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The 5 minute TF S&R trading system

  • #1,421
  • Dec 28, 2012 1:49am Dec 28, 2012 1:49am
Quoting Whenever
Same here, nice one Krmo.

I would also like to better understand the trading of the Divergence of the 2B points too.
Or better said: when NOT to trade them.

I have here also Highlighted the Divergence, but it didn't work right.
Who of you wouldn't trade that and mostly important: why ?

Thanks for this interesting thread.
IMHO - both points of RSI are below 30 or in case of short above 70 level. no trade
  • #1,422
  • Dec 28, 2012 3:01am Dec 28, 2012 3:01am
just placed order to sell @ 31835
Become the casino
  • #1,423
  • Dec 28, 2012 3:08am Dec 28, 2012 3:08am
Quoting krmo
Divergence in and of itself is not anything other than a heads up that something MAY happen.
In your example the penetration held so no action.
Thanks Krmo,

it did help.
I knew the definition, but I forgot that the entry has to be at the break of the bar in the inverse direction
  • #1,424
  • Dec 28, 2012 3:11am Dec 28, 2012 3:11am
Quoting snail69
IMHO - both points of RSI are below 30 or in case of short above 70 level. no trade
Hi Snail69,

I agree with you.

Be careful with divergencies. They are more reliable on past prices. Sometimes price continues its path far away from checked initial divergence in a manner that overrules typical distances for TP and SL of this strategy.

One other thing about divergencies and already wroted thousands of times is that human bean needs to trust in something in order to carry on its tasks. One cannot trust on two tools that aim different directions. Therefore, IMHO, one needs to be very carefull with the info provided by indicators.

Regards.
  • #1,425
  • Dec 28, 2012 3:20am Dec 28, 2012 3:20am
Quoting erasmus66
just placed order to sell @ 31835
carefull, ABC down there
  • #1,426
  • Edited 4:30am Dec 28, 2012 3:30am | Edited 4:30am
Long 31770 - this one is a win +15
  • #1,427
  • Dec 28, 2012 3:56am Dec 28, 2012 3:56am
Ok here's a few things when trading breakout pullback scenario there should have been a fresh trend in place first. As for 2b forget the divergence and concentrate on the 2b break pullback. Snail why long at 71?
  • #1,428
  • Edited 4:36am Dec 28, 2012 4:01am | Edited 4:36am
Quoting fxpivots
Ok here's a few things when trading breakout pullback scenario there should have been a fresh trend in place first. As for 2b forget the divergence and concentrate on the 2b break pullback. Snail why long at 71?

31770 abc - two closes above - pullback to b

That's my understanding. Do not know whether correct. Or ?


It was too early and a proper possible entry is now @32938 ?
  • #1,429
  • Dec 28, 2012 4:36am Dec 28, 2012 4:36am
Thought it said 71 but it was 77 need better glasses I had 75 but different brokers different prices
  • #1,430
  • Dec 28, 2012 4:42am Dec 28, 2012 4:42am
Quoting fxpivots
Thought it said 71 but it was 77 need better glasses I had 75 but different brokers different prices
I am with Oanda.

757 +13 spread = 770
  • #1,431
  • Dec 28, 2012 4:52am Dec 28, 2012 4:52am
Totally got it snail nice win not one of my selective trades it was close between last swing low and point 2
  • #1,432
  • Dec 28, 2012 4:59am Dec 28, 2012 4:59am
Quoting fxpivots
Totally got it snail nice win not one of my selective trades it was close between last swing low and point 2
FX this my big problem.

This time it was a win, early today it was a loss. Do not know yet how to solve this dilema.

or is it last swing low/high to point 2 = 12+ pips ?
  • #1,433
  • Dec 28, 2012 5:04am Dec 28, 2012 5:04am
If last swing was 15 pops higher than or 2 then there's room to hit target right? That's being selective. There's enough trades each month don't worry
  • #1,434
  • Dec 28, 2012 5:17am Dec 28, 2012 5:17am
FX long now would be a proper entry ? Looks like SD level.
  • #1,435
  • Dec 28, 2012 5:24am Dec 28, 2012 5:24am
You got it snail the long at 81 why the last high was 97 so theres room to hit target
  • #1,436
  • Dec 28, 2012 5:38am Dec 28, 2012 5:38am
Quoting fxpivots
You got it snail the long at 81 why the last high was 97 so theres room to hit target
And it did hit target....
  • #1,437
  • Dec 28, 2012 5:41am Dec 28, 2012 5:41am
To me thats being selective
  • #1,438
  • Dec 28, 2012 5:42am Dec 28, 2012 5:42am
Quoting fxpivots
You got it snail the long at 81 why the last high was 97 so theres room to hit target
FX thanks for explanation.
  • #1,439
  • Dec 28, 2012 5:46am Dec 28, 2012 5:46am
FX this is clear now.

Yesterday though mentioned 2b break and pullback was around 8 pips.

Would you take it if trading live ?
  • #1,440
  • Dec 28, 2012 5:51am Dec 28, 2012 5:51am
Heres the thing about trading if you want it to be your fulltime job then you must approach as a job. Its not what you do o tuesday or friday that counts but what you did for the whole month that counts, why because thats how we pay our bills and see whats left. So dont worry about will there be enough trades there is always enough selective ones to reach goal of 15 _ 20% every month. Its not personable just business
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