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5Min Intraday System

  • #6,201
  • Jan 20, 2009 3:00am Jan 20, 2009 3:00am
Will it happen?
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  • #6,202
  • Jan 20, 2009 3:11am Jan 20, 2009 3:11am
Quoting Golfer
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.
Sorry for late reply because I tookk a time to sleep.

if it is like you said, Golfer, it can not be used for strategy tester because of no automatic open trade ? need confirmation......and could I use for manual demo open trade ?
  • #6,203
  • Jan 20, 2009 3:56am Jan 20, 2009 3:56am
10 pips profit - did look like a false breakout.
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  • #6,204
  • Jan 20, 2009 4:32am Jan 20, 2009 4:32am
Quoting sanjur0fla
10 pips profit - did look like a false breakout.
I took the same setup for 10pips. I saw the lower highs in the last few candles (near the end of the triangle) and decided to enter on the breakout. It was not a strong move - just below the 50MA and not that steep a movement, a bit of consolidation area. Reasons for only taking 10pips profit and didn't let it run.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,205
  • Jan 20, 2009 6:27am Jan 20, 2009 6:27am
.
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  • #6,206
  • Edited 7:18am Jan 20, 2009 6:48am | Edited 7:18am
Quoting rakagreen
Sorry for late reply because I tookk a time to sleep.

if it is like you said, Golfer, it can not be used for strategy tester because of no automatic open trade ? need confirmation......and could I use for manual demo open trade ?
Yes, you are correct. It cannot be used/tested with the strategy tester.

Yes, you would be able to manage (put in SL, TP, use trailing SL, close some portion of the trade at a certain level) your trade automatically with the EA. That is the nice thing - SL and TP are placed immediately without the necessary calculation by the EA.

Summary: The EA can only be used once you've entered a trade manually - via market or a stop/limit order. The EA doesn't place any order. Only after the manual trades were placed can the EA do its job.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,207
  • Edited 11:27am Jan 20, 2009 11:13am | Edited 11:27am
For the newbies - what we mean by market rhythm seen today on Swissy:

SIDMOV - lateral movements between a support and resistance level indicated by A. Very risky to use Phillip's system in such market conditions, not recommended.

Then we have a breakout and a small intra-day trade is starting. Now we start looking for signals. See my next post.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,208
  • Jan 20, 2009 11:23am Jan 20, 2009 11:23am
Was home from work today b/c of sickness, which left some time for trading in b/t sneezing, coughing, blowing my nose, and washing my hands. This trade is a 3rd big brother. I went long after the candle with the tail down to the support line. Normally I would not have done this type of trade b/c it is a CT trade, but there was support on the daily (see second chart). The 1st half of my lot was good for +10 and the second for 0 pips. Next time I'll take my profit earlier on the second half since this was a CT.
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  • #6,209
  • Jan 20, 2009 11:26am Jan 20, 2009 11:26am
And here are the signals - two small triangles (1st triangle = black lines and 2nd triangle = pink lines) formed with breakouts (orange circles). Then both breakouts had pullbacks (green circles) to previous resistance levels which changed now to support levels. Signal for a long trade - two of them. Take it on. Look at the indicators for confirmation and draw your own conclusions whether the trades were on. Try to ignore where the price is right now and decide if you would have entered. That is what I usually do - ignore where the price is right now (everybody would say "I would have entered") and look at the signals.

I hope it helps.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,210
  • Jan 20, 2009 11:56am Jan 20, 2009 11:56am
Quoting Golfer
Yes, you are correct. It cannot be used/tested with the strategy tester.

Yes, you would be able to manage (put in SL, TP, use trailing SL, close some portion of the trade at a certain level) your trade automatically with the EA. That is the nice thing - SL and TP are placed immediately without the necessary calculation by the EA.

