5Min Intraday System

anyone doing very well with this system.. will like to heard.. sounds cool

15pips half ,rest is running.look at 1min chart to see when i exactly entered.

Hi Golfer

Thank you for your response I know a along this is a good thread. But some one introduced me to another thread then I've got lost lol. but anyway I'm back now even some of another thread still using some of this thread method. I'm sure that 5mins & 4 hrs system(by Phillip Nel) is the basic & main strategy for trading and but it needs time to learn once you master it then it will be with you for life.
So now I'm going to concentrate on 5 mins system first if I've got time I will look at 4 hrs also.
My problem is my winning is about 60-70% (from 4-15pips each trade but my SL are 20-25 pips so I never win some time BE or some day were very good win(I think just lucky) NOT STEADY!!!
my MM rule is take profit 50% at 7 pips and let it run the rest but I never consider r:r ratio into account(may be this is one problem)
I am trading demo at london open for about 2 hrs.

All advices are welcome

PS:- I will give support to phillip Nel(Combo box) he is a great teacher -miss his mp3 lol

pete

A trade of mine on Cable and some comments on the chart. The system is still working for me. One just needs to be patient and only take high probability setups (not every setup, in fact there are too many to take).

I hope my post above answered your question. However I don't use the system as a stand-alone system anymore. I do have a combined trading strategy now - the reason why don't you post here so often (and it is very time comsuming - it is really worth the effort anymore?). It just might confuse the members. But I am still using the principles of the system in my strategy.

My personal opinion re your question:

What is working for me might not work for you because traders are very individual and have their own individual styles. Rather try it for yourself and make a decision based on your own experience. Just be warned - it took me a few years to really enjoy this system. What I am doing is just sharing my experience and style on this thread.

I just recently had a discussion with Phillip and his words were: "... this five-minute system should "grow" on you". My conclusion from these words is - this system is not for everybody. It will all depend on your style of trading.

I hope it answering your question and the most important part is: Enjoy the trading.

Hi Pete

Welcome back and I am still here using the principles of the system to good effect.

I also made a few turns, here on FF and somewhere else, luckily it worked out for me. I reviewed my strategy and now I am satisfied with what I have. Now it is just practice, practice, practice.

It is great that you do use the 4h MACD system because I also use the rules of the 4H system in my strategy. I've seen it so often - when the MAs on the 4H MACD chart are close together and the five-minute system gives a signal, those trades are usually THE losers (and then one doesn't understand why). I am trying to use the five-minute system to trade when the prices is pulling back to the 8, 21 or 89MA for example. Try to play around with it. I tend to ignore the five-minute signals if the price is close to the mentioned MAs on the 4h MACD chart. That is very difficult - it needs lots of discipline because the setups looks very inviting but they usually turn around and trigger your SL!!!!

I hope it helps you as a start. Keep posting your ideas/trades/comments and I'll give my opinion.

Go for it!

Hallo everyone !
There is my trade today on 5 min.

I expected that price go down but it didn't happened.
Breakout trend line confirmed me that this is end of down move.

Earlier we have 3 litter sister - I missed this pattern.

On this trade I overlook many principles therefore if price go up I move my SL to BE as soon as possible !

Result:
+24 pips to financial independence :-)

I have been reading through the first post as thoroughly as I can for the past 2 days now and I keep hearing enter close to the 21 EMA or in the middle of the war zone. How is this possible with a 2 candle entry, for example, this one. http://www.forexfactory.com/showpost...postcount=3022

Thanks!

Still the price patterns keep repeating themselves. Here is a Church to right formation for 10pips profit:

Sharp move upwards and then a pullback towards the 10MA and war zone = Church/bell tower

Then there is a area of consilidation (4-6candles) near the war zone = church building

Then there is a continuation upwards once the TC on the MACD is formed - entry on the opening of the TC. TP was the next daily pivot level.

Note the "close to war zone". It is not always possible to enter in the war zone. See explanation on the chart you've mentioned in your post.

