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Magic 5 - five pips only

  • #81
  • Dec 1, 2014 9:06am Dec 1, 2014 9:06am
Quoting Edlich
This morning has been an education for me. I had previously posted that I preferred Jap candles to HA and that naked PA was sufficient to get me into a quick burst of momentum for my 5-10 pips. USD/CAD today gives a clear example of how I was wrong and that the template TK5 has suggested is the best way and shouldn't be tampered with. On today's U/C I would have taken a long on the first candle of the London session, a strong bullish candle in an established up trend, for a loss. However if we examine the same set up using the original chart, we...
could one also have chosen to stay out because of the gbp news event? it affected all the majors
  • #82
  • Dec 1, 2014 9:19am Dec 1, 2014 9:19am
Soupdragon
Nice trade on U/C, but could you please confirm your settings/parameters for your HA. I posted a U/C chart earlier today and my candles, particularly your entry candle look very different?
Cheers
Getting there, slowly but surely...
  • #83
  • Dec 1, 2014 9:25am Dec 1, 2014 9:25am
Dear tk5,

Is this a valid entry according to your strategy?

From my point of view I'd say Yes it is bcz:
- I entered immediately after a red HA which crossed 5 EMA
- price broke 200MA suggesting bearish momentum
- RSI crossed overbought area and was moving down
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  • #84
  • Dec 1, 2014 9:34am Dec 1, 2014 9:34am
Quoting gigicualex
Dear tk5, Is this a valid entry according to your strategy? From my point of view I'd say Yes it is bcz: - I entered immediately after a red HA which crossed 5 EMA - price broke 200MA suggesting bearish momentum - RSI crossed overbought area and was moving down {image}
looks fine setup..yes audusd will retrace. dont keep it much. CLOSE IT NOW. 0.8493. 7 pips enough

now this is called market sentiment. after todays selloff of USD..now dollar hits back. you can merely visually see it byu checking EURUSD and GBPUSD..and USDJPY.

good job.
always draw trendlines
  • #85
  • Dec 1, 2014 9:44am Dec 1, 2014 9:44am
Thank you for the quick reply. I did close it for 4.5 pips as I've noticed that my entry candle couldn't break the low of previous candle(my signal HA candle) which is an early sign of lost momentum. Nevertheless another winning trade for today. Pretty happy with this strategy so far thank you so much for sharing it
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  • #86
  • Dec 1, 2014 9:49am Dec 1, 2014 9:49am
Quoting gigicualex
Thank you for the quick reply. I did close it for 4.5 pips as I've noticed that my entry candle couldn't break the low of previous candle(my signal HA candle) which is an early sign of lost momentum. Nevertheless another winning trade for today. Pretty happy with this strategy so far thank you so much for sharing it {image}
so in this situation..as it went back below 200..we should wait it to pullback (reverse to bullish) then see if it continues going down (remaining under200)
always draw trendlines
  • #87
  • Dec 1, 2014 10:27am Dec 1, 2014 10:27am
Quoting Edlich
Soupdragon Nice trade on U/C, but could you please confirm your settings/parameters for your HA. I posted a U/C chart earlier today and my candles, particularly your entry candle look very different? Cheers
Hello Edlich, yes they are Synergy candles. A little different from standard mt4 HA.
I got them from dee50 here:

http://www.forexfactory.com/showthre...13#post7852313
"patience grasshopper"
  • #88
  • Dec 1, 2014 10:50am Dec 1, 2014 10:50am
What is your suggestion for someone trying to trade the NY session on a phone with an MT4 app that does not have HA candles? I don't have access to my computer given that I'm at work all day. If you were me, would you trade the NY session (more trade opportunities) but without HA candles, or wait to the evening and trade Tokyo session (less trade opportunities) but will have use of HA candles?
  • #89
  • Dec 1, 2014 11:03am Dec 1, 2014 11:03am
Quoting Edlich
This morning has been an education for me. I had previously posted that I preferred Jap candles to HA and that naked PA was sufficient to get me into a quick burst of momentum for my 5-10 pips. USD/CAD today gives a clear example of how I was wrong and that the template TK5 has suggested is the best way and shouldn't be tampered with. On today's U/C I would have taken a long on the first candle of the London session, a strong bullish candle in an established up trend, for a loss. However if we examine the same set up using the original chart, we...
You are using a RSI 21...
tk5 suggested a period of 8
  • #90
  • Dec 1, 2014 11:52am Dec 1, 2014 11:52am
Quoting gigicualex
Dear tk5, Is this a valid entry according to your strategy? From my point of view I'd say Yes it is bcz: - I entered immediately after a red HA which crossed 5 EMA - price broke 200MA suggesting bearish momentum - RSI crossed overbought area and was moving down {image}

