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Magic 5 - five pips only

  • #1,041
  • Oct 19, 2018 6:48am Oct 19, 2018 6:48am
Quoting Rdr
what is a good money management for this technique? with a capital of 2000 euro
Well, only thing Id recommend is max size of single position to be 50.000 (0.5 lot).
always draw trendlines
  • #1,042
  • Oct 19, 2018 6:51am Oct 19, 2018 6:51am
Quoting ForexFreak92
{quote} 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....
"Holy Grail" exists. It is your experience controlled by your experienced mind developed in market.
always draw trendlines
  • #1,043
  • Oct 19, 2018 9:09am Oct 19, 2018 9:09am
Quoting tk5
{quote} "Holy Grail" exists. It is your experience controlled by your experienced mind developed in market.
Yup that's pretty much all a Holy Grail really is. Unfortunately it takes most traders years to finally realize this.
  • #1,044
  • Oct 22, 2018 5:37pm Oct 22, 2018 5:37pm
What is the SL with going for 5 Pips TP?

If you do no SL what do you do in case of a sudden losse of control, for what ever reason (internet down, heart attack,..)

Having the trade open for days, weeks, monthes risk ruining all your great results so far with one losing trade or even risk your complete account to be wiped out?

Sorry but this doesn‘t look professional to me.

As you can only control your risk in this business,
such strategy maybe seems to be cool for 500,00 USD funded account trading 0.01-0.10 lot positions.

But what you do on a 50-100 lots trade if the 5 pips expected winner ends in one larger loser because you decided to go without a SL and your account is now down 5 or even more percent by just one trade?

What you will do in this case?
  • #1,045
  • Oct 23, 2018 5:10am Oct 23, 2018 5:10am
Quoting tk5
{quote} Well, only thing Id recommend is max size of single position to be 50.000 (0.5 lot).
thank you for your vision. I do not understand all these complaints, 5 pips are easy to take. The advantage is our head, if you are not able to identify a trend and take 5 pips in my opinion it is better to change jobs or engage more. Then not necessarily 5 pips, just use trailing stop, if 1 trade continues on its way well it is still taken 5 pips. Many people worry about the commissions, but I would start to worry when you already earn.
  • #1,046
  • Oct 24, 2018 4:49am Oct 24, 2018 4:49am
Thinking about it and doing some tests, maybe trailing stop is just harmful for the strategy. You take many more take profit
  • #1,047
  • Oct 28, 2018 7:40am Oct 28, 2018 7:40am
Quoting lddd
What is the SL with going for 5 Pips TP? If you do no SL what do you do in case of a sudden losse of control, for what ever reason (internet down, heart attack,..) Having the trade open for days, weeks, monthes risk ruining all your great results so far with one losing trade or even risk your complete account to be wiped out? Sorry but this doesn‘t look professional to me. As you can only control your risk in this business, such strategy maybe seems to be cool for 500,00 USD funded account trading 0.01-0.10 lot positions. But what you do on a 50-100...
Nobody said there is no SL 3ven with this strategy. I briefly responded in above reply. You can apply emergency SL for every entry then. Say, 100, 50 pips. Easy. SL is a matter of appetite.
always draw trendlines
  • #1,048
  • Oct 28, 2018 8:21am Oct 28, 2018 8:21am
Folks. Due to my silly commercial member status..my privame messagjng is limited to 1 in 24 hours. So, use email given on first post for any commujication.
always draw trendlines
  • #1,049
  • Edited 9:33am Nov 30, 2018 9:21am | Edited 9:33am
It is a habit of people that they also take out insects in good things. That is also the case of Threads, but I think your work is very good.
  • #1,050
  • Jan 31, 2019 4:57pm Jan 31, 2019 4:57pm
Quoting Pipbox
It is a habit of people that they also take out insects in good things. That is also the case of Threads, but I think your work is very good.
always draw trendlines
  • #1,051
  • Apr 16, 2019 5:48am Apr 16, 2019 5:48am
Anyone still trading this one?
Winners add to winning trades!
  • #1,052
  • Apr 23, 2019 3:32pm Apr 23, 2019 3:32pm
Oh yes. What I do is draw support and resistance lines on the M15 chart and every time price bounces on these lines and cross the 5 EMA shift 2 I get the FIVE pips or more. Make sure that the S/R line line has been tested before for certainty and avoid ranging times. This system would be diffult to do without knowing where support and resistance is. Hope it helps.
  • #1,053
  • Apr 24, 2019 10:51am Apr 24, 2019 10:51am
Quoting Mnqobi
Oh yes. What I do is draw support and resistance lines on the M15 chart and every time price bounces on these lines and cross the 5 EMA shift 2 I get the FIVE pips or more. Make sure that the S/R line line has been tested before for certainty and avoid ranging times. This system would be diffult to do without knowing where support and resistance is. Hope it helps.
yes mate, one shall draw lines/trendlines regardless of trading style
always draw trendlines
  • #1,054
  • May 11, 2019 1:13pm May 11, 2019 1:13pm
Quoting tk5
Out of boredom I made this video. two trades. two closes in different circumstances. I guess by watching you will see entire process and understand everything yourself. Sourcing a trade, analyzing, entering, existing. https://www.youtube.com/watch?v=gFl5abG0wfY
Where did you get the Heiken Ashi for the cTrader? Is that the desktop version?
  • #1,055
  • Jul 16, 2019 11:19am Jul 16, 2019 11:19am
servus tk,

