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5Min Intraday System

  • #6,541
  • Mar 20, 2009 11:10pm Mar 20, 2009 11:10pm
Quoting ARtuRO
Hello !
This is my the biggest problem in trading - patience, I tried to don't take not full certain setup, but this is difficulty - especialy when I dont have to much time to watch market.

Today I take one setup on GBPUSD - unfortunately with loss. What is wrong with my analisys ?
Thanks for answer and Have a nice weekend !
Hi Art

Your analysis is correct. However, just another few issues you need to consider - issues I would have considered.

My concerns are labelled with numbers:

1. Big candle moving down - don't like big candles like that.

2. That bearish candle moved very close to (3) daily pivot line.

4. The signal candle of the TC moved/closed very close to the previous low (2). I ussually look at how many pips are left to the next support level - in this case the previous low and pivot line. There should be at least 10 + 5 + spread pips be to the next support level.

5. Too late especially on a Friday for my liking.

Positive issues are:

a. Nice 3 lower highs finding resistance on 21MA

b. Below Small resistance line

c. Power candle

d. Smooth rounding formed by small candles

e. TC formed

No 2 & 4 definitely would have kept me out of this trade of yours. I would have seriously considered the 3rd sister with that nice shooting star doji going through the 50MA. Also a zero break TC formed on that 3rd sister. See how far away the setup is from previous support level (4). Remember that I'll ignore some rules when I do see the 3rd sister e.g. 21 was broken.

I hope it helps.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,542
  • Mar 21, 2009 8:08am Mar 21, 2009 8:08am
Here's a loss for the day. Reasons for the trade: looking for a bounce off the DAILY 200 MA (not pictured), higher high, pin bar though 21 MA on 5 min, previous resistance (red horizontal) now support. Reason not to trade: 50 MA not in correct position. This is about the 3rd in a row I've taken when the 50 is not correct and lost. I'm going to look at history and take a closer look at these type of trade in the future
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  • #6,543
  • Mar 21, 2009 11:23am Mar 21, 2009 11:23am
Quoting Morelands
Here's a loss for the day. Reasons for the trade: looking for a bounce off the DAILY 200 MA (not pictured), higher high, pin bar though 21 MA on 5 min, previous resistance (red horizontal) now support. Reason not to trade: 50 MA not in correct position. This is about the 3rd in a row I've taken when the 50 is not correct and lost. I'm going to look at history and take a closer look at these type of trade in the future
Hi Morelands,

My stop sign's for this trade:

1. This pinbar was not penetrated by next candle for 1-2 pips to go long
2. Again this pinbar made a local LL 2pips lower
3. Almost DT before at 1.3640 (for me it's a doubble top)
4. Power candle before this PB

Alex
  • #6,544
  • Mar 21, 2009 11:41am Mar 21, 2009 11:41am
Quoting Morelands
Here's a loss for the day. Reasons for the trade: looking for a bounce off the DAILY 200 MA (not pictured), higher high, pin bar though 21 MA on 5 min, previous resistance (red horizontal) now support. Reason not to trade: 50 MA not in correct position. This is about the 3rd in a row I've taken when the 50 is not correct and lost. I'm going to look at history and take a closer look at these type of trade in the future
Hi Ray

Sorry but once again and I am sure you'll agree - patience!!!! I know how frustrating it is! Believe me.

For other members as well:

Look at "a" and "b" - the start of higher high and lower lows. A pattern I don't like to see meaning there are no support/resistance levels. And all the other black and pink circles doing the same. Very difficult to "locate" a rhythm. These are SIDMOVs and I'll stay on the sideline in market conditions like this. This 5min system was not developed for market conditions like this. Maybe another 1min system is more applicable - I do have one using a 3EMA & Bollinger bands. But I don't use it that often because it is too risky. It does well in ranging markets.

Then look at the 1st and 2nd sister appearing. Now wait for the 3rd sister and then try to trade her if she is formed below the 50. And she did appear later on for precisely 10pips. But it was also too late on a Friday for me.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,545
  • Mar 21, 2009 12:06pm Mar 21, 2009 12:06pm
thank Philip for your big resource of trading.
Rich is just a definition !
  • #6,546
  • Mar 22, 2009 11:45am Mar 22, 2009 11:45am
Hi Art, Golfer:

I would like to add something else: In my style I am always aware of the big picture: If you see 1 hour and even 15 min TF you will see market is in consolidation status. In my case under this conditions I am out of trading this pair!!
1 hour TF is quite slow and there is not volatility. From this point of view what we can expect is an increasing volatility and the starting of a trend!!
Be prepared!!!
15 min TF is showing a triangle formation a descending one... Down trend bias!!! We will see what happens.





