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Genuine 5m 4R/R system

  • #761
  • Jun 11, 2014 12:45pm Jun 11, 2014 12:45pm
Quoting avgjoe
{quote} I believe that the pair was in a downtrend at the time...therefore not a promising setup
My mistake- It was in an uptrend.
  • #762
  • Jun 11, 2014 12:47pm Jun 11, 2014 12:47pm
Quoting 2121
I hope you don't mind Driven18 if I share what I see. In my humble opinion the trade was by the rules, you just have to accept that losses happen. Let's see, it was with the overall upside strong trend, the resistance was respected to a pip and there is a pressure of buyers building (higher lows forming). There is a resistance @ 1.6797 but we still would have taken the trade and moved our SL to BE once this area was reached. What you think Driven?
2121, I appreciate your comments, but I remember in one of the posts. Rifid said that he would not take this trade as resistance is less then 20 pips away(in this case only 10 pips away)..so let's see what his comments are on this one..
  • #763
  • Jun 11, 2014 12:58pm Jun 11, 2014 12:58pm
This might be one forming? Looks like it'd be counter trend but the 1hr trend is down. Might be enough room for a 20 pip drop to the next level of support?
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  • #764
  • Jun 11, 2014 3:22pm Jun 11, 2014 3:22pm
I think it's extremely important to remember the time of day in relation to the pair you are trading...

With GBP I can't help but feel it's more active in the London and London/US overlap compared to the last couple of hours of the US session.
  • #765
  • Jun 11, 2014 6:42pm Jun 11, 2014 6:42pm
Hi Guys, potential setup on UCHF, EU 5 mins chart
  • #766
  • Jun 11, 2014 7:42pm Jun 11, 2014 7:42pm
maybe gbp/usd as well
  • #767
  • Jun 11, 2014 8:02pm Jun 11, 2014 8:02pm
Goodmorning everyone, lets hope for a nice trending day and get some good trades in.
For you traders out there who lack the patience to wait for 20 pip setups and want the quicker thrill of the scalp, I will bring out the scalpers version of this system later today. Any one interested in that?
patience is bitter, but its fruit is sweet
  • #768
  • Jun 11, 2014 8:12pm Jun 11, 2014 8:12pm
Quoting driven18
{quote} Rifid, let me comment on my own chart...my trade was a risky trade, because of resistance....see white line If you agree with me, does it mean your preference to trade "new" highs/lows and not consolidations on the dip? {image}
Rifid, comments?
  • #769
  • Jun 11, 2014 8:18pm Jun 11, 2014 8:18pm
Quoting rifid
Goodmorning everyone, lets hope for a nice trending day and get some good trades in. For you traders out there who lack the patience to wait for 20 pip setups and want the quicker thrill of the scalp, I will bring out the scalpers version of this system later today. Any one interested in that?
Morning!
Scalping sounds good to me
  • #770
  • Jun 11, 2014 8:25pm Jun 11, 2014 8:25pm
Quoting driven18
{quote} Rifid, comments?
Morning Driven, you are right i would have waited for the set up to form at the top so the trade starts in 'clean air', as it turned out there was no set up and price did not go to far before retracing.
patience is bitter, but its fruit is sweet
  • #771
  • Jun 11, 2014 8:36pm Jun 11, 2014 8:36pm
  •  Kitara
  • | Joined Mar 2008 | Status: This space for rent...call for info | 128 Posts
Morning/Evening Rifid,
Maybe not the prettiest P2P, but how do you feel about this one? In my backtesting, U/J didn't fare as well for the 20 pip targets, but it usually always met the height of the triangle formation. This one might be good for 10 if it broke. Not to take away from your 1 to 4 though, I think that is really what makes the system successful, so feel free to send me back to the back of the class
I'm interested in your scalping method. Tonight is one of the nights I can't trade Aussie, so I'm always looking for something to fill the gaps.
Thanks!
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  • #772
  • Jun 11, 2014 8:52pm Jun 11, 2014 8:52pm
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Quoting Kitara
Morning/Evening Rifid, Maybe not the prettiest P2P, but how do you feel about this one? In my backtesting, U/J didn't fare as well for the 20 pip targets, but it usually always met the height of the triangle formation. This one might be good for 10 if it broke. Not to take away from your 1 to 4 though, I think that is really what makes the system successful, so feel free to send me back to the back of the class I'm interested in your scalping method. Tonight is one of the nights I can't trade Aussie, so I'm always looking for something to fill...
Goodmorning Kitara , hav'nt seen you for a while ,Holidays?. Your chart is different to mine so would not even consider taking it ,but your looks ok. Seems mine had a spike at the start of the ozzie session.
patience is bitter, but its fruit is sweet
  • #773
  • Jun 11, 2014 9:02pm Jun 11, 2014 9:02pm
Quoting rifid
{quote}Morning Driven, you are right i would have waited for the set up to form at the top so the trade starts in 'clean air', as it turned out there was no set up and price did not go to far before retracing.
Rifid, thank you for comment, so just to confirm, the best set up come from stalling/resisting at the highest highs and lowest lows?

