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5Min Intraday System

  • #781
  • Mar 29, 2007 4:16am Mar 29, 2007 4:16am
Hi

to all users of this strategy -
if you were to use this strategy on hourly charts, what level of stop-loss, profit target, and trailing stop-loss do you think sounds around about optimum?

Many thanks.
  • #782
  • Mar 29, 2007 6:50am Mar 29, 2007 6:50am
Hello,

This ist my first posting here. First of all: Sorry for my bad English, but I'm from Austria in Europe and my English is not the best.

I am testing the 5 min Intraday System beside my News Trading. There I am profitable since 1 Year with around 5% return every month and only 0,5% risk for every trade.

I removed the signals because they come too often for me. I take EUR/USD, and EUR/CHF with 8Pip Stop and 12 Pip TP and GBP/USD and USD/JPY with 10 Pip Stop and 15 Pip Profit. The 2 Pip spread for every pair is included.

I wait for an entry until SMA angle is above/under 0,2 in EUR/USD and EUR/CHF and above/under 0,25 in USD/JPY and GBP/USD. So there are not so many possibilities for an entry.

I am only trading the London session. No trade before, and no entry after it.

In one month I can tell you if it's possible to make money with this setup.

We will see...
  • #783
  • Mar 29, 2007 8:25am Mar 29, 2007 8:25am
Quoting Tschim
Hello,

This ist my first posting here. First of all: Sorry for my bad English, but I'm from Austria in Europe and my English is not the best.

I am testing the 5 min Intraday System beside my News Trading. There I am profitable since 1 Year with around 5% return every month and only 0,5% risk for every trade.

I removed the signals because they come too often for me. I take EUR/USD, and EUR/CHF with 8Pip Stop and 12 Pip TP and GBP/USD and USD/JPY with 10 Pip Stop and 15 Pip Profit. The 2 Pip spread for every pair is included.

I wait for an entry until SMA angle is above/under 0,2 in EUR/USD and EUR/CHF and above/under 0,25 in USD/JPY and GBP/USD. So there are not so many possibilities for an entry.

I am only trading the London session. No trade before, and no entry after it.

In one month I can tell you if it's possible to make money with this setup.

We will see...
Hi Tchim

I do like you approach to trading - having rules and stay with it. I did find the London session sometimes a bit choppy - later it becomes more smooth. I also the signal just to call me to the screen and then I do ignore them and follow my own rules.

Just listen to Phillip - he can only trade in the US session and his is making his money. I am sure you will make yours. I started in March this year with my demo trading - will post my analysis of all my trade for March next week. Currently I am about 40 pips up - not to bad for the first month.

I do love Zell am See - been there 4 times already.

Looking forward to hear/see you regularly on this thread. Post your trade so that we can see.

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #784
  • Mar 29, 2007 9:51am Mar 29, 2007 9:51am
3 Trades, 2 times profit of 15 pip, 1 loss with 10 pip.
Entry when SMA Angle is above 25.

You can also see two possible entrys about an hour later.(SMA again above 0,25) They would have end with "break even", because I put my SL to entry if I have 6 pip profit in this pair.
Attached Image
  • #785
  • Mar 29, 2007 10:01am Mar 29, 2007 10:01am
My first trade of this morning - 10 pips profit


Willem
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #786
  • Mar 29, 2007 10:07am Mar 29, 2007 10:07am
And my second trade. enter @ 10:09GMT 1.3341, exit @ 10:41 1.3351. Another 10 pips

My two trades for the day

Willem
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #787
  • Mar 29, 2007 10:20am Mar 29, 2007 10:20am
Quoting Golfer
And my second trade. enter @ 10:09GMT 1.3341, exit @ 10:41 1.3351. Another 10 pips

My two trades for the day

Willem
Very well done
  • #788
  • Mar 29, 2007 10:31am Mar 29, 2007 10:31am
Quoting Tschim
3 Trades, 2 times profit of 15 pip, 1 loss with 10 pip.
Entry when SMA Angle is above 25.

You can also see two possible entrys about an hour later.(SMA again above 0,25) They would have end with "break even", because I put my SL to entry if I have 6 pip profit in this pair.
Hi Tchim

Look at my trade on $JPY (Post#785) - the same as your post. Just look at my comments. That was how I "argue" the trade.

I think Phillip likes to look at a smooth up/down movement - just listen to his daily wrap-up.

What happen to the trade resulting in a loss?

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #789
  • Mar 29, 2007 10:38am Mar 29, 2007 10:38am
Quoting Tschim
3 Trades, 2 times profit of 15 pip, 1 loss with 10 pip.
Entry when SMA Angle is above 25.

