The Force 5min system

Hey guys this will be the last post for today its 1am here and im about to goto sleep. Here are trades #8-13 that i have taken.
I dont even know why i went into trade #12 and 13 but what ever, whats done is done.

Trade #8:
Confimed signal at 2009.01.29 05:35
Open of Current bar: 1.3111
Open of new trade: 1.3111
Close of current bar: 1.3110
Close of current trade: N/A
Open of 2nd bar: 1.3111
Close of 2nd bar: 1.3115
Close of current trade: N/A
Open of 3rd bar: 1.3116
Close of 3rd bar: 1.3117
Close of current trade: 1.3117

Profit/Loss: -5 including 2pip spread
I should have left it and my -10 SL but emotions
hit again and thats what happeneds =-[


Trade #9
Confirmed signal at 2009.1.29 05:55
Open of current bar: 1.3110
Open of new trade: 1.3110
Close of current bar: 1.3093
Close of current trade: 1.3097

Profit/loss: +11 including 2pip spread
I know i know i should have even went into this trade
but i just had a -5 loss and was very eager to try and
get into a trade to make that money back, and it worked.

Trade #10
Confirmed signal at 2009.1.29 06:10
Open of current bar: 1.3100
Open of new trade: 1.3100
Close of current bar: 1.3085
Close of current trade: 1.3082

Profit/loss: +10 including 2pip spread
Would have had more if i closed earlier cause i even
felt that it was going to go back up but once again
profit is profit. -=]

Trade #11
Confirmed signal at 2009.1.29 06:50
Open of current bar: 1.3119
Open of new trade: 1.3119
Close of current bar: 1.3122
Close of current trade: N/A
Open of 2nd bar: 1.3123
Close of 2nd bar: 1.3120
Close of current trade: N/A
Open of 3rd bar: 1.3121
Close of 3rd bar: 1.3116
Close of current trade: 1.3124

Profit/loss: +3 including +2pip spread

Trade #12
Confirmed signal at 2009.1.29 07:10
Open of current bar: 1.3114
Open of new trade: 1.3114
Close of current bar: 1.3111
Close of current trade: N/A
Open of 2nd bar: 1.3112
Close of 2nd bar: 1.3114
Close of current trade: N/A
Open of 3rd bar: 1.3115
Close of 3rd bar: 1.3113
Open of 4th bar: 1.3114
Close of 4th bar: 1.3116
Close of current trade: 1.3116

Profit/Loss: -4 including 2pip spread

Trade #13
Confirmed signal at 2009.1.29 07:35
Open of current bar: 1.3113
Open of new trade: 1.3113
Close of current bar: 1.3106
Close of current trade: 1.3106

Profit/Loss: +5 including 2pip spread
Good thing i got out of this one early lol
as you can see on the next candle
my -10 could have been hit.

Total Profit/Loss: Trades #8-13
Won: +20Pips
Lost: -9Pips
Total: +11Pips

Whole Day Profit/loss: Trades#1-13
Won Trades #1-8: +84Pips
Lost Trades #1-8: 0Pips
Won trades #8-13: +20PIps
Lost Trades #8-13: -9Pips

TOTAL:
+95Pips


http://i42.tinypic.com/10z7q4h.gif

If your computer doesn't like that one try this.

what happened to the chat room

Dv84,
Thanks much for the link. I've been unable to login using the link associated with FXJ as well.
Cliff

I couldn't sleep last night with the subtropical heat, humidity, and mosquitos so thought I'd have a go at the US am session from 9am ET to London Close. I skipped the US pm session and slept in the morning cool.

I had already decided to ignore all buy signals today because of the strong bearish momentum. Another thing I have been doing is waiting for signals to confirm, this means I enter a few pips lower on the sells but also avoid some of the losses. A signal candle is confirmed when price exceeds it in the direction of the signal. In other words, one pip above a buy candle or one pips below a sell candle.

I started with a conservative +20 target and then aimed for the S1 and S2 support lines giving me +40 and +80 as shown on the chart.



Lesson I learned (yet again)...

Go with the flow man! Imagining a reversal on every potential support line is a waste of time. I'm much happier paddling in the same direction as the underlying current.

That's basically what I've been doing as well Rob, though I did try one Buy today (SL at -25). Riding the trend is much easier than trying to buck it.

Hi Guys ,

How can i add stoch and MACD in one window i tried everything could not do it ?

I start with "The force" template, then I go to indicator list and remove Stoch. Then go to indicators in the navigator and drag the Stoch indicator over on to the MACD indicator window.

got it thanks

Whats up everyone. Hope you are all trading right now because there have been a few nice shorts and a nice long right now so far so lets keep it going. =-]

I had a few people message me asking me about the indicator that i had on the bottom of my last charts so here is the post for it on this thread.

http://www.forexfactory.com/showpost...postcount=1896

I'll post my chart for today later on

Hi Dv84

About your trade #3, should we enter after the confirmation bar according to Force rules? And what is your exit rule? at least for trade #1, you did not exit until the ema4 cross.

