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Monthly Profit - Daily Trading using SMA

  • #9,101
  • Sep 20, 2017 7:56am Sep 20, 2017 7:56am
Quoting Filipo1
{quote} I would overweight (reasonably) the best ones but when you take many positions in different pairs it is important to keep in mind the cumulated risk on one given currency. Like for instance on the pairs I have shown last Saturday were all long NZD.
I see. Thanks for the advice
  • #9,102
  • Sep 20, 2017 8:37am Sep 20, 2017 8:37am
Hello all.
Yes, I just want to say thank you for all the help I have received from all of you.

The system works - and -
Yes, there were diverse recomandations on the way - which we could benefit of - f.ex.
- sma only to be 5 and nothing more
- sma not pointing flat or opposite direction
- prefer already having one or two candles before going in
- keeping an good eye on it - or tigthen sl after 3 candles
- relate a bit to s r

And well, and then all the other things you have been teaching me, including admitting it does not pay to be gready, and that there are periods where you don't trade (for me that is) and you others don't trade this system.

Being an oldtimer here, does not say I am a prof in this. By far not. I see many of you traders discover setups that I don't.
When I found this BK8 thread, both H and D, I felt like I had tried all indicators under the sun, but not with succes.
I have now started to snooze around again in those other systems, but I am not good at those yet.

The only reason I dare to come here and say what I think, is because BK8 invited us to. But I know my expressions are not prof.
Feel free to reply if I have not been clear in what I explain.

All the best and thank you.

Kind regards.
Oddbjørg
All the best to all of you. But don't follow me. I am a learner.
  • #9,103
  • Edited 11:00am Sep 20, 2017 10:28am | Edited 11:00am
Well in my view the system works only on clear break out of the central BB line. Very often the central BB line serves as an area of support/resistance so I find it amazing that people are totally ignoring this fact. Once the central BB line has been clearly breached and perhaps retested the trade is valid

Here's a perfect example - EURNZD
Attached Image (click to enlarge)
Click to Enlarge Name: EURNZDDaily.png Size: 60 KB
  • #9,104
  • Sep 20, 2017 11:31am Sep 20, 2017 11:31am
Quoting jmtini
Well in my view the system works only on clear break out of the central BB line. Very often the central BB line serves as an area of support/resistance so I find it amazing that people are totally ignoring this fact. Once the central BB line has been clearly breached and perhaps retested the trade is valid Here's a perfect example - EURNZD {image}
Central bb is just a moving average.
So many in the Commercial section want to make me rich! :o
  • #9,105
  • Sep 20, 2017 1:05pm Sep 20, 2017 1:05pm
Quoting jmtini
Well in my view the system works only on clear break out of the central BB line. Very often the central BB line serves as an area of support/resistance so I find it amazing that people are totally ignoring this fact. Once the central BB line has been clearly breached and perhaps retested the trade is valid Here's a perfect example - EURNZD {image}
You are on the right track jmtini https://www.luckscout.com/how-to-use...stock-trading/
I used to be indecisive but now I'm not so sure...
  • #9,106
  • Sep 20, 2017 5:08pm Sep 20, 2017 5:08pm
No new trade.
Just holding on to Gu from before a bit more
Just keeping NA you pointed on, Filipo1 on the 16. Sept.
All the best to all of you. But don't follow me. I am a learner.
  • #9,107
  • Sep 20, 2017 8:22pm Sep 20, 2017 8:22pm
Quoting jmtini
Well in my view the system works only on clear break out of the central BB line. Very often the central BB line serves as an area of support/resistance so I find it amazing that people are totally ignoring this fact. Once the central BB line has been clearly breached and perhaps retested the trade is valid Here's a perfect example - EURNZD {image}
So this pair would be valid to go Long since the central BB line is clearly breaches?

