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A very simple system - trade with arrow

  • #9,961
  • Apr 25, 2023 8:02am Apr 25, 2023 8:02am
Quoting pips29
I took my 2nd entry when price broke thru' the h4 34 ema, retest and rejected, however my entry was late by 3 pips {image}
Taken some out and the remainder at +10
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the cautious seldom err....C
  • #9,962
  • Apr 25, 2023 8:12am Apr 25, 2023 8:12am
Quoting pips29
{quote} Taken some out and the remainder at +10 {image}
Trade is closed. I won't be here tomorrow morning as I have an appointment with the Eye Hospital for a check up. I had a cataract removal surgery 2 weeks ago on my left eye.. my right eye will be next the date of which is yet to be known
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the cautious seldom err....C
  • #9,963
  • Apr 25, 2023 8:19am Apr 25, 2023 8:19am
I had since re-entered after being stopped out. I had taken a portion out of this trade
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the cautious seldom err....C
  • #9,964
  • Apr 25, 2023 8:26am Apr 25, 2023 8:26am
Quoting pips29
gone short AU {image}
Taken partial and stop moved to +8, just another simple basic entry
Attached Image (click to enlarge)
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the cautious seldom err....C
  • #9,965
  • Apr 25, 2023 8:53am Apr 25, 2023 8:53am
Both my AU and UCad trades hit targets. I am completely flat now. Today I manage a healthy boost to my account. Everyone's a winner
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSDM5.png Size: 30 KB
Click to Enlarge Name: USDCADM5.png Size: 28 KB
the cautious seldom err....C
  • #9,966
  • Apr 25, 2023 12:30pm Apr 25, 2023 12:30pm
Hello my friend, hope all is well. I am truly inspired by your performance as a trader.

I have a few questions for the 5m scalping if you don't mind me asking, I have been following the thread for a little while and I have a few questions.

1. Time frame is obvious its the 5m, but do you do anything with other time frames?
2. Can you please post your updated template?
3. Are there any overview of the rules you follow? I have studied 2b and all the pdfs shared.
4. What sessions do you trade?

I would be extremely grateful for your help and I think it would be great for newer members to get onboard as well.


Quoting pips29
Both my AU and UCad trades hit targets. I am completely flat now. Today I manage a healthy boost to my account. Everyone's a winner {image} {image}
  • #9,967
  • Apr 25, 2023 1:18pm Apr 25, 2023 1:18pm
Quoting Outcast918
Hello my friend, hope all is well. I am truly inspired by your performance as a trader. I have a few questions for the 5m scalping if you don't mind me asking, I have been following the thread for a little while and I have a few questions. 1. Time frame is obvious its the 5m, but do you do anything with other time frames? 2. Can you please post your updated template? 3. Are there any overview of the rules you follow? I have studied 2b and all the pdfs shared. 4. What sessions do you trade? I would be extremely grateful for your help and I think...
Hi! Outcast,
I have turned off my laptop and gone out since my last post. I guess you have not spent much time here judging by the questions you asked. Anyway, I use the 1 hour to give me a perspective on the direction I should be following when I was trading the M15 tf, I have since placed my emphasis on M30 to enter on M5..There is more conviction on the direction of the trade if htf like H1 /H4 and daily align. You will know sometimes the daily might be against the entry on M5 but since if I'm looking for 20-30 pips I am willing to trade against the daily. I have mentioned about trading away from the pivot for traders new to the method but the main criterion is the set up must be present on the tf you are on. I trade all sessions if I'm around and a set up presents itself. I have posted my template a few months back and I will post it again and as for the indicators just go to paperclip and you will fnd them there
Attached File(s)
File Type: tpl pips29.tpl   89 KB | 317 downloads
the cautious seldom err....C
  • #9,968
  • Apr 25, 2023 3:06pm Apr 25, 2023 3:06pm
Quoting pips29
{quote} Hi! Outcast, I have turned off my laptop and gone out since my last post. I guess you have not spent much time here judging by the questions you asked. Anyway, I use the 1 hour to give me a perspective on the direction I should be following when I was trading the M15 tf, I have since placed my emphasis on M30 to enter on M5..There is more conviction on the direction of the trade if htf like H1 /H4 and daily align. You will know sometimes the daily might be against the entry on M5 but since if I'm looking for 20-30 pips I am willing to trade...
Hello Pips,

Thanks for your prompt response and very detailed explanation it really is helpful to consolidate the idea since it seems to work pretty well with some backtesting.

