Forex trading strategy #5 (5x5 Simple system)

Yes, Milanthi
that's right, we will enter a trade on the next day.

Best regards,
Edward

Thanks Edward,

One more question...
When you say "Enter Long when next daily candle makes +10 pips up,"
does this mean that 10 pips up from the opening price of the candle at 17:00 hrs

thanks
Milanthi

Dear Edward ,

Please also tell me if I had done any wrong with the entry rules in the following trade

On the 24/02/2010 23.01 hrs, GBP/AUD- Short position at 1.7217
SL- at 1.72861...it hit my SL, is it normal or something wrong with my entry
also do we have to enter the trade on the next day after 10 pips from the closing price of the previous day candle ?

thanks

Hi Milanthi,

1. Price crosses above 5 SMA, daily candle closes above 5 SMA.
2. As soon as the new daily candle opens next day (whichever time it is on your platform) and makes +10 pips above the previous candle's High - you enter a trade.

Regarding GBPAUD questions, I don't have this pair on my platform, so I had to check back with some free online charts. It looks that you've done everything well, but your stop loss was a bit too tight this time. Other than that, it is a valid entry.

Best regards,
Edward

Hey Edward -

First off, your dedication to this website and your generosity is truly outstanding. Thank you for everything that you have and currently do.

I've really enjoyed my time looking through the website and learning as much as I can. I take notes, I copy charts, I write down comments that others have submited to revise or improve on a trading strategy. I've got pages of notes that are priceless.

As a newbie I'm slowly trading on a demo account while trying out various daily methods. Since I work full time I can only trade in the mornings, and then at night when I get home, so a daily method is where I'm at.

My question is, which daily method would you recommend? I know, a tall order. I've read that you prefer this 5x5 method, and also Advance #14. How's about Advanced 10? #3? 3 looks great but doesn't offer many signals. I started demoing Advance #1 and like that alot. Can I trade all of them and see which one works best? What if they give conflicting signals - is there a way to handle that?

I guess what I'm trying to ask is, what would be the best way to use the the limited time that I have. I've listed 5 different daily strategies and wonder if I need to whittle them down, or just continue to keep tabs on all of them and continue to trade each one and see what works best.

Thanks in advance for your time and your assistance.

B O B

Hi B O B,

The best advice would be to keep watching all 4-5 strategies you've named.
With time, you've probably come up with a mix of favorite rules, which will become your unique strategy.

I've mentioned my favorite set the other day to a trader on the forum, and we have our whole discussion published here:
http://forums.forex-strategies-revealed.com/advanced-strategy-the-midnig...

Hope it'll be of some additional help to you.

Best regards,
Edward

Thanks Edward.

I read through the forum you listed and am in the process of reading Colin's revision on the Midnight strategy. I also liked the idea of combining the 5 strategies into something that could, perhaps, become a unique strategy for myself. I'll be happy to share that if that takes place.

Thanks for creating such an easy and well thought out site for all of us to learn from and benefit from.

B O B

Dear Edward,

Thank you for sharing all your trading strategies with us.
I practised the aboce strategy in my demo account but unfortunately my 1st trade on the live account hit the stop loss.
My question is do we have to consider forex news also when we enter the trade.if so what kind of news would it be, My trade was on GBP/AUD (Long at 8 PM) on the 22nd April

Thanks
Milanthi