Simple Daily System

[PIP CHASER]

Originally Posted by greatlakes

Very nice simple system. I have been looking for a daily system and this fits the bill. Thanks for sharing.

You have been a member since 07 and this is your 1st post. Wow! You must really like this system.

[greatlakes]

Originally Posted by PIP CHASER

You have been a member since 07 and this is your 1st post. Wow! You must really like this system.

Ha Ha.. Yes first post. How about that! Makes u feel special huh?

[rykookyr]

Originally Posted by PIP CHASER

Here's a pic of my setup and account statement. Did I mention that I like only having to look at this once a day? I takes literally 2-3 minutes to put on all the trades.

Looking at your screen shot and assuming the arrows are your entries/exits (correct me if I am wrong), you are taking longs when the 5ema is below the 50ema. According to your rules shouldn't you only be taking shorts until the 5ema goes above the 50ema?

[PIP CHASER]

Originally Posted by rykookyr

Looking at your screen shot and assuming the arrows are your entries/exits (correct me if I am wrong), you are taking longs when the 5ema is below the 50ema. According to your rules shouldn't you only be taking shorts until the 5ema goes above the 50ema?

That is an EMA crossover indicator. It is not needed. I use it only as a visual aid. Signals are not based on it. Good observation though on the chart.

[rykookyr]

Originally Posted by PIP CHASER

That is an EMA crossover indicator. It is not needed. I use it only as a visual aid. Signals are not based on it. Good observation though on the chart.

Just to be clear, as the market stands today with the USD/JPY (for example) the 5ema is well under the 50ema. On 10/21 the candle closed below the 5ema. So on 10/22 you would go short at the open, setting you stop and profit targets the proper distance away and let it go correct? In effect you are looking for another down day in this instance. Yesterday and today (if the trend continues) will also be down days. Are you still holding your original position from 10/22? If not, would you enter short again tonight because we will have another close below the 5ema?

[anakbaru]

Originally Posted by PIP CHASER

Here is a system I have been testing since the beginning of the month. I am 3000+ pips and still running strong. I like this system because you only need to trade once a day (I trade w/IBFX so @ 00:00GMT). I trade most of the pairs (all majors & crosses) offered through them. Here are the details.

Indicators:

ADR calculator (use previous 5 day or 10 day - your choice)
50 EMA set to close
5 EMA set to close

Long - 5 EMA > 50 EMA & the daily candle closes > 5 EMA

Short - 5 EMA < 50 EMA & the daily candle closes < 5 EMA

T/P & S/L are based on ADR calculator - either the 5 or 10 day - R/R = 1:1

thanks for sharing this..

[PIP CHASER]

Originally Posted by rykookyr

Just to be clear, as the market stands today with the USD/JPY (for example) the 5ema is well under the 50ema. On 10/21 the candle closed below the 5ema. So on 10/22 you would go short at the open, setting you stop and profit targets the proper distance away and let it go correct? In effect you are looking for another down day in this instance. Yesterday and today (if the trend continues) will also be down days. Are you still holding your original position from 10/22? If not, would you enter short again tonight because we will have another close below the 5ema?

You only trade 1 position per pair when a signal is given until either the T/P or S/L is hit. Once it's hit for that pair, then you can look for the next setup. What you wrote above is correct.

[PIP CHASER]

MM milestone reached - increase to 2 contracts next week.

7000+ pips from 10/8 - 10/24

[rykookyr]

Originally Posted by PIP CHASER

MM milestone reached - increase to 2 contracts next week.

7000+ pips from 10/8 - 10/24

Great job! I'm just curious, how many different pairs are you trading to hit that mark?

[PIP CHASER]

Originally Posted by rykookyr

Great job! I'm just curious, how many different pairs are you trading to hit that mark?

AUDCAD
AUDCHF
AUDJPY
AUDNZD
AUDUSD
CHFJPY
EURAUD
EURCAD
EURCHF
EURGBP
EURJPY
EURNZD
EURUSD
GBPCAD
GBPCHF
GBPJPY
GBPNZD
GBPUSD
NZDCHF
NZDJPY
USDCAD
USDCHF
USDJPY

23 pairs in all. It takes no time at all to enter and modify these.