The 5 minute TF S&R trading system

Wow big move I'll play if I get a setup

looks like 123 forming

edit: cancel that. price is moving no where

Time to eat tomorrow non farms

We'll that was a quick win from 30

would you mind sharing a chart on that one?

well in nyc on vacation finally got to a computer heres the chart you requested

Looks like 36

no trades for me today

Me neithet tomorrows another day to the beach i go

lucky you! just back from a week in Mallorca. Have a good holiday fx

fx,

here's an example just like the payrolls trade last friday where there is divergence, but the difference in the rsi values is small(87.75 to 86.06) - as such, is the buy signal still legit?

@ fxpivots: I read the hole post and have some questions now.


Do you only trade the EUR/USD did i understand that right?


Do you look only on the 5min-chart regarding S/R-Areas or is a S/R-Area on the 1H for example interesting for you?


Is the previous day high and low interesting for you?


Thanks for the answers.

eu only
5m only
current trend hi's/low's

If you read just a few posts then you would know it a 5 min tf strategy with wueuad as the instrumwnt

no trades today - catch you guys tomorrow

Erasmus on some of these charts you have to make sure you have 2 closes

Let me summarize the method for a Long Trade and if i am wrong please correct me since i am new here:


You wait for a 2B-Pattern with Divergence on RSI to occur with a 1-2-3 Formation followed what is basically a Head and Shoulder Formation. Then Point 2 has to be broken and the 2 first candles breaking Point 2 have to Close above Point 2. Then you wait for a retest of point 2 and go Long with a Limit-Order.


Is that corrected?


Do you always wait for a retest of Point 2 or do you also go Long at Point 2 directly?


http://s14.directupload.net/images/130711/zs9hfddd.jpg






Thanks for the answer

If it comes back clean 40 is the number

41 short

double scenario but should be enough room