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Magic 5 - five pips only

  • #481
  • Dec 13, 2014 9:04pm Dec 13, 2014 9:04pm
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting Dave_C
... EA is an invaluable tool to assist you in trading ....... Forex is about discipline and sound money management both of which many of us lack.
MT4/MT5 EAs/Indicators/Alerts coder
  • #482
  • Dec 13, 2014 9:39pm Dec 13, 2014 9:39pm
I just wondering, what the type of the risk management will be use if Our Open Position against by the market, how much Pips will We cut Loss Our position, or In which level We can Average or Hedge / Lock Our position ?
If you want a good Captain, find him at a shore
  • #483
  • Edited Dec 14, 2014 4:06pm Dec 13, 2014 10:32pm | Edited Dec 14, 2014 4:06pm
Quoting tk5
{quote} its not about speech, it really floods the thread...i asked him to develop and share here. besides, i did many back-testing..some tests didn't even bring any trade. EA is too complicated. no ATR needed there for instance. moreover, I am more than sure people won't trust EA, the wont trade it in real...many are newbies here.
Look up the words - Discretionary, Advisory, Optional

quote "won't trust EA" - The code is there before your eyes.

quote "I am really not happy with some users adding additional stuff on this method and thread takes too much attention on the EA rather than trading etc. "

quote "look Dave...i wont like a situation where you and bunch of guys develop EA based on this method but then not sharing it on this thread. No stealth mode here. As much as this thread is public anything started and developed from it hast be be shared here as well."

Your own words - what gives. I asked you to contact me by email to avoid this stuff but you never did.

Anyway the EA is below and is discretionary, advisory and optional (JPY handled correctly) Please send me a personal email to discuss it because of the above comments. Make sure you look back to Post 293 before emailing me.
Attached File(s)
File Type: ex4 5 Pips System.ex4   28 KB | 592 downloads
File Type: mq4 5 Pips System.mq4   16 KB | 697 downloads
  • #484
  • Dec 14, 2014 4:37am Dec 14, 2014 4:37am
Quoting mario777
{quote} Did PhilippineFX did this with success? It seems easier to say but difficult to do.
The word easy does not appear in any of my posts. This is anything but easy. FX is a difficult skill to master and i am a long way from saying I have.
When i started trading I ground it out with the obligatory 1 to 3 risk reward and never putting 1% of the account at risk. For that i needed to find trades with 45 pips to the upside with a 15 pip SL. For me[and we are all different in this regard] being in a trade long enough to pull this off is far riskier then 3-6 scalps of 2-10 pips.
TK5 has outlined a simple entry system but it is not Mechanical. You need to be able to read the candles and interpret price action as well as support/resistance. Only a lot of chart time will make that a reality. Demo or trade micro lots for as long as that takes. It will come just be patient.
As far as "doubling" goes i have a simple question to pose. How many of you out there have pulled 40-100 pips every 2-3 weeks from this system[or any other system including EA`s]. If the answer is yes then that account doubles with 1 to 2.5 lots traded per $1,000 account balance. I never said it was easy, but it is simple. I am not being flippant when i say this.
This thread and its philosophy is about a mindset. For me a small account with high leverage is an opportunity. For others it is their idea of the road to ruin. That`s ok. We are all different in this regard to one degree or another.
The Question has been posed did i do this with success?? The answer is yes and no. I have doubled my account trading 1-2.5 lots per 1000 on several occasions. Along the way I blew up 3 $200 accounts before my nerves calmed down and it started to work for me. A new mindset takes time to "set". Am i consistent?? The answer is not yet. There have been small draw downs on this last account and some weeks with little gain. But i am committed to becoming more consistent. By anyone's standard I am profitable now. The potential here is staggering. Just open your minds to the possibilities.
  • #485
  • Dec 14, 2014 2:33pm Dec 14, 2014 2:33pm
Quoting IceHot
Pls confirm, to be sure.Thanks {image}
Let me know what pair and TF you have there and I will have a look
PC
  • #486
  • Edited 4:11pm Dec 14, 2014 3:01pm | Edited 4:11pm
Quoting PipCop
This may help the new people on the block, Trend Lines......Lines are color coded with the RSI so that you can see how beneficial the RSI comes into play S/R and FIbs Watch how Price reacted as it moved up to the 50% level stalled,consolidated, then continued to the 61.8 then Resistance and 78.6 retrace to the 61.8 TK's thread is about grabbing 5 , if you were in this for the long haul this is how its done. Keep a keen eye because this stuff repeats itself over and over. {image}
That is spot on and your diagram illustrates that brilliantly. This is a simple system but all these indicators need to be considered and are subjective.

