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Genuine 5m 4R/R system

  • #981
  • Jun 13, 2014 3:50pm Jun 13, 2014 3:50pm
Quoting ElectroGypsy
{quote} 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...
ElecrtoGypsy, good stuff...

Opposite for me...I trade EA that I have designed...it takes trades everyday on 1Hr and 4Hr basis...automatic and successful(fingers cross or knock on wood)...no more brains involve(took only 10 years in and out of the Forex) but still looking and researching...I love it....so I am of the opinion if technique has an edge per certain rules, every trade must be taken as per rules, as one never know which one will make it a winner...losses short, profits run...well you all know what I mean...so I prefer to take every set up automatically..
  • #982
  • Edited 7:42am Jun 15, 2014 7:31am | Edited 7:42am
Quoting ElectroGypsy
{quote} 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...
Hello Electro gypsy,
An excellent post ,from obviously an experienced trader, and in full agreement. Welcome to the thread.


F.F. provides a wealth of information to the thousands of new and old traders that visit every day in the hope of finding the secret to their financial future, and thinking that a quick flick thru the trading system pages will make them rich in super quick time with the minimum of effort, generally what they are presented with is system after system full of indicators, making charts look pretty and very 'professional' so they try one ....dos'nt seem to work, find another, play with that for a few days or weeks.....dosnt work either, and before you know it traders can spend months even years flip flopping from one indicator based system to another and wonder why they just cant get them to work as promised. Many go away totally disalusioned,and think that making money from trading is just not possible, which is just not
true.
Trading success is very much based on the attitude of the individual, if you come into it with the attitude that it is a get rich quick toy and just want an indicator based system that will tell them when to put a trade on and without any input from the trader is just kidding themselves,if it exsists let me know, the owner of it will make a fortune selling it and F.F probably wouldnt exist.
Truth is any indicator based system will not work without a working knowledge of the markets, how patterns form and why ,the flow of certain pairs at certain times etc etc. Becoming a longterm profitable trader does not happen overnight ,sorry, it takes time and a solid commitment to succeed.
If you really want to to trade indicator based systems you need to learn first by trading naked charts , learn support and resistence , one of the most powerful trading tools to know. Then, if you must, apply some indicators, but what you will find will happen is your attention to chart flow is totally taken away by the distraction of the indicators, combining indicators and naked chart trading is very difficult to do, try it.
If you learn to trade naked charts well, truth is you will never need or want another lagging indicator polluting your chart ever again and the power that comes from that both financially and emotionally is wonderful.
You must decide as a trader, do want to be really successful at this or is it just a fun hobby to fill some free time in, if it is the former you need to start with the basics of trading, naked charts.
The method of trading being presented here may not suit everybody, but the knowlege that can be learnt from studying these pages and reading from the various contributors will help enormously in your trading venture. Good trading to all.
patience is bitter, but its fruit is sweet
  • #983
  • Jun 15, 2014 9:42am Jun 15, 2014 9:42am
Was live testing this method for the whole of last week.

I did not use the risk of 2%:8% as I am more conservative and is "trying out" the system and overall it gave me +5% last week after many weeks of negative return, be it live or demo.

Think it work best on trend continuation. Means, when the system is right the first time on the same day, it will most probably right for 2nd and 3rd time on the same day, in the same direction.

Thanks a lot. Guessed everything has been laid out clearly and precisely.
  • #984
  • Jun 15, 2014 9:30pm Jun 15, 2014 9:30pm
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy+m5.png Size: 34 KB

Good morning all, lets hope this week brings good fortune to everyone.
Here was a lovely quick scalp on the u/j to start the week off.
You wiil notice the candles where in a nice down trend then an out of character retrace up which was rejected very quickly, came down to prev. low ,overshot it a bit ......good sign. then did a mini 2 candle retrace retrace then down for 5 pip scalp, there was plenty of room for a scalp but not for 20 pips as there were s/r down further. Keep a close eye on your chart as these little gems can just appear out of nowhere, but are surprisingly common.
patience is bitter, but its fruit is sweet
  • #985
  • Jun 15, 2014 10:28pm Jun 15, 2014 10:28pm
I'd like to try it too
  • #986
  • Jun 15, 2014 11:11pm Jun 15, 2014 11:11pm
Quoting rifid
{image} Good morning all, lets hope this week brings good fortune to everyone. Here was a lovely quick scalp on the u/j to start the week off. You wiil notice the candles where in a nice down trend then an out of character retrace up which was rejected very quickly, came down to prev. low ,overshot it a bit ......good sign. then did a mini 2 candle retrace retrace then down for 5 pip scalp, there was plenty of room for a scalp but not for 20 pips as there were s/r down further. Keep a close eye on your chart as these little gems can just appear...
Good morning rifid. Do you have another mechanical rules (besides SR & BRN) that can help you to determine when to scalp & when to aim for 4R ?

