The 5 minute TF S&R trading system

erasmus firstly the chart for jan 12 the trade was outside the time zone and also the differnce between last high and 2 point of 123 wss only 9 pips. Secondly the jan 26 chart there was no trade after it went up it stayed in a 30 pip range throughout

Well that was a easy win from 99 short

Anyone else catch it

Yea fxpivot I short at 1.3100

yes, nice trade fx/david. i sold at 01 - don't know why my entry point is always slightly different

For new comers the reason for the 99 short is as follows we were in a sidewaus market once it broke and took out the lows we take last low before breakout it also corresponded with supply area and 00 a nice confluence of events

Erasmus i use ibfx so there might be a slight differnce in price with brokers

i think you're right fx - i'm with interactive brokers. I've done all my back testing with interactive brokers historic data which is throwing out slightly differnet entry points to that of your data provider - ultimately it all comes out in the wash. good trading - well done

I used I B many years ago for about 1 month did not like the platform or the multiple partial fills

We'll what do you Know 99 have another win

fxpivots - thanks for the explanation on the 99 short, i was really scratching my head on this one, clear now.

did you trade the level twice?

No one win for me timo

fx, still don't understand entry/exit points. If we have a long and 5 min candle close point is 1.3110, do we place limit order to buy at 1.3110 or 1.3112?

Ok if we have a long at 3110 and say our spread is 1.8 then long entry is 3111.8

If entey to go short is 3110 then thats the entry only on longs is spread add for entry

many thanks - cheers fx

looking at the long on 12 jan 2012 again where we have a double scenario, the long entry is at 1.2805(assuming a 2 pip spread) and the opposing short is at 1.2814, i.e. only a 9 pip gap:

Correct erasmus if trade was earlier i still would have passed it. Its all about having room to hit yarget

looking at the short at 1.2814(ignoring that it's too late), would you consider the gap to be 11 pips(i.e. 1.2814 to 1.2803)?