Quoting Golfer
Hi Art

Your analysis is correct. However, just another few issues you need to consider - issues I would have considered.

My concerns are labelled with numbers:

1. Big candle moving down - don't like big candles like that.

2. That bearish candle moved very close to (3) daily pivot line.

4. The signal candle of the TC moved/closed very close to the previous low (2). I ussually look at how many pips are left to the next support level - in this case the previous low and pivot line. There should be at least 10 + 5 + spread pips be to the next...
  • #6,547
  • Mar 22, 2009 8:19pm Mar 22, 2009 8:19pm
Hi Golfer

Many thanks for your commitment to the success of this thread, just as Philip did. I have been trading since May last year and mainly concentrating on the 4H strategy, however being frustrated during the consolidation period and been studying the 5 min intraday, I want to use it in conjunction with Philip's 5 min from the Combo Box.

Some time ago I have downloaded the template that you are using at this moment, with arrows signaling the entry and all the indicators - where on this thread do I find it, I lost it, please help. My wife wishes to use it too.

From a fellow South African, Baie Dankie.

Jideck
  • #6,548
  • Mar 23, 2009 1:49am Mar 23, 2009 1:49am
Quoting Jideck
Hi Golfer

Many thanks for your commitment to the success of this thread, just as Philip did. I have been trading since May last year and mainly concentrating on the 4H strategy, however being frustrated during the consolidation period and been studying the 5 min intraday, I want to use it in conjunction with Philip's 5 min from the Combo Box.

Some time ago I have downloaded the template that you are using at this moment, with arrows signaling the entry and all the indicators - where on this thread do I find it, I lost it, please help. My wife...
Hi Jid

It is on my signature with all my posts - page 341. I am not sure if that is the latest one. I'll just have a look later today and post the updated if necessary.

Enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,549
  • Edited 7:14am Mar 23, 2009 4:57am | Edited 7:14am
Hi all.

-18 pips.

The reasons for the enter:
1. - supports.
1.1 - The resistance line become support.
1.2 - 3 candles have found support on 10МА and line.
1.3 - Support on 1.3700.
1.4 - Support at level of the previous maximum.
1.5 - Support on a trend line.
2. - Pinbars and tails.
3. - Power candles.
4. - The second pullback.
5. - ТС on MACD and SMAngle is OK.
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I am learning English, but still cannot speak well.
  • #6,550
  • Mar 23, 2009 7:55am Mar 23, 2009 7:55am
Quoting Keus
Hi all.

-18 pips.

The reasons for the enter:
1. - supports.
1.1 - The resistance line become support.
1.2 - 3 candles have found support on 10МА and line.
1.3 - Support on 1.3700.
1.4 - Support at level of the previous maximum.
1.5 - Support on a trend line.
2. - Pinbars and tails.
3. - Power candles.
4. - The second pullback.
5. - ТС on MACD and SMAngle is OK.
hi
i was watching the same setup but didnt trade,see my reasons on the picture ,monday mornings are dangerous for breakout trades ,at least i should see the breakout first
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  • #6,551
  • Mar 23, 2009 10:15am Mar 23, 2009 10:15am
I receive the following question (just a part of the question) from a fellow member regarding this system and the future. I want to share my answer with all of you (and my opinion on "system not working" because I am sure there are a lot you out there having the same question.

Question:

5min intrady strategy Can be profitbale in the next 5 or more years even in market change?? I have this question because I see this in forum:
The Market Has Changed
Systems that used to work are now having terrible
results. Methods that traders have been trading for years
can't turn a profit

Answer:

Well I cannot predict that this system will work in 5 years' time but what I can tell you is that I've been using this system since I've joined forex factory (you can look on ff when I've joined ff) and this system suites my style of trading. Even through the last few months which were extremely volatile times.

Losers? Yes, I had several losers just like any other method because this is not the Holy what you call it (I don't even think of those words anymore because it doesn't exist in forex trading). But not that many losers. More positive trades than negative trades. Patience and discipline need. If you don't have that, then this systsem is not you.

All I can say - it is what you going to make of this system. My trades and your trades won't be the same because this is not a mechanical system that you can trade with an EA.

So it is up to you to make the decision - enjoy the trading.

