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Magic 5 - five pips only

  • #601
  • Dec 16, 2014 5:47am Dec 16, 2014 5:47am
Ok...I reached my goal earlier than expected...I doubled my live account today (starting yesterday).
I am thinking of taking out half of the profits and do it again...rinse and repeat. It's not my main trading account, but still a decent funded live account.

I must admit, I use my own descretionary exit stragey including s/r, Pivots, trendline and the TDI indicator. But the entry is exactly as TK5 laid out - HA candle cross of 5 EMA shifted 2.

Cheers,
Olarion
Attached Image
  • #602
  • Dec 16, 2014 5:51am Dec 16, 2014 5:51am
still trying this system at demo account...
hope can trading at real account next month
so far this system is look good for me...

PS : today result (demo account)
Attached Image (click to enlarge)
Click to Enlarge Name: PIC.jpg Size: 176 KB
only 100 pips / week
  • #603
  • Dec 16, 2014 6:09am Dec 16, 2014 6:09am
Quoting Olarion1975
Ok...I reached my goal earlier than expected...I doubled my live account today (starting yesterday). I am thinking of taking out half of the profits and do it again...rinse and repeat. It's not my main trading account, but still a decent funded live account. I must admit, I use my own descretionary exit stragey including s/r, Pivots, trendline and the TDI indicator. But the entry is exactly as TK5 laid out - HA candle cross of 5 EMA shifted 2. Cheers, Olarion {image}
Nice mate good work !!

May you can show some screenshots from your exit? or pm me?


