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The 5 minute TF S&R trading system

  • #1,321
  • Dec 19, 2012 11:15am Dec 19, 2012 11:15am
I totally agree with G L I have been trading since Nov 7 and have made 29 pct so far by simply following the rules to the best of my ability. So if a guy with no trading experience can do it anyone can!
  • #1,322
  • Dec 19, 2012 12:52pm Dec 19, 2012 12:52pm
Quoting erasmus66
gl: the buy @ 3269 didn't fill(price came back only to 32695)
Sorry for the long wait to respond. Had a doctors appointment.

The buy was at 32694 +1 pip making it 32704
  • #1,323
  • Dec 19, 2012 2:16pm Dec 19, 2012 2:16pm
cheers for clarifying good looking - tight entry
Become the casino
  • #1,324
  • Dec 20, 2012 4:45am Dec 20, 2012 4:45am
Quoting Good Lookin
So that's 2 trades for the day. The buy at 3269 which paid and the buy at 3281 which didn't get entry but yet still shot up 15 pips.

It's holiday and hopefully we'll all have some free time coming up. Get your study on! Try trading this system without 2b setups and any indicators. Nothing but the retest of 2. Stick with it! Too many chefs spoil the soup so lets just work with the best chef in the bunch. Work on this until you can see the setup coming from a mile away. It's human nature to complicate things. This is a very simple setup that requires...

GL do you suggest to get rid of RSI ?
  • #1,325
  • Dec 20, 2012 5:49am Dec 20, 2012 5:49am
Greetings,

In my opinion the presence of RSI allows better control the perception of tops and bottoms (O/S) and divergences. Although not an integral part of the strategy S / R, I think the presence of the RSI is not harmful to good technical analysis.

I think this is very much a matter of individual comfort than strategic definition.
  • #1,326
  • Dec 20, 2012 5:55am Dec 20, 2012 5:55am
Looks like 47 is area to go long
  • #1,327
  • Edited 7:35am Dec 20, 2012 6:17am | Edited 7:35am
Quoting forhisglory
Looks like 47 is area to go long

Exact 50% fib of yesterday range... on Oanda

1.32482 pending long

Filled , but news in 31 mins... BE, Edit: with a help of luck +15

PS: Might be better sell the pullback to 1.32571....
Attached File(s)
File Type: ex4 AutoDayFibs.ex4   7 KB | 343 downloads
File Type: mq4 AutoDayFibs.mq4   8 KB | 399 downloads
  • #1,328
  • Dec 20, 2012 7:12am Dec 20, 2012 7:12am
Hi everyone, the thread is great.. I've been trading it for about a month... I love the simplicity. I'm glad some of you guys stuck with it when fxpivots and thp left... a thread tends to die when the originator leaves. If you guys are still keen to continue then I'll contribute when I can..

Are most of you guys with oanda?
  • #1,329
  • Dec 20, 2012 7:26am Dec 20, 2012 7:26am
Remember news at 830 I didn't enter because of news
  • #1,330
  • Dec 20, 2012 7:37am Dec 20, 2012 7:37am
Even though trade worked tough to trade with news coming up and spreads widen and uncertain news could wreck trade
  • #1,331
  • Dec 20, 2012 7:42am Dec 20, 2012 7:42am
Quoting Juke
Hi everyone, the thread is great.. I've been trading it for about a month... I love the simplicity. I'm glad some of you guys stuck with it when fxpivots and thp left... a thread tends to die when the originator leaves. If you guys are still keen to continue then I'll contribute when I can..

Are most of you guys with oanda?
2 Of my accounts are with Oanda.
  • #1,332
  • Dec 20, 2012 7:50am Dec 20, 2012 7:50am
If things don't change 65 is long area
  • #1,333
  • Dec 20, 2012 8:01am Dec 20, 2012 8:01am
Quoting snail69
GL do you suggest to get rid of RSI ?
Not quite. What i'm suggesting is that when you test this method that you do it in sections. Since there are 2 different setups, it's easier to test each one individually. Try the 123 2 bounce seperately from the 2b + divergence setup. I personally try not to use indicators. When i came across this thread i had already been trading in the 123 2 bounce a little differently on higher tf's so i naturally understood what he was showing with that entry. Then when i back tested it, i saw it's potential. Then when i started forward testing (i actually decided to go live with it), it's potential has matched up with its actual return. My point here is that i'm comfortable with non-indicator strats and uncomfortable with indicator strats. If you test it and find the 2b entry to be a reliably identifiable entry as well as profitable then keep it up. I personally don't use it because +20% a month from 123 2 bounce entry is good enough for me.
  • #1,334
  • Dec 20, 2012 8:05am Dec 20, 2012 8:05am
Quoting forhisglory
Even though trade worked tough to trade with news coming up and spreads widen and uncertain news could wreck trade
Agreed. Went into news already with BE.
  • #1,335
  • Dec 20, 2012 8:11am Dec 20, 2012 8:11am
Being new to trading I was fortunate to study various methods with indicators and I realized they lag information needed to trade short term so I didn't get into the habit like most traders
  • #1,336
  • Dec 20, 2012 8:12am Dec 20, 2012 8:12am
Quoting Good Lookin
Not quite. What i'm suggesting is that when you test this method that you do it in sections. Since there are 2 different setups, it's easier to test each one individually. Try the 123 2 bounce seperately from the 2b + divergence setup. I personally try not to use indicators. When i came across this thread i had already been trading in the 123 2 bounce a little differently on higher tf's so i naturally understood what he was showing with that entry. Then when i back tested it, i saw it's potential. Then when i started forward testing (i actually...
GL thanks for your info.

Did you take earlier short before news then ?
  • #1,337
  • Dec 20, 2012 8:56am Dec 20, 2012 8:56am
Made a good mistake got in at 65 then I realized news at 10 closed with + 7
  • #1,338
  • Dec 20, 2012 9:02am Dec 20, 2012 9:02am
Quoting forhisglory
Being new to trading I was fortunate to study various methods with indicators and I realized they lag information needed to trade short term so I didn't get into the habit like most traders
Lucky you. I was seduced to forex trading by a fella who was using stochastics, rsi, and macd together with various moving averages. He was pulling anywhere from 8% to 18% a month regularly on divergence plays. He does taxes for 4 months out of the year and trades the rest. I, on the other hand, had an average return of -22% a month in the forex via demo for about 5 months. The difference between me and him? He read every book he could find on each indicator he used and also combed many forums too see how everyone used it. Of course i didn't think i needed to do that since he gave me his system. I figured if i stared at the charts long enough then i would be able to figure it out and i did, but i also dropped the indicators. After a while of staring at the charts and doing some reading on how orders are executed on the broker/bank side i started making some money. Not spectacular returns but enough to go on dates without worry of breaking the bank. Now i'm doing pretty well. If you could label how i trade based on the threads in this forum you could call it Supply & Demand Pivot Orderflow based on "Sentiment". Works for me.
  • #1,339
  • Dec 20, 2012 9:03am Dec 20, 2012 9:03am
Quoting snail69
GL thanks for your info.

Did you take earlier short before news then ?
No not in this one as i got tha charts up around 8:20am. But even if i was there i wouldn't have taken that one via Pivots. That would have been an SD trade with an entry around 64
  • #1,340
  • Edited 6:13am Dec 21, 2012 5:52am | Edited 6:13am
First trade did not take, the second is open now.

Edit: lost it
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