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  • #5,861
  • Jan 19, 2012 7:29am Jan 19, 2012 7:29am
Quoting Dreamliner
Tony, how would you view this method as not gambling? Is it because of the risk/reward 1.400?
well looking at the initial direction of the market gives you a clue of what the majority of the traders around the world want on a market open... you're the one in advantage, so if it would be gambling, I would definitely be the house. I'm risking 2 pips to win 400 pips and not the opposite. In a casino, the house will give you small wins until it takes all your bank account sooner or later.
Invest in alarm clocks
  • #5,862
  • Jan 19, 2012 7:30am Jan 19, 2012 7:30am
Quoting Dreamliner
Tony, how would you view this method as not gambling? Is it because of the risk/reward 1.400?
OK i just realized that you refer to an older post... I use to make some irregular trades if you want in the past. I got rid of that behavior
Invest in alarm clocks
  • #5,863
  • Jan 19, 2012 9:21am Jan 19, 2012 9:21am
Sorry, if this already mentioned. Wanted to ask, is +20 and +140 statistically devised or guessed?
  • #5,864
  • Jan 20, 2012 3:50am Jan 20, 2012 3:50am
Quoting Servo
Hi everyone,

Thanks rtrs111 for the link.

I was under the impression that we waited for the first 5 sec candle to complete and enter a trade in the direction of that.
...
I don't think the 5 sec candles matter anymore. As per Tony, enter after 1-2 pips (up to you), trailing it manually if you can, if not, just move to BE after 2 pips profit.
r u ready?
  • #5,865
  • Jan 20, 2012 4:02am Jan 20, 2012 4:02am
Quoting Vlad.M
Sorry, if this already mentioned. Wanted to ask, is +20 and +140 statistically devised or guessed?
Tony recommends 140. After some backtests, 20 pips showed better profits than 50 and than 140 I think, then few users decided to start testing 20. I checked back H1 candles with max 2 pips wick at LO and both TPs should be very profitable. I'll provide the results when I finish, to compare both TPs and for NYO as well, so far I just did 1 year of data. Didn't have time to check if any EAs attached previously would help testing this.
r u ready?
  • #5,866
  • Jan 20, 2012 5:20am Jan 20, 2012 5:20am
hurm has anyone consider opening 2 position, 1st position tp 10 @ 20 and let 2nd ride the wave?
  • #5,867
  • Jan 20, 2012 6:12am Jan 20, 2012 6:12am
Quoting DrPip
hurm has anyone consider opening 2 position, 1st position tp 10 @ 20 and let 2nd ride the wave?
Yes, it has been considered. Scaling out is like trading two separate (or more) exit strategies of the same method simultaneously. It tries to lower the risk but also decreases the profit. Spreading on multiple TPs, I think it has benefits to smooth out the equity curve on the long term, because it adjusts on different market types. But I prefer to backtest first find the most profitable TP and focus on that one. If TP 140 shows the most profits, that's what I'm gonna trade.
r u ready?
  • #5,868
  • Jan 20, 2012 6:34am Jan 20, 2012 6:34am
Quoting rtrs111
Yes, it has been considered. Scaling out is like trading two separate (or more) exit strategies of the same method simultaneously. It tries to lower the risk but also decreases the profit. Spreading on multiple TPs, I think it has benefits to smooth out the equity curve on the long term, because it adjusts on different market types. But I prefer to backtest first find the most profitable TP and focus on that one. If TP 140 shows the most profits, that's what I'm gonna trade.
yup thats the way to go XD
btw, is this method suitable for monday and friday? cause some say monday and friday have high whipsaw ratio... (taken from a senior trader opinion who said stay out during monday and friday due to market uncertainty)
  • #5,869
  • Jan 20, 2012 8:31am Jan 20, 2012 8:31am
Quoting rtrs111
I don't think the 5 sec candles matter anymore. As per Tony, enter after 1-2 pips (up to you), trailing it manually if you can, if not, just move to BE after 2 pips profit.
Thanks, been following this thread for a while, interesting strategy but not tried trading it yet
  • #5,870
  • Jan 20, 2012 8:35am Jan 20, 2012 8:35am
My strongest opposition to this strategy is that a good percentage of the time you are trading against the trend. A good example is the trades that Tony has lost lately have been short EUR/USD but that pair has been in an uptrend since early January.
  • #5,871
  • Jan 20, 2012 11:06am Jan 20, 2012 11:06am
Hi folks,

Could someone ask this simple and Basic question, as I could not scroll hundreds of pages to find the answer ?

