Forex trading strategy #5 (5x5 Simple system)

Dear Edward,

But on a pair like CHFJPY, which has a value like 86.581, how we define a pip ?

Thank you, Corneliu

In your example 1.33000 to 1.33010 equals only 1 pip, because your trading platform gives you 5 digit quotes, where the last decimal digit is 1/10 of a pip and called "pippet".

1.33000 to 1.33010 = 1 pip (5 decimal quotes)
1.3300 to 1.3301 = 1 pip (4 decimal quotes)

To get 10 pips, the price has to go from 1.33000 to 1.33100 (simply disregard the last digit for an easier reading when you deal with 5 decimal quotes.)

Kind regards,
Edward

Guys can somone please help.

How much is 10 pips?

Cuz on the daily chart if im not mistaken, candles move hundreds if not thousands of pips!

Hi Edward great system.

Forgive me for not understanding this as I am new to trading.

What do you mean by 10 pips? Isn't 10 pips only like 1.33000 to 1.33010?

On the daily chart each candle moves hundreds if not thousands of pips. I saw a candle go from 1.3300 to 1.4770 in one day.

So what do you mean by 10 pips.

Please clarify!

Thanks a lot.

there are some thoughts on page 4 and 8.

quel sont les règles de sortie merci

What are the exit rules thank you

Hello,
Which are the rules of exit
Thank you

Thanks again edward;)

Hi Azim,

From the screenshot, I saw period 50 on a daily EURUSD time frame for the Choppiness index indicator.

Kind regards,
Edward

Hello everyone,

What is the setting for choppy index indicator to be used in 1 hour?

Azim

It is not recommended to make an entry on every closing there, because with every candle our risks to be caught in price reversal increase.

We look to enter only on the first candle that closes below the 5 SMA.

Regards,
Edward

For your better view:

I have market a area, All candles are consecutive closing below 5SMA so can we make entry on every candle closing?

Hello Edward,

For this strategy if we have consecutive closed candle below 5SMA for some days, in that case can we make entries on all closing candles? or we should wait for candle to go above 5SMA and thn close back below it.

Regards
pip26

Hi Milanthi,

It's ok, even if the first one is a losing one.
You can consider news, but as I always say, unless you really know well how the fundamentals affect the market, there is no reason to use news. News happen every hour, it doesn't mean you don't have to trade, otherwise you need to evaluate the importance of every event...

Every first Friday of the month there are NFP news - these are the ones to watch and avoid trading during the release, unless you consciously ready to.

Kind regards,
Edward

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