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Attachments: Genuine 5m 4R/R system
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Genuine 5m 4R/R system

  • #1,201
  • Jun 23, 2014 10:56am Jun 23, 2014 10:56am
Most of the trades posted the last 2 pages were rubbish, if you won, it was mostly luck not skill. Re-read the method rules.
  • #1,202
  • Jun 23, 2014 11:20am Jun 23, 2014 11:20am
Quoting 2121
Most of the trades posted the last 2 pages were rubbish, if you won, it was mostly luck not skill. Re-read the method rules.
It's always good to have more pairs of eyes watching, so we can learn from our mistakes in applying the system. Care to highlight and share what you saw wrong?
  • #1,203
  • Jun 23, 2014 3:16pm Jun 23, 2014 3:16pm
Hi guys, i have made myself familiar with this method and was wondering if I am eligible to be invited to the Skype group?
  • #1,204
  • Jun 23, 2014 3:22pm Jun 23, 2014 3:22pm
Quoting rifid
.Ok next chart, once again you can see we are in a trend, we can see the 2nd point formed and confirmed and a void created after the second point, this one does not give you alot of notice so you need to be on the ball, this one also went to T/P very quickly .Second point is slightly higher than the first but that is ok{image} {image}

how do you define the trend on the 5m chart ? how many previous bars do you look at to establish the trend ?

or do you look at the higher tf to determine the days trend ¬ remember the rend is different on each time frame.

on your first chart in post # 45. there was a long entry that met your criteria before the long entry you took. to the left, the very first two highest highs. the two points of high. immediately after which a long entry would have been triggered and subsequently stopped out.

why did you not take that long trade ?
  • #1,205
  • Jun 23, 2014 3:32pm Jun 23, 2014 3:32pm
Quoting whatfx
{quote} how do you define the trend on the 5m chart ? how many previous bars do you look at to establish the trend ? or do you look at the higher tf to determine the days trend ¬ remember the rend is different on each time frame. on your first chart in post # 45. there was a long entry that met your criteria before the long entry you took. to the left, the very first two highest highs. the two points of high. immediately after which a long entry would have been triggered and subsequently stopped out. why did you not take that long trade ?
re. the first chart in post #45, it looks to me as though the second of the two highs you refer to is not quite as high as the first. Post 44 makes this point.
  • #1,206
  • Jun 23, 2014 3:39pm Jun 23, 2014 3:39pm
Quoting bobbles
{quote} re. the first chart in post #45, it looks to me as though the second of the two highs you refer to is not quite as high as the first. Post 44 makes this point.

sorry i meant to say that there are 3 high points there, and it is the 2 high points after the frst high point i was referring to. i.e. the 2nd and 3rd high points. these two met the criteria, but a long would have lost.


just curious to know why rfld did not take that trade.
  • #1,207
  • Jun 23, 2014 3:40pm Jun 23, 2014 3:40pm
Quoting PipsiKoala
{quote} It's always good to have more pairs of eyes watching, so we can learn from our mistakes in applying the system. Care to highlight and share what you saw wrong?
Hello Pipsi,

It's hard going into detail about every single chart, but what 2121 says is correct. Pull up all of rifid's charts and compare them to the ones posted. Always always always price needs to be heading closer towards your resistance/support level. In all of Aman's charts, price makes an arbitrary low, retraces higher than the previous high before that arbitrary low was made, and then comes down and makes a second point. That does not show increasing buying/selling pressure, which is what we are looking for.

The only charts that aren't breaking this rule are the ones you have posted, but in those cases price has only made one point (over the span of two bars. You still need to let price test come and make a second test of the level) or the levels are sloppy. As a general rule, draw your resistance line from the first low, not the second (as you did in post #1178). It's fine if price dips slightly beneath your line on the second point of contact, but you want price at least to touch the line the second time. There are times when it's ok to trade sloppier levels, but it's important to trade the system in it's purest form and get that right before moving on to the more difficult setups. Even if you stick with looking only for A+ trades, you'll get enough to make your account grow rapidly every week.

Every system has its strengths and weaknesses. When you trade a 5 minute system, you open yourself up to the possibility of overtrading like crazy. Not every S/R you see is an opportunity. Do not force setups. Rifid states that he was only taking 3-8 trades per week. Since we are still learning this system, we should be taking even less than that.

I'm reattaching this picture of how setups should look. Use this as a guide when making trading decisions. These are the A+ setups when taken with the primary trend.

