The Force 5min system

Hello Simple, is your vacation still going strong or are you already back to work?

Thanx for the comments. I am trying to have a plan. Today was a good learning day. I saw that there was a lot of resistance at 1.3180:
-23.6 fibonacci level
-a down trend line
-daily support line 1

My thought was that the 1.3180 line would be broken. We were / are under the daily pivot so I thought / think that we will go up. And we have a lot of support from:

-The market is below the trend line on the 4 hour and 1 hour chart
-The market has support line 50 EMA on the H4
-The market has support line 200 SMA on the H1

But maybe we are just waiting for a retest…

But always look for PA!!!!!!! I am learning……

Hi all in Force 5 land.

Last night was a good example of price action and patience. The EU gave us three opportunities to get in on this run. I thought I would do here is lay out my thinking on this position over a series of posts.

1. Plan my entry areas.

2.Things I do to help me stay in the market. (not freaking out when price moves against you)

Here is the initial chart showing the thre areas of signals.

Rufus

This is a 15m chart.

I missed out on the run that came with Tokyo open. I was at my computer but basicaly I did not get the pull back I was expecting. I never just put on a position just because price is moving. I need a technical reason for a position. I did not catch a technical reason for a position with TO. I don't have an image of what my charts looked like then.

One of my trading rules is the hours of each session I will trade.
First 2-2 1/2 hours of Tokyo
First 3 hours of London
First 4 hours of US

The Blue Box is Tokyo untill Frankfurt opens. The two green boxes are potential reversal areas based on trendlines, pivots, and PPA.
Those green boxes are my planed entry areas. I need a good reason for price to move to take a position.

Top box.
Very strong PPA. Weekly pivot, high of Asian session, 3 fib levels

Lower box
Daily S1 pivot. Trendline. 2 fib levels

Once that was set up I sat there and waited. I took the first bounce of the S1. The better entry was the second. Price came close to hitting my stop. My stop was placed behind all the resistance above the lower box., If it had taken me out. I would have waited for another signal at either of the two boxes.

The down arrow in the picture was to remind me I was only doing shorts.

Rufus

Side note.

I plan my trading day on 4h, 1h. charts.

Fine tune on 15m.

Enter on 5m.

Rufus

Somethingelse I was thinking about today.

You are not trying to get rich in a days trading..... There is nothing wrong with reducing your position size so as a result have less risk to be more comfortable letting things run. Once you get your stop moved to BE milk it for all you can get. I put stops above pivot highs/lows on 15m charts when I take my entry off the 5m. This last trade I broke up in three parts.

#1 gave me 26 pips
#2 46 pips
#3 77 pips

The FOMC meeting took out the ones left running, or they would have been larger as well.

Just a thought...Trade the amounts you are comfortable with but don't exceed the 1% FJ set up.

Rufus

I would like to see a good retracement to a fib level or trendline before I short this. The move with Tokyo and Frankfurt has been large.

Rufus

A bunch of news on the Pound could effect this as well. In 5 min

I sure hope you all caught that move last night..... I had gone to bed.......Blast.........

Missed 160 pips because I couldn't hold my head up. At least my plan was solid. :nerd:

Here is my 15m chart with my plan laid out.

Rufus

It was a nice trading day, with enough opportunities. I am beginning to fall in love with Fibonacci. I hope she also falls for me…(thanks for your analysis Rufus, it helps me a lot).

If you look on the 1 hour chart it is very clear that the up-trend line is broking. It looks like we are heading towards the monthly pivot. We shall see what p.a. will do.

A other thing I learned, when p.a. is in a rush (fast up or down) then my trading system (sometimes) crashes. It makes me paranoid, is this something you have got with all trading platforms / brokers? I am currently using RBS (Royal Bank of Scotland).

When price is moving rapidly.

Your spread will at times widen. Then when you send an order you may get a requote if price has moved to quickly.

I stay away from runaway candles. If I am in the position when it hapens in my direction...great. Otherwise I stay out of it till it stops. It can turn and run just as fast against you before you can even get your stop set. This happened to me once, finally got out with a 50 pip lopss when I was setting it fo 10.

As for the system crashing.. Your indicators?
I am not sure what web sight you can go to. But here in USA you can get information on all brokers, complaints etc.

Glad your enjoying the Fibs, Their my favorite.

Rufus

Hey Forexmist

I thought of somethying else.

It is plain to see that you are realizing that price action is the #1 consideration when trading. NOT the indicators. Even with the Force 5. Price action is what we watch the indicators only confirm our entry. FJ had said a number of times that you will get to a point that indicators will not be necessary, because you understand PA. So, way to go .

I personaly keep indicators off my charts, for me they grab to much of my attention. Then as a potential entry approaches, I may throw the indicators on to confirm my thinking. If I am dealing with a range bound market however I most always will confirm an entry with an indicator.

Some food for thought.

Rufus

Use MT4 multi terminal it's more stable,..
works for me.

I am on vacation, see you guys after my holiday!

Have fun

is the vforce.tk chat still being used? if not can someone direct me to the new one, theres nevere anyone in the force.tk one.

I don't believe there are any active chats for the Force

Rufus

Is this thread still about the original force5 system? I read up to page 127, and the posts Ive seen her at the end are using diffrent indicators, just wondering if you guys are still keeping the force alive in case I need some help?

Yes still keeping the Force alive with the original indicators.

Any questions just ask

Rufus