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The 5 minute TF S&R trading system

  • #1,561
  • Jan 4, 2013 8:24am Jan 4, 2013 8:24am
If your not in trade by 930 stay out
  • #1,562
  • Jan 4, 2013 8:26am Jan 4, 2013 8:26am
Quoting fxpivots
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
Ok, sorry, I didn't get that.

But you've hit the spot. It's the 'CAN HIT TARGET' that I'm not understanding. What PREVENTS from hitting target... what to look out for?

You said: 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

I battle to understand the concept
  • #1,563
  • Jan 4, 2013 8:30am Jan 4, 2013 8:30am
Hi Gerry,

Thank you for your anwser! It raised a new question for me. (got to love them noobs ;-))
Why did you not draw the 1-2-3 as shown below. This was a 1-2-3 with the trend. I feel like i'm missing something in my analyses.

Cheers!
Attached Image
  • #1,564
  • Jan 4, 2013 8:30am Jan 4, 2013 8:30am
Quoting fxpivots
If your not in trade by 930 stay out
Understood, and thanks again. Order deleted.
  • #1,565
  • Jan 4, 2013 8:34am Jan 4, 2013 8:34am
What i mean can it hit target is this for 2b or 123 trades is if 2 point is say 30 and price went to 38 theres not enough room to get 15 pips so let that one go and if it takes out high trend us comfirmed then trade pullback. Its all about trading with the trend
  • #1,566
  • Jan 4, 2013 8:43am Jan 4, 2013 8:43am
Here's a perfect example right now a 123 is forming 2 point is 32 say it takes it out , the last high coming up was where we were looking to go long at 26 this is conflicting so we must stay away till market corrects itself. Now if there was no 123 then going long at 26 is trading with current trwnd
  • #1,567
  • Jan 4, 2013 8:49am Jan 4, 2013 8:49am
Delete
  • #1,568
  • Jan 4, 2013 8:50am Jan 4, 2013 8:50am
In short we are trading s and r in current trend unless market says trend has changed
  • #1,569
  • Jan 4, 2013 8:52am Jan 4, 2013 8:52am
Quoting fxpivots
Here's a perfect example right now a 123 is forming 2 point is 32 say it takes it out , the last high coming up was where we were looking to go long at 26 this is conflicting so we must stay away till market corrects itself. Now if there was no 123 then going long at 26 is trading with current trwnd
Thank you, think I got it. So, look out for previous resistance turning into support or v/v that will interfere with target. That makes sense, thanks.

Another question around this please, do you only look at the immediate previous resistance point or would you look at possible points over the past couple of hours?
  • #1,570
  • Jan 4, 2013 8:55am Jan 4, 2013 8:55am
If we are trending then it's current. Sideways is taking out high or low
  • #1,571
  • Jan 4, 2013 9:00am Jan 4, 2013 9:00am
Quoting fxpivots
If we are trending then it's current. Sideways is taking out high or low
Okay. Got it. Ta
  • #1,572
  • Jan 4, 2013 9:07am Jan 4, 2013 9:07am
long @ 1.30489 - is it ok ?
Attached Image (click to enlarge)
Click to Enlarge Name: today trades 4-jan- 2012.jpg Size: 93 KB
  • #1,573
  • Jan 4, 2013 9:11am Jan 4, 2013 9:11am
Quoting snail69
long @ 1.30489 - is it ok ?
I saw that, too, but stayed out because of news. There was also a 2b setup that I stayed out of which went to target, but if the rules are to stay out at news time, then that's what I'll do.

Speaking more to myself than anyone: there are plenty of trades each month outside of red calendar news events. Be patient.
  • #1,574
  • Jan 4, 2013 9:13am Jan 4, 2013 9:13am
Quoting snail69
long @ 1.30489 - is it ok ?
1. Trend: Check!
2. 123: Check!
3. Break of point 2: Check!
3. Two bar close above point 2: Check!
4. Pullback: Check!

Looks like an ok trade to me, but i have just started :-)
  • #1,575
  • Jan 4, 2013 9:29am Jan 4, 2013 9:29am
Quoting snail69
long @ 1.30489 - is it ok ?
Hi snail69,

Thanks for the pic.

It's not big deal to save and post a pic, guys. A picture is worth a thousand words.

Of course the thread isn't mine, but posting pics helps everyone.

Thanks.
  • #1,576
  • Jan 4, 2013 9:29am Jan 4, 2013 9:29am
Yes snail that's the area and if news candle wasn't happening then yes NFL day is tricky even though this is a different news it's still NFL day
  • #1,577
  • Edited 9:53am Jan 4, 2013 9:30am | Edited 9:53am
hi,

is 123 properly marked ?
Attached Image (click to enlarge)
Click to Enlarge Name: edek.gif Size: 32 KB
  • #1,578
  • Jan 4, 2013 9:31am Jan 4, 2013 9:31am
Quoting mijnmail
Hi Gerry,

Thank you for your anwser! It raised a new question for me. (got to love them noobs ;-))
Why did you not draw the 1-2-3 as shown below. This was a 1-2-3 with the trend. I feel like i'm missing something in my analyses.

Cheers!
Only saw this now... A new high was formed, indicating reversal to uptrend. Excuse my art.
Attached Image
  • #1,579
  • Jan 4, 2013 9:40am Jan 4, 2013 9:40am
Let's say we got into this trade and it's going against you and it's not flying away the mindset is this try and get back as close to be as possible so if you lose 5 pops that's only 1%
It's not the end of the world. That's managing the trade. Wins of 3% and a few 1% losses are ok. Accumulate money!
  • #1,580
  • Jan 4, 2013 9:45am Jan 4, 2013 9:45am
Accumulate is the perfect word
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