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The 5 minute TF S&R trading system

"I have a line from earlier this morning @82."


That is Daily Pivot line.

Short @ 29837 , moved to BE after 6-7 pips
Quoting jtrade
I think the challenge is not to make 7 or more wins / month, but not to accompany them with 7 or more losers. I like your approach to call it a day after a first, single winner & I agree that if you have a winning approach why change it.

Nevertheless, I notice that I constantly morph my trading methods, frequently to my disadvantage. I remember banging out $10k / month with H's key to the mint method, but slowly changed it.

Anyway, I've moved towards longer timeframes, but this could be just the ticket for...
My sentiments exactly
In many ways I really like trading off a line chart, but I think that for drawing S&R, candles are better (unless you only want to use Close prices). Here's the comparison, the white line is an SMA(1) Close, ie. the same as a Line on Close chart.

Time for the school run for me...
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do you think anyone would trade a method that can have 7 losses in a row i wouldn't i d look for something else
Quoting fxpivots
do you think anyone would trade a method that can have 7 losses in a row i wouldn't i d look for something else
Hello FX
if price goes to 04 i am selling
the reason why i like fx's method is he's idea of looking for higher probability in entry by hunting for the reversal signal pattern which, if we are "picky" enough to take the trade on or near SD/SR areas will give positive results. imho
regards,
f.
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Quoting fxpivots
do you think anyone would trade a method that can have 7 losses in a row i wouldn't i d look for something else
Some of the most profitable futures traders in history trade methods with 35% win rates. They make sure they get all the outlier wins, which is why Van Tharp, who likes to model these guys, write books about the importance of R Multiples.

You only need high win rates if you go for 1:1 RR or worse or if, like me, you prefer to feel emotionally comfortable when trading .

My observation in my own trading is that I go through extended streaks. My best quarter is 83% winning trades (116 trades); unfortunately, I occasionally drop to 50%, which means around breakeven and is exhausting. I've reached a point where I just want to be consistent and I like the simplicity of your approach - which I appreciate you sharing - though I will always shoot for a reward > my risk.

Gotta leave now !
miserable internet was going to short saw 123 and it get taken out so i didnt enter thank god though i wanted to alert you guys hopefully nobody put trade on there will be losses but they are at a minimum. when doing 1 1 r r you need high win% as i said before this is about 80%
unless 123 scenario occurs again i will go long at 15
here we go
long @ 23 after support @ 19
move stop to n e
back on track with a win
Quoting fxpivots
back on track with a win
Fx if your done trading for the day..... would you mind charting this win out and post it, so I can see your thinking
if this close below 13 then sell at 13
joel u see 1245 gmt close made a high next close was a small pullback then went higher i want to buy pullback to last high r turns into s
there you go another win an done. hey frank you wanted live trades you got it a few bumps in the road but thats trading
Quoting fxpivots
if this close below 13 then sell at 13
Curious, What was your motivation behind selling at 13?
123 break and pullback also notice how price went right down to demand area a turned around
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