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The Force 5min system

  • #2,801
  • Dec 8, 2009 12:04pm Dec 8, 2009 12:04pm
Back to the 5 min chart

First entry. Sell

The nearest resistance below is daily pivot. I will have to watch PA arround this area.

The move was a total of 32 pips

Did not take previous red candle. It was to far away from upper trendline and to close to daily pivot.

Rufus
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  • #2,802
  • Dec 8, 2009 12:12pm Dec 8, 2009 12:12pm
Next 3 red candles, sell signals all to close to daily pivot which has proved to be support.

Also additional upper trend is drawn in.

New sell signal broke daily pivot. 46 pip move. It also set a new point for additional lower trendline.


Rufus
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  • #2,803
  • Dec 8, 2009 12:25pm Dec 8, 2009 12:25pm
Old lower trendline (old support) acted as resistance. New signal.

I am not as concerned about daily pivot because it has been penetrated numerous times, but will still be watchful.

This move turned out to be 118 pips.

In summary. 196 pips, 3 entries, only using upper trendline for my sell signal.

I have come to the conclusion that in the past I traded way to much.

I will be starting each trading session with a plan as to exactly where on the chart I will be a buyer or a seller. This will be all done in relation to trendlines and pivots. Outside of that I will sit on my hands or read a book.

FJ if you get a chane to see all this let me know what you think. Especially if you would have done anything different. There were a couple of long signals that would have produced some good pips. Would you have been in on any long positions off of lower trend lines?

Rufus
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  • #2,804
  • Dec 8, 2009 1:48pm Dec 8, 2009 1:48pm
Quoting Rufus
Here you go

Rufus

MT4 format

thanks i will put it on my chart
  • #2,805
  • Dec 8, 2009 4:49pm Dec 8, 2009 4:49pm
Rufus, nice charts and examples of how you are looking at set ups. Also thanks for some nice trade description from your developing trade plan. I have read "Trading in the Zone" I also think it's a must read. Finally trying my hand at drawing the trendlines and looking at pivots. There is a lot there but it does make sence especially when it does what is described throughout this thread. So I'm trying to start to understand the concept of price movement around those areas. So easily done with hindsight tougher to figure it out live but that is the only way to get a grip on it and hopefully see it right. Good trading!!
  • #2,806
  • Dec 8, 2009 8:15pm Dec 8, 2009 8:15pm
Excellent work Rufus! I appreciate your explanation of what your doing and why. Keep it up!!!

Thanks
dw
  • #2,807
  • Dec 8, 2009 11:29pm Dec 8, 2009 11:29pm
All sure seems to be quiet for F5 so far. I am waiting for price to bounce off, or come close to the upper trendline before I put in a sell order. So far it looks like I may be in for a long wait. I may decide the Fx market can wait and go to bed. To bad I don't live in Hawaii, be much better trading hours there.

Rufus
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  • #2,808
  • Dec 8, 2009 11:59pm Dec 8, 2009 11:59pm
Hi, what session times are preferred for setting the pivots? I am using the 24 hour day session. Thanks in advance.
  • #2,809
  • Dec 9, 2009 12:28am Dec 9, 2009 12:28am
Quoting Day Late
Hi, what session times are preferred for setting the pivots? I am using the 24 hour day session. Thanks in advance.

Those may work. The ones I use are from New York close. If you use MT4 format try this. I don't know if one is better or not, could be they both work well.

Rufus
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  • #2,810
  • Dec 9, 2009 12:35am Dec 9, 2009 12:35am
I am not in this move. Did not get to my entry area. It will be interesting to see where this goes. I may not be long here and just call it a day. See what I can do in morning.

Rufus
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  • #2,811
  • Dec 9, 2009 12:37am Dec 9, 2009 12:37am
Here it is. It is interesting how it can move from 200 MA
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  • #2,812
  • Edited 6:16pm Dec 9, 2009 12:32pm | Edited 6:16pm
Hi, Sorry for so many questions lately. I am just trying to get things right and I think I am along the correct path with all of your help. So I hope nobody minds if I have a couple more --- ha. Is there an active chat room that traders are going to and if so could someone post the link. I have found 3 links within the last 10 or 15 pages but not sure which 1 is correct. Also is anyone using the force fibo trade from post 2194 on page 147 to trade and if so how is that going? Someday (hopefully soon) I can help answer the questions not ask them. Until then I'll just keep plugging along the learning curve.
  • #2,813
  • Dec 9, 2009 6:46pm Dec 9, 2009 6:46pm
Quoting Day Late
Hi, Sorry for so many questions lately. I am just trying to get things right and I think I am along the correct path with all of your help. So I hope nobody minds if I have a couple more --- ha. Is there an active chat room that traders are going to and if so could someone post the link. I have found 3 links within the last 10 or 15 pages but not sure which 1 is correct. Also is anyone using the force fibo trade from post 2194 on page 147 to trade and if so how is that going? Someday (hopefully soon) I can help answer the questions not ask them....

