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5Min Intraday System

  • #7,521
  • Mar 23, 2011 5:35am Mar 23, 2011 5:35am
Quoting Golfer
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
Hi Golfer,

I wish you all the best for your PhD study.

Much success.

MJ
__Thanks__ MJ
  • #7,522
  • Edited 1:37pm Mar 23, 2011 8:24am | Edited 1:37pm
Quoting Golfer
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
First of all I wish you success at your PhD.

Second, since you are more than willing to answer questios, I'd have one.
You posted (long time ago) how this system looked like having a profitability factor of 4, you even posted something like:

Trading system profitability:
Average of all winning trades ($) % positive trades of all trades
--------------------------------- * -------------------------------
Average of all losing trades ($) % negative trades of all trades
Outcome:

1. Less than 1.5 = Not good
2. Between 1.5 & 3.0 = Good
3. More than 3.0 = Excellent


Now, are you still of the same idea, if I am allowed to ask?
I am practicing with it but I am not having a sheer amount of wins, I tend to get retracements all down to the 50 SMA more than to the 21 EMA.
If I wait for the perfect setup it usually happens exactly like now, at a cross of a pivot line, major support etc and I am uncomfortable going against probable real inversions (and not just pullbacks).

Edit:

I also have another 2 questions. I found the answers but due to my poor knowledge of English and stupidity I just can't understand them.

1) I read that people use the "MACDcolored" indicator, I even got it in my graph. I don't get how to use it, in simpleton terms. Do I enter at the open of the bar AFTER the one that is past the MACD soft slope change? I'd really love a "recipe" that even a monkey can understand because the docs and posts I read just make me more confused. Even more confused since I also read about the 4h system thread and its MACD.

Late edit: I think I found an answer in the Appendix E - TC pattern. If I understand correctly I have to:

- see if there's a change in color of the MACD color bar.
- if there is, and the MACD slope change is smooth and not crossing zero then I have to enter on the open of the next bar.

Is this correct?

2) I got it that I am meant to avoid trading while the SMAAngle is between -0.1 and +0.1. What is the - 0.40 and +0.40 other lines for? Is it confirmation of a super-safe setup?

Yes I read the past posts and no, I just don't get them
  • #7,523
  • Mar 24, 2011 1:36pm Mar 24, 2011 1:36pm
Quoting dfumagalli
First of all I wish you success at your PhD.

Second, since you are more than willing to answer questios, I'd have one.
You posted (long time ago) how this system looked like having a profitability factor of 4, you even posted something like:

Trading system profitability:
Average of all winning trades ($) % positive trades of all trades
--------------------------------- * -------------------------------
Average of all losing trades ($) % negative trades of all trades
Outcome:

1. Less than 1.5 = Not good
2. Between 1.5 & 3.0 = Good
3. More...
Hi Df

Always here to answer questions - don't worry but I don't always have the answers.

Thanks for the best wishes.

Your questions:

1. Now, are you still of the same idea, if I am allowed to ask?

Yes, you are allowed to ask
Yes, I am still of the very same opinion BUT please note that there are many false setups on a chart because it is a 5min chart with many turn arounds/whip saw. That is why I decided to leave/delete the indicators that are just confusing. That is why I don't even use the SMAangle indicators or colour MACD anymore.

Because of the many turn arounds/whip saw - people tend to get frustated with this system. Patience and losts of pratice are the key words.

2. Late edit: I think I found an answer in the Appendix E - TC pattern. If I understand correctly I have to:

What I would suggest is to post a chart with your thougths and I'll comment on it. Like I said - I didn't even have the indicator on my platform anymore because once you (like I am doing right now) start looking at price actions, indicators tend to confuse you. Waiting for your posts/charts to comment on.

3.I got it that I am meant to avoid trading while the SMAAngle is between -0.1 and +0.1.

Correct - that is the non-trade zone

4. What is the - 0.40 and +0.40 other lines for?

A very strong move occurred (look at my past tense) - it migth be an indication that the price could turn around (look at my uncertainty - that is what forex trading is all about).

5. I'd really love a "recipe" that even a monkey can understand

Sorry to disappoint you (my personal opinion because I don't want to b..s..t you) but then you are trying out the wrong system or even the wrong way to make money. If it was that simple - everybody would have been in the game of forex trading. The faster to get and understand this important message, the quicker you'll become successful in trading. You need to develop your own style of trading that you feel comfortable with and that you understand (what and why you are doing things). If you just want to be a copy cat (meaning you want to trade like a professional trader just following rules to the letter), you have a recipe for failure on hands.