Apologies if I might ask stupid questions.

1. How do you exactly exit trade setups?
2. How do you know if price is aligned? if price is under the 34 and 10 EMA on 30 mins and the EMAs are cut for short then you want to position in a bearish bias on 5m and vice versa.
3. Favorite pairs to trade? I've seen you trade the GBPUSD, EURUSD, and AUDUSD I am assuming there are your favorite.


I have devised a few rules for short and longs, according to my understanding for 5m, kindly let me know if they are sufficient.

Bullish:
Make sure 30m is above EMA 34 and 10 and crossed for long.
Drop down to 5m -----
Condition 1: Price > 10 EMA > 34 EMA
Condition 2: Trade away from the pivot point so price must be below the pivot point.
Condition 3: Crossover or Trade back into MAs
Condition 4: CCI 14 should be below the 0, CCI 50 has to be either pointing down or under the 0
Condition 5: Pips29 4 boxes must be blue.
Condition 6 (Optional: Not sure if needed): Wait for a break of resistance, trend line, or any price action pattern.

Once all conditions are met for the bullish entry,
1. Enter either on a resistance turned support AKA retest of recent broken resistance
2. Market Execute at the entry of the candle that turned all indicators into our favor.

Stop Loss, Above the recent swing low.

Target 20 to 30 pips minimum monitor PA (Not really sure about this)

Vice verse for Shorts.

I really appreciate your effort, I would love to hear your feed back on my understanding on the strategy.

If I have pointed anything that's wrong please feel free to correct me as I am here to learn from you.

Thank you so much for your effort.
  • #9,969
  • Apr 25, 2023 3:59pm Apr 25, 2023 3:59pm
Quoting Outcast918
{quote} Hello Pips, Thanks for your prompt response and very detailed explanation it really is helpful to consolidate the idea since it seems to work pretty well with some backtesting. Apologies if I might ask stupid questions. 1. How do you exactly exit trade setups? 2. How do you know if price is aligned? if price is under the 34 and 10 EMA on 30 mins and the EMAs are cut for short then you want to position in a bearish bias on 5m and vice versa. 3. Favorite pairs to trade? I've seen you trade the GBPUSD, EURUSD, and AUDUSD I am assuming there...
Before I enter a trade I would have an idea of my final exit as well, along the way I would scale out if I'm in front of my laptop. When I say every align I mean several tf above the 5 min are showing the same direcion. I don't have favourite pairs but I do quite a lot of trades on GU,GY,UCad,EU and ocassionally GA,EA and AU,ECad and Gcad. It depends on what I see on the charts and to select the ones where I think I am able to make some pips. On your bullish bias I think you got condition 2-4 wrong, when you trade away from the pivot it means price must be above the pivot and the cci are above the 0 level. You don't need pips29 box and if you do use this indicator make sure you have 3 blues. Stop loss is up to you ,you can use swing bottoms or the 34 ema. The opposite holds true for shorts. Btw how long have you been trading?
the cautious seldom err....C
  • #9,970
  • Apr 25, 2023 4:04pm Apr 25, 2023 4:04pm
Quoting clubdio
I am truly sorry. I always read your posts with interest. I learned a lot from it. Thank you.
I'm back posting but you are not around anymore
the cautious seldom err....C
  • #9,971
  • Apr 25, 2023 6:37pm Apr 25, 2023 6:37pm
Many thanks Pips, learned a lot from you.
Attached Image(s) (click to enlarge)
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  • #9,972
  • Apr 26, 2023 1:34am Apr 26, 2023 1:34am
Quoting pips29
{quote} Before I enter a trade I would have an idea of my final exit as well, along the way I would scale out if I'm in front of my laptop. When I say every align I mean several tf above the 5 min are showing the same direcion. I don't have favourite pairs but I do quite a lot of trades on GU,GY,UCad,EU and ocassionally GA,EA and AU,ECad and Gcad. It depends on what I see on the charts and to select the ones where I think I am able to make some pips. On your bullish bias I think you got condition 2-4 wrong, when you trade away from the pivot it...
Hello Pips,

