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5Min Intraday System

  • #7,041
  • Jul 20, 2010 12:13pm Jul 20, 2010 12:13pm
Thirdly - like I said, I do follow the pullback carefully by:

1. Identifying the low of each candle (small pink lines)

2. I do look for a break of that previous candle's low - a signal for me to enter.

3. There must be signs of resistance - something like a pinbar with a nice tail upwards or in this case 3 lower highs.

The opposite for a buy trade.

I hope it make sense.

As you can see, I didn't wait for the resistance and my entry was too early. Later there was a nice break of a previous candle's low after the 3 consec lower highs. I exit the trade because somebody entered my office and couldn't follow the trade live.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,042
  • Jul 21, 2010 8:20am Jul 21, 2010 8:20am
Quoting Golfer
Thirdly - like I said, I do follow the pullback carefully by:

1. Identifying the low of each candle (small pink lines)

2. I do look for a break of that previous candle's low - a signal for me to enter.

3. There must be signs of resistance - something like a pinbar with a nice tail upwards or in this case 3 lower highs.

The opposite for a buy trade.

I hope it make sense.

As you can see, I didn't wait for the resistance and my entry was too early. Later there was a nice break of a previous candle's low after the 3 consec lower highs....
hi

does anyone know which pair this works best with ? does it work well with the dow ?


also, is there any chance of re-writing this system including all the updates and golfers suggestions ? there seem to be too many pointers / suggestions/ updates here and there which is causing mass confusion and diluting the system. can anyone come up with a final version please ? for everyone to see.
  • #7,043
  • Jul 21, 2010 8:23am Jul 21, 2010 8:23am
also, do we enter trade on the actual pullback candle , or the next candle after the pullback ?

we are using the 5 min candles right ?
  • #7,044
  • Jul 22, 2010 11:53am Jul 22, 2010 11:53am
Continuation of the explanation of the HighLow entry methd:

Excellent example of a HighLow entry (this time a long entry when the high of previous candle is broken). Excellent because what I call confluence of signals/aspects as indicated on the chart.

I hope it make sense and somebody may benefit from this entry method. I certainly do because it gets you earlier into a trade with a smaller SL. BUT it is a risky method to use. Be careful.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,045
  • Jul 22, 2010 12:02pm Jul 22, 2010 12:02pm
Quoting whatfx
hi

does anyone know which pair this works best with ? does it work well with the dow ?


also, is there any chance of re-writing this system including all the updates and golfers suggestions ? there seem to be too many pointers / suggestions/ updates here and there which is causing mass confusion and diluting the system. can anyone come up with a final version please ? for everyone to see.
Hi What

1. Yes,this system can work on any pair as well as stocks. Phillip is trading stocks and he did use the principles of this system.

2. This is a great thread with a wealth of information. My suggestion is to work through the thread and give some of the suggestions a try to see if it fits your style of trading. SOmetimes an indicator or an approach might work for you but not for me. If it works for you, stay with it and work hard at it. (look at my signature below every post - discipline, patience, and hard work)

As you can see, I've tried a lot of stuff but now I am back with Phillip's original system. And I've added one or two things that make sense to me and that I can see as part of my style of trading.

Once again - this is not a cut and dry system with fixed rules. There are too many false setups that should be ignored and one can only learn through experience. Not by being a copy cat but develop your own style of trading and doing with what you feel comfortable with.

Looking forward to see what your style looks like and how your style develops(ed).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,046
  • Jul 22, 2010 12:08pm Jul 22, 2010 12:08pm
Quoting whatfx
also, do we enter trade on the actual pullback candle , or the next candle after the pullback ?

we are using the 5 min candles right ?
Hi What

Once again, there is no fix rule. Sometimes I do wait for a candle to close if I am not sure whether the support (buy) or resistance (short) is found. Otherwise I'll enter as soon as I do see the signals.

Another method is the HighLow entry close to the war zone in a pullback. What I like to do is:

Buy on the dip towards the war zone

Sell on the rally towards the war zone

Look at the chart above and see how you could have bought on a dip very close to the war zone.

I hope it make sense.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,047
  • Jul 25, 2010 12:32am Jul 25, 2010 12:32am
Another example of the High/Low entry.

First I draw my Small intra-day trendline and significant lines
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,048
  • Jul 25, 2010 12:38am Jul 25, 2010 12:38am
Then the actual trade using one of the rallies towards the war zone. Please note I didn't use the High/Low method here to enter but I entered when I saw the 2nd tail testing my significant level
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,049
  • Jul 25, 2010 12:39am Jul 25, 2010 12:39am
On this chart, I actually indicated where the High/Low entries were.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,050
  • Jul 25, 2010 6:08am Jul 25, 2010 6:08am
Dear Golfer,

Thank you for your explanations. It is really helpful. I will give this entry method a go later.

I was reading this thread from 2007 and it said that this 5 min trading system is not suitable for news release. Can I ask where do you find the news release time? or where to read the relevant news? Which websites?

Kind regards

Fafa
  • #7,051
  • Jul 25, 2010 12:16pm Jul 25, 2010 12:16pm
Quoting Fafa
Dear Golfer,

Thank you for your explanations. It is really helpful. I will give this entry method a go later.

