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5Min Intraday System

  • #7,441
  • Jan 18, 2011 6:34pm Jan 18, 2011 6:34pm
Quoting adecleir
was quite happy with this trade, if anyone has anything else to add id appreciate it as im only starting to properly try out this system now using price action.
Here was my thoughts...
The 1 hour TF was showing an overall uptrend but I think there was plenty of room for a pullback, this downward direction (pullback) had been going on since this morning but it seemed there was room left.
15min TF confirmed a trend heading downwards, so then onto the 5min, where I drew my significant level.

After seeing the significant level holding its resistance...
I see an earlier entry point at 18:50hr where there is a pull back. btw, good instinct to exit on your trade.
  • #7,442
  • Jan 18, 2011 6:41pm Jan 18, 2011 6:41pm
The asian market seemed abit slow. I will come back 6hours later, maybe couple of hours b4 London opening.
  • #7,443
  • Jan 19, 2011 1:28am Jan 19, 2011 1:28am
Quoting KitRoman
Today not so great results (can't find the best candle to enter). Now I can't understand what I do wrong. M/b it cause of my wish to be in trade too often.

So here is my results for today:

EURUSD +1 +19 = +20
GBPUSD -10
USDCHF +2 -10...
Just an example of my significant levels - look for confluence of signals (getting a few signals around a certain point/level). I still like to see something happening near previous support and resistance. Just make sense to me.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,444
  • Jan 19, 2011 1:37am Jan 19, 2011 1:37am
Quoting KitRoman
Today not so great results (can't find the best candle to enter). Now I can't understand what I do wrong. M/b it cause of my wish to be in trade too often.

So here is my results for today:

EURUSD +1 +19 = +20
GBPUSD -10
USDCHF +2 -10...
More comments on your chart - need to worry about the 2pip trade, it was well managed.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,445
  • Edited 1:53am Jan 19, 2011 1:38am | Edited 1:53am
hi,

I attach 2 indicators - maybe someone find it also useful.


1.MA__Colored_1.00.ex4

I use that for the SMA50 which gives up, down and straight color


2. 5Minutes_EMA10_EMA21_SMA50_AngleIndicator_v1.00.ex4

This is a 'dirty hack' Angle Bar indicator.


It considers EMA10, EMA21 and SMA50:


*and Order of the 3 MA's
*Angle above/below a certain threshold (usage of EMA10 slightly different)
and gives a combined signal. Signal here does not mean trading signal but possible allowed entry based on the Ma's angle and order.

basically it is thought as a replacement of the SMAAngle
but shows things a bit different based on all 3 MA's

take a look at the example chart


BTW: I removed on purpose the name and values on the indicator window - I do not like them.


Until now, I did not play enough around with it - but it is something which I guess could be of some help.
Attached Image (click to enlarge)
Click to Enlarge Name: example_charts.jpg Size: 135 KB
Attached File(s)
File Type: ex4 MA__Colored_1.00.ex4   3 KB | 481 downloads
File Type: ex4 5Minutes_EMA10_EMA21_SMA50_AngleIndicator_v1.00.ex4   6 KB | 756 downloads
__Thanks__ MJ
  • #7,446
  • Jan 19, 2011 1:40am Jan 19, 2011 1:40am
Quoting Kelisa
The asian market seemed abit slow. I will come back 6hours later, maybe couple of hours b4 London opening.
All the best trying to trade the Asian market with this system. I got burned too many times trying to trade the Asian markets with this system, I decided to ignore the Asian markets. Just not enough volume.

Hopefully it will work out for you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,447
  • Jan 19, 2011 1:43am Jan 19, 2011 1:43am
Quoting adecleir
was quite happy with this trade, if anyone has anything else to add id appreciate it as im only starting to properly try out this system now using price action.
Here was my thoughts...
The 1 hour TF was showing an overall uptrend but I think there was plenty of room for a pullback, this downward direction (pullback) had been going on since this morning but it seemed there was room left.
15min TF confirmed a trend heading downwards, so then onto the 5min, where I drew my significant level.

