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5Min Intraday System

  • #7,581
  • Apr 21, 2011 3:02am Apr 21, 2011 3:02am
Hi,

Any kind soul could write me an EA for MT4?
It is uses for sound alert, not automated trading.

Need "Fractals" indicator.

It goes like this.
When current candle closes and is a bullish candle (0.1 or 1 pip above opening price will do), and if fractal indicator is formed above previous candle (either bullish or bearish), there will be a sound alert immediately.

Same for the opposite side.
When current candle closes and is a bearish candle (0.1 or 1 pip below opening price will do), and if fractal indicator is formed below previous candle (either bullish or bearish), there will be a sound alert immediately.

Hope the minimum requirement will be for 5 mins chart with sound alert.

If you are willing to make the system more professional, maybe I can choose different sound alerts for different currency pairs charts that I will open and insert the EA. Maybe a continuous blinking signal on the currency pair chart too. Or rather 1 chart will show many currency pairs names with display signals and sound alerts.

Thank you so much ~~~
  • #7,582
  • Apr 22, 2011 2:22am Apr 22, 2011 2:22am
Some price action this morning (public holiday in SA, so can look at some charts) - I followed it but did not enter, see comment on the chart. So I missed out on 10pips (setup was in line with Phillip's rules) but I am not worried because the setup was not what I like to trade nowadays. I would like to see action near significant levels.

What about the next setup (yellow curved line)? Only time will tell but now I have to pick-up my brother in law at the airport.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,583
  • Apr 22, 2011 6:00am Apr 22, 2011 6:00am
Quoting Golfer
Some price action this morning (public holiday in SA, so can look at some charts) - I followed it but did not enter, see comment on the chart. So I missed out on 10pips (setup was in line with Phillip's rules) but I am not worried because the setup was not what I like to trade nowadays. I would like to see action near significant levels.

What about the next setup (yellow curved line)? Only time will tell but now I have to pick-up my brother in law at the airport.
Whenever I see your trading, it seems you no longer rely on "war zone". After all S/R lines are more important? I trade very similar way you do now. War zone can be a visual vague zone to think of a possible entry when PA gets there but that is all.
A successful trading depends on knowing what to analyze.
  • #7,584
  • Edited 4:54pm Apr 22, 2011 4:40pm | Edited 4:54pm
Quoting Golfer
Some price action this morning (public holiday in SA, so can look at some charts) - I followed it but did not enter, see comment on the chart. So I missed out on 10pips (setup was in line with Phillip's rules) but I am not worried because the setup was not what I like to trade nowadays. I would like to see action near significant levels.

What about the next setup (yellow curved line)? Only time will tell but now I have to pick-up my brother in law at the airport.
I would skip the second as well.
Unless you really stretched the chart, the trend looks sluggish, the candles before the dip look exhausted and could break at any moment.

I'd consider it a luck based entry, and I don't like relying on luck.

What's very possible (and I'd put a long order) is for the price to possibly go test the 50 SMA and bounce up.

The 50 SMA seems to be set up to cross the pink line soon and that could be a convergence point for price, make it bounce up and maybe make 15 pips in a long.

Edit: I went to check how it actually ended up. Shortly after testing the 21 EMA, the price started showing small, consolidating candles with a warning spinning top. Furthermore the possible retracement "V" lasted too many candles and the "Floor Trader Method" (I linked it some pages ago) that is so similar to Phil Nel, says to not enter in case of such sloppy wanna be reversal.
At this point I'd have been stayed flat.
  • #7,585
  • Apr 22, 2011 10:08pm Apr 22, 2011 10:08pm
Hi all ,


I know some or most of you may not like adding anything to this method and I too believe in keep it as simple as possible, however , I like to look at the Stochastics set at 5,3,3 which is a good match for 5M TF . It just adds confirmation that momentum has either started upward or the steam has about run out and momentum is becoming exhausted. Yes , you will miss a few good trades by filtering using the Stochastics , but I find added confidence to pull the trigger when momentum ( or lack of it ) confirms the pull-back into " The ZONE " .


Best of trades ,

EZ
" Master Your Set-Up , Master Yourself "
  • #7,586
  • Apr 23, 2011 1:02am Apr 23, 2011 1:02am
Quoting Pipdealer
Whenever I see your trading, it seems you no longer rely on "war zone". After all S/R lines are more important? I trade very similar way you do now. War zone can be a visual vague zone to think of a possible entry when PA gets there but that is all.
Hi P

"War zone can be a visual vague zone to think of a possible entry when PA gets there but that is all"

You've said it!! Just what I do - I do use the MAs as orientation tools, just to me me an orientation of the price. After the orientation, I look at the price action around the previous support and resistance levels. If the price action occurs within/close to the zone, even better.

