5Min Intraday System | Page 342 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex intraday using the 5min chart: EURUSD 108 replies

The Force 5min system 3,806 replies

Intraday Pound Trades on 5min chart [GBPUSD] 36 replies

5min Bollinger breakout system 42 replies

Attachments: 5Min Intraday System
Exit Attachments

5Min Intraday System

  • #6,821
  • Jul 29, 2009 12:39am Jul 29, 2009 12:39am
Quoting bobypires
Thank you for your reply Golfer.
Sorry to ask this. I'm still learning this thread from page 1 and right now only manage to read through page 90. Could you please attached the EA youre using right now. Thankshttp://www.forexfactory.com/images/icons/icon14.gif
Hi B

While you are studying this method, please don't mistake I made earlier.

Just a piece of advice:

Don't trade the indicators - trade the price action and market rhythm and use the indicators as confirmation for your trades.

Too many people rely on the indicators and only trade when the indicators are telling him to trade. I got burned too many times trying to trade indicators because they are lagging. Like I always siad: try and read the story behind the setup and look to your left on your chart to see what the price has done.

I hope you will enjoy this system.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,822
  • Jul 29, 2009 8:15am Jul 29, 2009 8:15am
Quoting Golfer
Hi B

While you are studying this method, please don't mistake I made earlier.

Just a piece of advice:

Don't trade the indicators - trade the price action and market rhythm and use the indicators as confirmation for your trades.

Too many people rely on the indicators and only trade when the indicators are telling him to trade. I got burned too many times trying to trade indicators because they are lagging. Like I always siad: try and read the story behind the setup and look to your left on your chart to see what the price has...
Hello Golfer

Thanks for the EA link, surely will check on it. And thanks also for the free advise. I'm learning this system together with Phill's 4hr Macd. Very good system both of them. Just need to be patient.http://www.forexfactory.com/images/icons/icon6.gif
  • #6,823
  • Jul 30, 2009 8:04am Jul 30, 2009 8:04am
Quoting bobypires
Hello Golfer

Thanks for the EA link, surely will check on it. And thanks also for the free advise. I'm learning this system together with Phill's 4hr Macd. Very good system both of them. Just need to be patient.http://www.forexfactory.com/images/icons/icon6.gif
Aaa, then I am not worried because I know you will understand what I am trying to say. I am trying to use the market rhythm rules of the 4h MACD system to determine the direction for my trades but just remember it is not always possible.

Great and enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,824
  • Aug 3, 2009 7:13am Aug 3, 2009 7:13am
here is one risky trade that i made. SL 12 pips TP 20 pips
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 118 KB
  • #6,825
  • Aug 5, 2009 8:12am Aug 5, 2009 8:12am
Haven't posted for a while primarily because my computer got a virus and off to the shop it went. Anyways, here is my trade on the GBP. I entered on the open of candle with the arrow. I was a little concerned about the R1 line, but my thinking was that on a longer time frame, price has broken out of consolidation (4th eliot wave) and it looked like it was going to form a TC on the 4hr. Closed with 3/4 profit at 10 pips, 1/8 profit a 25 pips, and the rest I let ride... for a BE.
Raymond
Attached Image (click to enlarge)
Click to Enlarge Name: 080309-5min.gif Size: 44 KB
  • #6,826
  • Aug 6, 2009 9:07am Aug 6, 2009 9:07am
half 20 , half 40 pips
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 19 KB
  • #6,827
  • Aug 6, 2009 11:33am Aug 6, 2009 11:33am
Awesome! Nice pips
  • #6,828
  • Aug 7, 2009 8:36am Aug 7, 2009 8:36am
Just to show that I am still using the principles of this system. Very nice principles to have in your trading strategy. Even if you don't trade the system as originally proposed by Phillip.

Trade after the NFP and exit my trade just above Big Round Number (BRN).
Attached Image (click to enlarge)
Click to Enlarge Name: 1.1.JPG Size: 77 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,829
  • Edited 9:43am Aug 7, 2009 9:33am | Edited 9:43am
Quoting Golfer
Just to show that I am still using the principles of this system. Very nice principles to have in your trading strategy. Even if you don't trade the system as originally proposed by Phillip.

Trade after the NFP and exit my trade just above Big Round Number (BRN).
Hi,Golfer
How long you will trade normally after NFP announcement?

Best regards!
  • #6,830
  • Aug 7, 2009 10:15am Aug 7, 2009 10:15am
NFP trade , took 30pips in half ,rest is running (now 100pips locked)
edit:i think it was the same trade with golfer
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.gif Size: 17 KB
Click to Enlarge Name: 3.gif Size: 20 KB
  • #6,831
  • Aug 8, 2009 9:25am Aug 8, 2009 9:25am
Quoting Golfer
Just to show that I am still using the principles of this system. Very nice principles to have in your trading strategy. Even if you don't trade the system as originally proposed by Phillip.

