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Magic 5 - five pips only

  • #321
  • Dec 10, 2014 3:20am Dec 10, 2014 3:20am
Took 2 trades until now one on GU which filled my profit target in a matter of seconds and the second one in EU were mk went against me for few pips and stall for a few minutes. Seeing this behavior i decided to close around BE, moreover LO failed to break Asian's range and we are in a sideways mk.
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  • #322
  • Dec 10, 2014 3:26am Dec 10, 2014 3:26am
Have to say a big thanks to TK too!!!
This strategy is really a nice thing to handle and very very effective!!!!

Had two three trades this morning, two winners and a loss on EURUSD, which was my failure because it was tooooo close to the daily pivot! lessons learned and recovered the loss with another trade I will not show here because it wasn't within the rules...

here my winners on GU and the Dax

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  • #323
  • Dec 10, 2014 3:45am Dec 10, 2014 3:45am
Quoting haircut
TK5 I am slowly falling in love with you. Can not thank you enough for sharing your method. First trade of the day took two minutes Need one more and I can stop for the day!. {image}
Hello haircut, I can see you have followed the method perfectly, please could you tell me are you using Dave_C EA is in the #Post 293 with default setting? Or you are opening and closing trade manually, I have started trading since yesterday 9th dic and all my trade are failed, may I am not getting the clue clearly even Dave_C has explained me very well.

So please could you explain me to understand the logics, so I can and start trading in profit as you are doing?

Thanks And Regards,
Moti
  • #324
  • Dec 10, 2014 4:10am Dec 10, 2014 4:10am
Quoting Motiram
{quote} Hello haircut, I can see you have followed the method perfectly, please could you tell me are you using Dave_C EA is in the #Post 293 with default setting? Or you are opening and closing trade manually, I have started trading since yesterday 9th dic and all my trade are failed, may I am not getting the clue clearly even Dave_C has explained me very well. So please could you explain me to understand the logics, so I can and start trading in profit as you are doing? Thanks And Regards, Moti
Hi Mate
I do not believe this will be profitable on an EA. All I am doing is watching just 5 pairs. I mark trendlines and support and resistance on my charts which is important in all trading methods no matter if you are looking for only 5 pips. I then wait for price to reach the important areas and look to use this method as my trigger to get into the trade. Today I have been trying to see if I get get 10 pips per trade and have used a trailing stop. Just to see the results as I am demoing. I have had 4 out of 5 winners today had I stuck to TK5s method I would have won more. As it is I have had that but the winners have all been smaller as the trailing stop has taken me out for 2 or 3 pips. TK5's method is excellent. It looks to have turned my trading around but I dont think you can ever trade blindly with an EA there is just too much info to take in. Thats why I am only watching 5 pairs... These have been providing easily enough trades per day. I am only aiming to get 2 winners a day and then stop. That would be 2% of my trading account. Thats 10% a week way above any bank. ( I am not live yet but am very confident with this method will keep demoing and hopefully it wont be long ) Most of the pairs are offering a couple of entires a day so I need to be +2 from 10 trades.... easily doable..... I hope.
  • #325
  • Dec 10, 2014 4:45am Dec 10, 2014 4:45am
Quoting Motiram
{quote} Hello haircut, I can see you have followed the method perfectly, please could you tell me are you using Dave_C EA is in the #Post 293 with default setting? Or you are opening and closing trade manually, I have started trading since yesterday 9th dic and all my trade are failed, may I am not getting the clue clearly even Dave_C has explained me very well. So please could you explain me to understand the logics, so I can and start trading in profit as you are doing? Thanks And Regards, Moti
Alot of this thread has been taken up with talk of the EA but really its a very easy method to trade manually. Today now I have taken 6 trades with only one loser and that was my fault it really shouldn't have been traded.
  • #326
  • Dec 10, 2014 5:38am Dec 10, 2014 5:38am
Quoting haircut
{quote}I mark trendlines and support and resistance on my charts which is important in all trading methods no matter if you are looking for only 5 pips. I am only aiming to get 2 winners a day and then stop. That would be 2% of my trading account. Thats 10% a week way above any bank. Alot of this thread has been taken up with talk of the EA but really its a very easy method to trade manually
Thank you haircut, I understand that you have your own rules, and which you have combined with tk5 trade system to improve your trade profit by manually. This makes sense.

I want to ask you if it is not much bother or not inconvenient for you to reply me. My following question I will be grateful to you.

1- How do you draw trend lines and support and resistance on the charts does exist any indicator to do this work or by hand.

2-on your chart #post 320 is shown WUKAR_WB_Trail_v2.1e, it shows London, and other set up can you provide template with indicators whenever you get time if it is promising for you.