Attached Image (click to enlarge)
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  • #9,108
  • Sep 21, 2017 2:14am Sep 21, 2017 2:14am
Quoting vAmZaI
{quote} So this pair would be valid to go Long since the central BB line is clearly breaches? {image}

I would look for a retest first. What about EURCAD rather? Of course one would go down to the 1hr chart for confirmation
Attached Image (click to enlarge)
Click to Enlarge Name: EURCADDaily.png Size: 53 KB
  • #9,109
  • Sep 21, 2017 3:39am Sep 21, 2017 3:39am
Quoting jmtini
{quote} I would look for a retest first. What about EURCAD rather? Of course one would go down to the 1hr chart for confirmation {image}
Hi jmtini, this pair does not comply with this strategy's pre-requisite and we should primarily wait for SMA5 to be oriented downward to enter short. BB is an optional tool in this strategy like MACD for me.
All the best.
I used to be indecisive but now I'm not so sure...
  • #9,110
  • Sep 21, 2017 4:20am Sep 21, 2017 4:20am
Quoting Filipo1
{quote} Hi jmtini, this pair does not comply with this strategy's pre-requisite and we should primarily wait for SMA5 to be oriented downward to enter short. BB is an optional tool in this strategy like MACD for me. All the best.
I understand what you're saying. But the 5 sma of course is also just a moving average! What you're saying is the the 5 sma should roughly indicate that price is moving away from the central BB line (20 sma) which of course is vital. Whether it be the 5 min chart or the daily chart, price action has to be moving away from the moving average. At the moment, on EURCAD price is moving toward the central BB line on the daily chart so no trade. However tomorrow if the retest is rejected, what I'm saying is you have a valid trade as price action should start moving rapidly away from the central BB line.

However if one makes it a practice to go down to the 1 hr chart before entering a trade, one should not ever be caught out. See the chart below. The horizontal blue line represents the central BB area on the daily chart. As one can see we are at that critical point right now (as can be seen on the chart). So one would watch the hourly chart very carefully to see if the rejection takes place or not. Hopefully this will save people from constantly entering losing trades. Hope it helps anyway.
Attached Image (click to enlarge)
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  • #9,111
  • Sep 21, 2017 4:51am Sep 21, 2017 4:51am
Quoting jmtini
{quote} I understand what you're saying. But the 5 sma of course is also just a moving average! What you're saying is the the 5 sma should roughly indicate that price is moving away from the central BB line (20 sma) which of course is vital. Whether it be the 5 min chart or the daily chart, price action has to be moving away from the moving average. At the moment, on EURCAD price is moving toward the central BB line on the daily chart so no trade. However tomorrow if the retest is rejected, what I'm saying is you have a valid trade as price action...
It definitely makes sense to have a multi-timeframes approach, and your suggestion matches what mizi123 mentioned a while ago in the thread.
Speaking of multi-timeframes you could be interested in checking the SpartanTrader strategy from Nikos Mermigas and his excellent top-down analysis from weekly to 5m.
I used to be indecisive but now I'm not so sure...
  • #9,112
  • Sep 22, 2017 2:28am Sep 22, 2017 2:28am
Good morning,
I am a new member and after reading the first 150 pages of this thread, I decided to join the forum, as I am really interested in this strategy and trading strategies in general. I think I understand the strategy from BK8, but nevertheless I would have some questions:
- is ist correct, that the entry is on the following day after the signal candle (which crossed the SMA) has formed. so the entry would be the opening (or near the opening) of the next day?
- lets assume the signal candle opens below the SMA . is that also a valid signal for this strategy or has there be cross of the SMA? (so candle 1 is above SMA, candle 2 (=signal candle) opens below SMA).
Hope to improve my understanding here, and hope my questions are not that silly. ;-)
Thanks in advance.
Malu
  • #9,113
  • Edited 3:51am Sep 22, 2017 3:32am | Edited 3:51am
Quoting Malu
Good morning, I am a new member and after reading the first 150 pages of this thread, I decided to join the forum, as I am really interested in this strategy and trading strategies in general. I think I understand the strategy from BK8, but nevertheless I would have some questions: - is ist correct, that the entry is on the following day after the signal candle (which crossed the SMA) has formed. so the entry would be the opening (or near the opening) of the next day?
e...
Hi Malu,
1)Yes you enter on next opening after the close of the candlestick sending the signal.
2)You can consider it as a valid signal provided that the SMA5 is pointing downward in your example. For stop-loss I would consider candles 1 and 2 as unique and place s/l at +15 pips above highest point of candle 1.
I used to be indecisive but now I'm not so sure...
  • #9,114
  • Sep 22, 2017 4:08am Sep 22, 2017 4:08am
Quoting Filipo1
{quote} Hi Malu, 1)Yes you enter on next opening after the close of the candlestick sending the signal. 2)You can consider it as a valid signal provided that the SMA5 is pointing downward in your example. For stop-loss I would consider candles 1 and 2 as unique and place s/l at +15 pips above highest point of candle 1.
Thanks Filipo for your prompt answer. Would you agree that AUDUSD would fit to the criteria of the strategy?
( don't know why , but I wasn't able to upload the screenshot from my iPad, sorry)
  • #9,115
  • Sep 22, 2017 5:06am Sep 22, 2017 5:06am
Quoting Malu
{quote} Thanks Filipo for your prompt answer. Would you agree that AUDUSD would fit to the criteria of the strategy? ( don't know why , but I wasn't able to upload the screenshot from my iPad, sorry)
Yes definitely and retracement offers an excellent opportunity to enter short.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20170922-121116.png Size: 206 KB
I used to be indecisive but now I'm not so sure...
  • #9,116
  • Sep 22, 2017 5:13am Sep 22, 2017 5:13am
Guys EURNZD

