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5Min Intraday System

  • #7,341
  • Dec 28, 2010 9:00am Dec 28, 2010 9:00am
Quoting pipfirst
Hi Golfer,

Can you please advise how many candle you watch near black line ? so you ensure to sell ?

It is 1 or 2 candle ?

Thanks,
MS
Hi P

It depends on the setup and the type of price action/pattern. Each setup is different

In this setup is was the last 3 candles (almost all of them are doji candles) just before the big bearish candle that gave me the clue. I was just hoping (and was prepared for it - the reason why I almost exit too early) that it won't be a false breakout.

No fix rule - sure. Just personal observation.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,342
  • Dec 28, 2010 9:58pm Dec 28, 2010 9:58pm
Here is another great way to determine "when" to consider taking a position if 20 degrees is a little vague. Wait until SMA becomes parallel to EMA 21.

When they are parallel, the slope will look nice and you can identify it as a strong trend. Try it.
A successful trading depends on knowing what to analyze.
  • #7,343
  • Dec 28, 2010 10:25pm Dec 28, 2010 10:25pm
Quoting Pipdealer
Here is another great way to determine "when" to consider taking a position if 20 degrees is a little vague. Wait until SMA becomes parallel to EMA 21.

When they are parallel, the slope will look nice and you can identify it as a strong trend. Try it.
Hi P

It makes sense to me. How about a few examples on a chart to show our members what you mean?

Thanks
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,344
  • Dec 29, 2010 5:24am Dec 29, 2010 5:24am
Provided 2 images below.

Grey circle - showing a cross of MA's. In the first image, it is a dead-cross. 2nd one is a golden-cross. Early signal for bear/bull entries.

Red circle - where aggressive traders would take a risk to trade.

Yellow circle - where SMA (blue line) and EMA21 (red line) became parallel to each other. From this point on, you can safely trade with this system.

If you have been trading with this method for some time, I am sure you can agree with me that the slope of SMA looks very nice. If I see THAT slope, I want to trade. I don't think of 20 degree angle because I don't get it Just wait till SMA begins to be parallel to EMA21. This works for me.
Attached Images
A successful trading depends on knowing what to analyze.
  • #7,345
  • Dec 30, 2010 1:51pm Dec 30, 2010 1:51pm
Quoting Golfer
My two trades for today. The EUR trade I waited patiently for the pullback towards the 10MA (because it is fast speed market) and the TC on MACD. I watched the 1min chart after the interest rate but like I told Mkain, I just don't feel comfortable with 1min charts anymore.

Then as I went back to my chart after my chat with Mkain, I saw the TC on EY being formed and entered. I saw that there was enough room/space to the recent high for at least 10ips. About 15 sec later my TP was hit - a very quick 10pips.

This is just like living in a dream...
Hey golfer, I was just working through some of the posts that were posted on post 1. I was wondering, what are the moving averages you used in " Spreading out of MAs"?
"speak softly, and carry a big stick" Teddy Roosevelt
  • #7,346
  • Dec 30, 2010 2:49pm Dec 30, 2010 2:49pm
Quoting Pipdealer
Provided 2 images below.

Grey circle - showing a cross of MA's. In the first image, it is a dead-cross. 2nd one is a golden-cross. Early signal for bear/bull entries.

Red circle - where aggressive traders would take a risk to trade.

Yellow circle - where SMA (blue line) and EMA21 (red line) became parallel to each other. From this point on, you can safely trade with this system.

If you have been trading with this method for some time, I am sure you can agree with me that the slope of SMA looks very nice. If I see THAT slope,...
Thanks for the explanation.
Do you mind telling us what the yellow MA settings are, and do you use it in your trade confirmation? Also I assume that your chart is a M5 chart.
Thanks
PipBear
  • #7,347
  • Dec 30, 2010 5:00pm Dec 30, 2010 5:00pm
Yellow is EMA 10. The image is from 5M TF. This same system works on 15M as well if a trend is strong enough.

This system works perfectly when there is a strong trend. And you should see SMA and EMA 21 become parallel to each other often. In a rather small and short trend (a weak one), you may not see them parallel.

