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50 pip trade

 
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thecomputist

50 pip trade

This seems hard sice I mostly scalp when trading.  I was able to do the 25 pip trades but I'm noy sure how to find a likely 50 pip trade.  Do I use the longer time frame chars?  Any suggestions will be appreciated.

Thu, 09/05/2019 - 4:48pm
 
jostricrva

I found the 50 pip trade hard as well. but I got it by opening three trades. Example, I believed the market would go up, as the market dropped, I would close two of them with a small profit, and as the market kept dropping I would buy one or two more positions five pips
below the one, I kept open. (sort of like Shaun's wobble technique)

I'll try to give you an example: GBP/NZD at 1.9306 Buy one lot 0.01 (1st trade)
GBP/NZD at1.9304 Buy one lot 0.01 ( 2nd trade)
GBP/NZD at1.9303 Buy one lot 0.01 (3rd trade)

Ok, as the market bounces back and forward between those ranges I would close the top two with a small profit, and open a new trades below 1.9303, then if the market continues to drop. I would open another, then another Just keep doing this as it keeps going down. If it turns and starts going up, take your profits, and let it ride. My purpose was to get in as low as possible, so when the market started to rise, I would be in a better position.

Hope this helps,
James

 
broslansky

thecomputist,

Great question!

I looked for trending markets which just experienced a significant pull back. At that time, I was studying the GBP pairs. When I was convinced the pull back was stable, I looked for at least 200 pips in front of the market to the next significant support line. Since Silver II has one achievement placing a 20 pip max loss throughout the level (or be prevented from Silver III for 30 days), I cross-checked my candidate market against the 4H and 1H timeframes. When I was convinced the max loss (20 pips) was GREATER than the closed reversal resistance point, I placed the trade, using a 15 pip max loss on the trade.

Using a TP of 60 pips, I opened and closed the trade within 24 hours. It took some internal grinding on my part, but these lessons were soundly etched in my mind. Afterwards, I liked it so much that I'm considering this approach for my funded account. 50 pips a day keeps the doctor away.

LMK if you need more information.

Cheers!

 
faridk1

Hello thecomputist,

Some excellent suggestions by J.O.Stric-Richmond-Va and broslansky. You may also want to consider trading the XAU/USD (Gold/USD) pair since XAU/USD has some nice volatility recently and easily moves 100+ PIPs a day. I have been trading XAU/USD to meet most of the Beeline requirement myself.

Thanks and good luck!

 
cousin.john

Find something trending on a higher time frame like the 1H and jump on. You only have to do it once and move on to the next challenge. Go get'em

 
froggy

thecomputist

Go to this thread where Lindsay (tryguy) explain very clearly how to achieve this requirement.

https://apiaryfund.com/forum/silver-50-pip-requirement-live-example?page...

Stay green!

 
thecomputist

I completed Silver 2 today!!

Using advice from broslansky and XAU/USD made it easier to make both the 50 pip trade and the 10 - 10 pip trades.

 
broslansky

Excellent!