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The Force 5min system

  • #2,641
  • Jul 22, 2009 9:58am Jul 22, 2009 9:58am
Could this be considered as a Head and Shoulder? Just asking then we maybe would know where itīs heading.
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Better being out wishing to be in, than being in wishing to be out....
  • #2,642
  • Edited 12:58pm Jul 22, 2009 11:26am | Edited 12:58pm
Tick,

That is one choas looking chart. it looks like a Van Gogh painting.

I try to keep my charts simple and plain as possible so i can read it and hopefully make clear decisions.

the entire point of this method is to keep it simple. remember.

i saw someone make a check list of things. thinkging maybe we do this to ensure all major things line up for an entry.

T4L
  • #2,643
  • Jul 22, 2009 8:16pm Jul 22, 2009 8:16pm
So the sl stays there where we initially placed it or we move it to the low or high of every previous candle?
  • #2,644
  • Jul 22, 2009 9:36pm Jul 22, 2009 9:36pm
Quoting Trader4Life
Tick,

That is one choas looking chart. it looks like a Van Gogh painting.

I try to keep my charts simple and plain as possible so i can read it and hopefully make clear decisions.

the entire point of this method is to keep it simple. remember.

i saw someone make a check list of things. thinkging maybe we do this to ensure all major things line up for an entry.

T4L
Haha T4L, you should my other chart when I put the full load on the screen, deleted half the portion that one can get a clearer picture.

But seriously, FJ said once in a post that we shall draw and redraw trendlines to get the pic, this here is a prototype of my version of his expression, i know itīs a little overloaded but one can get used to it.

Anyway, wasnīt there somewhere a trendline indicator in this Thread?

tick
Better being out wishing to be in, than being in wishing to be out....
  • #2,645
  • Jul 22, 2009 11:25pm Jul 22, 2009 11:25pm
Quoting rorieu
Thanks FJ

Seeing your chart helps

R
Here i found that text about trendlines, Jedi writes that he starts the day with new trendlines.
Now my question would be, what does he do with the old ones?, or how you guys are handeling this, are you saving your template from the day and pull up a new one every day, or is it not necesarry to save it and pull up a new one, maybe you can give me a few ideas, would be much appreciated.

tick
Better being out wishing to be in, than being in wishing to be out....
  • #2,646
  • Jul 23, 2009 1:24am Jul 23, 2009 1:24am
Quoting tickticker
Here i found that text about trendlines, Jedi writes that he starts the day with new trendlines.
Now my question would be, what does he do with the old ones?, or how you guys are handeling this, are you saving your template from the day and pull up a new one every day, or is it not necesarry to save it and pull up a new one, maybe you can give me a few ideas, would be much appreciated.

tick
HI TT, I think that what Forex Jedi meant by redrawing the trendlines, is that once a trendline had been broken, it is no longer valid - so it should be deleted, and replaced with a new one.

What I do once a trendline has been broken, is that I keep it on for a while, as price can sometimes pull back, and use the TL as support/resistance, so it's useful to have the TL there to spot this. But once price has either gone way past the trendline, or was a fake breakout, I will delete that TL and draw a new one which respects that new high or low.
  • #2,647
  • Jul 23, 2009 2:20am Jul 23, 2009 2:20am
Thanks LD, well that gives me a new view regarding trendlines, iīll try that, seems to be promising to clearing up the chart.

tick
Better being out wishing to be in, than being in wishing to be out....
  • #2,648
  • Jul 23, 2009 3:14am Jul 23, 2009 3:14am
Hi All,
Glad to see the Thread alive again.Use new Trend lines everyday.(I don't use them anymore)
The ultimate aim of Force 5 is to keep it simple.RD said to also use Daily,Weekly,Monthly Pivots to help determine S/R.

