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5Min Intraday System

  • #7,501
  • Feb 4, 2011 4:05am Feb 4, 2011 4:05am
Quoting garbour
Great post!! Thanks for sharing! Must be a lot of work to get these together.
Cheers
Only a pleasure

I am just sharing my experience with forex trading and escpesially my experiences with Phillip's 5min system.

Also (once again as I said it before) - I am just tired of all the b...s... stories about how good a system is or how much money YOU can made with it. That is why I DON'T promote this system as the one and only, ultimate system. It is defintely not but if it is used correctly, it can be very profitable. Like I posted some of my monthly outcome earlier on this thread (5-10% growth per month is possible). That is my outcome and I DON"T expect any other to have the same outcome.

Just sharing my opinion with you - the good and the bad about this system.

I am always (still) realistic about forex trading and this system.

Enjoy the reading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,502
  • Feb 4, 2011 9:33am Feb 4, 2011 9:33am
I was following Cable today because of some of its typical patterns (false breakout).

I did not trade the setups as those appeared too close to the NFP news release.

Just to show you how I analyse the markets looking at price actions.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,503
  • Feb 4, 2011 9:38am Feb 4, 2011 9:38am
Let us say it was not the NFP day - would you have entered the setup under the second small intra-day trendline?
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,504
  • Feb 4, 2011 9:42am Feb 4, 2011 9:42am
My choice
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,505
  • Feb 4, 2011 10:02am Feb 4, 2011 10:02am
Golfer, Thanks for posting your charts analyse.
__Thanks__ MJ
  • #7,506
  • Feb 4, 2011 8:58pm Feb 4, 2011 8:58pm
Quoting Golfer
Only a pleasure

I am just sharing my experience with forex trading and escpesially my experiences with Phillip's 5min system.

Also (once again as I said it before) - I am just tired of all the b...s... stories about how good a system is or how much money YOU can made with it. That is why I DON'T promote this system as the one and only, ultimate system. It is defintely not but if it is used correctly, it can be very profitable. Like I posted some of my monthly outcome earlier on this thread (5-10% growth per month is possible). That is...
Golfer,

It seems to me that you're really comfortable using 5m TF in your trading strategy/analysis. Do you also use Phillip's 4hr rules/rhythm in correlation with this thread's system?
  • #7,507
  • Edited 10:20am Feb 5, 2011 5:19am | Edited 10:20am
Quoting orangeRANGE
Golfer,

It seems to me that you're really comfortable using 5m TF in your trading strategy/analysis. Do you also use Phillip's 4hr rules/rhythm in correlation with this thread's system?
Hi O

Yes, but it did not come easy. Lot of hard work and chart time were put into it. I do believe that is the only way to become a succesful trader. I been playing around with this system since I've joined forex factory.

Yes again - definitely. The 4h MACD system is also based on price action and the rules are very useful to give to overall direction for the day.

Enjoy it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,508
  • Feb 7, 2011 5:26am Feb 7, 2011 5:26am
Hi, again.
Here is my today trades (I am too bad).

GBPUSD.

http://img-fotki.yandex.ru/get/5601/...e3201_XXXL.jpg

First trade - as for me I saw a triangle, and just wait for MACD Signal to enter. My enter was too late but I got my +11p.
Second trade was terrible - I saw a doji into war-zone, I remember that I need to wait for strong candle, and I saw a nice forming bullish candle. I am in trade. But it was my fault. I need to wait for the next candle.. So - 10p.
Third trade - nice bounce from 21 and MACD bounce from Zero. So +11p.
Fourth - my worst trade for today. I think that my mistake was in trying to see triangle . Result - 10p.

And I missed 3 sister pattern on EURUSD. I'm right?
http://img-fotki.yandex.ru/get/5902/...7351e_XXXL.jpg
  • #7,509
  • Feb 8, 2011 4:11am Feb 8, 2011 4:11am
My comments on your charts - pullbacks indicated with red rectangles.

Nothing really wrong with your trade except the last entry.

