Simple Daily System

[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

[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.

[PIP CHASER]

Any ideas for a good MM approach for multiple pairs? I was thinking about using fixed ratio.

Equity + (# of contracts X delta) = next contract level

Example:

$10000 + (1 X $5000) = $15000 to increase to 2 contracts
$15000 + (2 x $5000) = $25000 to increase to 3 contracts
$25000 + (3 x $5000) = $40000 to increase to 4 contracts

If the account were to drop below the minimum for each required level then our contract size would reduce by 1.

[sanju005ind]

Could you please provide more info on the system.

Like when to take entry,when to exit and Any specific curency.

[johnnykanoo]

pipchaser very impressive results!!! it must be nice to analize for a few minutes then walk away from the computer.

[PIP CHASER]

Could you please provide more info on the system.

Like when to take entry,when to exit and Any specific curency.

Did you read the 1st post?

[PIP CHASER]

pipchaser very impressive results!!! it must be nice to analize for a few minutes then walk away from the computer.

Thanks JK. At this pace I maybe able to step up the contracts next week.

[Aaron]

Hi Pip Chaser,

I understand most of it regarding 5 & 50 EMA at close, but just a couple of questions I have.

When do you enter the trade? Straight after the new Daily candle is formed? What time does your new daily candle form? I am with FXDD and need to check this out unless you know.

Secondly, can I have an example of the S/L and T/P. I don't understand what you mean by take the 5 or 10 day-RR = 1:1???

Thanks Pipchaser

[PIP CHASER]

Hi Pip Chaser,

I understand most of it regarding 5 & 50 EMA at close, but just a couple of questions I have.

When do you enter the trade? Straight after the new Daily candle is formed? What time does your new daily candle form? I am with FXDD and need to check this out unless you know.

Secondly, can I have an example of the S/L and T/P. I don't understand what you mean by take the 5 or 10 day-RR = 1:1???

Thanks Pipchaser

My new daily candle starts @ 00:00 GMT. That is time I trade. I look at the previous candle close for the signal.

The ADR calculator will provide pip values based on X number of days. I am using the previous 10 days for both my T/P & S/L. So if this value is 150 pips, then that is what I use for the T/P & S/L from my entry.

[greatlakes]

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