But then bigger trends are better and the system works better as well. I hope you find this helpful to confirm a good timing for entries.
A successful trading depends on knowing what to analyze.
  • #7,348
  • Dec 31, 2010 12:07am Dec 31, 2010 12:07am
Quoting pipstert2
Hey golfer, I was just working through some of the posts that were posted on post 1. I was wondering, what are the moving averages you used in " Spreading out of MAs"?
Hi P

I am using the very same MAs - 10 and 21EMA as well as the 50SMA. Nothing new. I am trying to keep it as simple as possible with the minimal numbers of indicators.

Look at Pipdealer's charts above - look at how the MAs are spreading out after they've crossed.

I hope it is clear.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,349
  • Dec 31, 2010 7:00am Dec 31, 2010 7:00am
System is very good. I tested it on EUR/JPY M5 and M15. It's work good. From SMA 50 i enter to. (sell, buy) because it's like in M15—EMA21 who works very good.

Thanks who write this system
My S/L and T/P from 50 is 10, 10.
  • #7,350
  • Edited 6:28pm Jan 1, 2011 6:12pm | Edited 6:28pm
I wanted to ask you something Golfer. You mentioned before something about 123 system, using in this.

Do you mean you select certain retracement out of those that enter the "war zone"?

Or whatever candles that come to the zone, you just enter?
A successful trading depends on knowing what to analyze.
  • #7,351
  • Jan 2, 2011 7:33am Jan 2, 2011 7:33am
i would like to ask, if i want to use this on 1h or 4h, what do you recommend i use for the ema's and the sma? thanks
  • #7,352
  • Jan 2, 2011 1:05pm Jan 2, 2011 1:05pm
Quoting Pipdealer
I wanted to ask you something Golfer. You mentioned before something about 123 system, using in this.

Do you mean you select certain retracement out of those that enter the "war zone"?

Or whatever candles that come to the zone, you just enter?
Hi P

No, please don't try to trade every pullback into the war. There are just too many of them and a lot are false/bad setups (because it is a 5min system and on any 5min chart you'll get a lot of whipsaw). You'll burn your account within a few weeks if not within a few days. Some serious traders even recommend not to trade the 5min chart at all. Maybe this year I'll also look at a longer time frame and just use this system for the entries. I'll be working on it.

I only take certain retracements into the area between the 10 and 21MA (what I called the war zone).
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,353
  • Jan 2, 2011 1:08pm Jan 2, 2011 1:08pm
Quoting chiba_san
i would like to ask, if i want to use this on 1h or 4h, what do you recommend i use for the ema's and the sma? thanks
Hi C

Sorry but I only use this system for the 5min time frame. I do plan to have a look at the 15min chart and this system in the next few months.

Otherwise I do follow Phillip's 4h MACD system on the 4h chart but I don't trade it just because I cannot be at my PC at the close of every 4h candle which is just too frustrating to me.

Enjoy it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,354
  • Jan 2, 2011 1:57pm Jan 2, 2011 1:57pm
Quoting Golfer
Hi P

No, please don't try to trade every pullback into the war. There are just too many of them and a lot are false/bad setups (because it is a 5min system and on any 5min chart you'll get a lot of whipsaw). You'll burn your account within a few weeks if not within a few days. Some serious traders even recommend not to trade the 5min chart at all. Maybe this year I'll also look at a longer time frame and just use this system for the entries. I'll be working on it.

I only take certain retracements into the area between the 10 and 21MA (what I...
I understand that some retracements are not good ones. Forget the question I asked. I was just wondering about something else.

The system's logic works on any time frame. But you will have to have a strong trend for 1H or 4H.

1M is the most unstable with this system (or any other) because the trend cycle is the shortest and you will not know if the trend on 1M is going to be strong or what.
A successful trading depends on knowing what to analyze.
  • #7,355
  • Jan 2, 2011 8:48pm Jan 2, 2011 8:48pm
Quoting Pipdealer
I understand that some retracements are not good ones. Forget the question I asked. I was just wondering about something else.