My comments (just some general comments) on systems available:
I have studied and I've tried several of the system here on ff and the systems I've bought over the Internet - some with limited success and some with no success at all. But then people do fail with the systems I'm having success and I saw other members having great success with system I failed with.

I would never try and convince you that this 5min system is the one system you should be using. I am not even to argue with a member which is unhappy with this system and stating that this system is a scam. I am just telling everybody what is working for me. That is the reason for posting my charts with comments. Not to convince you to use the system or show you how well this system is working, but I am trying to show the people how I look at the markets and what is working for me.

I didn't put the blame on the systems if it didn't work for me because it is all about your style of trading. Some of the system just didn't fit my style of trading or my personality.

But then there are systems that I think could be clasified as "scam" but no comments on that.

Just my opinion on this matter - make your own decision.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,552
  • Mar 23, 2009 11:27am Mar 23, 2009 11:27am
EY trade for 10pips profit against the rules but using the 3rd brother on the 50MA.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,553
  • Mar 23, 2009 3:29pm Mar 23, 2009 3:29pm
Quoting Golfer
I receive the following question (just a part of the question) from a fellow member regarding this system and the future. I want to share my answer with all of you (and my opinion on "system not working" because I am sure there are a lot you out there having the same question.

Question:

5min intrady strategy Can be profitbale in the next 5 or more years even in market change?? I have this question because I see this in forum:
The Market Has Changed
[size=2][color=red]Systems that used to work are now...
CHANGE!! ,yes it happening allways ,every day ,and change is not always a bad thing,it's all about how u r looking at it ,i personally like this kind of market wich we have today than 1 year ago ,big moves makes better R:R in M5 system i think .
this system is still working for me and as willem said i dont know about what happening in next 5 years but im almost sure that the market rythm will be the same in next 5 years and if i learn the market rythm,motion,emotion i can always earn money form forex market ,
  • #6,554
  • Mar 23, 2009 5:07pm Mar 23, 2009 5:07pm
I was watching the computer (approx. 3 candle before the arrow) and was waiting for a pull back into the war zone. I saw the 3 lower highs, but I was worried that it was too close to the previous low so I stayed out. The thing was I just knew the price action was going south based on the increasing angle of the 50 MA which I have seen before. I know I missed the trade, but what I'm asking is if my thinking process was correct or should I have taken the odds on. I would have taken the trade on 5 candles before the arrow but was not at the computer.
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  • #6,555
  • Mar 23, 2009 6:22pm Mar 23, 2009 6:22pm
Quoting Golfer
Hi Jid

It is on my signature with all my posts - page 341. I am not sure if that is the latest one. I'll just have a look later today and post the updated if necessary.

Enjoy the trading.
Hi Golfer

Many thanks, for the direction. I have sorted it out now.

Jideck
  • #6,556
  • Mar 23, 2009 7:58pm Mar 23, 2009 7:58pm
Did some looking at the history.
Below is another example of the moving averages "crashing" down on the price. There are several others that I saw and it showed me that I should have taken the odds on after that 3rd lower high. It is easy to see, after the fact, that the higher lows are riding the 10 MA and will break though the price support, red line on the 6554 post. Next time I'll be ready
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  • #6,557
  • Mar 23, 2009 11:26pm Mar 23, 2009 11:26pm
Quoting bshadroo
CHANGE!! ,yes it happening allways ,every day ,and change is not always a bad thing,it's all about how u r looking at it ,i personally like this kind of market wich we have today than 1 year ago ,big moves makes better R:R in M5 system i think .
this system is still working for me and as willem said i dont know about what happening in next 5 years but im almost sure that the market rythm will be the same in next 5 years and if i learn the market rythm,motion,emotion i can always earn money form forex market ,
Yes, I agree with Bs. I am sure the same market rhythm will be here, maybe more volatile then almost easier to take 10pips or more profit. Or less volatile and taking smaller profits.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,558
  • Mar 24, 2009 4:05am Mar 24, 2009 4:05am
.
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  • #6,559
  • Mar 24, 2009 4:34am Mar 24, 2009 4:34am
Hi bshadroo,

This deal made you net 10 pips, why you let your profit become your loss? Me it was 1st half +10, 2nd half b/e

Regards
  • #6,560
  • Mar 24, 2009 4:42am Mar 24, 2009 4:42am
Quoting ithorror
Hi bshadroo,

This deal made you net 10 pips, why you let your profit become your loss? Me it was 1st half +10, 2nd half b/e

Regards
no,my entry was on the pullback (next candle after signal candle) so i was not even in 1pip profit after entry .
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