The Force 5min system

Rufus,

that is so true, it's so hard not to trade when your bored. it's like you start to see trades just to trade. this may sounds stupid but if i can go 3 days without a losing trade i give myself a treat, pint of Ben & Jerrys. I LOVE ice cream and my diet doesn't allow it so it's a huge treat for me.

I also trade some things on the Higher TF that keep my attention so i'm always trading. But that is me, i'm still like a ADHD little kid.

Simple

Not stupid at all.... I need to come up with something like that for me.

Rufus

Rufus and Simpleguy, thank you for your recent posts, they have been very helpfull.

I have read the posted information carefully and I am trying to understand it by applying it at the end of my working day (trying to get a better understanding of the market and how she works). Tomorrow I can trade the whole day live in my demo account (because I have a free day). I shall post some of my charts along the day and keep you informed.

Can you tell something more about the releases of news items? Where can I follow news items and witch one is important for Eur/USD?

Still learning....

Right here on Forex Factory under the calendar tab. The red tabed ones are the high impact. Those you pay the most attention to.

Rufus

Aight sorry for my noobness but can someone sum up this thread and throw in the current indicators and anything else for me please, or point to a more up to date post? Or are the indicators etc still valid on post #1?

With over 50 pages of comments etc, I won't be able to go through them all and live to tell the tale.

THX!

start on post one, read it, read the PDF and then start reading the whole thread. this is what you need to do.

good luck!

Simple is right !!!!!

There is no short cut with the Forex market. Most all get a lot of bumps and bruises along the way, and you will find a good record of some in this thread. Maybe then you will even get fewer bumps than the rest of us.

Also if you read through the thread you will also find a lot about managing your risk, this will keep you in the market. A mistake that is often made is risking to much. Then it is no longer bumps and bruises but scars that can run deep emotionaliy and take a lot of work to get rid of.

Take your time to learn it, you wont miss out. The market will be there tomorrow or next year, with more setups.

From Ed Ponsi's book concerning risk and and your trading plan

Would I rather have temporary sucess that is setting me up for a long-term failure, or would I rather have temporary failure that is setting me up for a long term success?

Do the time required... you will see the results.

Trade well all

Rufus

It's difficult to be patient, but I am reading the thread and it's learning +++ Good luck!

The market is beneath the 2.8842, shall it hold?

And maybe I have seen my first real live news item (see photo), can some one confirm this (the difference was a hour with the news calender, is that possible?

Greetings!

Or maybe it was London opening.... beginners mistake?

it looks like it was the London open. Something else I do on my charts is I look at the calendar. Go on my charts and make a vertical line on my charts at the time news is released. Got my butt burned too often by not doing it.

Simple

Sure shows you the strength of the pivots. Last night I watched this happen and had to sit hard on my hands to not take a trade off the retest of the daily pivot. ( I told my self no trading till work caught up) So it turned oyt to be a lesson in self control, even more important. So I gave the pips away

Rufus

Side note on the above pivot. It also corosponds with the 38.2 fib of yesterdays move. Also on 4h chart it also lined up with previous resistance/support. So Three reasons for the change in direction. Not to mention London got ahold of it. What London says London does.

Also in an uptrend so only taking longs

Rufus

Rufus, so you plot the news moments on your charth. And then? Do you don't trade. And how long before and after do you don't trade?

Simpleguy, What do you mean by "told my self no trading till work caught up"?

There where enough moments to step in, see the trend channel. I am curious how far we will go?

Just for fun I looked at the daily chart and did some measuring.

"I called" the patturn on the bottom a head and shoulders. The measured move is the distance expected before it retraces again. The move durring London was almost to the pip.

Rufus

I guess that this is the end of this trend.....
What a trend......

And here the chart

Simple puts a vertical line on his chart. An excelent idea. I write down the time of the news release and the time of the last candle I can place a position on. (30 min. before news release) As for after the news to me it varies. I like to see the whipsaw settle out.

As for work. I trim houses and as of lately have been working 7 days a week to get caught up. I get to distracted when I try to trade while working so much.

As for your trend channel it looks to be turning around on the weekly pivot and 61.8 fib. Moves that are this violent I stay out of (inless I happen to be alredy in it from a previous signal). They can reverse on you just as fast. Thta is just mee.

Rufus

Rufus

I have taken your advice and put the news releases on a chart (of last friday; see picture).
It's remarkable to see how much price swings occurred during those news moments. Do you also plot the opening and closing moments on you chart?

Greetz,



“Luke: What's in there?
Yoda: Only what you take with you.”

Hi Rufus,

Forexjedi made a comment exactly like you about the monthly pivot ( and you about the weekly). I would like to quote post 128:

"Special note regarding todays charts on the Eur/Usd. I would like to attribute today unstable price action patters limiting trades on my system to the price rallies around the monthly support 3 at 1.2728. Theres a battle here between the market makers and high rollers. The first signal was the unstable price action that started right around 12am est. I like to stay away from the market around monthly supports because the market is extremely unstable and unpredictable for traders using the intraday charts. If you go draw a line at the monthly support 3 price of 1.2728 zoom out on your charts and look at the whoe weeks price action you can get a good idea of how the price acts around montly supports. I would like to add that caution should be used if the price is within 100 pips of any monthly support. On monday when the supports have changed there will be many pips to be made."

Do you never trade during this periods or do you have a other system during those times? If you use pivot / PA you could maybe anticipate on these moves? I am only learning....

Greetzzzzz