The 5 minute TF S&R trading system

LOL

buy 89

Bought at 1.29190 but price didn't go the full 15 so i set it to BE as price returned to my entry. Price didn't hit my BE stop so i tp'd at 1.29320 since thats around where it droped last time. +13

set my entry for 2929 but price just hovered above it so now i wait. I may or may not close.

yep and there it goes just missed the entry and it would have just hit my tp. Closing the po.

Did You Account For Spread ? Should Be Added For Long.

I had an order in at 2912 some hours ago... but I cancelled it coz we had to go out for a few hours - night time here. Quite late in the trend now. Feels too risky for me. I'll call it a day and try again tomorrow. Cheers people

Oh dear! Changed my mind... put an order at 40. A bit lower than the last resistance, but if it doesn't execute that's fine. Also, only 13 pip target. Put expiry on it, in about 20 minutes or so. Won't stay up to watch it though.

Yeah Gerry I'll be back, and around here but doing more lurking as I am getting to know this method now. I get in to the zone of studying and when I do, I stay there for a while and digest all I can.

Thanks for reiterating on the 7 trades, etc... I went back and read the thread again too. Each time more sinks in, so I am going to keep doing this until it is all second nature. I grasp this method, but want to be able to do it in my sleep.

I dig this method and though I'm practicing with chump change, I feel a lot more confident in the few trades I've done this on. After I get a nice feel for this, I'm going to scale back.

Until next time ... Peace!

Yep i accounted for it. Oanda uses the mid point between the bid and ask I subtract half the spread from my tp and add the other half to my stop.

Wow, looks like today would have been a big money day should anyone had been using this system from london open.

Well, I thought I'd be okay on that long trade yesterday, though late in the trend, it was quite early in NY open, but didn't work out.

Most of my losses (i figured a while ago) were because I was waiting too long and getting in late in the trend (not fresh) and then the reversal takes me out.

So then decided needed to get in right near the reversal, fresh trend. Now I'm v. often getting taken out by false reversals. I didn't trade the attached, but would have if I'd been around. Is there any way I should have known NOT to take that short?

By the way, part of my prob is that it's near impossible for me to pay attention during London and NY opens. Family needs me then and bedtime soon after. I remember reading that it was okay to trade thin trade times.

wow someone who trades like me why isnt this thread active

does everyone here understand the concept

I've seen some others doing really well here. As for me, I get the theory still working on the practical.

'trades like me' - sound good.

Why's the thread not more active? Well, the million dollar question! But don't dismiss the few diehards that are active here!

ok i will hang for awhile as far as todays market a whole lot of shaking going on

T.h.p.,

"Someone who trades like me" caught my attention

If you don't mind, how long have you been trading this way, and what type of results have you had? All in all, what is your 2 cents on this method?

I really like it, and even though I'm new at it, I plan to stick with it.

If I understand your post correctly, I wouldn't have taken that short (red arrow) because you can see it is starting to hit the supply level. (Look near the orange line to the left) In other words, you got trapped where previous resistance became support. That's happened to me many many times!

If I don't understand correctly; then my apologies, that is just what I am seeing, and why I wouldn't have went short there.

I figured I'd throw my opinion out there in case my thinking was flawed, but that is how I see that and what I try to avoid these days.

been trading this way for over 3 yrs very successfully. the market works via supply and demand (s &r). its late contemplating shorting at 70

Thanks T.H.p ... someone else with success was what I was looking to see!

Have a good weekend!