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5Min Intraday System

  • #7,101
  • Aug 17, 2010 1:20pm Aug 17, 2010 1:20pm
Today was a great example of when to trade this system and when to ignore this system.

Green lines and circles are the great signals early in the day.

Pink circles and pink triangle show us the warning signs. Once I see this crossing of the MAs with no signs of support/resistance I know it is time to ignore this 5min system. You will only get burned within the triangle.

Even look at the naked 1h chart (nowadays what I like to do) - giving you a better indication what is going on in the market.

Enjoy the trading
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,102
  • Aug 18, 2010 12:59pm Aug 18, 2010 12:59pm
15:10 uk, 10:10est.
Attached Image
  • #7,103
  • Aug 18, 2010 2:55pm Aug 18, 2010 2:55pm
Quoting dforant1
15:10 uk, 10:10est.
Sorry Df, but I cannot comment on your chart because it is too small and zoomed in. I need to be able to look to the left on a chart to see what the price did in the past (to determine my significant levels).

Enjoy
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,104
  • Aug 19, 2010 2:00pm Aug 19, 2010 2:00pm
A trade of mine which I entered too early - show have waited for the pullback into the war zone and close to my significant level (purple dotted line). At the time of my entry, it looks like the price wanted to make smooth rounding (pink round line). However, I would have like the price to move along the yellow line with a entry close the purple dotted lne and the 21MA.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,105
  • Aug 19, 2010 2:06pm Aug 19, 2010 2:06pm
Chart 1: A much better entry (patience needed) on that red bearish candle using the break of the previous candle's low as signal (called high/low entry).

Chart 2: Signals for me to stay out of the market - once again, the power of price action. Beautiful!!!!
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,106
  • Aug 25, 2010 1:52pm Aug 25, 2010 1:52pm
Quoting Golfer
A trade of mine which I entered too early - show have waited for the pullback into the war zone and close to my significant level (purple dotted line). At the time of my entry, it looks like the price wanted to make smooth rounding (pink round line). However, I would have like the price to move along the yellow line with a entry close the purple dotted lne and the 21MA.
Why not take the red candle above 15:40 in the zone. Looks like the blue went for 10-15 pips?
  • #7,107
  • Aug 25, 2010 9:51pm Aug 25, 2010 9:51pm
Quoting dforant1
Why not take the red candle above 15:40 in the zone. Looks like the blue went for 10-15 pips?
I am not sure what you mean and where you wanted to enter. Could you please draw it (where you want to enter) on my chart?

Thanks
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,108
  • Aug 30, 2010 3:04am Aug 30, 2010 3:04am
example if the ema 21 is crossed upwards and closes within the zone same candle is it worthy of a short trade if other correct conditions exist.
  • #7,109
  • Aug 31, 2010 6:06am Aug 31, 2010 6:06am
Thanks alot for this strategy and I must say, your dedication with this thread is impressive, the gathering of information and all.

I analyzed this for 1 week now, barely finish to read all the information links on the first page and managed to do 30 pips today, this being my first second day trading this system, yesterday making 20 pips.

I do have a question, I'm still not clear on the exit. Until now I used a 10 or 15 pip target depending on local s&r lines as stated on the rules manual, however I'm constantly seeing newer trade example with 30-40 pips target.

These new rules depend on the trader's discretion? Have I missed something?

Thanks,
Diez
  • #7,110
  • Aug 31, 2010 6:24am Aug 31, 2010 6:24am
Quoting Spanudiez
Thanks alot for this strategy and I must say, your dedication with this thread is impressive, the gathering of information and all.

I analyzed this for 1 week now, barely finish to read all the information links on the first page and managed to do 30 pips today, this being my first second day trading this system, yesterday making 20 pips.

I do have a question, I'm still not clear on the exit. Until now I used a 10 or 15 pip target depending on local s&r lines as stated on the rules manual, however I'm constantly seeing newer trade example...
Hi Diez

Well done with the trades. Just be careful in range bound market conditions.

Yes, you are correct. Trader's discretion and market conditions. I still like the 10pips profit suggested by Phillip because if your entry is well placed/timed, there is 10pips in a pullback and a bounce within the war zone. A problem however is the SL - sometimes it can be 20-30pips. Then your ratio is not optimal.

Nowadays I like to use my significant levels as well as previous swing high/low as targets.

But for a newbie - I would suggest to trade the system like Phillip proposed it initially. Try and ignore all the additional indicators while trying to study market rhythm and price actions.

I hope it helps
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,111
  • Sep 1, 2010 6:24am Sep 1, 2010 6:24am
Thanks for your reply golfer.

I don't find this system difficult to master and I think sideways markets can be avoided by simply following the original rules. One rule says that if one has 2 consecutive losses, he shouldn't be trading anymore for the day.

