Forex trading strategy #5 (5x5 Simple system)
Submitted by Edward Revy on February 28, 2007 - 15:46.
Just look what this trading strategy has to say. It's a simple yet quite promising Forex trading method. Trading strategies like this can only be discovered through a long and determined observation of the price behavior.
To start:
Currency: ANY
Time frame: 1 day
Indicators: 5 SMA, RSI 5
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That's great news, Tony! I'm really glad to hear you've achieved such returns!
Please send the screenshot to my email
and I'll add it here.
Best regards,
Edward
Hi Edward,
I just wanted to share a screen shot of the post I made about pulling 6000 pips with this system last week. Thanks again!
Hi Edward,
I tried your 5x5 system this week and made over 6000 pips!!! Incredible system!!!
Bless you and your family!
Tony
Hi Scofield,
I'd suggest waiting till Monday in such case. On Monday close - re-evaluate the setup and place an order.
Kind regards,
Edward
Hi Edward,
Since you've mentioned that we should close a position on Friday, the flip side of the question would be if there's a valid entry on Friday, should we then make the entry or should we give it a pass?
Tks/rgds,
Scofield
why not? i would try.
can it be use for commodity trading
awesome strategy sir.can you tell me the accuracy of this strategy in pairs,and is this strategy works for gold,silver or crude oil.
On Sunday evening you can already open trades, assuming that you get normal spreads. If not, wait till Monday.
Thomas
Should I open a trade on a Sunday based on the close of a Friday candle? I ask this due to the fact that there is no guarentee that the market will open Sunday where it left off on Friday and therefore might throw off the system. So I guess what I'm asking is should I wait to trade until the Monday daily cnadle has formed?
Hi Scofield,
The Long entry should be closed manually; and we go short with the new signal.
Kind regards,
Edward
Hi Edward,
Another question. Given a scenario whereby a long trade is entered. However, the next day (or a few days later) all conditions starts showing valid entry for short eventhough price has not hit SL (for the long trade). At this juncture, do we cut loss and re-enter trade as short or do we hang on and pray that price will rebound and not hit SL?
Thx/rgds,
Scofield
Hi Scofield,
Yes, it's a valid entry point.
A valid candle can appear few days earlier than the rest of the signals. It's normal. Our ultimate goal is to have all signals lined up. It doesn't matter in which order they appear or how many days passes in between each signal.
Kind regards,
Edward
Hi Edward,
I am new in trading. Would like to check, if the signal candle is valid, then when next day comes, other conditions are not fulfilled (e.g. no +10 pips or RSI not in accordance), however, after a few more days, all other conditions are also fulfilled, so then can we consider this a valid trade for entry?
In other words, there are a few candles between the signal candle and valid entry point.
Thx/rgds,
Scofield
Hi Corneliu,
with CHFJPY 86.581, you have next:
the last digit "1" is a pippet, e.g. 1/10 of the pip (or 0.1 pip). You can ignore it when trading.
Work with the rest of the digits:
86.58 + 1 pip = 86.59
86.58 + 2 pips = 86.60
Best regards,
Edward
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