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The 5 minute TF S&R trading system

  • #5,321
  • Jan 25, 2014 9:51am Jan 25, 2014 9:51am
In my opinion yes
  • #5,322
  • Jan 25, 2014 5:15pm Jan 25, 2014 5:15pm
Quoting fxpivots
40

Thanks a lot FX
  • #5,323
  • Jan 26, 2014 3:34pm Jan 26, 2014 3:34pm
Im confused by the way you use the words "take out" as in take out a S/R level. In my own words the entry of this trading system is identified by 1 or two pullback candles reaching and then bouncing off the open /close level of the previous candle that made a high / low? Why wait for a pullback that deep? We could just trade off some shallow pullbacks and follow the trend.
Another question, Don't you hold on for longer in the trend? I know this is not part this trading method but do you? Most of the time it keeps going in our favour. What would you see or look for that would make you stay in the trade?
Thanks
  • #5,324
  • Edited Jan 27, 2014 5:32am Jan 26, 2014 6:00pm | Edited Jan 27, 2014 5:32am
Quoting wnabo
Im confused by the way you use the words "take out" as in take out a S/R level. In my own words the entry of this trading system is identified by 1 or two pullback candles reaching and then bouncing off the open /close level of the previous candle that made a high / low? Why wait for a pullback that deep? We could just trade off some shallow pullbacks and follow the trend. Another question, Don't you hold on for longer in the trend? I know this is not part this trading method but do you? Most of the time it keeps going in our favour. What would...
++++++++++++++++++++++++++++++++


Perhaps one way to address this question is look at the exploration of the south pole by Roald Amundsen and Robert Scott in 1902. Both men, and their parties reached the pole at about the same time. The Return methods of each were the following strategies:
• Roald Amundsen led his men back to their base by traveling the same distance everyday, no matter what the weather.
• Robert Scott, on the other hand, led his men on the basis of weather. If it was good, they would make extra progress depending on the weather. If the weather was poor, they made limited or no progress.


The end result was the Amundsen party made a safe return while Scott, and his men perished.
  • #5,325
  • Jan 26, 2014 6:50pm Jan 26, 2014 6:50pm
Quoting diamonddbw
{quote} ++++++++++++++++++++++++++++++++ Perhaps one way to address this question is look at the exploration of the south pole by Roald Amundsen and Robert Scott in 1902. Both men, and the parties reached the pole at about the same time. The Return methods of each were the following strategies: • Roald Amundsen let his men back to their base by traveling the same distance everyday, no matter what the weather. • Robert Scott, on the other hand, led his men on the basis of weather. If it was good, they would make extra progress depending on the weather....
Really deep man!!!!!
  • #5,326
  • Jan 27, 2014 3:42am Jan 27, 2014 3:42am
My rational / understanding: When the pullback bounces off the low or high of the previous candle (takes out the low or high) it proves that the the resistance there has turned support or vice versa & will most likely end in a good trade. Am I correct?
  • #5,327
  • Jan 27, 2014 9:36am Jan 27, 2014 9:36am
Quoting wnabo
Another question, Don't you hold on for longer in the trend? I know this is not part this trading method but do you? Most of the time it keeps going in our favour. What would you see or look for that would make you stay in the trade? Thanks
the system is, as i understand it, to take the 10 pip or so profit right away and get out of the market. I never lose when i am out of the market! I trade multiple lots on every trade and so, because i know i am trading with the trend, I take profits on 9/10 of lots for 2% profit and let the remainder run a while longer WITH stop set to zero loss in case the market turns. With this, i sometimes get an extra 30, 50 or even 100 pips. These are bonus pips for me and i consider them as a 'bank' of extra pips to reduce and loss trades. My business of trading thrives on taking many lots of 10-15 pips on quick trade entry and exit within strict confines of rules.
  • #5,328
  • Jan 27, 2014 9:44am Jan 27, 2014 9:44am
Quoting pipps
{quote} the system is, as i understand it, to take the 10 pip or so profit right away and get out of the market. I never lose when i am out of the market! I trade multiple lots on every trade and so, because i know i am trading with the trend, I take profits on 9/10 of lots for 2% profit and let the remainder run a while longer WITH stop set to zero loss in case the market turns. With this, i sometimes get an extra 30, 50 or even 100 pips. These are bonus pips for me and i consider them as a 'bank' of extra pips to reduce and loss trades. My business...
Do as you please. Today 2% win and a b e
  • #5,329
  • Jan 27, 2014 12:42pm Jan 27, 2014 12:42pm
Quoting fxpivots
{quote} Do as you please. Today 2% win and a b e
When did you have the setups FX?
  • #5,330
  • Jan 27, 2014 1:31pm Jan 27, 2014 1:31pm
Eu sell a t 725 eu buy 840
  • #5,331
  • Jan 27, 2014 2:00pm Jan 27, 2014 2:00pm
Quoting fxpivots
Eu sell a t 725 eu buy 840

Are you talking about those 2???

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  • #5,332
  • Jan 27, 2014 2:40pm Jan 27, 2014 2:40pm
Quoting fxpivots
Eu sell a t 725 eu buy 840
well done fx - top work
Become the casino
  • #5,333
  • Jan 27, 2014 3:10pm Jan 27, 2014 3:10pm
Quoting erasmus66
{quote} well done fx - top work
How the second one can be breakeven? It was a simple loss, no?
  • #5,334
  • Jan 27, 2014 3:15pm Jan 27, 2014 3:15pm
Quoting Morcos
{quote} How the second one can be breakeven? It was a simple loss, no?
++++++++++++++++++++++++++++++++


It was BE. Did not take the trade myself. It floundered for quite a while before he bailed.
  • #5,335
  • Edited 5:06pm Jan 27, 2014 4:07pm | Edited 5:06pm
Very good oak that is correct. We put atop on 123 s below pt 1
  • #5,336
  • Jan 27, 2014 5:33pm Jan 27, 2014 5:33pm
Pls fx I need to know in a scenario like this the pullback candle makes the high. So can the previous candle be counted as the high? Its not, so I guess it shouldnt. Can the pull back candle stand as the high and the pullback at the same time. Probably not. And does such a setup qualify. You can see that I already have some opinions but I still need you to set me straight. Thanks
Won a trade by the way. Tried my hand on G/U during London open. I know its not the currency nor the trading time, but I gotta practice and Im at work during the said trading hours.
Thanks a lot Pipps for the answer.
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  • #5,337
  • Jan 27, 2014 8:04pm Jan 27, 2014 8:04pm
heres your chart
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  • #5,338
  • Jan 28, 2014 4:24am Jan 28, 2014 4:24am
Quoting fxpivots
heres your chart {image}

Ok. I see. So it doesnt matter if its a bearish or bullish candle. just the position. Alright
  • #5,339
  • Jan 28, 2014 5:47am Jan 28, 2014 5:47am
@ FXPIVOT:

If the following setup is a 1 2 3 after a Breakout we do not take that one, is this right????

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  • #5,340
  • Jan 28, 2014 8:11am Jan 28, 2014 8:11am
Hi FXpivots

Not too sure if you mention before, try searching for it but can't seems to locate it.

Question, you mention that if we are not in trade 30min before news, we will sit out. How about after news?

Thanks!
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