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5Min Intraday System

  • #6,881
  • Oct 23, 2009 1:51am Oct 23, 2009 1:51am
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  • #6,882
  • Oct 27, 2009 9:35am Oct 27, 2009 9:35am
Is the skype chat room still running?....if so can someone post the link, thanks.
  • #6,883
  • Oct 27, 2009 1:20pm Oct 27, 2009 1:20pm
Quoting glynnt
Is the skype chat room still running?....if so can someone post the link, thanks.

Sorry, I don't know. I've left the chat some time ago so I don't have any idea what is going on.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,884
  • Nov 5, 2009 5:46am Nov 5, 2009 5:46am
30 pips
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  • #6,885
  • Nov 14, 2009 12:51pm Nov 14, 2009 12:51pm
The days when charts look like that makes me drool in hindsight! Sometimes I wish I had more screen time available during the peak market hours.
  • #6,886
  • Nov 24, 2009 4:58pm Nov 24, 2009 4:58pm
Don't know if anyone will see this, but here we go. Pin bar trade on the 5 min. Entered on the price just below the close of the pin bar. I also included a chart of the 1hr first. On the 1 hr is an evening star formation indicating lower prices to come. I did not take it and was not planning on trading at that point until the pin bar appeared after the close of the evening star. The pivot line which is there now is today and not the day of the trade
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  • #6,887
  • Edited Nov 28, 2009 8:24am Nov 27, 2009 12:35pm | Edited Nov 28, 2009 8:24am
One thing Phillip has taught me about recently is volume. If you notice the 1st chart is Phillip's 4hr MACD system. Notice the LONG term trendline dating back to March 3rd of 2009 and was recently used as support on 11/3/09. Today price went down to that region again. Now look at the 5 min chart. It shows a volume spike which registered 143. This amount of volumn doesn't come around to often. I took the trade based solely on volumn and the 4hr chart. It did not have anything to do with MA

Edit: I forgot to say I did not enter on that candle, but the one 8 candles after that one...price made a higher low
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  • #6,888
  • Dec 5, 2009 12:51am Dec 5, 2009 12:51am
I don't trade the 5min chart so often anymore but sometimes I do look at it during the NFP release. I usually take a trade about 10-15min after the release once the market decide which direction to take.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,889
  • Dec 5, 2009 3:14am Dec 5, 2009 3:14am
Quoting Golfer
I don't trade the 5min chart so often anymore but sometimes I do look at it during the NFP release. I usually take a trade about 10-15min after the release once the market decide which direction to take.
hi
wich time frame u r working and why dont trade 5min anymore?
thx
  • #6,890
  • Dec 6, 2009 12:45am Dec 6, 2009 12:45am
Hi Bs

I just don't have the time to follow the markets that closely and random is taking me out (entered too many false signals). So I decided to enter only when I see certain confluence of signals and they don't appear that often.

Most important are the signals near the horizontal resistance and support (thick pink line) and where the price bounce off it (yellow rectangle). When it is near the 10 or 21 EMA or My Small support/resistance (thin green line), the more significant. I don't use the TC on the MACD to enter but use it as confirmation.

I've moved on to a 15min, 1h and Phillip's 4h MACD system. Sometimes I'll open a 5min chart to look at it and where the price is.

That is why I don't trade this 5min system so often.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,891
  • Dec 9, 2009 1:02pm Dec 9, 2009 1:02pm
Hi all, I have been working on reading through this thread for some time. There is a lot here. Some of it is confusing. Right now I am trying to fathom the SMAAngle with the 21EMA. Could someone please answer the following questions?
1- What does the histogram represent?
2- What do the input settings: SMAPeriod, Angle Threshold, StartEMAShift and EndEMAShift mean and how does adjusting each of them affect the indicator?
3- What is the significance of the +/- .1 & .4 levels?

I have made large changes to each of the first three settings to see what it does and the light has not come on yet J
Any specific info or links would be very much appreciated. I have worked with many methods and TFs over the last two years and I am always called back to the shorter ones. I like Phillips’s method. It seems to fit me (thank you Van Tharp). Lastly, I really hope that I have not overlooked the answers someplace in the almost 7000 posts in the thread.
Regards,

Art
  • #6,892
  • Dec 10, 2009 11:25am Dec 10, 2009 11:25am
Quoting bshadroo
hi
wich time frame u r working and why dont trade 5min anymore?
thx
maybe not working again
  • #6,893
  • Dec 11, 2009 12:27pm Dec 11, 2009 12:27pm
please take me EA of this strategy?
thank you
  • #6,894
  • Dec 12, 2009 6:55am Dec 12, 2009 6:55am
Hi Spit

My opinion on your questions:

1- What does the histogram represent?

