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The 5 minute TF S&R trading system

  • #1,501
  • Jan 2, 2013 10:02am Jan 2, 2013 10:02am
Quoting Good Lookin
Anyone else in this one? Looks like i'm about to hit BE.

Attachment

Just hit BE as i was typing this.
GL, you've been doing this a bit. How often do we get that retest and then target?
  • #1,502
  • Jan 2, 2013 10:18am Jan 2, 2013 10:18am
GL

Bummer, that was a nice move out of there.
I had a trade stopped out this morning that would have hit my target if I had not moved my stop.
I am struggling with whether to get to a free trade/ BE point quickly or let the trade hit SL/ TP.
I am think the later if I am more selective in my trades.

At what point do you try to get to BE?
Attitude can reflect outcome in life and trading!
  • #1,503
  • Jan 2, 2013 10:20am Jan 2, 2013 10:20am
Quoting krmo
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
Wait for strong breaks of consolidations and trade the retest. Be aware places price doesn't seem to want to go and if price is making hh/ll/hl/lh. Pay attention to news and time of year. Thats all it is.
  • #1,504
  • Jan 2, 2013 10:23am Jan 2, 2013 10:23am
Quoting FFJeternal
GL, you've been doing this a bit. How often do we get that retest and then target?
I'd say about 30% of the time this happens to trades i'm in. But just remember i haven't taken every single setup this method provides so i wouldn't say 30% is an accurate figure since it's based off of only my entries and not all possible entries.
  • #1,505
  • Jan 2, 2013 10:23am Jan 2, 2013 10:23am
Quoting Good Lookin
Wait for strong breaks of consolidations and trade the retest. Be aware places price doesn't seem to want to go and if price is making hh/ll/hl/lh. Pay attention to news and time of year. Thats all it is.
Thanks!
Attitude can reflect outcome in life and trading!
  • #1,506
  • Jan 2, 2013 10:31am Jan 2, 2013 10:31am
Keep in mind the word fresh trend. If in consolidation for all long time wait for second move out of consolidation
  • #1,507
  • Jan 2, 2013 10:36am Jan 2, 2013 10:36am
Quoting krmo
GL

Bummer, that was a nice move out of there.
I had a trade stopped out this morning that would have hit my target if I had not moved my stop.
I am struggling with whether to get to a free trade/ BE point quickly or let the trade hit SL/ TP.
I am think the later if I am more selective in my trades.

At what point do you try to get to BE?
At 10 pips i move to BE no matter what. I do it for two reasons. I find that there is always some sort of reaction to at these levels and a 10 pip BE is usually enough room for price to jump around a bit before going to the full tp. Other reason is my peace of mind. Too many winners turning into losers had me questioning my trading style at on point. I'd rather a would be winner hit BE than a proper BE trade give me losses. I look to protect my investment and it is very important to trade in a way that adds pips too your balance AND keeps you sane.
  • #1,508
  • Jan 2, 2013 10:59am Jan 2, 2013 10:59am
If trading at 3% and your up 10 (2%) nothing wrong with taking profit out it reacted to a level. It's all about managing trade and accumulating money.
  • #1,509
  • Jan 2, 2013 11:33am Jan 2, 2013 11:33am
Thanks GL and FX.

FX,
You trade 3% per trade, do you still use 15 stop/ 15 TP?
Post #64 I believe.

Also do you tighten your stop up or do you leave it in place?

Thanks
Attitude can reflect outcome in life and trading!
  • #1,510
  • Jan 2, 2013 11:56am Jan 2, 2013 11:56am
Quoting Good Lookin
At 10 pips i move to BE no matter what. I do it for two reasons. I find that there is always some sort of reaction to at these levels and a 10 pip BE is usually enough room for price to jump around a bit before going to the full tp. Other reason is my peace of mind. Too many winners turning into losers had me questioning my trading style at on point. I'd rather a would be winner hit BE than a proper BE trade give me losses. I look to protect my investment and it is very important to trade in a way that adds pips too your balance AND keeps you sane....
GL,
Do you also trade 3% per trade?
15/15 TP & SL?

Thanks
Attitude can reflect outcome in life and trading!
  • #1,511
  • Jan 2, 2013 12:01pm Jan 2, 2013 12:01pm
[quote=snail69;6333063]
Quoting billytt


Billy, you trade ABC break right ?
Hi Snail,, i trade very similar as long as i see a high or a low i will trade it. If an inside bar is present that is better. the actual a b c or 1 2 3 entry is something i do not really bother about
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,512
  • Jan 2, 2013 1:07pm Jan 2, 2013 1:07pm
Quoting krmo
GL,
Do you also trade 3% per trade?
15/15 TP & SL?

Thanks
Yes, 3% over 15 pips when trading this method.
  • #1,513
  • Edited 7:43pm Jan 2, 2013 6:00pm | Edited 7:43pm
So, I've just used i-Sessions indicator to highlight 7:30am - 3:30pm ET (12:30 - 20:30 GMT), and it's very, very revealing. Divergent 2b tops/bottoms, followed by price returning after a few bars of space and reversing the trend happens very frequently. Often right before (within an hour) or during the first hour of that time frame. From there, the 15 pip SL is great, but a TP of 20-25 is extremely common, with even 30-40 being quite regular.

Hope this helps others...
  • #1,514
  • Jan 2, 2013 7:30pm Jan 2, 2013 7:30pm
Krmo, yes 3%, TP and SL 15, BE after 10.
  • #1,515
  • Jan 3, 2013 6:23am Jan 3, 2013 6:23am
Looks like 01 is sell area forget that it s 95 no trade
  • #1,516
  • Jan 3, 2013 6:27am Jan 3, 2013 6:27am
sell @ 30965?

Become the casino
  • #1,517
  • Jan 3, 2013 6:49am Jan 3, 2013 6:49am
Quoting fxpivots
Looks like 01 is sell area forget that it s 95 no trade
Hi everybody!

Just found the thread yesterday and read it from a to z for the first time. I really like the method and I'm demoing it right now. And there came my first question: why is 95 no trade fxpivots?

Thank you all for sharing your knowledge and the kind attitude, it is amazing that this kind of info is freely available!!
  • #1,518
  • Jan 3, 2013 6:55am Jan 3, 2013 6:55am
I'm showing 03 or 05 sell, but also seeing divergent 2b setup for trend change at 92...
Attached Image (click to enlarge)
Click to Enlarge Name: 03jan13-645a-edit.gif Size: 45 KB
  • #1,519
  • Jan 3, 2013 7:01am Jan 3, 2013 7:01am
There wasnt 2 closes below 95 no setup news coming up
  • #1,520
  • Jan 3, 2013 7:18am Jan 3, 2013 7:18am
Quoting fxpivots
There wasnt 2 closes below 95 no setup news coming up
Ok, so for learning purposes, let's assume there is no news when I ask this question.

I see where you're getting 95. So, are you saying the candle that breaks 95 (long red) doesn't count as 1 of the 2 candles for your strategy? In other words, you need 2 closes *after* the candle that breaks?.

My next question is this: in a situation like this one (again, assuming no news), how do you handle the concurrent setup issues? The trend says to short at 03 or 05, but there is major divergence. Which do you like to go with, or am I totally missing something after going through this thread?

Thanks!
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