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Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 169 replies

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The 5 minute TF S&R trading system

Quoting Good Lookin
Anyone else in this one? Looks like i'm about to hit BE.

Attachment 1108583

Just hit BE as i was typing this.
GL, you've been doing this a bit. How often do we get that retest and then target?
GL

Bummer, that was a nice move out of there.
I had a trade stopped out this morning that would have hit my target if I had not moved my stop.
I am struggling with whether to get to a free trade/ BE point quickly or let the trade hit SL/ TP.
I am think the later if I am more selective in my trades.

At what point do you try to get to BE?
Attitude can reflect outcome in life and trading!
Quoting krmo
Hi All,
This is my M5 zoomed out.
I see the bigger trend as currently down heading into a demand level (magenta lines).
I am seeing consolidation (yellow box) in a range of +- 20 pips.
I think I will wait for a break out either up or down out of consolidation before looking for another trade.
Though I only have another hour or so left in my trading day.

Non Farm on Friday, so trading may be slow.

Any thoughts?
Fx, GL Snail
Wait for strong breaks of consolidations and trade the retest. Be aware places price doesn't seem to want to go and if price is making hh/ll/hl/lh. Pay attention to news and time of year. Thats all it is.
But the second mouse gets the cheese
Quoting FFJeternal
GL, you've been doing this a bit. How often do we get that retest and then target?
I'd say about 30% of the time this happens to trades i'm in. But just remember i haven't taken every single setup this method provides so i wouldn't say 30% is an accurate figure since it's based off of only my entries and not all possible entries.
But the second mouse gets the cheese
Quoting Good Lookin
Wait for strong breaks of consolidations and trade the retest. Be aware places price doesn't seem to want to go and if price is making hh/ll/hl/lh. Pay attention to news and time of year. Thats all it is.
Thanks!
Attitude can reflect outcome in life and trading!
Keep in mind the word fresh trend. If in consolidation for all long time wait for second move out of consolidation
Quoting krmo
GL

Bummer, that was a nice move out of there.
I had a trade stopped out this morning that would have hit my target if I had not moved my stop.
I am struggling with whether to get to a free trade/ BE point quickly or let the trade hit SL/ TP.
I am think the later if I am more selective in my trades.

At what point do you try to get to BE?
At 10 pips i move to BE no matter what. I do it for two reasons. I find that there is always some sort of reaction to at these levels and a 10 pip BE is usually enough room for price to jump around a bit before going to the full tp. Other reason is my peace of mind. Too many winners turning into losers had me questioning my trading style at on point. I'd rather a would be winner hit BE than a proper BE trade give me losses. I look to protect my investment and it is very important to trade in a way that adds pips too your balance AND keeps you sane.
But the second mouse gets the cheese
If trading at 3% and your up 10 (2%) nothing wrong with taking profit out it reacted to a level. It's all about managing trade and accumulating money.
Thanks GL and FX.

FX,
You trade 3% per trade, do you still use 15 stop/ 15 TP?
Post #64 I believe.

Also do you tighten your stop up or do you leave it in place?

Thanks
Attitude can reflect outcome in life and trading!
Quoting Good Lookin
At 10 pips i move to BE no matter what. I do it for two reasons. I find that there is always some sort of reaction to at these levels and a 10 pip BE is usually enough room for price to jump around a bit before going to the full tp. Other reason is my peace of mind. Too many winners turning into losers had me questioning my trading style at on point. I'd rather a would be winner hit BE than a proper BE trade give me losses. I look to protect my investment and it is very important to trade in a way that adds pips too your balance AND keeps you sane....
GL,
Do you also trade 3% per trade?
15/15 TP & SL?

Thanks
Attitude can reflect outcome in life and trading!
[quote=snail69;6333063]
Quoting billytt


Billy, you trade ABC break right ?
Hi Snail,, i trade very similar as long as i see a high or a low i will trade it. If an inside bar is present that is better. the actual a b c or 1 2 3 entry is something i do not really bother about
A UNICORN IS FOR LIFE NOT UNTIL IT GIVES A BAD TRADE
Quoting krmo
GL,
Do you also trade 3% per trade?
15/15 TP & SL?

Thanks
Yes, 3% over 15 pips when trading this method.
But the second mouse gets the cheese
  • Post# 1,513
  • Quote
  • Jan 2, 2013 7:00pm | Edited at 8:43pm – messed up time zone conversion
So, I've just used i-Sessions indicator to highlight 7:30am - 3:30pm ET (12:30 - 20:30 GMT), and it's very, very revealing. Divergent 2b tops/bottoms, followed by price returning after a few bars of space and reversing the trend happens very frequently. Often right before (within an hour) or during the first hour of that time frame. From there, the 15 pip SL is great, but a TP of 20-25 is extremely common, with even 30-40 being quite regular.

Hope this helps others...
Krmo, yes 3%, TP and SL 15, BE after 10.
Wait-Execute-Manage
Looks like 01 is sell area forget that it s 95 no trade
sell @ 30965?

Quoting fxpivots
Looks like 01 is sell area forget that it s 95 no trade
Hi everybody!

Just found the thread yesterday and read it from a to z for the first time. I really like the method and I'm demoing it right now. And there came my first question: why is 95 no trade fxpivots?

Thank you all for sharing your knowledge and the kind attitude, it is amazing that this kind of info is freely available!!
I'm showing 03 or 05 sell, but also seeing divergent 2b setup for trend change at 92...
Attached Image (click to enlarge)
Click to Enlarge Name: 03jan13-645a-edit.gif Size: 45 KB
There wasnt 2 closes below 95 no setup news coming up
Quoting fxpivots
There wasnt 2 closes below 95 no setup news coming up
Ok, so for learning purposes, let's assume there is no news when I ask this question.

I see where you're getting 95. So, are you saying the candle that breaks 95 (long red) doesn't count as 1 of the 2 candles for your strategy? In other words, you need 2 closes *after* the candle that breaks?.

My next question is this: in a situation like this one (again, assuming no news), how do you handle the concurrent setup issues? The trend says to short at 03 or 05, but there is major divergence. Which do you like to go with, or am I totally missing something after going through this thread?

Thanks!
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