The 5 minute TF S&R trading system | Forex Factory

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The 5 minute TF S&R trading system

  • #1
  • First Post: Edited Mar 6, 2014 9:33pm Oct 31, 2011 12:59pm | Edited Mar 6, 2014 9:33pm
Though the info is valid and still works the amount of trades has reduced. In my search to increase the trades a whole new window of opportunity arose. I still trade the 123s and pullback but just a little different here is a link to the video I made and start with page 244 post 4877 you can see a video on page 275 post 5496 explaining the rules and setups.
  • #2
  • Oct 31, 2011 2:12pm Oct 31, 2011 2:12pm
so any questions on how to trade support and resistance on a 5 minute chart
  • #3
  • Oct 31, 2011 2:19pm Oct 31, 2011 2:19pm
Hi FX
I have recently started studying 123 patterns so I am very interested in following this strategy. I also believe in no indies and keeping it simple.

Your charts make a lot of sense and I will look for past patterns to study and get to grips with myself.

If you were studying just one pair, maybe EUR/USD on this timeframe, how many setups would you expect per day?

I am fortunate enough to work from home, so I can keep an eye on the charts during the day and make manual trades.

At the moment I am concentrating on strict SL and Money MAnagement to get disciplined.

Keep up the good work and I will follow with interest.

Thanks for sharing
Paul
  • #4
  • Oct 31, 2011 2:41pm Oct 31, 2011 2:41pm
Well the way i would answer it is this; its not how many trades you put on a day but how many winning trades to put on. My money mangement goes as follows if I get and 123 at end of trend and i enter on the break of point 2 and it goes to a win i usually call it a day since i risk 3% i trade with mine and my clients money. If i have a loss and price doesnt make a new low but just takes my stop out if it goes threw point 2 i reenter if it wins i wait till it retraces to enter again so basicly i enter up plus 1 on the day maybe with 1 pair 10 to 15 trades a month via 1 session
  • #5
  • Oct 31, 2011 2:54pm Oct 31, 2011 2:54pm
Just wondering if it would be safer to only make the second trade on the pullback. I know it's much more conservative (which I don't mind) but as long as there are plenty of opportunities.
  • #6
  • Oct 31, 2011 3:35pm Oct 31, 2011 3:35pm
Yes you can use that as a confirming trade and as each high gets taken out wait till it comes back to resistance point and enter there.
  • #7
  • Nov 1, 2011 9:05am Nov 1, 2011 9:05am
FX
What pairs do you trade with this strategy?
  • #8
  • Nov 1, 2011 12:17pm Nov 1, 2011 12:17pm
Quoting fxpivots
you must make them your own with your own rules for entry, stoploss and most importantly money mangement. Ok here we go. Support and resistance will be done only on 5 minute charts. 123 patterns are a part of support and resistance as well as broken 123 patterns which are 123's where the 3 point takes out the 1 point its a quasy 2b pattern. Indicators needed (NONE) when resistance is broken price will come back and test it to see if it turns to support this is high probability because of market structure. Here are some charts to show what i mean...
Fxpivots, how do you set your stoploss and takeprofit target ?
using 5minutes charts, there is a lot of support resistance, how do you pick a trade ? or there is a specific time to trade using your system ?

Best regards,
Jin Shan
- 888 Horse Power - Fast Momentum Speed Run Towards VICTORY
  • #9
  • Edited 5:31pm Nov 1, 2011 5:15pm | Edited 5:31pm
Hi guys its tough for me to be on in the us session since i am trading my own acct and a managed acct, so i will answer questions at night unless i find time during us session. This strategy can be traded on any pair any time frame any market its S&R. I tade the us session only since i live on east coast.I primarily look at eurusd first then check other pairs. Its all price action. As long as market is swinging on 5 minute chart theres always something to trade. I will also intoduce my secret weapon which everyone already knows put i have incorporated a few rules to implement it. First chart is the regular setup the second is the prize setup.My target and stops are always 15 pips. Now if i get into a trade and it stops me out and then comes back to my first entry i will reenter trade 99% of time second time through it gets your money back, which means the pullback was a few pips more before resuming the move.
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  • #10
  • Edited 5:51pm Nov 2, 2011 5:27pm | Edited 5:51pm
2 simple setups notice on the setups you also had divergence
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  • #11
  • Nov 2, 2011 11:23pm Nov 2, 2011 11:23pm
Quoting fxpivots
2 simple setups notice on the setups you also had divergence
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nice setups fxpivots,

