Attachments: 5 PIPS - Only Five

5 PIPS - Only Five

#301
Nov 1, 2014 6:34pm Nov 1, 2014 6:34pm

paladim
| Joined Sep 2014 | Status: Trader | 82 Posts

Quoting PaulS1

Disliked

{quote} Happy to give more info on what I do,Paladim...it's right in line with this thread......I may have been trading for many years, but this is the first thread I've responded to...how the heck do I PM you ? busy most of the weekend so it may take some time !

Ignored

hehe....my pleasure i am the first one to receive your 1st thread's respond ya ...

i try to pm you, but your pm setting seem untick to decline pm function.

hope to learn from you too beside tk system...

#302
Nov 1, 2014 7:24pm Nov 1, 2014 7:24pm

MidnightRun
Joined Oct 2009 | Status: Jack of All Trades | 830 Posts

Quoting PaulS1

Disliked

{quote} Happy to give more info on what I do,Paladim...it's right in line with this thread...

Ignored

Well, if it is in line with this tread, tk5 won't object to you posting your method and template, will you TK5? Thanks.

P.S. A few years back I became convinced that aiming for 50-100 or hundreds of pips at a time (position trading) is hardly possible in a market which is heavily manipulated and changes direction defying all classic rules and patterns, fundamental data, - haven't we seen time and again that when a news hits, its nature suggests that the market should go in a certain direction, it goes there for a (relatively) few pips (if at all) and then turns defying the news, fundamentals, etc - because the MMs want it to go in a certain direction (having drawn the general crowd into positions suggested by news or fundamentals) and thereby making their profits. It is for that reason that (relatively) long-term position trading for a retail trader is becoming increasingly problematic. Therefore capitalizing on relatively short (both time-wise and pips-wise) moves seems the way to go. And it is for that reason that trading methods like this one appear most promising and effective in the present-day conditions.

#303
Nov 2, 2014 12:57am Nov 2, 2014 12:57am

tk5
| Commercial User | Joined Aug 2013 | 719 Posts

Quoting PhilippineFX

Disliked

I have been following this thread since the beginning and on thur i threw caution[and the RULES] to the wind and gave it a shot. 10 k demo account....18 trades with 17 wins and one loss. I used the 5 13 and 200 ma.....no indies and no stop loss set. All trades were taken on the trend side of the 15m 200ma line. I pulled the trigger after the 15m candle clears the 5ma line.....entry was fine tuned on the 1 and 5 min chart. Left a lot on the table as i closed after 5 pips profit no matter what.......tp was 1-8 pips and the one losing trade was -6pips....

Ignored

yes good job, getting used to a tactic or strategy on demo always helps.

-----however, guys...dont stay on demo too long. It generates instinct of fear from real market.----

always draw trendlines

#304
Nov 2, 2014 9:36am Nov 2, 2014 9:36am

ExForX
| Joined Jan 2012 | Status: Аdministrator | 1,215 Posts

I don't understand how you control risk with this method. Okay you win 30 out of 31 trades (or whatever, just made this up). But what if the losing trade is a spike up/down in the opposite direction? You just close it? (and losing maybe 150 pips? (= 30 winners gone)).

#305
Nov 2, 2014 9:49am Nov 2, 2014 9:49am

orangutangas
| Joined Sep 2012 | Status: Trader | 273 Posts

tk5 much appreciate your method. It really works, just we need discipline on what we do

So just posted Oct 31st USD/CHF chart. Are these vertical lines correc entries? And especially that one that is in blue circle? HA up, just crossed MA but further developed red HAs. How you deal with this?

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#306
Nov 2, 2014 9:57am Nov 2, 2014 9:57am

tk5
| Commercial User | Joined Aug 2013 | 719 Posts

Quoting orangutangas

Disliked

tk5 much appreciate your method. It really works, just we need discipline on what we do So just posted Oct 31st USD/CHF chart. Are these vertical lines correc entries? And especially that one that is in blue circle? HA up, just crossed MA but further developed red HAs. How you deal with this? {image}

Ignored

mostly correct...about bllue one - as you see tendency is down so be careful with such buys.

