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5Min Intraday System

  • #7,001
  • Jun 22, 2010 12:43pm Jun 22, 2010 12:43pm
And the outcome - just to show you how improtant it is not the trade the indicators but look at what the price is telling you. It was bearish candles all the way down through the war zone with no signs of support found in green dotted line
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,002
  • Jun 22, 2010 4:39pm Jun 22, 2010 4:39pm
Hi ya Golfer..

Great stuff Phillip Nel and you are doing in here Golfer!!

I was just wondering if you could help me with a couple of questions....

In the beginning of this thread Phillip is chasing 5 - 10pips profit and also in the the links he has posted it shows yourself having a 25pip stop and 25 pip target....is it possible to get your pippage amount easy or is it only in really special situations you may grab that on this TF if so is it possible you could place a chart up on this situation?

Also I notice in your charts you have made the Macd and other indicators redundant except for the MA's....have you discarded them in making the system simpler?

Thanks for any help you could offer..

Adrian
  • #7,003
  • Jun 23, 2010 10:03am Jun 23, 2010 10:03am
Quoting aarangio
Hi ya Golfer..

Great stuff Phillip Nel and you are doing in here Golfer!!

I was just wondering if you could help me with a couple of questions....

In the beginning of this thread Phillip is chasing 5 - 10pips profit and also in the the links he has posted it shows yourself having a 25pip stop and 25 pip target....is it possible to get your pippage amount easy or is it only in really special situations you may grab that on this TF if so is it possible you could place a chart up on this situation?

Also I notice in your charts you...

Hi Adrian

Yes, I did change the system a bit to suite my style of trading:

1.TP/SL - yes, my opinion: setting the TP/SL will depend on each setup but it is better to stay with the 10pips TP suggested by Phillip (look at what happen to me with the previous trade).

2. Indicators - once again,yes: I got burned too many times trading the indicators that I am now almost allergic to them. Maybe other members do feel more comfortable trading with indicators. Just my style of trading at this stage. Minimise the indicators and keep it as simple as possible (KISS).

What I am always trying to say:

1. Develop you own style of trading

2. Trade with what you feel comfortable with and what you understand

3. Keep doing the stuff if you are successful with it.

4. Don't try and be a "copy cat" by trying to trade what the others are trading - it will be a disaster.

5. Rather look at what the others are doing to see if can adapt it

Another reason why people should post charts/trades with the necessary explanations - so that other members can see how they came to a decision. It is useless to have a Skype conversation if you haven't read some of the posts and started posting here so that the members can see how you look at charts.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,004
  • Jun 23, 2010 6:18pm Jun 23, 2010 6:18pm
Willem,
Good to see all the activity and that you are doing well. I agree about the indicators, I'm just following the price action primarily. I still have the MACD at the bottom, but rarely even look at it. Next time I have a 5 min trade, I'll post it.
  • #7,005
  • Edited 7:00am Jun 24, 2010 1:27am | Edited 7:00am
Quoting Golfer
Hi Adrian

Yes, I did change the system a bit to suite my style of trading:

1.TP/SL - yes, my opinion: setting the TP/SL will depend on each setup but it is better to stay with the 10pips TP suggested by Phillip (look at what happen to me with the previous trade).

2. Indicators - once again,yes: I got burned too many times trading the indicators that I am now almost allergic to them. Maybe other members do feel more comfortable trading with indicators. Just my style of trading at this stage. Minimise the indicators and keep it as simple as...
Hey Willem,

Thank you very much for the explainations also some of the important things you pointed out to me that had me wondering before and never asked!

Could you please check this chart and tell me if this is right with PA and the set up we look for....also as it is failing on the short side off this trade at the moment is it possible the 50MA above is like a resistance area as well as confluence with the RN it may still crash down?

