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The 5 minute TF S&R trading system

  • #3,741
  • Aug 28, 2013 9:06am Aug 28, 2013 9:06am
Quoting Oakwoodinc
{quote} I hope FXPIVOT will comment on that setup because i do not see a reason not to take that trade when u really look at price action only without using any trendlinies for example.
yep, if u look at yesterday's price action, today is actually similar to yesterday

but ytd price blast right up, whereas today price went down
  • #3,742
  • Aug 28, 2013 9:09am Aug 28, 2013 9:09am
Quoting erasmus66
yes oak, agree with your analysis: {image}
There was a news (NATO announcement) which is ahigh impact news. hence the price action failed.
  • #3,743
  • Aug 28, 2013 9:25am Aug 28, 2013 9:25am
Quoting Fx1947
{quote} There was a news (NATO announcement) which is ahigh impact news. hence the price action failed.

We only pay attention to news on teh calendar. NATO news is something taht just happens.
  • #3,744
  • Aug 28, 2013 9:26am Aug 28, 2013 9:26am
Setup Long:

http://s1.directupload.net/images/130828/pt6xt2vc.jpg
  • #3,745
  • Aug 28, 2013 9:29am Aug 28, 2013 9:29am
just bought at 19
Become the casino
  • #3,746
  • Aug 28, 2013 9:31am Aug 28, 2013 9:31am
be
Become the casino
  • #3,747
  • Aug 28, 2013 9:33am Aug 28, 2013 9:33am
Quoting david1234
{quote} yep, if u look at yesterday's price action, today is actually similar to yesterday but ytd price blast right up, whereas today price went down

Today there was resistance as a trendline and yesterday not
  • #3,748
  • Aug 28, 2013 9:44am Aug 28, 2013 9:44am
Quoting erasmus66
be

Me too but i am still in it
  • #3,749
  • Aug 28, 2013 9:58am Aug 28, 2013 9:58am
nice trade oak - well done
Become the casino
  • #3,750
  • Aug 28, 2013 10:00am Aug 28, 2013 10:00am
Quoting david1234
{quote} yep, if u look at yesterday's price action, today is actually similar to yesterday but ytd price blast right up, whereas today price went down
Yesterday vs. Today:

Attached Image (click to enlarge)
Click to Enlarge Name: aaaa.jpg Size: 399 KB
  • #3,751
  • Aug 28, 2013 10:03am Aug 28, 2013 10:03am
Quoting erasmus66
nice trade oak - well done
I dont do exactly the same like FXPIVOTS when i entered the trade.

I trail the SL on the 5min chart and when i am up 1R and can not move by SL close to breakeven on the 5min chart i go to breakeven.
  • #3,752
  • Aug 28, 2013 11:26am Aug 28, 2013 11:26am
Well done guys. Took a day off from posting to let some of you to digest what we are doing as far a s and r trading. Yes oak 46 long was the ticket so congrats to all 3% win
  • #3,753
  • Aug 28, 2013 12:18pm Aug 28, 2013 12:18pm
Quoting fxpivots
Well done guys. Took a day off from posting to let some of you to digest what we are doing as far a s and r trading. Yes oak 46 long was the ticket so congrats to all 3% win
Do you take only one trade a day?

What if 1st trade is BE and a second one comes like today that got stopped out???
  • #3,754
  • Aug 28, 2013 12:33pm Aug 28, 2013 12:33pm
it's a good point oak, whether to take just first signal of the day and disregard any subsequent signals, or rather trade all signals. I have backtested with the latter approach and need to contrast with 'just the first signal' approach. My instinct is that just taking 1st signal will be more reliable.
Become the casino
  • #3,755
  • Aug 28, 2013 12:35pm Aug 28, 2013 12:35pm
at the same time you will probably make more pips taking all signals but with less reliability - it depends on your appetite for accepting loss trades
Become the casino
  • #3,756
  • Aug 28, 2013 1:51pm Aug 28, 2013 1:51pm
Remember the goal its to make 15-20% a month so limit trading to try and make 2-3% per trade. You dont need many trades to make good profits per month
  • #3,757
  • Edited 10:51pm Aug 28, 2013 10:20pm | Edited 10:51pm
ABC and 2B are "advanced" entries. For start it might be ok to focus mainly on 2 kind of entries as per FX system.

+ After consolidation and retest (pic attached)

+ In trend and then pullback. (pic attached)

Just my 2 cents.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: fx 5 min.png Size: 96 KB
Click to Enlarge Name: fx trend.png Size: 108 KB
  • #3,758
  • Aug 29, 2013 7:31am Aug 29, 2013 7:31am
Quoting snail69
ABC and 2B are "advanced" entries. For start it might be ok to focus mainly on 2 kind of entries as per FX system. + After consolidation and retest (pic attached) + In trend and then pullback. (pic attached) Just my 2 cents. {image} {image}

Hey Snail69, any chance you can pass on that sessions open indie if its for MT4, cheers
  • #3,759
  • Aug 29, 2013 7:48am Aug 29, 2013 7:48am
Hey Snail, I thought you gave up on this method?

Did you change your mind / have an epiphany?
  • #3,760
  • Aug 29, 2013 7:52am Aug 29, 2013 7:52am
In at 47, not looking too great....
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