Could be an excellent short opportunity opening up

Looks like a possible rejection on Daily. Here's the 1 hour:
Attached Image (click to enlarge)
Click to Enlarge Name: EURNZDH1.png Size: 68 KB
  • #9,117
  • Sep 22, 2017 5:18am Sep 22, 2017 5:18am
Quoting Malu
{quote} Thanks Filipo for your prompt answer. Would you agree that AUDUSD would fit to the criteria of the strategy? ( don't know why , but I wasn't able to upload the screenshot from my iPad, sorry)
I would not go short AUDUSD because there is a strong uptrend developing. Rather go long. Here is the 1 hour chart:
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDH1.png Size: 63 KB
  • #9,118
  • Sep 22, 2017 5:28am Sep 22, 2017 5:28am
Quoting jmtini
{quote} I would not go short AUDUSD because there is a strong uptrend developing. Rather go long. Here is the 1 hour chart: {image}
Could be Fibonacci will tell
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20170922-122751.png Size: 216 KB
I used to be indecisive but now I'm not so sure...
  • #9,119
  • Sep 22, 2017 6:03am Sep 22, 2017 6:03am
Quoting jmtini
{quote} I would not go short AUDUSD because there is a strong uptrend developing. Rather go long. Here is the 1 hour chart: {image}
Yes that's a fair point.
The reason for my question was, whether I interpretate the strategy correctly or not - regarding the strategy rules.
But I agree that some other indicators could be added.

Did I understand you right , that you are using 1 h charts applying Bk8's strategy?
  • #9,120
  • Sep 22, 2017 6:41am Sep 22, 2017 6:41am
Quoting Malu
{quote} Yes that's a fair point. The reason for my question was, whether I interpretate the strategy correctly or not - regarding the strategy rules. But I agree that some other indicators could be added. Did I understand you right , that you are using 1 h charts applying Bk8's strategy?
I don't want to mess up the rules here but I am only suggesting that you get lower time frame confirmation before entering a trade. Often the daily chart is not showing the lower time frame trend which may be in the opposite direction. I think it is important to open a trade when you have all the time frames in agreement. Hope this makes sense
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