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Monthly Profit - Daily Trading using SMA

  • #9,401
  • Oct 19, 2017 3:11pm Oct 19, 2017 3:11pm
Hello! what do you think about this signal?
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  • #9,402
  • Oct 19, 2017 3:31pm Oct 19, 2017 3:31pm
Quoting adius7
Hello! what do you think about this signal? {image}
Worth Just calculate RR thats it all
  • #9,403
  • Oct 19, 2017 3:47pm Oct 19, 2017 3:47pm
Quoting mizi123
{quote} Worth Just calculate RR thats it all
It is possible more in detail. I only study
  • #9,404
  • Oct 19, 2017 4:04pm Oct 19, 2017 4:04pm
Quoting adius7
{quote} It is possible more in detail. I only study
Here is the entire idea of strategy and what you need to do if you dont understand read the thred.
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  • #9,405
  • Oct 19, 2017 4:09pm Oct 19, 2017 4:09pm
1 smart trader say: Average performance of a trader is to not be profitabil at all on 0 level.... so you finde the place of your self in all these jungle
  • #9,406
  • Oct 19, 2017 4:09pm Oct 19, 2017 4:09pm
Quoting mizi123
{quote} Here is the entire idea of strategy and what you need to do if you dont understand read the thred. {image}
Thank you friend. I will take note
  • #9,407
  • Oct 19, 2017 7:26pm Oct 19, 2017 7:26pm
Quoting adius7
Hello! what do you think about this signal? {image}
For me, I don't have confident over this trade, as the lower wick may indicate the price will go up again. You may look at EURUSD for compare, as both are related and is the opposite way for both. EURUSD BB range is so small and at the upper BB. Thus, for me, I won't risk this trade

No setup for me this whole week, hope for next week. Cheers.
  • #9,408
  • Oct 19, 2017 7:56pm Oct 19, 2017 7:56pm
Quoting eddytan72
{quote} For me, I don't have confident over this trade, as the lower wick may indicate the price will go up again. You may look at EURUSD for compare, as both are related and is the opposite way for both. EURUSD BB range is so small and at the upper BB. Thus, for me, I won't risk this trade No setup for me this whole week, hope for next week. Cheers.
thanks for the help
  • #9,409
  • Oct 19, 2017 9:25pm Oct 19, 2017 9:25pm
Quoting adius7
{quote} thanks for the help
If you have taken the trade, it should be SL by now
  • #9,410
  • Oct 19, 2017 10:22pm Oct 19, 2017 10:22pm
Quoting eddytan72
{quote} If you have taken the trade, it should be SL by now
Yes. SL worked
  • #9,411
  • Edited 11:59pm Oct 19, 2017 11:43pm | Edited 11:59pm
Quoting adius7
Hello! what do you think about this signal? {image}
Hello adius7,

The main point for me on your chart is that SMA5 was flat = no trade.

I agree with most of what was already explained by other contributors except that Bk8 does not mention to enter below/above the high/low of the signal candlestick but to enter right after its close. If not as it was discussed by some other traders here it is advisable to take a look at H4 and even H1 to see where price action is going to enter in position with less risk by reducing the distance to stop-loss should short-term action be against the daily setup direction. This is especially true with long crossing candlestick. However S/L has to be placed initially at least at +/- 15 pips from signal candlestick high/low on the daily timeframe. Then if the setup goes well you have to trail your S/L on a daily basis applying the same rules but to the candlestick that just closed.
Regarding TPs if Bk8 recommended to enter in 2 positions with TP1 at RR 1:1, TP2 is not predetermined as he also recommended to leave it running until price action sends an inverse signal on the daily timeframe.
I used to be indecisive but now I'm not so sure...
  • #9,412
  • Oct 20, 2017 5:13am Oct 20, 2017 5:13am
GBPJPY

Its a seesaw!

