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The 5 minute TF S&R trading system

  • #1,541
  • Jan 3, 2013 2:16pm Jan 3, 2013 2:16pm
Absolutely welcome all feedback to this trade, as I understand the system... I can assure you that I will never, ever be offended.
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  • #1,542
  • Jan 3, 2013 2:35pm Jan 3, 2013 2:35pm
Quoting FFJeternal
Absolutely welcome all feedback to this trade, as I understand the system... I can assure you that I will never, ever be offended.
I only show 1 close just after big drop (1st arrow).
You then get some divergence followed by a 123.
First arrow is now the low level.
Then just a few bars ago you get 2 closes below (2 arrows).
As I am typing a potential setup has occured.

The real detractor for me is time of day.
My trading day technically ended 3 hours ago.

Just my thoughts, hope it helps!

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Attitude can reflect outcome in life and trading!
  • #1,543
  • Jan 3, 2013 2:41pm Jan 3, 2013 2:41pm
Quoting krmo
I only show 1 close just after big drop (1st arrow).
You then get some divergence followed by a 123.
First arrow is now the low level.
Then just a few bars ago you get 2 closes below (2 arrows).
As I am typing a potential setup has occured.

The real detractor for me is time of day.
My trading day technically ended 3 hours ago.

Just my thoughts, hope it helps!

Attachment
Thanks, KRMO! Looks like we had another broker difference. Long red at 63, and then 62 and 60 at the 5th and 6th bars later.

Definitely funny you mention time of day: I pretty much won't take a trade after 20:30 GMT, and I almost wrote that on my "Concern" comment on the chart pic.

I also see the setup you mentioned.

(Out at 14 pips profit.)
  • #1,544
  • Jan 3, 2013 4:31pm Jan 3, 2013 4:31pm
Well back from vacation and just got caught up with posts. It seems people still traded doing holiday weeks. I also saw fxpivots returned so i can give him my deepest thanks for a simple concise trading method. My observation is we have a bunch of new traders come on board so if fxpivots doesnt mind i will list the simple rules here. 5 minute line chart. If you wondering how to find 2 closes below setup price just put the crosshairs on the line and look at the next 2 times EX. 1235 1240. I know people live in places where trading from 7 am est to 11am est is difficult what can i say but do the best you can. Look for an established trend and wait for pullback to last LL for short or HH for longs this is the main trust of the method. When trend ends it usually will give you heads up by either a 2b or 123 or both. Its best to let market confirm its direction rather than you guessing. Heres a chart to show both trend and end of trend setups.
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  • #1,545
  • Jan 3, 2013 5:18pm Jan 3, 2013 5:18pm
Quoting forhisglory
Though it might have been a s and d trade when your in a 20 pip range looking to get 15 is a lot to ask. I will shut it down for this yr and resume Jan 7 l hope to reach goal of doubling acct by end of March at 30 pct. If this happens I will add 40000 to account and attempt to double that to 100000 from there I will draw 20000 a month. Have a blessed Christmas and new years
More than you realize, I wish His best for you on this! And welcome back from vacation.
  • #1,546
  • Jan 4, 2013 2:09am Jan 4, 2013 2:09am
Hello fellow traders!

I've been lurking in the shadows for a day or two catching up on what I've missed these past few weeks. It's good to see all the input and viewpoints, new thoughts, spirit of co-operation. I love the SD stuff you've put in Good Looking. It's good to see that some of you are having such success. Well done!

Snail, I want to ask you, since you've harped on this and it seems you've got it... I've read everything on 'selective' trades recently. That's always been my question with this system - how to be selective. (You've helped me in the past with this a bit, but I'm still not 'selective' enough). I'm pleased fxpivots has supplied some info' but analysing the posts after the fact made it difficult to follow.

Is there any chance you can attach a chart showing a 'selective' and 'non-selective' trade, showing what the difference is? Even if you just do a line drawing in MSPaint showing the concept, that should be fine. I'd really appreciate your help with this. Thanks in advance
  • #1,547
  • Edited 3:16am Jan 4, 2013 2:43am | Edited 3:16am
Is this good?

Edit: hm, not good! Go back learning...

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Balucaptdo not fight, be in the business!
  • #1,548
  • Jan 4, 2013 2:47am Jan 4, 2013 2:47am
Hi Guys,

Here is a trade I took on demo. Express train trend going down, price formed an nice 1-2-3, it broke the 2, stayed below it for 2 barts and then made a pullback to the break of two. This all added up to a nice selling opportunity but it went the wrong way. Can anyone help me out if I did something wrong or was this just one of the 20% cases?

Thanks!
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  • #1,549
  • Jan 4, 2013 4:07am Jan 4, 2013 4:07am
mornig from uk, hope you guys caught some of the pips with e/u. It is good when a pair falls like that.I didnt catch any of them as i wasnt trading this way until next week but i did trade the break out of the e/u daily breakout and have caught some pips. Be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,550
  • Jan 4, 2013 7:11am Jan 4, 2013 7:11am
Quoting Balucapt
Is this good?

Edit: hm, not good! Go back learning...

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I would start looking for longs above previous peak.
  • #1,551
  • Jan 4, 2013 7:18am Jan 4, 2013 7:18am
Quoting snail69
I would start looking for longs above previous peak.
Ok, now start looking for sells belowe this point?

Thanks!


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Balucaptdo not fight, be in the business!
  • #1,552
  • Jan 4, 2013 7:36am Jan 4, 2013 7:36am
I hope everyone has their popcorn ready for the "NFP show".
  • #1,553
  • Jan 4, 2013 7:37am Jan 4, 2013 7:37am
Quoting billytt
mornig from uk, hope you guys caught some of the pips with e/u. It is good when a pair falls like that.I didnt catch any of them as i wasnt trading this way until next week but i did trade the break out of the e/u daily breakout and have caught some pips. Be good
I agree with Snail. I've marked point 2 on your first chart. When the chart comes back to the 2 line (after 2 closes above) can go long. To identify point 2 in a crude way... look for a V with its sharp end pointing against the current trend.
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  • #1,554
  • Jan 4, 2013 7:38am Jan 4, 2013 7:38am
Anyone else having forexfactory issues?
  • #1,555
  • Jan 4, 2013 7:54am Jan 4, 2013 7:54am
If things aren't clear to you stay out that's a simple way of being selective
  • #1,556
  • Jan 4, 2013 8:04am Jan 4, 2013 8:04am
26 looks like buy area
  • #1,557
  • Jan 4, 2013 8:05am Jan 4, 2013 8:05am
Quoting fxpivots
If things aren't clear to you stay out that's a simple way of being selective
Mmm. Yes, I suppose that's an option... or I could try to learn to be selective, by asking questions. Is that not what this forum is about?
  • #1,558
  • Jan 4, 2013 8:18am Jan 4, 2013 8:18am
Gerry what I said is one of the ways of being selective is clarity the other is are we trending. or going sideways another is can I hit target with this entry
  • #1,559
  • Jan 4, 2013 8:20am Jan 4, 2013 8:20am
Quoting fxpivots
26 looks like buy area
FX what about 3040-41 ?
  • #1,560
  • Jan 4, 2013 8:20am Jan 4, 2013 8:20am
Quoting fxpivots
26 looks like buy area
Thanks for this. I appreciate confirming what I was seeing, especially since I wasn't exactly sure "when" it was ok to jump in after something as big as NFP and Unemployment.

Having said that, we have PMI at 10. Would you take a trade at 26 because of that coming in 40 minutes? Does my question make sense?
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