Thanks and enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,587
  • Apr 23, 2011 1:08am Apr 23, 2011 1:08am
Quoting EZTrades
Hi all ,


I know some or most of you may not like adding anything to this method and I too believe in keep it as simple as possible, however , I like to look at the Stochastics set at 5,3,3 which is a good match for 5M TF . It just adds confirmation that momentum has either started upward or the steam has about run out and momentum is becoming exhausted. Yes , you will miss a few good trades by filtering using the Stochastics , but I find added confidence to pull the trigger when momentum ( or lack of it ) confirms the pull-back into " The ZONE...
Hi EZ

I am sure you won't mind if I don't comment (LOL). I am not an indicator guy anymore. I got burned too many times trading according to indicators. Burned a few accounts along the road as well. Since I started trading price actions (mainly), I haven't burn an account yet. Interesting!

I have the same issue with EAs.

But like I said previously on this thread - experiment but stay with what is working for you. What is working for me, might not necessarily work for you and visa versa.

Therefore, no comments on your suggestion.

Enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,588
  • Apr 23, 2011 10:56pm Apr 23, 2011 10:56pm
Hi Golfer ,

Duly noted on adding indicators . I just thought this might help some newer traders with this method . I also like Price Action and entering a trade " with the trend on a pull-back " , but the the confirmation of (1)momentum oscillator helps me . I also agree with you on EA's , I never wanted a robot to trade for me , I wanted to learn how, when and why to enter a trade and have a complete understanding of how to trade. You seem to have traded this method for some time now and I have enjoyed your posts and charts . I have enjoyed this thread , but learned this method from another trader prior to finding it here on FF . There are many methods/systems out there with this same methodology which I believe speaks volumes for it being a sound method to use with a positive expectancy .

Best of trades ,

EZ
" Master Your Set-Up , Master Yourself "
  • #7,589
  • Apr 24, 2011 1:05am Apr 24, 2011 1:05am
@Above

Using lagging indicators as trade signal is BAD and will get you busted, usually sooner than later.

Phil Nel's system indeed is not super-original - I found several years old pages describing bullish / bearish retracements and also commercial trading systems doing the same.

What Phil did is to make it user friendly, test it well, describe what to do at lenght and suggesting multiple ways to help a newbie dig deeper into its potential. The MACD he used is as close to a good lagging indicator usage as it gets and it tends to yield a positive result for decent trends in light to moderate choppy market conditions.

Even by just using it, I could often squeeze out 6 - 8 pips even when the entry would end up in a total reversal right after it.

Since then I sort of learned that setups that don't fully test the 21 EMA are less than predictable, and 21 EMA "edges" usually match with the mini-trendline Golfer talks about.
  • #7,590
  • Apr 24, 2011 1:52am Apr 24, 2011 1:52am
Quoting EZTrades
Hi Golfer ,

Duly noted on adding indicators . I just thought this might help some newer traders with this method . I also like Price Action and entering a trade " with the trend on a pull-back " , but the the confirmation of (1)momentum oscillator helps me . I also agree with you on EA's , I never wanted a robot to trade for me , I wanted to learn how, when and why to enter a trade and have a complete understanding of how to trade. You seem to have traded this method for some time now and I have enjoyed your posts and charts . I have enjoyed...
Hi EZ

Your statement:
"Duly noted on adding indicators . I just thought this might help some newer traders with this method ."

I do agree with you. Twice a day I receive an update and advice from my broker on intra-day chart. They also have one indicator on their charts and that is the RSI. Nothing else - further advice is based on price action (trendlines and previous support and resistance levels).

Advice to newbies:
Keep your inital approach as simple as possible so that you can understand what you are doing and not following advice/other traders blindly. Then you build on the fundamentals slowly until you have a complete system taylor-made system for your own trading style to be used in several type of market conditions. It might take a few months to a few years (the latter being me) to master your own system but look at my signature - hard work, patience and discipline.

The ultimate goal in forex trading is to be profitable and to make money (slowly but surely). Not to show people that your system is the best and to proof that over and over again. Leave that for the scammers.

Enjoy the trading
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,591
  • Apr 26, 2011 10:16am Apr 26, 2011 10:16am
A live chart of the EURO (yesterday). I didn't have time to post it yesterday but here it is. As you can see, no hindsight. Just my analysis using price actions.

Please note the possible entry, SL and TP levels. Unfortunately I didn't take the trade as I was busy preparing for our trip to the Kgalagadi Transf. park. So I won't be available until next Teusday as there is no reception/internet within the park. Only time to concentrate on my photography skills (new hobby of mine influenced by the wife)

Enjoy the trading
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,592
  • Apr 26, 2011 10:27am Apr 26, 2011 10:27am
Just arrived at a lodge 50km from the Kgalagadi park after 10h of driving from my holiday home down at the coast (Klein Brak River). I had a quick look at the charts and immediately the EURO chart is telling "Stay out!!!" Why? Because the price is moving all over the 50MA (blue MA) and it is forming lower highs and higher lows (pink lines) to form a triangle. To me price is signalling indecision and I'll have to wait for more clearer direction. ?Possible breakout but it is too late in the day as well.

Just an example of when not to use Phillip's 5min system.

