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]

Originally Posted by johnnykanoo

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.

[PIP CHASER]

Originally Posted by sanju005ind

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?

[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

[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.