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5Min Intraday System

  • #6,281
  • Edited 2:04am Feb 5, 2009 1:34am | Edited 2:04am
I agree with Golfer`s opinion on CTs - by using this system you will make higher percentage of successful trades going WITH the trend than going against it.
We are using fast MAs (I consider anything more than 75 to be a slow MA on this timeframe ).
There is another system by Jon Levine that uses 21EMA, 75SMA and 200SMA to make trades (no MACD).
Absolutely same theory with power candles and signals.
He also does use some candle formations to make CT trades.
By the way this Phillip`s system we are using now is also reminds me of a Floor Trader`s method - yes, real floor traders do use this one when trend in place!

DISCLAIMER : I have no intention to confuse new traders by mentioning this system of Jon but thought it would be nice to share some of the trades he makes online. I will upload a zip file as well. Since I did study with him and actually paid some money for the training I have rights to share the charts (not the documents).

Quoting Golfer
I do agree and I do take some CT trades as well - espescially on the top/bottom of a move with some sort of signal present . But Phillip previously asked not to post CT trades here because it is not part of this system. And I do agree because it will just confuse the newbies.

I remember how confused I was with some of the members' posts and trades. Later I do remember some of the members also asking me about my trades and reasons why I took it. For me it came naturally to some trades, then I discover it is not always that clear for other members....
  • #6,282
  • Feb 5, 2009 1:45am Feb 5, 2009 1:45am
Files.
Please remove the ".zip" part at the end of these files, you should have the following now:
FFE.zip.001
FFE.zip.002
FFE.zip.003
FFE.zip.004
Use 7zip to extract.

Hope I comply with forum rules.
Attached File(s)
File Type: zip FFE.zip.001.zip   1.8 MB | 973 downloads
File Type: zip FFE.zip.002.zip   1.8 MB | 811 downloads
File Type: zip FFE.zip.003.zip   1.8 MB | 1,021 downloads
File Type: zip FFE.zip.004.zip   198 KB | 637 downloads
  • #6,283
  • Feb 5, 2009 2:44am Feb 5, 2009 2:44am
Quoting Golfer
I do agree and I do take some CT trades as well - espescially on the top/bottom of a move with some sort of signal present . But Phillip previously asked not to post CT trades here because it is not part of this system. And I do agree because it will just confuse the newbies.

I remember how confused I was with some of the members' posts and trades. Later I do remember some of the members also asking me about my trades and reasons why I took it. For me it came naturally to some trades, then I discover it is not always that clear for other members....
sorry willem to post that,even im not sure to go short there ,just wanna say people dont be upset when ur stoploss hitted ,maybe there is chance to cover the loss with a reverse position wich i saw that many times by phillip in H4 thread .
  • #6,284
  • Feb 5, 2009 4:40am Feb 5, 2009 4:40am
Quoting bshadroo
sorry willem to post that,even im not sure to go short there ,just wanna say people dont be upset when ur stoploss hitted ,maybe there is chance to cover the loss with a reverse position wich i saw that many times by phillip in H4 thread .
Hi Bs

Not to worry, I am just stressing the fact that this a trend following system so that the newbies should not be confused.

Also I would like to encourage members rather to start new threads if they do feel that CT trading is more successful. I think our 5min Skype chat was an example of what could happen because now nothing is happening on the 5min Skype anymore.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,285
  • Feb 5, 2009 4:54am Feb 5, 2009 4:54am
Could I get a link or invite please?

Quoting Golfer
Hi Bs

Not to worry, I am just stressing the fact that this a trend following system so that the newbies should not be confused.

Also I would like to encourage members rather to start new threads if they do feel that CT trading is more successful. I think our 5min Skype chat was an example of what could happen because now nothing is happening on the 5min Skype anymore.
  • #6,286
  • Feb 5, 2009 6:09am Feb 5, 2009 6:09am
Quoting Golfer
Nowadays a rarely use demo accounts. I do have a live mini account and when I am testing a system which doesn't need large SL, I'll use only 0.01-0.03lots to enter. I'll only use a demo account if I need a large SL.

But with this system I do use a risk management strateg of risking only 1.5% of my capital on one trade at a time.

I do have another small live standard account with fxpro.com where I only use a few EAs with starting lot of 0.1lot. No manual trading done in that account. So, as you can see, I am a very conservative trader.

I've...
Thank you Golfer for this very good leason. I am bothering you with other question, did you note that interbank have increased the spread in pairs except eurusd, gpbusd is 4 pips, audusd is 5 pips, etc. Do you think that worths to tread with that spreads?
  • #6,287
  • Feb 5, 2009 8:40am Feb 5, 2009 8:40am
Quoting Seryei
Thank you Golfer for this very good leason. I am bothering you with other question, did you note that interbank have increased the spread in pairs except eurusd, gpbusd is 4 pips, audusd is 5 pips, etc. Do you think that worths to tread with that spreads?
Pleasure but I am not going to discuss the brokers and the spreads. There are enough threads for that. You need to decide for yourself and test it. I've studied my 3 pairs and I am trading only them as stipulated in this thread and I don't have any problems with them.

What I do - I'll wait for the spread to "normalise" after news releases and then I start trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,288
  • Feb 6, 2009 7:35am Feb 6, 2009 7:35am
hey golfer... seems a great wor ur doing here..

i have a few questions if u can aswer me

first of all what pairs can i trade?
at what sessions?

and lastly how many trades per day?

thanks alot
  • #6,289
  • Feb 6, 2009 8:16am Feb 6, 2009 8:16am
Quoting salama645ci
hey golfer... seems a great wor ur doing here..

i have a few questions if u can aswer me

first of all what pairs can i trade?
at what sessions?

and lastly how many trades per day?

thanks alot
Hi Sal

I only follow and trade 3 pairs at this stage (after following them for the past 2 years on this system):

EUR$, GBP$ and EURJPY.

I only study the other two pairs - $JPY and $CHF at this stage. Sometimes maybe the odd trade or two on a nice price pattern.

You need to decide for youself which pairs you like - test them and play around. This system doesn't come easy like trading with an EA. You need to work hard at it.

Phillip recommended 2 trades per day but it will depend on the type of day (market conditions). Sometimes I don't even put in a single trade per day because I just don't like the setups.

I don't have a daily target but I do have a weekly target of 50pips.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,290
  • Feb 6, 2009 8:48am Feb 6, 2009 8:48am
I've tried to trade the 1min chart after the NFP. Made 8pips on the EUR on the first pullback to the war zone but just look Cable. No way one can trade a chart like that. That was why I decided to exit the EUR or 8pips profit. Missed out on a nice few pips but I am not really worried because the 1min is not really my style.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,291
  • Feb 6, 2009 9:04am Feb 6, 2009 9:04am
Just another setup I've followed - just to show people what to look for.

The orange circles - I do expect something to happen
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,292
  • Feb 6, 2009 9:10am Feb 6, 2009 9:10am
Now you do have some rhythm on Cable but the SMAangle on the 5min is not yet place. This is what I would like to see on chart. Now just for a nice price pattern and then......

Are you going to take the 1min on?
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,293
  • Feb 8, 2009 3:17am Feb 8, 2009 3:17am
Hi Golfer,

this is one of the few threads I have been following on a daily basis on FF and I would like to thank you for your selfless sharing and helping people like me to learn this method.

I have been using this method for a couple of months. I was getting along fine but the last 1-2 months have been a challenge.

Would like to hear your views on trading using this method recently. I am not sure if I am doing something wrong or if the market has indeeed not been too kind to the system of late.

Thank you and best regards!
  • #6,294
  • Feb 8, 2009 11:54pm Feb 8, 2009 11:54pm
Quoting Sabre33
Hi Golfer,

this is one of the few threads I have been following on a daily basis on FF and I would like to thank you for your selfless sharing and helping people like me to learn this method.

I have been using this method for a couple of months. I was getting along fine but the last 1-2 months have been a challenge.

Would like to hear your views on trading using this method recently. I am not sure if I am doing something wrong or if the market has indeeed not been too kind to the system of late.

Thank you and best regards!
Hi Sab

Yes, it is not easy trading the markets during the past 3-4 months using this system. Like I said before, I am more careful now than every. I do see people taking trades and I am thinking by myself - I wouldn't have taken that setup.