Hope all is well.

In general trading wise I have been on and off for 2 years, I have finally taken it upon myself to study psychology, risk management.

I am left with strategy, once again thank you so much for your inputs it truly are useful.

I have discovered that my problem in trading is being too systematic and not dynamic. I have worked on myself to accept using my knowledge and intuition to trade a system using price action and indicators.

I have understood that all that indicators are another way of viewing price in the same way as price action defines price without any visuals.

I have taken this trade below on 5m on AU.

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  • #9,973
  • Apr 26, 2023 3:16am Apr 26, 2023 3:16am
Hello Team,

Just entered Long on EU 5m and 30m below.

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  • #9,974
  • Apr 26, 2023 3:35am Apr 26, 2023 3:35am
EU Update:

In profit, secured partials at daily resistance.
50% closed, SL to BE


Attached Image (click to enlarge)
Click to Enlarge Name: EU 5m.png Size: 134 KB


AU Update: Loss (Reason: Before london session)

GU New Position:
Lol secured profits at resistance 50% closed.
SL to BE

Attached Image (click to enlarge)
Click to Enlarge Name: GU 5m.png Size: 204 KB
  • #9,975
  • Apr 26, 2023 9:54am Apr 26, 2023 9:54am
Quoting Monsyd
Many thanks Pips, learned a lot from you. {image} {image} {image}
If you are around when they happen, yes, you can enter but for GY perhaps wait for pa below the dp might be better. I advise traders new to the method to trade away from the dp, once you are profitable then you can try trading anyhow you like
the cautious seldom err....C
  • #9,976
  • Apr 26, 2023 10:07am Apr 26, 2023 10:07am
Quoting pips29
{quote} If you are around when they happen, yes, you can enter but for GY perhaps wait for pa below the dp might be better. I advise traders new to the method to trade away from the dp, once you are profitable then you can try trading anyhow you like
Hello I am assuming that GY is GBPJPY and DP is Daily Pivot.

now when you say trading away you mean if price is under the pivot to only sell and if above to only buy,

or are you talking about the initial break only to retest pivot and take 1 trade?
  • #9,977
  • Apr 26, 2023 10:21am Apr 26, 2023 10:21am
Quoting Outcast918
{quote} Hello I am assuming that GY is GBPJPY and DP is Daily Pivot. now when you say trading away you mean if price is under the pivot to only sell and if above to only buy, or are you talking about the initial break only to retest pivot and take 1 trade?
yes, DP=daily pivot and not necessary for any retest
the cautious seldom err....C
  • #9,978
  • Apr 27, 2023 8:26am Apr 27, 2023 8:26am
can I get lucky?
Attached Image (click to enlarge)
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the cautious seldom err....C
  • #9,979
  • Edited 9:14am Apr 27, 2023 8:28am | Edited 9:14am
GU short
EDit:stopped out
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.iM5.png Size: 29 KB
the cautious seldom err....C
  • #9,980
  • Apr 27, 2023 8:37am Apr 27, 2023 8:37am
Quoting pips29
GU short {image}
I’m long on USDCHF it was cleaner for me

Attached Image (click to enlarge)
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will post laptop screenshot when I’m home
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