i read all 53 pages, interesting thread. also i like the long trackrecord of it.

now i have started to take it a chance because i like scalping and shortterm trading.
its the possibility to get fast success and then walk away for a coffee or do something else.
also the high winning percentage is good for the selfconfidence.

here my first trades today:
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 16.7.CADJPYM15.png Size: 75 KB
Click to Enlarge Name: 16.7.EURUSDM15.png Size: 66 KB
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trading is like dancing, don't think and just listen to the music!
  • #1,056
  • Jul 16, 2019 12:01pm Jul 16, 2019 12:01pm
and another one:
Attached Image (click to enlarge)
Click to Enlarge Name: 16.7.NZDCADM15.png Size: 69 KB
trading is like dancing, don't think and just listen to the music!
  • #1,057
  • Jul 17, 2019 9:52am Jul 17, 2019 9:52am
today i finished negative with -11 pips
well, i think this is normal and i expect 2-4 days from 20 negativ in a month.
Attached Image(s) (click to enlarge)
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trading is like dancing, don't think and just listen to the music!
  • #1,058
  • Edited 8:50am Jul 18, 2019 8:39am | Edited 8:50am
3 trades today, all in all again a -24 pips loss day.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 18.7.AUDJPYM15.png Size: 70 KB
Click to Enlarge Name: 18.7.AUDNZDM15.png Size: 63 KB
Click to Enlarge Name: 18.7.GBPUSDM15.png Size: 74 KB
trading is like dancing, don't think and just listen to the music!
  • #1,059
  • Jul 19, 2019 4:37am Jul 19, 2019 4:37am
hello gentlemen

if my recommendation are not welcome will erased my post

been following for awhile and been very happy so far well do believe you have to have a software indicating with currency become strong and maybe a set up trade but not a trade yet

[attach]Screenshot_8.png;3390294[attach]
Attached File(s)
File Type: ex4 Pair Strength Analyzer.ex4   55 KB | 499 downloads

set up on the chart .
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Attached Image (click to enlarge)
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  • #1,060
  • Jul 19, 2019 11:17am Jul 19, 2019 11:17am
4 trades, +12 pips today
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 19.7.AUDUSDM15.png Size: 66 KB
Click to Enlarge Name: 19.7.GBPCADM15.png Size: 71 KB
Click to Enlarge Name: 19.7.GBPUSDM15.png Size: 67 KB
Click to Enlarge Name: 19.7.USDJPYM15.png Size: 68 KB
trading is like dancing, don't think and just listen to the music!
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