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Monthly Profit - Daily Trading using SMA

  • #9,121
  • Sep 22, 2017 6:53am Sep 22, 2017 6:53am
Quoting jmtini
{quote} 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
I see. And yes it makes sense to get a better view.
I did' want to start a discussion if the strategy makes sense on an 1h basis. Thinks that was discussed on the pages before.
But thanks for clarification.
  • #9,122
  • Edited 9:14am Sep 22, 2017 7:00am | Edited 9:14am
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?
Hello
You could study this - and demo for a while, to see if it fits you.
It is a thread/system BK8 also made about 1H. It is built on about the same strategy as this one here 1D
All the best.
https://www.forexfactory.com/showthread.php?t=605254
All the best to all of you. But don't follow me. I am a learner.
  • #9,123
  • Sep 22, 2017 8:03am Sep 22, 2017 8:03am
Quoting Oddbjorg
{quote} Hello You could study this - and demo for a while, to see if it fits you. It is a thread/system BK8 also made about 1H. It is built on about the same strategy as this one here 1D All the best.
Hi Oddbjorg,
thanks. Wasn't sure what you mean with "this" but I found the other thread from BK8.

Regarding the the strategy discussed here , may I ask you something.
BK8's strategy is to open two trades at the beginning. On should run, but the other one (let's name it trade 2) should be closed at the end of the day.
Let's assume that trade 2 has no profit at the end of the day and the SL is not triggered too - so the trade has a small loss. Do you close that one anyway or let it run the following days too until it reaches your TP ( what could be another TL level than for trade 1).
  • #9,124
  • Sep 22, 2017 9:18am Sep 22, 2017 9:18am
Quoting candyman752
I have taken the liberty of modifying some EA to meet the various setups shown in this thread. Sadly you have to determine the stop loss yourself it is suggested between 150 to 250 pips.if you put stoploss 0, it will use a system i tried to generate based where a position is opened in relation to bollinger bands 20. Suggestion put the EA on demo account. When it does open a trade go have a look at that pair and see if it lines. Also setups could not include fib or trend line. Just purely bollinge bands stochastic and 5 day simple moving average....
these indicator doesn't work or I'm placing in wrong place?
  • #9,125
  • Sep 22, 2017 10:48am Sep 22, 2017 10:48am
250 pip stop loss? I'd have a heart attack!

When I opened the EURNZD trade I put an 8 pip SL. Very rarely do I set a higher SL then 10 pips

That's the whole reason for using the lower time frame (1 hr) to open a trade once we were looking for rejection on the daily. By using the lower time frame to open the trade we can utilise a much smaller SL setting.

Now +60 pips on EURNZD
Attached Image (click to enlarge)
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  • #9,126
  • Sep 22, 2017 11:12am Sep 22, 2017 11:12am
Quoting jmtini
250 pip stop loss? I'd have a heart attack! When I opened the EURNZD trade I put an 8 pip SL. Very rarely do I set a higher SL then 10 pips That's the whole reason for using the lower time frame (1 hr) to open a trade once we were looking for rejection on the daily. By using the lower time frame to open the trade we can utilise a much smaller SL setting. Now +60 pips on EURNZD {image}
True to use 1h for good timing to get a fine entry.
I am in the same position but opened it to early this morning. Now it came in my direction, too.
  • #9,127
  • Sep 22, 2017 1:48pm Sep 22, 2017 1:48pm
Quoting jmtini
250 pip stop loss? I'd have a heart attack! When I opened the EURNZD trade I put an 8 pip SL. Very rarely do I set a higher SL then 10 pips That's the whole reason for using the lower time frame (1 hr) to open a trade once we were looking for rejection on the daily. By using the lower time frame to open the trade we can utilise a much smaller SL setting. Now +60 pips on EURNZD {image}
Any suggestions to those who is limited by time, and have an access to the charts only for a few (1-2) hours a day (mainly evening).

