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5 PIPS - Only Five

  • #1,001
  • Nov 24, 2014 9:44am Nov 24, 2014 9:44am
GBPUSD has reached Resistance 1, then it will bounce off or thrust its way through the level, I don't know. I just stick to HA.
  • #1,002
  • Nov 24, 2014 10:29am Nov 24, 2014 10:29am
Quoting tyler0315
About an hour ago, sell signal was trigered on eur/usd. But as soon as entering the sell trade, it went upto about 40pips... Did I miss something? Leverging 1:500, I could get margin called... Please correct my misstake if I did something wrong... Thanks in advance. on attached chart, Green is 5EMA 2shift, Black is price.
No mistake, losing trades are part of any Forex activity.
It is a pity that no effort is being made by the supporters of this system to indicate what needs to be done with losing trades. People have a tendency to show off their (fairly uninteresting) winning trades, whereas the (much more interesting) losing trades are not being shown.
If you lose 40 pips, you'll need 8 winning trades to compensate. That's the downside of using a system with small gains and potentially big losses.
  • #1,003
  • Nov 24, 2014 10:47am Nov 24, 2014 10:47am
Quoting RHoudini
{quote} No mistake, losing trades are part of any Forex activity. It is a pity that no effort is being made by the supporters of this system to indicate what needs to be done with losing trades. People have a tendency to show off their (fairly uninteresting) winning trades, whereas the (much more interesting) losing trades are not being shown. If you lose 40 pips, you'll need 8 winning trades to compensate. That's the downside of using a system with small gains and potentially big losses.

Of course.

If someone could, in the real world, show you how to deal with all your losing trades, and show you how to make gains, then they'd disclosing the holy grail.

As we know, the mechanical holy grail does not exist. Hence why the subject is always avoided. Succesfull discretionary trading is ones mans holy grail, and another mans loss.
  • #1,004
  • Nov 24, 2014 11:04am Nov 24, 2014 11:04am
Quoting RHoudini
{quote} No mistake, losing trades are part of any Forex activity. It is a pity that no effort is being made by the supporters of this system to indicate what needs to be done with losing trades. People have a tendency to show off their (fairly uninteresting) winning trades, whereas the (much more interesting) losing trades are not being shown. If you lose 40 pips, you'll need 8 winning trades to compensate. That's the downside of using a system with small gains and potentially big losses.
dude you crossed my borders with your retard attitude. good bye.
always draw trendlines
  • #1,005
  • Nov 24, 2014 11:10am Nov 24, 2014 11:10am
RHoudini, may I ask how many times you have encountered such a fat-tailed event in your lifetime? YHBT or tyler0315 is yourself? lol
  • #1,006
  • Nov 24, 2014 2:20pm Nov 24, 2014 2:20pm
thanks for the thread...very helpful
  • #1,007
  • Nov 24, 2014 2:23pm Nov 24, 2014 2:23pm
Sorry to post another 'dull' win, but you can review the analysis of my losing trade last week at post #954.

Anyway, today's winner was a high risk trade against the 200 ema which I usually respect. After reading Dee's paper yesterday, I added pivots to my chart and started looking at HH's, HL's, LH's, LL's. I noticed the EG had formed a HL and a pin bar had visited the daily open followed by price moving through the 5 ema. I couldn't resist entering, but exited when I had a divergence alert.

Attached Image (click to enlarge)
Click to Enlarge Name: Moonie_EG_H1.png Size: 79 KB
  • #1,008
  • Nov 24, 2014 2:31pm Nov 24, 2014 2:31pm
Quoting Moonie
Sorry to post another 'dull' win, but you can review the analysis of my losing trade last week at post #954. Anyway, today's winner was a high risk trade against the 200 ema which I usually respect. After reading Dee's paper yesterday, I added pivots to my chart and started looking at HH's, HL's, LH's, LL's. I noticed the EG had formed a HL and a pin bar had visited the daily open followed by price moving through the 5 ema. I couldn't resist entering, but exited when I had a divergence alert. {image}
again h1
u hunt for 5 pips on h1 buddy...
always draw trendlines
  • #1,009
  • Nov 24, 2014 2:38pm Nov 24, 2014 2:38pm
Quoting tk5
{quote} again h1
Fraid so chap, because of work commitments.
  • #1,010
  • Nov 24, 2014 2:42pm Nov 24, 2014 2:42pm
Quoting Moonie
{quote} Fraid so chap, because of work commitments.
its easier to locate it on m15 no matter if you work. believe me. and implementation is faster too.
always draw trendlines
  • #1,011
  • Nov 24, 2014 4:35pm Nov 24, 2014 4:35pm
Quoting tk5
{quote} its easier to locate it on m15 no matter if you work. believe me. and implementation is faster too.
I'll have to wait until I'm made redundant, shouldn't be too long.
  • #1,012
  • Nov 24, 2014 5:00pm Nov 24, 2014 5:00pm
The rookies here on Forex Factory are being treated to a really good trading system here.

