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5Min Intraday System

  • #6,621
  • Apr 5, 2009 2:07pm Apr 5, 2009 2:07pm
Quoting server2712
@ALL I m not forex trader but i m equity index trader.Can I use this strategy for Index intraday?Plz reply.Thanks.
Personally I just trade forex, so I cannot comment on equity.

But I know Phillip is using the same principles (as used in his 4h MACD system as well - he once told and showed me) with his stock trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,622
  • Apr 5, 2009 3:05pm Apr 5, 2009 3:05pm
server2712
I haven't tried the 5 minute system in stocks. But I trade a very similar system (Bo Yoder) in futures and ETF's which uses a 20EMA, 40EMA, and 200 SMA to handle pullback trades. And I have had very good luck with it.
  • #6,623
  • Apr 6, 2009 11:17am Apr 6, 2009 11:17am
3 trades of mine:

1st = 10pips

2nd = 13pips

3rd = -7pips

No comments this time - form your own opinion.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,624
  • Apr 7, 2009 5:32am Apr 7, 2009 5:32am
Quoting Golfer
Hi Enter

To be honest, I don't look at the previous day's range. Only looking at the previous day's High/Low which could act as possible support/resistance. Maybe somebody else has a different opinion. I would like to hear from them.

What I am doing, is to look at Phillip's 4h MACD system rules and look at my 4h chart to see what the price is doing and trying to trade according to that rules and movements.

Then I am more focused on the current day's range. If it is around 100-150pips, I'll be very careful.
I don't think the daily range is as important as being sure not to buy/sell directly into a s/r area that is likely to result in a retracement against you.

I have gained a lot of understanding about the importance of support and resistance, and what actually causes price to be repelled away from certain price levels from Sam Seiden. If you have the time, I recommend watching his recorded webinars at FXstreet.

Here's a link to one of them about s/r. Hope it helps:

http://transcripts.fxstreet.com/2008...le-low-ri.html
  • #6,625
  • Apr 7, 2009 10:09am Apr 7, 2009 10:09am
Hmm... Haven't seen a set up I like since my last post.

You would think that trading the 5 min timeframe, you'd see a good set up almost everyday. I'm finding that this is not the case. Of course, I'm only trading during the NY morning session, and trading only 2 pairs... I've temporarily dropped the EY recently: moves too similar to the EU but with higher failure rate (for my rules) and almost triple the spread.

Oh well. Better to trade fewer but higher probability set ups than more often with lower hit rate.

Anybody else sitting on their hands more recently?
Money missed is better than money lost
  • #6,626
  • Apr 7, 2009 2:15pm Apr 7, 2009 2:15pm
Quoting Dahlia
Hmm... Haven't seen a set up I like since my last post.

You would think that trading the 5 min timeframe, you'd see a good set up almost everyday. I'm finding that this is not the case. Of course, I'm only trading during the NY morning session, and trading only 2 pairs... I've temporarily dropped the EY recently: moves too similar to the EU but with higher failure rate (for my rules) and almost triple the spread.

Oh well. Better to trade fewer but higher probability set ups than more often with lower hit rate.

Anybody else sitting...
Yes Dah, I do feel for you because I saw not much going on after 13H00gmt lately.

My best time to trade are between 09H00GMT and 14H00GMT lately.

Sorry to bring EY back into picture but a trade I took (entry and exit in green) on her today along using this and another system. I do agree with you on trade her (EY) - you need to be very sure about your setup otherwise she'll bite you. I am very careful when I using her. That is why I don't even consider the GBPJPY.

I also don't have that many trades using this system lately because I am trying to combine it with another system to increase my success rate and eliminate the bad trades. But the rules of this system is amazing.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,627
  • Apr 7, 2009 2:19pm Apr 7, 2009 2:19pm
Quoting PistolDave
I don't think the daily range is as important as being sure not to buy/sell directly into a s/r area that is likely to result in a retracement against you.

I have gained a lot of understanding about the importance of support and resistance, and what actually causes price to be repelled away from certain price levels from Sam Seiden. If you have the time, I recommend watching his recorded webinars at FXstreet.

Here's a link to one of them about s/r. Hope it helps:

http://transcripts.fxstreet.com/2008...le-low-ri.html
Hi Pistol

Thanks for the info - I did enjoy the webinar. Very interesting to see that one is doing what he is saying without even knowing it. Looking for support and resistance/supply and demand areas - a big issue I am currently using in this system and it kept me out of a lot of bad trades (which looked very nice while it is forming but then, when I look left,.......).

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,628
  • Apr 7, 2009 4:39pm Apr 7, 2009 4:39pm
Here is a trade that happened yesterday... bearish 3 with a retracement back to the previous support/now resistance.