Bacause I got into trading like month or two ago. Was spending almost all my free time learning the basics and from august was testing some strategies you guys developed and shared on this forum. So I stick to this one because it fits my shcedule. And if you can give some advise for when I should check the market (during the day), I will be very thankful.
  • #9,128
  • Sep 22, 2017 2:57pm Sep 22, 2017 2:57pm
Quoting A13x3y
{quote} Any suggestions to those who is limited by time, and have an access to the charts only for a few (1-2) hours a day (mainly evening). Bacause I got into trading like month or two ago. Was spending almost all my free time learning the basics and from august was testing some strategies you guys developed and shared on this forum. So I stick to this one because it fits my shcedule. And if you can give some advise for when I should check the market (during the day), I will be very thankful.
I guess that was also the intention of BK8's strategy. Following the strategy you could check in the evening ( near close of the market) if the setup is formed in any cc pair. Then in the following morning (close to opening) you could place your order in the market for the case that you did identify the right setup.
Just my 2 cents.
  • #9,129
  • Sep 22, 2017 4:12pm Sep 22, 2017 4:12pm
Quoting Malu
{quote} Hi Oddbjorg, thanks. Wasn't sure what you mean with "this" but I found the other thread from BK8. Regarding the the strategy discussed here , may I ask you something. BK8's strategy is to open two trades at the beginning. On should run, but the other one (let's name it trade 2) should be closed at the end of the day. Let's assume that trade 2 has no profit at the end of the day and the SL is not triggered too - so the trade has a small loss. Do you close that one anyway or let it run the following days too until it reaches your TP...
Hello
Nice good question.
May not be so easy to talk about in general.
But putting Sl 15- and going out with trade 1 if it is +
If the + is 3 candles I go out with of them both or let trade 2 go on with thight sl. Depends on funds.
We could have some print screen of charts on some occasion.
Have you seen where you can see all images people have left on the thread?
They are so educative. I live of them. Tell me if you know what I mean, or I can make an example here for you with f x Bk8 images, how to get to them and the others.
All the best.
I have closed down for the weekend, and start monday evening to see if there is a set up. People usually start Sunday evening at 22.00 gmt. But it has not worked so well for me.
All the best to all of you. But don't follow me. I am a learner.
  • #9,130
  • Sep 23, 2017 1:26am Sep 23, 2017 1:26am
Quoting Oddbjorg
{quote} Have you seen where you can see all images people have left on the thread? They are so educative. I live of them. Tell me if you know what I mean, or I can make an example here for you with f x Bk8 images, how to get to them and the others.
To be honest I haven't seen them, so would be great if you could guide me how to get to them.
Thanks in advance and you have a nice weekend. Let's see what the election here in Germany brings to the market.
  • #9,131
  • Sep 23, 2017 3:59am Sep 23, 2017 3:59am
Quoting A13x3y
{quote} Any suggestions to those who is limited by time, and have an access to the charts only for a few (1-2) hours a day (mainly evening). Bacause I got into trading like month or two ago. Was spending almost all my free time learning the basics and from august was testing some strategies you guys developed and shared on this forum. So I stick to this one because it fits my shcedule. And if you can give some advise for when I should check the market (during the day), I will be very thankful.
If you want my advice (and I've been trading for a long time!) you need to understand what is actually driving the market. Then you can make good money with this system. I was watching a video a few days ago about market forces and how to trade with the banks rather then against them which is the reason so many traders fail. What the guy said essentially is that most traders are taught the "how" and the "when" about trading strategies but the most important part which is the WHY price movement occurs is not taught! If one can grasp the "why" price movement is occurring in a certain direction, it makes life so much easier. For instance, when a counter-trend move occurs, traders will often pile in thinking that it's a trend change which in actuality it's simply the big boys looking for liquidity. This is called "accumulation". An example of this is probably EURNZD from yesterday. The price was rising nicely and suddenly it fell. Once the big boys had accumulated enough liquidity, they pushed the price back down again.
The banks very often use the the Asian session for this process which is why the daily high/low is many times at the end of the Asian session. If you check out GBPAUD from yesterday (as an example), it's a very good example of this process in action.
  • #9,132
  • Sep 23, 2017 4:30am Sep 23, 2017 4:30am
I would be very wary about opening a trade or placing a buy/sell stop order willy-nilly on the daily chart. Why I say this is because of fundamental news events which occur regularly and can completely change the dynamics and are often sneakily used by the big boys to get quick and easy liquidity at the expense of hundreds or thousands of traders.