You can also see two possible entrys about an hour later.(SMA again above 0,25) They would have end with "break even", because I put my SL to entry if I have 6 pip profit in this pair.
Hi Tschim

In my analysis of January 2007, I did find an average of 2 trade set-ups per "trend" - just what Phillip's recommendation is. I'll post another chart later today showing more entries but.....?

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #790
  • Mar 29, 2007 10:46am Mar 29, 2007 10:46am
Hi all

Just to show you the possiblity of the GBPJPY on a 15 min chart - respect for the 21 & 50 MA. Could be a possible candidate for the 5 min system. Need to do some backtesting of is somebody already trading this pair with 5 min strategy?

Willem
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #791
  • Mar 29, 2007 10:59am Mar 29, 2007 10:59am
Hello Golfer,

I only take the trades which I can realy see, and I will document it for the next weeks. (I have enough time to sit in front the screens because trading is my profession).

And after a while I can analyse these trades and find out which is the best strategy to trade it. (- the best strategy for me !)

I will also not take every possible trade in the future. Maybe only the first two trades, maby no trades after two losses... and so on - I can't say it now - I must find it out.
  • #792
  • Mar 29, 2007 11:07am Mar 29, 2007 11:07am
Quoting Tschim
Hello Golfer,

I only take the trades which I can realy see, and I will document it for the next weeks. (I have enough time to sit in front the screens because trading is my profession).

And after a while I can analyse these trades and find out which is the best strategy to trade it. (- the best strategy for me !)

I will also not take every possible trade in the future. Maybe only the first two trades, maby no trades after two losses... and so on - I can't say it now - I must find it out.
Hi T

Great - I'm with you on that. Enjoy it.

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #793
  • Mar 29, 2007 11:12am Mar 29, 2007 11:12am
Just look at this pair - a few days ago there was another set-up like this. Just cannot remember the post number.

I am starting to like this pair.

Willem
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #794
  • Mar 29, 2007 11:13am Mar 29, 2007 11:13am
Quoting Tschim
Hello,

This ist my first posting here. First of all: Sorry for my bad English, but I'm from Austria in Europe and my English is not the best.

I am testing the 5 min Intraday System beside my News Trading. There I am profitable since 1 Year with around 5% return every month and only 0,5% risk for every trade.

I removed the signals because they come too often for me. I take EUR/USD, and EUR/CHF with 8Pip Stop and 12 Pip TP and GBP/USD and USD/JPY with 10 Pip Stop and 15 Pip Profit. The 2 Pip spread for every pair is included.

I wait for an entry until SMA angle is above/under 0,2 in EUR/USD and EUR/CHF and above/under 0,25 in USD/JPY and GBP/USD. So there are not so many possibilities for an entry.

I am only trading the London session. No trade before, and no entry after it.

In one month I can tell you if it's possible to make money with this setup.

We will see...



Good luck
  • #795
  • Mar 29, 2007 12:14pm Mar 29, 2007 12:14pm
Quoting Golfer
Hi all

Just to show you the possiblity of the GBPJPY on a 15 min chart - respect for the 21 & 50 MA. Could be a possible candidate for the 5 min system. Need to do some backtesting of is somebody already trading this pair with 5 min strategy?

Willem
I am working on this and the eur/jpy pairs. I still have my 8 and 21ema settings for the 4hr system and am more comfortable with them instead of changing. Will report some results soon. I believe that this method will work for many pairs and am just looking for the best setups. Also with the exotics you have to go for more than 10 pips because of the spread. I recommend that newbie's still with what Phillip teaches first. It took me months to understand how the exotics work and so people should just chart for a few months before putting in real money.


You cannot be disciplined in great things and undisciplined in small things. Brave undisciplined men have no chance against the discipline and valor of other men. Have you ever seen a few policemen handle a crowd? General George S. Patton
  • #796
  • Mar 30, 2007 12:59am Mar 30, 2007 12:59am
Quoting pip pirate 2
I am working on this and the eur/jpy pairs. I still have my 8 and 21ema settings for the 4hr system and am more comfortable with them instead of changing. Will report some results soon. I believe that this method will work for many pairs and am just looking for the best setups. Also with the exotics you have to go for more than 10 pips because of the spread. I recommend that newbie's still with what Phillip teaches first. It took me months to understand how the exotics work and so people should just chart for a few months before putting in real money.


You cannot be disciplined in great things and undisciplined in small things. Brave undisciplined men have no chance against the discipline and valor of other men. Have you ever seen a few policemen handle a crowd? General George S. Patton
Hi PP2

Tx, can't wait for your results. It also took a month to starting ot understand this 5 min strategy. I agree with you - stay with the basics first.

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #797
  • Mar 30, 2007 1:27am Mar 30, 2007 1:27am
Quoting Golfer
Hi PP2

Tx, can't wait for your results. It also took a month to starting ot understand this 5 min strategy. I agree with you - stay with the basics first.

