5 pips a day on EUR/USD?

tomorton

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Aiming to start trialling this simple system I got from billionairewilly on BP.

Note High of day.
Add 4 pips and set Buy order.
Set SL at Entry - 10.
Set TP at Entry + 5.

Set a Sell order as above, but based on the Low of the day.
One order cancels the other.
Cancel any pending order not triggered the next day.

On the face of it, this has a negative r:r. But if the entry order is triggered, what are the odds that price will reverse within 5 pips and retreat 10 pips? The trade should only last minutes.

Of course, 5 pips doesn't sound earth-shattering. But you can either ramp up the leverage or spread out the attack to bring in other low spread targets like GBP/USD, EUR/GBP, DJIA etc.

Anyroad, worth a try.....
 
I'm not going to say it won't work, but if it did, everybody would be doing it then. Demo it and see what happens. In fact I will demo it and see how it works out.
 
You're assuming a couple of things which aren't well based yet. Firstly, that everyone would do this because if I told them it worked for me. Many wouldn't believe me and it wouldn't suit many people's trading style - they would continue to strive in different directions, possibly using methodologies they have invested significant work and development into. Many wouldn't believe something so simple could work without already having been discovered.

But a proper demo run would be very helpful, do please go ahead and let us know the outcome.

However, I am starting to wonder if my SB company will want to restrict me using this strategy if I consistently start to take money out of the system via trades which only last 5 pips or a few seconds. I'm wondering if they would say this leaves them exposed to risk of meeting my gains without them having reasonable opportunity to match them in the market. And is this the reason why everyone isn't doing it?.........
 
e.g. There is a rule in T&C that you can't take unfair advantage of the firm's services through setting large numbers of orders for which you do not have sufficient margin if these were triggered. No matter that it would be unlikely all would be triggered and all would run simultaneously, and no matter that the firm will cancel any order which is due to be executed but for which there is insufficient margin.
 
You're assuming a couple of things which aren't well based yet. Firstly, that everyone would do this because if I told them it worked for me.
Your comment is strange. It would seem to imply you're the only one doing this.
 
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