Remember guys...you dont have to take all set-ups that seem opportunities to you. Take one most proper one - you have one hour to do this.

always draw trendlines

#307
Nov 2, 2014 11:43am Nov 2, 2014 11:43am

orangutangas
| Joined Sep 2012 | Status: Trader | 273 Posts

Quoting tk5

Disliked

{quote} mostly correct...about bllue one - as you see tendency is down so be careful with such buys. Remember guys...you dont have to take all set-ups that seem opportunities to you. Take one most proper one - you have one hour to do this.

Ignored

Appreciate sir, ty

#308
Nov 2, 2014 2:11pm Nov 2, 2014 2:11pm

Moonie
Joined May 2012 | Status: Broker Bait | 857 Posts

I've been looking for an indicator that may help with this system, something that alerts when the moving average is crossed. I discovered something called "PipsMA_DB" from this http://www.forexfactory.com/showthread.php?t=317213 forum.

The indicator shows a dashboard of selected pairs and how far away the current price is from the MA. An alert can be set for a specific distance away from the MA or when it actually touches is. I have included the indicator below and a screenshot of how it looks on my chart.

Hope it helps.

Moonie.

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Attached File(s)

Pips2MA_DB.ex4 18 KB | 557 downloads

#309
Nov 2, 2014 3:12pm Nov 2, 2014 3:12pm

Edlich
| Joined Sep 2012 | Status: Trader | 217 Posts

Quoting orangutangas

Disliked

tk5 much appreciate your method. It really works, just we need discipline on what we do So just posted Oct 31st USD/CHF chart. Are these vertical lines correc entries? And especially that one that is in blue circle? HA up, just crossed MA but further developed red HAs. How you deal with this? {image}

Ignored

This example goes to support my suggestion of taking only the first set up after either London or NYC open. In the example put forward by Orangutangas, the blue circle set up was 90 mins before the NYC open. Price continued to falter but the set up that presented in the first two candles after the NYC open worked well.

This filter will undoubtedly reduce the number of trades taken, but I believe it will improve the hit rate, I've not done any detailed backtesting, but providing you take the first trade after each season open, in the primary trend direction I think it should give a 80%+ strike rate. That'd do for me.

Getting there, slowly but surely...

#310
Nov 2, 2014 3:59pm Nov 2, 2014 3:59pm

ArtflDodger
| Joined Nov 2014 | Status: Trader | 1 Post

Thank you, Thank you, Thank you! One of the best posts I have read. After watching some BBC produced episodes on youtube about Traders, I have come to the conclusion. 80% of retail technical traders, have not a clue of how to make money. I actually got frustrated watching them.

I have been doing the same thing for the past 3 months and have only had 2 losing days. 5 pips is ridiculously easy. Like you said, if you cant make 5. Get out of the business. My goal is 20 per day. Even 1 pip is a good day to me. As long as commish is covered.
Thanks for the 5min shift/2 idea. Its called offset on my platform. And the Heiken Ashi. Looking at some charts for the past hour. Holy Sheep dip! It's little things like that which help the puzzle pieces fit together. Never crossed my mind to use the Offset. What a difference. Personally, I am quit familiar with Gartleys, H&S, ABCD's, etc. There is a lot of waiting, I agree. But, most days and good timing I'll let that 5 continue into 20-40. At $5 a pip. Daily net $5-200. $10 per pip $10-400. Money management is key. "shut up and trade!" I have to tell myself sometimes or I'll talk myself out of it.
Thanks again TK5. Cant wait for your 20-50pip post.

"Haters are confirmation you are doing something right"

#311
Edited 5:53pm Nov 2, 2014 5:32pm | Edited 5:53pm

JoeNY
Joined Nov 2013 | Status: Trader | 1,391 Posts

C'mon REALLY?..... Read the entire thread or at the least run a search within the thread on the topic before posting. This was discussed.

Quoting ExForX

Disliked

I don't understand how you control risk with this method. Okay you win 30 out of 31 trades (or whatever, just made this up). But what if the losing trade is a spike up/down in the opposite direction? You just close it? (and losing maybe 150 pips? (= 30 winners gone)).

Ignored

SPC * Swollen PocketZ Crew!