Willem
Willem: Take a look at the jpy pairs from the news event today at 0GMT. I forgot to draw a trend line from the bottom of that run long from march 28 at 14:30 up to the top of the run. When it went short with the news, it wasn't an easy ride short, it seemed to hesitate a lot so I did not get in. Had I seen it break that trendline I would have been more confident to make the trade. Then could have played the retrace long after I had 60-75 pips in the bank. O well, next time. Always learning. Steve


Well the oppressors ( your boss, job, negative people ) are trying to keep me down; Trying to drive me underground; Well they think that they have got me on the run; I say forgive them Lord they know not what they’ve done; So as sure as the sun will shine; I’m going to get my share of what is mine…. Jimmy Cliff
  • #798
  • Mar 30, 2007 6:50am Mar 30, 2007 6:50am
Quoting pip pirate 2
Willem: Take a look at the jpy pairs from the news event today at 0GMT. I forgot to draw a trend line from the bottom of that run long from march 28 at 14:30 up to the top of the run. When it went short with the news, it wasn't an easy ride short, it seemed to hesitate a lot so I did not get in. Had I seen it break that trendline I would have been more confident to make the trade. Then could have played the retrace long after I had 60-75 pips in the bank. O well, next time. Always learning. Steve


Well the oppressors ( your boss, job, negative people ) are trying to keep me down; Trying to drive me underground; Well they think that they have got me on the run; I say forgive them Lord they know not what they’ve done; So as sure as the sun will shine; I’m going to get my share of what is mine…. Jimmy Cliff
Steve

Agree with you - I wouldn't take any trade there but a nice run. No clear set-up/signal. I always say - there will be another trade.

Tx

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #799
  • Mar 30, 2007 8:59am Mar 30, 2007 8:59am
Quoting Golfer
Just look at this pair - a few days ago there was another set-up like this. Just cannot remember the post number.

I am starting to like this pair.

Willem
Golfer

It looks like you're running the M5 method very successfully. Well done and keep posting the charts please.

When you gain 10pips is that the exit minus the entry? (ie the nett gain is 10-3(spread)=7)?

Please confirm: as per Philip's rules but you like the SMAAangle above 0.2 and you raise the stop up to entry price when you've gained 6pips?

Thanks for the advice on EURJPY it does look good. I wouldn't touch the GBPJPY however as the spreads are huge - imposible for scalping. ( at least for me in the UK).

PS do you play golf?

rorieu
  • #800
  • Edited 11:27am Mar 30, 2007 11:15am | Edited 11:27am
Quoting rorieu
Golfer

It looks like you're running the M5 method very successfully. Well done and keep posting the charts please.

When you gain 10pips is that the exit minus the entry? (ie the nett gain is 10-3(spread)=7)?

Please confirm: as per Philip's rules but you like the SMAAangle above 0.2 and you raise the stop up to entry price when you've gained 6pips?

Thanks for the advice on EURJPY it does look good. I wouldn't touch the GBPJPY however as the spreads are huge - imposible for scalping. ( at least for me in the UK).

PS do you play golf?

rorieu
Hi Ror

Tx, I am doing better now with Phillip's system. In the begining I did struggle because I want to do/enter every trade available. Very frustasting. Now I just tell myself if I do miss a great trade - o well, there will be another one. Great for those who got it.

No great set-up today when I was in front on the PC.

Profit: The profit is the spread included. E.g. If you buy EUR$ @1.3333 (the sell price at that stage is 1.3331 - 2 pip spread), you aim to sell @1.3343. Stop loss is set at 1.3323 (10 pips - my rule).

After 6 (+ 2 spread) pips move (sell price should then be 1.3339 as indicated on the chart), you move your stop loss from 1.3323 to 1.3333 (break-even - orginal buy price).

At the end, you do make 10 pips profit (nett). So the price should actual move 10 pips + spread. Hope it is clear.

21MA & SMAangle bars: Yes, I do like to have the 21MA above or below 0.1/-o.1 AND the SMAangle bars above/below 0.2/-0.2. Not always possible but look for it.

The EURJPY was chaotic today - didn't do a trade. I thowever one trade on GBPJYP (my first ever) - attached. Just to get a feel for this pair - 8 pip spread. I did use the 50MA as resis. Enter short @ 10:00GMT 231.25, SL @ 231.50, TP was triggered @ 10:31, 230.95.

Please do not take this trade as a classic set-up. I am still playing around with it - Phillip is going to kill me. Please listen to his advice and do likewise

Yes, golf is my first hobby and love. Also one needs to be patient and wait for the birdies to come along - don't force it.

Willem
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Willem Forex recipe for success = Patience, discipline & hard work.
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