I have taken the same entry and I have closed the operation with 6 net pìps too but I have a little question for you if you could answer...

You've entered "immediately after a red HA which crossed 5 EMA" but According to Tk's rules the entry is when a 2nd HA candle opens below the 5EMA, isn't it?
  • #91
  • Dec 1, 2014 12:02pm Dec 1, 2014 12:02pm
Here it is a trade that I found this morning on the EUR/USD

An easy entry according to the rules that makes 5 pips really easy (And maybe more but you know, MAGIC 5!)
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  • #92
  • Edited 12:48pm Dec 1, 2014 12:10pm | Edited 12:48pm
Hi!

I have a doubt about the entry of the chart below...

I really think that the setup is correct according to the rules but obviously is not a good entry.

Now my question is if I'm losing something important (That I don't see and you do) or if it's just a fake entry signal that we like any system has.

Thank you very much guys! And keep making magic!
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  • #93
  • Dec 1, 2014 12:38pm Dec 1, 2014 12:38pm
Quoting alberduris
Hi! I have a doubt about the entry of the chart below... I really think that the setup is correct according to the rules but obviously is not a good entry. Now my question is if I'm losing something important (That I don't see and you do) or if it's just a fake entry signal that we like any system has. Thank you very much guys! And keep making magic! {image}
where exactly you mean setup is?
always draw trendlines
  • #94
  • Dec 1, 2014 12:49pm Dec 1, 2014 12:49pm
Quoting tk5
{quote} where exactly you mean setup is?
Fuck... I uploaded the chart without edition... I've edited the post right now with the correct chart. Sorry
  • #95
  • Dec 1, 2014 1:17pm Dec 1, 2014 1:17pm
Quoting alberduris
{quote} Fuck... I uploaded the chart without edition... I've edited the post right now with the correct chart. Sorry
it was not, only because you should have judged that sell as short pullback of the uptrend started earlier from RSi 30 (its even 20 in ur case)
always draw trendlines
  • #96
  • Dec 2, 2014 1:23am Dec 2, 2014 1:23am
Quoting tk5
{quote} it was not, only because you should have judged that sell as short pullback of the uptrend started earlier from RSi 30 (its even 20 in ur case)
Oh you're right... Okay then! Much better Thank you very much for your answer, now I'll be concerned about this.
  • #97
  • Dec 2, 2014 2:04am Dec 2, 2014 2:04am
Quoting Soupdragon
{quote} Hello Edlich, yes they are Synergy candles. A little different from standard mt4 HA. I got them from dee50 here: http://www.forexfactory.com/showthre...13#post7852313
Thanks Soupdragon, much appreciated. What's the difference between standard MT4 HA and these Synergy Candles i.e. is one more reliable than the other for this strategy?

[quote]You are using a RSI 21...
tk5 suggested a period of 8 [quote]

Thanks Mr.MA, I have MT4 on both desktop and laptop, but had neglected to change the RSi to 8 on the laptop
Getting there, slowly but surely...
  • #98
  • Dec 2, 2014 2:52am Dec 2, 2014 2:52am
Quoting Edlich
{quote} Thanks Soupdragon, much appreciated. What's the difference between standard MT4 HA and these Synergy Candles i.e. is one more reliable than the other for this strategy?
The synergy HA uses a slightly tweaked formula to reduce the extended wicks, there's not a lot of difference, they just look better to me.
The important thing is the close over the 5ema.
"patience grasshopper"
  • #99
  • Dec 2, 2014 3:16am Dec 2, 2014 3:16am
First try, 10K only till i get the hang of it.
+5

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  • #100
  • Dec 2, 2014 3:18am Dec 2, 2014 3:18am
Proof.

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