The question is: Are the BB's looking for liquidity to break through downwards or were they yesterday looking for liquidity to break through upwards?? How does one tell? I think the best answer is to just go with the flow and I am adjusting my trading accordingly (more on that over the weekend)
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  • #9,413
  • Oct 20, 2017 5:21am Oct 20, 2017 5:21am
EURUSD

Of course a very good way of telling if it's a liquidity hunt as opposed to the true direction (the right side of the trade) is if the move consists of a lot of small candles whereas the counter-move (true direction) is fast and consists of one or two big candles. EU is definitely a good example showing that the correct trend is DOWN
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  • #9,414
  • Oct 20, 2017 11:50pm Oct 20, 2017 11:50pm
Quoting jmtini
GBPJPY Its a seesaw! The question is: Are the BB's looking for liquidity to break through downwards or were they yesterday looking for liquidity to break through upwards?? How does one tell? I think the best answer is to just go with the flow and I am adjusting my trading accordingly (more on that over the weekend) {image}
I guess the answer could be in some big option expiry.
Look at where GBPUSD topped (at European close): 1.32004 on my platform. All GBP crosses saw a big bullish engulfing candlestick as simultaneously the dollar got stronger against mostly anything except GBP of course rising by approximately 1 big figure just on PM May Brexit speech?... That's what mainstream forex media are reporting and I just don't buy it.
I used to be indecisive but now I'm not so sure...
  • #9,415
  • Oct 22, 2017 10:29am Oct 22, 2017 10:29am
addition to the system. I noticed that the candles,which closes line BB (upper/lower) followed by opposite candle.What do you think? Sorry for my English
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  • #9,416
  • Oct 23, 2017 3:23am Oct 23, 2017 3:23am
Quoting adius7
addition to the system. I noticed that the candles,which closes line BB (upper/lower) followed by opposite candle.What do you think? Sorry for my English {image}
Hi adius7, when price action reaches one of the BB it means it is in extension from the equilibrium reprensented by the middle band SMA20. However it does not systematically rebound on it. More interesting are BB piercing pin bar or shooting stars, which are quite often signalling a reversal, and on your chart we are close to this pattern.
I used to be indecisive but now I'm not so sure...
  • #9,417
  • Oct 23, 2017 3:29am Oct 23, 2017 3:29am
Quoting Filipo1
{quote} I guess the answer could be in some big option expiry. Look at where GBPUSD topped (at European close): 1.32004 on my platform. All GBP crosses saw a big bullish engulfing candlestick as simultaneously the dollar got stronger against mostly anything except GBP of course rising by approximately 1 big figure just on PM May Brexit speech?... That's what mainstream forex media are reporting and I just don't buy it.
It looks like the cable is in lack of steam this morning, what happened? Nothing!
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I used to be indecisive but now I'm not so sure...
  • #9,418
  • Oct 23, 2017 9:29am Oct 23, 2017 9:29am
Quoting Filipo1
{quote} Hi adius7, when price action reaches one of the BB it means it is in extension from the equilibrium reprensented by the middle band SMA20. However it does not systematically rebound on it. More interesting are BB piercing pin bar or shooting stars, which are quite often signalling a reversal, and on your chart we are close to this pattern.
Maybe I explained badly
1.Candle of the same color as the previous candle
2.Candle closed above the line BB
3.The next candle(1-2) is formed in the other direction
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  • #9,419
  • Oct 23, 2017 4:01pm Oct 23, 2017 4:01pm
Thoughts on USDCAD Long?
  • #9,420
  • Oct 23, 2017 6:21pm Oct 23, 2017 6:21pm
Quoting lctrader11
Thoughts on USDCAD Long?
Hello.
Looks like the pair has become rather flat.
May be it will go south tomorrow, and then we can have an eye on it on wednesday.
This is just what I think. Hope some of the prof will reply with an good advice for you.
All the best and take care.
Oddbj.
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All the best to all of you. But don't follow me. I am a learner.
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