Trading off of 5 minute charts - Page 4
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  1. #31

    Default to mastergunner99

    hey mastergunner,
    what system are you trading?

  2. #32
    Quote Originally Posted by TheRumpledOne View Post
    Give the poster a chance to post the method/system/indicators BEFORE you make accusations.

    So let's see the system.

    Post a chart with explanation.
    Feel free to make use of the very recommendation you give to us all so freely.
    A simple google search will expose that poster's intentions for what they truly are.

  3. #33
    Quote Originally Posted by olivervandam View Post
    hey mastergunner,
    what system are you trading?
    Slope direction and watching price action. No strict set of rules.

  4. #34
    Join Date
    Jul 2008
    Location
    California
    Posts
    314
    Quote Originally Posted by mastergunner99 View Post
    I've been scalping off a 5 minute chart. Since I started keeping track of my stats here's what I have:

    Wins - 24
    Loses - 11
    Win Rate - 68.57
    Pips Won 240
    Pips Lost 157

    Now I'm just trying to figure out what's the best money management strategy. Right now I'm doing a 10TP 20SL. And please, if you're just going to reply based on the assumption that the current setting is a failure, don't. When you figure in winrate and size of position, you can come out ahead despite.
    Guns,
    That is not a good scalping system I say aim for less pips and pull that SL in a bit. What is the exact setup your using. I can try to help you out a bit. But 10 pips is kinda large goal to scalp.

  5. #35
    Join Date
    May 2008
    Posts
    449


    10 pips can be gained scalping.

    Depends on currency and time of day.

  6. #36
    Join Date
    Sep 2008
    Posts
    7
    Quote Originally Posted by pablopluto View Post
    Guns,
    That is not a good scalping system I say aim for less pips and pull that SL in a bit. What is the exact setup your using. I can try to help you out a bit. But 10 pips is kinda large goal to scalp.
    hey pablopluto, so what do you recommend as sl and tp?

  7. #37
    Join Date
    Jul 2008
    Location
    California
    Posts
    314
    Quote Originally Posted by sgjon View Post
    hey pablopluto, so what do you recommend as sl and tp?
    I dont recommend any TP or Sl thats up to you to decide whats your risk levels and profit levels. Now I can tell you what I use on different currencies but that my own personal preference.

  8. #38
    Join Date
    Sep 2008
    Posts
    7
    Quote Originally Posted by pablopluto View Post
    I dont recommend any TP or Sl thats up to you to decide whats your risk levels and profit levels. Now I can tell you what I use on different currencies but that my own personal preference.
    sorry wrong way to formulate.
    being completely new i am just trying to get different strategies at work.

    so what do you use.

    i have just decided to try eurusd cos smller spread....
    and since 10 pips is my goal im trying 10 pip(+2 spread) TP and 20 sl.

    my thinking is that since i go with h1 my sl should only be there to accomodte nomral movement or prevent a reversal....

  9. #39
    Join Date
    Jul 2008
    Location
    California
    Posts
    314
    Quote Originally Posted by sgjon View Post
    sorry wrong way to formulate.
    being completely new i am just trying to get different strategies at work.

    so what do you use.

    i have just decided to try eurusd cos smller spread....
    and since 10 pips is my goal im trying 10 pip(+2 spread) TP and 20 sl.

    my thinking is that since i go with h1 my sl should only be there to accomodte nomral movement or prevent a reversal....
    My apoligies. I dont use the H-line trading but 10: 20 is extreme. 10:15 might be the max I would go. Its up to you dont make yoy stops too tight though. On the Euro Usd I mostly use a 6: 8

    Thats 6.9(.9 spread) and 7.1(.9spread)

  10. #40
    Join Date
    Jan 2007
    Location
    New Zealand
    Posts
    56
    Quote Originally Posted by pablopluto View Post
    My apoligies. I dont use the H-line trading but 10: 20 is extreme. 10:15 might be the max I would go. Its up to you dont make yoy stops too tight though. On the Euro Usd I mostly use a 6: 8

    Thats 6.9(.9 spread) and 7.1(.9spread)
    AHA, an OANDA trader! lol

    I am playing with a 6 (TP) and 10-12 (SL) scalp on the EUR:USD on 5min charts

    steve

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