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5Min Intraday System

  • #6,981
  • Jun 3, 2010 11:57am Jun 3, 2010 11:57am
10 pips off an ellipse formation off the pivot.
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  • #6,982
  • Jun 3, 2010 7:45pm Jun 3, 2010 7:45pm
Quoting whatfx
hi

a bit of explanation would help to be honest, as i dont understand whats on page 1. as iam new to trading.
babypips.com is good too!
Failure, is a wonderful teacher!
  • #6,983
  • Jun 6, 2010 9:20am Jun 6, 2010 9:20am
Quoting whatfx
hi

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

WTF!!!
From the tips to the dips, it's all about the pips
  • #6,984
  • Edited 10:37am Jun 11, 2010 10:23am | Edited 10:37am
I am reading this forum again .So interesting .Special Thanks to Golfer

Here is my trade today:

My reasons:

1)breaking the little res
2)MACD zero break
3)Power candle
4)Bouncing off the war zone

The only thing I didn't like was sitting it on 21ema on H4 and Friday but I took the chance for 10 pips.

My entry was black arrow.As you see it gave more than 10.
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Failure, is a wonderful teacher!
  • #6,985
  • Jun 12, 2010 10:38am Jun 12, 2010 10:38am
Quoting mike1349
I am reading this forum again .So interesting .Special Thanks to Golfer

Here is my trade today:

My reasons:

1)breaking the little res
2)MACD zero break
3)Power candle
4)Bouncing off the war zone

The only thing I didn't like was sitting it on 21ema on H4 and Friday but I took the chance for 10 pips.

My entry was black arrow.As you see it gave more than 10.
Hi Mike

Great trade and I am sure you did enjoy it. To me, this system is still alive and it works well if you do have the patience and wait for the high probability setup.

This is where I played around with the system and I went back to the first posts by Phillip. I was looking for more confimation than just indicators (which are usually lagging and frustated the h.... out of me). Then I saw a pattern over and over again. And here it is:

I like to look to the left of the chart to look for previous swing lows/highs. These are the turning points and there must be a reason why the price decided to turn around at that point. Then I draw a horizontal line through it and continue with the line to the right on my chart. Then I start looking at how the price re-acts when it reaches that level again. And to my surprise - the price doesn't like that level and reacts(rejects it / bounce off it) when it reaches that level. Maybe later the price may break through it.

So as you can see, I moved back to Phillip's original system and just looking at the MAs. No other indicators are used. So it is all about price actions around the MAs and significant (support and resistance) levels.

Just look at this example and even though it is late Friday, the familiar pattern is visible for a few pips profit:
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,986
  • Jun 12, 2010 11:22am Jun 12, 2010 11:22am
I am sure some of you have recognised the 3 little sisters pattern on the above-mentioned chart as well.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,987
  • Jun 12, 2010 11:29am Jun 12, 2010 11:29am
Another two examples
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,988
  • Jun 12, 2010 12:23pm Jun 12, 2010 12:23pm
Quoting Golfer
Another two examples
sir, why are you showing chart of 4th jun to 7th june and not the latest on m5??
  • #6,989
  • Jun 12, 2010 2:25pm Jun 12, 2010 2:25pm
Quoting behman8850
sir, why are you showing chart of 4th jun to 7th june and not the latest on m5??
Dear Beh

I am not sure why you ask this question (any reason for your question?) but if you look at the chart I've posted on my response to Mike's trade, I am sure it is the latest chart of the 5min EURO - June 11, 2010 just before the close of the market on a Friday. What more do you want? And it is Saturday - so there isn't a live chart to show you a "live" development of a setup. I do try and save live charts while the setup is developing to show people how it looks like. It is always very easy to look afterwards and pinpoint the entry and exit. Not so easy while the setup is developing.

Also I am trying to show you the high probability setup because this system does have a lot of high risk setups that will more than often ended in a loss

To all members:
I am posting chart to show people how I look at chart and what I am looking for. Anybody who doesn't like my or Phillip's way of trading, well, it is a free world and we don't force anybody to follow the rules to the letter.

Important - Do what you feel comfortable with and what you are successful with.

More important - don't be a copy cat BUT develop your own style of trading. Don't follow other traders blindly (definite blueprint for disaster) - make sure you understand what you are doing.

Most important - enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,990
  • Jun 15, 2010 5:46am Jun 15, 2010 5:46am
I just want to share a part of my message to a fellow member - just to indicate to members my approach lately:

"I also do use candle patterns such as pinbar or double tops/bottoms or triangles or 3 little sisters/big brothers to determine price actions/market rhythm and what I called significant levels (just my own creation because I do get tired talking about support turning into resistance and visa versa). But I don't really discuss it on ff - I don't want to confuse members."

"Lately I am not that very active with my trading"

"My approach lately: Buy on dips during a up-move and sell the rallies during a down-move. That is why I like to see some support (buy signal)/resistance (sell signal) found (indicated by candle & pattern formation) near my significant levels and within the war zone (between the 10 and 21 MA). Lately I am trying to ignore other indicators - lagging and just confusing."