The win rate for this system is far better than most of the "main stream" trading systems on this forum.

I have tried it myself, and it works beautifully. But I also like having price action confirmation, a bit like you, Moonie, using pivots and HH and LL's etc. I personally like the engulfing candle, and bounces off support/resistance. With that, you get an EXTREMELY high win rate. Whats more, the support/resistance lines give you a nice safe area to hide the stop loss behind.

Hey Moonie, check out the engulfing candle you traded against (and just won!) back in post #920, the price ended up going 136 pips, and still going, because of that engulfing candles price action!

Thanks tk5, well done with this very simple, but effective trading method, and nice thread.
  • #1,013
  • Nov 24, 2014 5:53pm Nov 24, 2014 5:53pm
Hi Timo, I'm a bit weiry about using engulfing candles. They often signal manipulation by the banksters and are followed by a big push the other way taking everybody out. I prefer shooting stars up to a pivot or RN and then confirmation back through the 5ema. Especially when it's confirmed by divergence, my new best friend.
  • #1,014
  • Nov 25, 2014 9:16am Nov 25, 2014 9:16am
Quoting tyler0315
{image}

Tyler, I think this method TK has is very good but you cannot follow it blindly, if you have never traded, coming in here and just following signals will get you in trouble. During london session this happens almost every day some days are more exaggerated than others. That is somewhat of a stop run if you ask me. If your not going to go study up and study the market before trading then take at least this from me, if your going to follow TKs method dont take any trades before 3:30 am GMT -5 time. I'm not sure what that translates to where you are but you will avoid fake outs if you wait till after 4:00 am NY TIME. Same goes for NY session dont take trades before 8:30 am. Trust me.
  • #1,015
  • Nov 25, 2014 9:54am Nov 25, 2014 9:54am
I encourage all mates PM me for any advice, questions, concerns...
always draw trendlines
  • #1,016
  • Nov 25, 2014 10:15am Nov 25, 2014 10:15am
No trades for me today.
  • #1,017
  • Nov 25, 2014 11:22am Nov 25, 2014 11:22am
Quoting tk5
I encourage all mates PM me for any advice, questions, concerns...

Yes before going in on a trade with high leverage if your not sure just PM the OP and save yourself some money. I personally would not have taken the trade you were mentioning so even though the system called for it, also i would have to look alot more close at your entry, to see if maybe your entry was slow or not good you couldve possibly got 5 pips out of it anyway even though you were selling into a stop run.
  • #1,018
  • Nov 25, 2014 1:35pm Nov 25, 2014 1:35pm
Some market sentiments/signals
as of 25 November NY session.

GBPUSD - for the first time it has crossed over ema200 on H1: may lift to 1.60.

AUDUSD - has reached and dropped little below November bottom.

EURUSD - Also licking breaking ema 200 at the moment.

USDCHF - most probably heading to November low of 0.9570

AUDCHF - currently on significant support. needs H4 confirmation for long - if fails may drop little further down

USDJPY - Very downwards looking. with double top. overbought
always draw trendlines
  • #1,019
  • Nov 25, 2014 1:56pm Nov 25, 2014 1:56pm
Hi TK5

mayby there is something i misunderstood, but When Price is above the 200ema on the 1H and above pivot, shouldnt we only be lokning for long trades?

Thanks in advance..

btw. I really like this strategy 👍

Quoting tk5
OH BOY THIS IS 1000th POST..what a coincidence I posted recently about Re-entering thing it seems its happening to GBPUSD. It is getting over ema200 and also Pivot. I can be start of short trend. so watch for it. {image}
  • #1,020
  • Nov 25, 2014 1:57pm Nov 25, 2014 1:57pm
Quoting fxdk
Hi TK5 mayby there is something i misunderstood, but When Price is above the 200ema on the 1H and above pivot, shouldnt we only be lokning for long trades? Thanks in advance.. btw. I really like this strategy 👍 {quote}
it alerts you about significant change in market sentiment.
if it doesnt return back it will be start of new trend.

sometimes after breaking 200 price is licking it for some time then moves on...just monitor.
always draw trendlines
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