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The Force 5min system

  • #1,721
  • Dec 11, 2008 7:33am Dec 11, 2008 7:33am
I've got the rules memorized but need some clarification on the news. Obviously on any particular day there are MANY news items. Does this rule just apply to the "high impact" news items? Also, can the more experienced traders of this method share the best time frames to trade this method? I'm assuming probably the london open through the london close? Many thanks!
  • #1,722
  • Dec 11, 2008 8:16am Dec 11, 2008 8:16am
Hi max,

For me i would NOT trade news especially high impact news like NFP. I trade during europe session most of the time as the price is not so volatile.
For the timeframe, i follow the rules, only 5 min.


Quoting maxreturn
I've got the rules memorized but need some clarification on the news. Obviously on any particular day there are MANY news items. Does this rule just apply to the "high impact" news items? Also, can the more experienced traders of this method share the best time frames to trade this method? I'm assuming probably the london open through the london close? Many thanks!
Pivot Boss in the making~
  • #1,723
  • Dec 11, 2008 10:02am Dec 11, 2008 10:02am
Quoting maxreturn
I've got the rules memorized but need some clarification on the news. Obviously on any particular day there are MANY news items. Does this rule just apply to the "high impact" news items? Also, can the more experienced traders of this method share the best time frames to trade this method? I'm assuming probably the london open through the london close? Many thanks!
Hi Maxreturn

please read thread #1708 by FJ

thank you
  • #1,724
  • Dec 11, 2008 10:26am Dec 11, 2008 10:26am
Quoting jackfx
Hi Maxreturn

please read thread #1708 by FJ

thank you
Hello Jack. I did read this post this morning but it does not address my specific questions. Is it possible you referred me to the wrong post?
  • #1,725
  • Dec 11, 2008 11:12am Dec 11, 2008 11:12am
Took a risky "Long" trade here. I took it because of a failed retest of short term support.
And it Broke 1.3300!
Attached Image (click to enlarge)
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Pivot Boss in the making~
  • #1,726
  • Dec 11, 2008 11:23am Dec 11, 2008 11:23am
I have been working to learn this for the past two weeks pretty hard and think I've come a long way and been noticing many other newbies in the chat and on the forum. I thought maybe I could do something to help them. Here are a few things that I do and have learned.

Knowing the rules to the system, inside and out. I've actually copied the simple, advanced, and expert rules and have them taped in front of me while I am trading. I try to review them every time I go for a trade. The times I don't I seem to miss something, the times I do, I'm making pips.

I also have taped up something that says: "Don't ever take a 13-1 gutshot draw, just give me your cash instead" some random guy sitting at the poker table in Atlantic City. Reminds me to stay on the system and don't chase low probability trades.

I'm basically going back to school. I study charts when I'm not at work. I go back over the trades, what is said in the chat room, I take notes, and I'm constantly reviewing them. We have people on here with a ton of knowledge, and I want to know what they know.

I'm using a trade journal. This allows me to see what I traded and what I did right or wrong. This allows me to have to be honest with myself and actually see what I do right and wrong. Also helps me to see patterns. (pattern #1 was, follow the rules)

Okay, here is my two cents, hope it can help someone. Anyone has suggestions for me I'm happy to take and accept all help offered.

An areas I"m a little confused in right now is people in the room talking about the outside bars. It seems to me that they are using this as another confirmation for a trade? This is the next concept I would like to tackle and understand better. so, HELP.

Good day everyone!
A woman drove me to drink, and I forgot to thank her
  • #1,727
  • Dec 11, 2008 12:15pm Dec 11, 2008 12:15pm
Heres a definition on OB.

Inside Bars and Outside Bars
 http://www.global-view.com/forex-edu..._images/I2.gif Inside bars and outside bars are single bar patterns that are often identified as having important qualities and break of the bar’s extremes imply a continuation of the underlying direction.
An “Inside Bar” occurs when the current bars high and low are within the range of the previous bar. This is often interpreted as market price pausing and being uncertain of the underlying direction of the market.
An “Outside Bar” occurs when the current bars high and low exceed the extremes of the previous bar. This is often interpreted as the market having two conflicting views, the market has both buyers and sellers entering the market and thus break of the extremes (high or low) may provoke a further move in one direction.
Often, market players will look at the underlying volume to provide additional evidence of a potential move.

I am also new on this method. I just follow Force rules, and use OB for confirmation.



