Magic 5 - five pips only

your post is irrelevant mate, sorry.

Can you explain the No and Yes scenarios on the image? I dont understand the set ups. Thanks!

could you kindly PM him about it. regards

Excuse me, I am trading now, I will answer later. What means PM?

PM mean "private message" I think TK5 is politely asking you not to post any ALTERations to his methodology....as is repeated throughout the thread. You are welcome to start your own thread however......after all it is HIS thread, so just out of respect.....hope this helps!

All right! No problems.

Markets are already regenerated, restored...and I think its all safe to trade now and there have been really good opportunities. Like EUR slowly rising, USDCHF rising etc.

OK I snagged one today, just thought I'd post the chart to get things rolling again!

this trade here is typical proper trade of Magic 5.

This is where you enter on a correct pullback as a exhaustion point of bearish movement.
considering RSI, trendline, number of pullback...

RSI does not respect the rules.

Here's another one just taken.

Demo trading is like recreation.

Everytime you fail/face an unsuccessful period in live trading, switch to Demo, rehabilitate yourself, regain self-confidence.
(But dont get obsessed with demoing)

Rsi is good but it does not respects the rules can i know which indicator is used on your video?

not big deal..it almost was there. also more experienced can afford this

Hello everyone,

I've been reading every post of this thread so far, up to page 25. I've been using a demo account, ECN, as I learn the technique. I see people adding all sorts of crap to the simple system. I feel this needs to be said, a quote by Bruce Lee (or very close);

I don't fear the man who practices 10,000 kicks. I fear the man who practices 1 kick, 10,000 times.

This sums up this system very well I think. It is a simple technique, very simple. The wider set-up is always changing, just like an opponent in a fight, they can be in any position at any time, who knows you can't practice every possible iteration. However, if you have practiced your technique 10,000 times, then anytime that opponent enters you strike range, BAM! your heavily practiced simple technique lands with such force!

There is another quote from a master of technique that applies to this strategy, see if you can guess who it's from (it's easy):

Float like a butterfly, sting like a bee!

This strategy, you see your entry, you get in and out as quick as you can. Be agile!


Also Tk5, I like your internal philosophy. At least how it comes across in this thread. I pledge to you (for what it's worth). That if I can gain consistent success in this strategy (and it's looking likely with my demo). I shall teach it to friends and family where I think they could benefit from it. To people with good intentions anyway, a gift for their happiness.



On an aside, to those with big dreams: I suspect that once you start leveraging up large traders with this system, your own buying and selling will work against you and rob you of your own pips. An inherent cap for greed at least.

Also I would like to add I see lots of talk about Stop Loss.
Again to keep with fighting analogy (and also TK5's original opening statements for this system).

If you are afraid of taking a punch to the face (or anywhere), so afraid that you consistently think about how bad it would be to get hit in the face, you will lose most fights in the ring (and out). You will be so busy thinking about getting hit that you wont see the golden openings in front of you or you will see them, but wont take them because what if they hit you in the face!!

Now, this does not mean you don't avoid being hit in the face, that is silly. You just have to be OK with the fact you will be hit sometimes, just don't make it a KO. If you watch Muhammad Ali fight you will see he very often ducks his head/moves within a hair length of the opponents punch juusstttt missing him. Do you think he could do that, and his entire fighting strategy if he was afraid that punch would hit him in the face? I bet not.

So the same goes for the Stop Loss, don't be afraid of losing your trade, accept it can happen and do your best to avoid it whilst taking opportunities.

In other words:

DON'T BE A PUSSY

Watching this potential setup now:



You may notice I'm looking to short above the 200MA, but I figure the setup is pretty solid for a quick 5 pip dip.

The breakout of the recent downtrend is a slight concern, but I figure a small pullback soon for a small breather.
I also suspect my Daily Pivots are not offset correctly. They are supposed to be set for close of trade NY? On the overall chart they seem to be respected at default shift 5 value.

So, How did I go?

I ballsed it up, jumped the gun and entered too early. However I managed to nurse it through the 1min with a 2nd 5 pip trade which brought my overall loss quite low. I nursed it selling at the downturn of the first peak.

Overall score: 3 / 10. Too hasty for could have been an easy trade on 1 the 1min graph.

I'm still learning the nature of the Wild Beast, USDJPY.
Here is the 1 min:

I'm seeing how the transition from 15m to 1m takes place around this time, a lot of setup potentials with 5-10 pip bars on 1m charts.