Here's a great example of what I'm talking about. GBPUSD on Thursday. I guarantee to you that there were lots and lots of traders with buy stops around the 1.3600 / 1.3650 area. All of their stops were taken out! It was a nasty, naked stop hunt but that's how they operate! Of course if you had bought from the 1.30/31 area and were still in the trade, it didn't really affect you but those newcomers who were hoping to catch a ride up to the 1.40 area were most probably taken out
Attached Image (click to enlarge)
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  • #9,133
  • Sep 23, 2017 11:51am Sep 23, 2017 11:51am
Quoting jmtini
{quote} If you want my advice (and I've been trading for a long time!) you need to understand what is actually driving the market. Then you can make good money with this system. I was watching a video a few days ago about market forces and how to trade with the banks rather then against them which is the reason so many traders fail. What the guy said essentially is that most traders are taught the "how" and the "when" about trading strategies but the most important part which is the WHY price movement occurs is not taught! If one can grasp the "why"...
Hi jmtini,
This is definitely sound advice. Would you mind sharing that video link you talked about above?
  • #9,134
  • Sep 23, 2017 12:27pm Sep 23, 2017 12:27pm
Quoting Malu
{quote} To be honest I haven't seen them, so would be great if you could guide me how to get to them. Thanks in advance and you have a nice weekend. Let's see what the election here in Germany brings to the market.
Hello
Made some printscreens for you, so you can know how to come to members images and text to them.
https://www.forexfactory.com/showthr...8#post10321408
Just reply again, if something is not clear
Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #9,135
  • Sep 23, 2017 12:36pm Sep 23, 2017 12:36pm
Quoting Oddbjorg
{quote} Hello Made some printscreens for you, so you can know how to come to members images and text to them. https://www.forexfactory.com/showthr...8#post10321408 Just reply again, if something is not clear Oddbj.
Thanks a lot for your effort - that's great. Got it and I understand. Wil check within the next days.
I just don't know why I can't upload charts. But that I will figure out , too.
  • #9,136
  • Sep 24, 2017 4:37am Sep 24, 2017 4:37am
Quoting lctrader11
{quote} Hi jmtini, This is definitely sound advice. Would you mind sharing that video link you talked about above?
With pleasure. Here we go:

Some really insightful stuff. It's quite long but I really would encourage you to watch the whole thing. He really does burst some cherished bubbles!

"It is said that around 95% of retail traders are consistently on the losing side of the trade and will generally have their account wiped out within 6 months"


Inserted Video
  • #9,137
  • Sep 24, 2017 10:14am Sep 24, 2017 10:14am
Thanks jmtini.
A few pairs in continuation,no new setup today for me.
Happy trading.
Attached Image(s) (click to enlarge)
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I used to be indecisive but now I'm not so sure...
  • #9,138
  • Sep 24, 2017 3:13pm Sep 24, 2017 3:13pm
Quoting Filipo1
Thanks jmtini. A few pairs in continuation,no new setup today for me. Happy trading. {image} {image} {image} {image}

They look good thanks

What about EURCAD after last Friday's negative CAD news? Looks good now for a couple hundred pips at least
Attached Image (click to enlarge)
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  • #9,139
  • Edited Sep 25, 2017 12:17am Sep 24, 2017 3:48pm | Edited Sep 25, 2017 12:17am
Quoting jmtini
{quote} They look good thanks What about EURCAD after last Friday's negative CAD news? Looks good now for a couple hundred pips at least {image}
It is true that it looks very similar to the USDCAD chart however I am overall a bit more worried for the EUR than the USD. In addition I do not feel comfortable with the level where EURCAD stopped, right on a old support/resistance line and finally I miss the sharp MACD bullish divergence that I have on the USDCAD.
Attached Image (click to enlarge)
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I used to be indecisive but now I'm not so sure...
  • #9,140
  • Sep 25, 2017 2:53am Sep 25, 2017 2:53am
Quoting jmtini
I would be very wary about opening a trade or placing a buy/sell stop order willy-nilly on the daily chart. Why I say this is because of fundamental news events which occur regularly and can completely change the dynamics and are often sneakily used by the big boys to get quick and easy liquidity at the expense of hundreds or thousands of traders. Here's a great example of what I'm talking about. GBPUSD on Thursday. I guarantee to you that there were lots and lots of traders with buy stops around the 1.3600 / 1.3650 area. All of their stops were...
I would totally agree. Same happened with with EURNZD last night - I guess. Market was moved up and stopps were triggered. Then in the morning you get out of the bed, your stopp is executed and the market is on the same level then before.
Just my conclusion.
By the way: thanks for the Video. Verry interesting.
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