Also I forgot to mention the RSI is turning up above the 50 is this one of the occasions an indicator should be watched for confluence?

cheers,
Adrian

Ps.. Just following up on this....turned and went my way in the end with small profit....however just noticed I should have been wary of the strong support under where I was shorting and that would have been strong confluence with the RSI turning up as well?..so was wondering was this a very risky trade??
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  • #7,006
  • Jun 24, 2010 11:34am Jun 24, 2010 11:34am
A bad entry, luckily not a bad trade. I just entered my TP on my trade when somebody walked into my office. Didn't have time to enter my SL just below big round number (1.2300). Should have been a negative trade. So much for trading part time.

My way of trading:

Buy on the dip with an uptrend and not on the uptrend (don't know when resistance will be found).

This setup:

The dip was not deep enough and I entered too close to the previous swing high (sign of resistance). Look at the (2nd) setup that I've indicated.

Enjoy the trading
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,007
  • Jun 24, 2010 1:16pm Jun 24, 2010 1:16pm
Quoting aarangio
Hey Willem,

Thank you very much for the explainations also some of the important things you pointed out to me that had me wondering before and never asked!

Could you please check this chart and tell me if this is right with PA and the set up we look for....also as it is failing on the short side off this trade at the moment is it possible the 50MA above is like a resistance area as well as confluence with the RN it may still crash down?

Also I forgot to mention the RSI is turning up above the 50 is this one of the occasions an indicator...

Hi Adrian

See my comments on your chart.

I ALWAYS look to the left on my chart before I enter a trade. That is why I do have green dotted line on my chart indicated significant levels (where price previous reacted with some patterns).

Yes, it was a risky trade just because of my pink line (significant level) very close to your entry.

And yes, I've talked to another member and he is also using the RSI just to show divergence. Well, I you feel comfortable with it, by all means.... Just don't ask my opinion (LOL).

Thanks for sharing your opinion and chart - I always enjoy it.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,008
  • Jun 24, 2010 2:48pm Jun 24, 2010 2:48pm
Quoting Golfer
Hi Adrian

See my comments on your chart.

I ALWAYS look to the left on my chart before I enter a trade. That is why I do have green dotted line on my chart indicated significant levels (where price previous reacted with some patterns).

Yes, it was a risky trade just because of my pink line (significant level) very close to your entry.

And yes, I've talked to another member and he is also using the RSI just to show divergence. Well, I you feel comfortable with it, by all means.... Just don't ask my opinion (LOL).

Thanks...
Hey Willem..

Thanks for all the help and in depth explainations .....and for trashing my chart thinkings!

That Doji spinning top you said isn't it suppose to have a extended tail both sides of the body with body roughly central or is that a different formation?.....or is it on your MetaTrader feed the spinning top?

Thanks for all your help...much appreciated!!

Adrian



PS..£ done well with this system today! :-)
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  • #7,009
  • Jun 24, 2010 5:54pm Jun 24, 2010 5:54pm
Does the entry have to close before being considered? Many times I've seen run ups into the zone and close back down/up outside of it.
  • #7,010
  • Jun 25, 2010 7:34am Jun 25, 2010 7:34am
Quoting dforant1
Does the entry have to close before being considered? Many times I've seen run ups into the zone and close back down/up outside of it.
Hi Df

No, to me it is all about price action.

But usually (if I am not sure about the setup) I'll wait for the candle to close. A lot of things can happen in the last minute before the close of a 5min candle. Especially when it is the last candle before the top of the hour (e.g. 12h59 of the 12H55 candle). Many big players do trade the 1h charts and some activities occur around the top of the hour.

I hope it makes sense
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,011
  • Jun 25, 2010 7:49am Jun 25, 2010 7:49am
Quoting aarangio
Hey Willem..

Thanks for all the help and in depth explainations .....and for trashing my chart thinkings!

That Doji spinning top you said isn't it suppose to have a extended tail both sides of the body with body roughly central or is that a different formation?.....or is it on your MetaTrader feed the spinning top?

Thanks for all your help...much appreciated!!

Adrian


PS..£ done well with this system today! :-)
Hi Ad

Great analysis of the chart - see a few more comments from my side. Sorry about the RSI - not interested, but maybe somebody else is?

