Right, I’ve been getting quite a few e-mails about my settings for TUFXP even though I’ve already explained so I’ll go over it once more here.
I use a PTP intensity of 10, a trailing stop of 5 bars, and I run both 5 minute and 10 minute charts on the GBP/USD and EUR/USD. So I have four windows open on my screen, with the 5 minutes at the top and the 10 minute underneath.
Now, you will miss a lot of trades with this intensity, and I do realise this, but I have just found that my settings seem to work well (as those of you that have been following this for the last couple of months will have seen).
When a PTP alert happens it must be on both 5 and 10 minute charts. As soon as the circles appear on both, use the $ tool and drag to the right on both so that it draws in the automatic lines for you. You will then get an entry point on both charts. Sometimes the entry point will be the same, other times, the 10 minute chart will have an entry point further away than the 5 minute. Since I only trade when I get a confirmed signal (the circles fill in when the price hit’s the entry point) on BOTH 5 and 10 minute charts, if the 10 minute chart has an entry point further away, you will have to wait until it hit’s the entry point on the 10 minute chart. Sometimes it doesn’t hit this point and so I don’t trade… often it will retrace and be a losing trade on the 5 minute, so it has saved me from this. Other times, like today, waiting for the 10 minute means I lose more pips on a losing trade… but overall doing it this way has worked well.
I always follow the trailing stop on 5 minute chart though as this locks in more profit on a winning trade than the 10 minute.
Today is a good example. I had a losing trade this morning on the EUR/USD. Had I entered on the 5 minute chart, I would have drawn about even, but as you can see from the 10 minute chart in the picture below, the entry point was further away and I ended up losing 14 pips overall. Fortunately, the price had retraced almost immediately upon hitting the entry confirmation so I got in at a slightly better price.
This afternoon, however, you can see that the entry point on both the 5 and 10 minute charts was the same. A confirmed signal on both and I entered long. It was a long afternoon it turned out but I made a decent 92 pips profit on the GBP/USD making a very acceptable 78 pips profit on the day: