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5Min Intraday System

  • #6,381
  • Feb 26, 2009 1:22am Feb 26, 2009 1:22am
thread is quiet recently ,plz post and share ur winning or loosing trades ,it will help all of us to improve in this very good system
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  • #6,382
  • Feb 26, 2009 3:20am Feb 26, 2009 3:20am
My trade today is not according to the rules of M5 strategy but I find some opportunity to enter on market.
On H4 I find support on TL and after switch to M5 I enter after candle marking on chart.
Enter @ 1.2704
SL @ 1.2690 (support 1)
2/3 TP @ 1220 (16 pips) rest on Piovot level
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  • #6,383
  • Feb 26, 2009 9:26pm Feb 26, 2009 9:26pm
Quoting bshadroo
thread is quiet recently ,plz post and share ur winning or loosing trades ,it will help all of us to improve in this very good system
Yes, I see it is very quiet here lately. I don't know if people are still using this sytem or not but I do agree with Bs. It is unfortunately if people don't use this system anymore. So be it. I know I'll be using it when I do have the time to trade.

Very interesting how one gets these quiet times on a thread, it happens a year or so ago (I was almost the only one posting charts) and the system is still going. A sign of a good system. Is this quiet time on the thread linked to market conditions? I think there is strong relationship if I look at the few charts posts - choppy market conditions, members do get frustrated, not trading according to the rules, discipline is leaving through the backdoor along with all the profits of the past. But that is allright - that is how one learns to trade forex and hopefully survive in the long run (or leave for something better in life).

I am still trading and watching the markets but I don't like what I see (when I do have the time). So I am very patient at this stage. You will get times like this.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,384
  • Feb 26, 2009 11:00pm Feb 26, 2009 11:00pm
Quoting Golfer
Yes, I see it is very quiet here lately. I don't know if people are still using this sytem or not but I do agree with Bs. It is unfortunately if people don't use this system anymore. So be it. I know I'll be using it when I do have the time to trade.

Very interesting how one gets these quiet times on a thread, it happens a year or so ago (I was almost the only one posting charts) and the system is still going. A sign of a good system. Is this quiet time on the thread linked to market conditions? I think there is strong relationship if I look at...
I'm still trading with this strategy, this is my second month. Although this month I have 3 consecutive loses in a row and some several loses after that at the end I manage to recover and get a little profit. I think the key is Risk & Reward ratio and also patient. My win loss average about 50%, but I still in profit, good money management also play important role here.

I really like this system, the same with 4 hours system. Really thanks to all of you keeping both thread alive. Also to Palmer for the 415 system.

Hopefully this coppy will end soon.

  • #6,385
  • Edited 2:00am Feb 27, 2009 1:46am | Edited 2:00am
Quoting ydaudw
I'm still trading with this strategy, this is my second month. Although this month I have 3 consecutive loses in a row and some several loses after that at the end I manage to recover and get a little profit. I think the key is Risk & Reward ratio and also patient. My win loss average about 50%, but I still in profit, good money management also play important role here.

I really like this system, the same with 4 hours system. Really thanks to all of you keeping both thread alive. Also to Palmer for the 415 system.

Hopefully this coppy will...
Hi Yd

I was in the same situation - in the beginning my success rate was very low (I think mainly because I was trading the indicators and not market rhythm/Price actions). After changing my strategy and practising a lot - it paid off. Last time I checked I had about an 85% success rate and achieving my 50pips goal per week. That was when I was dedicated to this system. Lately I am distracted by other things in my life. And it is very important to have full concentration when it comes to forex trading.

So just keep practising and you won't be sorry. Currently I am also looking at other systems and I am using the knowledge and skills accuired here on this thread in those other systems to great success.

It is all about how you approach this thread and what you can take out of it. It is all about a person's style and personality and I won't promote/sell this system to anybody. I'll refer them to this system and all I can tell my fellow members/traders that this system is working for me, I am making a profit using it as it is and it is based on sound principles. Take it or leave.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,386
  • Feb 27, 2009 2:00am Feb 27, 2009 2:00am
Hey guys, I am also trading this system ONLY, but lately with this crazy market conditions and my trading schedule change I had to start implementing an additional M1 scalping system (Rainbow).
Since I have less time to trade I need to scalp out some profits within shorter periods of time.
But, hey, this thread isn`t dead yet, in my case, for example I can not post any of the trades as of now since I am trading a bit different system.
Just like people say: learn a system/setup by heart, own it - then study another one.
I am pretty sure you guys all have additional systems or using various EAs to supplement this EXCELLENT system!

I still appreciate Golfer`s and BS`s daily inputs and postings.
Let`s keep it alive guys!
  • #6,387
  • Feb 27, 2009 2:32am Feb 27, 2009 2:32am
it didnt happend
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  • #6,388
  • Edited 7:11am Feb 27, 2009 7:00am | Edited 7:11am
Sometimes the TCs appear too late - just before the market turns around. The EY showed excellent examples thereof today. Ons has to trade from the support that has changed into resistance levels. I'll take the odds on and enter on the bounce off the resistance levels.

Look at the 4 x TCs marked - almost all of them would have resulted in losses. Just look at the nice smooth last TC - looks perfect with no higher low at that stage. I took it for a loss of 15pips. The entries are the opening of the candles above the vertical lines (indicating the TCs)

But if you've entered on the bounce off the resistance (number 1 & 2) - almost each one would have given you 10-15pips. #2 has a nice tweezer top formed on the resistance level.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,389
  • Feb 27, 2009 7:05am Feb 27, 2009 7:05am
Quoting sanjur0fla
Hey guys, I am also trading this system ONLY, but lately with this crazy market conditions and my trading schedule change I had to start implementing an additional M1 scalping system (Rainbow).
Since I have less time to trade I need to scalp out some profits within shorter periods of time.
But, hey, this thread isn`t dead yet, in my case, for example I can not post any of the trades as of now since I am trading a bit different system.
Just like people say: learn a system/setup by heart, own it - then study another one.
I am pretty sure you guys...
Hi San

Yes, you are so right and nothing wrong with that. DO what you feel comfortable with!!!

I've also tried that, Guppy, Conflour and Dollie systems with mixed success - met a few nice members there (Eyevoltage - hope he is still around). But at that stage (and those systems taught me to trade indicators and not price movements) I've concentrated more on the indicators than anything else.

Maybe one day again?
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,390
  • Feb 27, 2009 8:46am Feb 27, 2009 8:46am
A very risky trade on a Friday afternoon but I just liked the pinbar off the 10MA and M2 pivot line. So I went for it.

Patience and discipline - where are you??????

Just ignore the evidence of first trade (CT trade) for about 40pips profit - another system.

Look at the the wegde with the false breakout - ?had 10pips in it if you've entered early enough.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,391
  • Feb 27, 2009 9:28am Feb 27, 2009 9:28am
Quoting Golfer
A very risky trade on a Friday afternoon but I just liked the pinbar off the 10MA and M2 pivot line. So I went for it.

Patience and discipline - where are you??????

Just ignore the evidence of first trade (CT trade) for about 40pips profit - another system.

Look at the the wegde with the false breakout - ?had 10pips in it if you've entered early enough.
Hey Golfer, I saw the same two setups, the first pinbar to go long, i didn't take cause i felt i didn't retrace quite enuff for my taste, with the tail barely touching 10EMA I wasn't about to take it. The second one look good, great location, form and bearish divergence but i didn't dare either, cause i felt we were in too strong a bullish movement.
Do you ever talk about this other CT system, is there another thread or something?
  • #6,392
  • Feb 27, 2009 12:58pm Feb 27, 2009 12:58pm
Quoting judith
Hey Golfer, I saw the same two setups, the first pinbar to go long, i didn't take cause i felt i didn't retrace quite enuff for my taste, with the tail barely touching 10EMA I wasn't about to take it. The second one look good, great location, form and bearish divergence but i didn't dare either, cause i felt we were in too strong a bullish movement.
Do you ever talk about this other CT system, is there another thread or something?
Hi Jud

Yes, great decision not to take it. Geat example of nice patience and discipline. Well done - look what happens, SIDMOVs starting.

No, I don't talk about CT trades and it is not on any thread. Just too risky, all about price actions and not really looking at indicators. And luckily I don't do it that often.

Enjoy the weekend
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,393
  • Feb 28, 2009 1:27am Feb 28, 2009 1:27am
Hi willem
Tks 4 your great work here.
Regarding point #1...it looks perfect .
Where did u enter ? at the opening of the red candle as it touches the
10+new res line ?
Regarding point #2 . The price has penetrated the 10 , finding res @ new res level...Aren't u concern if price crosses the 10 ?
Isn't that a warning light 4 u ? or u look where the price closed (bellow the 10)...
Tks
Have a nice w-end
David

Quoting Golfer
Sometimes the TCs appear too late - just before the market turns around. The EY showed excellent examples thereof today. Ons has to trade from the support that has changed into resistance levels. I'll take the odds on and enter on the bounce off the resistance levels.

Look at the 4 x TCs marked - almost all of them would have resulted in losses. Just look at the nice smooth last TC - looks perfect with no higher low at that stage. I took it for a loss of 15pips. The entries are the opening of the candles above the vertical lines (indicating the...
  • #6,394
  • Feb 28, 2009 4:21am Feb 28, 2009 4:21am
Quoting david4u
Hi willem
Tks 4 your great work here.
Regarding point #1...it looks perfect .
Where did u enter ? at the opening of the red candle as it touches the
10+new res line ?
Regarding point #2 . The price has penetrated the 10 , finding res @ new res level...Aren't u concern if price crosses the 10 ?
Isn't that a warning light 4 u ? or u look where the price closed (bellow the 10)...
Tks
Have a nice w-end
David
David

My comments:

No, #1 not really perfect for me, it is just a bounch off the 10MA and previous support area (at this stage one doesn't know if it will hold as resistance) with no price pattern. Not a setup for me but I might be tempted. Entry would have been in no-man's land. The second marked (#2) TC is the perfect one for 10-15pips but it needed a early entry as explained.

Price crosses the 10MA - that is what you should be looking for! The price needs to cross the 10MA to enter the war zone (area between the 21 and 10). Crosses and closes on the wrong side of the 21 is what you don't want. I am not sure what you meant? If you are talking about warning lights if the 10MA is crossed, I think you need to study the first page of this thread again looking at the principles of this system.

Nice setup on Thursday to show the differences. Setp A - perfect with a spinner founding resistance on the 21 and setup B - a no-go for me even though it was profitable (just too risky for me).

Newbies:

It is very important to study all the links on page 1 of this thread (at least if you don't have the time to work through the entire thread) and make sure you understand the basics behind this system. Otherwise you'll get burned badly trying to trade this system. Study and study and study it again.

I hope it helps.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,395
  • Feb 28, 2009 7:38am Feb 28, 2009 7:38am
Here is a trade I took yesterday. It didn't work out. It definately was not a smooth pull back, too much action above the 21, and a rising triangle. There was also a very strong bullish candle a few candles before. What I did see or wanted to see was the 2 tails up to the support line. I posted what I saw when I placed the trade, so it is on the far right side. The next candle took me out for a minus 18 pips. For the most part my decision making has improved, but this was definately not one of them. I hadn't placed a trade in a few day and I guess I was impatient. I still hate posting my poor decisions, but I know it is for the best.
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  • #6,396
  • Feb 28, 2009 11:30am Feb 28, 2009 11:30am
Quoting Golfer
Sometimes the TCs appear too late - just before the market turns around. The EY showed excellent examples thereof today. Ons has to trade from the support that has changed into resistance levels. I'll take the odds on and enter on the bounce off the resistance levels.

Look at the 4 x TCs marked - almost all of them would have resulted in losses. Just look at the nice smooth last TC - looks perfect with no higher low at that stage. I took it for a loss of 15pips. The entries are the opening of the candles above the vertical lines (indicating the...
Hi Golfer:

I have been on the sidelines for quite a while just learning from you guys.
Regarding your loss I could see that price was moving between 2 pivot points: First one: Daily pivot point located exactly where you drew resistance line. Second one: Weekly pivot point located exactly where you entered... acted as a support.
  • #6,397
  • Mar 1, 2009 1:35am Mar 1, 2009 1:35am
Quoting gutieme
Hi Golfer:

I have been on the sidelines for quite a while just learning from you guys.
Regarding your loss I could see that price was moving between 2 pivot points: First one: Daily pivot point located exactly where you drew resistance line. Second one: Weekly pivot point located exactly where you entered... acted as a support.
Thanks for the input - do appreciate it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,398
  • Mar 1, 2009 8:13am Mar 1, 2009 8:13am
I saw today (while analising my charts/trades saved) that I did save the chart of that loser - just to show people what a chart looks like at/just after the entry of a trade. It is also easy to show trades afterwards - not so easy with live price feed.

Look at entry marked as #1 - classic 2-candle entry method. One candle into the war zone and 2nd candle bouncing off resistance and leaving the war zone. If you have entered on the opening of the third candle (circle #1), you could have taken 10pips profit or exit at BE. Just to show you the 2-candle entry could be profitable - I just don't like it. Sure other do use it succesfully.

Even my entry (circle #2) (too early for the TC) resulted in a loss.

Thanks again for the input - look at what Gutieme refers to.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,399
  • Mar 1, 2009 8:23am Mar 1, 2009 8:23am
Quoting Morelands
Here is a trade I took yesterday. It didn't work out. It definately was not a smooth pull back, too much action above the 21, and a rising triangle. There was also a very strong bullish candle a few candles before. What I did see or wanted to see was the 2 tails up to the support line. I posted what I saw when I placed the trade, so it is on the far right side. The next candle took me out for a minus 18 pips. For the most part my decision making has improved, but this was definately not one of them. I hadn't placed a trade in a few day and I guess...
Yes, too many activities on wrong side of the 21.

But look at that nice pinbar.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,400
  • Mar 2, 2009 7:47pm Mar 2, 2009 7:47pm
Finally, been waiting for quite some time.
I think got 1 week plus before i found this.

I think its called bullish 3. Anyway, i know how the pattern look like.
So beautiful.

I enter on the white box.
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