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Genuine 5m 4R/R system

  • #661
  • Jun 10, 2014 12:02pm Jun 10, 2014 12:02pm
Here is a different one...Comments welcome.

Looks at the AUDJPY long on the 4 hour. Not a scalpers paradise but looks promising. Has a little bit of resistance above. would love to hear feedback.

Attached Image (click to enlarge)
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  • #662
  • Jun 10, 2014 12:08pm Jun 10, 2014 12:08pm
Quoting avgjoe
Here is a different one...Comments welcome. Looks at the AUDJPY long on the 4 hour. Not a scalpers paradise but looks promising. Has a little bit of resistance above. would love to hear feedback. {image}
Looks good to me. You'd probably do with a stop loss just below the last low, about 30+ pips. How high a target are you looking at?
  • #663
  • Jun 10, 2014 12:22pm Jun 10, 2014 12:22pm
Quoting rifid
{quote} Maybe some brainiac could work out an sms alert system when good trades come along
HiThanks for sharing. When you reviewed charts from last week over the weekend, I noticed on some charts, what looked like moving averages.(blue lines) Are they MA?Do you use them for the decision process? Or do they give hints For this system?
Thanks.
  • #664
  • Jun 10, 2014 12:35pm Jun 10, 2014 12:35pm
Quoting PipsiKoala
{quote} Looks good to me. You'd probably do with a stop loss just below the last low, about 30+ pips. How high a target are you looking at?
30 pip stop loss.... 120 pips would be 4R If it can get past 96.50 (60pips from entry)...Blue skies from there.
  • #665
  • Jun 10, 2014 12:36pm Jun 10, 2014 12:36pm
Have a look at e/j for short.
  • #666
  • Jun 10, 2014 12:53pm Jun 10, 2014 12:53pm
Quoting avgjoe
{quote} 30 pip stop loss.... 120 pips would be 4R If it can get past 96.50 (60pips from entry)...Blue skies from there.
I'm not sure what the guidance is for stop loss on 4hr charts. That suggestion was based on a "technical level" seen on the chart -- if that recent low were to be broken, the trend might have changed so we get out. Your views?
  • #667
  • Jun 10, 2014 12:59pm Jun 10, 2014 12:59pm
Quoting PipsiKoala
{quote} I'm not sure what the guidance is for stop loss on 4hr charts. That suggestion was based on a "technical level" seen on the chart -- if that recent low were to be broken, the trend might have changed so we get out. Your views?

If you review post #22 RIFID talks timeframes, though for a 4 hour chart it would equate to a 240 pip SL and a 960 pip target.

Obviously, that is not realistic with this strategy. Heck, I am not sure if 4 hour timeframes will work with this strategy.

So, I agree with Technical stops.
  • #668
  • Jun 10, 2014 1:09pm Jun 10, 2014 1:09pm
Hi All,

Nice interesting clean system and thread you've got going here. I've read through around half of it.... the back end and the front end. It certainly is very workable and really constitutes breakout trading, where the price returns several times to the same level - these are what you define as the points - and each time it does so, less and less resistance is encountered from those defending that level, be it the bulls or the bears. Ultimately so much pressure has been built up by the side 'attacking' that level that the defending side eventually gives in and so a breakout from the level forms. This is where the momentum forms and hopefully carries you to your 20 pip target as per this system. One of the keys to the success of this system is to trade it when there is volatility in the market. This is because when a 'level' breaks, sufficient volume is required to give it the momentum required to send price action downwards or upwards (by triggering the respective buy and sell orders parked nearby) and thus allow us to reach our 20 pip targets. Hence I'd suggest trading it as much as possible during the London and NY sessions and less so outside of these hours.

It is extremely handy to have so many pairs of eyes looking out for setups of a similar nature on an on-going basis. I am very glad I stumbled across this thread and shall happily devote several hours to it on a daily basis to contribute to the common cause.