My opinion about this system:

1. A lot of tradeable setups but not all are profitable.
1.1 Remember, it is a 5min chart with a lot of small intra-day waves (that can give you nice profit but also just as easy trigger your SL)

2. Great system based on sound price action principle - I did find other similiar system with the same principles.

3. Great system with nice awards if you are prepare to:

3.1 Work hard to get to know your system and not just trading the rules and indicators,
3.2 Having the necessary discipline and patience to wait for the high probability setup.

4. This system will bite you if you don't follow Bullet 3.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,012
  • Jun 25, 2010 8:04am Jun 25, 2010 8:04am
Hi Ad

Yes, you are correct about the spinning tops:

Spinning tops are candles that have a small body compared to the size of the wicks. For a candle to be defined as a spinning top it must not only have long wicks, but must have wicks at both ends of the body.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,013
  • Jun 25, 2010 8:11am Jun 25, 2010 8:11am
Hi Ad

I was thinking of the tweezer tops:

The price action has trended upward then 2 consecutive days (candles) of equal highs signal resistance. This could signal a short term top is forming.

There are different types of tweezer tops/bottoms - here are two examples. What I like to see, is that both candles do have both tails upwards testing the significant level.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,014
  • Jun 25, 2010 12:04pm Jun 25, 2010 12:04pm
Candle penetrated zone but did not close in it. Still it's a go for short?
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  • #7,015
  • Jun 25, 2010 12:06pm Jun 25, 2010 12:06pm
Oh wow!,

thanks for all the help and explainations again Willem!

Willem I just wanted to bring up this post again that you wrote as it actually turned on a switch with me and opened my eyes big time and I feel people should look at this attachment on PA candles forming off the MA's and I mean look at it and absorb and get it as it is gold...very important I feel!!

http://www.forexfactory.com/showpost...postcount=2766

Cheers for your help!

Adrian
  • #7,016
  • Jun 25, 2010 12:23pm Jun 25, 2010 12:23pm
Any input?
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  • #7,017
  • Jun 25, 2010 12:31pm Jun 25, 2010 12:31pm
Hi ya again..

I was just wondering if this system is also used as a cross-over system with the MA's in some way if we see a good PA set up if the war zone area fails and carries on in the opposite direction as there are a lot of opportunities to grab if so looking at a clean chart with this system and PA?

Thanks for any help or advice..

Adrian
  • #7,018
  • Jun 26, 2010 12:56pm Jun 26, 2010 12:56pm
Quoting dforant1
Any input?
What do you think now after you see my significant levels (pink horizontal) and My Small intra-day trendline (blue line)?

I do like to look at chart that are a bit zoomed out and not so zoomed in so that I can look at the left of my chart to see what the price has done previously near that levels.

Also just remember, after a run like this, the price might find support an turn to the upside again. It cannot just continue downwards forever. That is why I remember Phillip was trying to take the second or third wave and then ignore the rest.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,019
  • Jun 26, 2010 1:04pm Jun 26, 2010 1:04pm
Quoting aarangio
Hi ya again..

I was just wondering if this system is also used as a cross-over system with the MA's in some way if we see a good PA set up if the war zone area fails and carries on in the opposite direction as there are a lot of opportunities to grab if so looking at a clean chart with this system and PA?

Thanks for any help or advice..

Adrian
Hi Adrian

Just remember this is a Trend Continuous (TC) system and not an Counter Trend (CT) system.

There are opportunities to trade CT setups but those are more profitable in choppy and range bound markets. The CT trades are killers when taken in trending market conditions.

So how do you decide which market condition is on? Especially very early in a move. Always very easy to comment afterwards when the entire chart is visible.

That I why I'll stay with my significant levels and small intra-day trendline to guide my trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,020
  • Jun 26, 2010 1:06pm Jun 26, 2010 1:06pm
Quoting dforant1
Candle penetrated zone but did not close in it. Still it's a go for short?

As long as my significant level and small intra-day trendline are tested and holding, it is a go. I hope it make sense.
Willem Forex recipe for success = Patience, discipline & hard work.
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