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The 5 minute TF S&R trading system

  • #4,161
  • Oct 4, 2013 2:06pm Oct 4, 2013 2:06pm
fx, what is your policy when rsi is in process of breaking hl(i.e. 5min candle is still forming) when, at the same time, entry signal is given:

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd5min03jan11.GIF Size: 50 KB
Become the casino
  • #4,162
  • Oct 6, 2013 6:14pm Oct 6, 2013 6:14pm
that looks like 2b with div you have to let candle close and in this case a sell of broken 2b pullback
  • #4,163
  • Oct 7, 2013 8:55am Oct 7, 2013 8:55am
thanks fx, currently backtesting this - must be the 5th time i've gone over these graphs
Become the casino
  • #4,164
  • Oct 7, 2013 9:16am Oct 7, 2013 9:16am
62 for short?
  • #4,165
  • Oct 7, 2013 9:20am Oct 7, 2013 9:20am
Quoting david1234
62 for short?
Yes :-)

I will take it no matter what :-)
  • #4,166
  • Oct 7, 2013 9:23am Oct 7, 2013 9:23am
I have 62 - 1,8 pips spread so will take it at 60
  • #4,167
  • Oct 7, 2013 9:31am Oct 7, 2013 9:31am
I thought the charts normally display de sell price?
When selling, no need to consider spread. Only add spread when buying?
  • #4,168
  • Oct 7, 2013 9:40am Oct 7, 2013 9:40am
I have 64
  • #4,169
  • Oct 7, 2013 9:43am Oct 7, 2013 9:43am
64 too
Become the casino
  • #4,170
  • Oct 7, 2013 10:07am Oct 7, 2013 10:07am
Full loss
  • #4,171
  • Oct 7, 2013 10:21am Oct 7, 2013 10:21am
I wondered about the 123 at the bottom, but stayed in for a full loss, too
  • #4,172
  • Oct 7, 2013 10:24am Oct 7, 2013 10:24am
Quoting fxpivots
I have 64

Did you have a full loss?
  • #4,173
  • Oct 7, 2013 11:43am Oct 7, 2013 11:43am
It didnt come back clean and 5 to 11
  • #4,174
  • Edited 12:42pm Oct 7, 2013 11:57am | Edited 12:42pm
Quoting fxpivots
It didnt come back clean and 5 to 11
You said it does not have to comeback clean always.

You have explain when clean comeback is necessary and when not because the system is way to discretionary then to have good trades on the long run???
  • #4,175
  • Oct 7, 2013 1:34pm Oct 7, 2013 1:34pm
At 5 to 11 I want perfect setup
  • #4,176
  • Oct 7, 2013 11:29pm Oct 7, 2013 11:29pm
Quoting degil
I wondered about the 123 at the bottom, but stayed in for a full loss, too
Seems as though that was a good set up considering if you look left it was at support. May be worth thinking about an 'Anchor' chart? to know what the dominant trend actually is. In this case, maybe the hrly, 30 or 15 min? Patterns always hold more weight when found at support and resistance...............just a thought. Be interested in hearing your thoughts FX.
  • #4,177
  • Oct 8, 2013 6:28am Oct 8, 2013 6:28am
Quoting Kopite
{quote} Seems as though that was a good set up considering if you look left it was at support. May be worth thinking about an 'Anchor' chart? to know what the dominant trend actually is. In this case, maybe the hrly, 30 or 15 min? Patterns always hold more weight when found at support and resistance...............just a thought. Be interested in hearing your thoughts FX.

It is always better to consider teh bigger picture but this system is not looking at bigger pictures
  • #4,178
  • Oct 8, 2013 6:51am Oct 8, 2013 6:51am
Quoting Oakwoodinc
{quote} It is always better to consider teh bigger picture but this system is not looking at bigger pictures
I've noticed in your previous posts that you almost demand 'absolutes' regarding rules. This system works very well for FX because it fits his personality, because he put it together. I believe its best to do the same for ourselves, design a system yourself, then it will fit you. I have taken something from his strategy that adds to mine. We never stop learning. There are no absolutes in trading, its a game of probabilities backed up by sound money management. A chunk of trading is discretionary. Absolutes are found in EA's.....................and good luck with those.
  • #4,179
  • Oct 8, 2013 7:44am Oct 8, 2013 7:44am
Quoting Kopite
{quote} I've noticed in your previous posts that you almost demand 'absolutes' regarding rules. This system works very well for FX because it fits his personality, because he put it together. I believe its best to do the same for ourselves, design a system yourself, then it will fit you. I have taken something from his strategy that adds to mine. We never stop learning. There are no absolutes in trading, its a game of probabilities backed up by sound money management. A chunk of trading is discretionary. Absolutes are found in EA's.....................and...
Well said. One needs system that fits him and then wait till market fits the system...
  • #4,180
  • Oct 8, 2013 8:04am Oct 8, 2013 8:04am
When I developed this method it wasnt based on mine or others personality. It was based on backtesting a hypothesis that I found to work. Then I put rules to it and it became a theory. The goal was to make consistent money. Now concerning discretion of trades you all know I am looking for 7-10 good trades a month and putting on a so so trade at end of day wouldn't be following the rules
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