[quote=spike00spieg;7346786]{quote} S/R? did the strategy changes? Is not that 123 and trend pullback? It may work well on small trades but when you trade $10 a pip and after a loosing trade you start to see.. maybe the trend was up, maybe the 123 was to big on or to small or it wasn't really at the "End of the trend" or the break-out it wasn't really a BO. There is a post here about "flag trading the trend" is an almost the same method by the same guy which went sour.[/quote
Hey Spike,
The name of this thread is The 5min TF S/R Trading System. In the thread FX said we start off the day by taking a BOPB. What are we breaking out of? S/R levels. If we start our day at 7am EST two things are happening. The market is in a range or it is trending. So a BOPB is trading a break and retest of S/R. Even if its trending, to start mark the last HH, HL or LL LH and wait for BOPB to start day. This isn't easy. It takes practice. I still make mistakes. Usually because I'm tired. I told you how great I did last month but this month has been slow. We have finally got some action last week and this week in FX. I made a few mistakes this month but it wasn't the methods fault. All the comments you made above are covered in the material if you study it. It all wasn't clear to me at first either. I didn't start out trading full standard lots to begin with. I studied and backtested first. I agree that backtesting it's easy to see all the set ups. When live trading it's much different. I'm one of those guys that has to have a little money on the line when demoing so I allocated a small amout of fund to this starting out. I was only risking $10 to $36 a trade until I progressed and got better. All the rules and info is here. You have to dig it out man if it isn't clear to you. Study everyones questions and charts and FX's anwers. Study thje video. Go through charts and just draw S/R lines without looking for set ups.Just noticing how prices bounce ect.
I certainly don't think it's funny if someone is losing money. I have lost my share. Stick with it. Be diligent. If it's not for you find something that is. Study S/R. From your posts it seems you need a little more study time on it. 5min and 3min timeframes are tough if you aren't sure of your analysis. Wanted to say a lot more but am tired and have to sleep.
Good luck
Hey Spike,
The name of this thread is The 5min TF S/R Trading System. In the thread FX said we start off the day by taking a BOPB. What are we breaking out of? S/R levels. If we start our day at 7am EST two things are happening. The market is in a range or it is trending. So a BOPB is trading a break and retest of S/R. Even if its trending, to start mark the last HH, HL or LL LH and wait for BOPB to start day. This isn't easy. It takes practice. I still make mistakes. Usually because I'm tired. I told you how great I did last month but this month has been slow. We have finally got some action last week and this week in FX. I made a few mistakes this month but it wasn't the methods fault. All the comments you made above are covered in the material if you study it. It all wasn't clear to me at first either. I didn't start out trading full standard lots to begin with. I studied and backtested first. I agree that backtesting it's easy to see all the set ups. When live trading it's much different. I'm one of those guys that has to have a little money on the line when demoing so I allocated a small amout of fund to this starting out. I was only risking $10 to $36 a trade until I progressed and got better. All the rules and info is here. You have to dig it out man if it isn't clear to you. Study everyones questions and charts and FX's anwers. Study thje video. Go through charts and just draw S/R lines without looking for set ups.Just noticing how prices bounce ect.
I certainly don't think it's funny if someone is losing money. I have lost my share. Stick with it. Be diligent. If it's not for you find something that is. Study S/R. From your posts it seems you need a little more study time on it. 5min and 3min timeframes are tough if you aren't sure of your analysis. Wanted to say a lot more but am tired and have to sleep.
Good luck