Best,
EG
Attached Image
I'm a dog chasing cars.
  • #1,208
  • Edited 8:53pm Jun 23, 2014 8:49pm | Edited 8:53pm
Quoting ElectroGypsy
{quote} ... As a general rule, draw your resistance line from the first low, not the second (as you did in post #1178). It's fine if price dips slightly beneath your line on the second point of contact, but you want price at least to touch the line the second time. There are times when it's ok to trade sloppier levels, but it's important to trade the system in it's purest form and get that right before moving on to the more difficult setups. Even if you stick with looking only for A+ trades, you'll get enough to make your account grow rapidly every...
Hi Electro

Thanks for your feedback. Agree with you fully on taking only A+ trades and not rushing it, esp when we are still learning

What I tried to show on my charts are the (minimum) 2 points that constitute support or resistance -- I've labeled them as "1" and "2". I drew a horizontal line across pt 2 to indicate that a trade would be on if that line was breached. Perhaps I should have drawn it across pt 1 and the picture might become clearer, such that we see at least 2 points touching the line, or a latter point popping out slightly (which is ok by rifid rules).

Like this...
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 28 KB
  • #1,209
  • Jun 23, 2014 9:19pm Jun 23, 2014 9:19pm
Quoting PipsiKoala
{quote} Hi Electro Thanks for your feedback. Agree with you fully on taking only A+ trades and not rushing it, esp when we are still learning What I tried to show on my charts are the (minimum) 2 points that constitute support or resistance -- I've labeled them as "1" and "2". I drew a horizontal line across pt 2 to indicate that a trade would be on if that line was breached. Perhaps I should have drawn it across pt 1 and the picture might become clearer, such that we see at least 2 points touching the line, or a latter point popping out slightly...
Sorry Pipsi, I missed that chart of yours. Good work! That was a solid setup (in my opinion). The 15 min and 1hr charts provided nice background for the trade. The only real negative to the setup was that the overall hourly trend was up. It looks like it got close to the +20 target, but was shy by a few pips. I know how that feels.

It seems that when price makes a slightly lower low (as it did on pt 2), rifid will place his entry 0.2 pips below that low. Whether or not it makes that much of a difference is debatable, but it does technically assure a break of the lowest low. It sounds like that's what you did.


I don't take the scalps with this system anymore, but you may want to consider taking only +5 on setups like that in the future, since it was CT. Again, that's just my opinion. Do what's best for you . I'm sure rifid will offer much better commentary when he returns.

Best,
EG
I'm a dog chasing cars.
  • #1,210
  • Jun 24, 2014 8:27am Jun 24, 2014 8:27am
Quoting PipsiKoala
{quote} It's always good to have more pairs of eyes watching, so we can learn from our mistakes in applying the system. Care to highlight and share what you saw wrong?
agreed ..its good to learn from your mistakes ..any constructive critisim is always welcome ..cheers ..
  • #1,211
  • Jun 24, 2014 8:36am Jun 24, 2014 8:36am
Is there a functioning Skype group?
  • #1,212
  • Jun 24, 2014 10:11am Jun 24, 2014 10:11am
Quoting Paracelsus
Is there a functioning Skype group?
Seems like there is, but no luck getting in... yet...
  • #1,213
  • Jun 24, 2014 10:34am Jun 24, 2014 10:34am
GBP setting up nicely
  • #1,214
  • Jun 24, 2014 11:27am Jun 24, 2014 11:27am
Quoting PipsiKoala
GBP setting up nicely
hey guys just reading this off my phone in bed I'll try add you into the Skype group tomorrow
  • #1,215
  • Jun 24, 2014 1:27pm Jun 24, 2014 1:27pm
thanks add me to the list aswell ..many thanks
paul ...
  • #1,216
  • Jun 25, 2014 10:09am Jun 25, 2014 10:09am
anyone in the skype group looked at this entry at 13868 on ej or not. any opinions ...1hr upward trend line formed
Attached Image (click to enlarge)
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  • #1,217
  • Jun 26, 2014 3:01am Jun 26, 2014 3:01am
Until Rifid comes back, I could try to help you out folks with finding the correct entries. Post charts and I will try to give my perspective on them when I have time. I am still not an expert on this method but I have already managed to make some money. And also, don't be lazy and read the whole thread a few times, I have also bookmarked all important posts.
  • #1,218
  • Jun 26, 2014 3:24am Jun 26, 2014 3:24am
Quoting booker66
anyone in the skype group looked at this entry at 13868 on ej or not. any opinions ...1hr upward trend line formed {image}
Not a 4:1 trade, and news was ahead, you don't wan't to be trading just before the news with a 5 pip SL and on my data feed the second point closed lower.
  • #1,219
  • Jun 26, 2014 3:59am Jun 26, 2014 3:59am
Hi guys
This is a H4, I love this time frame
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.jpeg Size: 200 KB
  • #1,220
  • Jun 26, 2014 8:56am Jun 26, 2014 8:56am
Quoting 2121
{quote} Not a 4:1 trade, and news was ahead, you don't wan't to be trading just before the news with a 5 pip SL and on my data feed the second point closed lower.
thanks for the reply 2121 ..good call wasnt looking at the news ..i pulled the chart up looking for past possible entries after work ,,from what ive seen not a lot

of entries at the moment ... due to sideways movement .
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