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The 5 minute TF S&R trading system

  • #1,521
  • Jan 3, 2013 7:25am Jan 3, 2013 7:25am
When using line charts its only close prices. So if low close is 95 we then need to have 2 consecutive closes below 95 . Dont concern yourself with divergence just focus in on the price action. The more things we let influence our decisions the more trading paralysis we get.
  • #1,522
  • Jan 3, 2013 7:33am Jan 3, 2013 7:33am
Quoting Good Lookin
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.
Just reread the question i don't think i answered it properly. I hit Break Even about 30% of the time.
  • #1,523
  • Jan 3, 2013 7:41am Jan 3, 2013 7:41am
Long @ 3101 ? after 2b and ABC ?
  • #1,524
  • Jan 3, 2013 7:42am Jan 3, 2013 7:42am
Thanks for the anwser! I'm on a steep learning curve, but loving it. THis really the first time that a system starts to click really quickly. Only focusing on the ABC/123 pull back patten.

Have two questions:
1. Do you still enter a trade in the opposite direction if your first trade goes belly up? I read this in the first few pages but no one mentions it afterwards?
2. When using a line chart I have difficulty in seeing if there are two closes below. How do you guys check this?

Now waiting for pullback to 00, although there is no strong trend so no trade i think.
  • #1,525
  • Jan 3, 2013 7:45am Jan 3, 2013 7:45am
We did have 2b followed by 123 I have 2 point at 00
  • #1,526
  • Edited 8:49am Jan 3, 2013 7:50am | Edited 8:49am
Quoting fxpivots
We did have 2b followed by 123 I have 2 point at 00
Same 00 here plus spread. Now moved to 1.31053 (1.3 spread )

Edit: filled

edit 2: closed for BE
  • #1,527
  • Jan 3, 2013 7:59am Jan 3, 2013 7:59am
Entry doesn't change unless your in trend and it's going higher. Our first focus should always be trend pullbacks till trend changes
  • #1,528
  • Jan 3, 2013 8:08am Jan 3, 2013 8:08am
is this broadly in line with the graphs everyone else is seeing:
Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd03jan2013.GIF Size: 16 KB
Become the casino
  • #1,529
  • Jan 3, 2013 8:09am Jan 3, 2013 8:09am
Technically yes but 17 needs to really be taken out it seems like supply area right good lookin
  • #1,530
  • Jan 3, 2013 8:13am Jan 3, 2013 8:13am
FX, 2 questions.

- first set up can be considered valid ? - before US session - 2b and pullback - result BE

- after 2B, abc - market moved a bit up, I adjusted entry accordingly, was it not correct ?, please advise.

Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: today trades 3-jan- 2012.jpg Size: 102 KB
  • #1,531
  • Jan 3, 2013 8:15am Jan 3, 2013 8:15am
Quoting snail69
Long @ 3101 ? after 2b and ABC ?
Which bar close gave you the 00? On GMT, I'm showing 12:45 bar at 00, but at 13:10 I have 02. *If* you have the same, can you help me understand why you chose the 00 instead of the 02 as your 2 point?
  • #1,532
  • Jan 3, 2013 8:17am Jan 3, 2013 8:17am
2 point of 123
  • #1,533
  • Jan 3, 2013 8:19am Jan 3, 2013 8:19am
Quoting FFJeternal
Which bar close gave you the 00? On GMT, I'm showing 12:45 bar at 00, but at 13:10 I have 02. *If* you have the same, can you help me understand why you chose the 00 instead of the 02 as your 2 point?
Hi FFJeternal,

Think the problem is that you are looking at a bar chart. You need to be looking at a line chart. My Oanda line chart gives me 00 @ 45 and 10.

Hope this helps!
  • #1,534
  • Jan 3, 2013 8:29am Jan 3, 2013 8:29am
Quoting FFJeternal
Which bar close gave you the 00? On GMT, I'm showing 12:45 bar at 00, but at 13:10 I have 02. *If* you have the same, can you help me understand why you chose the 00 instead of the 02 as your 2 point?
Please see post 1530.
  • #1,535
  • Jan 3, 2013 8:30am Jan 3, 2013 8:30am
This is now turning into a no selective trade setup
  • #1,536
  • Jan 3, 2013 8:36am Jan 3, 2013 8:36am
Quoting snail69
Please see post 1530.
Got it. Different brokers... different prices.

At least I know I understand the principle, now. We saw the same thing, just with different numbers, due to broker differences.
  • #1,537
  • Jan 3, 2013 8:53am Jan 3, 2013 8:53am
Quoting mijnmail
Hi FFJeternal,

Think the problem is that you are looking at a bar chart. You need to be looking at a line chart. My Oanda line chart gives me 00 @ 45 and 10.

Hope this helps!
I have a SMA value of "1" for the close on my bar chart, so I am using both. I definitely appreciate it, though!
  • #1,538
  • Jan 3, 2013 9:03am Jan 3, 2013 9:03am
Quoting fxpivots
Technically yes but 17 needs to really be taken out it seems like supply area right good lookin
Yep, clean drop that made a lower low.
  • #1,539
  • Jan 3, 2013 9:14am Jan 3, 2013 9:14am
Thanks gl it's seems even non selective trades make profit sonetimes
  • #1,540
  • Jan 3, 2013 9:57am Jan 3, 2013 9:57am
Quoting fxpivots
Thanks gl it's seems even non selective trades make profit sonetimes
I wouldn't say its non selective. Trading in the direction of the price move that started yesterday and price made a lower low. Also price broke through a higher timeframe pivot and that supply zone is kinda like a 123 2 retest.
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