For EXIT , I use Price Action and or I wait for EMA's to cross again.(Watch for S/R)

This system works !
  • #2,649
  • Jul 23, 2009 3:22am Jul 23, 2009 3:22am
What happened to FJ and all the other Guys????????????
  • #2,650
  • Jul 23, 2009 3:38am Jul 23, 2009 3:38am
Hi DD,

i remember your nich from the Chatroom. What happened?: Dunno, think there was some arguing with some smart#ss, and maybe they were fed up after this or maybe even got banned. No Idea, eitherways I hope they come back or send us a sign.

tick
Better being out wishing to be in, than being in wishing to be out....
  • #2,651
  • Jul 23, 2009 4:16am Jul 23, 2009 4:16am
First trade of the day - took a short signal at 1.4225. Risky trade, as the weekly R1 pivot was at 1.4212, so that was my target, with a tight stop. Target eventually hit, I've taken out 80% of the profit, and am now letting the rest ride, with a BE stop.

With price trading within such a tight trading range, I'm reducing my targets and stops accordingly.
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  • #2,652
  • Jul 23, 2009 4:31am Jul 23, 2009 4:31am
Quoting DubaiDude
Hi All,
Glad to see the Thread alive again.Use new Trend lines everyday.(I don't use them anymore)
The ultimate aim of Force 5 is to keep it simple.RD said to also use Daily,Weekly,Monthly Pivots to help determine S/R.

For EXIT , I use Price Action and or I wait for EMA's to cross again.(Watch for S/R)

This system works !
Hi DD. Great to see a Force 5 old hand come back to the fold!

I agree, it's much better to keep this system simple, and to rely on price action as much as possible. I'm really interested to read that you no longer use trendlines. I'm still using them, but often find that the short term TL's get broken so frequently as to render them pretty much useless, especially when volumes are high. You then spend so much time redrawing them, that you sometimes miss the bigger picture.

DD, it would be great if you could post a chart or two, so we could see your thought process of how you go about entering a trade.

Yes, forexjedi did say to use daily, weekkly and monthly pivots. I don't like to clutter up my charts, so I have a list of them all written down, and just chart the pivots which are within 75 pips or so of the current price.

One last thing, when price stays within a tight trading range, the daily pivot levels, in my opinion, hold less weight, as you will have a level every 8 or 9 pips (today, for example, there are just 66 pips seperating the 7 levels). So what I do here, is just make a note of the actual pivot point (1.4239 today) and ignore the others. This is just what I do personally.

LD
  • #2,653
  • Jul 23, 2009 4:52am Jul 23, 2009 4:52am
Quoting Trader4Life
LD,

That is a nice catch!!! to make a trade after a good move (many pips with at least a small trend) followed by a doji or something similar then wait for a signal in the other direction. This was seen on the chart you posted.

I believe this may help to take fewer trades, hopefully missing bad trades, and resulting in tighter stops with greater than 1:1 R:R and high winning percentage.

this seems to be the current part of the system i need to work on - filtering out bad signals. many as possible.

See what's happening here. we are helping...
Hi there T4L. yes, there are lots of good traders out there, and the more we can help each other to pick up on little nuances to filter out bad trades, the better. The Force 5 is not a purely mechanical 'set it and forget it' system, you need to use your grey matter to make it work, but this system DOES WORK.

You're right about the engulfing candle observation - which maybe goes to show that we should be looking at price action for entries as well as exits? The only caveat I would throw out, is that we are trading off a 5 minute chart, and candle formations are less reliable than for longer time frames.

LD
  • #2,654
  • Jul 23, 2009 5:26am Jul 23, 2009 5:26am
LD,

I saw this trade set up and took it as well, but my entry to short was 1.4221. The signal candle was 10:15GMT. How did you enter at 1.4225, was it early before signal candle close? Anyway, i exit 50% at 10pips and 30% at 15pips and the last 20% was closed out for 18pips because my pivot point was saying Daily 1 at 1.4201. i agree this was some risk so i exited early on the last two parts. I took it because it was short term down trend with third lower high just made and nice doji at the top followed by a lower high candle and signal candle as well.

The risk in the trade was the stoch divergence: stoch had higher highs and lows while price chart had lower highs and lows. see red trend lines on chart. Is this why you thought it was risky as well besides the pivots?


Quoting LarryDavid
First trade of the day - took a short signal at 1.4225. Risky trade, as the weekly R1 pivot was at 1.4212, so that was my target, with a tight stop. Target eventually hit, I've taken out 80% of the profit, and am now letting the rest ride, with a BE stop.

