5Min Intraday System

This is a simple example with what I mean with drawing a horizontal line through swing highs and lows. Now I do have a significant level around that green line and I'll look at how the price will react when it is near that level (by looking at the candle patterns).

I do use the same principles taught to me by Phillip on how to draw trendlines (see the previous post for an example on how to draw trendlines by connecting swing lows/highs).

15 pips off a pin bar

I did receive a pm this week from a member and I would like to share my answer with all of you:

A section from the pm - a question directed to me:

"The proccess to follow is to check the EMA's are right, then check for a bounce, then check if the support lines say the bounce will go far, then enter?

What I am really asking, is if the support lines are for confirming, or should I forget about the rest of signals and only focus on support?"

My answer to the fellow trader:

Yes and no. Sorry to confuse you. Let me explain:

When I open my chart, the first thing I look at is the EMAs. Right? I look at where they are in relation to each other and to the current price. Then I look to the left of my chart to see what kind of patterns/waves did the EMAs/candles create.

Then I look at my current price - see if I can see any price patterns and I do look at the current candle formations.

Above two points will take me about 1min.

Then I do look to the left on my chart to look for swing lows/highs and I do determine my intra-day support and resistance levels (horizontal) as well as small intra-day trendlines.

Then I'll wait for the price to get near those significant levels and how it re-acts. Only then do I look at the EMAs to see if they are in line (use the EMAs as confirmation).

Therefore I DON'T trade the indicators - I use them as confirmation. I do trade price actions/rhythm.

I hope it make sense."

I hope this will help some of the traders out there and this is how I trade lately.

Enjoy the trading.

Great trade - I also would have traded the pinbar because it showed support near significant level. That is how I've adapted Phillip system to suit my style of trading.

An example of how I draw my horizontal significant levels using swing highs and lows (waves).

Green = support found

Red = resistance found

Look at how often the price tend to turn (intra-day) at the significant level.

I would have taken setup a & b and would have ignored setup c based on price action near significant levels.

Just look at how I traded the price action while I looked at only the EMAs and not the MACD. I haven't even used my small intra-day trendlines.

I didn't trade on Friday - I was playing golf.

Another example of significant levels in this system on the EJ.

And then the price actions/candle formations near significant levels forming the setups.

As you can see, I am moving away from trading the indicators and rather trading the price actions using the indicators as confirmation.

Trade with what you feel comfortable with but be successful.

Just my opinion and my current style of trading using the principles Phillip taught me.

hello golfer. i like ur trading skill..have ever think to make EA from ur system..is it posible to make EA from it...

Hi A

Yes, I've already tried with some free software available from a broker. But I just used the EMAs because I wasn't sure how to import the other indicators. The EA triggers the trade when the price enters the war zone. It worked well but I just activated the EA when I saw and like the market rhythm. Otherwise I left the EA off. I think I posted some charts/trades of the EA on the thread a while ago.

My opinion - maybe it is just to difficult to develop a EA for this system. I received a Skype call a few months ago from a fellow pro trader and he told me that they are using a EA based on this system. Well, maybe it can be done but I am not a coder.

really,mm..then,u hve da EA for dat ema..can i try it..ive my frend how know well about da coding..mybe he can help doing coding for dat sup n resstnce method..

Hi A

Sure, just pm me with your email address or Skype me via IM (whk139) and I'll send you the "EA"

While I was busy with a fellow member on Skype discussing this system and my approach, I saw the setups developing on EURO - great for this system (small intra-day trending conditions).

Also to show Arm how I draw my trendlines.

hi neill

can you tell me what min charts you use for this method, and whether candle sticks or what ? and the time frame.

cheers

nice picture, I am new to this thread. do you mean the right end of this pic is the entry?

PS: this is a very nice system, thanks Phil and Glofer to share and teach us.

Thanks
Henry

Hi H

Yes, just below the trendlines. Please study the rules of this system for some entry criteria.

Please look on page 1 for all the important posts re: this system. Then study the charts and try to make sense of what was posted. Then start posting some charts for comments to see if you are on the right track.

You can only success via hard work - nothing comes easy in forex trading.

To everybody: If you are not committed to work hard, don't expect to be successful in forex trading. Also don't expect me or any other member to assist you.

Some hard words but so is the world of forex trading.

Enjoy

hi

a bit of explanation would help to be honest, as i dont understand whats on page 1. as iam new to trading.

Hi W

Sorry but it is not possible to explain the system in one post. That is why I asked Phillip to post the links to all the most important posts on page 1.

My advise is:

1. If you are new to trading, I would advise you to read more about trading before you start looking at a system. I did some reading for more than 4 months before I actual open a demo account. I think there is a website called babypips or something like that. Great info for a newbie to be found there. I'll only concentrate on the actual 5min system and principles in this thread (sorry). Yes, you are going to struggle if you are not familiar with concepts (pullback, bounce off, support and resistance, indicators, and so on) used in trading.

2. Read all the posts on the first few pages and you'll see what the system is all about. The main principles are still the same. Concentrate on Phillip's posts.

3. Then you need to open each link on page 1, read the post, listen to the mp3 files from Phillip. It is very important to read and listen to all Phillip's posts and mp3 files - then you'll understand the system.

4. Then you start posting some charts with the reasons for your actions and ask for fellow members' comments.

There are so many excellent posts - it is not necessary for me repeat everything that was already posted.

Enjoy it.