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The 5 minute TF S&R trading system

  • #541
  • Oct 8, 2012 9:26am Oct 8, 2012 9:26am
Would you say 72 is the place for a short? Or 63 if current candle closes down?
  • #542
  • Oct 8, 2012 9:38am Oct 8, 2012 9:38am
you only need 7 wins a month so be selective its there every month. another thing if your up 12 or so you don't have to give them all back take 5 and look to get 10 on another trade
  • #543
  • Oct 8, 2012 9:41am Oct 8, 2012 9:41am
For practice purposes could you answer Gerry's question
Regards
  • #544
  • Oct 8, 2012 9:43am Oct 8, 2012 9:43am
69
  • #545
  • Oct 8, 2012 9:44am Oct 8, 2012 9:44am
ok. fx, Thanks for today's help. I must get to bed... and move to a different time zone!

Good night all
  • #546
  • Oct 8, 2012 9:52am Oct 8, 2012 9:52am
Nite Gerry.
  • #547
  • Oct 8, 2012 10:09am Oct 8, 2012 10:09am
this why i don't trade at this time of day volatility dries up. i like to be in trade 15 minutes and get the win
  • #548
  • Oct 8, 2012 10:11am Oct 8, 2012 10:11am
Quoting fxpivots
Well again its been awhile been trading effectivley the pullback based on the current trend. Simple rules no indicators just a 5 min line chart. We find the current trend and when it breaks its last low or high we wait for 2 closes below for short or 2 closes above for longs then we put entry in to sell or buy the stop is 15 pips and so is the target. Now if price goes against us we put a pending order in 15 pips away to reenter and target is still 15 pips. They dont happen often but when they do you lose trade 1 and win trade 2 for a BE day. This...
Nice and elegant!
  • #549
  • Edited 6:55am Oct 9, 2012 5:54am | Edited 6:55am
Good day FX.

Would you short @ 29321 ?

I did. Good for 11-12 pips as yesterday.
  • #550
  • Edited 7:48am Oct 9, 2012 7:14am | Edited 7:48am
Long @ 29474 - hope doing it correctly.


PS: - FX you use pending or market orders ?

- how do you account for spread ?

(know Oanda is good but others are around 2 pips) plus
sometimes slippage and ugly tactics from MT4 brokers

I am learning, thus, on demo, but had never such experience on Oanda as having with demo MT4 account -

now 29474 price turned to be + 2 (spread) and + 2 (invalid prices and other tactics from MT4 FXPro)


Edit: out at BE - price action
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  • #551
  • Oct 9, 2012 7:23am Oct 9, 2012 7:23am
closing price plus spread for entering longs and pending order
  • #552
  • Oct 9, 2012 7:39am Oct 9, 2012 7:39am
if it gets to 73 i will short
  • #553
  • Edited 8:27am Oct 9, 2012 7:50am | Edited 8:27am
not thrilled but 40 looks like the place to go longthrilled
  • #554
  • Oct 9, 2012 8:12am Oct 9, 2012 8:12am
get out near be
  • #555
  • Oct 9, 2012 8:28am Oct 9, 2012 8:28am
i will short at 30
  • #556
  • Oct 9, 2012 8:49am Oct 9, 2012 8:49am
moving stop to be
  • #557
  • Oct 9, 2012 8:55am Oct 9, 2012 8:55am
woops there iis target hitt
  • #558
  • Oct 9, 2012 8:56am Oct 9, 2012 8:56am
Quoting fxpivots
i will short at 30
jumped in a bit late and shorted at 27 now price is hovering right over my tp
  • #559
  • Oct 9, 2012 8:58am Oct 9, 2012 8:58am
Decided to just tp because if i had been on time i would have tp'd already +13 pips
  • #560
  • Oct 9, 2012 9:01am Oct 9, 2012 9:01am
nice 2B trade
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