I am trying to be selective...
  • #774
  • Jun 11, 2014 9:08pm Jun 11, 2014 9:08pm
Quoting driven18
{quote} Rifid, thank you for comment, so just to confirm, the best set up come from stalling/resisting at the highest highs and lowest lows? I am trying to be selective...
Thats right they have proven to be the best and most reliable ones to get your 20 pips, but it is not unknown to go for a day or so without one. So i will post my scalping version later for the impatient traders who want some action while waiting for these 'prime ' setups
patience is bitter, but its fruit is sweet
  • #775
  • Jun 11, 2014 9:09pm Jun 11, 2014 9:09pm
  •  Kitara
  • | Joined Mar 2008 | Status: This space for rent...call for info | 128 Posts
Extended the base a bit and now it has about a 15 pip target. I see what you mean about the spike, it's actually even more pronounced off the broker I do my actual trades with. But MB Trading is what I use for charts and how I backtested, so I'm going for this one. Honestly U/J isn't one of my favorite pairs, but backtesting proved it's workable so maybe I'll end up liking it after all. I'm keeping my pairs down to 6 for this method. I have your original 4 ( I think I know your 4..) and added A/U (my fav) and G/U for spice.
Nope, no holiday yet. Just hanging out in the background watching
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  • #776
  • Jun 11, 2014 9:57pm Jun 11, 2014 9:57pm
  •  Kitara
  • | Joined Mar 2008 | Status: This space for rent...call for info | 128 Posts
You guys are so quiet tonight, what's up with that?
Anyone take the E/J? From Rifid and my backtesting, slight up slopes in upper breakouts are good to take. First one was a loss, the 2nd one is in play. Hit the symmetrical target, but E/J is usually always good for at least 20. Target the last S/R line from hourly chart which is in pink.
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  • #777
  • Jun 11, 2014 10:03pm Jun 11, 2014 10:03pm
  •  Kitara
  • | Joined Mar 2008 | Status: This space for rent...call for info | 128 Posts
S/R target on the E/J 1hour hit as I typed that last post. Hope Rifid agrees with my entry. It worked out for me. Backtesting really does help, and taught me to squish up my charts more. The dark gray is hours I don't trade, but the light grey is when I come online and look at possible P2P setups, which could have lines to make in the dark grey. Which is almost everytime by the way.. If you're backtesting, this might help you too. I need beauty sleep so trading 24/7 isn't possible, this gives you a realistic view of what is attainable in the hours you're awake.
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  • #778
  • Jun 11, 2014 10:28pm Jun 11, 2014 10:28pm
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Where did you enter on that trade Kitara, I notice your chart looks considerably different to mine in some areas
patience is bitter, but its fruit is sweet
  • #779
  • Jun 11, 2014 10:30pm Jun 11, 2014 10:30pm
  •  Kitara
  • | Joined Mar 2008 | Status: This space for rent...call for info | 128 Posts
Well, you would have got the 20 on E/J. So don't listen to me on symmetrical, ever! lol. Okay, maybe on u/j.. that one still has me playing triangle heights. But E/J has been quite the producer this week.
Rifid, are you typing up your scalping method? If I'm going to hang out and trade overnight, which I think I will... I'll need to be highly caffeinated. I been doing this for about 10 years, so I can do patience but you might get some whacked out comments from me as I adjust my sleep schedule. U/J is moving on up, I'm in that one.
  • #780
  • Jun 11, 2014 10:32pm Jun 11, 2014 10:32pm
us/cad may form something @ 8608
patience is bitter, but its fruit is sweet
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