The 5 minute TF S&R trading system | Page 90 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trend Follower 5 Minute System 3,787 replies

Gamblers 5 and 15 minute trading system 291 replies

ECN && STP && Scalping && Hedging - Broker Review - Oct 2009 24 replies

Journal for Trend Follower 5 Minute System 9 replies

5 Minute SL&TP Trading System 4 replies

Attachments: The 5 minute TF S&R trading system
Exit Attachments

The 5 minute TF S&R trading system

  • #1,781
  • Jan 16, 2013 8:37am Jan 16, 2013 8:37am
Attached Image
Become the casino
  • #1,782
  • Jan 16, 2013 8:54am Jan 16, 2013 8:54am
With that example the low wasn't taken out significantly no room for target
  • #1,783
  • Jan 16, 2013 9:05am Jan 16, 2013 9:05am
Missed my entry by .3 pips. Would have just hit profits! Those of you in from 77 should be at BE right now
  • #1,784
  • Jan 16, 2013 9:05am Jan 16, 2013 9:05am
Don't know how long I will stay with the 76 long we had 123 break pullback. Will wait 1 more candle to see if momentum happens
  • #1,785
  • Jan 16, 2013 9:07am Jan 16, 2013 9:07am
Stop moved to be looking to take profit soon
  • #1,786
  • Jan 16, 2013 9:11am Jan 16, 2013 9:11am
Closed with 10 pips 2% better than 0 late in day
  • #1,787
  • Jan 16, 2013 9:16am Jan 16, 2013 9:16am
Quoting fxpivots
Stop moved to be looking to take profit soon
And there goes the profits
  • #1,788
  • Jan 16, 2013 9:16am Jan 16, 2013 9:16am
Target would have been hit if it we're 930 would have held but after 10 things begin to slow down
  • #1,789
  • Jan 16, 2013 9:28am Jan 16, 2013 9:28am
Hey GL sometimes s & d dont line up exactly so an adjustment should be made on your part by expanding zone a little to correspond with the setup heres 2 charts to show what i mean
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu.gif.gif Size: 25 KB
Click to Enlarge Name: eu.gif2.gif Size: 23 KB
  • #1,790
  • Jan 16, 2013 9:48am Jan 16, 2013 9:48am
Quoting fxpivots
Hey GL sometimes s & d dont line up exactly so an adjustment should be made on your part by expanding zone a little to correspond with the setup heres 2 charts to show what i mean
I know what you mean. Sometimes it bounces at the high of the channel, sometimes it bounces at the low of the channel. Sometimes it bounces somewhere in between. I don't believe the close price is as important as the high/low price when it comes to SD.

Using your chart as an example, i'd set my level from the 2 to 3 and expect a bounce at the high, low, or a midpoint. I'd take the trade from 2 after seeing price bounce at 2.
  • #1,791
  • Jan 16, 2013 9:51am Jan 16, 2013 9:51am
So once a 123 break pullback has occured and it goes on to a win now we wait and see if this is indeed a trend change by price taking out new high if that happens its a trend trade so we wait for pullback to 91 and that hit the target right on the nose
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif.gif Size: 20 KB
  • #1,792
  • Jan 16, 2013 9:55am Jan 16, 2013 9:55am
Quoting Good Lookin
I know what you mean. Sometimes it bounces at the high of the channel, sometimes it bounces at the low of the channel. Sometimes it bounces somewhere in between. I don't believe the close price is as important as the high/low price when it comes to SD.

Using your chart as an example, i'd set my level from the 2 to 3 and expect a bounce at the high, low, or a midpoint. I'd take the trade from 2 after seeing price bounce at 2.
i know it doesnt but based on my setup and your setup which are usually in the same area anyway i was just suggesting a way to intergrate so trades arent missed by a few pips. A rather small adjustment to make more profit i think you know what i mean
  • #1,793
  • Jan 16, 2013 10:02am Jan 16, 2013 10:02am
Fx, just learning, but don't you want to see rsi divergence to confirm 123 break reversal trade taken today at 77?
  • #1,794
  • Jan 16, 2013 10:05am Jan 16, 2013 10:05am
Quoting Good Lookin
I know what you mean. Sometimes it bounces at the high of the channel, sometimes it bounces at the low of the channel. Sometimes it bounces somewhere in between. I don't believe the close price is as important as the high/low price when it comes to SD.
for example
Attached Image (click to enlarge)
Click to Enlarge Name: SD For Example.jpg Size: 215 KB


Most people put SD zones from the Red line to the Green line. I put from the Red line to the Purple line and consider all price action around these lines as it returns things to consider before an entry.

Top chart show my orders and bottom chart shows the lines.

1. Strong rally that broke the 2 high of the 123 pattern we traded earlier. It turns around swiftly and provides the 123 entry. What i see is price rejecting near my SD zone and will most likely return to it due to the previous 123 pattern. The rejection signals general interest in a short from that SD area.
2a-2b. Price give a 10 pip reject while in the SD area so now i look to entry at the top of that specific rejection for the lowest risk entry possible.

I entered at the last circle and took my 10 pip profit. +2%
  • #1,795
  • Jan 16, 2013 10:14am Jan 16, 2013 10:14am
Quoting fxpivots
i know it doesnt but based on my setup and your setup which are usually in the same area anyway i was just suggesting a way to intergrate so trades arent missed by a few pips. A rather small adjustment to make more profit i think you know what i mean
Point taken. 15 pips definately gives enough breathing room for a trade to work out if its adjusted by 1-2 pips and are trading the correct setup. Also i originally set the PO at the 2 break but then canceled it and set it at the midpoint but didn't set my PO at price +1. If i did i'd be up 5% instead of 2%. Gotta stick to the plan.
  • #1,796
  • Jan 16, 2013 10:16am Jan 16, 2013 10:16am
i dont need to see divergence on a 123 pattern divergence is for 2b pattens i usually dont look at rsi is like a barometer to me if i want to go long and i am overbought i may think about not entering i might use divergence to keep me out of a trade sometimes but in general i am just looking at the price action patterrn and s & r and s & d which are not the same but usually are different schools of thought.
  • #1,797
  • Jan 16, 2013 3:36pm Jan 16, 2013 3:36pm
Fx, thanks for your reply,
I was just wondering if in hindsight, there were any clues that the 13306 long @ 7 this morning would fail
  • #1,798
  • Jan 16, 2013 3:59pm Jan 16, 2013 3:59pm
Quoting sef
Fx, thanks for your reply,
I was just wondering if in hindsight, there were any clues that the 13306 long @ 7 this morning would fail
Definitely not fxpivots, but 3306 long wasn't a valid setup on my broker. There were never 2 closes above.

The highest valid entry I had was 3296, which went 14 pips, so depending on money management...
  • #1,799
  • Jan 17, 2013 3:44am Jan 17, 2013 3:44am
Quoting fxpivots
If we enter short mr smith at 3003 our stop is 3018, but when price hits 3017 we are stopped out because of the 1 pip spread so we have another order in at 3017 to renter and try and get back to 3003 to break even. Presently is 935 am we are now in uptrend waiting for pullback
Broker of 1 pip? Which one is it?
  • #1,800
  • Edited 5:11am Jan 17, 2013 3:57am | Edited 5:11am
for example : Armada markets - 0,4 pips on eurusd now.
3 traders viewing now