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5Min Intraday System

  • #7,461
  • Jan 22, 2011 8:19am Jan 22, 2011 8:19am
Quoting M_j
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...
just backtest it with 15 m it works well...
  • #7,462
  • Jan 22, 2011 12:16pm Jan 22, 2011 12:16pm
Quoting Trader000
just backtest it with 15 m it works well...
Trader000 thanks.

are you able to give a bit more infos of your back test.

How a long time period did you use for back testing?
What average SL/TP did you apply?

Some kind of outcome: which pair, how many trades ...


Thanks
__Thanks__ MJ
  • #7,463
  • Jan 22, 2011 12:34pm Jan 22, 2011 12:34pm
The logic of this system works on "almost" any TF except that 1M is too fast cycle and PA does not move much for good profit.

If a trend is strong and long enough, 4H and 1D would work. But I think 5M or 15M would be the best. You should find many chances if you mainly work on 5M covering both big and medium trends.

The logic of this system is to enter at good retracement points with a good angle of 50SMA, which basically help us expect a trend to continue.

To select good entries at retracements, think of the quality of support & resistance lines, the angle of 50SMA as well as the war zone. 1st retracement is usually the best. Remember, the angle of 50SMA is the key!

I think I pretty much covered this one. I am moving to learn more on PA now
A successful trading depends on knowing what to analyze.
  • #7,464
  • Jan 24, 2011 6:07am Jan 24, 2011 6:07am
I did my First trade today.

It definitely did not go completely smooth
My entry was a bit too far from the MA10 (around 4-5 pips).

I took 10% Profit after +5pips
Moved to about 8 pips and turned above my entry sold again the 10% I had taken profit.

I had hoped for about +20pips but after the second time failing I took step by step the small profit.

Averaged Profit: about + 6.9Pips (BTW just after that it moved to my 20pips but that's life

Attached Image (click to enlarge)
Click to Enlarge Name: Trade1.jpg Size: 377 KB
Attached Image
__Thanks__ MJ
  • #7,465
  • Jan 24, 2011 12:04pm Jan 24, 2011 12:04pm
Did also not work out as planned I expected it to move up about 12 pips.

Took +4.5 Pips


For today I'm up: +11.5 pips

(At the moment I'm not paying much attention to PA but try to figure out how this could be incorporated in my previous trading style)

Both trades where a bit disappointing - but it's only the first day at still better than a loss
Attached Image (click to enlarge)
Click to Enlarge Name: trade2.jpg Size: 97 KB
Attached Image
__Thanks__ MJ
  • #7,466
  • Jan 25, 2011 4:10am Jan 25, 2011 4:10am
Today I had so far 2 Trades. +22.85 Pips


1. one from M1: Averaged P/L: +13.43 Pips

Entry on the M1 was quite close to MA10



2. one from M5: Averaged P/L: +9.42 Pips

This one was the first I had which worked as expected (except a little too early TP)
Attached Image
__Thanks__ MJ
  • #7,467
  • Jan 26, 2011 6:26am Jan 26, 2011 6:26am
Quoting M_j
I did my First trade today.

It definitely did not go completely smooth
My entry was a bit too far from the MA10 (around 4-5 pips).

I took 10% Profit after +5pips
Moved to about 8 pips and turned above my entry sold again the 10% I had taken profit.

I had hoped for about +20pips but after the second time failing I took step by step the small profit.

Averaged Profit: about + 6.9Pips (BTW just after that it moved to my 20pips but that's life
See my comments on your chart regarding the first setup.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,468
  • Jan 26, 2011 6:34am Jan 26, 2011 6:34am
Quoting M_j
I did my First trade today.

It definitely did not go completely smooth
My entry was a bit too far from the MA10 (around 4-5 pips).

I took 10% Profit after +5pips
Moved to about 8 pips and turned above my entry sold again the 10% I had taken profit.

I had hoped for about +20pips but after the second time failing I took step by step the small profit.

Averaged Profit: about + 6.9Pips (BTW just after that it moved to my 20pips but that's life
See my comments on the chart.

I cannot really comment on your entries but I am sure you do have a reason for the specific entries.
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,469
  • Jan 26, 2011 6:36am Jan 26, 2011 6:36am
Quoting M_j
Did also not work out as planned I expected it to move up about 12 pips.

Took +4.5 Pips


For today I'm up: +11.5 pips

(At the moment I'm not paying much attention to PA but try to figure out how this could be incorporated in my previous trading style)

Both trades where a bit disappointing - but it's only the first day at still better than a loss
Just where I would have entered - the double top just before the entry would have been a cause of concern.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,470
  • Jan 26, 2011 6:43am Jan 26, 2011 6:43am
Quoting M_j
Today I had so far 2 Trades. +22.85 Pips


1. one from M1: Averaged P/L: +13.43 Pips

Entry on the M1 was quite close to MA10



2. one from M5: Averaged P/L: +9.42 Pips

This one was the first I had which worked as expected (except a little too early TP)
An example of fast market speed - price did not retrace back into the war zone but bounce off the 10MA (yellow lines) and the price is nowhere near my small intraday trendline (pink line). Difficult to trade (well done).

Also no real signs of resistance on the significant level (green horizontal line). Not easy.

Your first entry just below significant level - nicely done.