3-as you are trading only 5 pairs you must have analysed them and are giving Good result to you please can you tell which are the pairs you are trading.

4- I also think the same as you and agree with you that the EA are not good. Those are only money making commercially. and not to trade, but it is not bad to try free EA’s on demo accounts to watch the performance.

5- Important what you said, profit would be 2% of my trading account. That’s 10% a week way above any bank.I am entirely 100% agree with your thought not to be greedy

Good luck.

Regards,
Moti
  • #327
  • Dec 10, 2014 6:10am Dec 10, 2014 6:10am
Dave, Should the EA have taken this trade? Is there a way to filter out trades so that sharp movements upwards or downwards on the RSI are not taken?

Many thanks
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  • #328
  • Dec 10, 2014 6:22am Dec 10, 2014 6:22am
quote
4- I also think the same as you and agree with you that the EA are not good. Those are only money making commercially. and not to trade, but it is not bad to try free EA’s on demo accounts to watch the performance.

The EA is simply an implementation of tk5's guidelines and will provide alerts or trade the alerts (optionally). I have never suggested anything else and have never attempted to misrepresent anything. It is up to you to make your own interpretation but I will tell that it will never miss or misrepresent a potential trade. Therefore I don't think you should bag my work on the EA. It will never give you a bum steer and if you don't like it that is your option but please do not criticise it publically as there is nothing incorrect about the EA. I have never attempted to alter any of tk5's guidelines or suggested that you do so.
  • #329
  • Dec 10, 2014 6:33am Dec 10, 2014 6:33am
Quoting fxtrader08
Dave, Should the EA have taken this trade? Is there a way to filter out trades so that sharp movements upwards or downwards on the RSI are not taken? Many thanks {image}
According to tk5's specific guidelines yes. It fell within all the parameters but in line with general discussion, support / resistance should be considered (which can be subjective at times) and that's why I implemented the advisory and discretionary modes. You don't have to take the trade automatically. It is your choice and that's why I took exception to point #4 in post 326.
  • #330
  • Dec 10, 2014 6:35am Dec 10, 2014 6:35am
Quoting Dave_C
quote 4- I also think the same as you and agree with you that the EA are not good. Those are only money making commercially. and not to trade, but it is not bad to try free EA’s on demo accounts to watch the performance. The EA is simply an implementation of tk5's guidelines and will provide alerts or trade the alerts (optionally). I have never suggested anything else and have never attempted to misrepresent anything. It is up to you to make your own interpretation but I will tell that it will never miss or misrepresent a potential trade. Therefore...
So you wouldn't want to improve it further?

Would you have taken that same trade manually? If not, why not? What would be the logic in you or some of the other traders not taking that trade despite it meeting the rules of TK5?
  • #331
  • Dec 10, 2014 6:38am Dec 10, 2014 6:38am
Quoting Dave_C
{quote} According to tk5's specific guidelines yes. It fell within all the parameters but in line with general discussion, support / resistance should be considered (which can be subjective at times) and that's why I implemented the advisory and discretionary modes. You don't have to take the trade automatically. It is your choice and that's why I took exception to point #4 in post 326.
So there isn't anything that could be added - another indicator that could help to reduce the number of entries to make them safer?

I've had 10 wins and what looks like will be 1 loss using your EA. I'm just thinking there must be a way to make the entries better and less risky?
  • #332
  • Dec 10, 2014 6:44am Dec 10, 2014 6:44am
Quoting fxtrader08
{quote} So you wouldn't want to improve it further? Would you have taken that same trade manually? If not, why not? What would be the logic in you or some of the other traders not taking that trade despite it meeting the rules of TK5?
No I would not have taken that trade because of S/R. As a programmer of 40+ years, there is no such thing as a perfect program, let alone an EA. Yes there are other indicators that can be added and I encourage open discussion on this matter. I have just noticed post 331. IT IS NOT THE FAULT OF THE EA. Why don't you use some discretion. I gave you the tools to do so!
  • #333
  • Dec 10, 2014 6:50am Dec 10, 2014 6:50am
Hello everyone, and congratulations to those who had this excellent idea, I entered the trade with the first chart configuration because when I put the graph with Heiken Ashi candles are almost never equal your ace is why?
Thanks to all
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  • #334
  • Dec 10, 2014 6:56am Dec 10, 2014 6:56am
Quoting macdh4
Hello everyone, and congratulations to those who had this excellent idea, I entered the trade with the first chart configuration because when I put the graph with Heiken Ashi candles are almost never equal your ace is why? Thanks to all {image} {image}
Just a quick look at your chart suggests that your short EMA does not have the shift of 2 periods applied. Not sure I completely understood your query.
  • #335
  • Dec 10, 2014 7:03am Dec 10, 2014 7:03am
Do I have to change here?
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  • #336
  • Dec 10, 2014 7:06am Dec 10, 2014 7:06am
yes
  • #337
  • Dec 10, 2014 7:06am Dec 10, 2014 7:06am
Thank you haircut, I understand that you have your own rules, and which you have combined with tk5 trade system to improve your trade profit by manually. This makes sense.