Greetz Michael
  • #604
  • Dec 16, 2014 8:50am Dec 16, 2014 8:50am
Quoting Olarion1975
Ok...I reached my goal earlier than expected...I doubled my live account today (starting yesterday). I am thinking of taking out half of the profits and do it again...rinse and repeat. It's not my main trading account, but still a decent funded live account. I must admit, I use my own descretionary exit stragey including s/r, Pivots, trendline and the TDI indicator. But the entry is exactly as TK5 laid out - HA candle cross of 5 EMA shifted 2. Cheers, Olarion {image}
Very impressive
What % of capital per trade did you use to double your account in 157 pips ? Here in the US we are limited to 50:1 leverage and takes much longer to double anything !
  • #605
  • Dec 16, 2014 10:02am Dec 16, 2014 10:02am
Quoting bingoe
Hi, I have found that the "5pips" needs to be 7-12 movement dependent on spreads and stops are usually 15-20 which means that I have lost 100pts on first 10 trades. Do not recommend this system.
Post your charts. To have that many losing trades chances are you're doing something wrong.
  • #606
  • Dec 16, 2014 10:30am Dec 16, 2014 10:30am
Quoting bingoe
Hi, I have found that the "5pips" needs to be 7-12 movement dependent on spreads and stops are usually 15-20 which means that I have lost 100pts on first 10 trades. Do not recommend this system.
Post some charts something is wrong or your not trading at the right times. Yesterday was tough trading for me, took me 10 or 11 trades (all day and half the night) to make up losses and end with the 10 pip needed for my daily goal, today in less than an hour I have scored my 10 pip and can be done. You really need to be keen on market conditions before jumping in and honestly days like yesterday for me are just better off avoided(traded xxx/jpy). I can make more pip in less time on a good day than what I was trying to do yesterday and not be frustrated doing it.
  • #607
  • Dec 16, 2014 10:35am Dec 16, 2014 10:35am
Quoting freundr
{quote} Very impressive What % of capital per trade did you use to double your account in 157 pips ? Here in the US we are limited to 50:1 leverage and takes much longer to double anything !
Thank you.
I use an emergency SL of 15 pips, but close manually if price goes against me. My lotsize equals 1 lot per 1000 balance.
Leverage is 500:1. Would not work with 50:1 as the margin requirement would be too high.
  • #608
  • Dec 16, 2014 10:37am Dec 16, 2014 10:37am
Quoting bingoe
Hi, I have found that the "5pips" needs to be 7-12 movement dependent on spreads and stops are usually 15-20 which means that I have lost 100pts on first 10 trades. Do not recommend this system.
Just use an ECN broker with spread < 1 pip and set TP to 5.5-6.0 pips dependent on commission...
  • #609
  • Dec 16, 2014 10:42am Dec 16, 2014 10:42am
Quoting Olarion1975
{quote} Thank you. I use an emergency SL of 15 pips, but close manually if price goes against me. My lotsize equals 1 lot per 1000 balance. Leverage is 500:1. Would not work with 50:1 as the margin requirement would be too high.
I trade US and use 50:1 works just fine,, sure as soon as Im 2 or 3 pip down the margin alert starts flashing but there is plenty of room till it kicks the trade( Ive been to -20 pip and not MC), I never have had a MC (I will do a demo bad trade and let it go till MC and see at what pip loss it kicks me off)
  • #610
  • Edited 1:19pm Dec 16, 2014 12:34pm | Edited 1:19pm
Well in lieu of a testing by making a bad demo trade I ran the hypothetical MC calculator the MM provides on a $100 account and it says I can take 96.95 pip loss trading A/J before close out with max units at 50:1 and a dollar loss of 49.67.
  • #611
  • Dec 16, 2014 12:54pm Dec 16, 2014 12:54pm
On Oanda we don't have EMAs with a shift of 2, is there an equivalent or similar number that would correspond ?
  • #612
  • Dec 16, 2014 1:08pm Dec 16, 2014 1:08pm
Quoting freundr
On Oanda we don't have EMAs with a shift of 2, is there an equivalent or similar number that would correspond ?
I trade at Oanda also and though this doesn't fit tk's rules you do what you gotta do,,, I use either the bid or ask candles depending on direction of trend with a standard ema 5, works pretty well most of the time.
  • #613
  • Dec 16, 2014 1:21pm Dec 16, 2014 1:21pm
Quoting js5020
{quote} I trade at Oanda also and though this doesn't fit tk's rules you do what you gotta do,,, I use either the bid or ask candles depending on direction of trend with a standard ema 5, works pretty well most of the time.
Interestingly the mobile version of Oanda has HA candles but the PC based version doesn't.
  • #614
  • Dec 16, 2014 1:32pm Dec 16, 2014 1:32pm
Oanda has a Metatrader version too
  • #615
  • Dec 16, 2014 1:35pm Dec 16, 2014 1:35pm
Quoting freundr
{quote} Interestingly the mobile version of Oanda has HA candles but the PC based version doesn't.
I dont use HA candles but if I did I could always have either the PC demo running behind the scenes or have a tablet/phone running the mobile if it were necessary.
  • #616
  • Dec 16, 2014 1:51pm Dec 16, 2014 1:51pm
Quoting js5020
{quote} I trade at Oanda also and though this doesn't fit tk's rules you do what you gotta do,,, I use either the bid or ask candles depending on direction of trend with a standard ema 5, works pretty well most of the time.
You can use Triangual Moving Average
  • #617
  • Dec 16, 2014 9:28pm Dec 16, 2014 9:28pm
Quoting marshalmax
{quote} In my experience when price hits the 50 line it could go anywhere. Taking trades down from 70 or up from 30 is more reliable. TK5 is after a quick but accurate signal. If you suspect otherwise, then test it and present it to the thread.
I know all about OS/OB using the 70/30 80/20, 90/10 or whatever.........
Wilder wrote that chart formations and areas of support and resistance could sometimes be more easily seen on the RSI chart as opposed to the price chart. The center line for the relative strength index is 50, which is often seen as both the support and resistance line for the indicator. and Wilder believed that tops and bottoms are indicated when RSI goes above 70 or drops below 30. Traditionally, RSI readings greater than the 70 level are considered to be in overbought territory, and RSI readings lower than the 30 level are considered to be in oversold territory. In between the 30 and 70 level is considered neutral, with the 50 level a sign of no trend.
No need to test it, has been proven
PC
  • #618
  • Dec 16, 2014 9:59pm Dec 16, 2014 9:59pm
Quoting Olarion1975
Ok...I reached my goal earlier than expected...I doubled my live account today (starting yesterday). I am thinking of taking out half of the profits and do it again...rinse and repeat. It's not my main trading account, but still a decent funded live account. I must admit, I use my own descretionary exit stragey including s/r, Pivots, trendline and the TDI indicator. But the entry is exactly as TK5 laid out - HA candle cross of 5 EMA shifted 2. Cheers, Olarion {image}
Hi man top trading. I am finding great entries with this system. I am very interested in your exit strategy. Would you post more details here or if its not to the liking of the thread possibly pm of you have the time.? Thanks
  • #619
  • Dec 17, 2014 12:52am Dec 17, 2014 12:52am
Quoting tk5
Alright friends, I decided to move here. Ramped up rules and stuff. Original thread was here: http://www.forexfactory.com/showthread.php?t=510468 later it became a method deserving wider environment. SO.. Forex is about making five net pips in an hour... We have been abusing ourselves with reading, seeking and doing all that crap to make money from FX. We are all fools. Do you indeed need indicators, algos, malgos, zalgos I don't know codings modings to make 5 damn pips??? You need very basic forex skills...yes, basic skill to earn 5...
Hi TK,

Thank your thread and learned it. But how can you avoid noisy indicators in your trade？

best regards
  • #620
  • Dec 17, 2014 1:53am Dec 17, 2014 1:53am
Morning Bros,

Hope it will be good day ahead !!!!!!!!!!!!
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