Keep the questions coming. I really don't mind. It sharpens me as well.

I am not using forece fibo. I have a seperate 15 min chart that I run fibs on to see what may be happening.

I don't think there is an active chat room. Someone else may know for sure. I had quit using the chat room when it was active. I have one monitor to work with and flipping back and forth became an issue and I started to miss things.

Rufus
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  • #2,814
  • Dec 9, 2009 7:44pm Dec 9, 2009 7:44pm
Can you still trade the Basic Force 5 like in the first post?
My Email For Help: [email protected]
  • #2,815
  • Dec 10, 2009 12:28am Dec 10, 2009 12:28am
Quoting tcmm
Can you still trade the Basic Force 5 like in the first post?

You can. Not every signal is a signal. Still be watchful of S/R

Rufus
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  • #2,816
  • Dec 10, 2009 2:08am Dec 10, 2009 2:08am
Hi all.

Good example here for why you can't take every signal.

I sat here for 2 hours. Finally got my signal. I closed it out a tad early though. This trade was a tad close to "00". I had a lot of resistance above.

Rufus
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  • #2,817
  • Dec 10, 2009 11:35am Dec 10, 2009 11:35am
Now that I am awake.

Last night I was way to tired to be watching charts must less post. To many wild FX parties.

Last night I started watching the charts at 4:00 GMT. So just after that nice move down.

What was interesting to me was all the "false" signals. 6 of them. This would be hard on your account so care must be taken not to grab them all.

Okay just a reminder and I quote from Jesse Livermore's Book:

"After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance. The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight. Old Turkey was dead right in doing and saying what he did. He had not only the courage of his convictions but the intelligent patience to sit tight"
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  • #2,818
  • Edited Dec 11, 2009 11:25am Dec 10, 2009 5:44pm | Edited Dec 11, 2009 11:25am
Great quote Rufus and timely, I have that exact problem of not holding trades, probably from lack of confidence and fear, but that is what one has to do to even have any chance to survive in this shark tank. I've had too tight of stops and get filled most times and I raise the stop to break even way too soon only to get filled and then see it go. These rules are in place for a reason!!! So I have to have faith and follow the rules ( I've yet to have pips stack but I do believe they are right around the corner with some hard work and and perservence and of course help from you all).
Todays questions, do you leave your trendlines alone when they have been breached or do you redraw them with the new current bars extension? Also today is a daily inside bar with a slightly down close so do you take the sell signals or both long and short because we have been basically range bound? Again thanks for any and all help. Day late
  • #2,819
  • Dec 10, 2009 6:15pm Dec 10, 2009 6:15pm
Quoting Day Late
Great quote Rufus and timely, I have that exact problem of holding trades probably from lack of confidence and fear, but that is what one has to do to even have any chance to survive in this shark tank. I've had too tight of stops and get filled most times and I raise the stop to break even way too soon only to get filled and then see it go. These rules are in place for a reason!!! So I have to have faith and follow the rules ( I've yet to have pips stack but I do believe they are right around the corner with some hard work and and perservence and...

I will leave trendlines in often for a few days and keep drawing new ones. Sometimes an old trendline that used to be support then breached will become resistance. I will take off the trendline if it is no longer acting as support or resistance ie., price just passes through back and forth. Or if the TL is no longer logical or confusing things.

Being we are range bound it will become more difficult to get enough space from support to resistance to get our position to work. I still think we will get some more nice movement to work with. End of Dec. first of Jan can get real slow.

As to which signals to take. I am going to be waiting for a move to the extreem one side or the other and see if I can get into a retracement. Also I will be looking for multiple layers of S/R to protect my stop.

Rufus
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  • #2,820
  • Dec 11, 2009 5:39pm Dec 11, 2009 5:39pm
With the markets now silent I have time to reflect on the mistakes I made this week. But still keep the infomous Yogi Berra in mind so I don't get to hard on myself.

"I never blame myself when I'm not hitting. I just blame the bat and if it keeps up, I change bats. After all, if I know it isn't my fault that I'm not hitting, how can I get mad at myself?"

Makes you smile doesn't it.

Rufus

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