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5Min Intraday System

  • #6,941
  • Apr 21, 2010 3:25am Apr 21, 2010 3:25am
13 pips on a smooth, rounding bottom.
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  • #6,942
  • Edited 10:04pm Apr 22, 2010 9:36pm | Edited 10:04pm
Quoting mdowd
13 pips on a smooth, rounding bottom.
Aaaah, yes... there is nothing I like better than a smooth, round bottom.
"Trading is a mental sport." - Ziad Masri
  • #6,943
  • Apr 22, 2010 10:47pm Apr 22, 2010 10:47pm
Quoting mdowd
13 pips on a smooth, rounding bottom.
Hi Md

Yes, and the double Doji in the war zone indicated indecision forming the nice round bottom - right on My Small support line (I am still using this concept with another concept (significant levels). SL should have been just below 21 MA.

On a 15min chart I am playing around with a "break" of the previous candle's high (2nd Doji) once support is found (my entry point) - see on the chart.

Great classical trade - well done.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,944
  • Apr 29, 2010 4:43am Apr 29, 2010 4:43am
12 pips off a pin bar at support after an irregular church with steeple. I departed too early but I hit my objective.
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  • #6,945
  • Apr 30, 2010 11:06pm Apr 30, 2010 11:06pm
Quoting Golfer
Hi Md

Yes, and the double Doji in the war zone indicated indecision forming the nice round bottom - right on My Small support line (I am still using this concept with another concept (significant levels). SL should have been just below 21 MA.

On a 15min chart I am playing around with a "break" of the previous candle's high (2nd Doji) once support is found (my entry point) - see on the chart.

Great classical trade - well done.

Hey Golfer,
Good to see that you are still around. I used to post my trades here a couple of years ago (by another name "Ishak"). This method still rocks (on all time frames).
Salute to Mr. Nell's genius insight on trend trading.
Goodluck and good trading.
Never Trade without a defined risk, never, never, never.
  • #6,946
  • Edited 2:01pm May 4, 2010 1:56pm | Edited 2:01pm
Hi all!
Im studing this strategy, and I got a question to do:

In a situation like the snapshot, what I should do is wait untill price goes higher than the EMA21, right?
I think the "bounce" repeats where the trend has already bounced, i.e. if it bounced before on the EMA10 it will likely bounce again on it, but If it bounced in the EMA21 next time it will probably come back to the EMA21 again.
¿Am I right?

Thankyou!
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  • #6,947
  • May 6, 2010 10:13am May 6, 2010 10:13am
Quoting Armagedoom
Hi all!
Im studing this strategy, and I got a question to do:

In a situation like the snapshot, what I should do is wait untill price goes higher than the EMA21, right?
I think the "bounce" repeats where the trend has already bounced, i.e. if it bounced before on the EMA10 it will likely bounce again on it, but If it bounced in the EMA21 next time it will probably come back to the EMA21 again.
¿Am I right?

Thankyou!
Hi Arma

No Arm, the price should not close above the 21MA. You need to look for signs of resistance (like a significant level which acted as support earlier as indicated on this chart). Then you enter on the down move after a bounce off the 21MA (after a power bar).

Just be careful - there are many false moves especially in choppy market conditions. Also , it may be the end of the down movement and price is turning around.

Careful - be on the look out for the previous swing high/low. Make sure the price is continue on a downward move. For that I'll use horizontal and small intra-day trend lines. Once that white small intra-day resistance line is broken, I do take it that down move is losing momentum and the price might turn around.

I hope it helps.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,948
  • May 12, 2010 10:43am May 12, 2010 10:43am
Look for the length of the current trend: · Be careful when the current trend is running for 70-100 pips without a pull-back – trend could run out of steam shortly


just one quick question.. according to the manual in 5 min intraday. the way to count the current trend is??

1 start from daily high to recent candle???
2 start from counting from the cross of 21 and 10 ema to recent candle???
3 start the counting from the candle below 50sma to recent candle???

sorry i am confused. can anyone explain? thanx.

http://img706.imageshack.us/img706/4995/98744891.png
  • #6,949
  • May 13, 2010 6:50am May 13, 2010 6:50am
Quoting xelax
Look for the length of the current trend: ·Be careful when the current trend is running for 70-100 pips without a pull-back – trend could run out of steam shortly


just one quick question.. according to the manual in 5 min intraday. the way to count the current trend is??

