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Any recommendations on overcoming a 25-5-24 challenge for Silver I?

 
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verasoucy

Any recommendations on overcoming a 25-5-24 challenge for Silver I?

Hello fellow bees!

I am a Silver I bee. As suggested by "Beeline Achievements" webinars, I started my "Pursuit to Funded" on Silver I with a 25-5-24 challenge first. Today I have found that most of my achievements are done due to this particular commission. I have gained some pips and lost some too. However, I am yet to put 25-5-24 on my Beeline.

I have tried this task many times, and keep getting stopped out before 24 hours are up. It seems to be either not enough pips or getting myself into a loss. On the positive side, at one point I had all five close at 20 pips half way through to my 24 hour run, during which it posted some of the achievements I have not even aimed for. At another attempt I gain over 45 pips on all five, but these trades closed between 5-6 pips gain each a few hours short of 24.

One of my activities to be done in Silver I is to post a new topic in a forum. This homework led me to sharing my undertaking with a 25-5-24 exercise and asking bees how some of you passed through 25-5-24 assignment. Any recommendations?

Sat, 03/23/2019 - 7:14am
 
skucchal

Try a longer time frame...example, take a trade the moment the price crosses a 200 ema (on a hourly chart)...that way if it trends...you will gain, but your loss can be limited to 25 pips...

 
Bluehound

verasoucy,

There are many ways you can do this. Here are three suggestions.

1. Pullbacks...Use the H1 charts (or higher time frame) to find a pair that has been trending, but is now pulling back. Let's say it was trending down and it is now pulling back up. Place 5 pending sell orders (one micro lot each) below the current price, just far enough away so normal price fluctuations won't hit the orders, but close enough so the orders will get hit when price starts trending down again. You may need to move these pending orders up if the pullback continues for a while. Of course if the "pullback" goes too far (ex: > 61.8% fib), it may be a reversal instead of a pullback (if so, close all pending orders and re-evaluate). Use a 20-30 pip SL (or higher if you're comfortable with that) but no TP. After the trend continues and your orders are hit, wait at least 24 hrs and close the trades when they are at least 26 pips profitable (if you close them when they are exactly 25 pips profitable, a small fluctuation in price could result in a 24.9 pip win, which will not satisfy the requirement and you will have to start over. Ask me how I know...haha). Rinse and repeat if necessary.

2. Brackets...Similar to #1, but find or wait for a flag pattern. I like to draw a box around the flag. Then bracket the flag by placing 5 pending buy orders above the flag and 5 pending sell orders below the flag. Not too close, because you don't want the orders to get hit by normal price fluctuations. Use a 20-30 pip SL or place your SL on the other side of the flag, but don't use TP. Wait 24 hrs after the orders are hit. Let's say your buy orders get hit first, you may want to cancel your sell orders so you don't get stopped out on all 10 orders while you're sleeping or at work (this can happen).

A variation on this strategy is to leave both sets of pending orders active for at least 24 hrs and don't use any SL. If your buy orders get hit and then price reverses and hits your sell orders, now you're hedged and you can't lose any more than the spread between your buy and sell orders. Then wait at least 24 hrs for 26 pips of profit and then close all trades.

3. Hedge... Place 10 trades at the same time on the same pair...5 sells and 5 buys (these are market orders, NOT pending orders). Do NOT use SL or TP. After 24 hrs, close all 10 trades if 5 of them are at least 26 pips profitable. If neither set of trades are there yet, just wait. You will win on 5 trades and lose on 5, but you will come close to break even and accomplish the task.

A variation on this strategy is to not close the losing trades immediately after you close the winning trades if price is heading back toward your entry. You may be able to minimize your loss, break even, or possibly make a profit on the "losing" trades, but, whatever you do, don't let them become bigger losses.

Hope this helps. Good luck!

 
verasoucy

Thanks to both Skucchal and Bluehound. I most definitely will give it a try. I will let you know how it goes!

 
cdowis

del

 
skucchal

Looks like something worked...congrats on crossing Silver1.

 
burton

Bluehound, nice hedging solution, well done. =)