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5Min Intraday System

  • #7,121
  • Sep 13, 2010 8:05am Sep 13, 2010 8:05am
Well I was wrong, happily I was prepared for that.

Price broke my triangle and bounce in it @ 1.2811. Took long @ 1.2815 and closed on 16 pips profit, just under 1.2835. In my chart 1.2835-1.2850 is a messy zone so I closed before that. Price seems to continue the breakout atm, I'm still not good with following trades on the 5 min chart.

Cheers,
Diez
  • #7,122
  • Sep 13, 2010 2:29pm Sep 13, 2010 2:29pm
A trade on Cable late in the evening for 10pips just above the BRN (big round number) - I just like the 3 consecutive lower highs formed within the war zone. On the previous movements one can clearly see the wave-like movements downwards.

I also liked the confluence of factors - therefore I ignore the angle of the 50MA making it a very risky trade. The reason why I set my EA to 10pips TP and my SL was just above the signifcant level (also about 10pips away - R:R of 1:1)

I don't use the MACD anymore but I've included it for those wo want to trade with it. The entry with the MACD should have been a few candles later.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,123
  • Sep 13, 2010 9:49pm Sep 13, 2010 9:49pm
Quoting AllenDelon
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.
Hi A

If you want to trade this system, start reading all the links on page 1 of this thread. Then decide if this system fits your style of trading.

Study the charts and apply the rules of this system to the charts. Start posting some charts with your comments so that we can see if you understand it. Also read the last few pages of this thread.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,124
  • Sep 13, 2010 9:54pm Sep 13, 2010 9:54pm
Quoting Spanudiez
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...
Hi Diez

Yes, it is always risky to trade within a triangle. I am always on the lookout for lower highs and higher lows.

I usually wait for a breakout and a pullback towards the breakout level before entering. But it all depends on the quality of the setup.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,125
  • Edited 6:07am Sep 14, 2010 5:55am | Edited 6:07am
Only 5 pips out of this, it seems to have stop @35 level. Maybe it was not a good idea to exit but meh, ,might make a small triangle, i can short again afterwards

http://img697.imageshack.us/img697/2716/eutoday2.gif

This is one of my yesterday trades, a really bad decision for my part. It closed on be because I moved it there fast after I saw my mistake. I like to take good patterns in triangles, I'm usually right most of the times and the triangle is broken. This was a hasty decision however and I'm not planning to do it again

http://img841.imageshack.us/img841/9053/eutoday.gif

And finally another 20 pips out of eu today.

http://img339.imageshack.us/img339/8097/eutoday3.gif

25 pips for today, a good day for me and ny didn't open yet. I started to ignore macd as well for entry signals but I watch it for confirmation in longer trades. I might remove it from my charts soon. Also trying to replace uj with gu, didn't had many uj signals that I liked and I don't like how the pair moves on m5 at all. Gu seems ok but I have 4 pips spread on it, we'll see.

Hoping this thread will go back to life again,
Diez
  • #7,126
  • Sep 14, 2010 6:17am Sep 14, 2010 6:17am
Quoting Golfer
Hi Diez

Yes, it is always risky to trade within a triangle. I am always on the lookout for lower highs and higher lows.

I usually wait for a breakout and a pullback towards the breakout level before entering. But it all depends on the quality of the setup.
Entering on triangle pullback it's a beautiful, healthy safe approach, I do that as well it's just that I'm always watching for particular patterns within a triangle. Also I never enter when the triangle comes close together. Sawing the big red candle under all the mas, which where facing downwards. These entries are one my favorite on my longterm strategy and till now it worked good on m5 as well. Ofc "till now" means 3 or 4 triangles so that's not such a trustworthy statistic.

The movement was bigger than my usual 10 pips target, but all the big charts showed me cci divergence (I know it has nothing to do with this strategy) and it kept me in the trade turning my potential profit into a breakeven trade.

The sad part is that I'm not even sure if it was a mistake or not, I trust my longterm strategy a lot but maybe I should ignore it when I try to daytrade.

Hope I didn't bore you to death,
Diez
  • #7,127
  • Sep 15, 2010 2:55pm Sep 15, 2010 2:55pm
As I promised a fellow member in a pm earlier this week - a view of a trial account of mine.

I decided to start a trial account on Aug 01 with $511 and I am trading Phillips' two 5min systems as well as a I am trying on hand at a fellow member/South African's system (also on a 5min chart) also having a thread here on forex factory. I am trying to only trading these systems and account between 15H00 and 19H00 GMT.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,128
  • Sep 15, 2010 3:31pm Sep 15, 2010 3:31pm
Very good result.
Thanks Golfer

Mike
Failure, is a wonderful teacher!
  • #7,129
  • Sep 15, 2010 3:52pm Sep 15, 2010 3:52pm
Golfer,
I am aware of only one 5min system (50 sma angle), what is the other Philip's system that you are trading? Could you provide a link to where it is discussed/described?

Thank you.
  • #7,130
  • Sep 15, 2010 11:30pm Sep 15, 2010 11:30pm
Quoting Golfer
Hi A

If you want to trade this system, start reading all the links on page 1 of this thread. Then decide if this system fits your style of trading.

Study the charts and apply the rules of this system to the charts. Start posting some charts with your comments so that we can see if you understand it. Also read the last few pages of this thread.