The markets are just to volatile right now and it doesn't respect support and resistance levels like in the past - so I do concentrate more on price patterns and market rhythm. Also some days I don't even have one trade using this system.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,295
  • Feb 9, 2009 4:49am Feb 9, 2009 4:49am
hi,

my 6 trade. Not as high rewards as before.

It form a ascending triangle on with the first resistance line.
However, it got break uptrend even before reaching the small
resistance line and 10 ma.

It then form a second ascending triangle woth the second resistance
line. It seem to found support on small resistance and first resistance line.
however, enter on the next candle when it turn green by a few pips.

mistakes: I should had just closed all trade when i am up by 9 pips. The uptrend already run by 100pips. This is considered a risky trade. But to squeeze out a few pips should be ok. Being stopout later and trendline broken..
Attached Image (click to enlarge)
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  • #6,296
  • Feb 9, 2009 5:31am Feb 9, 2009 5:31am
10 pips on a BO from the war zone
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 16 KB
  • #6,297
  • Feb 9, 2009 12:41pm Feb 9, 2009 12:41pm
Quoting jinsen
hi,

my 6 trade. Not as high rewards as before.

It form a ascending triangle on with the first resistance line.
However, it got break uptrend even before reaching the small
resistance line and 10 ma.

It then form a second ascending triangle woth the second resistance
line. It seem to found support on small resistance and first resistance line.
however, enter on the next candle when it turn green by a few pips.

mistakes: I should had just closed all trade when i am up by 9 pips. The uptrend already run by 100pips. This is considered a risky...
Hi Jin

Yes, this chart is one of those...... It looks very easy to trade afterwards but believe me, it is not when you are live and following the markets. Just because of the speed of the market - very fast making an entry on the 5min very difficult. I think the 1min chart was a better option today on this Cable. Maybe Bs can assist.

See my chart for comments:

1. Two Small support lines were used

2. Green lines - pennant formation but just below M3 pivot lines but I think I would have taking it on for 10-15pips. Entry would have been the breakout upwards on that gravestone doji.

3. Then the pink lines - triangle formation just above the M3 line but divergence on the MACD (B). The breakout was a power candle (yellow circles) but I don't think I hould have taken that one - just because of divergence

4. Then there was the frist signs of support found on the M3 line and a "small pullback" into the war zone (A). With a power candle formed in the TC. Well, I don't think it was for me.

5. The last TC marked with the power candle was a definite "NO" for me - entry would ahve been too far in no-man's land (too far above war zone).

Really not that easy but look so nice and easy to trade.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,298
  • Feb 9, 2009 1:07pm Feb 9, 2009 1:07pm
Much better rhythm on the EY - see my comments.

I had about 4 trades within the black rectangle (C) (drawn within the triangle) using the support and resistance lines of the triangle (after I've identified the triangle)for about 30pips - very risky. Then I waited for the breakout. I did expect a false breakout to the upside and therefore I didn't go long on breakout A. Even if it was a true breakout - too late in the day and with a run like that already, not for me.

The CT trade was the breakout B - not to be discussed in this thread.

What I want to show you people is the better pullbacks to the war zone (green circles) - the speed was medium and tradeable.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,299
  • Feb 9, 2009 1:49pm Feb 9, 2009 1:49pm
Just to show you people how I read my chart and anticipate what could happen. And be prepared to enter.

I am waiting for the price to pullback (blue line) into the war zone and bounce off the previous support line (black line) and move down again (A2) forming a TC (zero bounce) (C) on the MACD. The 21 on the SMAangle is coming into position (B) - no problem.

Hopefully the Small resistance line, the previous support area and the 21 can meet and the price will bounce off it (A). If it doesn't happen and price continue according to the blue line I've drawn (A1), then go straight to bed.

Just an example how the read the chart and evaluate the setups.

Good night, everybody!!!!!!
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,300
  • Feb 9, 2009 2:23pm Feb 9, 2009 2:23pm
Sorry - based on my analysis of the previous post. I wanted to show you people how not to trade - just an entry on a pullback towards the 21MA and touching the 21MA. I wanted you to show how you must wait (patience!!!!!) for the bounce of the resistance levels.

I won't try it every time - this was live money and not demo.

But.....

+11pips in the bag.

What can one say? Such an interesting business.
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Willem Forex recipe for success = Patience, discipline & hard work.
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