Trade after the NFP and exit my trade just above Big Round Number (BRN).
nice trade golfer. also took the same trade but a little bit dissapointed because exited early for just 10pips.
should open 2 pos and let 1 run a little longer.http://www.forexfactory.com/images/icons/icon10.gif
  • #6,832
  • Aug 10, 2009 2:00am Aug 10, 2009 2:00am
Quoting yuyudada
Hi,Golfer
How long you will trade normally after NFP announcement?

Best regards!
Hi Yu

It depends on the movements/waves by the market. I usually look at the movements in relationship to the three moving averages (10, 21 and 50)starting with the 1min chart and then later change to the 5min chart. Some months I don't see any clear direction - then I don't trade the NFP announcement.

I defnitely won't enter in the first 5min - got burned too many times by the initial "spike"/false direction. So I'll wait for clear direction. Allthough that first spike looks so inviting. Be careful.

But usually I start to look for an entry about 15 to 20min after the announcement. Usually the market spike in one direction like on Friday (upwards), then continues in the opposite direction (downwards). On the other hadn I saw the market starts to move in one directions and then just continue to move in that direction.

The bottom line is: One needs to wait to see which is the true direction. On Friday is alomost happened 30 min to 1h after the announcement. That is why I also got caught. I exit my first two lots early and set my SL to BE and it was triggered - later one the markets started to move downwards. Unfortunately I had to catch a plane - otherwise I would have re-entered.

Enjoy it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,833
  • Aug 10, 2009 2:05am Aug 10, 2009 2:05am
Quoting bshadroo
NFP trade , took 30pips in half ,rest is running (now 100pips locked)
edit:i think it was the same trade with golfer
Yes, Bs. Nice ride. I had to catch a plane and couldn't follow the trade. My SL was too close and was triggered too early.

Well done - Friday's NFP was a nice tradeable one, other than the previous months.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,834
  • Aug 10, 2009 10:58am Aug 10, 2009 10:58am
I went short GU @1.6570 because signal candal has a tail, [email protected].
I closed half of lots after 20 pips gained, and set 20 trail stop due to i have to sleep.

Although it a win trade, I want to get some comment from experts on this thread due to I'm studing this method. See attached pic.

Thank you!
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 23 KB
  • #6,835
  • Aug 11, 2009 8:02am Aug 11, 2009 8:02am
Quoting yuyudada
I went short GU @1.6570 because signal candal has a tail, [email protected].
I closed half of lots after 20 pips gained, and set 20 trail stop due to i have to sleep.

Although it a win trade, I want to get some comment from experts on this thread due to I'm studing this method. See attached pic.

Thank you!
im not expert but let me say some word,i took the same trade and close all for 30pips, and didnt let my trade run because of late time in the day ,
but usually i let my profit run and trail my SL above/below 21 MA in M1 chart because some time in fast moves 20pips is normal to pullback .
  • #6,836
  • Aug 11, 2009 8:51am Aug 11, 2009 8:51am
Quoting yuyudada
I went short GU @1.6570 because signal candal has a tail, [email protected].
I closed half of lots after 20 pips gained, and set 20 trail stop due to i have to sleep.

Although it a win trade, I want to get some comment from experts on this thread due to I'm studing this method. See attached pic.

Thank you!
Nice trade.

Also not an expert - just a comment of two about price actions as I see you comment on the engulfing candle and the trend line. I like to look for support turning into resistance - a nice signal to use.

Just ignore the indicators and look what the price is doing near certain levels formed in the past.

I hope it helps.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,837
  • Aug 12, 2009 9:38am Aug 12, 2009 9:38am
Hi, guys
For people who using this system,how many trades you will trade per day?

Best regard!
  • #6,838
  • Aug 12, 2009 8:27pm Aug 12, 2009 8:27pm
Quoting yuyudada
Hi, guys
For people who using this system,how many trades you will trade per day?

Best regard!
I just trade primarily on Thurs from about 9 GMT to 13 GMT and I just trade the EUR and GBP. Some days if the market is in SIDs, I won't trade using this method at all. This system works well on days like today when the market is trending (I only saw the EUR). The trick is to see what kind of market your in, SIDS or trending and apply the correct system. It is also important to know higher time frames, ie phillip's 4 hr, daily, and welshguy's videos. To finally answer you question, on the avg on
Thurs morning, I'll trade it 1-2 times using phillip's 5 min.
Raymond
  • #6,839
  • Aug 13, 2009 9:40am Aug 13, 2009 9:40am
Here is a loss. I was looking for the 3rd sister. Resistance was the 21, the previous resistance price level, and a trendline. Today was a bad day for me, 2 losses (the other is not according to this system). 1 trade I tried to place (It did not go though and I'm not sure why) would have been a win. What a frustrating day. Today was also the day when I bumped up the % I was allowing myself to trade.
Attached Image (click to enlarge)
Click to Enlarge Name: 081309- loss.gif Size: 57 KB
  • #6,840
  • Aug 13, 2009 12:04pm Aug 13, 2009 12:04pm
Aquick trade off the pin bar pullback for 10 pips
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 17 KB
1 trader viewing now