Quoting simpleguy

An areas I"m a little confused in right now is people in the room talking about the outside bars. It seems to me that they are using this as another confirmation for a trade? This is the next concept I would like to tackle and understand better. so, HELP.
Pivot Boss in the making~
  • #1,728
  • Dec 11, 2008 1:24pm Dec 11, 2008 1:24pm
Quoting jurn_e
Heres a definition on OB.

[font=Arial, Verdana, Sans Serif][size=-1]Inside Bars and Outside Bars...
Jurn_e,

thanks for this post and the explanation. One question: I trade using candlesticks,... what are their candlestick equivalents??

many thanks for your help on this

Will2trade
  • #1,729
  • Dec 11, 2008 2:37pm Dec 11, 2008 2:37pm
Trade from the chat
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  • #1,730
  • Dec 11, 2008 2:47pm Dec 11, 2008 2:47pm
Continue:


Trading Range is forming.....................
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  • #1,731
  • Dec 11, 2008 5:08pm Dec 11, 2008 5:08pm
Quoting maxreturn
I've got the rules memorized but need some clarification on the news. Obviously on any particular day there are MANY news items. Does this rule just apply to the "high impact" news items? Also, can the more experienced traders of this method share the best time frames to trade this method? I'm assuming probably the london open through the london close? Many thanks!
Hi Maxreturn

There is only one the best time frame for this system and this is 5MIN! chart.That is the rule of this system.That has been also explain in the strategy plan for this system.There are people out there who uses differant TF than 5 min,but according to me that is wrong and is not what rules are saying.
I hope this answered your questions
Jack
  • #1,732
  • Dec 11, 2008 7:22pm Dec 11, 2008 7:22pm
Quoting jackfx
Hi Maxreturn

There is only one the best time frame for this system and this is 5MIN! chart.That is the rule of this system.That has been also explain in the strategy plan for this system.There are people out there who uses differant TF than 5 min,but according to me that is wrong and is not what rules are saying.
I hope this answered your questions
Jack
Jack, I am well aware of the 5 minute time frame. Perhaps I should have asked what are the best times to trade? I'm assuming the london open to london close? Secondly, the method says to avoid trading during the news. I'm assuming that this is only around "high impact" events. Otherwise, one could rarely trade on any particular day due to all the news. Can you or someone else clarify this? Thanks.
  • #1,733
  • Dec 11, 2008 8:35pm Dec 11, 2008 8:35pm
Hi all,

damn we have an hacker attack in the irc chat room, thats wake me up.
  • #1,734
  • Dec 11, 2008 8:41pm Dec 11, 2008 8:41pm
Hopefully it will end end soon. sad (eaglepip here)
  • #1,735
  • Dec 11, 2008 8:47pm Dec 11, 2008 8:47pm
WHAT happened to the chatroom? We got spammed??!! Help!
Pivot Boss in the making~
  • #1,736
  • Dec 11, 2008 8:52pm Dec 11, 2008 8:52pm
My opinion is the best time to trade is from London open to NY close. I think a "sessions" indicator would be helpful with this system.

Quoting maxreturn
Jack, I am well aware of the 5 minute time frame. Perhaps I should have asked what are the best times to trade? I'm assuming the london open to london close? Secondly, the method says to avoid trading during the news. I'm assuming that this is only around "high impact" events. Otherwise, one could rarely trade on any particular day due to all the news. Can you or someone else clarify this? Thanks.
  • #1,737
  • Dec 11, 2008 8:53pm Dec 11, 2008 8:53pm
Can someone start another temporary chat? i m not good in IT.
Pivot Boss in the making~
  • #1,738
  • Dec 11, 2008 8:55pm Dec 11, 2008 8:55pm
Just a time indicator, overlapping market best times to trade.

Download the clock.

http://www.forexmarkethours.com/

Quoting eagle4x
My opinion is the best time to trade is from London open to NY close. I think a "sessions" indicator would be helpful with this system.
Pivot Boss in the making~
  • #1,739
  • Dec 11, 2008 9:04pm Dec 11, 2008 9:04pm
It seems all irc chats under attack. Irc Server Op working on it.
Can someone set up an alternative chatroom not using Irc Server?
Pivot Boss in the making~
  • #1,740
  • Dec 11, 2008 9:11pm Dec 11, 2008 9:11pm
hi jurn, hope this irc will fix , I go for lunch now , see you all later
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