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5Min Intraday System

  • #7,281
  • Dec 12, 2010 11:41am Dec 12, 2010 11:41am
Quoting tradenow
Hi group,

i was searching for a good and simple system to use and found this thread. i red all the important infos about philips system and it looked very interesting for me. i will integrate it in mt4 and want to try it out live this evening with eur/usd.

So here is the question: i want to use his original system as it is posted here. is this still working? anybody here who is using it until today?

thanks in advance and as a newbie in this forum i hope you can help me to trade effective.

Mike
To save you some time on your journey of becoming a trader... don't ask other people what you should be doing. Yes learn and ask questions but all I see in the above post is "I'm too lazy to test his out for myself will someone tell me if this will make me rich so I can start rolling in the big money?"

Set up your MT4 and scroll through old charts, placing trades as if it were live - how would you manage it when you get a setup? In other words backtest this method yourself and when the markets open demo test it live.
  • #7,282
  • Dec 12, 2010 3:33pm Dec 12, 2010 3:33pm
Quoting stoli7188
To save you some time on your journey of becoming a trader... don't ask other people what you should be doing. Yes learn and ask questions but all I see in the above post is "I'm too lazy to test his out for myself will someone tell me if this will make me rich so I can start rolling in the big money?"

Set up your MT4 and scroll through old charts, placing trades as if it were live - how would you manage it when you get a setup? In other words backtest this method yourself and when the markets open demo test it live.
did you use it?
What you deserve is what you get
  • #7,283
  • Dec 12, 2010 4:16pm Dec 12, 2010 4:16pm
Golfer, what session do you usually trade this system?
"speak softly, and carry a big stick" Teddy Roosevelt
  • #7,284
  • Dec 12, 2010 8:44pm Dec 12, 2010 8:44pm
Quoting pipstert2
Golfer, what session do you usually trade this system?
Hi Pips

At this stage I am too busy with mt full time job to trade any other time frame than 15H00-19H00gmt. Please note that:

1. During these times the market tend to turn around. Maybe that is why I like to combine this system with Vantage's system which is also based on price action.

2. The best setups are usually the second or third pullback of a movement.

3. I'll look for a pullback that finds support or resistance of a significant level.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,285
  • Dec 12, 2010 8:55pm Dec 12, 2010 8:55pm
Quoting stoli7188
To save you some time on your journey of becoming a trader... don't ask other people what you should be doing. Yes learn and ask questions but all I see in the above post is "I'm too lazy to test his out for myself will someone tell me if this will make me rich so I can start rolling in the big money?"

Set up your MT4 and scroll through old charts, placing trades as if it were live - how would you manage it when you get a setup? In other words backtest this method yourself and when the markets open demo test it live.
I totally agree with Stoli. Just look at my signature - especially at the hard work part of it. Also, just read the last few pages of this thread to see my results.

BUT

The system is working for me because I've put a lot of hard work into it and it suits my style of trading. It does not mean that it will defintely work for you or it will suit your style of trading.

The only way to find out is like Stoli is suggesting - get your hands dirty by doing some backtesting using the F12 key on your keyboard or with the strategy tester on the mt4 platform. Also post some charts on this thread with your comments and questions for other members to comment on. That is the only way to learn.

DON'T ever rely on what other people are telling you. Try it yourself!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,286
  • Dec 12, 2010 10:08pm Dec 12, 2010 10:08pm
DON'T ever rely on what other people are telling you. Try it yourself!


Gday just thought that I would point out what golfer said above as its the best saying Ive heard for a long time.

King Pippin
  • #7,287
  • Dec 13, 2010 9:48am Dec 13, 2010 9:48am
Awesome trend today on UJ.
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"speak softly, and carry a big stick" Teddy Roosevelt
  • #7,288
  • Dec 14, 2010 7:39am Dec 14, 2010 7:39am
I want to post a few charts to show this system in real time - make you own conclusions.

I entered the trade to show people that one cannot just enter a trade based on a few simple rules. It is all about looking at the bigger picture (price action and higher time frames).

I entered this trade because all the rules of the this system was in place/line:

50MA in a nice upward trend (surely more than 20 degree) and the price is pullback into the area between the 10 and 20MA (war zone). But there are also a few warning signs one cannot ignore such as the big bullish candle, already the third pullback in the move, price had already move about 125pips for the day, price went through the war zone on the previous pullback, and so on.

And remember, it is December!!!

Here are the first few charts:
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,289
  • Dec 14, 2010 7:42am Dec 14, 2010 7:42am
Now, looking for support to be found on the significant level. Looks like support was found but what about the warning signs? Well, lets enter and see. My enry was according to my rules for this system and the management of the trade (TP and SL) was how I would have done it anyway.

If one looks at the first chart (which is live with no hindsight) - looks great, didn't it? Nice pullback just inside the war zone - perfect! Surprise!!!
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,290
  • Dec 14, 2010 7:51am Dec 14, 2010 7:51am
What about the higher time frame? Look at the 15min chart and see the warning sign. Bearish inside candle! Be aware. Is the current uptrend getting to its end witha swing high? The signs are there.

And then the outcome of the trade.

I just to be realistic and show people the negative side of this system or just bring some reality into the pricture (just not always the winning trades). This is not the holy grail of trading and a lot of hard work and market/price understanding is needed.

Enjoy the trading
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,291
  • Dec 14, 2010 7:57am Dec 14, 2010 7:57am
The above example (the trade) is to show people that this system is risky in sideway market conditions. In these sideway market conditions, the price tends to turn around after the third of fourth pullback in a movement (does it sound like some Elliot wave theory?). So be careful - one cannot just take every pullback that moves into the war zone. There are lots of other issues to consider.