I usually just take one (maximum two) trade per move. Definitely not four like you but then - it is just my style of trading. I do take what the market is offering me and nothing more. I don't try and squeeze all the pips I can get out of one move. "Leave some pips for the other traders as well" - that is how I motivate myself not to overtrade. 20-30pips per move is more than enough pips for me.

Yes, I saw the three little sisters - very nice one. Was too busy with other stuff, did not trade it.

Thanks for your charts - nice going. Just make sure you end your run in the positive. That is why I'll stop when I am in the positive (pips in the bank).

Enjoy.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,510
  • Mar 9, 2011 2:20pm Mar 9, 2011 2:20pm
I just returned into trading and found out this gold nugget of a system. Does it still work with the same EMAs, take profit and SL of the first post?
If not, what would be sensible parameters?

Anyone tested this on futures? I think this would work well with mini YM, gold and maybe crude oil. I checked YM but am not sure about the parameters for it.
  • #7,511
  • Mar 14, 2011 6:02am Mar 14, 2011 6:02am
Quoting dfumagalli
I just returned into trading and found out this gold nugget of a system. Does it still work with the same EMAs, take profit and SL of the first post?
If not, what would be sensible parameters?

Anyone tested this on futures? I think this would work well with mini YM, gold and maybe crude oil. I checked YM but am not sure about the parameters for it.

Hi Df

I am still using the very same MAs (moving avearges) - take note that not all the moving averages are EMAs.

My TP and SL will be placed according to the setup and it is not the same for each and every setup. I don't use fixed TP and SL as suggested by Phillip anymore.

I don't have any experiences with futures and this system. But I am sure it will work on futures because it is all about price actions between the MAs and not really trading the MAs (as many systems would like you to do e.g. the cross of two MAs indicate a buy or sell signal).

Enjoy
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,512
  • Mar 14, 2011 7:31am Mar 14, 2011 7:31am
Can someone clarify this for me please:

I have been reading about a trading system, and the take profit target is formulated like this:
"T/P: (2xATR) minus entry price"
Does that mean that the target is double the value of the ATR at opening? (i.e. ATR was 12 at opening, profit should be booked when ATR reaches 24 - in case of a long position)?
Thanks you
  • #7,513
  • Mar 16, 2011 10:23am Mar 16, 2011 10:23am
Quoting MidnightRun
Can someone clarify this for me please:

I have been reading about a trading system, and the take profit target is formulated like this:
"T/P: (2xATR) minus entry price"
Does that mean that the target is double the value of the ATR at opening? (i.e. ATR was 12 at opening, profit should be booked when ATR reaches 24 - in case of a long position)?
Thanks you
Hi M

ATR stands for average true range. If the ATR is 12 it means the average true range for a specific period was 12 pips.

TP = 2 x ATR means you should set your TP at (2 x 12pips) 24pips above or below the entry price taken into consideration your spread for that pair.

That is how I understand it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,514
  • Mar 16, 2011 10:42am Mar 16, 2011 10:42am
Quoting Golfer
Hi M

ATR stands for average true range. If the ATR is 12 it means the average true range for a specific period was 12 pips.

TP = 2 x ATR means you should set your TP at (2 x 12pips) 24pips above or below the entry price taken into consideration your spread for that pair.

That is how I understand it.
Thanks Golfer, that's what I thought, but was not sure.
Thanks again.
  • #7,515
  • Mar 16, 2011 1:28pm Mar 16, 2011 1:28pm
Quoting Golfer
Hi Df

I am still using the very same MAs (moving avearges) - take note that not all the moving averages are EMAs.

My TP and SL will be placed according to the setup and it is not the same for each and every setup. I don't use fixed TP and SL as suggested by Phillip anymore.

I don't have any experiences with futures and this system. But I am sure it will work on futures because it is all about price actions between the MAs and not really trading the MAs (as many systems would like you to do e.g. the cross of two MAs indicate a buy or sell signal)....
Hi Golfer,
I'd like to thank you for your continued helpful efforts.
It's for good, because the method introduced in this thread has ancient (yet still valid) roots.
I found an old variation with plenty of entry signals on this website, it comes along with examples and they really look like those covered here.