Enjoy the trading

Alright, will study for it. If got any question or problem i'll find you. thank you Golfer
  • #7,131
  • Edited 1:37pm Sep 16, 2010 12:12pm | Edited 1:37pm
Quoting MidnightRun
Golfer,
I am aware of only one 5min system (50 sma angle), what is the other Philip's system that you are trading? Could you provide a link to where it is discussed/described?

Thank you.
Hi M

The other 5min system is not on ff, please contact Phillip in person for more info.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,132
  • Sep 16, 2010 12:15pm Sep 16, 2010 12:15pm
Quoting AllenDelon
Alright, will study for it. If got any question or problem i'll find you. thank you Golfer
Hi

Pleasure.

Please study the info provided by Phillip and then study live charts, use some software to simulate trades (I got one from a fellow member), of play around with the F12 key on your keyboard. It will move the charts candle by candle.

Then start to post charts so that we comments on it.

Enjoy
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,133
  • Sep 16, 2010 12:39pm Sep 16, 2010 12:39pm
Is there a sound alert around when SMA Angle is +-10 is reached? I see them for charts but not for the data section where the indicator is.
  • #7,134
  • Sep 16, 2010 12:52pm Sep 16, 2010 12:52pm
Quoting dforant1
Is there a sound alert around when SMA Angle is +-10 is reached? I see them for charts but not for the data section where the indicator is.
Sorry but I don't use that indicator anymore. Maybe somebody else can assist.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,135
  • Sep 23, 2010 4:39am Sep 23, 2010 4:39am
12 pips on the pullback to the 21 and drop. There was old resistance from the afternoon before. I didn't feel the S1 would stop a break since it had been breached.
I'm sorry to see the inactivity on this site. I have been trading this system successfully now for almost a year and enjoyed Golfer's fine tuning.
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  • #7,136
  • Sep 23, 2010 8:13am Sep 23, 2010 8:13am
The first trade I took using this strategy.

Currency:Eurusd Direction:short

Entry at 1.3348 and take profit at 1.3336.
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  • #7,137
  • Edited 7:13pm Sep 23, 2010 6:48pm | Edited 7:13pm
I am a KISS kind of guy so my question is: Is the original strategy ie 50SMA@20 degrees, 10 & 21 EMAs still valid? This is a huge thread and it seems to have evolved with different ideas, indicators, entry & exit suggestions, etc. I would like to explore the original IF it wasn't proved to be invalid (not profitable in the long run.)

Thanks for any comments, p.
One additional question: does price have to close within the the 2 EMAs or just move into that zone?
  • #7,138
  • Sep 23, 2010 8:01pm Sep 23, 2010 8:01pm
I saw the answer about the pullback into the zone but still would like to know how others are doing with the original strategy. I have been studying the charts and certainly "don't let winners turn to losers" is an operative rule for this. p.
  • #7,139
  • Sep 26, 2010 7:11am Sep 26, 2010 7:11am
Quoting piprac
I am a KISS kind of guy so my question is: Is the original strategy ie 50SMA@20 degrees, 10 & 21 EMAs still valid? This is a huge thread and it seems to have evolved with different ideas, indicators, entry & exit suggestions, etc. I would like to explore the original IF it wasn't proved to be invalid (not profitable in the long run.)

Thanks for any comments, p.
One additional question: does price have to close within the the 2 EMAs or just move into that zone?
Hi P

Great question and my personal opinion is "Yes", the original stategy is still valid. There has been a lot of developments around it and some indicators added. As for the past few months, I went back to Phillip's original strategy and deleted all the other indicators (when I realised (for myself)indicators are lagging). Nowadays I only trade price action with an almost naked chart.

I did realise that price re-act to certain level and form some patterns. Once you can identify such movements, Phillip's original system makes perfect sense. If you are familiar with price action, that is when traders start to add indicators. Well, as long as it is working for them, go ahead. It is not working for me - therefore, I deleted all the other indcators.

That is why I added only my significant levels and small intra-day trendlines.

PS request:

Once again, it depends on the setup and once you've started studying price action, you'll fine tune you own trading style. And that is another issue I strongly believe in:

DON'T BE A COPY CAT - DEVELOP YOUR OWN TRADING STYLE THAT IS WORKING FOR YOU.

I came to realise this after several Skype chats with Phillip and fellow members. I got very upset in the past when I ddn't get the results as Phillip or fellow traders. Later I realised that I am an individual trader with my own style and nowadays I am relaxed about my own outcome and I don't compare it wth other traders

I hope somebody can learn from my experience as I learned from other members and learned from myself

Enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,140
  • Sep 26, 2010 7:57am Sep 26, 2010 7:57am
Quoting Hui
The first trade I took using this strategy.

Currency:Eurusd Direction:short

Entry at 1.3348 and take profit at 1.3336.
Nice trade - just a bit late in the down movement for my liking. But like I said in my previous post - it is all about personal style and what is working for you.

As you can see, I did not even look at your indicators at the bottom of your chart. It is all about price action - look at the tails testing my sgnificant levels and then the proposed entries (yellow lines). You also did not mention it in your post either so I did not comment on your reasons for entering the trade.

See my comment on your chart:
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Willem Forex recipe for success = Patience, discipline & hard work.
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