In trending market conditions, this system works wonderful. That is why you'll see all the charts with trades (positive) posted can be found in trending market conditions.

Just my personal experience.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,292
  • Dec 15, 2010 12:25am Dec 15, 2010 12:25am
Now lets look at yesterday's outcome - always easy to do that in hindsight but is it is very necessary because it is the only way that I've taught myself.

See my comments on the chart

As a conclusion - always be on the lookout for higher lows and lower highs (like in the red triangle), great warning signs for me. That is why I do like to use Vantage's system in collaboration with Phillip's system. One needs to have different systems for different market conditions. BUT one needs to understand the systems and trust your systems.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,293
  • Edited 1:07am Dec 15, 2010 12:38am | Edited 1:07am
Quoting king pippin
DON'T ever rely on what other people are telling you. Try it yourself!


Gday just thought that I would point out what golfer said above as its the best saying Ive heard for a long time.

King Pippin
Hi King

Thanks and yes, just my experience with/in forex trading. Those "gurus" promise you that their systems are working and they will tell you that it is just you that are stupid.

Then I learned the following steps the hard way and a few small mini accounts later:

Step 1: Listen and read to what other traders are talking about and how they go about their business. Allmost all traders
are doing this.

Step 2: Make sure you do understand what it is all about. Don't just follow their advice blindly. Ask a lot of questions even if they think it migth sound stupid. It is usually in this Step 2 where most newbies get it wrong.

Step 3: Give the system or advice a try and put in some chart time (practise a lot) in order to see if it is working. Not a lot of newbies get to this step or they even skip this step and move on to Step 4 - forex trading suicide!

Step 4: If it is working for you - great and keep doing it. If it is not working for you, it is probably not your style of trading - too bad and move on.

Just my opinion.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,294
  • Dec 16, 2010 8:50am Dec 16, 2010 8:50am
Hi all, I am completely new here, and very very new to trading, I came across this page and I just want to thank you very very much for much for all info you have up, including all the links in the first page. It is all explained very clearly. Even for me as a complete beginner, as I went through some of the audio and pdf files I was fully able to understand what was going on.

I don't intend using this system for profit, as I wont even be going live for quite some time id say. But Im going to backtest it as a means to getting to know some of the indicators better, getting to know how support and resistance behave at certain times, and just getting a general feel for the charts.

Your posts have been helpful, notably the stuff from Golfer, so I hope you don't mind if Ive a few stupid questions to ask from time to time.
  • #7,295
  • Dec 16, 2010 9:19am Dec 16, 2010 9:19am
Quoting adecleir
Hi all, I am completely new here, and very very new to trading, I came across this page and I just want to thank you very very much for much for all info you have up, including all the links in the first page. It is all explained very clearly. Even for me as a complete beginner, as I went through some of the audio and pdf files I was fully able to understand what was going on.

I don't intend using this system for profit, as I wont even be going live for quite some time id say. But Im going to backtest it as a means to getting to know some of the...
Welcome to the thread!
"speak softly, and carry a big stick" Teddy Roosevelt
  • #7,296
  • Dec 16, 2010 10:23am Dec 16, 2010 10:23am
First trade for today.
Attached Image (click to enlarge)
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"speak softly, and carry a big stick" Teddy Roosevelt
  • #7,297
  • Edited 11:15pm Dec 17, 2010 10:57am | Edited 11:15pm
Quoting adecleir
Hi all, I am completely new here, and very very new to trading, I came across this page and I just want to thank you very very much for much for all info you have up, including all the links in the first page. It is all explained very clearly. Even for me as a complete beginner, as I went through some of the audio and pdf files I was fully able to understand what was going on.

I don't intend using this system for profit, as I wont even be going live for quite some time id say. But Im going to backtest it as a means to getting to know some of the...
Hi Ad

There is only one question that I consider stupid and that is: "Would I be able to make money with this system or would I be success trading this system?" Don't expect a response from me on a question like that.

The rest I'll try and answer the best I can

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,298
  • Dec 17, 2010 11:31pm Dec 17, 2010 11:31pm
Quoting pipstert2
First trade for today.
Hi P

Nothing personal but I don't reply to posts where a member just post a chart without explaining the story behind the setup. My advice is to just give some explanation what you were looking for in the setup. I do see a lot of info on your chart but what did you see and why did you enter? I know I am asking a lot and it is hard work to post charts with info but that is the only way your fellow members can learn from you.

Enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,299
  • Dec 19, 2010 9:24pm Dec 19, 2010 9:24pm
I saw a good trend on 50 sma, and it bounced back, into emas, which is, if i'm right, a short signal.

Please correct me if I am wrong.

pipster.
"speak softly, and carry a big stick" Teddy Roosevelt
  • #7,300
  • Dec 20, 2010 5:59am Dec 20, 2010 5:59am
Quoting pipstert2
I saw a good trend on 50 sma, and it bounced back, into emas, which is, if i'm right, a short signal.

Please correct me if I am wrong.

pipster.
Hi P

Yes, perfect - great analysis.

What is important is the fact that it is the first pullback after the breakout of the significant level (pink horizontal line). As you can see on my analysis - the significant level was created by support found on more than two occasions - always look to the left of chart.

See my comments on your chart.

What worries me about this setup is the risk rewards ratio. I hope you can see it - how I draw the entry, SL and TP.

I hope it make sense.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
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