#312
Edited 1:47am Nov 3, 2014 1:29am | Edited 1:47am

tk5
| Commercial User | Joined Aug 2013 | 719 Posts

Alone in New York statewide, average student earns around 6$ an hour at college work.
Lets make it 9$ in New York City
and lets make it 15$ an hour for average job in New York.

now 25$ an hour you make.

you need more motivation?

always draw trendlines

#313
Nov 3, 2014 2:24am Nov 3, 2014 2:24am

Henry2501
| Joined Nov 2011 | Status: Trader | 114 Posts

Hi tk5

Thanks for the great advice. You say you only take 5 pips. I am struggling to get the right answer for this. My platform works on 5 decimal places, so should i be looking at 50 pips then. Sorry but some people say it’s the fourth decimal number and others say it depends on your platform.

Thank you in advance.

#314
Nov 3, 2014 3:10am Nov 3, 2014 3:10am

PhilippineFX
Joined Sep 2014 | Status: No permanent address | 673 Posts

Quoting ExForX

Disliked

I don't understand how you control risk with this method. Okay you win 30 out of 31 trades (or whatever, just made this up). But what if the losing trade is a spike up/down in the opposite direction? You just close it? (and losing maybe 150 pips? (= 30 winners gone)).

Ignored

I trade when things are quiet staying well away from major news. NFP is a golfing day. The odds of getting whipped for 150 pips are slim to none. Bare in mind an unexpected spike can be gold as well. I will close out early if i do not like what i see.......if i stay away from ranging days i find myself in profit pretty fast. I do not care if my spread is 50-100% of my TP. Enter on the one minute and look for candles decreasing in size indicating a mini breakout/down in price[we all know what that looks like]. That mini move usually takes out the spread right away.
Hey our job is to steal pips off the big guys. In this bizz their crumbs represents a fortune to me....

#315
Nov 3, 2014 3:34am Nov 3, 2014 3:34am

Edlich
| Joined Sep 2012 | Status: Trader | 217 Posts

If I let my emotions run away with themselves, I could get very excited about this 5 pip method.

Unfortunately I.T. restrictions prevent me access an MT4 platform at work, so I have to use a spreadbet broker's web based platform that doesn't have HA. I have taken 4 trades this morning, on a 5M TF, just picking early momentum from the LO: U/J +5, E/J +5, G/U +5 E/U +5, 20 pips by 9.10am.

The best thing for me is, that of those 4 trades, my previous strategy would be to let that momentum run for 10 pips, moving SL to BE at around 5-7 pips to the good. Had I done that then those 4 trades would have been, 0, +10, 0, +10. the same 20 pips, but at only 50% hit rate, the psychological benefits of a much higher hit rate are not to be underestimated.

I'm done now until the NYO, but even if there are no opportunities there, then 20 pips at 100% hit rate makes for a very good day.

Thanks a million TK5 - a very simple method, that makes me feel foolish for not having tried to trade like this before!

Getting there, slowly but surely...

#316
Nov 3, 2014 3:52am Nov 3, 2014 3:52am

sardinian
| Joined Jul 2010 | Status: Trader | 29 Posts

Quoting ExForX

Disliked

I don't understand how you control risk with this method. Okay you win 30 out of 31 trades (or whatever, just made this up). But what if the losing trade is a spike up/down in the opposite direction? You just close it? (and losing maybe 150 pips? (= 30 winners gone)).

Ignored

I am interested in your system, TK5. But without a clear exit -STRATEGY, the system is weak (for me). Question: can you post examples of 1 your stop loss? Can you post examples of 1 negative closed position ?

#317
Nov 3, 2014 3:58am Nov 3, 2014 3:58am

leeshindig
Joined Apr 2007 | Status: Trader | 318 Posts

Quoting Edlich

Disliked

If I let my emotions run away with themselves, I could get very excited about this 5 pip method. Unfortunately I.T. restrictions prevent me access an MT4 platform at work, so I have to use a spreadbet broker's web based platform that doesn't have HA. I have taken 4 trades this morning, on a 5M TF, just picking early momentum from the LO: U/J +5, E/J +5, G/U +5 E/U +5, 20 pips by 9.10am. The best thing for me is, that of those 4 trades, my previous strategy would be to let that momentum run for 10 pips, moving SL to BE at around 5-7 pips to the good....

Ignored

Hey mate.. I'm using spread betting on this, and scalping fx in general. Try cap spreads.. their charts have Heiken Ashi.. and reasonable spreads on majors.

#318
Nov 3, 2014 6:04am Nov 3, 2014 6:04am