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The 5 minute TF S&R trading system

  • #641
  • Oct 16, 2012 1:08am Oct 16, 2012 1:08am
Hi Goldfish,

As you know, I'm still trying to get this... but some of the theory. I'm not sure whether you're intentionally doing these things differently, because you didn't mention them, so I'll just point them out in case you're not aware.

fx suggested using only line charts. It makes things easier to spot. I use 90% line, but refer to candles to see other things. You'll understand the benefit of looking at both. If you'd used line chart, the V would not have been very pronounced and your 2B (based on close, not high) would not have exceeded RN.

Please keep posting. I think we all learn like this.
  • #642
  • Oct 16, 2012 1:11am Oct 16, 2012 1:11am
When I'm looking for reversals, if the trend is up, then I usually only try to get in if it was a strong uptrend, then trade the reversal down. Does anyone know, is that right, wrong, or neither here nor there?

I.o.w. would it be as good / better if the preceeding trend were flat?
  • #643
  • Oct 16, 2012 1:26am Oct 16, 2012 1:26am
Quoting Gerry
When I'm looking for reversals, if the trend is up, then I usually only try to get in if it was a strong uptrend, then trade the reversal down. Does anyone know, is that right, wrong, or neither here nor there?

I.o.w. would it be as good / better if the preceeding trend were flat?
I see what you mean about the line chart. It does look clearer that way. Althhough Divergence is still there even on the line chart. Could you possibly give an example of why you think the trade was invalid according to fx's rules? Thanks..
  • #644
  • Oct 16, 2012 1:33am Oct 16, 2012 1:33am
Will get back to that in a few min's goldfish. I think AU is setting up for short... supposed to close below 74 twice and then short at 74 if it comes back there. Don't live trade it...
  • #645
  • Oct 16, 2012 1:49am Oct 16, 2012 1:49am
Goldfish, my opinion is that your V just doesn't look much like a V. Not convincing. I've asked in this forum before about whether the depth of the V mattered and was told to judge it with my eyes. So I interpret that to mean that it must 'look good'.

Your main mistake, I think, is that your entry should have been below the last resistance. So it should dip below 85, close there twice and when it comes up to 85 again, then sell. That's how I see it anyway. It never got there to do a short.
  • #646
  • Oct 16, 2012 1:52am Oct 16, 2012 1:52am
I've drawn a chart of your resistance
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  • #647
  • Oct 16, 2012 1:57am Oct 16, 2012 1:57am
Quoting Gerry
I've drawn a chart of your resistance
hmmm, I see what you mean. Thanks Gerry..
  • #648
  • Oct 16, 2012 2:01am Oct 16, 2012 2:01am
I think the V forming on EU now looks good, but it's only validated by two stops below 97, then sell on return to 97
  • #649
  • Oct 16, 2012 2:08am Oct 16, 2012 2:08am
Entered another trade on EU at R turned S. Bounced sharply just below target, closed manually at +12.

Apologies for the candles, force of habit. Will make sure to post line charts from here on in..

Comments on this Gerry?
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  • #650
  • Oct 16, 2012 2:17am Oct 16, 2012 2:17am
So now, in theory, if you thought AU was showing strong downtrend, you could sell on pullback to 70.
  • #651
  • Oct 16, 2012 2:20am Oct 16, 2012 2:20am
You went short at 97. Is that right? Glad you had a good trade! I don't see a pullback though, so if you wanted to trade the letter of the law, then you'd have to trade on next pullback to 97, not when it first went through.
  • #652
  • Oct 16, 2012 2:24am Oct 16, 2012 2:24am
Quoting Gerry
You went short at 97. Is that right? Glad you had a good trade! I don't see a pullback though, so if you wanted to trade the letter of the law, then you'd have to trade on next pullback to 97, not when it first went through.
No No,

I went long at 97 since 97 had broken up. so I got +12 out of it. Now ill look for shorts at retrace of 97. this 123/V looks pretty sweet to me and 2 candles have closed below it as well. so im putting my PO there. Though it kind of a strong sell off price might not come back to it. well see.
  • #653
  • Oct 16, 2012 2:27am Oct 16, 2012 2:27am
Just got target on my AU.

I must warn you... I'm not having more wins than losses yet, so possibly not the best person to learn from.
  • #654
  • Oct 16, 2012 2:29am Oct 16, 2012 2:29am
Quoting goldfish3
No No,

I went long at 97 since 97 had broken up.
Oh, okay. Yes, that was the right thing to do. I've burnt a few times on trading that late in a trend... just never know when it's going to turn. So a fresh trend is a better idea. I've seen others be brave and win in long trends though. Your decision.
  • #655
  • Oct 16, 2012 2:34am Oct 16, 2012 2:34am
Quoting Gerry
Oh, okay. Yes, that was the right thing to do. I've burnt a few times on trading that late in a trend... just never know when it's going to turn. So a fresh trend is a better idea. I've seen others be brave and win in long trends though. Your decision.
This is how we learn buddy.... Criticizing each others trades

so heres how I see EU at the moment.

edit: Plus, we are at a daily supply zone.
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  • #656
  • Oct 16, 2012 2:40am Oct 16, 2012 2:40am
I think you may have drawn your resistance line (sell line) off a bar chart, ie. not closing price of bar... Just look at what I've added to your chart
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  • #657
  • Oct 16, 2012 2:48am Oct 16, 2012 2:48am
Quoting Gerry
I think you may have drawn your resistance line (sell line) off a bar chart, ie. not closing price of bar... Just look at what I've added to your chart
Yes I know what you mean. but I like to keep a pip as buffer because more often than not price wont retrace exactly to that level. Also since i breakeven when I get Half pips of target, even if it doesnt hit my target by a couple pips because of this buffer, ill break even anyway...

Order has been picked up.

I kind of use a similar strategy on H4, slightly different. my strategy is suggesting an upmove of around 30 odd pip on EU and around 50pip on GU. lets see how this turns out in its entirety.
  • #658
  • Oct 16, 2012 2:58am Oct 16, 2012 2:58am
not looking good...
  • #659
  • Oct 16, 2012 3:14am Oct 16, 2012 3:14am
Quoting Gerry
not looking good...
indeed not. Still in it though.
  • #660
  • Oct 16, 2012 3:15am Oct 16, 2012 3:15am
Your BE on half TP sounds like a good idea, but one never knows. 7 pips is just SO close to the price... noise. Let me know how that goes.

About your buffer pip. I actually do the opposite. So our entries will be about 2 pips apart. I feel if I don't get in, then catch the next one... but that one extra pip might prevent a SL being taken...

I'd like to hear about your 4H. Maybe PM or email me if you don't mind. Don't think we should put it in here.
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