The 5 minute TF S&R trading system

Dont understand snail what trade your in. Market not trending and has been in a 25 pip range

LL LH two candles closed below no ?

Guess it was late entry as two previous ABCs -2 closes below point 2 - pullback - ended in 15 pips profit.

Similar to just active set up..

Shouldnt trade non trending market very unpredictable

GL, would you take one of those earlier ABCs with pullback to pivot earlier today ?

Was this similar to your mentioned style ?

Right now my spread is at 1.5 on Oanda compared 0.8 - 0.9 most days around this time. This higher spread plus price jumping up and down in sharp moves and the fact that it's holiday season indicates lower liquidity. Price is ranging, it would take a major news event for market "operators" to want to move price or even be able to move to a favorable position (if they haven't alraedy). Due to the dangers of low liquidity i'm very sure no one will take that chance.

In short, anything can happen in this environment and everyone who can move the market substantially knows it. I'd just chill today, even if it's trending.

I might have taken the 2nd one but today has historically been a day of random movement for me. Last year was the only year i walked away with gains on the week before christmas. I think i made 6%. Every year previous had taken money from me and in my review of those trades there were no problems with my setups so i make it a point not too trade around this time.

Though it might have been a s and d trade when your in a 20 pip range looking to get 15 is a lot to ask. I will shut it down for this yr and resume Jan 7 l hope to reach goal of doubling acct by end of March at 30 pct. If this happens I will add 40000 to account and attempt to double that to 100000 from there I will draw 20000 a month. Have a blessed Christmas and new years

GL thanks for the answer. I am still not certain about set ups, but your answer shows a bit of light to what to look for.

Now entered into support turned resistance trade as per earlier posts of FxPivot.

Short 1.31929

Will see how it turns out.

Edit: That was a rather quick +15


Merry Christmas to you GL, and all watching.

I should have followed rules instead of GL analysis lol. Good trade snail

1.31824 another short set up ?

Probably....

Let's see how price behaves!!!!

yes snail - took it for +15

Your entry must have been higher then....

Good trading guys. Lol sorry about that forhisglory. I probably still won't this time next year though. But todays chart shows what a great setup looks like.

I think the last 2 trades are perfect examples of what too look for. The first break is the perfect setup (in my opinion) and the 2nd one shows how there is almost always some sort of reaction in these areas.

It took a while but another +15.

Now I call it night. all the best to all.

Nice trade. I close early with +8. Better than a loss.

BTW, anyone uses this system on other pairs?

Thanks in advance.

Hi all,
FxPivots started a great thread and THP added some great confirmation.
Good Lookin, snail69 & forhisglory, you have all taken the reigns on it very well.
Good Lookin I have seen you over on Kenneth Lee's and appreciate your perspectives.

I have just read the whole thread and find this method meets my personality.
Enough quality entries to keep my focus with simple logical approach using methods I am familiar with.
And I work from home so I can monitor (with the help of level alerts).

I gave up on indicators about 1 1/2 years ago.
They are all just a reflection of price action and smoothed to the point of what I don't know.
Though I am still developing a hybrid Heiken Ashi bar (for the fun of it).
I am a big fan of Sam Seiden - Supply and Demand but had not thought to use it on the 5 min level per Se. (5 min for entry off higher TF S/D)
I do use 123 patterns, inside bars, rejection and consolidation bars (pinbars, dojis and spinning tops).

I have a few questions that I would appreciate your opinions on (all of you).
Supported by a few charts. (Charts are from Dec 21st near the last few trades some of you were taking) (the break of consolidation)

1. Fxpivots changed his chart to just the Line chart or 1 MA which is great for the big picture.
I see that you all have price bars also. I noticed that with just the MA it is not apparent that the price has actually touched the level.
I assume you added bars to see price action above/ below levels?