Thanks,
Simon

according to the rules in trade #3 you would have to open at next bar, but i follow m1 while im trading and saw the signal so i got in.

as for closing earlier on trade #1, i did this because of my exit stratagie . I don't always wait for the ma to cross, i rather have more profits then less and if a break goes so be it im still in the positive.
You have to set your own order management SL and trailing stops and tp's.
Thats why 1 day i would exit like it did on trade #1 and maybe another day i wouldnt and wait for the ma cross. Its all about my emotions and how relaxed i am and how i feel

What with pivots lines, 'n fibs, 'n trend lines and stuff, the chart can get a little crowded. I much prefer a clean chart, but I do want to know where this other information is. Luckily, some time back, someone wrote a script that hides all that stuff. Put it into your scripts folder, set a hot key to activate it, et voila, clean chart. Activate it again and all the lines come back.

Respect to JoshDance who wrote it...


Original link and download is here..
http://www.forexfactory.com/showthread.php?t=37270

Traders in the chat room has been talking about Wolfe Wave as pattern for PA. Here i post 2 pdf compiled from the website for referral.

Thanks jurn, very helpful.

A couple of thoughts on my mind make me want to make sure I post them here. First thought is this. Do not be biased to one direction when trading in FX. Just because the trend is down/up does not mean it will stay that way. Everyone should take a few hours this weekend and review theyre candlestick patterns. If one can see reversals in formation not only can you save/make more pips but you will be prepared for the reversal move. To expand on this, one must know the difference between a retracement/pullback and a reversal. I encourage anyone who has trouble with this to learn all about Fibonacci and his retracements. Two key candles I look for in a good reveral are the "hammer and Hangman". Second thought is this. Never assume the price will do anything. Its not fact untill it happens. Always wait for a closed candle/confirmed signal before initiating a trade. This thought came into mind when I was thinking back to my early trading days and I read the book Foreign Exchange for dummies. When trading on PA/Technical analysis the key is sticking to the trading plan all all costs but at the same time dont be a robot. If a trade looks risky enter only a small lot. A small lot will lead to a small loss or a small profit and after all a profit is a profit. Always leave a portion of your position open. As many traders know the feeling of an exit at 20 pips then the price rockets another 100 or 200 pips. Dont be greedy as greed will get you nothing in the end. The idea is simple take a longer amount of time and make solid profits in the end or struggle loosing mass amounts of equity in every loosing trade instead of loosing small amounts and having big gains by letting a portion of your trade run to the end of the day or week. No should risk more than 1% of their equity per trade. If a position is moving against you and is going to hit our stop let it. Thats what its there for. Never move your stop unless you place in the wrong spot in error. Move your stop to BE after about 20 pips in profit and let the trade run. Once the stop is BE you have nothing to loose. If the trade falls back to your stop its no big deal just wait for the next train and hop on. Lastly stick to a system. The idea is simple and works with many things in life. First you go to school, then post secondary to train for a carreer then you start your life in whatever you trained for. Theres no way you can have a carreer unless you spend years in school learning and even then when you get a job you still need to learn more before your even any good at it. To expand on this lets plant a seed in your brain. What would happen if you were bad at your job? What would happen if you treated your job like you did your trading? Point being is that it take time to become good at FX like anything else. Heres another thought. How well could you learn to do any job/carreer if your switching professions 1 a month or every two weeks? Theres no way you can be good at anything. Same goes with an FX method/system. If your changing every two weeks or month how are you going to get any good at all in FX?

FJ

It is very truly told!

Very nice speach there forexjedi. i agree with u all the way.

Whats up everyone. Hope you guys are trading right now cause its been nice!
I am in this short right now so lets see what happeneds =-]

http://i42.tinypic.com/o90iyw.gif

Thanks Forex Jedi for all your hard work and excellent advise.

ForexJedi thanks for your recent post. Your message is exacty what I needed to hear today, seemed like you were writing it directly to me. You know well the various mental states of traders. I know you "stick to a system" and it is good motivation to hear again why you do that.

I have been grappling with the issue of the discretionary aspect of trading. So many times in the chat the question is asked, "Are you in?"

Part of the answer is defined by the rules and my task is learning to be consistent in applying those rules. The other part of the answer comes from my discretion, my judgement or 'feel' for the current situation. This is the part I still have trouble with - so there's a seesaw going on. The science versus the art of trading. Ideally I hope to find the right balance that combines both the science and the art.

One solution I'm trying is using my discretion to determine what 'mode' the market is in. The market modes I see are fast trend, slow trend, or choppy consolidation. Then, depending on which mode we're in, I apply a more defensive or more aggressive setup.

Defensive Setup for Choppy Mode

In my last post I mentioned waiting for signal candles to confirm and trading only in the direction of the previous day's candle. Combined with the standard profit targets from 'The Force' and I have a defensive setup that consistently wins in 'choppy mode'.

This is the setup I used on Friday as price crunched and munched its way slowly down towards the monthly low again at mS1.



ForexJedi your system Takes the Chop!