After seeing the significant level holding its resistance...
Great use of longer time frames as well as support and resistance levels. My kind of trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,448
  • Jan 19, 2011 7:49am Jan 19, 2011 7:49am
hi,

I would be interested what people who trade this system for some time do in case the MA's are wide spread and pull-backs are only to the 10MA.

Do you ever set your SL between MA10 and MA21 or without exception behind the MA21.
__Thanks__ MJ
  • #7,449
  • Jan 20, 2011 1:46am Jan 20, 2011 1:46am
Quoting M_j
hi,

I would be interested what people who trade this system for some time do in case the MA's are wide spread and pull-backs are only to the 10MA.

Do you ever set your SL between MA10 and MA21 or without exception behind the MA21.
Well, you know my style of trading. I do put my SL where I don't expect the price to go. Usually below (long trades) or above (short trades) the previous swing Low (long trade) or swing High (short trade). Or above or below my significant level. I don't really rely on indicators to give an idea of where the SL should be. I rather use price action to determine my SL. It is very nice if the SL is above or below the war zone or 21MA - confluence of signals.

I do use the war zone as confirmation and as orientation as where the price is currently.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,450
  • Jan 20, 2011 4:00am Jan 20, 2011 4:00am
Thanks a lot Golfer.

What are the others of you do in such case?
__Thanks__ MJ
  • #7,451
  • Jan 20, 2011 7:42am Jan 20, 2011 7:42am
Here are two practical examples of possible trades (I didn't take it as I was too busy with my day time job). Both were beauties right on my significant levels (yellow lines) resulting in a possible 33pips. More than enough pisp in one day for me.

Hope it is clear how I do approach and plan a trade before jumping into a trade. Quickly determine your SL and TP before you enter a trade to make sure there is a R:R of more than 1:1 and that there isn't major resistance (long trade) or support (short trade) on the way to your TP level.

There was even another 10pips in the next setup (third setup - not indicated) on this chart but I would not have taken it because of that lower high that was formed.
Attached Image (click to enlarge)
Click to Enlarge Name: 20110120 1.1.PNG Size: 58 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,452
  • Jan 20, 2011 7:53am Jan 20, 2011 7:53am
potential setup I may take depending on how it reacts to SR line (thats even if there is a pullback)
I believe the 15min and 1 hour TF help indicate there may be room for a short here...
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  • #7,453
  • Jan 20, 2011 8:47am Jan 20, 2011 8:47am
Took my profit too early, another 20 pips there but I guess you have to decide sometime, any advice on that would be great. It dropped just below the 1 hour line and crept back up again so I quickly closed the position as I was expecting some sort of bounce.
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  • #7,454
  • Jan 20, 2011 9:02am Jan 20, 2011 9:02am
Quoting Golfer
Here are two practical examples of possible trades (I didn't take it as I was too busy with my day time job). Both were beauties right on my significant levels (yellow lines) resulting in a possible 33pips. More than enough pisp in one day for me.

Hope it is clear how I do approach and plan a trade before jumping into a trade. Quickly determine your SL and TP before you enter a trade to make sure there is a R:R of more than 1:1 and that there isn't major resistance (long trade) or support (short trade) on the way to your TP level.

There was...

Thanks a lot - I find this quite helpful.
__Thanks__ MJ
  • #7,455
  • Jan 20, 2011 9:20am Jan 20, 2011 9:20am
Quoting Golfer
Here are two practical examples of possible trades (I didn't take it as I was too busy with my day time job). Both were beauties right on my significant levels (yellow lines) resulting in a possible 33pips. More than enough pisp in one day for me.

Hope it is clear how I do approach and plan a trade before jumping into a trade. Quickly determine your SL and TP before you enter a trade to make sure there is a R:R of more than 1:1 and that there isn't major resistance (long trade) or support (short trade) on the way to your TP level.

There was...
If I traded live, I think I would also enter the 1st pullback around the war zone. But then PA drops so quickly though it bounces back again by the expected support line few more times.

