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The 5 minute TF S&R trading system

  • #3,301
  • Jul 26, 2013 8:52am Jul 26, 2013 8:52am
Quoting sho
Looks like 1.3263 + spread was a winner

Price never hit 63
  • #3,302
  • Jul 26, 2013 8:54am Jul 26, 2013 8:54am
That's why I included "+spread"

Spread for me was like 2 pips so 1.3265 if you wanna get technical
  • #3,303
  • Jul 26, 2013 8:59am Jul 26, 2013 8:59am
here come the bulls
  • #3,304
  • Jul 26, 2013 9:05am Jul 26, 2013 9:05am
Price respected 1.3265 twice but a re-entry like that is too risky, IMO especially considering the UoM news coming out
  • #3,305
  • Jul 26, 2013 9:07am Jul 26, 2013 9:07am
nice trade sho - well done. I liked the signal myself but was put off by the preceding down trend:

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd26jul13.GIF Size: 32 KB
Become the casino
  • #3,306
  • Jul 26, 2013 9:10am Jul 26, 2013 9:10am
76 long if clean come back
Become the casino
  • #3,307
  • Jul 26, 2013 9:21am Jul 26, 2013 9:21am
Quoting erasmus66
nice trade sho - well done. I liked the signal myself but was put off by the preceding down trend: {image}
I do a lot of higher TF analysis in conjuction with VSA (beyond the scope of this thread) and I like to look at long-term support and resistance. I noticed that in the H1 there was resistance turning into potential support (see yellow rectangle in pic)
Attached Image (click to enlarge)
Click to Enlarge Name: EU H1.png Size: 72 KB
  • #3,308
  • Jul 26, 2013 9:51am Jul 26, 2013 9:51am
Quoting erasmus66
76 long if clean come back
Level is holding but I don't like the sell-off that just occurred close to the previous day's high. It's Friday and EU has been trending up all week. A lot of professional traders unwind their positions and take profits on Friday...
  • #3,309
  • Jul 26, 2013 9:52am Jul 26, 2013 9:52am
came out at 71 for -5
Become the casino
  • #3,310
  • Jul 26, 2013 9:53am Jul 26, 2013 9:53am
Quoting sho
{quote} Level is holding but I don't like the sell-off that just occurred close to the previous day's high. It's Friday and EU has been trending up all week. A lot of professional traders unwind their positions and take profits on Friday...
Did you take this long Trade?
  • #3,311
  • Jul 26, 2013 9:53am Jul 26, 2013 9:53am
Quoting erasmus66
came out at 71 for -5
Good job with MM management that is key that u didn't take a full loss
  • #3,312
  • Jul 26, 2013 9:54am Jul 26, 2013 9:54am
Quoting Oakwoodinc
{quote} Did you take this long Trade?
No I didn't like the sell-off that was occurring so close to yesterday's high and Friday's can be tricky to trade...

Also approaching the end of the London session in about 1 hr
  • #3,313
  • Jul 26, 2013 9:54am Jul 26, 2013 9:54am
yes, good shout sho - i'm lucky to be only 5 pips down rather than the full 10
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  • #3,314
  • Jul 26, 2013 9:59am Jul 26, 2013 9:59am
Quoting erasmus66
yes, good shout sho - i'm lucky to be only 5 pips down rather than the full 10
Are you using the 15 minute rule? (closing trade if after 15 mins it hasn't hit ur target)
  • #3,315
  • Jul 26, 2013 10:07am Jul 26, 2013 10:07am
Quoting sho
{quote} Are you using the 15 minute rule? (closing trade if after 15 mins it hasn't hit ur target)
i've been noticing this, i.e. if tp hasn't been hit soon after entry then probability of hitting target diminishes. Do you close as a matter of course 15 mins after entry irrespective of where price is?
Become the casino
  • #3,316
  • Jul 26, 2013 10:11am Jul 26, 2013 10:11am
Quoting erasmus66
{quote} i've been noticing this, i.e. if tp hasn't been hit soon after entry then probability of hitting target diminishes. Do you close as a matter of course 15 mins after entry irrespective of where price is?
Really can depend on the PA but it's a good rule to live by. If price hasn't hit your target after 15 mins that usually means lack of buyers/sellers at that level.
  • #3,317
  • Jul 26, 2013 10:20am Jul 26, 2013 10:20am
much appreciated sho. I'm in the middle of backtesting 2011 atm and will add this in - would certainly have helped me out today. Thanks again, john
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  • #3,318
  • Jul 26, 2013 10:29am Jul 26, 2013 10:29am
Got half my position out at BE.
De other half gt de 10pips loss
  • #3,319
  • Jul 26, 2013 11:12am Jul 26, 2013 11:12am
Quoting sho
{quote} Really can depend on the PA but it's a good rule to live by. If price hasn't hit your target after 15 mins that usually means lack of buyers/sellers at that level.

@ sho:

How can u generally say closing a position after 15 min if target didnt get hit is a good option.

Dont you have to say for a system like the one tradet here its a good option?
  • #3,320
  • Jul 26, 2013 11:22am Jul 26, 2013 11:22am
Quoting Oakwoodinc
{quote} @ sho: How can u generally say closing a position after 15 min if target didnt get hit is a good option. Dont you have to say for a system like the one tradet here its a good option?
Hi Oakwood,

I mean for this thread system in particular, yes. Not for other systems.
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