"Pairs: Only 4 pairs - EURO, Cable, EURJPY and not very often (just don't like the pair) $JPY."

"Time: I do have full time job - so I do try to keep my eye on the charts but very little trading from 07H00GMT untill 14H00GMT. I do arrive at home after 14H00GMT - then some serious trading but with smaller TP because market tends to "relax" by that time. No trades for me later than 18H00GMT."


Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,991
  • Jun 15, 2010 11:56am Jun 15, 2010 11:56am
Quoting Golfer
Hi Mike

pattern is visible for a few pips profit:
Hi Golfer,

Thanks for sharing your observation.As you said it's all about patterns.

The only thing I don't get in your chart is your TP.When you say above swing low (RED circle.)...Where it would that be?

Is your target hit on that trade or not?

Thanks Again
Mike
Failure, is a wonderful teacher!
  • #6,992
  • Jun 15, 2010 7:50pm Jun 15, 2010 7:50pm
This is interesting, as what the SMA angle indicator really does is separate trending from ranging environments.
  • #6,993
  • Jun 16, 2010 9:51pm Jun 16, 2010 9:51pm
Quoting mike1349
Hi Golfer,

Thanks for sharing your observation.As you said it's all about patterns.

The only thing I don't get in your chart is your TP.When you say above swing low (RED circle.)...Where it would that be?

Is your target hit on that trade or not?

Thanks Again
Mike
Hi Mike

I am not sure which chart you are refering to.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,994
  • Jun 16, 2010 9:57pm Jun 16, 2010 9:57pm
Quoting fxterrapin
This is interesting, as what the SMA angle indicator really does is separate trending from ranging environments.
Hi Fxt

That is what you want to trade - the trending market. Usually you'll get burn trying to trade the range bound market. And that is where members do lose interest in this system. Like I said before, this is a 5min time frame with lots of false setups. Be aware. That is why we don't have an EA for this system - currently this system does need a human intepretation of each setup.

Enjoy
Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,995
  • Jun 17, 2010 6:12pm Jun 17, 2010 6:12pm
Quoting Golfer
Hi Mike

I am not sure which chart you are refering to.
Here:

http://www.forexfactory.com/showpost...postcount=6985
Failure, is a wonderful teacher!
  • #6,996
  • Jun 17, 2010 7:41pm Jun 17, 2010 7:41pm
Quoting Golfer
Just to show you another price pattern I like to look for lately - Bullish 3 pattern. The same principles apply to Bearish 3 pattern.

Once we do have a strong bullish candles like on thos chart and you see the pullback consists of smallish candles (2-3 candles) staying within the boundries of the strong bullish candle, be prepared when it comes near the 10, 21 or Small support line for a possible entry.

Almost the same principles of the Church to right formation. With the Church to right formation the price...
Hi Golfer,

I am not clear about the entry on 3 bullish/Bearish candles.
As I found here I guess you don't wait for TC and you enter in the war zone.

Am I right?
Thanks
Mike
Failure, is a wonderful teacher!
  • #6,997
  • Jun 20, 2010 1:53am Jun 20, 2010 1:53am
Quoting mike1349
Here:

http://www.forexfactory.com/showpost...postcount=6985

Hi M

My SL would be the red line just above the significant level and 21MA. My TP wouldbe the light green area - just above the tail of the last swing low. Not the end of the tail because the tail was testing the level and price should turn above that level (which it did). I don't usually put my TP right at the tip of a tail.

I am working on a new entry method which is a bit risky (indicated on the chart with the black line - more about that later. Had a few Skype sessions with a fellow trader also suggesting another method of entry which looks very promising. But I'll leave it to him to explain if he is willing to do that.

But I would have exit after I saw the tail on the next higher low (2nd orange circle).

Enjoy it.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #6,998
  • Jun 22, 2010 9:33am Jun 22, 2010 9:33am
I got it.Thanks Golfer.
Failure, is a wonderful teacher!
  • #6,999
  • Jun 22, 2010 12:32pm Jun 22, 2010 12:32pm
A trade of mine today to show people how to get out of a trade when you don't feel comfortable with it. My main reason was the false breakout to the downside, pullback into the early day channel and then a breakout through the upper resistance level (very familiar pattern for me). I was hoping the resistance level would have changed into support become what I called my significant level.

My SL was 20pips and TP 20pips (1:1 risk ratio) - the reason why I didn't take profit despite the fact that it went for +14pips befroe finding resistance). I was worried about the resistance that was so evident - so I decided to exit with a few pips profit. Also because the 50MA's angle was not nicely upwards (the 20 degree).

Just look at the nice setups marked with the orange rectangles (missed it because of my day job) - some of them near significant levels (green dotted lines) with a fellow member's signal candle formation. And then support found indicated by two tails.

Very interesting - sure this system is still alive
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,000
  • Jun 22, 2010 12:39pm Jun 22, 2010 12:39pm
It is always very easy to comment on a "full" chart but how about a "live chart showing the setup as it develops. This is a setup I watched but decided to leave it alone.

Very nice signals (4 of them) but once again - look at the 50MA.
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Willem Forex recipe for success = Patience, discipline & hard work.
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