Enjoy the trading.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,593
  • May 7, 2011 1:08am May 7, 2011 1:08am
An earlier trade this week of mine based on price action. As you can see, the price didn't reach the war zone, not even a bounce off of the 10MA meaning it was a very fast moving market. Not easy to trade conditions like these, quick decision making is needed. What I liked was the area of consolidation (between the two pink lines) and then the breakout without a pullback back into the area between the pink lines.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,594
  • May 7, 2011 1:16am May 7, 2011 1:16am
Just to show people my practice account where I traded Phillip's 5min and Vantage's Higher low and lower high systems based on price action. I didn't really have time to trade but sometimes I scanned the charts for setups.

Just to show people what can be done with patience, discipline and hard work as well as correct risk management.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,595
  • May 7, 2011 2:46am May 7, 2011 2:46am
Quoting Golfer
Just to show people my practice account where I traded Phillip's 5min and Vantage's Higher low and lower high systems based on price action. I didn't really have time to trade but sometimes I scanned the charts for setups.

Just to show people what can be done with patience, discipline and hard work as well as correct risk management.
profit 39.XX,it is not too much .your account is $500, so ,i think you can trade more risk . i am not sure .
A chart helps those who can read it.
  • #7,596
  • May 7, 2011 5:57am May 7, 2011 5:57am
Quoting geniusztc
profit 39.XX,it is not too much .your account is $500, so ,i think you can trade more risk . i am not sure .
Hi G

Yes, I agree because I risk about 0.5-1% per trade of my capitcal in this mini account of mine. It is recommended to risk 3-5% of your capital per trade meaning I can risk $15-$25 per trade (0.8-1.38 lots per trade using a SL of 20pips). But for now I am satisfied with my outcome.

But don't only look at my profit in $ - look at the other interesting statistics such as the % winning trades, profit factor and so on. That is more important when a person is refining their trading strategy. It will help you to develop the necessary confidence in yourself and your trading strategy.

Once you have the confidence - you can look at the outcome of your stratgey in terms of $$$$. Because that is ultimately what one is aiming at.

Enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,597
  • May 7, 2011 7:01am May 7, 2011 7:01am
Quoting Golfer
Hi G

Yes, I agree because I risk about 0.5-1% per trade of my capitcal in this mini account of mine. It is recommended to risk 3-5% of your capital per trade meaning I can risk $15-$25 per trade (0.8-1.38 lots per trade using a SL of 20pips). But for now I am satisfied with my outcome.

But don't only look at my profit in $ - look at the other interesting statistics such as the % winning trades, profit factor and so on. That is more important when a person is refining their trading strategy. It will help you to develop the necessary confidence...

Interesting

I use plateau money management...
If you constantly risking 1% on every trade you will add the most in to your first looser (since you have the biggest account after you win and then increases risk since its a constant).

I reckon your better of risking 10% in a group of 3-7 trades then lower or increase the risk (depends on the strings of outcomes (wins or losses)).

Was that live trade results or backtested?
  • #7,598
  • May 7, 2011 1:57pm May 7, 2011 1:57pm
Quoting Larseg
Interesting

I use plateau money management...
If you constantly risking 1% on every trade you will add the most in to your first looser (since you have the biggest account after you win and then increases risk since its a constant).

I reckon your better of risking 10% in a group of 3-7 trades then lower or increase the risk (depends on the strings of outcomes (wins or losses)).

Was that live trade results or backtested?
Live trades.

And what I do is to determine my capital and risk (lots size) at the beginning of the month based on what my capital is at the start of every month. I stay with that lost size for the rest of the month. I don't change my lot size (re-calculate my risk) after each trade as my capital changes. I only change it at the beginning of each month.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #7,599
  • May 7, 2011 2:27pm May 7, 2011 2:27pm
Quoting Golfer
Hi G
Yes, I agree because I risk about 0.5-1% per trade of my capitcal in this mini account of mine. It is recommended to risk 3-5% of your capital per trade meaning I can risk $15-$25 per trade (0.8-1.38 lots per trade using a SL of 20pips). But for now I am satisfied with my outcome.
But don't only look at my profit in $ - look at the other interesting statistics such as the % winning trades, profit factor and so on. That is more important when a person is refining their trading strategy. It will help you to develop the necessary confidence in...
Golfer is right with his money management.
More than 2% in total open positions rises drawdown risk exponentially without giving a corresponding increase in profit.
1-1.5% max is the sweet spot for Fixed Fractional Money Management (the one you are using).
Finally, Golfer, I am grateful to you because of your great kindness and because you gave me a lead (Vantage) to finally research and discover a pure PASR (price action support and resistance) method.
  • #7,600
  • May 7, 2011 5:23pm May 7, 2011 5:23pm
Quoting Golfer
Live trades.

And what I do is to determine my capital and risk (lots size) at the beginning of the month based on what my capital is at the start of every month. I stay with that lost size for the rest of the month. I don't change my lot size (re-calculate my risk) after each trade as my capital changes. I only change it at the beginning of each month.

Nice

Youre the only one in here I know play it like that, I stole it from sports betting and interpreted it in my stock trading in 2005 ish....

I have a method where I change my lot size dependent on the probability of trade but I ended up just picking the trades from the top shelf anyway so didnt need it...
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