Just remember the principles behind the system - it is not about the indicators but the market rhythm. Once you understand and can see it, you understand the system. By just trading the indicators, you'll get burned. Trust me on that one. I've been there.

Wait for the start of the daily "trend" either up or down. Then you wait untill there is a new low/high followed by a small pullback in the opposite direction. Then you look for support found (in a daily uptrend) hopefully near the war zone. Then you enter long once you see a bounce off the support level again upwards. Just use the war zone as a guide - like any other indicator. Nowadays I concentrate more on price actions than on indicators.

I hope it make sense. Let me know.

clear as day Golfer, thank you much for clearing the entry up for me. I was wondering if I had missed something that would let you preempt the entry and get a few extra pips.

I hope it make sense. If you like a tight SL, then the 2-candle entry is for you. As you can see, if you wait or the TC, you'll lose out on a few pips.

I am working on another entry method - more about it later.

Here is a trade on the 5 min for today. Entered at the beginning of the
first arrow and exited on the second.
Reason for the trade:
1) Resistance from the 21 MA and the resistance line in red
2) I liked the pattern on the 4 hr method. Price looked like it would test the bottom support line (picture not posted)

See info on the chart

EDIT: Please redirect questions regarding these plays to this thread. http://www.forexfactory.com/showthread.php?t=175558

Ok, first off, let me say I love this system as is. It is very clear as to the entrys and to be honest, they are easy to spot. The only thing they really require is patience, which is something I lack when staring at charts for ages. But thats a good thing, because I am always looking for new, reliable ways to exploit the market.

Second of all, these entrys are not tested yet. They are merely ideas that offer a hole slew of other possible ways to squeeze the juice out of the market. That said lets get on with it.

Add a CCI 21 to your chart. Set the Fixed minimum to -250 or -300, next set the Fixed maximum to 250 or 300. The fixed part is a matter of preference really, I just find that it makes it easier to do line studies on if the window isn't jumping around each time the CCI makes a new high or low. Finally add your levels as follows: 100;0;-100. Thats it, you are now set up for these new trades.

Take a gander at the picture attached and see what I am going to show you, the horizontal lines are the entries and I will go through them as numbered.

1. This one really isn't a new entry, its just additional confirmation, but it does apply some confirmation to a bounce off the 10EMA(I will get to that in a second). So as we can se, the price made a play to the 21 CCI while in a downtrend, formed a clasic 2 candle play with the SMAAngle 21EMA below -0.1. Beautiful right? Not exactly, the volume is terrible but bear with me, this is an example. Take a look at what the CCI did. It moved very near the 0 line then curled back up right? This is called a ZLR(Zero Line Reject). When it turns back up is when it is confirming a good short play in lthis situation. This works the s when going long exept everything is in the opposite direction... These almost always occur with MACD TC plays. Although, they also tend to trigger 1 bar sooner(from what I have seen). So thats a ZLR confirmation.

2. This one is a little complicated so bear with me(and might be a little risky, don't know yet). I call this one the BBB(Breach Bang Break). The setup for the play. First, in this example, the original trend is down(look at where the MA's are at trade 1, down).

The Breach: The price must be in a trend prior to Breaching the 50 SMA. When it does Breach the 50 SMA, the price needs to shape up into a consolidation pattern such as a triangle or in this case, a range.

The Bang: See how the price just banged right through the the 50 SMA AND the trendline. How much more perfect could you get? Let me show you.

Rules for this play:
50SMA must be nearly flat. FLAT. NOT MOVING. Nearly.

SMAAngle must be between 0.2 and -0.2. NOT 0.1 but 0.2. A cross in the direction of the trade is beneficial.

MACD must have crossed the 0 line. Period.

CCI must have come from oversold and crossed the 0 line down in a short play, or come from overbought and crossed the 0 line up for a long play. The CCI really only needs to come from right by the -100/100 level or better. But it has to be CLOSE. Also, it can take a candle or 2 to cross the 0 line as long as the move is nearly linear.

