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The 5 minute TF S&R trading system

  • #621
  • Oct 15, 2012 9:16am Oct 15, 2012 9:16am
believe new entries available on the way to at least 2900
  • #622
  • Oct 15, 2012 9:34am Oct 15, 2012 9:34am
Quoting snail69
believe new entries available on the way to at least 2900
I was considering selling at 48 but i stayed out because i wasnted to see price close below the 45-42 area.
  • #623
  • Oct 15, 2012 9:42am Oct 15, 2012 9:42am
I felt the same about 42 area.

Was not around for earlier trade, but well called!
  • #624
  • Oct 15, 2012 9:42am Oct 15, 2012 9:42am
Ive tried this system twice now. Won both times. Thanks for the hard work.
  • #625
  • Oct 15, 2012 9:45am Oct 15, 2012 9:45am
I've just put an order at 40. Not sure it will execute...
  • #626
  • Oct 15, 2012 9:59am Oct 15, 2012 9:59am
Quoting Gerry
I've just put an order at 40. Not sure it will execute...
40 is a bit to ambitious for my blood.
  • #627
  • Oct 15, 2012 10:23am Oct 15, 2012 10:23am
Quoting Good Lookin
40 is a bit to ambitious for my blood.
Do you mean too late in the trend, or looking at resistance? Thanks.
  • #628
  • Oct 15, 2012 10:23am Oct 15, 2012 10:23am
No more trades for me today. Closing time
  • #629
  • Edited 10:30am Oct 15, 2012 10:26am | Edited 10:30am
Quoting Gerry
Do you mean too late in the trend, or looking at resistance? Thanks.
Both plus time of day, also if you look at 1.2930 there's an s&d level there that may or may not provide enough resistance for a sell at 40 not to hit a tp and may actually slowly push price back up to around 50.

But the most important factor for me is that I'm already in profits for the day and i don't wanna give the market a chance to take them.
  • #630
  • Oct 15, 2012 10:38am Oct 15, 2012 10:38am
Thanks GL. I'll go back and look again. Have a good evening
  • #631
  • Edited 12:27pm Oct 15, 2012 10:41am | Edited 12:27pm
trend is changing up now looking for long entries

chop is now heading south and it should be good for entries, start now
  • #632
  • Oct 15, 2012 12:47pm Oct 15, 2012 12:47pm
Hi all hope you are succeeding i have decided not to do signal service, its just not needed. All the info to trade successful has been documented. Just read the playbook and execute the trades.
  • #633
  • Oct 15, 2012 3:38pm Oct 15, 2012 3:38pm
Hi All,

Good technique, simple an effective. As with all PA trading the key being selective. Anyway I know this is only recommended for EU but has anyone tried other majors? Been backtesting NU on this, seems profitable. Just curious..

Best,
H

Edit: Going to start demoing this on all majors (except UJ) day round from tomorrow. Will post MM later. Will post results as I go along.
  • #634
  • Oct 15, 2012 9:39pm Oct 15, 2012 9:39pm
has anyone tried other majors?

Hi Goldfish,I've had more success with AU than with EU, but really like both for this. After that CU has been okay. I like GU, but the spread does get in the way, so I've only done one or two there.Good luck
  • #635
  • Oct 15, 2012 10:18pm Oct 15, 2012 10:18pm
I feel that when I've learnt this skill, then I'll settle on one or two ccy's, but for now I want to get more practice in, so 7 trades a month just doesn't give me enough practice runs.
  • #636
  • Oct 15, 2012 11:16pm Oct 15, 2012 11:16pm
you can just back test the last year or 2. If you come across any questionable situations then post a chart. I'm sure you'll get an answer.
  • #637
  • Oct 16, 2012 12:38am Oct 16, 2012 12:38am
Thank you GL. Here's one from earlier today... didn't trade it because I wasn't around. But seems to obey rules
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  • #638
  • Oct 16, 2012 12:45am Oct 16, 2012 12:45am
Hope no-one minds that I post an AU setup here. Here the AU seems to have done much the same as the EU.
Attached Image (click to enlarge)
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  • #639
  • Oct 16, 2012 2:35am Oct 16, 2012 2:35am
Quoting goldfish3
Hi All,

Good technique, simple an effective. As with all PA trading the key being selective. Anyway I know this is only recommended for EU but has anyone tried other majors? Been backtesting NU on this, seems profitable. Just curious..

Best,
H

Edit: Going to start demoing this on all majors (except UJ) day round from tomorrow. Will post MM later. Will post results as I go along.
Thanks for the response Gerry.

Moving on. So my MM will be slightly tweaked. SL with be hard 15 pip. TL will depend on closest M5 R/S level i.e. anywhere between 10 (min) to 15 (max) pip. Will BE position at exactly half the TP (eg. is tp is +15 will BE at +7, if TP is +10 will BE at +5)Will look for 2b's and 123's at prior daily highs/lows/closes/BRN's etc. other than that will trade long is market price is above day open and vice versa.

Trade 1. 2b pattern at BRN 1.3
Attached Image (click to enlarge)
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  • #640
  • Oct 16, 2012 2:37am Oct 16, 2012 2:37am
Quoting goldfish3
Thanks for the response Gerry.

Moving on. So my MM will be slightly tweaked. SL with be hard 15 pip. TL will depend on closest M5 R/S level i.e. anywhere between 10 (min) to 15 (max) pip. Will BE position at exactly half the TP (eg. is tp is +15 will BE at +7, if TP is +10 will BE at +5)Will look for 2b's and 123's at prior daily highs/lows/closes/BRN's etc. other than that will trade long is market price is above day open and vice versa.

Trade 1. 2b pattern at BRN 1.3
Stopped rather quickly.
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