Good luck trading everyone
Lance
  • #669
  • Edited 1:40pm Jun 10, 2014 1:14pm | Edited 1:40pm
Quoting avgjoe
Here is a different one...Comments welcome. Looks at the AUDJPY long on the 4 hour. Not a scalpers paradise but looks promising. Has a little bit of resistance above. would love to hear feedback. {image}
I would say that here on the 4hr chart you are simply looking at an uptrend, rather than the formation of a breakout structure as per rifid's rules. The size of the breakout structure itself is much smaller than the uptrend so I would not view them in the same context. There does indeed seem to be resistance parked at the top of it, in line with previous resistance from 13th May or so. I would not go long here until we've seen a clear breach of that resistance. And even once we have, I don't think the rules of this system here are to be applied to that chart, due to the much bigger timeframe involved.

IMO.
  • #670
  • Jun 10, 2014 1:15pm Jun 10, 2014 1:15pm
Quoting lancedes
Hi All, Nice interesting clean system and thread you've got going here. I've read through around half of it.... I am very glad I stumbled across this thread and shall happily devote several hours to it on a daily basis to contribute to the common cause. Good luck trading everyone Lance
  • #671
  • Jun 10, 2014 1:54pm Jun 10, 2014 1:54pm
Quoting rifid
Getting late for me now,will post more details and charts tomorrow, if anyone is interested in this system , post and show your support
hlo dear i want this system how can i get it pls?
  • #672
  • Jun 10, 2014 2:23pm Jun 10, 2014 2:23pm
Quoting jajabor1065
{quote} hlo dear i want this system how can i get it pls?
Look on the first two pages of posts...It is all there.
  • #673
  • Jun 10, 2014 2:25pm Jun 10, 2014 2:25pm
Watching AUD/JPY 5 min Long 2 points made.
  • #674
  • Jun 10, 2014 2:26pm Jun 10, 2014 2:26pm
Quoting avgjoe
Watching AUD/JPY 5 min Long 2 points made.

And failed. Setup voided
  • #675
  • Jun 10, 2014 8:12pm Jun 10, 2014 8:12pm
Good morning everyone, nice to see you chatting away to each other during the night and discussing setups, a good way to learn of each other. I will get around to answering last nights questions asap. Not a real busy day news wise but maybe just enough to keep the market ticking along. Just remember there is usually a trend happening somewhere so scan all the pairs, as our set ups come from the trends, the moving markets, if your 5m chart looks like its going sideways,squash it up a bit and it may reveal a different picture, good trading to everyone today. Oh and dont forget to share what you find, lets work together as a team so everyone can profit.
patience is bitter, but its fruit is sweet
  • #676
  • Jun 10, 2014 8:16pm Jun 10, 2014 8:16pm
G/j and E/j might be worth keeping an eye on, they may want to continue with yesterdays bear run
patience is bitter, but its fruit is sweet
  • #677
  • Jun 10, 2014 8:35pm Jun 10, 2014 8:35pm
My first post on this thread...
First - Many thanks to rifid, for the time and efforts you put before your fellow trader, for free!
Second - thanks to the contributors, a very friendly, respectful, nice thread of ideas and communication.

I have subscribed and look forward to contributing.

Here is a snapshot of the EURUSD & USDCHF...

could be a second 'point' unfolding now (one a touch higher, the other a touch lower), so looking a smaller pullback & void at this point.
looking forward to seeing if it unfolds & everyone's feedback

Thanks again to all for this awesome thread
Attached Image (click to enlarge)
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  • #678
  • Jun 10, 2014 8:39pm Jun 10, 2014 8:39pm
Quoting avgjoe
Here is a different one...Comments welcome. Looks at the AUDJPY long on the 4 hour. Not a scalpers paradise but looks promising. Has a little bit of resistance above. would love to hear feedback. {image}
mmmmmmmm .... never traded it on a 4h before , have not got that much patience, but these setups we are looking for happen on all time frames, so if you see one that takes your fancy . Go for it
patience is bitter, but its fruit is sweet
  • #679
  • Jun 10, 2014 8:40pm Jun 10, 2014 8:40pm
really appreciate what you've started here rifid, awesome system and smart getting everyone to work together (more pips for everyone!)
  • #680
  • Jun 10, 2014 8:44pm Jun 10, 2014 8:44pm
Rifid, based on your experience,

1. How many bars do you prefer between 1st touch, 2nd touch and breakout

2. What is your preference on how deep the first and second( I know second not as deep as first) retracement should be?
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