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Magic 5 - five pips only

  • #1,021
  • Jan 21, 2018 11:39am Jan 21, 2018 11:39am
Quoting neutrinox
{quote} Are you still trading this strategy LIVE? If so, I have been testing this strategy for quite a while now and I have an alert that notifies candles that have close above and below the 5sma. Which provides ALOT of convenience when away from charts. It alerts via mobile and email as well! Just set "MA PERIOD" to 5 and "WARNING MODE" to 0 to avoid the annoying alert sound. {file} {file}

it is fine..Although lines changing up and down annoys. Just make it regular
always draw trendlines
  • #1,022
  • Jan 21, 2018 1:33pm Jan 21, 2018 1:33pm
Quoting tk5
{quote} it is fine..Although lines changing up and down annoys. Just make it regular

Forgot to mention that in the indicator settings the first 2 boxes should be set to "none" for colors so that the annoying lines do not show but only the arrows show.
Attached Image
  • #1,023
  • Jan 21, 2018 1:42pm Jan 21, 2018 1:42pm
Proper chart view with lines removed I simply just changed the arrow colors.
Attached Image (click to enlarge)
Click to Enlarge Name: trade.png Size: 87 KB
  • #1,024
  • Jan 23, 2018 5:53am Jan 23, 2018 5:53am
Quoting neutrinox
Proper chart view with lines removed I simply just changed the arrow colors. {image}
always draw trendlines
  • #1,025
  • Jan 23, 2018 9:38am Jan 23, 2018 9:38am
Nice to see this thread up and running again - just a few minor tweaks to make it your own.
  • #1,026
  • Feb 18, 2018 12:13pm Feb 18, 2018 12:13pm
is this system is still working???????

IF any body using it kindly answer my question.


thanks
  • #1,027
  • Apr 28, 2018 10:34am Apr 28, 2018 10:34am
can you show your FXbook ?
  • #1,028
  • Edited 7:52pm Jun 14, 2018 7:13pm | Edited 7:52pm
Hi.

English is not my native language. Therefore Google translates.

Here's my screen. HA at a bit not like the author, but it is very convenient to build a trend line.
I'll post deals as they appear.

The first trade today. Asian session. 5 min chart.
TP+5
Exit by TP. Apparently, too early, but on the way there was strong support. Therefore it is better so.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYM5.png Size: 39 KB
"All good things come to those who wait"
  • #1,029
  • Jun 14, 2018 7:52pm Jun 14, 2018 7:52pm
Another trade.
TP+5
Inter on 1 min chart.
Exit by TP.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYM5_2.png Size: 36 KB
"All good things come to those who wait"
  • #1,030
  • Jun 14, 2018 8:52pm Jun 14, 2018 8:52pm
A little early entry into the rebound trade from resistance.
Repeated rebound from resistance Daili Pivot S1.

TP+5
Inter on 1 min chart.
Exit by TP.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYM1_3.png Size: 51 KB
"All good things come to those who wait"
  • #1,031
  • Jun 14, 2018 9:50pm Jun 14, 2018 9:50pm
4 trade in accordance with the rules.
5MA, HA, RSI.
Ignoring 200MA because the bounce from resistance.

TP+5
Inter on 15 min chart.
Exit by TP.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYM15 4.png Size: 38 KB
"All good things come to those who wait"
  • #1,032
  • Jun 30, 2018 8:22am Jun 30, 2018 8:22am
Quoting Makstrader
4 trade in accordance with the rules. 5MA, HA, RSI. Ignoring 200MA because the bounce from resistance. TP+5 Inter on 15 min chart. Exit by TP. {image}
Makstrader, can I ask what stop loss you are using?
  • #1,033
  • Oct 14, 2018 3:04pm Oct 14, 2018 3:04pm
Quoting Makstrader
4 trade in accordance with the rules. 5MA, HA, RSI. Ignoring 200MA because the bounce from resistance. TP+5 Inter on 15 min chart. Exit by TP. {image}
hi folks...

yes. more experienced traders can definitely enter more trades without ema 200 rule...since they are well aware of market behaviour. I trade lots of such opportunities myself even counter-trend cases.
always draw trendlines
  • #1,034
  • Oct 15, 2018 10:23pm Oct 15, 2018 10:23pm
I remember this being one of the first strategies that caught my attention when learning how to trade forex a few years back. Glad to see the thread is still alive.
  • #1,035
  • Oct 15, 2018 10:25pm Oct 15, 2018 10:25pm
Quoting Makstrader
4 trade in accordance with the rules. 5MA, HA, RSI. Ignoring 200MA because the bounce from resistance. TP+5 Inter on 15 min chart. Exit by TP. {image}

Nice trades bud.
  • #1,036
  • Oct 18, 2018 5:11am Oct 18, 2018 5:11am
Quoting ForexFreak92
I remember this being one of the first strategies that caught my attention when learning how to trade forex a few years back. Glad to see the thread is still alive.
Glad to hear. How has been your success.
always draw trendlines
  • #1,037
  • Oct 18, 2018 6:08am Oct 18, 2018 6:08am
what is a good money management for this technique? with a capital of 2000 euro
  • #1,038
  • Oct 18, 2018 3:08pm Oct 18, 2018 3:08pm
Quoting tk5
{quote} Glad to hear. How has been your success.
Yes...good question....what stop loss is recommended?
  • #1,039
  • Oct 18, 2018 7:10pm Oct 18, 2018 7:10pm
Quoting tk5
{quote} Glad to hear. How has been your success.
This has actually been one of the few most profitable strategies for me. I've read through every post on this thread and the older Magic 5 thread a few times over the past couple of years. By sheer memory, I probably know over 25+ strategies I'm not even kidding. I've searched high and low for years trying to find the "Holy Grail". I've learned all of the top strategies here in the "Trading Systems" forum. It was only until earlier this year that I joined FF. It's been a mind-boggling journey. But there are a few, very sound strategies though.

I've also had to swallow some hard Forex pills. For ex. I realized that my personality is more fit for short-term trading (low time-frames) rather than longterm trading (higher timeframes), despite all of the online advice supporting the contrary. My emotions will not allow me to trade higher timeframes as hard as I try. That's why I'm drawn more to all the "pip and dip" strategies.

For this strat in particular, only difference is over time I've transitioned from using the RSI to the stochastics as I found it to be the #1 best indicator for me in terms of entries and exits.
  • #1,040
  • Oct 19, 2018 6:01am Oct 19, 2018 6:01am
Quoting kaiser soze
{quote} Yes...good question....what stop loss is recommended?
Stop loss thing is personal, i always said. Up to your loss appetite, in pips. Also, your invested balance, equity's situation. You gotta sit and calculate, analyse...put desired profit in pips against any loss (of individual position).

Magic 5 is a Strategy in first place...then system. Therefore, stop loss should be a momentum thing, managed manually up to situation. Like, if momentum shows escalating movement against you position you will close.

Me, for instance, I do not place SL most of time..I control situation manuualy..observe and decide.
always draw trendlines
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