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The 5 minute TF S&R trading system

  • #1,361
  • Dec 23, 2012 9:59pm Dec 23, 2012 9:59pm
Okay,
I am am back testing on a simulator from Sept 1st.
But I will take your advice and run with that!

Thanks
Attitude can reflect outcome in life and trading!
  • #1,362
  • Dec 24, 2012 1:22am Dec 24, 2012 1:22am
GL, very informative last two postings. Thanks for that.

With your new trade management you have stop 10 and target 20 ? Or other ?

And yes simplicity of this approach looks almost not reliable, but it is.

Best regards !
  • #1,363
  • Dec 24, 2012 8:39am Dec 24, 2012 8:39am
Quoting snail69
GL, very informative last two postings. Thanks for that.

With your new trade management you have stop 10 and target 20 ? Or other ?

And yes simplicity of this approach looks almost not reliable, but it is.

Best regards !
Stop is between 10 and 20 and tp is double whatever the stop is. I used to do this when i first started with SD.
  • #1,364
  • Dec 24, 2012 8:51am Dec 24, 2012 8:51am
Quoting Good Lookin
Stop is between 10 and 20 and tp is double whatever the stop is. I used to do this when i first started with SD.
Do you keep doing it?
  • #1,365
  • Dec 24, 2012 10:28am Dec 24, 2012 10:28am
I love it!
The real traders are online even on Christmas eve!
Or are we addicts?!!!!

Better go before my wife kills me!
Attitude can reflect outcome in life and trading!
  • #1,366
  • Dec 24, 2012 10:30am Dec 24, 2012 10:30am
lolllllllll

Merry Christmas!!!!!
  • #1,367
  • Dec 24, 2012 1:31pm Dec 24, 2012 1:31pm
Quoting onlyghost
Do you keep doing it?
At most i'll take 3 trades in any given day, but that doesn't happen often. I average about 1.6 trades a day.
  • #1,368
  • Dec 24, 2012 4:18pm Dec 24, 2012 4:18pm
Quoting Good Lookin
Stop is between 10 and 20 and tp is double whatever the stop is. I used to do this when i first started with SD.
This is very interesting as it much better than 1:1 RR.

Based on what, you decide size of stop level ?

When do you call it a day ? Any specific daily target ?

Sorry, if too many questions.
  • #1,369
  • Dec 24, 2012 4:30pm Dec 24, 2012 4:30pm
Which one would you take and why ?

Stop above previous high ?
Attached Image (click to enlarge)
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  • #1,370
  • Dec 25, 2012 8:28am Dec 25, 2012 8:28am
I'll answer when i have some time.

Merry Christmas!
  • #1,371
  • Dec 25, 2012 3:13pm Dec 25, 2012 3:13pm
Quoting Good Lookin
At most i'll take 3 trades in any given day, but that doesn't happen often. I average about 1.6 trades a day.
Thanks for your answer!

Merry christmas.....yet!
  • #1,372
  • Dec 26, 2012 10:24pm Dec 26, 2012 10:24pm
Quoting snail69
Which one would you take and why ?

Stop above previous high ?
These are the pivot trades i would take.

Attached Image (click to enlarge)
Click to Enlarge Name: Snail 01.jpg Size: 225 KB


Forgot to put in the pic that the 2 mid was another possible entry after the break of 2 high but after the 4 low break became a valid trade then i would have closed this entry at BE.
  • #1,373
  • Dec 26, 2012 11:38pm Dec 26, 2012 11:38pm
GL,
Great reply and description of your thinking process to snail69's post!
I am going to print it and keep it on my desk!
I was observing trading action today and trying to think through each pivot the same way.

Phil Newton of Trading \_/ Strategies asks three questions:
1. Where is price currently?
2. What is it doing?
3. How can I take advantage of it?

I have brought these questions back into my trading for this method as follows:
1. 1. Where is price currently?
a) Is price near a level (pivot - S/D)
b) Where is it in context with the bigger trend (15 min zoomed out) (is it part of a bigger 123 or at a bigger level)

2. What is it doing?
a) Is it trending or consolidating
b) Is it breaking, bouncing or retesting a level
c) Forming a 123 !!!

3. How can I take advantage of it?
a) What is the chart telling me as far as directonal bias
b) What setup up am I looking for

Hope this gives some food for thought!
Attitude can reflect outcome in life and trading!
  • #1,374
  • Dec 27, 2012 1:49am Dec 27, 2012 1:49am
Quoting Good Lookin
These are the pivot trades i would take.

Attachment

Forgot to put in the pic that the 2 mid was another possible entry after the break of 2 high but after the 4 low break became a valid trade then i would have closed this entry at BE.

GL thanks a lot for your explanation written in a very professional way.

PS: It shows that even in a short period of time a day, nice profits can be made and one still have time for a life...
  • #1,375
  • Dec 27, 2012 2:01am Dec 27, 2012 2:01am
Posted by Good Lookin
Stop is between 10 and 20 and tp is double whatever the stop is. I used to do this when i first started with SD.




Quoting snail69
This is very interesting as it much better than 1:1 RR.

Based on what, you decide size of stop level ?

When do you call it a day ? Any specific daily target ?

Sorry, if too many questions.

Today, had set ups with swings less then 10 pips. In that case you put your stop at 10 as minimum and aim for 20 ?
  • #1,376
  • Edited 5:29am Dec 27, 2012 3:16am | Edited 5:29am
Today trades
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  • #1,377
  • Dec 27, 2012 4:33am Dec 27, 2012 4:33am
just placed order to buy @ 32715
Become the casino
  • #1,378
  • Dec 27, 2012 6:29am Dec 27, 2012 6:29am
Based on what, you decide size of stop level ?

Mostly depends on the size of the level, but i also consider type of level, and where it is.

When do you call it a day? Any specific daily target?

If it looks like things are slowing down then i'll call it a day around 11am, otherwise i'll trade up until 12p. I have no targets because thats an idea that can lead to over trading. My only limit is time of day and how i feel. I'll take all valid setups offered on the charts during my trading session. If i take 2 losses in a row and i feel even slightly disturbed i'll stop trading for the day and come back the next day.

Today, had set ups with swings less then 10 pips. In that case you put your stop at 10 as minimum and aim for 20 ?

All depends on where the level is and what type. When i have some time i'll throw up a chart or two explaining what is done.
  • #1,379
  • Dec 27, 2012 6:36am Dec 27, 2012 6:36am
Thanks a lot.
  • #1,380
  • Dec 27, 2012 6:39am Dec 27, 2012 6:39am
b/e
Become the casino
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