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Magic 5 - five pips only

  • #161
  • Dec 4, 2014 3:30am Dec 4, 2014 3:30am
another win on AUD/USD this time. less risky but still not good on RSI
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  • #162
  • Dec 4, 2014 3:35am Dec 4, 2014 3:35am
Took the Eu short but not looking good.
I took it at the beginning of the last red candle as the price wanted to continue the down trend. RSI coming from 70 area, price under 200MA both on 15M and 1H TF.

I've also noticed that better odd when the base candle has no back wick(like the doji in my case)
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  • #163
  • Dec 4, 2014 3:36am Dec 4, 2014 3:36am
Quoting Edlich
nearly, but on my platform, the 9.30 has opened just above the 5
Looks like you are the lucky one Edlich as mine was well below 5 EMA and I entered but am about to hit Sl possibly?
  • #164
  • Dec 4, 2014 3:43am Dec 4, 2014 3:43am
Quoting shoot2scoot
{quote} Thanks Dave, very generous of you too. One question does this run 24/5 or does it just run during the active parts of each session?
I'm very aware of what you are saying and I will work on this because I suspect 24/5 should be something like 12/5. I'll try to run an optimization but this can be subjective!
  • #165
  • Dec 4, 2014 3:43am Dec 4, 2014 3:43am
I've had a mixed morning so far and found an error in the way I am setting up my charts. I think I have been zoomed out one click too many. I had it that way so I could get a better view of the overriding market bias and not take trades against trend etc. However you can see on my first chart that it appears that the 9.45 candle was touching both the 200 & 5, so I waited for the next candle to open and entered when there was daylight from the MA's.

However on the second chart, zoomed in, you can see that actually the 9.45 candle opened just above the MA's and presented a quick and easy 5 pips, whereas my later entry missed the momentum of that short burst and resulted in a loss. ( I also recognise that I shouldn't have entered within the same hour as some orange GBP news)
Attached Image (click to enlarge)
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Getting there, slowly but surely...
  • #166
  • Dec 4, 2014 3:46am Dec 4, 2014 3:46am
Quoting gigicualex
Took the Eu short but not looking good. I took it at the beginning of the last red candle as the price wanted to continue the down trend. RSI coming from 70 area, price under 200MA both on 15M and 1H TF. I've also noticed that better odd when the base candle has no back wick(like the doji in my case) {image}
dont panic it moved down enough for 5 pips..still going down

One important factor is forgotten on avoiding this trade: its a pullback of new possible uptrend which started from recent bottoming. one should always check market environment.
always draw trendlines
  • #167
  • Dec 4, 2014 3:47am Dec 4, 2014 3:47am
First example of Dave's EA in action. Seems to have entered one bar late by my reckoning?

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  • #168
  • Dec 4, 2014 3:48am Dec 4, 2014 3:48am
Words of wisdom!
  • #169
  • Dec 4, 2014 3:55am Dec 4, 2014 3:55am
I too took this E/U short, on the rationale of it being a resumption of the overall down trend, a short below the 200 and RSI coming down from over 70. The HA candle did open just above the 5 again, but temptation got the better of me due to the bearish Jap formation.
Attached Image (click to enlarge)
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However considering TK5's recent point on this, the short upswing from this morning does also appear to represent a trendline break.....?
Getting there, slowly but surely...
  • #170
  • Dec 4, 2014 3:56am Dec 4, 2014 3:56am
Quoting shoot2scoot
First example of Dave's EA in action. Seems to have entered one bar late by my reckoning? {image}
You're absolutely right. Thanks for the message.

Revised EA enclosed.
Dave
Attached File(s)
File Type: mq4 5 Pips System.mq4   8 KB | 385 downloads
  • #171
  • Dec 4, 2014 3:57am Dec 4, 2014 3:57am
Quoting gigicualex
Took the Eu short but not looking good. I took it at the beginning of the last red candle as the price wanted to continue the down trend. RSI coming from 70 area, price under 200MA both on 15M and 1H TF. I've also noticed that better odd when the base candle has no back wick(like the doji in my case) {image}

Quoting tk5
{quote} dont panic it moved down enough for 5 pips..still going down One important factor is forgotten on avoiding this trade: its a pullback of new possible uptrend which started from recent bottoming. one should always check market environment.

Agree on that.

As much as the rules say to stay with trend, and under ./ above 200 ema etc.. after such a strong move as last few days on E/U, and price is now above the daily open line, I'd be wary of shorting it. Until it goes negative again.
  • #172
  • Dec 4, 2014 4:05am Dec 4, 2014 4:05am
Throughout application of this method traders encounter(ed) certain irregularities which I every-time analyzed to myself and came to conclusions for corrections.
They are in form of mistakes or wrong analysis.

I will visually describe them upon possiblity:

First one I noticed happens often is given below: Ignorance of market trend end and/or wrong p perception of directions.
Picture says it all.
Hope problem is clear and will be considered from now on.

http://img.ie/images/znpyz.png
always draw trendlines
  • #173
  • Edited 4:25am Dec 4, 2014 4:10am | Edited 4:25am
Another winner. Agreed, the entry was marginal at best and dave's EA took the next bar:
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  • #174
  • Dec 4, 2014 4:16am Dec 4, 2014 4:16am
Quoting Dave_C
Ok. I have changed the EA. If you leave the Lot Size at 0, Money management will be set by Equity and Maximum Risk percentage. If you set the Lot Size manually, Lot Size will remain as pre set. {file}
Second trade on the EA, in progress.

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Life is like a snickers, its full of nuts!
  • #175
  • Dec 4, 2014 4:30am Dec 4, 2014 4:30am
Quoting Dave_C
{quote} You're absolutely right. Thanks for the message. Revised EA enclosed. Dave {file}
Thanks mate, I'll update my charts as soon as this open trade is closed.
Life is like a snickers, its full of nuts!
  • #176
  • Dec 4, 2014 4:42am Dec 4, 2014 4:42am
tk5 Be kind. These are your allies.
  • #177
  • Dec 4, 2014 4:45am Dec 4, 2014 4:45am
Quoting leeshindig
{quote} {quote} Agree on that. As much as the rules say to stay with trend, and under ./ above 200 ema etc.. after such a strong move as last few days on E/U, and price is now above the daily open line, I'd be wary of shorting it. Until it goes negative again.
Lee, I'm with you. Trends differ depending on what tf you are looking at. If you are after 50+ pips then observing a longer tf trend makes sense but with just 5 pips a much shorter tf makes sense to me. can't do any harm to be in line with the 200ema but look at local/short-term PA for the final decision.

On another point, some advice please. Once you enter a trade and nothing happens (just sideways) at what point do you exit because the original criteria for entering no longer apply?
  • #178
  • Dec 4, 2014 4:47am Dec 4, 2014 4:47am
Quoting firewight
{quote} Second trade on the EA, in progress. {image}
OK not sure what happened here on EA trade 2, got stopped out but not at the SL point...

Attached Image (click to enlarge)
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Life is like a snickers, its full of nuts!
  • #179
  • Dec 4, 2014 4:49am Dec 4, 2014 4:49am
Quoting Dave_C
tk5 Be kind. These are your allies.
where is that i was unkind))) mate I correct common problems. read carefully.
always draw trendlines
  • #180
  • Dec 4, 2014 5:03am Dec 4, 2014 5:03am
Quoting shoot2scoot
{quote}On another point, some advice please. Once you enter a trade and nothing happens (just sideways) at what point do you exit because the original criteria for entering no longer apply?
The million dollar question I think?
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