Sorry for the negative message but like I said before I am tired of people trying to tell you nonsense (b..s..t). I've learned it the hard way.

To summarise my opinion about this system:

It is all about price actions between the MAs and support/resistance levels. Once you start to realise it and identify the movements, you'll understand what I mean. About 1 year ago I deleted all my indicators and just focus on price actions (naked trading). It was only then when the penny dropped and I started to begin to see the bigger picture.

That is why I started looking at naked charts of higher time frames (15min and 1h) as well as Vantage higher low, lower high system here on forex factory. His system with the combination of this system as well as Phillip's 4h MACD work well together.

I hope it helps but please feel free to post charts and I'll comment.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,524
  • Mar 24, 2011 1:37pm Mar 24, 2011 1:37pm
Quoting M_j
Hi Golfer,

I wish you all the best for your PhD study.

Much success.

MJ
Hi Mj

Thanks for the wishes and the same wishes for your forex trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,525
  • Mar 25, 2011 3:54am Mar 25, 2011 3:54am
I'm still studying the first page of this thread. I can say it's a powerful system.

Thanks Golfer for sharing your experience!
Thank Phillip for this wonderful system!
  • #7,526
  • Mar 25, 2011 7:09am Mar 25, 2011 7:09am
Quoting Golfer
Hi Df

1. Now, are you still of the same idea, if I am allowed to ask?

Yes, you are allowed to ask
Yes, I am still of the very same opinion BUT please note that there are many false setups on a chart because it is a 5min chart with many turn arounds/whip saw. That is why I decided to leave/delete the indicators that are just confusing. That is why I don't even use the SMAangle indicators or colour MACD anymore.

Because of the many turn arounds/whip saw - people tend to get frustated with this system. Patience and losts of pratice are...
That's a fine explanation and I agree with you. I have looked and loved:

 

  1. James16 threads,
  2. NQOOs @Trading-Naked.com
  3. EOHater's Trade what you see not what you expect,
  4. trade_price's The Trade Price Method (I love his "To be a profitable trader you must trade with THE momentum. This is the SECRET of trading.", it's so similar to Phillip Nel's "Market Rhythm).
  5. Nial Fuller's Learn To Trade The Market (even if to me it seems a nicely packaged collection of price action methods found on Forex Factory)
  6. Of course all of Phillip Nel threads and even some of his "partners" sites like this one.

... but now allow me to explain why I am using the SMA Angle and colored MACD: I am of the opinion that little steps help more than bravely jumping down the cliff. I am quite new to putting all of the above in practice. While I did trade without the indicators (the futures examples I posted the previous days are done in a platform that does not even support these indicators) they help me pinpointing the exact bar. I noticed I entered way too early in fear of losing the current setup (wait too long and a long bar may appear and then price won't retrace any more). The MACD tells me whether the price change is too steep and where to expect to enter without forcing me to risk being stopped out because the proper "go up" bar would come after 3 bars past when I entered). The SMAAngle helps with the 0.4 limit to show risk of inversion even when no obvious pivot lines are nearby.

Basically I see the MACD and SMAAngle like training wheels for my trader bike. Once I manage to go ahead without them, I'll remove them, but for now they seem to do me more good than harm.


Quoting Golfer
2. Late edit: I think I found an answer in the Appendix E - TC pattern. If I understand correctly I have to:

What I would suggest is to post a chart with your thougths and I'll comment on it.
I am going to add one ASAP in a next post.


Quoting Golfer
5. I'd really love a "recipe" that even a monkey can understand

Sorry to disappoint you (my personal opinion because I don't want to b..s..t you) but then you are trying out the wrong system or even the wrong way to make money.
I am sorry, that's my bad English that bites. I did not mean a recipe to monkey trade but a very easy 2 liners about what to do with i.e. colored MACD (before I understood it myself).


Quoting Golfer
To summarise my opinion about this system:
< Snip>
That is why I started looking at naked charts of higher time frames (15min and 1h) as well as Vantage higher low, lower high system here on forex factory. His system with the combination of this system as well as Phillip's 4h MACD work well together.

