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5Min Intraday System

  • #6,241
  • Jan 28, 2009 3:42am Jan 28, 2009 3:42am
Quoting Golfer
See comments on chart - what is how look at charts
a risky triangle because of the channel
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  • #6,242
  • Jan 28, 2009 6:03am Jan 28, 2009 6:03am
Quoting Golfer
Just a picture to show a market with no rhythm and where discpline is needed:

A = 21 is coming out of the no-trade zone on the SMAangle, are we going to look for long trades?

B = Then we get a steep pullback through all the MAs (C), first sign of no rhythm

Discipline should kick in, no support found, therefore sit aside

D = lower low formed with a tail

E = then is a nice move upward with higher lows ended near pivot line with pinbar (F)

G = Again a pullback through allthe MAs to form another higher low.

[b]Discipline should...
hi Golfer, I have a question regarding the SMAangle indicator.

I dont know how to identify when it is in the trade and no-trade zone, could you guide me to the post where you explain that?

Thank you! and thank you for helping us all the time
  • #6,243
  • Jan 28, 2009 7:57am Jan 28, 2009 7:57am
Quoting Seryei
hi Golfer, I have a question regarding the SMAangle indicator.


Non-trade
I dont know how to identify when it is in the trade and no-trade zone, could you guide me to the post where you explain that?

Thank you! and thank you for helping us all the time
Hi Ser

All the necessary information and links are on page 1. Please make sure you study all the posts linked on page 1 otherwise you won't be able to follow the posts/trades of the other members. I still make use of the rules posted on page 1 and I do refer to them. That is why you must be absolutely sure that you study it over and over again. Nothing comes easy in forex trading.

Summary:

Non-trade zone: the area between the 0.1 and -0.1 lines on the SMAangle. If the 21MA on the SMAangle is between those two lines, it means you need to sit on your hands.

If the 21MA on the SMAangle breaks the 0.1 line upwards, you need to start looking for a high probability setup to go long.

If the 21MA on the SMAangle breaks the -0.1line downwards, you need to look for a high probability setup to go short.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,244
  • Jan 28, 2009 12:23pm Jan 28, 2009 12:23pm
Today I found church formation on USDJPY,
Entry on 89,68
TP on 90,30
Profit 68 pips

I never set on my trade Tralling Stop but today I dont have time to see what happened with market and I set TS on 25pips - luckily for my - profit 68 pips.
I hope that me analysis was correct.
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  • #6,245
  • Jan 28, 2009 1:07pm Jan 28, 2009 1:07pm
Perfect,you are on your way to recognise the necessary price patterns for this system.

Nice trade - sometimes I do the same when I cannot follow my trade live.

See my comments on your chart.

Well done, now start making/adapting this system to suite your style of trading and I think you won't look back. Just remember the basic rules!!!!

I try to post my trades where I do apply the basic rules so that people can understand it. My other trades are adaptations of this system and not be discussed on this thread. Stick to the basic rules.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,246
  • Jan 28, 2009 1:29pm Jan 28, 2009 1:29pm
Quoting Golfer
Perfect,you are on your way to recognise the necessary price patterns for this system.

Nice trade - sometimes I do the same when I cannot follow my trade live.
Thanks Golfer !
This trade teach me that in last time, after more reading and studding YOUR chart, I have much more good entry
This trade was a litter free ride because I set big SL and certainly if I fallowed price move I took profit earlier.
In this "game" very important is to have strong rules and don't be afraid to enter on market - sometimes is easier to write this than make decision heh
  • #6,247
  • Jan 29, 2009 3:08am Jan 29, 2009 3:08am
20 pips the hard way. It broke through the descending trianle at the pivot and pulled back. I got out when it looked like it was stalling. Then I took the breakout down from the small pennant. I could have saved one spread if I had held on all the way.
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  • #6,248
  • Jan 29, 2009 4:36am Jan 29, 2009 4:36am
hi,

If i would to take the opening of that rectangle candle.
Is it consider high risk although it moved so much and not tested the 10ma.
And only using one candle as support. Although it is nicely inside the zone.

regards
jin
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  • #6,249
  • Jan 29, 2009 8:33am Jan 29, 2009 8:33am
Quoting jinsen
hi,

If i would to take the opening of that rectangle candle.
Is it consider high risk although it moved so much and not tested the 10ma.
And only using one candle as support. Although it is nicely inside the zone.

regards
jin
Hi Jin

Well spotted, that was a classic 2-candle entry setup which is totally acceptable in this system. 1st candle is a bearish candle entrying the war zone and the 2nd candle is a bullish candle leaving the war zone. Otherwise I don't see any other price pattern to make my feel comfortable with the setup. I don't like to trade the 2-candle entry setup anymore because I got burmed to many times. The 2nd must be a pinbar (another signal I''l be looking for) before I'll enter this type of setup.

See my other comments on the charts. I've just included my chart with coloured MACD as well.

Look at the pink lines I've drawn on my chart - that is what I would like to see, market rhythm.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,250
  • Jan 29, 2009 8:39am Jan 29, 2009 8:39am
Quoting mdowd
20 pips the hard way. It broke through the descending trianle at the pivot and pulled back. I got out when it looked like it was stalling. Then I took the breakout down from the small pennant. I could have saved one spread if I had held on all the way.
Great one, your pennant was also part of a bearish 3 pattern making the setup more significant. Great to have two patterns in one - nice one.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,251
  • Jan 29, 2009 12:22pm Jan 29, 2009 12:22pm
2 TC trades:
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  • #6,252
  • Jan 30, 2009 3:50am Jan 30, 2009 3:50am
gu TC
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  • #6,253
  • Jan 30, 2009 9:21am Jan 30, 2009 9:21am
I've been trading this system for a month now, overall i manage to bank in 130 pips this January

I like this system, thanks to Phillip, it is sad to see you go. Also I would like to say thanks to all who contribute to this thread and keep this thread alive, especially Golfer your chart really inspiring

Here is my first chart. I know it is against the rule and a bit risky because it pass 21 MA but i like how it perform 3 little sister.
Comment?
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  • #6,254
  • Jan 30, 2009 11:48am Jan 30, 2009 11:48am
Quoting ydaudw
I've been trading this system for a month now, overall i manage to bank in 130 pips this January

I like this system, thanks to Phillip, it is sad to see you go. Also I would like to say thanks to all who contribute to this thread and keep this thread alive, especially Golfer your chart really inspiring

Here is my first chart. I know it is against the rule and a bit risky because it pass 21 MA but i like how it perform 3 little sister.
Comment?
Hi Yd

Nice one, it was actually the 4th sister. See my chart for the formation - power candle and a pinbar (could have entered earlier once a pinbar is formed). The TC setup was the safer option. But it doesn't really matter. You do have the idea of trading the 3 little sisters.

The green circles are positive signals for your trade as well - lower lows, Then you got a red circle - higher low. Now I'll be very careful. And look at he price, it went through all the MAs.

SHS formation - one could have taken the 2nd sister as well because it was also a head and shoulder formation. But that is a nice example of CT trading. And it was just above S1 line. Very risky but I would have risked it for 10-15pips. Just remember, it is not part of the rules of this system but that is how I look at the markets.

Great trading from your side. I am sure you can see why my aim is 50pips a week - 200pips per month. It is achievable with the necessary discipline and patience.

Only a pleasure and I hope my comments make sense.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,255
  • Jan 31, 2009 7:43pm Jan 31, 2009 7:43pm
Wow, you have much more story than i do
You right, it was the 4th sister. I was away when the first & second was form. Should have taken the third too.

Quoting Golfer
Hi Yd

Nice one, it was actually the 4th sister. See my chart for the formation - power candle and a pinbar (could have entered earlier once a pinbar is formed). The TC setup was the safer option. But it doesn't really matter. You do have the idea of trading the 3 little sisters.

The green circles are positive signals for your trade as well - lower lows, Then you got a red circle - higher low. Now I'll be very careful. And look at he price, it went through all the MAs.

SHS formation - one could have taken the 2nd sister as well because it was...
  • #6,256
  • Feb 2, 2009 12:31am Feb 2, 2009 12:31am
Hi golfer,

Pls help me comment on my chart and where i should have done differently.

1) The price already crossed below the 50Ma.
2) It then found support on the 10 MA(shown in the white ellipse)
3) It then found a retracement to the 10MA after a lower lower.
4) No choppy price movement
5) Price already past the no trade zone and is sloping nicely.
6) It seems like a beauty initial down trend.
7) I enter on the blue rectangle and once it start showing red. I enter
8) The price then start moving down on the next candle.
9) I risk 20pips(Slightly above the 21ma)

Q10) Should my small trendline drawn on that candle after doji(blue rectangle) place or 6 candle back on that big red candle inside white ellipse?
If i take the white ellipse it seems that my trendline be broken

Q11) Would it be ok to actually enter again on that bounce off resistance for a short? It is also forming a descending triangle

This is actually my 4 trade. Still 4 positive trade

regards
jin
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  • #6,257
  • Edited 1:30am Feb 2, 2009 1:17am | Edited 1:30am
Hi Jin

See my comments on the charts and my answers in your message. I wouldn't have done it differently. Nice one.