Summary: The EA can only be used once you've entered a trade manually - via market or a stop/limit order. The EA doesn't place any order. Only after the manual trades were placed can the EA do its job.
Thanks for your great information, Golfer.......
  • #6,211
  • Jan 20, 2009 12:04pm Jan 20, 2009 12:04pm
Just a quick 10pips on the Loonie to show people how to use market rhythm and signals in the system. See how the price breaks through the 50MA upwards and continue to stay within the war zone with nice wave-like movements after that. Finding support and resistance and breaks through resistance (triangle breakout). Came back to test the previous resistance level which now acts as support and the price moved up again after that (the ellipse formation (smooth rounding) with that tail touching My Small support line - my signal to go long). That is market rhythm to me. The price doesn't cross the MAs all over the place.

All the positive signals are in green with triangle in black.

Late in the evening (South Africa time) - so I went for just 10pips profit.

I hope it make sense and try to look for similair rhythm in future. However it is not always this clear.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,212
  • Jan 20, 2009 1:01pm Jan 20, 2009 1:01pm
Hey Golfer, great trade. I was wondering about the volume on your charts, do you incorporate Volume Spread Analysis? I know volume in spot is suspect but still, I think one should keep an eye on it.
  • #6,213
  • Jan 20, 2009 10:34pm Jan 20, 2009 10:34pm
Quoting RedPadisha
Hey Golfer, great trade. I was wondering about the volume on your charts, do you incorporate Volume Spread Analysis? I know volume in spot is suspect but still, I think one should keep an eye on it.
Hi Red

Valid point - I know Phillip uses it sometimes. It is very important when looking at a breakout (saw that on some websites) but I haven't really focus on it.

Are you using it?
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,214
  • Jan 21, 2009 2:48am Jan 21, 2009 2:48am
Quoting Golfer
Hi Red

Valid point - I know Phillip uses it sometimes. It is very important when looking at a breakout (saw that on some websites) but I haven't really focus on it.

Are you using it?
Thanks, I have only began looking it up, will post some charts if I notice anything.
  • #6,215
  • Jan 21, 2009 3:12am Jan 21, 2009 3:12am
All according to rules
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  • #6,216
  • Jan 21, 2009 10:23am Jan 21, 2009 10:23am
My trade on EUR using my mobile phone. My broad band/land line is down.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,217
  • Jan 21, 2009 11:51am Jan 21, 2009 11:51am
Quoting Golfer
My trade on EUR using my mobile phone. My broad band/land line is down.
Nice trend ! .
I still learn this system - in this moment I made some trade but I don't have big success I hope this will change
I have question : What SL you set to this trade?
  • #6,218
  • Jan 21, 2009 11:02pm Jan 21, 2009 11:02pm
Quoting ARtuRO
Nice trend ! .
I still learn this system - in this moment I made some trade but I don't have big success I hope this will change
I have question : What SL you set to this trade?
Hi Ar

I also struggled in the beginning (because I traded the indicators and not the price movements) untill I started looking at the market rhythm and only use the indicators to confirm the setup. It was a total mind shift and I've struggled with it because I was use to trade according to what the indicators were telling me. Now it is much better but still a lond way to go.

SL - currently with the volatile markets I use a mental SL usually just above (short trades) and just below (long trades) the 21MA. But if you see the price is not doing what you expect it to do (and this could be very difficult), exit your trade with a small loss before your SL is triggered. I'll see if I can post a few losers in the near future to show you what I am looking for and what I expect the price to do and price didn't do it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,219
  • Jan 22, 2009 12:22am Jan 22, 2009 12:22am
Hello Golfer !
Thanks for this advice !
I will try focus my attention on price movement and then on indicators.
I will be fallow this thread to improve my knowledge about this system
  • #6,220
  • Jan 22, 2009 5:22am Jan 22, 2009 5:22am
I mean trades according to system?
...or any breakout trades.

I haven`t done any up to this point and looking to see if I missed some setups.
Please post.

Cable was trending nice this morning - many good setups.
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