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The 5 minute TF S&R trading system

  • #741
  • Oct 19, 2012 9:36am Oct 19, 2012 9:36am
Thp, that seems golden. Thanks. Good weekend people! I'll still be around for a while, but know some of you are on your way
  • #742
  • Edited 9:56am Oct 19, 2012 9:45am | Edited 9:56am
Quoting T.h.p
read post 735
i got your point here bro, i only use rsi to spot trading opportunities. i think what we are expecting to see here was this kind of setup that the thread started. pls see attached.
the trade posted by snail isnt really bounded by the setup rules and your entry as well but mere SR trading.

f.
Attached Image (click to enlarge)
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  • #743
  • Oct 19, 2012 9:50am Oct 19, 2012 9:50am
but my trade was s and r reversal back into trend
  • #744
  • Oct 19, 2012 9:57am Oct 19, 2012 9:57am
Quoting T.h.p
but my trade was s and r reversal back into trend
i know mate, but i think they were looking for the same setups like the ones attached.
  • #745
  • Oct 19, 2012 10:06am Oct 19, 2012 10:06am
Quoting alrightfrank
i got your point here bro, i only use rsi to spot trading opportunities. i think what we are expecting to see here was this kind of setup that the thread started. pls see attached.
the trade posted by snail isnt really bounded by the setup rules and your entry as well but mere SR trading.

f.
Frank, you reference chart shows only 2b variation as described by FX.

That was my second trade long.

Other two trades are classic ABC and then pullback or pullback in established trend. Same as THP's. He managed far better entry.

Have a look at charts by FX of August this year. ( 10 of them).
  • #746
  • Oct 19, 2012 10:10am Oct 19, 2012 10:10am
@Snail. Do you have time to post a chart? Please. Thanks.
  • #747
  • Oct 19, 2012 10:11am Oct 19, 2012 10:11am
There was possibility for short at 30350 just a while ago.
  • #748
  • Oct 19, 2012 10:13am Oct 19, 2012 10:13am
Quoting Gerry
@Snail. Do you have time to post a chart? Please. Thanks.
Gerry will do tomorrow. You are already in tomorrow and I will be soon...
  • #749
  • Oct 19, 2012 10:13am Oct 19, 2012 10:13am
Snail, I think I know where you mean the setup happened. What surpised me was that there was a BIG inverted V, the top of it was taken out, but no-one but Frank traded the long.

Then there was the tiniest v at the top, and the reversal short was taken.

My question was because I didn't understand why the first OBVIOUS signal was ignored and the second subtle one was 'obeyed'.

I think I understand now that there were other rules Thp was applying, which I'll definitely spend time trying to learn.
  • #750
  • Oct 19, 2012 10:15am Oct 19, 2012 10:15am
Oh NO! Not pumpkin time yet I still have 45 minutes. But yes, time for bed.

Thanks everyone. It's been swell.
  • #751
  • Oct 19, 2012 10:15am Oct 19, 2012 10:15am
not sure snail was trading method for one line charts are needed second trading just 2b setups are risky third is 2b followed by 123 with a break and pullback is part of the method
  • #752
  • Oct 19, 2012 10:19pm Oct 19, 2012 10:19pm
hi all, kindly please clarify to me what does " 2 closes below for short or 2 closes above for longs"? Does it mean the 2 candles closed?
  • #753
  • Oct 20, 2012 2:18am Oct 20, 2012 2:18am
Quoting T.h.p
hey kelly way to many trades for my taste. most are a part of the system but not the system.
Hi T.H.P , cant get your meaning most are a part of the system but not the system.
  • #754
  • Oct 20, 2012 2:17pm Oct 20, 2012 2:17pm
My overview for yday trade: I put on my BEAR Suit ; Market Psychology Black Monday Oct 19 ,1987 ,DOWN..I was out whole day but managed to grab a trade with my phone. Enter 1.3057 , BEARS Win..YESS.. Have a Happy Weekend everyone...Cheerss ...
Attached Image (click to enlarge)
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  • #755
  • Oct 20, 2012 5:23pm Oct 20, 2012 5:23pm
i see trend lines but no explanation why you shorted at 57
  • #756
  • Oct 21, 2012 3:29am Oct 21, 2012 3:29am
Quoting mario777
hi all, kindly please clarify to me what does " 2 closes below for short or 2 closes above for longs"? Does it mean the 2 candles closed?
Hi mario777,

with ABC, draw a line at B, which is the tip of your V (or inverted V). Then let market move beyond line B, close twice on other side, and then enter when price retraces to line B.

Original description said two candles to close totally away from point B, no part of the candle to touch point B, but later updated to... only have to CLOSE away from line B. Not far away, just on other side.

Good luck
  • #757
  • Oct 21, 2012 5:58am Oct 21, 2012 5:58am
Quoting T.h.p
i see trend lines but no explanation why you shorted at 57
I shorted at 57 coz it's very hard resistance area .. also becoz i had my BEAR suit on the whole day and looking only for short trade. I just concentrate on S&R area where the price action happens. Also i was using my mobile phone to trade so i reli cant see the whole picture ,only the S&R lines.
  • #758
  • Oct 21, 2012 7:43am Oct 21, 2012 7:43am
Quoting Gerry
Hi mario777,

with ABC, draw a line at B, which is the tip of your V (or inverted V). Then let market move beyond line B, close twice on other side, and then enter when price retraces to line B.

Original description said two candles to close totally away from point B, no part of the candle to touch point B, but later updated to... only have to CLOSE away from line B. Not far away, just on other side.

Good luck
Gerry, just refresher as FX described earlier.
Attached Image (click to enlarge)
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  • #759
  • Oct 21, 2012 9:23am Oct 21, 2012 9:23am
Hi Snail,

Thanks for that chart. There was something I found tricky at the time and only just remembered now again looking at this chart again. Something like this: ABC after a 2B cancels the 2B signal and becomes sign of consolidation. I've probably got this wrong... do you remember something like that?

In the chart 2B pointed to uptrend, so I'm probably wrong, but if you remember that principle, please let me know. Ta.
  • #760
  • Oct 21, 2012 6:20pm Oct 21, 2012 6:20pm
Lets stick to the setups and we will make money
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