The 5 minute TF S&R trading system

snail 55 and 524 make 2 closes above 512

Mistake noted FX . Thanks.

snail use line charts its easier to see

does everyone see the entries?

Hi there,

My chart looks a bit different (GFT). Didn't get 2 closes above point 2. I could have entered on retrace to 56, but I was unsure. Now it may even be looking bearish.

gerry what was gft point 2

Correct it is clearer.

point 2 = 1.29512
Then 3 candles close BELOW 2, then next closes above, but body totally straddles line on point 2.
Next candle closes above, but candle still 'over' point 2 line.
See charts.

Thanks

what was closing price of first red candle after point 2 was broken

1.29527

well if point 2 is 512 and the green candle closed above and first red candle is 527 thats 2 closes above point 2

okay. I've been thinking all along that 2 candles must close above means whole candle from low to high should be above the 2 line, no part of candle touching line at all.

My mistake. Thanks for clearing it up.

Please tell me, w.r.t. the V shape, should I worry about the depth of the V at all, ie. the DISTANCE in pips from point 1 to 2 or 2b? Will 4 pips do, for example?

v shape? what do u mean

See V in chart. Thank you

again everyone use line charts its easier to spot the patterns and see closing price

now you got it gerry that's a clear 123 pattern

Thanks fxpivots. So if that 123 were only a few pips in height, would it still count? Say 4 or 5 pips?

yes use eyes on line chart by the way the 62 entry would have worked also it hit target

Will do, thanks fx. I have to keep practising... fear when trend is not brand new. Burnt a bit a few times. Will get it soon

Not The Best Day. Missed Two Entries And Finally Stopped At BE After Being Up 11-12 Pips.