I still keep my eye on my daily range (top left corner on some of my charts)

Then there is the opening of the London and US session as well as news releases. When I see a setup and it is these times, I tend to ignore the signals.

On the other hand, when I see nice triangle and I see a strong breakout and there isn't a support of resistance level nearby, I'll enter before the indicators give a signal.

Very difficult to explain but to summarise:

Look at the wave-like movement of the market/charts to identify SIDMOV (Page 1 for links to examples of SIDMOV) or the begining of a intra-day trend. Then act according the price pattern/movements in the direction of the trend, confirm your decision to enter or not to enter by looking at the indicators.

I hope it helps you.

Hello everyone, it is nice to be able to join with this forum, especially this thread......for almost three months I followed this thread and practiced this 5 minute strategy on demo account and get most of positive result...thanks to Phillip, Golfer, Ramshackle and other FF member who have given great contribution for this strategy development......I have been using it by manual transaction and given good result.....and now plan to use EA which has been attached in this thread...but unfortunately when I tried on strategy tester...I have got nothing.....no graph found, result with 0 profit.....could anyone help me with it ? Possibly anyone could give me this EA manual for this ? I appreciate any help from FF member...

I also attach report, chart and journal for its error identificationhttp://img230.imageshack.us/img230/79/reportax7.th.gif

http://img517.imageshack.us/img517/2...rnalve6.th.gif

Hello everyone, it is nice to be able to join with this forum, especially this thread......for almost three months I followed this thread and practiced this 5 minute strategy on demo account and get most of positive result...thanks to Phillip, Golfer, Ramshackle and other FF member who have given great contribution for this strategy development......I have been using it by manual transaction and given good result.....and now plan to use EA which has been attached in this thread...but unfortunately when I tried on strategy tester...I have got nothing.....no graph found, result with 0 profit.....could anyone help me with it ? Possibly anyone could give me this EA manual for this ? I appreciate any help from FF member...

I also attach report, chart and journal for its error identification

Sorry for wrong thumbnail ( I am a newby in using computer thing)...it is the right one

http://img517.imageshack.us/img517/2...rnalve6.th.gif

http://img136.imageshack.us/img136/9...portyu2.th.gif

The Swiss army EA doesn't open trades - it is used to manage trades after you've opened the trades manually. That is why your result is zero.

Like I said before, I don't think this system can be traded with an EA. Each setup must be evaluated using a human mind. Hard work, patience and discipline are needed. I think that is why so many members come and go on this thread.

eu TC: