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5Min Intraday System

  • #641
  • Mar 21, 2007 6:31am Mar 21, 2007 6:31am
Hi Phil

I have finished reading this thread and am now practicing the method. I would like to thank you for the time you have spent trying to help all of us. I look forward to trialing this method and am also reading the James16 site to learn more on price action.

Also like the look of your four hour strategy.

Thanks again.

Anita
  • #642
  • Mar 21, 2007 6:34am Mar 21, 2007 6:34am
Quoting kunz78
Another winning one

9 pips profit. But i must improve my MM...
I had the same two trades on the UsdJpy
  • #643
  • Mar 21, 2007 12:20pm Mar 21, 2007 12:20pm
Quoting kunz78
8 pip profit on usd chf entered 1.2136 exited at 1.2144

I'm always glued on the screen, I'm afraid I will be fired from my job
Hi Kunz78

Don't you just love this simple system of Phillip?

If you:

1. Do follow the rules (my rules are attached to post#505 page 34)
2. Are not gready
3. trade the most suitable time frames

this could be very profitable system (up to 77% postive trade with very high profit factor as pervious explained in this thread).

I am back from a long-weekend and will start trading tomorrow again.

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #644
  • Mar 21, 2007 12:53pm Mar 21, 2007 12:53pm
Hi Golfer,

I'm not strictly following all the rules. I try to base my decision on the price action.
Actually I do not look for a very pig profit.
I do not have great disciplin to stick to my plan, when I see profit I close the position too early...

I attach the chart of the last trade that I closed with 5 pip profit.
I preferred to close the position because the trend maybe was finishing.

This system is very profitable and it helps to understand price action.
I hope that is working also for you.
Attached Image
  • #645
  • Mar 21, 2007 1:58pm Mar 21, 2007 1:58pm
Quoting kunz78
Hi Golfer,

I'm not strictly following all the rules. I try to base my decision on the price action.
Actually I do not look for a very pig profit.
I do not have great disciplin to stick to my plan, when I see profit I close the position too early...

I attach the chart of the last trade that I closed with 5 pip profit.
I preferred to close the position because the trend maybe was finishing.

This system is very profitable and it helps to understand price action.
I hope that is working also for you.

That was fine as the price did not close higher than the previous high indicating a run out of steam
  • #646
  • Mar 21, 2007 3:21pm Mar 21, 2007 3:21pm
Hello:

I have been reading your posts and try to put into practice the 5 min strategy. Whenever you place an example on the board it appear different than the one I am using, having said that here are my questions:

1) which Chart service are you using and how much does it cost to use monthly? (I am using IntelliChart)

2) When you vew your charts and look at when to jump in are you speculating from a Daily, Weekly, Monthly chart within 5min, 10min, 15min or more or all of the above?

3) Do you find that you can earn just as many pips if you use the strategy in the evenings (for people on the East coast)

Thank you in advance to everyone who chips in with a reply!
  • #647
  • Mar 21, 2007 3:49pm Mar 21, 2007 3:49pm
Quoting Tessyinc
Hello:

I have been reading your posts and try to put into practice the 5 min strategy. Whenever you place an example on the board it appear different than the one I am using, having said that here are my questions:

1) which Chart service are you using and how much does it cost to use monthly? (I am using IntelliChart)

2) When you vew your charts and look at when to jump in are you speculating from a Daily, Weekly, Monthly chart within 5min, 10min, 15min or more or all of the above?

3) Do you find that you can earn just as many pips if you use the strategy in the evenings (for people on the East coast)

Thank you in advance to everyone who chips in with a reply!
Hi Tess

1) I am using InterbankFX charts (free) that are part of their trading platform. I am of the opinion that one needs to use the charts offered by your broker when trading intra-day because price feed may differ from broker to broker.

2) I am looking mainly at the 5 min charts when using this system but I also keep an eye on the 4h charts because of Phillip's other system (4h MACD system).

3) I am in South Africa meaning my time frame is GMT+2h. I did find that the end of the London trading time up to the middle of USA trading time is most profitable. Just look at today - markets are already stabilising. 5 min strategy not that effective.

But times can differs depending on market and trends.

Hope it helps

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #648
  • Mar 21, 2007 4:47pm Mar 21, 2007 4:47pm
hi all

when phillip is talking us through the days trades i cannot see the chart because it keeps jumping ahead to the last price movement,

i have mt4 how do i lock the screen so it does not jump ? or do you all use a different way .

thanks
gary
  • #649
  • Mar 21, 2007 4:48pm Mar 21, 2007 4:48pm
Quoting barney
hi all

when phillip is talking us through the days trades i cannot see the chart because it keeps jumping ahead to the last price movement,

i have mt4 how do i lock the screen so it does not jump ? or do you all use a different way .

thanks
gary
Right click on the chart , open properties and then unclick the arrow in the autoscroll box
  • #650
  • Mar 21, 2007 5:09pm Mar 21, 2007 5:09pm
Quoting schoe
Right click on the chart , open properties and then unclick the arrow in the autoscroll box
thanks friend.
  • #651
  • Mar 22, 2007 4:13am Mar 22, 2007 4:13am
This one was against the "Classic rules".
The 50 ma angle was not so clear, price did not retraced.
But the two faster ma were widen up as a new trend was going to begin.

Only 6 pip profit including spread (entered at 1.2103 exit at 1.2109)
Attached Image
  • #652
  • Mar 22, 2007 5:17am Mar 22, 2007 5:17am
Today, after london open, USDJPY and EURUSD were good candidates. However with USDJPY the angle was just started to turn, but price action was favourable I guess.
I just hope, this is the sign, that market is resuming this kind of session-start trending.
  • #653
  • Mar 22, 2007 6:44am Mar 22, 2007 6:44am
Philip

1)When you say 'set to B/E when 6 pips gain' do you mean 6 + spread = 9 pips gain (to cover the spread).
You are trailing the stop at 9 pips?

2) Is the method also good for CHF/USD and JPY/USD?

rorieu
  • #654
  • Mar 22, 2007 7:35am Mar 22, 2007 7:35am
Quoting kunz78
This one was against the "Classic rules".
The 50 ma angle was not so clear, price did not retraced.
But the two faster ma were widen up as a new trend was going to begin.

Only 6 pip profit including spread (entered at 1.2103 exit at 1.2109)
Hi kunz78

Good for you if you do take trades like that. I'll stay with my rules - can't say I'll do better. It is just a matter of style.

I had one trade on EUR$ today (10:29GMT) (missed the first one - 09:05GMT) - I'll post it later today when I'm back at home.

Enjoy it (on my behalf as well)

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #655
  • Mar 22, 2007 9:56am Mar 22, 2007 9:56am
Quoting rorieu
Philip

1)When you say 'set to B/E when 6 pips gain' do you mean 6 + spread = 9 pips gain (to cover the spread).
You are trailing the stop at 9 pips?

2) Is the method also good for CHF/USD and JPY/USD?

rorieu
The moment I have 6pips clean gain in my account I set to breakeven.
  • #656
  • Mar 22, 2007 10:00am Mar 22, 2007 10:00am
Info
Attached Image
Attached File(s)
File Type: zip News Trading.zip   477 KB | 1,647 downloads
  • #657
  • Mar 22, 2007 10:03am Mar 22, 2007 10:03am
Attached is my trade today with EUR$. I've missed the first trade (first thumb down) but entered the second opportunity:

10:29GMT sell @ 1.3362, SL 1.3374, TP 1.3350 triggered @10:55.

9 trades so far this month, 7 positive, 2 negative (78% success). Profit factor = 2.77 (anything above 1.5 acceptable)

Willem
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #658
  • Mar 22, 2007 10:11am Mar 22, 2007 10:11am
Hi Phillip

Yesterday and today I did miss a few nice trades because one tends to concentrate on too many pairs. I think one should concentrate on just the EUR$, cable and JPY$.

In future, I am also going to use a buy/sell limit order rather than a market order. Once a chart/pair comply with my rules, I am going to put a buy/sell limit order (to enter correctly) at just above/below 21MA. I tend to miss by entries by a pip or two when using market orders.

Obviously one needs to changes the orders as the chart changes (value of 21MA changes).

How do you enter your trades?

WIllem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #659
  • Mar 22, 2007 10:45am Mar 22, 2007 10:45am
Quoting Phillip Nel
Info
Hi Phillip

Tx for the MP3 & chart - I'll try it next time. I do like the news trades - just a few questions:

1. One tends to struglle to enter during fast market conditions like news releases. Do you use market or buy/sell limit entry orders?

2. Do you only trade the major news releases with relative big moves like rate announcement, Non-farm payrolls with this strategy?

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #660
  • Mar 22, 2007 11:28am Mar 22, 2007 11:28am
Quoting Golfer
Hi Phillip

Tx for the MP3 & chart - I'll try it next time. I do like the news trades - just a few questions:

1. One tends to struglle to enter during fast market conditions like news releases. Do you use market or buy/sell limit entry orders?

2. Do you only trade the major news releases with relative big moves like rate announcement, Non-farm payrolls with this strategy?

Willem
The fast movers I use the 1min and the others the 5min. I enter live. Sometimes with the first deal when the market is quick I dont get it but remember that it is on a retacement into the zone that you enter and then the market tend to slow down before taking off again giving you time to enter.
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