Support/Resistance
Daily Pivot Points
Fibonacci
Divergences
Consolidations

NB. my idea of S/R, pivot point timing, fibs and consolidations may be different from yours

Please do not think for one moment that price/ema cross & long MA and RSI 8 in correct position = 5 pips
  • #487
  • Dec 14, 2014 3:43pm Dec 14, 2014 3:43pm
Quoting PipCop
{quote} Let me know what pair and TF you have there and I will have a look PC
I asked if this set up is according to rules, TF is 15M. Thnx
  • #488
  • Dec 14, 2014 4:42pm Dec 14, 2014 4:42pm
Anyone know of a trade manager that can give a 2% of balance stoploss incorporating the most recent swing high or low with a profit target of 3/1 with breakeven?
would be grateful
Gaztrader29
  • #489
  • Dec 14, 2014 5:37pm Dec 14, 2014 5:37pm
Quoting gaztrader29
Anyone know of a trade manager that can give a 2% of balance stoploss incorporating the most recent swing high or low with a profit target of 3/1 with breakeven? would be grateful Gaztrader29
Not on this planet!
  • #490
  • Dec 14, 2014 9:55pm Dec 14, 2014 9:55pm
hello tk5 & dave, finally made my 5pip. please tell me whether my entry is correct or not
Attached Image (click to enlarge)
Click to Enlarge Name: 5p-aud1.png Size: 180 KB
Beginners Luck
  • #491
  • Dec 14, 2014 10:46pm Dec 14, 2014 10:46pm
Quoting goldieboy
hello tk5 & dave, finally made my 5pip. please tell me whether my entry is correct or not {image}
To quote tk5's first rule on Post#2 with the relevant section underlined.

1. Enter (right on the second candle opened inside 5ema) Buy trades only if price is over ema200 (either m15 or H1 you choose) and only sell if below ema 200.
  • #492
  • Dec 14, 2014 11:08pm Dec 14, 2014 11:08pm
Quoting Gacoan
I just wondering, what the type of the risk management will be use if Our Open Position against by the market, how much Pips will We cut Loss Our position, or In which level We can Average or Hedge / Lock Our position ?
Please read the whole thread! The subject of stop loss has been discussed already. There are no hard and fast rules when it comes to that (not by tk5's words anyway). I would set it at either the high/low of the previous candle or 10-15 pips. Just my opinion
  • #493
  • Dec 15, 2014 2:35am Dec 15, 2014 2:35am
Tk5 Thanks for sharing, i've made two wins and one loss on a live account and the loss was due to my error jumping in before the bar had set, many thanks

interestingly the two wins were CT, against the 200 ema, perhaps this carries more risk but does it? with a 5 pip TP i'm wondering if the 200 ema has much relevance to this system, is it needed? opinions please.
  • #494
  • Dec 15, 2014 2:39am Dec 15, 2014 2:39am
Hey guys

Any thoughts on this one? Exited at a loss of about -10.5 pips.

I pulled out as it was approaching the top of the turn candle, which is where I had my SL... Not sure if I exited too early, but I'll keep an eye on it over the next hour and see what happens...

Attached Image (click to enlarge)
Click to Enlarge Name: NU 1.jpg Size: 236 KB
Life is like a snickers, its full of nuts!
  • #495
  • Dec 15, 2014 2:46am Dec 15, 2014 2:46am
Quoting firewight
Hey guys Any thoughts on this one? Exited at a loss of about -10.5 pips. I pulled out as it was approaching the top of the turn candle, which is where I had my SL... Not sure if I exited too early, but I'll keep an eye on it over the next hour and see what happens... {image}
I guess you closed too late mate. thats why I emphasize importance of 5 net pips on m15.
always draw trendlines
  • #496
  • Dec 15, 2014 2:48am Dec 15, 2014 2:48am
Quoting tk5
{quote} I guess you closed too late mate. thats why I emphasize importance of 5 net pips on m15.
Sorry bro, I didnt close too late, it didnt make it to 5 pips not even close...
Life is like a snickers, its full of nuts!
  • #497
  • Dec 15, 2014 2:51am Dec 15, 2014 2:51am
Quoting firewight
{quote} Sorry bro, I didnt close too late, it didnt make it to 5 pips not even close...

For me, the RSI8 never came out of the 70 zone.
  • #498
  • Dec 15, 2014 3:00am Dec 15, 2014 3:00am
Quoting SeaTheStars
{quote} For me, the RSI8 never came out of the 70 zone.
Hmm ok good point, 1 sec...
Life is like a snickers, its full of nuts!
  • #499
  • Dec 15, 2014 3:03am Dec 15, 2014 3:03am
Quoting firewight
{quote} Hmm ok good point, 1 sec...
You're right. Ive been using a smoothed RSI which has an alert which I like, I thought it was pretty close to the standard RSI, but on closer comparison, it's not really...

Lesson learnt, time to switch back to the standard RSI!

Attached Image (click to enlarge)
Click to Enlarge Name: NU 2.jpg Size: 283 KB
Life is like a snickers, its full of nuts!
  • #500
  • Dec 15, 2014 3:17am Dec 15, 2014 3:17am
Quoting firewight
{quote} Sorry bro, I didnt close too late, it didnt make it to 5 pips not even close...
I referred to the first arrow as the entry point...if it's second arrow, then big mistake..who enters on top of candle wick
always draw trendlines
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