Chart with MA only



Chart with MA and Bars



2. Am I correct that the 2 bars above or below a level are no longer the full bar but just the close?
So a bar could actually open on one side of the level then close on the other correct side? (bridge the level)

Closes Below with the first break a bridging bar



3. I see pending orders mentioned. Do you use market orders or both? (Preferences?)

4. And last (probably not!) Trend Definition
I am seeing the Immediate trend as the movement between 123's (swings on the 5 min chart) with smaller HHs/LLs
And the longer/ bigger as the HH/ HL or LH/ LL of the swings? Seen by zooming out the 5 minute chart.
Thoughts or clarification?

5 min Chart zoomed out to see bigger trend



Final thought.
In regards to 2b and 2b + Div.
My personal comfort level with taking these directly is to take them only in the direction of the "bigger trend".
But realistically there most often is a nice 123 just after, sooooo?

Sorry for the long post!

Spending the Holiday time reviewing historical trades to further train the eyes.
Look forward to hopefully contributing after New Years!

Thanks in advance for any replies and
Happy Holidays!!!!

KRMO
Kris

1. Fxpivots changed his chart to just the Line chart or 1 MA which is great for the big picture.
I see that you all have price bars also. I noticed that with just the MA it is not apparent that the price has actually touched the level.
I assume you added bars to see price action above/ below levels?

Yes. I originally added the bars for testing this method and kept them on from being used to them. I also trade SD levels so i use the bars on the charts for this.

2. Am I correct that the 2 bars above or below a level are no longer the full bar but just the close?
So a bar could actually open on one side of the level then close on the other correct side? (bridge the level)

Yes. I believe he meant 2 closes below and not 2 full bars below even if at some point either of the 2 bars move back above the level. As long as there are 2 closes below you have a possible entry. So if you have an entry where there's a break of 2 and the bar after the bridge bar pokes back above the 2 line but closes below it then you could have yourself an entry. I PERSONALLY WOULD NOT TAKE THAT TRADE. I like too see clear breaks with relatively significant moves above/below a 2 line before i enter on the retest.

3. I see pending orders mentioned. Do you use market orders or both? (Preferences?)

I use pending. I prefer for price to come to my entry and enter me. If i set my pending order too late then thats my fault and i should have been paying attention. I find using market orders opens up the chance for me to hold my entry for a better price, but in doing that there's the chance to miss the entry all together. You don't always know the exact point price will turn.

4. And last (probably not!) Trend Definition
I am seeing the Immediate trend as the movement between 123's (swings on the 5 min chart) with smaller HHs/LLs
And the longer/ bigger as the HH/ HL or LH/ LL of the swings? Seen by zooming out the 5 minute chart.
Thoughts or clarification?

Good catch in noticing this. When i trade i have 2 charts up, 5 minute and 15 minute. With the 5 minute i have the last 24 hours loaded. With the 15 minute i have the last week (5 days) loaded. HH/HL and LH/LLs of the larger tf swings are some of the best trades available when your talking about Pivot style trades or SD. The larger the tf the more people you have watching the level. The more people you have watching the level the more of a chance you'll see some sort of reaction on the smaller TF. What may look like a paltry reaction on a higher time frame is enough to give you profits on a lower time frame.



I'll leave your final thought up to someone else to speak on. I really don't look for 2bs so i wouldn't be able to assist with this.

Thanks Good Lookin!
Glad I am on the same "page" as you.

I have been trading with multiple lots/ units (4).
Taking 2 off at 1/1, 1 off at 2/1 and managing the last.

For this I was considering taking 85% off at 1/1 and managing the last.
But it may be better to just go all in/ all out. Get it and go!

Have you played with any other trade management with this method?

Looking forward to trading after the Holidays.

Hope your holidays are happy!

Thanks for the thorough reply!

KRMO
Kris

I've messed with variations of the idea of taking partials. I'm actually used to doing this. But i find that taking the full 3% at 15 pips is good enough for me. I've even recently stopped running my SD trades like i used too. Now i just take profits at 4% while risking 2%. Trading in this manner is easier on my mind and reduces the greed/fear aspect of trading.

Take this into consideration. Fxpivots showed enough of this system in September of 2012 to trade it successfully in October, November, and December. Back test those 3 months and see what you get. You may find that you don't need to run a trade to make good gains.