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The 5 minute TF S&R trading system

  • #5,061
  • Jan 13, 2014 6:38am Jan 13, 2014 6:38am
Quoting danieltang
Hi FXpivots, thanks for the video again. Very informative. But I'm still learning on the 123 and 2b set up. Appreciate if you could share some more pointer on below chart. Attached today E/U 5 min chart as of 7am EST. Basically i draw a upper limited and lower limted (purple line) to see the current trend. We are ranging for the past 3 hours. So i looking for a 2b set up of when price break upper limited/lower limited? {image}
You rather wanna wait for the sideways area to break

Attached Image (click to enlarge)
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  • #5,062
  • Jan 13, 2014 6:53am Jan 13, 2014 6:53am
thanks Oak for the reply. So wait for the range to break, after which wait for pull back and trade with the trend?
  • #5,063
  • Jan 13, 2014 7:03am Jan 13, 2014 7:03am
Quoting danieltang
thanks Oak for the reply. So wait for the range to break, after which wait for pull back and trade with the trend?
Yes just wait for a break and then apply rules.

Here a perfect example in GBP/USD from today:
Attached Image (click to enlarge)
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  • #5,064
  • Jan 13, 2014 7:05am Jan 13, 2014 7:05am
many thanks oak. So the chart you just paste is a example of uptrend, follow by 123?
  • #5,065
  • Jan 13, 2014 7:14am Jan 13, 2014 7:14am
Quoting danieltang
many thanks oak. So the chart you just paste is a example of uptrend, follow by 123?
Its more an downtrend and then correction and then a 123 with in the downtrend
  • #5,066
  • Jan 13, 2014 7:37am Jan 13, 2014 7:37am
I see, thanks!

so now the chart had break through lower limited(purple line), So i wait for pull back then go short again?
Attached Image (click to enlarge)
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  • #5,067
  • Jan 13, 2014 7:45am Jan 13, 2014 7:45am
Quoting danieltang
I see, thanks! so now the chart had break through lower limited(purple line), So i wait for pull back then go short again? {image}
Yes
  • #5,068
  • Edited 8:48am Jan 13, 2014 8:10am | Edited 8:48am
Hi guys! Any comments for today? Are you all in some kind of skype or any other chat room? Cannot see anybody in the one which tf5minute made....
EURUSD
Attached Image (click to enlarge)
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  • #5,069
  • Jan 13, 2014 8:49am Jan 13, 2014 8:49am
Quoting Dufoo
Hi guys! Any comments for today? EURUSD {image}

Yes that was a winner when you had the balls to leave it in after it came back almost to SL

Attached Image (click to enlarge)
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  • #5,070
  • Jan 13, 2014 9:00am Jan 13, 2014 9:00am
Hi everyone, I've been following this thread with interest. I'll post some charts. Please feel free to critique. Thanks to fxpivots for starting this thread.
  • #5,071
  • Jan 13, 2014 9:01am Jan 13, 2014 9:01am
Just an Example for USD/YEN from right now:

Attached Image (click to enlarge)
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  • #5,072
  • Jan 13, 2014 9:06am Jan 13, 2014 9:06am
hi Oak, just to clarify, for 123 set up, if it just breakout of range, do we take it? Perfect example will be the one u post on E/U. THanks for the chart! Cheers, i guess is rest for the day then.
  • #5,073
  • Jan 13, 2014 9:09am Jan 13, 2014 9:09am
Quoting danieltang
hi Oak, just to clarify, for 123 set up, if it just breakout of range, do we take it? Perfect example will be the one u post on E/U. THanks for the chart! Cheers, i guess is rest for the day then.

Maybe FXPIVOT wants to comment on that.

I look for a breakout and take the 123 or try to catch the end of an trend and trade the 123 but thats just me.

Just post some charts and we discuss it :-)
  • #5,074
  • Jan 13, 2014 9:19am Jan 13, 2014 9:19am
Quoting Oakwoodinc
Just an Example for USD/YEN from right now: {image}
how to setup your SL and tp?
If the new high candle High is 103.190 and next low candle Low is 103.118 , USD/JPY Spread is 0.02 ?
BUY STOP:103.190+0.01 SL:103.118 TP:103.190+((103.190+0.01)-103.118)
or
BUY STOP:103.190+0.01+0.02 SL:103.118 TP:103.190+((103.190+0.01+0.02)-103.118)
  • #5,075
  • Jan 13, 2014 9:35am Jan 13, 2014 9:35am
Quoting cmz118
{quote} how to setup your SL and tp? If the new high candle High is 103.190 and next low candle Low is 103.118 , USD/JPY Spread is 0.02 ? BUY STOP:103.190+0.01 SL:103.118 TP:103.190+((103.190+0.01)-103.118) or BUY STOP:103.190+0.01+0.02 SL:103.118 TP:103.190+((103.190+0.01+0.02)-103.118)

I add spread to entryprice and SL is at Point 3
  • #5,076
  • Jan 13, 2014 9:42am Jan 13, 2014 9:42am
I'm looking to go long on eurjpy.
  • #5,077
  • Jan 13, 2014 9:50am Jan 13, 2014 9:50am
Cancelled order to go long on eurpjpy - 5 candles after pullback.
  • #5,078
  • Jan 13, 2014 9:54am Jan 13, 2014 9:54am
Quoting Juke
I'm looking to go long on eurjpy.
Looked good to me that setup but i prefer not more than 3 candles

I also prefer to close trade BE when i am not in plus after 5 min

The good trades hit Tp after 5-15 min everything else you dont need to wait to be lucky
  • #5,079
  • Jan 13, 2014 9:59am Jan 13, 2014 9:59am
Thanks oak. Good to know. I took your eurusd trade but got out at be when it started to look iffy.
  • #5,080
  • Jan 13, 2014 10:08am Jan 13, 2014 10:08am
Quoting Oakwoodinc
{quote} I add spread to entryprice and SL is at Point 3
Attached Image (click to enlarge)
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is that right?
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