As MT4 could is unable to draw a 5 secs charts, could someone say which platform let you to do that, and which broker could include a service with this TimeFrame, also with a very low spreads ?

Secondary question: Is there someone who tried this system on other pairs than E/U

Thanks in advance
  • #5,872
  • Jan 21, 2012 4:26pm Jan 21, 2012 4:26pm
Quoting effluvium
Hi folks,

Could someone ask this simple and Basic question, as I could not scroll hundreds of pages to find the answer ?

As MT4 could is unable to draw a 5 secs charts, could someone say which platform let you to do that, and which broker could include a service with this TimeFrame, also with a very low spreads ?

Secondary question: Is there someone who tried this system on other pairs than E/U

Thanks in advance
oanda is my broker
i tried it with the usd/jpy and gbp/usd... very good success rate as well, less success on usd/jpy.. it's good at the ny open

stick to the pair with less spread
Invest in alarm clocks
  • #5,873
  • Jan 22, 2012 10:55am Jan 22, 2012 10:55am
Tony, have you kept records as to your "hit rate" using 2 pip sl and 400 pip tp? I would imagine that you've not hit the 400 but a few times over the past several years?
  • #5,874
  • Edited 11:30pm Jan 22, 2012 12:29pm | Edited 11:30pm
Quoting Tony112
oanda is my broker
i tried it with the usd/jpy and gbp/usd... very good success rate as well, less success on usd/jpy.. it's good at the ny open

stick to the pair with less spread
Hi tony . First time , i see time frame second not minute.
Do you use broker ? or anyway to show ? .
Hope you friendly ^^!

Update : sr master , yester day I hurry too, do not read well
Share and Receive
  • #5,875
  • Jan 22, 2012 12:33pm Jan 22, 2012 12:33pm
Oanda.

Quoting maxryan9999
Hi tony . First time , i see time frame second not minute.
Do you use broker ? or anyway to show ? .
Hope you friendly ^^!
  • #5,876
  • Jan 22, 2012 2:15pm Jan 22, 2012 2:15pm
I think what needs to be specified is that 5sec. charts are only offered by oanda for live accounts. Meaning you will not find them on a demo account.

Kind regards,
Donaciello.
It's a sport, an artform and a science.
  • #5,877
  • Jan 22, 2012 2:35pm Jan 22, 2012 2:35pm
Quoting effluvium
Hi folks,

As MT4 could is unable to draw a 5 secs charts, could someone say which platform let you to do that, and which broker could include a service with this TimeFrame, also with a very low spreads ?
Oanda has offered MT4 for less than a year. Their original live platform is called fxTrade. The demo version of this is used to be fxGame, now called fxTrade Practice Account.

These are Java applications that launch from your web browser after you log in to their site. Both fxTrade and fxTrade Practice give 5 second candles.

But if you are stuck using MT4 and can't get 5 second candles, there is a very simple solution: just watch the price for 5 seconds after open, on any TF.
Luck occurs when preparation meets with opportunity.
  • #5,878
  • Jan 22, 2012 2:57pm Jan 22, 2012 2:57pm
hi everyone,
i'd like to know if tony's system is still the same described at post 1 (so only ny and london opens, not news)
and if any of you are still using it, and why not even making profits with it

btw i think i'll get i try tomorrow

thx in advance
  • #5,879
  • Jan 22, 2012 8:29pm Jan 22, 2012 8:29pm
feels good to comeback trading after a week-end of skiing and tubing in the great Canadian north mountains... such a great refreshing activity, priceless!
Invest in alarm clocks
  • #5,880
  • Jan 22, 2012 9:50pm Jan 22, 2012 9:50pm
Welcome back, Tony! I hope you'll get a chance to answer the questions.

Quoting Tony112
feels good to comeback trading after a week-end of skiing and tubing in the great Canadian north mountains... such a great refreshing activity, priceless!
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