The SMAangle was developed by somebody to support the 50MA angle which some members had some trouble with. I am not sure about the bars on it. But as you can see, I stopped putting all my trust in indicators and do concentrate on price action.

2- What do the input settings: SMAPeriod, Angle Threshold, StartEMAShift and EndEMAShift mean and how does adjusting each of them affect the indicator?

Cannot really help you with this one.

3- What is the significance of the +/- .1 & .4 levels?

When the 21MA on the SMAangle indicator is between the +0.1 and -0.1 lines, it is in the area what we called the non-trade zone. It is the same as when the 50MA is not 20degree. When it is above the 0.1 line, it means the 50MA is more than 20 degree and a setup can be taken. When the 21MA is below the -0.1 line, it means the 50MA is pointing downwards more than 20 degree and a setup can be taken.


Quoting Spitfire
Hi all, I have been working on reading through this thread for some time. There is a lot here. Some of it is confusing. Right now I am trying to fathom the SMAAngle with the 21EMA. Could someone please answer the following questions?
2- What do the input settings: SMAPeriod, Angle Threshold, StartEMAShift and EndEMAShift mean and how does adjusting each of them affect the indicator?
[font=Times New Roman]3- [size=3]What is the significance...
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,895
  • Dec 12, 2009 6:58am Dec 12, 2009 6:58am
Quoting enzo14
please take me EA of this strategy?
thank you
Hi E

Sorry but there isn't an EA for this system because there are to many false setups - this is a 5min system. The system needs a human intepretation of the setup.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,896
  • Edited 6:07pm Dec 13, 2009 6:04pm | Edited 6:07pm
Golfer, Thank you very much for getting back to me regarding my questions. I was really hoping that you would be one of the people responding as you have been an integral part of this thread. I have noticed that for some time you have not used the original indicators. I am working on a variation on Phillip’s theme and it is still very close to the original and somewhat similar to yours. I just need to find some combo that works for me and that is quite a task. I hope that the thread keeps going as I think it is a very good method. Like you say at the bottom of your posts, one just needs to apply PATIENCE and DISCIPLINE to make it work. Ain't easy - yet. And you are so right - "Trade PA". Thanks again for all you have given.
Regards,
Art
  • #6,897
  • Dec 18, 2009 6:11am Dec 18, 2009 6:11am
I was playing around with a very basic EA for this system just to show the members that one needs the human interaction/decision-making with Phillip's system.

Oeps, +38pips within an hour or so. But I think it was just that the price movements were right (bears are in control).

Still I think the human decision making is very necessary with this system.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,898
  • Dec 18, 2009 7:09am Dec 18, 2009 7:09am
I left the EA running when I saw the pullback to see what is going to happen. The EA opened a new trade with the close of a candle in the war zone. Personally I wouldn't have opened the trade.

It is all about the principles behind this system:

1. Identify a intra-day trend (up or down) and ignore the small intra-day movements (choppyness and range-bound).

2. Upward trend: wait for pullback (dip) and look for signals of support found. Hopefully where the price found resistance previously and then broke thought it. Now it came back to test that level.

3. Wait for a bounce off the support level during the dip and enter

4. There: buy during a dip in a uptrend.

5. Downward trend - the opposite

Buy during dips and sell on rallies.

Hope it make sense.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,899
  • Dec 22, 2009 7:22am Dec 22, 2009 7:22am
I am still playing around with the development of an EA for myself to trade this system with some human decision-making. But what I want to show are the principles behind this system:

Early catch of a small intra-day trend entering on a dip/rally (this is where I am struggling with the EA because I cannot use the SMAangle indicator at this stage) for 10-20pips profit.

Even with the testing of my EA (entries not in the war zone), I made 41pips on my live account.

Once again, the following are critical:

1. Identification of a intra-day trend and not trading the small intra-day movements.

2.Getting your entries spot-on.

Enjoy the trading
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,900
  • Dec 22, 2009 7:27am Dec 22, 2009 7:27am
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Willem Forex recipe for success = Patience, discipline & hard work.
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