i have been having very good success with a very simple system. in the system i use the following:
5 min. chart
10 ema
candlesticks
usd/chf
tp = 50, move stop to break even at + 25, follow with 10 stop to 50
s/l = 25
two -25s and you quit for the day, hitting +50 in any combination and you quit for the day.
strategy; with a close above 10 ema, place a buy stop at the nearest 5 or 10 above the high of the closing candle. if the high was 1-2-3-4, set buy stop at 5; 5-6-7-8-9, set buy stop at 10; set 50 tp, 25 s/l and work your trade.
use the opposite of the above for a short trade.
keep your buy/sell stop open until you get hit. if you do not get hit and price reverses above/below the 10 ema, close the trade and redo all of the above in the opposite direction.
this has been good for me. that is writing out my rules. naturally, i forgot something. i will not allow a winning trade to turn bad, thus my +25, and move to break even, BE rule. i do move to break even sooner and today was a good example of that. once a trade is positive by 10 or more, i do start shortening the stop/loss, not to BE right away, but i do start shortening. i try to shorten my losses as much as possible as i know i am not far from another trade. they come around often, most days.
also, i only trade between 8:00 am until 11:00 am est. my 4 trades today were:
10 - 25 and back to 10, = 0
00 - 80 and back to 0, = 0
05 - 29 and back to 05, = 0
and finally:
20 - 70 just before 11:00, started at 10:35 actually, est gave me my 50 pips
this completes my first week of writing about my strategy. during that time i have generated +162 pips. i have enjoyed documenting my trades for the week but will probably stop tomorrow. i am not sure sure why i have not received any feed back, positive or negative. my trades have been real and i can not believe that there is anything wrong with a +162 pip week.
anyway, here are today’s results. there were three trades.
short at 85 to 78, back to 85, and i closed it for no profit
long at 00 to well above 11, but price turned around and closed below 10 ema. +11
long at 15 to well above 24, but price turned around and closed below 10 ema. +9
Keep recording your pip totals. This is a nice simple strategy and if it works out in the long run, and on other pairs as well, then I’m sure there will be those who wish to use it.
it’s friday, a very volatile day in the stock market and it is only 10:07. i usually stop at 10:00 am on fridays. the dow has just gone positive. none of that really matters for the forex trader, however.
today, we had only one trade. we entered the u/chf at 46 and we closed at 96, hitting our +50 target. i am finished for the day, the dow can do whatever.
since inception, last friday, WE ARE NOW UP, 212 PIPS.
only one trade today as it is a holiday in the usa and i’m taking some time off.
we entered long on u/chf at 71 and after being higher, creating a pinbar, and then a five minute red candle, and being up +36 at the time, i decided to shut down for the day. thus, in the seven days that i have been recording, this simple, little system is up +248 pips, for an average of around 35 pips per day. talk to you tomorrow, whoever it is that you are?
Thank you for posting your trades. I would really like to encourage you to continue posting them, as they are good encouragement for another newbie like me.
i quit a little early again today as i have to take a little trip with my son. once again just one trade today. please note, i opened the position at 7:55 est., at 90. i know i said that i trade from 8-11 am most days, but if you are not up and checking things out 15-30 minutes ahead of time, then you should be. anyway, we had another successful day as the trade was closed at 40. please note, i consider a 50 pip day outstanding. yes, i could sit in front of my computer longer and maybe make more, but you could also give more back. since i have started advertising my trades oct. 3rd, i am +298 pips working no more than three hours per day, and several days, like today, less than three hours per day. as i am a retired teacher, this is an outstanding opportunity for me. i do not know your trading risk and it is none of my business, however, depending on your risk tolerance, with my selections, since inception, you could be positive, $298, $2,980, or even $29,800, depending on the size of your account. for me, an extra $2980 per month is delightful. the average person does not get a $3000 per month raise, BUT GUESS WHAT, my month is not yet half finished. anyway, that is why i do not get greedy. i am very happy with my little chunk of 50 pips per day. right now things are going good. people keep telling me that things could turn around. i believe this. if the good volatility we are experiencing lately should dry up, then i would simply reduce my total profit target and my stop loss. after all, THERE IS NOTHING WRONG WITH 25 PIPS per day, EITHER.
I am intrigued by such a simple yet effective system. I just saw it today. I will be looking at past history to see how it has behaved. However I will look at gbpusd because that is the pair that I trade. Thanks for sharing.
the four trades today were on the order of much ado about nothing. there has been no follow through as the u/chf has been trading in a very narrow range. seems that i said something about something like this just ysterday. any way, the trades, short at 20, dropped down but quickly reversed, exited at 20. long at 35, never did get going and crossed back over the 10 ema at 27, = -10. long again at 35, again very little movement, went up a little but i closed again at 35. for the last trade i entered short at 16, it dropped down to 97 and quickly turned around. when it went back up to 06, i closed for a + 10 on the trade. i closed at the +10 to eliminate the negative 10 from the second trade. this is good for the psyche, as i did not have a losing day, on a bad market day. however, when all was said and done, it really was much ado about nothing.
well, today was another choppy day, but PROFITABLE, and draining. it is only 10:30 est, and i am finished for the day. today, there were no trades whereby the market just took off in a favorable direction, very tiring. i am not complaining. however, if i am feeling tired from the trading and i am positive for the day, i should walk away. one should always be in the right frame of mine to trade. anyway, here are the trades: (with the times included)
7:55 long 1.1310
9:18 exit 1.1320, exited because of a cross and close below 10 ema
+10
9:25 short 1.1310
9:30 exit 1.1297, 10 trailing stop, went down to 87 and then back up
+13
10:05 long 1.1330
10:20 exit 1.1350, 10 trailing stop, went up to 60 and then back down
+20
ceratinly a 43 pip day is very good. the 341 positive pips since inception, 10-3-08, is also very good. i hope some of you newbies, and others, are getting something from this, even though you may not be responding. i hope adding the time helps if you want to go back and assimilate my trades.
I just read this thread for the 1st time and very interesting. I have never had much success with the swissy but you have opened an opportunity. I will demo on IBFX and see how it goes next week. Will do a little (actually a lot) of studing of the chart tomorrow and over the weekend. Will try out Mon. a.m. and I like the times you trade. I’m in the central zone so no big deal. Thanks again.
I couldn’t wait for Mon. so I set up my Oanda demo acct and grabbed a few pips this am. I’m not used to thinking of +50 pips on a 5M TF but I can see from past charts that it is possible even tho a 100 ATR indicated 10 pips! Sure is simple to set up and use, I will pursue this more agressively next week. Many thanks again, d.