Since your reply I tested a couple of entries in the Futures markets.

I focused on YM - Mini Dow, since it is:

 

  1. very low entry barrier (margin requirements speaking)
  2. no harsh spikes like other futures show
  3. less choppy and ranging yet similar to ES - Mini S & P. It gets some nice trends sometimes (yet somewhat less than currencies).
  4. tick value is just 5 dollars, so early live trading won't immediately bankrupt those who want to start.

In order to check this system out I created a template for the graphing software (I am using Trade Navigator for Futures). Don't mind the MACD it's probably there from the 4 hours method or something I have been to lazy to clean up.

Then I tried my best to stress test it with crappy entries (!). It came easy, since it's like the second time I used this system.
To add insult to injury I even tested it right after today's markets crash.

I used a conservative 10 ticks take profit and 6 + 1 for stop loss (more or less what Phillip said in the first pages). I trade from a DOM (broker proprietary application) so the entries had to be drawn by me on the graph.

Some results:

Trade 1, pre-market

Skipped entry 1 because the 50 SMA was too much horizontal and below the EMAs.
Took entry 2 for $50 profit. The 50 SMA looks horizontal there as well, but it's due to the zooming.

Of this entry I also saved a P&L screenshot.


Trade 2

This happened some time before today's markets crash.
The steep slope already made me lose the entry in other markets so I decided to short after price punched in the 10 EMA and started retracing down instead of waiting for the full swing up to the 21 EMA. Otherwise I had that previous minimum (dotted line) that looked like a possible resistance that would hold and make price run down hard without giving me a chance. 50 more dollars for my wallet.
Notice how I am "proving" even horrible entries may work as long as you stick to 10 ticks and don't pretend to get rich in one evening.


Trade 3

Some time after trade 2. Another horrible trade went in for more 50 dollars. This happened right after the markets crash (Tokyo very bad news for the nuclear centrals), i.e. should have stayed flat. But hey, this is a stress test, what's better than a wholesale markets crash to stress a trade?

Sadly no P&L for today's trades since the news made me agitated and I closed the platform and ran to call relatives to announce the news .

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  • #7,516
  • Mar 19, 2011 8:11am Mar 19, 2011 8:11am
does anyone have the EA indicator for this system ? can you share it ? thank you
A chart helps those who can read it.
  • #7,517
  • Mar 20, 2011 9:03am Mar 20, 2011 9:03am
Quoting geniusztc
does anyone have the EA indicator for this system ? can you share it ? thank you
It's a system you could (and should) trade with a quick glance to the graph and 2 EMAs. An EA would be redundant imo.
  • #7,518
  • Mar 22, 2011 6:56am Mar 22, 2011 6:56am
Quoting geniusztc
does anyone have the EA indicator for this system ? can you share it ? thank you
There were several discussions on a possible EA for this system - you just need to read this thread backwards (from this page back to page 1) to find some interesting opinions about an EA. That is why I did not respond to your pm. It is all in this thread and if you don't want to read this thread, I cannot help you.

Enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,519
  • Mar 22, 2011 7:45am Mar 22, 2011 7:45am
this system is no longer working for people i gather......
  • #7,520
  • Mar 23, 2011 5:32am Mar 23, 2011 5:32am
Quoting whatfx
this system is no longer working for people i gather......
Only your opinion - did you have a survey done amongst traders? Rather dangerous to make assumptions like that, be careful! (talking from a academic/research perspective).

But I don't want to go into an arguement because I am still using the system in my own style of trading. I just don't see the benefit of posting charts anymore - already enough examples and info posted on this thread.

I don't believe in posting messages just to keep the thread alive anymore. If people have questions, I am more than willing to answer them. If I see something interesting I'll post it. Currently I am just too busy (finalising my PhD study (working against "serious" deadlines)) for trading at this stage. Hopefully the situation will change in May 2011.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
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