With price trading within such a tight trading range, I'm reducing my targets and stops accordingly.
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  • #2,655
  • Jul 23, 2009 5:31am Jul 23, 2009 5:31am
LD
"First trade of the day - took a short signal at 1.4225. Risky trade, as the weekly R1 pivot was at 1.4212, so that was my target, with a tight stop. Target eventually hit, I've taken out 80% of the profit, and am now letting the rest ride, with a BE stop."

I took the same trade, I realize that my pivots differ from yours, my weekly R1 pivot is at 1.4235, thats why i took the trade at 1.4232, i rode it down (partitualy) till 1.4206 cause my daily pivot shows on 1.4204. I have Pivot Points Multitimeframe from Jedis Script, settings midpivots: false; Fhr: false; daily weekly monthly set to true; Period1: 1440. Do you guys have another indie for that, either way we should exchange our settings so that everybody who wants can adjust them and that we are talking from the same thing, what do you guys think.
LD, at how many pips do take out 80 %.
I had settings as follows:+3 30%, +5 20 %, +10 20%, +15 20%, +20 here i splitted the last 10 % and took out only 5 % and rode the other 5 down to target 1.4206. That was a nice ride, but it is like with the doji yesterday, afterwards you can say it was nice or it was ugly.

Is somebody in a trade atm or what are the prognoses or the thoughts? Oh News is out.

tick
Better being out wishing to be in, than being in wishing to be out....
  • #2,656
  • Jul 23, 2009 5:35am Jul 23, 2009 5:35am
I have Pivot Points Multitimeframe from Jedis Script too!

i will check my settings and get back to you for posting them

i agree with you, because the thread showed may traders having the issue of differnet readings for the D, W, and M levels.

T4L
  • #2,657
  • Jul 23, 2009 5:40am Jul 23, 2009 5:40am
My settings have been changed to match ours!! much better now for me!

They are:

settings midpivots: false; Fhr: false; daily weekly monthly set to true; Period1: 1440.
  • #2,658
  • Jul 23, 2009 6:16am Jul 23, 2009 6:16am
Quoting tickticker
LD
"First trade of the day - took a short signal at 1.4225. Risky trade, as the weekly R1 pivot was at 1.4212, so that was my target, with a tight stop. Target eventually hit, I've taken out 80% of the profit, and am now letting the rest ride, with a BE stop."

I took the same trade, I realize that my pivots differ from yours, my weekly R1 pivot is at 1.4235, thats why i took the trade at 1.4232, i rode it down (partitualy) till 1.4206 cause my daily pivot shows on 1.4204. I have Pivot Points Multitimeframe from Jedis Script, settings midpivots:...
Hi tick,

Great trade, I had to sit through a 6-7 pip drawdown before I saw that doji, and price come back down again. Yours worked out perfectly.

In a tight ranging market, I'll take a 80% out at around 10 pips, or wherever there is likely to be strong sup/res, such as a pivot point. Then I just leave the rest. Your gradual scaling out is sensible in a tight range, I just don't have the patience or discipline to close out at exactly those levels!

I'll take a look at jedi's pivot indicator, thanks for the tip. Mine appear quite different - I take mine from actionforex.com and just put them on the charts manually.
  • #2,659
  • Jul 23, 2009 6:25am Jul 23, 2009 6:25am
Did anyone jump in on this trade? I had to pop out for 20 minutes, and miss the best set up of the day! Inverted hammer, bounce off the daily pivot, and then a signal candle. Typical.

Incidentally, this signal, just after the new York open reminds me of something Robdee mentioned in this thread somewhere - that the first trade of the New York session is often a really strong signal to get a lot of pips from.
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  • #2,660
  • Jul 23, 2009 6:32am Jul 23, 2009 6:32am
Thanks T4L,

Now I am still not sure who has got the right or the better settings, few examples

D_R1 at 1.4254
D_Pivot @ 1.4202
[email protected],
[email protected],
D_S3 @1.4052


W_R1 is at 1.4235
[email protected],
[email protected]

[email protected]

Maybe someone can have a look and give a recomendation or an info.

thx, tick
Better being out wishing to be in, than being in wishing to be out....
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