Yes, thats a little complicated, but once you get used to spotting it by pooring through history and testing it on a DEMO account, you will easily spot it.

The Break: Look at that price go!!! In this particular case, the price moved a solid 60 pips from the close of the entry candle.

BBB plays tend to move for 20+ pips. I wouldn't set a TP when you are playing them unless there is a pivot point that it will run into or something.

3. This one is decent entry according to Phillips system as is(The pullback was a bit aggressive and if you had waited till entry 4, it would have formed a nice church with a malformed steeple). Albeit, the volume was still a little low... We have a pin that found resistance/broke the 21 EMA, the SMAAngle 21EMA is a the right level to take the trade. But lets get to what the CCI is telling us in this circumstance. See that trendline I drew on the CCI at trade 3? Well, this confirmation is called a TLB(Trend Line Break), although, this could be also called a ZLR, but TLB's and ZLR's happen together all the time. Simple enough right? We draw a trendline on the CCI just as we would on the candlesticks. Once it is broken, we probably have a move. Just some additional confirmation. Saddly in this case, the move never REALLY happened. But, if you had a 20 pip stop, you would have made it all the way to trade entry 4. So lets get on to that.

4. This is a real gem of a trade here. Nothing particularly new concerning what I am throwing out there. This is just a nearly perfect church setup. We have a series of, count em, 1...2...3...7!!!! Inside Bars forming the Building of the church. Money!!! Also, notice the neat little elliptical shape of the bottom of the candles. So nice. Only reason I am really commenting on this trade is because it is also confirmed by a TLB(Trend Line Break). This one could also be considered a ZLB but I would not play a ZLB like this without a TLB to confirm it simply because of how flat the CCI is before the 0 line really smacks it down.

5. This is another gem. It is a combination of 2 CCI confirmations. The obvious one is the TLB. The new one is the HFE(Hook From Extreme). So here is whats happening, the price starts forming a church in another nice elliiptical bottom. But, it decides that its not ready to go and pulls backto the 50SMA. NO NEED TO FEAR!!! CCI IS HERE!!!(I need to sleep........) OK, so once the price tages the 50 SMA it gets smacked down. Check out what the CCI did, it was in overbought territory and Hooked back. The hook from extreme. Now, this could be played on its own, but I am not entirely sure about this yet(I am not entirely sure about any of these yet to be honest), so the safest way to play it is if there is a TLB along with it. Also, the the MA's are curled up at the time where the HFE forms AND the candle closed ON the 21 and 10EMA's. So wait for that TLB and the MA's to turn back down and go for broke.

A side note, while explaining this one, I noticed another thing, the BP(Box Play). Notice how the price is sandwiched between the 50 and the 21 MA's. So, basically the MA's have the price boxed in. Once it breaks out of this situation the price tends to move strongly. But I JUST noticed that(I should have long ago since one of the systems that I used previously actually used this as one of its plays...).

Done!!!

WARNING: These plays have not been confirmed to work yet. They obviously did in this trend(you could have easily squeezed 100 pips since play 2). I am solely posting these here since I need to write them down anyway so that I know what I am testing and I figured why not share it while I document it...

Also, I have attached the CandleTime indicator I use for those that may want it. It was written by Nick Bilack but I modified the code so that you could place the label anywhere you want and change the color.

Trade Well,
IkonOne

P.S. CCI plays taken from this website, http://www.trading-naked.com/Woodie.htm I tried them by themselves as suggested by the directions there but it did not work in forex. Also, the website says to use a 14 CCI but in forex I have found that the 21 really is better. That said, I have LOVED the plays described at the website and saw serious profit potentials with them, but they needed more confirmation really. Thats what Phillips system is providing and I am forever greatful for that. So, check out that website and look at the different plays on the CCI, there are several there that I did not describe here because I haven't seen a profitable occurence of them yet, but that does not mean that they don't, I just haven't seen it yet. Also, with the TLB as I have described it, it actually breaks the rules of the CCI described on trading naked. But that is because we are using MA's to define the trend, and not the CCI.