I hope it helps but please feel free to post charts and I'll comment.
This is how I "got" the whole price up momentum / rhythm in my mind:

I imagine a guy running steeplechase. At first he's fresh, his jumps perfectly executed, he lands with grace and promptly goes on. It's "safe" to bet he will keep running and jumping again.
After a while he starts getting tired, his breath heavier. His jumps are done with more exaggerated motions, they are worse to see. He lands and takes some time to stand up.
At a certain point his jumps are deformed (price stops "S" shaped up and downs), his motions really exaggerated (price bars become erratic, volatile) until he trips and goes face to the floor.

This is what I would call "a kind of explanation that even a monkey could understand".
  • #7,527
  • Mar 29, 2011 7:36am Mar 29, 2011 7:36am
how amazing this system is . cheers .
Attached Image (click to enlarge)
Click to Enlarge Name: JP%NYFC{~CONEO{D}S6T]]T.jpg Size: 115 KB
A chart helps those who can read it.
  • #7,528
  • Mar 29, 2011 1:02pm Mar 29, 2011 1:02pm
Quoting baipeng
I'm still studying the first page of this thread. I can say it's a powerful system.

Thanks Golfer for sharing your experience!
Thank Phillip for this wonderful system!
Only a pleasure and all the best with your trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,529
  • Mar 29, 2011 1:04pm Mar 29, 2011 1:04pm
Quoting dfumagalli
That's a fine explanation and I agree with you. I have looked and loved:
[list][*]James16 threads,[*]NQOOs @Trading-Naked.com[*]EOHater's Trade what you see not what you expect,[*]trade_price's The Trade Price Method (I love his "To be a profitable trader you must trade with THE momentum. This is the SECRET of trading.", it's so...
Go for it and do what you feel comfortable with but it should be working for you.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,530
  • Mar 29, 2011 3:21pm Mar 29, 2011 3:21pm
always going with the trends is better

http://www.forexfactory.com/attachme...1&d=1301429983
Attached Image (click to enlarge)
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  • #7,531
  • Mar 29, 2011 10:25pm Mar 29, 2011 10:25pm
Hey Golfer. It's been in a while. I just read your post about the study for your PhD. I did not know you are such a busy man! I hope you do well with it.
A successful trading depends on knowing what to analyze.
  • #7,532
  • Mar 30, 2011 5:04am Mar 30, 2011 5:04am
Quoting geniusztc
how amazing this system is . cheers .
On the chart - once again, price action evidence
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,533
  • Mar 30, 2011 5:06am Mar 30, 2011 5:06am
Quoting Golfer
On the chart - once again, price action evidence
really thank you Golfer ,i forgot the trend line .thank you for your reply.
A chart helps those who can read it.
  • #7,534
  • Mar 30, 2011 5:11am Mar 30, 2011 5:11am
Quoting TarGil
always going with the trends is better

http://www.forexfactory.com/attachme...1&d=1301429983
My comments on the chart
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,535
  • Mar 30, 2011 10:53am Mar 30, 2011 10:53am
Quoting geniusztc
really thank you Golfer ,i forgot the trend line .thank you for your reply.
No problem, just enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,536
  • Mar 31, 2011 2:16am Mar 31, 2011 2:16am
still amazing,,,,
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 39 KB
A chart helps those who can read it.
  • #7,537
  • Mar 31, 2011 5:45am Mar 31, 2011 5:45am
Quoting geniusztc
still amazing,,,,
here is the result . two trades ,total 110 pips .
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 36 KB
A chart helps those who can read it.
  • #7,538
  • Mar 31, 2011 7:41am Mar 31, 2011 7:41am
Quoting geniusztc
still amazing,,,,
Great price action trade! See my comments on the chart
Attached Images
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,539
  • Mar 31, 2011 7:46am Mar 31, 2011 7:46am
Quoting geniusztc
here is the result . two trades ,total 110 pips .
I didn't follow the market today but based on my trading style - see the comment on the chart.

I might be wrong!
Attached Image
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,540
  • Mar 31, 2011 7:47am Mar 31, 2011 7:47am
Quoting Pipdealer
Hey Golfer. It's been in a while. I just read your post about the study for your PhD. I did not know you are such a busy man! I hope you do well with it.
Thanks and aal the best with the trading
Willem Forex recipe for success = Patience, discipline & hard work.
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