This would make me worry a bit in fact. So I would take the trend rather weak one at least around there. And I will probably re-set my SL for even.

But as soon as PA goes up for the 3rd time, I would take another long position, expecting this time to break the top.
A successful trading depends on knowing what to analyze.
  • #7,456
  • Jan 20, 2011 9:26am Jan 20, 2011 9:26am
Quoting adecleir
Took my profit too early, another 20 pips there but I guess you have to decide sometime, any advice on that would be great. It dropped just below the 1 hour line and crept back up again so I quickly closed the position as I was expecting some sort of bounce.
The PA looks very nice. You should have entered at the 1st retracement where PA is about to go down.

Usually 1st one is more reliable and safer than 2nd one.
A successful trading depends on knowing what to analyze.
  • #7,457
  • Jan 21, 2011 12:35am Jan 21, 2011 12:35am
Quoting adecleir
Took my profit too early, another 20 pips there but I guess you have to decide sometime, any advice on that would be great. It dropped just below the 1 hour line and crept back up again so I quickly closed the position as I was expecting some sort of bounce.
Perfect trade if I include my small intraday trendline as well as my significant level (horizontal line). I think I can also see a 3 consec lower highs just before your entry (if I am not mistaken).

Setups like these are the high probability setup and you need to have the patience to wait for them and don't just entry each and every pullback into the war zone.

Well done
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,458
  • Jan 21, 2011 12:39am Jan 21, 2011 12:39am
Quoting adecleir
potential setup I may take depending on how it reacts to SR line (thats even if there is a pullback)
I believe the 15min and 1 hour TF help indicate there may be room for a short here...
Now this is how you plan your trade by anticipating price actions! Great job.

Once you start planning like this, identify your SL, possible support and resistance towards your TP as well.

Well done.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,459
  • Jan 21, 2011 6:09am Jan 21, 2011 6:09am
Some very interesting and true information I came aross an article I received. I've been there and that is why I can relate to the following few bullets:

1. Find a trading strategy or trading setup that:

1.1 Makes logical sense to you
1.2 You are able to understand
1.3 You know has worked for other traders

2. Study that strategy intensely (see my signature on my posts) by focusing in on the main concepts. Don't try to add anything new and don’t deviate from that strategy before you are familiar with it.

3. Just remember - and I cannot put enough emphasis on this bullet:

No trading strategy is going to bring you instant success without any study, hard work and effort.

I am not going to elaborate on the next steps - it is all about demo trading, the development of your trading plan and trade according to your plan.

I want to emphasise the first 3 bullets because it is also my opinion that newbies are trying too many new things at any one point in time. Then, if things do not turn out the way they expect it to be, they do get frustrated and just move on to the next system ( and there are a lot of them on ff). Eventually, they will just give up (I also gave up after trading what indicators were telling me to trade) because nothing is working for them or even worse, it does not work as the inventor of the system promised them it will work. Can you see why I constantly telling the members not to expect the same results as me or Phillip.

Trust me, I was in the very same boat (trying one system after another) but luckily I came back to the systems that make sense to me and I decide not to try another and another and another new system. I'll read about new systems/suggestion and if it makes sense to me, I'll give it a try. But in the meanwhile, I'll continue to trade the system I do feel comfortable with. The reason why I do have three accounts right.

Just thought I wanted to share this with you all - not that any of this stuff is new or "rocket science"
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,460
  • Jan 22, 2011 7:59am Jan 22, 2011 7:59am
I WILL START NEXT WEEK

Next weak I will start to try some variation of this system (which blend with my previous trading experience)

I know it is M5 chart based but I will probably go for M15 to start with.


I have 2 questions:

1.Anyone of you have experience / still trade with it on M15?


2. I have seen a couple of peaple using more than 1 pair.
e.g. EUR/USD, GPB/USD, EUR/JPY USD/CHF

Now my question do the entries not often kind of overlap (especially by using a MA50 as trend indicator).

Does it often happen that you have simultaneous trades open in different pairs?


Anyway looking forward to some trading - the real action is always so much different than past charts
__Thanks__ MJ
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