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The 5 minute TF S&R trading system

  • #1,481
  • Jan 2, 2013 1:00am Jan 2, 2013 1:00am
Quoting Good Lookin
Glad you can see it clearly, easy part is over! Now go make some goals and achieve them!
GL thanks for encouragement.

Yes, now it is the time. (again)
  • #1,482
  • Jan 2, 2013 4:38am Jan 2, 2013 4:38am
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2 profitable set ups on 5 min chart plus inside bar was broken on the daily
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,483
  • Jan 2, 2013 5:41am Jan 2, 2013 5:41am
Hey guys, good job with the thread!!!
Here's my setup.
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  • #1,484
  • Jan 2, 2013 6:49am Jan 2, 2013 6:49am
[quote=vince;6332943]Hey guys, good job with the thread!!!

very simple setup, i actually trade the candle body not the wicks but that is my way of trading, take care
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,485
  • Jan 2, 2013 7:11am Jan 2, 2013 7:11am
[quote=billytt;6333032]
Quoting vince
Hey guys, good job with the thread!!!

very simple setup, i actually trade the candle body not the wicks but that is my way of trading, take care

Billy, you trade ABC break right ?
  • #1,486
  • Jan 2, 2013 7:16am Jan 2, 2013 7:16am
Took a short on GBP/USD from 1.62949. Target is 40 pips which equals 1:2 risk/reward.
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PIP'N
  • #1,487
  • Edited 8:04am Jan 2, 2013 7:33am | Edited 8:04am
Just now signal short - did not take it - not selective enough.

Red line - selective level.
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  • #1,488
  • Jan 2, 2013 7:53am Jan 2, 2013 7:53am
I took short on EUR/USD. Chart attached stop at break even.
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PIP'N
  • #1,489
  • Jan 2, 2013 7:54am Jan 2, 2013 7:54am
The 2b break pullback was fine plenty of room to hit target. Golferguy no trade whatsoever there on gbpusf
  • #1,490
  • Jan 2, 2013 7:57am Jan 2, 2013 7:57am
Quoting fxpivots
The 2b break pullback was fine plenty of room to hit target. Golferguy no trade whatsoever there on gbpusf
FX, take out was a bit more than 8 pips.

Should not it be 12-15 ?
  • #1,491
  • Jan 2, 2013 8:03am Jan 2, 2013 8:03am
fxpivots,

my strategy varies slightly from yours. Over my years I have noticed that the attached pattern works very well.
Attached Image
PIP'N
  • #1,492
  • Jan 2, 2013 8:06am Jan 2, 2013 8:06am
2 trades this morning.
1 win = +10 pips
1 loss = -5 pips

1st trade was a break of the 123 after a 2b with divergence.
Would have been a full 10 pip trade if I had not messed with my stop.

2nd trade was a retest of the 2. A close of the test bar was a pin bar.
Took entry on break of the pin bar.
Did not mess with stop and got my 10 pips.

I do not take 2b trades as of now, but the 2b entry would have worked.

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Attitude can reflect outcome in life and trading!
  • #1,493
  • Jan 2, 2013 8:13am Jan 2, 2013 8:13am
Snail the change of direction is different as long as target can be reached it's fine
  • #1,494
  • Jan 2, 2013 8:21am Jan 2, 2013 8:21am
That 12 15 pip take refers to being able to hit target
  • #1,495
  • Jan 2, 2013 8:37am Jan 2, 2013 8:37am
Quoting fxpivots
Snail the change of direction is different as long as target can be reached it's fine
FX how would you judge whether target can be reached or not ?

I thought it is take out equals approx target distance. (Action = Reaction)
  • #1,496
  • Jan 2, 2013 9:09am Jan 2, 2013 9:09am
Say we are trending up and last swing high is 47 then price goes up to 73 with no pullback then you get 2b break pullback at 65 well last swing up is 47 so there's room to hit target
  • #1,497
  • Jan 2, 2013 9:23am Jan 2, 2013 9:23am
Quoting fxpivots
Say we are trending up and last swing high is 47 then price goes up to 73 with no pullback then you get 2b break pullback at 65 well last swing up is 47 so there's room to hit target
Thanks.

Clearer now.
  • #1,498
  • Jan 2, 2013 9:34am Jan 2, 2013 9:34am
Anyone else in this one? Looks like i'm about to hit BE.

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Just hit BE as i was typing this.
  • #1,499
  • Jan 2, 2013 9:45am Jan 2, 2013 9:45am
Will resume trading on Jan 7
  • #1,500
  • Jan 2, 2013 9:51am Jan 2, 2013 9:51am
Hi All,
This is my M5 zoomed out.
I see the bigger trend as currently down heading into a demand level (magenta lines).
I am seeing consolidation (yellow box) in a range of +- 20 pips.
I think I will wait for a break out either up or down out of consolidation before looking for another trade.
Though I only have another hour or so left in my trading day.

Non Farm on Friday, so trading may be slow.

Any thoughts?
Fx, GL Snail

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Attitude can reflect outcome in life and trading!
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