Attachments: The 5 minute TF S&R trading system

The 5 minute TF S&R trading system

#5,161
Jan 15, 2014 9:08pm Jan 15, 2014 9:08pm

fxpivots
| Joined Feb 2007 | Status: Trader | 1,809 Posts

Quoting Rtm

Disliked

{quote} Yes, need more days on demo with this puppy as the 1-2-3 part is a bit of discretion IMO as you can see some of what people here consider a swing for there 1-2-3 is a bit baffling to me.

Ignored

if you read and looked at my charts you will see the 123 is not and I repeat not discretionary. Heres why the perameters must be met like if we make a low then we must (that's not discretionary) have a candle take out the high to form point 2 then we must have (also not discretionary) a candle take out low of pt 2 to form pt3. All of this must happen at the end of a trend or there is no 123 pattern. So based on the rules where is the discretion???????

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#5,162
Jan 15, 2014 9:16pm Jan 15, 2014 9:16pm

Rtm
Joined Jan 2011 | Status: dump and pump | 4,055 Posts

Quoting fxpivots

Disliked

{quote} if you read and looked at my charts you will see the 123 is not and I repeat not discretionary. Heres why the perameters must be met like if we make a low then we must (that's not discretionary) have a candle take out the high to form point 2 then we must have (also not discretionary) a candle take out low of pt 2 to form pt3. All of this must happen at the end of a trend or there is no 123 pattern. So based on the rules where is the discretion??????? {image}

Ignored

I think the part for me that is still tricky is how to determine my swings? Do I use the standard theory where one candle lower on the left and right means a swing high and vice versa? Of do I want only look for obvious points? And where do you put your level? On the top of swing point wick or in the area there?

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All posts are my personal opinion

#5,163
Jan 15, 2014 9:18pm Jan 15, 2014 9:18pm

Rtm
Joined Jan 2011 | Status: dump and pump | 4,055 Posts

Sorry we are all not a genius like you

All posts are my personal opinion

#5,164
Jan 15, 2014 9:20pm Jan 15, 2014 9:20pm

fxpivots
| Joined Feb 2007 | Status: Trader | 1,809 Posts

first of all I am not a genius second I never invented the 123 just found it and third I have no idea what you are trying to show with that chart

#5,165
Jan 16, 2014 4:05am Jan 16, 2014 4:05am

Oakwoodinc
| Joined Sep 2010 | Status: Trader | 685 Posts

EUR USD European Session from today:

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#5,166
Jan 16, 2014 4:19am Jan 16, 2014 4:19am

Morcos
| Joined Oct 2013 | Status: Trader | 32 Posts

Quoting Oakwoodinc

Disliked

EUR USD European Session from today: {image}

Ignored

Are you sure this is a good setup? The low of point 2 should take out the low of point 1, not?

#5,167
Jan 16, 2014 4:27am Jan 16, 2014 4:27am

Oakwoodinc
| Joined Sep 2010 | Status: Trader | 685 Posts

Quoting Morcos

Disliked

{quote} Are you sure this is a good setup? The low of point 2 should take out the low of point 1, not?

Ignored

My idea was wrong, got hit Stop Loss:

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#5,168
Jan 16, 2014 4:35am Jan 16, 2014 4:35am

Oakwoodinc
| Joined Sep 2010 | Status: Trader | 685 Posts

Quoting Morcos

Disliked

{quote} Are you sure this is a good setup? The low of point 2 should take out the low of point 1, not?

Ignored

You are totally right, thanks for reminding me. I totally forgot about that :-/

#5,169
Jan 16, 2014 5:03am Jan 16, 2014 5:03am

Jackub
| Joined Jul 2012 | Status: consciuos incompetence level | 2,064 Posts

Quoting Oakwoodinc

Disliked

{quote} My idea was wrong, got hit Stop Loss: {image}

Ignored

Oak, IMO there are two issues making your trade fail....
SL should be placed in level where the pattern is loosing validity which is level over the point 1, put SL over "3" is very aggressive. As long as price is not taking "1" pattern is valid, but second reason is: you are trying to play closely to the level 1.36200, which shows on higher time frame kind of importance. All price moves in this area on M5 are in a range (very narrow range) in strong battle between buyers and sellers, making indecision period until someone break this out.
On H1 you will see price in consolidation around 36200 for long time and price coming back to this level (back to consolidation) after false BO down ....
my 2 cents, hope this might to help somehow, or will not disturb if I am wrong...
Have nice day

JacekPreserve Precious Capital

#5,170
Jan 16, 2014 5:07am Jan 16, 2014 5:07am

Oakwoodinc
| Joined Sep 2010 | Status: Trader | 685 Posts

Quoting Jackub

Disliked

{quote} Oak, IMO there are two issues making your trade fail.... SL should be placed in level where the pattern is loosing validity which is level over the point 1, put SL over "3" is very aggressive. As long as price is not taking "1" pattern is valid, but second reason is: you are trying to play closely to the level 1.36200, which shows on higher time frame kind of importance. All price moves in this area on M5 are in a range (very narrow range) in strong battle between buyers and sellers, making indecision period until someone break this out....

Ignored

Thanks for explanation but since I or the system does not look at 1H its simply the fact that low of candle that made point 1 was not taken out by point 2 that i marked.

Thanks

#5,171
Jan 16, 2014 5:26am Jan 16, 2014 5:26am

Jackub
| Joined Jul 2012 | Status: consciuos incompetence level | 2,064 Posts

Quoting Oakwoodinc

Disliked

{quote} Thanks for explanation but since I or the system does not look at 1H its simply the fact that low of candle that made point 1 was not taken out by point 2 that i marked. Thanks

Ignored

Hi Oak, for me setup was good from the beginning, so I conclude that you are going to trade in pure mechanical way.... well maybe it works for you, have nice pips.. what works is good...

JacekPreserve Precious Capital

#5,172
Jan 16, 2014 5:37am Jan 16, 2014 5:37am

Oakwoodinc
| Joined Sep 2010 | Status: Trader | 685 Posts

Quoting Jackub

Disliked

{quote} Hi Oak, for me setup was good from the beginning, so I conclude that you are going to trade in pure mechanical way.... well maybe it works for you, have nice pips.. what works is good...

Ignored

Maybe this one would have been better but not in trading time:

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