The system's logic works on any time frame. But you will have to have a strong trend for 1H or 4H.

1M is the most unstable with this system (or any other) because the trend cycle is the shortest and you will not know if the trend on 1M is going to be strong or what.
Yes, the 1min chart is very "unstable". I did look at the 1min chart but trading the 1min chart is not for me, thanks. Just because there is even more whipsaw on a 1min chart to take out your SL.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,356
  • Jan 4, 2011 8:24am Jan 4, 2011 8:24am
Hi Golfer!
Is this 3 little sisters?
BTW, I'm out with 10 pips
Attached Image (click to enlarge)
Click to Enlarge Name: 4jan 3.gif Size: 22 KB
  • #7,357
  • Jan 4, 2011 12:43pm Jan 4, 2011 12:43pm
Quoting shernet
Hi Golfer!
Is this 3 little sisters?
BTW, I'm out with 10 pips
Hi S

Yes, that is a perfect example of the 3 little sisters' pattern/price action (a swing high (number 1 on your chart) followed by two lower highs numbered 2 & 3 on your chart). Look at the lower low that was formed - taking the triangle out of the picture. Once you see the 2nd sister (1st lower high) formed, be on the lookout for a higher low as well - a triangle is forming meaning anything can happen as the price is consolidating with a possible breakout.

Your trade was not in line with Phillip's 5min system as the 50MA was still pointing upward and not yet 20 degree downwards. On the other hand - well traded using price action as guide.

For Phillips' 5min system - I would like to see the 2nd sister (the first lower high) to be formed below the 50MA and the 3rd sister within the war zone against a significant level (previous support now turning into resistance) making it a high probability trade.

I hope it is clear - otherwise I'll post a chart to show an example.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,358
  • Jan 5, 2011 7:57am Jan 5, 2011 7:57am
Hi Golfer!
Thank you for explanation. It's very clear for me!
Do you mind if I post my trades. I was watching this system for a wile and it totally fits me. I want to learn more about it. And I would really appreciate if you tell me where i am taking right trades and where wrong. Thank you in advise!
  • #7,359
  • Jan 5, 2011 7:57am Jan 5, 2011 7:57am
Part of a pm I've just answered - I do believe in sharing as much info with eberybody. The reason why I post this message without putting the name of the fellow ff member on the post:

The message from the fellow member in black and my answers in blue:

Hi .......

See my "short" answers in your message in blue.


Just a short questions if you do not mind:


1. did you use this system exclusively over the last couple of years?

No, I don't believe in having just one system/strategy because the market doesn't have only one rhythm. One needs to have different systems for the different market conditions/rhythm. If you are going to trade this system each and every day, you'll burn your account in no time, I can garantee you that - so, please be warned (sorry, but I don't like to b..ls..t people). I am just tired of people doing it to me - just being practical and realistic.

YOU NEED TO UNDERSTAND THE SYSTEM AND NOT JUST TRADING IT MECHANICALLY.

Please look at the following post:
http://www.forexfactory.com/showpost...postcount=7291



2. which Currency pairs do you usually trade it with?

Still following only three pairs.

The post:
http://www.forexfactory.com/showpost...postcount=7237

3. overall profitable ?

I cannot give your an (separate) indication of the profitability of this system but these are my results that what I posted late last year (2010):

http://www.forexfactory.com/showpost...postcount=7172

Just a warning though:

http://www.forexfactory.com/showpost...postcount=7297

Enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,360
  • Jan 5, 2011 12:16pm Jan 5, 2011 12:16pm
Quoting shernet
Hi Golfer!
Thank you for explanation. It's very clear for me!
Do you mind if I post my trades. I was watching this system for a wile and it totally fits me. I want to learn more about it. And I would really appreciate if you tell me where i am taking right trades and where wrong. Thank you in advise!
Hi S

Please, by all means. It is the only way that you will learn to trade and understand this system. I'll assist where ever I can - show you my way/style of trading.
Willem Forex recipe for success = Patience, discipline & hard work.
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