I want to ask you if it is not much bother or not inconvenient for you to reply me. My following question I will be grateful to you.

1- How do you draw trend lines and support and resistance on the charts does exist any indicator to do this work or by hand.

I draw them all by hand

2-on your chart #post 320 is shown WUKAR_WB_Trail_v2.1e, it shows London, and other set up can you provide template with indicators whenever you get time if it is promising for you.

If you go to the 00 level trading thread started by udine all the indicators and EA's I have to set up my template are from there It was that thread that made me interested in the short term in and out scalp for 2% a day but this method of entry suits me better..

3-as you are trading only 5 pairs you must have analysed them and are giving Good result to you please can you tell which are the pairs you are trading.

I havent analysed which pairs are most successful. I have chosen the pairs with the smallest spread on my ecn broker. If you are looking to scalp 5 pips you want small spreads . I am trading EUR/JPY, EUR/USD, GBP/USD. USD/JPY and AUD/USD. The spread on these pairs is never higher than 1 pip and often only around 0.5 and sometimes even lower

4- I also think the same as you and agree with you that the EA are not good. Those are only money making commercially. and not to trade, but it is not bad to try free EA’s on demo accounts to watch the performance.

I think Daves hard work on the EA and the fact that he has done it for free to help people is great but blind trading with EAs just is not for me. Personal preference.

5- Important what you said, profit would be 2% of my trading account. That’s 10% a week way above any bank.I am entirely 100% agree with your thought not to be greedy

Yep as I am demoing at the mo I am over trading seeing what set ups work and what fail and then looking at why. I have only been using this entry since last week so its way too early to get carried away. But I have been playing about with FX trading for a long time and I have never found anything that suits me like this. I have a strike rate of 90% since then and the losing trade should not have been traded. I will look to stop trading after I have my 2 % which with my MM would be 2 winning trades. This morning that would have been achieved by my first two trades in about 8 minutes before the London open had even happened. Free to chill for the rest of the day. Had one of them lost I would have had to carry on. My next trade today was the loser i shouldn't have taken but had I would still have had 5 winners after that all by 10:45 and would then have been able to stop with my 2%.
I am no expert at all but this seems to be suiting me right now.

Hope this helps
H
  • #338
  • Dec 10, 2014 7:14am Dec 10, 2014 7:14am
[Quote = Dave_C; 7934059] sim [/ quote]
Thank you Dave, good business.
If one day visit Portugal (Algarve) can have lunch in my house and drink good wine Portuguese
  • #339
  • Dec 10, 2014 7:33am Dec 10, 2014 7:33am
Quoting Dave_C
quote 4- I also think the same as you and agree with you that the EA are not good. Those are only money making commercially. and not to trade, but it is not bad to try free EA’s on demo accounts to watch the performance. The EA is simply an implementation of tk5's guidelines and will provide alerts or trade the alerts (optionally). I have never suggested anything else and have never attempted to misrepresent anything. It is up to you to make your own interpretation but I will tell that it will never miss or misrepresent a potential trade. Therefore...
Dave_C, first of all I am very thankful to you for helping me. Secondly with all my respect I have not criticize on your EA or neither on your intentions to misguiding any one here. I Heartily apologize that I have expressed my self-wrong with my words I take them back due to my innocence. It was general opinion to reply and agree with haircut though where I meant that the EA is not to be traded blindly but you have to keep eye on it very carefully. My word of saying was expressed wrongly because of typo error.

I am sorry for that.

Please excuse me.

Also please accept my kind regards,
Moti
  • #340
  • Dec 10, 2014 7:49am Dec 10, 2014 7:49am
Quoting haircut
Thank you haircut, I understand that you have your own rules, and which you have combined with tk5 trade system to improve your trade profit by manually. This makes sense. I want to ask you if it is not much bother or not inconvenient for you to reply me. My following question I will be grateful to you. 1- How do you draw trend lines and support and resistance on the charts does exist any indicator to do this work or by hand. I draw them all by hand 2-on your chart #post 320 is shown WUKAR_WB_Trail_v2.1e, it shows London, and other set up can you...
Thank you haircut, for replying all my questions, I am grateful to you, but I fell sorry, today is not my good day I have hurt Dave_C by mistake, hopefully he will forgive me.

Regards,
Moti
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