iandekoker's 5 profit target trades

Quoting Oromis

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mmmm...thanks for sharing but again I don't see the charts, this is becoming quite annoying .

Yes seems more bad was done during upgrade than good

Maybe we should use something like imageshack.us in the meantime?

Dunno it

Ok, so PP is obviously something you like to use?

Yes i like PP cause many floortraders still use it. And it was one of the main indicators long before computers. So it has stood the test of time

What time frame was these charts on?

1hr

Ok,, nearly 2am, I'm off to bed, c u tomorrow.

Is that australiasia?

Had a few losers and winners for the day but ended up positive.

See if you use 1:3 risk/reward ration then even if you had 6 loosing trades and only 4 winning trades then you still would have been positive. But is it always good to end the day postive.

Happy trading for the rest of your evening.

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Quoting iandekoker

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Can you only trade this way when the price is close to pivot points?

No you can trade this way anywhere on the chart.

Here is an example of a short trade.

What you are looking for is the following: In an uptrend the candles keep making higher highs. So look for the first candle that DOES NOT make a higher high. This candle is your clue that prices might come down again. Once you have identified the candle that didnt make a new higher high then you wait until price comes down to break the low of the CANDLE THAT DID MAKE THE LAST HIGHER HIGH. As soon as this low gets broken to the downside then you enter short trade.

Here is example of long trade:

What you are looking for is the following: In an downtrend the candles keep making lower lows. So look for the first candle that DOES NOT make a lower low. This candle is your clue that prices might go up again. Once you have identified the candle that didnt make a new lower low then you wait until price goes up to break the high of the CANDLE THAT DID MAKE THE LAST LOWER LOW. As soon as this high gets broken to the upside then you enter long trade.

This can be traded on any time frame. But as you know the 5min, 15min tend to be choppy. So if you wanna see more smooth action trade the 30min, 1hr and 4hr charts using this strategie

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Quoting darien95

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I've read this whole thread now and I'm interested in trying this system, but I have some questions. How long have you been trading this system and what would you say your win/loss ratio is with it?

I have been using this 5 pip system for a few months now. My win/loss ratio is about 95%

What percentage of your account do you risk per trade when doing a 5 pip target, 20 pip stop loss trade?

I only use 1%

I've noticed that you've been making changes to the system with new moving averages and lower than 35 DMI numbers. Which moving averages are you now using and what levels of DMIs are you now looking for?

Yes i have been experimenting with a few moving averages. but the best is still 11 SMA and 4 SMA. The ADX level is still 35 level. I have put 10 level in to give me an idea as to when the DMI changes but my main trigger is when the ADX is above 35 level

Have you made any other changes and have they improved your results?

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Quoting Oromis

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Don't know why I missed the posts on the pivots and this one....probably because I don't get to bed at a decent time like a normal day job .

Yes i know the feeling. I often only go to bed around 02:00 and then wake up 07:00. Damn who could survive on 5 hours sleep...lol

I must admit that I haven't used pivots in my strategy for some time now, might plot them in the background and keep my eye on them or at least just be aware of them.

The more you use pivot points you more you will see it's value

All the indicators on my charts started to annoy me or should I rather say confuse me, Fibs, Pivots, this, that etc...before you know it there's so many lines on the chart you don't know which is S/R anymore .

I only use Pivot points and it works like a bomb

So things like Fibs are not part of my strategy atm because fibs are just everywhere, doesn't matter how you plot the thing, the probability is hight that price will find it anyway.

Good point. Fibs and trendlines tend to be very subjective. In a room full of traders every trader would plot fibs and trendlines differently. But pivot points will be plotted the same way by all traders

Anyhow, I'll keep one eye on pivots for a few weeks and see how it goes.

Getting back to this post that I have quoted though...I look for the same thing but in 99% of the setups I get in too late, way to late and that is what I need to work on. If you can get your timing right with this strategy it can be very profitable.

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Quoting iandekoker

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Ok so here is a good example. Right now gbp/usd is trading between the daily pivot and resistance 1. Actually more toward the R1.

So it wudnt be a good idea to long the market here. Cause the market will go up to R1 and then do one of two things....either it will break thru and continue to go to R2 (in which case you make good money).....or the market might bounch off R1 and go back to the daily pivot point (in which case your stop loss would be hit.)

So if you have ever thought about high risk and low risk trades then this is an example.

I would still wanna bo long on this pair....however i would wait for R1 to be broken to the upside....wait for a candle to close above the R1 and then enter long. That way the R1 acts as support. So i would place my stop loss 10-20 pips under the R1 and my take profit target would be R2

I would not wanna go short here. Cause i would be trading against the trend and that is always stupid....

If the price goes all the way back to the daily pivot point i would see that as a potential buy.....if a candle manages to close above daily pivot point

so let's wait and see how this turns out.

oh one quick edit note....this last white candle is a hanging man...and in an uptrend that tends to be a reversal sign......

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Quoting Oromis

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Here is a chart showing pivot points in action.

http://img142.imageshack.us/img142/1...art1eg6.th.jpg

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Quoting iandekoker

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that last green candle would have been good profit had you bought when the red pin bar was broken to the upside

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Quoting Oromis

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Went long on EUR/USD at 1.4649 Target 1.4655.

I did not enter on signals from ADX, but what I believed to be a reversal candle.

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Quoting Oromis

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Ian, would you enter, take your 5 pips and immediately re-enter again if you got the right signal, via a candle for example? Not necessarily the next candle but if a candle produced itself shortly after the first trade.

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Quoting iandekoker

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discipline paid off....damn it was hard waiting for the new candle to form especially after seeing the market fell by 40-60 pips in the process. But i am short as soon as the new candle formed after the daily pivot was broken to the downside. I have taken half my profits as soon as S1 was hit, but i expect the market to go down further to hit S1. So let's wait and see...

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Quoting mrxit

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Hi Ian,
Hope you held on to that trade
GReg

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