Second entry: bounce off another small significant level - great one!
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,471
  • Edited 10:11am Jan 26, 2011 8:25am | Edited 10:11am
Golfer, Thanks a lot for your comments - really nice of you to take time.
__Thanks__ MJ
  • #7,472
  • Edited 4:47am Jan 27, 2011 3:52am | Edited 4:47am
This was a trade of today. +9.5 pips


I guess the setup was a good example of what Golfer calls: Bullish/bearish 3 pattern (even though afterwards we know it did not work out as hoped for)


Shows quite nicely how the charts afterwards are much easier to interpret
Attached Images
__Thanks__ MJ
  • #7,473
  • Edited 5:09am Jan 27, 2011 4:43am | Edited 5:09am
Again about +9Pips.

Probably what I overlooked was that Golfer might have had a small significant line at about the hight of the first 2 candles in the chart.

Also looking at the bigger picture I think the pull-back was too high too soon in the down move. (probably too much focus on all the new stuff - will take some time to get used to it
Attached Image (click to enlarge)
Click to Enlarge Name: trade2.jpg Size: 85 KB
__Thanks__ MJ
  • #7,474
  • Jan 27, 2011 7:08am Jan 27, 2011 7:08am
Golfer,

What would you think if you see such PA like this (see ellipse) in your 5mins chart? A possible strong uptrend is coming?

Regards.
Attached Image (click to enlarge)
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  • #7,475
  • Jan 27, 2011 7:27am Jan 27, 2011 7:27am
Someone asking for this indi. Please find attachment herewith.
Attached File(s)
File Type: ex4 Support_Resistance.ex4   2 KB | 519 downloads
  • #7,476
  • Jan 27, 2011 7:33am Jan 27, 2011 7:33am
orangeRANGE,


Thanks a lot.
__Thanks__ MJ
  • #7,477
  • Jan 28, 2011 4:17pm Jan 28, 2011 4:17pm
Hey all, I know this is a somewhat personal question, but I would like to ask you which are your personal rules to trade the sistem, I mean:

1: How many losses do you afford a day?
2: Do you have a maxium number of trades per day?
3: Which % you aim every day traded?
4: What triggers you stop trading for the day?

Just to have some pointers, since Im deciding that myself and dont have a clue hehe
  • #7,478
  • Edited 2:24am Jan 29, 2011 2:11am | Edited 2:24am
Hi Armagedoom,

I'm quite new to this method and probably not qualified to speak for this particular system.
At the moment I'm trying to figure out, how this approach can be in-cooperated to my previous trading experience.
As you can see from a couple of posts above, I did do quite some mistakes too. It will still take time to fit all together for my personal liking but I believe my trading will overall benefit in the end.

I did not finish yet reading the whole thread but what I understood so far is:
Phil had a very clearl defined rules of how many trades per day, how many looser till stop and things like that.
BUT

 

  1. it seems that the 5min system was only a supportive trading part to an other main strategy.
  2. he had very limited time for trading (because of daily activities)



Below just some of my thought to your points in color blue.

Armagedoom;Hey all, I know this is a somewhat personal question, but I would like to ask you which are your personal rules to trade the sistem, I mean:

1: How many losses do you afford a day?
I know some set themselves some limits per day - which might make sense from a psychological viewpoint but I do not believe it is founded in any real reason of taking high probability setups.
If one has X looses in a day and does not take a next good high probability setup why should such high probability setup be better the next morning?

2: Do you have a maxium number of trades per day?
No, I can not see any reason - except of personal satisfaction of having achieved some goals.
But again, why not take a next high probability setup.
Of course that does not mean one trades 24/7 but just in general.

3: Which % you aim every day traded?
I guess this is again to satisfy some personal goals (which are quite important I do not deny) and has less to do with taking high probability setups.
But my goal is 5% per week which makes on average a bit less than 1% per day because of compound profit.

But I would not stop trading if I have reached that goal on Tuesday
Also having a goal is one thing achieving it is quite an other (and usually goals are set higher than one achieves permanently - something to work towards)

But as example my last week: was +5.92%

4: What triggers you stop trading for the day?
Mainly time - but also to some extend having reached a personal goal (even though it does not make sense from a pure viewpoint of taking high probability setups.)

__Thanks__ MJ
  • #7,479
  • Jan 29, 2011 7:12am Jan 29, 2011 7:12am
hi Golfer,

In the first page you have mentioned a number of PA patter:

e.g.

little sisters
Bullish/bearish 3 pattern
Ellipse pullback trades
Triangle trades
Church patterns formation
maybe also: 2-candle entry setup

From your vast experience over the couple of years you are involved with this system, would you be able to point out maybe 2 of them (in case you would need to choose) you feel on the whole most comfortable with.
__Thanks__ MJ
  • #7,480
  • Jan 29, 2011 4:54pm Jan 29, 2011 4:54pm
Ok, Thankyou MJ. I agree completely with the "high probability setup thing", failing in 2 ocasions in 1 day doesnt mean you will fail next time, but its more of a psicological thing, because sometimes when that happens to me, I try to enter more agresively just to "compensate" thoose losses, and I loose myself.

I think I will follow some kind of rule like that, not because of me lossing 2 times means I could fail a 3rd, but to "punish" myself and force myself to win, knowing that if I fail, the trading for the day can be off.

Anyone doing something similar? Can it be counterproductive, since im putting more pressure on myself....?
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