1 start from daily high to recent candle???
2 start from counting from the cross of 21 and 10 ema to recent candle???
3 start the counting from the candle below 50sma to recent candle???

sorry i am...
Hi Xel

Just my personal opinion - I do start looking at a trend from an intra-day(or even the previous days') swing high or low

Hope it make sense.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,950
  • May 13, 2010 12:20pm May 13, 2010 12:20pm
I count it from the last cross of the 21 and 10 EMA and on backtests I am usually profitable
Im trying to make an indicator for entrance but its not accurate enough yet.
Just another question: For a good entrance, the last movements should have more than a 10 pip oscilation (so when you enter, the high of the bounce gets your TP).
Which would be the accurate calculation? the average from the last 10 bars higher than 8 pips, the latest low to highs higher than 10 pips.... what do u suggest?

(hope to have explained it well, if not i will reask it... ^^)
  • #6,951
  • May 14, 2010 11:11am May 14, 2010 11:11am
Quoting Armagedoom
I count it from the last cross of the 21 and 10 EMA and on backtests I am usually profitable
Im trying to make an indicator for entrance but its not accurate enough yet.
Just another question: For a good entrance, the last movements should have more than a 10 pip oscilation (so when you enter, the high of the bounce gets your TP).
Which would be the accurate calculation? the average from the last 10 bars higher than 8 pips, the latest low to highs higher than 10 pips.... what do u suggest?

(hope to have explained it well, if not i will reask...

Hi A

If it works for you, well, go for it.

Once again, I am not an indicator lover and currently I do concentrate more on price actions. That is why I do (lately) look for signs of support/resistance near previous support/resistance levels. That is what I called high probability setups. I don't really look at the number of pips to determine my entry. For me it is all in the price action.

See the example
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,952
  • May 14, 2010 11:20am May 14, 2010 11:20am
Another example/s where support turned into resistance and both trades gave 10pips profit
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,953
  • May 14, 2010 11:23am May 14, 2010 11:23am
As you can see, I didn't even refer to the other indicators on my chart. It is all about price actions around significant levels. So, if you want to develop an indicator, it is up to you. I just don't like indicators because many of them all lagging. Only price is current.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,954
  • May 14, 2010 12:12pm May 14, 2010 12:12pm
Haha yeah good trade but I think I need to have a -bit- more of experiencie in the sistem to be able to notice that support becoming ressistance... =P
I think I sould focus for a while on how to know where and how support and resistance show themselves... since I cant usually find them easily
  • #6,955
  • May 14, 2010 11:11pm May 14, 2010 11:11pm
golfer, can this 10ema 21 ema 50sma apply to 15 min timeframe? i found out the signal on the 15 min tf is more stable and less false signal, sometimes the support turn into resistance or vice versa is not nice in 5min tf where it almost look like a pullback to breakout
  • #6,956
  • May 14, 2010 11:39pm May 14, 2010 11:39pm
i use it on 15min tf with this two ema

http://img156.imageshack.us/img156/7744/70852676.png
  • #6,957
  • May 15, 2010 11:46am May 15, 2010 11:46am
Quoting xelax
golfer, can this 10ema 21 ema 50sma apply to 15 min timeframe? i found out the signal on the 15 min tf is more stable and less false signal, sometimes the support turn into resistance or vice versa is not nice in 5min tf where it almost look like a pullback to breakout
Hi Xe

Yes, defintely. I do use the very same principles on the 15min chart but not with the MAs. I do use the principles in another system.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,958
  • May 15, 2010 11:49am May 15, 2010 11:49am
Quoting xelax
i use it on 15min tf with this two ema

http://img156.imageshack.us/img156/7744/70852676.png
Great example. I do like when support turned into resistance. Once the resistance (what I call "significant levels") is broken, you can start looking for a possible long setup.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,959
  • May 17, 2010 4:57am May 17, 2010 4:57am
10 pips on a three sisters formation with a pin bar at the pivot level. I bailed out when the move looked like it was slowing down
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  • #6,960
  • May 19, 2010 11:38pm May 19, 2010 11:38pm
Quoting mdowd
10 pips on a three sisters formation with a pin bar at the pivot level. I bailed out when the move looked like it was slowing down
Just to show members the actual 3 little sisters (in green). Then look at the higher lows being formed (3 big brothers). If you do get the 3 little sisters with 3 big brothers, be careful because a triangle is forming.

I always look at my swing highs and lows to determine the market rhythm on the 5min chart. Try and connect the lows and highs with horizontal lines and that will give you the significant levels.

Look at the Bullish 3 pattern after the breakout of the triangle. Nice one - just be careful in this (current) bearish market.
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Willem Forex recipe for success = Patience, discipline & hard work.
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