Jin Shan
- 888 Horse Power - Fast Momentum Speed Run Towards VICTORY
  • #12
  • Nov 3, 2011 8:24pm Nov 3, 2011 8:24pm
hi jin yes that was a valid setup just not my time to trade
  • #13
  • Edited 11:53pm Nov 3, 2011 11:20pm | Edited 11:53pm
hello fxpivot, thank you in advance for starting this thread. im confused, is 2b and broken 123 the same?

more power to you
frank
  • #14
  • Nov 3, 2011 11:27pm Nov 3, 2011 11:27pm
Quoting alrightfrank
hello guys, this is similar to the method i am using from the other thread, i also hunt this setup in M5. i look forward to learn 2b method i saw from another member named 't.h.p.' but his post is quite a few. thank you in advance for starting this thread fxpivot. here is the setup i caught this 3am.

more power to you
frank
nice setup Frank, where do you open a trade ?

that red dot, is that kind of fractal ?
why there is just a resistance dot ? , where is the support dot ?

Best regards,
Jin Shan
- 888 Horse Power - Fast Momentum Speed Run Towards VICTORY
  • #15
  • Edited 4:14pm Nov 4, 2011 12:03am | Edited 4:14pm
Quoting Du Jin Shan
nice setup Frank, where do you open a trade ?

that red dot, is that kind of fractal ?
why there is just a resistance dot ? , where is the support dot ?

Best regards,
Jin Shan
my apology mate i just thought the chart will have no relevance here, this method is quite similar to the one i use from another thread.
yes its a dot fractal i just use it to confirm HL/123 pattern. i normally open the trade on the 3rd candle or after the finishing candle when i saw the fractal.
regards
frank
  • #16
  • Nov 7, 2011 6:32am Nov 7, 2011 6:32am
hope someone gots these 3 setups
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  • #17
  • Nov 7, 2011 7:28am Nov 7, 2011 7:28am
Quoting fxpivots
Well its been over 2 years since my last post and the reason for that is i took what i learned and constructed a profitable way of trading. Whether you get info from forums,books etc. you must make them your own with your own rules for entry, stoploss and most importantly money mangement. Ok here we go. Support and resistance will be done only on 5 minute charts. 123 patterns are a part of support and resistance as well as broken 123 patterns which are 123's where the 3 point takes out the 1 point its a quasy 2b pattern. Indicators needed (NONE)...
Hi Fxpivots..


On your first post of the thread you have a Eur trade from 21 Oct why didn't you count the 123 as the 123A pattern instead of the 123 pattern you identified? Do you use some sort of filter to ignore the first 123A pattern?

Same on the AUD trade on 2 Nov, you have identified a 123 pattern. I see a 12A3A form inside of the larger 123 pattern you have identified. Can you give us some insight on which 123 patterns you choose and which ones you ignore.
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  • #18
  • Nov 7, 2011 10:24am Nov 7, 2011 10:24am
hi dave what i do is let 123's break and when 2 candles close completely away from 2 point i will then enter when price comes back to 2 point in each one of those cases 2 candles didnt close away from point 2 so i look at the entire patter as a broken 123 or a bigger 2b pattern either way it needs to take out point 2 to continue the up or downtrend.
  • #19
  • Nov 7, 2011 10:29am Nov 7, 2011 10:29am
here is a chart . In the 2 charts can you find the deviation of the 2 pairs? If you can you will find the winning trade. Answer in next post
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  • #20
  • Nov 7, 2011 10:34am Nov 7, 2011 10:34am
here is the answer the chart on the left is audusd which has a 2b patern with divergence and it deviates from the pattern on the right which is audjpy when you see this patter occur this is a very high probabilty win rate. You will notice the charts look exactly the same till it deviates giving you the signal
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