Currently on this one.
Attached Image (click to enlarge)
Click to Enlarge Name: 06102014 1206 nzdusd.png Size: 12 KB


Good luck all.
  • #987
  • Jun 15, 2014 11:14pm Jun 15, 2014 11:14pm
Quoting pipmunks
{quote} Good morning rifid. Do you have another mechanical rules (besides SR & BRN) that can help you to determine when to scalp & when to aim for 4R ? Currently on this one. {image} Good luck all.
Morning Pips, are you scalping this one or going for 20?
patience is bitter, but its fruit is sweet
  • #988
  • Jun 15, 2014 11:15pm Jun 15, 2014 11:15pm
Might be interesting.....but the range too small atm.
Attached Image (click to enlarge)
Click to Enlarge Name: 06102014 1208 usdchf.im5.png Size: 12 KB
  • #989
  • Jun 15, 2014 11:20pm Jun 15, 2014 11:20pm
Quoting rifid
{quote} Morning Pips, are you scalping this one or going for 20?
Because I don't know definitely when to scalp or go for 20, I choose middle approach. Partial TP @ 6 pips (1 pip for commision) & let the rest go for 20. But that's just me. I want to hear your opinion about how we determine potential TP for any particular trade. I've already read the post back, but it's still unclear for me .
  • #990
  • Jun 15, 2014 11:33pm Jun 15, 2014 11:33pm
Quoting pipmunks
{quote} Because I don't know definitely when to scalp or go for 20, I choose middle approach. Partial TP @ 6 pips (1 pip for commision) & let the rest go for 20. But that's just me. I want to hear your opinion about how we determine potential TP for any particular trade. I've already read the post back, but it's still unclear for me .
Probably the easiest way for me to answer that is if you get a NICE setup {see my posted charts} and there is room to go to 20pips without hitting s/r go for 20, if not just go for scalp ,5 pips.
If you look at all my posted chart examples you will notice that they are very clean in there make up ,not 'pinny' candles. You get much better results with these, you need to be patient but you will see many like this during the day.
patience is bitter, but its fruit is sweet
  • #991
  • Edited Jun 16, 2014 12:11am Jun 15, 2014 11:45pm | Edited Jun 16, 2014 12:11am
Hi guys!

I'm new to FF and fx trading. Still trying to figure out what style suits me best. I like to think I'm a scalper at heart, but so far I've found the lower TF's very intimidating. Been browsing the forums a couple months to see if any strategies resonated with me and this is the first thread that has prompted me to actively participate.

Thanks rifid! I've learned about chart patterns, but don't have the experience yet to spot them consistently, and even when I do I'm not completely sure how to trade them... until I found this thread a couple days ago. Now I know exactly how to trade a wedge (pennant?) on the 5M charts. Definitely wanna join you guys in the hunt!
  • #992
  • Jun 15, 2014 11:50pm Jun 15, 2014 11:50pm
Morning, UJ @ 101.752 might form something but only for a scalp, looks smooth by the way.

EDIT: No retrace, so no go.
  • #993
  • Jun 15, 2014 11:59pm Jun 15, 2014 11:59pm
Quoting rifid
{quote} Probably the easiest way for me to answer that is if you get a NICE setup {see my posted charts} and there is room to go to 20pips without hitting s/r go for 20, if not just go for scalp ,5 pips. If you look at all my posted chart examples you will notice that they are very clean in there make up ,not 'pinny' candles. You get much better results with these, you need to be patient but you will see many like this during the day.
Because S/R is subjective in nature, going for 5 pips or 20 pips become subjective too. I'll make small research this week to find what kind of mechanical criteria that could be used to determine to go for a scalp or full 4R. Thank you rifid.
  • #994
  • Jun 16, 2014 12:51am Jun 16, 2014 12:51am
gbp/usd looks good on 5 min, but at major resistance.
  • #995
  • Jun 16, 2014 12:51am Jun 16, 2014 12:51am
Quoting pipmunks
{quote} Because S/R is subjective in nature, going for 5 pips or 20 pips become subjective too. I'll make small research this week to find what kind of mechanical criteria that could be used to determine to go for a scalp or full 4R. Thank you rifid.
Pips please dont apply an indicator to this method, it is not what its about. If you find that you need an indicator to tell you where S/R levels are perhaps this type of trading is not for you.
patience is bitter, but its fruit is sweet
  • #996
  • Jun 16, 2014 12:54am Jun 16, 2014 12:54am
Quoting coastie
gbp/usd looks good on 5 min, but at major resistance.
you are right major resist on 1 and 4h
patience is bitter, but its fruit is sweet
  • #997
  • Jun 16, 2014 12:57am Jun 16, 2014 12:57am
just took a quick 5 pipper!! on the pound.
  • #998
  • Jun 16, 2014 12:59am Jun 16, 2014 12:59am
AAARGHHH!!!!!!!
should have stayed in, oh well
  • #999
  • Jun 16, 2014 12:59am Jun 16, 2014 12:59am
Quoting rifid
{quote}you are right major resist on 1 and 4h
damn, they really can't wait
In the end its just a stupid numbers game
  • #1,000
  • Edited 1:23am Jun 16, 2014 12:59am | Edited 1:23am
eur/usd now

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