Quoting jinsen
Hi golfer,

Pls help me comment on my chart and where i should have done differently.

1) The price already crossed below the 50Ma.
2) It then found support on the 10 MA(shown in the white ellipse)
3) It then found a retracement to the 10MA after a lower lower.
4) No choppy price movement
5) Price already past the no trade zone and is sloping nicely.
6) It seems like a beauty initial down trend.
7) I enter on the blue rectangle and once it start showing red. I enter
8) The price then start moving down on the next candle.
9) I risk 20pips(Slightly...


Your analysis - no comments needed. Perfect, that is what I would like to see for each and every trade. I do it for my trades as well, also in my mind. Leading the story in the charts.

Q10: I usually use the last high before the price crosses the 50MA as my first point. Sometimes it can be different - look at how I draw it on this chart. Then I do look for the first pullback after the first pullback after the 50MA cross. And so on and so on. Sometimes it is very easy to see the resistance and support levels - the lows and highs will show it to you. Just go with the flow - so to speak

Q11: absolutely - this is only the second pullback after the 50MA cross and there isn't a negative signal yet e.g. higher lows, tails, pinbars, definite support found such as double bottoms.

I hope it helps

Enjoy it
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,258
  • Feb 2, 2009 1:37am Feb 2, 2009 1:37am
Quoting ydaudw
Wow, you have much more story than i do
You right, it was the 4th sister. I was away when the first & second was form. Should have taken the third too.
Hi Yd

Not a problem - I've teached myself to read as much as possible from each setup. Just be aware of "over analysis of a chart" - it may paralise your finger on the trigger.

And I see it as the purpose of this thread. To share our opinions charts and set-ups posted. To learn from each other and I am still learning - I can ensure you that. That is why I do appreciate comments on my charts as well.

Let's say you "could have" and not "should have" taken the third too.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,259
  • Feb 2, 2009 2:25am Feb 2, 2009 2:25am
Hi,

Greatly appreciated for your direction

I am currently only read up to 157 pg. Can elaborate further on the small resistance line. Need to confimed some small details

If my first small resistance line is broken, further trades are cancelled.
Why do i still need to draw a second resistance line if it is cancelled already.
Wont that be dangerous trades.

Is it because that there is still some potential trade that may happen.
Some rules are still present and valid within.(eg, 50ma sloping, sma angle ok, ma 21 not broken and etc).

However, trades from second resistance must be very cautious. If there is any potential trade coming. There is a greater need to found more rules, support and reasons to trade.

regards
jin
  • #6,260
  • Feb 2, 2009 2:53am Feb 2, 2009 2:53am
Quoting jinsen
Hi,

Greatly appreciated for your direction

I am currently only read up to 157 pg. Can elaborate further on the small resistance line. Need to confimed some small details

If my first small resistance line is broken, further trades are cancelled.
Why do i still need to draw a second resistance line if it is cancelled already.
Wont that be dangerous trades.

Is it because that there is still some potential trade that may happen.
Some rules are still present and valid within.(eg, 50ma sloping, sma angle ok, ma 21 not broken and etc).

However,...
Hi Jin

The concept of drawing 3 Small resistance/support lines are discussed later in the thread. I came across an article discussing the tripple fan of support and resistance lines and I did discuss it somewhere in the thread. As you go along this thread, you will come across it.

Yes, I didn't realise that some of the setups do develop underneath the second support/resistance lines and they are also profitable.

No, if your first resistance line is crossed, you don't cancel the next set but you can draw a second and even third line. And yes, your trades will then become risky. I am very careful when it happens.

More rules? That is why you should develop your own style of trading using this system and/or the basic rules of the system. This is not a strict mechanical system and each member's trades will differ. That is the beauty of the system and you've just seen the light. If it was a mechanical system, like any other mechanical system, the rules should have been very strict and followed precisely.

I hope it makes sense and keep it up!!!!
Willem Forex recipe for success = Patience, discipline & hard work.
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