EDIT: A note on entry. I always use my candletime label for entry. I will never enter a trade before a candle has only 20 seconds left to close. The reason is, sometimes a CCI will trigger during a candle, but by the time the candle closes, it could be moving back against you. So the Warning here is wait till the candle is about to close when entering using the CCI. ALWAYS.

EDIT: Please redirect questions regarding these plays to this thread. http://www.forexfactory.com/showthread.php?t=175558

TLC(Trend Line Confirmation) This one you will not find on the trading naked website because it simply breaks all of the rules therein. This is a possible way to call a reversal which makes this trade dangerous.

First a note on oscillators that indicate oversold and overbought conditions. Just because an oscillator is in the oversold or overbought area does not necessarily mean the trend is going to switch directions. When an oscillator is one of the extremes, this is where the largest moves of the trend occur. Check your history. Its the truth. But beware because this doesn't mean that the move is going to be large. It could very well exhaust like it normally does.

Alright, so heres what is happening in this picture. The CCI formed a divergence on the first 2 peaks touched by the trendline. The third peak was a higher low on both the price and the CCI confirming the trendline and forming the start of a symmetrical triangle(which I consider a consolidation patern that could go either way).

So, we have a confirmed trendline on the CCI, and on the chart we have a breakout of the triangle and pivot point. Now, I think the safest way to play it would be to wait for the pivot point to be broken, let the price come back down to the pivot point and the bounce off. On that bounce, then you enter with a SL below the pivot point. BUT, it doesn't always bounce, so you could also enter at the candle marked with the vertical red line with a SL below the 50 SMA. It depends on your risk appetite.

Has anyone tested this system on other timeframes? From looking at history it looks like it does. Just slower...

Hi,Golfer
I did GU trade today
I thought candles go to the resistance place which is drawn from 4h chart, and PA in 5M chart has show good downward rhythm.I entered when price retreat to 10EMA. but it lost. can you make me clear? Please see attached pic.
Thank you

Hi,Golfer
Can you give me more detail about how to define 2-candle entry? Is it Inside Bar??
Thank you

Here is my chart with some comments - not just for you but for other readers as well.

Once again - remember the principles of this system:

A. Phillip's opinion (and mine as well) is to try and catch the middle part of the intra-day down trend for a few pips. The reason why he started taking only 10pips profit (For the newbies - not to try and catch the entire trend. Remember, this is a scalping strategy. If you want to make more pips go for a swing trade strategy - not this system).

B. Remember Phillip's words - the market moves in 30pips sections. Once a move is more than 100pips, be careful. Depends on the marker volatility for sure.

C. How do you catch the "Middle part of the downtrend"? Taking on the 2nd and 3rd sister (trying the 2nd/3rd pullback to make sure it is not just only intra-day movements (SIDMOVs - those will burn your account like wood in a fire). Maybe the 4th sister if the signals are nice (like in this case). But I'll be very careful to take on the 5th sister - what you have done. Even if the signals are strong. Just too risky for me.

D. Very difficult to determine the start of a trend. Much easier to trade the once a trend has started with nice wave-like movements.

Trading the middle part of a trend - look at when people post trades and when they are really proud of their trade. Usually those are in the middle part of a trend.

This what I mean by trading the price actions and not the indicators. Look at the comments on the chart. I even wrote over the indicators - price actions and patterns are more important to me.

Remember, there will be many setups in this system but only a few are really profitable. So look for those signals indicating high probability setups. If unsure, ignore the setup and wait.

Warning signals are in pink on the chart - SHS = head and shoulder pattern.

I hope it make sense.

Defnition:

The first candle enters the war zone as a pullback and tested the war zone and/or the 21MA. The second candle bounces off the war zone and/or the 21MA and start leaving the war zone as a continuation of the original direction (of the original trend).

Inside bar (IB) - not really. Look at the two examples. One is a IB but not the other.

Not really an entry method I like - sometimes too risky.

I hope it helps.