Genuine 5m 4R/R system

Cheers. Have a good one
Good luck v Chile tonight.

what do you guys reckon about g/j?

Too choppy & stick to 173 BRN, maybe waiting for USD news in 25 mins.
Besides, there's no 2nd point formed atm.

usd/cad setting up but be careful with news coming out.

GJ forming.

yeah GJ looks very promising.

Yeh been watching this for awhile but starting to think its going to stay in range. Have a look at the daily chart, lots of resistance.

maybe good for a scalp but doubt its got much distance in it. But then again i might be completely wrong

And UP she blows! Ten done and ten to go.......not that I managed to get in it

Too bad.... Why don't you enter the trade even if you've already anticipate the setup?

I didnt set my buy order at 17311, as I should have done, and went away to look at other charts. Then forgot.

glad I didn't go in that one, hope you locked in a profit before it bounced off that resistance level

im done for tonight have a good weekend everyone.

I never entered it. I wanted to, but got sidetracked at the time. So I would have entered it if I'd been watching. It went up around 15 pips and then came crashing down. A good lesson.... at least move stop to BE after a certain point.

Have yourself a good wend.

Thank You for sharing, i process a backtest, and i had very good results!

can you share your backest result ? hit ratiom sharp, worst drawn down
It would be great !

EUR AUD short setting up. Not sure if there is enough juice at this time of day to go 20, though.

...and we're off and running.

Let see what happens.

Rifid and anyone who would like to respond

I have noticed..it I very hard to get 20 pips, even with good patient setups ...

It gives 5, 10 pips on breakout....but 20 it is hard to get...

And it failed. Can't win them all.

Hello Driven,

This system works well. It requires a level of awareness that comes with any strategy that produces good results. I think the only real "problem" with this style of trading is that it's deceptively easy. Without a trained eye, you can see literally hundreds upon hundreds of setups on your chart. The key is training your eye to spot the actual setups. I think you'll find that's how people end up being profitable with any system or trading in general: systems that seem mechanical are actually discretionary. I struggled with this concept for a long time, but once I realized that all you have to do is learn how to anticipate a chart, you can make any decent system work for you.

Here are some tips:
1. Pull up all the charts rifid says are great setups and study those. Any time you think you have a setup, cross-check it with those charts. Are you really trading a great setup?
2. Learn how to identify trends, spot important S/R levels, and read price action. I honestly don't think it's possible for anyone to make long-term money in the markets if they can't do these things, no matter what/how they claim to trade.
3. Start anticipating. Think you have spotted a trade but it really isn't great? Don't trade it, but instead anticipate what you think price will do. Keep doing this over and over again. If you honestly just sit on your hands and watch price, you'll develop a very intuitive feel for the markets. This is what makes real traders profitable. Once you can intuit the markets, it's much easier to make a system work for you. You will also be able to take some of the more questionable setups then, because you know how to evaluate market conditions properly. This is a skill that takes a while to develop, but it's the real holy grail of Forex.

I think most people get caught in the idea that there exist simple systems that can make them money. If this were the case, everyone would be using them. This strategy is fantastic once you learn the real skill of trading, which is developing a feel for the markets. All good trading is discretionary in nature.

Anyway, that's just my take on things. Sorry for the long post. If you find this too controversial, I'll be happy to take it down, rifid . I'm an intraday trader who only trades GJ, and this system seems like the perfect fit. I need something to do while I'm waiting for those 30 min and hourly bars to fill. Have been following this thread for a week or so, but hope to get actively involved with you all on Monday.

Have a great weekend!

Best,
EG

Well said EG. If there is a "Holy Grail", then the above is it or as near as you are going to get.
No short cuts.