Also waiting for the perfect setup helps a lot. I have been kept these last 3 days from bad trades by the followings:

- MA angle >0.1
- waiting for MAs not to be so close together
- Small trendline, not trading when it's broken until new trendline is confirmed.
- not shorting near support lines, no buying under resistance
- avoiding round numbers or waiting for round number line to break before entering
- moving SL to BE after 6 to 8 pips
- waiting for good patterns and candles
- waiting for MACD confirmation

These variables kept me out of many trades and even tough I missed profits, I also missed lots of losses.

Thanks again for this great thread,
Diez
  • #7,112
  • Edited 5:07am Sep 2, 2010 5:06am | Edited 5:07am
Hello all,

Bad day for trading imo, lots of news making the market go round and round. I've still been able to squeeze some pips with this strategy today. Here's the chart.

http://img444.imageshack.us/img444/7406/eum5setyup.gif

Uploaded with ImageShack.us

The price broke the ranging pattern. As you can see it was above 1.2800 line, it broke the last high (that's a plus in my book), all MAs were poiting up, smaangle was above 0.1, macd gave a TC smooth signal, well 2 actually but I didn't took the first cause of the big price bar.

The price didn't retrace to much into the warzone and it never hit the 21 ema but there was a decent bullish bar.

Was this a good signal according to the rules or should I have waited for a pullback in 21ema as well?

Diez
  • #7,113
  • Sep 2, 2010 1:10pm Sep 2, 2010 1:10pm
Quoting Spanudiez
Hello all,

Bad day for trading imo, lots of news making the market go round and round. I've still been able to squeeze some pips with this strategy today. Here's the chart.

http://img444.imageshack.us/img444/7406/eum5setyup.gif

Uploaded with ImageShack.us

The price broke the ranging pattern. As you can see it was above 1.2800 line, it broke the last high (that's a plus in my book), all MAs were poiting up, smaangle was above 0.1,...
Hi Diez

No problem - no need to wait for the pullback into the war zone. Look for signals and go for it.

See the comments on your chart. Personally I won't have taken the trade because my significant level was broken and a nasty long tail of that almost Doji (red candle).


I hope you understand what I am trying to tell you.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,114
  • Sep 3, 2010 4:38am Sep 3, 2010 4:38am
Thanks a lot Golfer, your pointers are most helpful.

Yeah I did the trade to the next candle, not the one I signed. The one I did mark i like to call a signal candle, I usually take trades the first candle after the signal one.

I don't understand though the thing about "my indicator", am I using something else that I shouldn't, I thought that I'm using the system's indicators.

I do use pullbacks into s&r lines and I think your advice is excellent, but on M5 I don't trust them to much, I usually mark them badly. I will try to work on it and see if things go my way when I marked them. On m5 on my trade I considered the PA over. It worked this time but maybe it won't next time.

Atm SMA angle is still under 0.1 for EU and UJ, I'm waiting for a break and if I find new trades I will post them here.

Thanks again for your advice and helpful input,
Diez
  • #7,115
  • Sep 4, 2010 10:11am Sep 4, 2010 10:11am
Setups using my significant levels and then a trade which ended too early as somebody walked into my office and I couldn't follow it live.

Look at the small pennant formed just after my trade - great opportunity to wait for a breakout, hopefully to the upside.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,116
  • Sep 4, 2010 10:56am Sep 4, 2010 10:56am
An example where th 50MA acted as resistance and the price didn't re-act to the war zone. Just moved through it to go and test the 50MA.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,117
  • Sep 9, 2010 8:06am Sep 9, 2010 8:06am
10 pips on a 2 bar move in-and-out of the war zone at support.
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  • #7,118
  • Sep 10, 2010 8:29am Sep 10, 2010 8:29am
12 pips after hitting support at the top of a gap and in the war zone
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  • #7,119
  • Sep 12, 2010 12:41pm Sep 12, 2010 12:41pm
hi, everyone! im coming back to forex after i stop for quite some time. any idea for me where and how to start my trade? im just a junior and hope got some idea from you guys. thanks.
  • #7,120
  • Edited 6:44am Sep 13, 2010 5:19am | Edited 6:44am
http://img715.imageshack.us/img715/9053/eutoday.gif

Watching EU on higher tfs made me be on a lookout for a downward breakout. My trade went on 14 pips profit (including spread). Trade hit my sl @ be in a sudden up move (to lazy to update chart). I'm still watching for a downtrend movement considering the cci divergence oh high tfs and the 3 lower lows on m5, and 3 lower highs atm. I should've closed at least half my position on a 10 pips profit, I'll try to avoid this mistake the next time
Will see what happens,
Diez
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