The 5 minute TF S&R trading system

I took the long at 64 and just got stopped out. My normal entry would have been at 57 +1. I'd still be in the trade now with a chance for the BE exit.
Lookin back at the 64 entry i see now that i made a bad decision. Not enough room for target tp.

update: Trade would have hit BE

From time to time we all miss something and make a bad decision. I would have entered at 58 also

Yeah, still learning from my mistakes.

GL - 57 was exact day open line as per Oanda and 33500 was a strong support and looks like S/D level too.

Here's my chart of hindsight analysis. I do this everyday around 12:00pm to 1 pm. What i write in each section generally changes depending on my mood and frame of mind. It helps me keep my emotions in check.

Thick Red Lines - Weekly Swing Hi/Lo
Regular Blue Lines - London Hi/Lo
Dashed Red Line - Weekly Open
Dashed Purple - Yesterdays London close
Dashed Cyan(light blue) - Todays NY Open
Regular Black Line - Swing Hi/Lo from a higher tf
Thick Grey Lines - BRN (big round number(00))
Green boxes - SD trades

I don't place the Daily open because then i'd have to many lines. Also, what i do put up describes prices movements well enough for my purposes.



I took the long at 64 on the way down after price had made its way above the weekly open. My normal entry would have been to take the long at 57 +1 as described by the chart below. I posted a chart or two earlier in the thread on how i enter these trades. Follows the same basic understanding.



The mistake i made was that i took the long from the retest of the high rather than the mid point. There are only 2 times i should take the high as an entry. If the break of the high is at least 15 pips and if the break of the high is the first higher high after a set of down trend lower lows. Of course i still reserve the right to take the trade off of the mid if it presents itself. That's where the discretion is involved. But the entry that i took wasn't based on either of those 2 situations. I kinda shot from the hip.

a nice gbpusd win this morning

1.33550 long - out at +1

Don't understand 3355 long and USA banks closed today

1.3353 +2 for spread

Firstly market not trending secondly i would have shorted at 63 in this thin market because 123 and supply level in same place remember thats the high probability setup

Bathroom break for the market

fxpivots,

Please help me label the 123 and supply level you meant in the attached to assist my understanding. Thanks.

HERE YOU GO FOSTERS

thanks.
please check my interpretation. so the down arrow showed where you would have taken the 63 short normally? If yes, then it's not as if you start looking for 123s AFTER 7am EST only, previous setups could still be useful?

Finally a setup will go long at 79

What about 123 ?

Closed at be. The 123 your referring to is a little small 2 point and 3 point 1 pip difference

It's not fun when market is like this patience must be adhered to!

Very true FX. Can you explain a bit more your reasoning to close at BE ?

I believe mostly your trade managment is the key to your success. Thanks.