I was reading this thread from 2007 and it said that this 5 min trading system is not suitable for news release. Can I ask where do you find the news release time? or where to read the relevant news? Which websites?

Kind regards

Fafa
Hi F

Yes, I don't use this system to trade the news anymore. The news release times are just to volatile for me. Previously I did use this system on a 1min chart to trade some of the major news releases but not anymore. Just too risky but you can get beautiful setups on the 1min after the news.

I do use forex factory website for the news release time (you can change the time to reflect the news release times in your own time zone:
http://www.forexfactory.com/calendar.php


There are many other websites but I tend to avoid the news releases and wait for the markets to give me an indication where it wants to go. Sometimes the price reacts totally different than what was expected with a specific release.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,052
  • Jul 25, 2010 12:38pm Jul 25, 2010 12:38pm
Quoting Golfer
Hi F

... but you can get beautiful setups on the 1min after the news...
On 1 minute, should the same rules be applied as on 5m setups, or did you do some adjustments? I have been watching the system on 1m for a while now, and indeed there are setups that should have paid had I taken the trades following the same rules as on 5m. But something has been stopping me all the time against entering into a trade...
Thank you
  • #7,053
  • Jul 25, 2010 1:18pm Jul 25, 2010 1:18pm
Quoting MidnightRun
On 1 minute, should the same rules be applied as on 5m setups, or did you do some adjustments? I have been watching the system on 1m for a while now, and indeed there are setups that should have paid had I taken the trades following the same rules as on 5m. But something has been stopping me all the time against entering into a trade...
Thank you
Hi M

Yes, the same rules apply but everything do happen VERY fast on the 1min chart. One doesn't really have time to think and make a proper assessment of the situation.

My opinion:

Trading this 5min system on a 1min chart is only for the skilled and experienced trader.

Be very careful - it can give yo great profits but it can also take a lot of money and give it back to the brokers.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,054
  • Jul 25, 2010 11:19pm Jul 25, 2010 11:19pm
Quoting Golfer
Hi M

Yes, the same rules apply but everything do happen VERY fast on the 1min chart. One doesn't really have time to think and make a proper assessment of the situation.

My opinion:

Trading this 5min system on a 1min chart is only for the skilled and experienced trader.

Be very careful - it can give yo great profits but it can also take a lot of money and give it back to the brokers.
Willem, I just want to say thank you for your contribution to this thread. I've gone through all of your posts now and can say that I respect you for it. Have a great week my man!
I dream, therefore I become.
  • #7,055
  • Jul 26, 2010 4:56am Jul 26, 2010 4:56am
I spotted the setup after coming home from work. Although the trend has run almost 100 pips, it is still more than 10 pips away from daily support 2. I enterred at the candle under the arrow. Very quickly I had 10 pips profit. I closed half of my trade. The price moved aganist me and broke the small trend line. I quickly closed the another half trade at BE. Thank you, Golfer. Your small trendline support saved me from losing the second half of the trade.
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  • #7,056
  • Jul 26, 2010 6:16pm Jul 26, 2010 6:16pm
Quoting mike w
Willem, I just want to say thank you for your contribution to this thread. I've gone through all of your posts now and can say that I respect you for it. Have a great week my man!
Golfer is a wonderful person.I've never seen somebody so helpful and dedicated.

Thank you Golfer
Mike
Failure, is a wonderful teacher!
  • #7,057
  • Jul 27, 2010 12:55am Jul 27, 2010 12:55am
Quoting Fafa
I spotted the setup after coming home from work. Although the trend has run almost 100 pips, it is still more than 10 pips away from daily support 2. I enterred at the candle under the arrow. Very quickly I had 10 pips profit. I closed half of my trade. The price moved aganist me and broke the small trend line. I quickly closed the another half trade at BE. Thank you, Golfer. Your small trendline support saved me from losing the second half of the trade.
Attachment
Hi F

Great one - yes, a bit late in that down move. I like to take the second or three pullback and afetr that I'll be very careful. Look at my pink significant lines and the setup with the yellow/white circle - right on my significant level (the setup I would have taken).
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,058
  • Jul 27, 2010 1:24am Jul 27, 2010 1:24am
Quoting mike w
Willem, I just want to say thank you for your contribution to this thread. I've gone through all of your posts now and can say that I respect you for it. Have a great week my man!
Hi Mike

Only a pleasure - I just don't want to b..s.. the members by telling them this system is the Holy Grail. IT IS NOT. I am tired of people trying to sell you something and it is not working. One needs to try it yourself and adapt and make it work for you. If it doesn't work for you, move on.

It is also not easy to trade this system if you don't understand market rhythm.

Just sharing my honest opinion and my style of trading with people.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,059
  • Jul 27, 2010 1:25am Jul 27, 2010 1:25am
Quoting mike1349
Golfer is a wonderful person.I've never seen somebody so helpful and dedicated.

Thank you Golfer
Mike

Hi Other Mike

Only a pleasure - the same message applies as the one posted for the other Mike.

Enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,060
  • Jul 27, 2010 8:12am Jul 27, 2010 8:12am
Thank you, Golfer. I started to understand a bit more about this system. Don't know if my trades today made any sense. I tend to exit earlier that it should be.
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