Anybody else sitting on their hands more recently?[/quote]
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  • #6,629
  • Apr 7, 2009 7:08pm Apr 7, 2009 7:08pm
In response to Morelands, yes, I have taken various trades over the last few days. Part of the reason undoubtedly is that I have six pairs on my screen. And most of them have been successful.
My problem is that I trade 12 hours a day between forex and index futures. Every time I post I seem to find a quantity of private messages that ask for answers and often turn out to be sales pitches.
I decided tonight that the best way to handle it is to post anyway and ignore each and every private message because they seem to come in the afternoon during my S&P trades.
I apologize in advance to anyone who really has a valid question. But not anybody with a sales pitch.
  • #6,630
  • Apr 7, 2009 10:08pm Apr 7, 2009 10:08pm
Quoting mdowd
In response to Morelands, yes, I have taken various trades over the last few days. Part of the reason undoubtedly is that I have six pairs on my screen.
WOW! You trade 6 pairs? With THIS system? Do you use Phillip's original rules on all of them? May I ask which 6? How well does each pair compare to the others?

Sorry for the barrage of questions. It's boring for me, sitting here, drumming my fingers waiting for a set up, but I can't wrap my mind around trying to scalp 6 pairs PLUS futures.
Money missed is better than money lost
  • #6,631
  • Apr 8, 2009 3:04am Apr 8, 2009 3:04am
I have four monitors and follow the standard pairs: UE,cable,EJ plus UJ. In addition I watch USDCAD and AUDUSD. The last two have larger spreads that close up on Interactive Brokers when the US market gets in full swing. The main conflict on time would be 9:30EDT to noon. But my futures trading style usually doesn't start working well until late morning and the forex generally goes inactive after noon.
The other thing is that there is a relationship between all those pairs. If the S&P goes up, often cable and GU will go up. USDCAD will go down. AUDUSD will go up. On a pullback sytem one trade will often foreshadow another.
  • #6,632
  • Apr 8, 2009 12:20pm Apr 8, 2009 12:20pm
Hello Everyone,

Thank you Phillip for an interesting 5M Intraday System.

I was wondering how I can obtain the 4H MACD system.

Thank you very much.
  • #6,633
  • Apr 8, 2009 12:25pm Apr 8, 2009 12:25pm
Quoting jicssbr
I was wondering how I can obtain the 4H MACD system.
http://www.forexfactory.com/showthread.php?t=14630
"Believe nothing you hear and half of what you see." Proverb
  • #6,634
  • Apr 8, 2009 4:44pm Apr 8, 2009 4:44pm
12 hrs/day...I don't think I would want to do anything for 12 hrs/day. After 9 it's hard not become one with the chair. I'm a physical therapist during the day and if you don't have neck and back pain now, just wait. Get up and move around and that will help. On a different note, I haven't received any PM/sales pitch, so it may not be coming from this site. Keeping posting, I like your trades

Quoting mdowd
In response to Morelands, yes, I have taken various trades over the last few days. Part of the reason undoubtedly is that I have six pairs on my screen. And most of them have been successful.
My problem is that I trade 12 hours a day between forex and index futures. Every time I post I seem to find a quantity of private messages that ask for answers and often turn out to be sales pitches.
I decided tonight that the best way to handle it is to post anyway and ignore each and every private message because they seem to come in the afternoon during...
  • #6,635
  • Apr 13, 2009 6:39pm Apr 13, 2009 6:39pm
good trade in US time during easter monday
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  • #6,636
  • Apr 14, 2009 1:03am Apr 14, 2009 1:03am
Quoting judith
good trade in US time during easter monday
Yes, a nice move staying above My Small support line. Nice trade.

See my comments on your chart

PS

I am a golf trip since last week with my wife and a friend - so not many changes to trade.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,637
  • Apr 14, 2009 3:50am Apr 14, 2009 3:50am
Hi,
Just took that one, retest of the S/R and bearish bar right after.
I love this system
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  • #6,638
  • Apr 14, 2009 4:11am Apr 14, 2009 4:11am
Quoting phn
Hi,
Just took that one, retest of the S/R and bearish bar right after.
I love this system
Yes, that is one of the nice signals I am looking for. It takes a lot of patience to wait for it to happen. Sometimes it is very frustating to see nice setups but you don't take it because the signals are not there.

Patience is the key to success with this system. If you don't have it, you'll get burned.

Great trade.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,639
  • Apr 15, 2009 3:29pm Apr 15, 2009 3:29pm
Here is a loss for the day. I entered and got stopped out on the same candle. Reason for trade: MA spreading out, it was early in what I thought was going to be the beginnings of a TC on phillip's 4hr, support from the 21 MA, and support from the previous resistance and now support line (red price line). -12 pips
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  • #6,640
  • Apr 15, 2009 3:49pm Apr 15, 2009 3:49pm
Hello,

I haven't read the entire thread, but I was wondering if this system has been tried with other time frames with the same success.

Thank you very much.
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