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Monthly Profit - Daily Trading using SMA

  • #9,441
  • Oct 31, 2017 2:33am Oct 31, 2017 2:33am
Quoting adius7
{quote} thank you. Monday standing in the transaction {image}
Well done adius7!
I used to be indecisive but now I'm not so sure...
  • #9,442
  • Nov 1, 2017 8:40am Nov 1, 2017 8:40am
Hey, i'm new. Both at forexfactory and trading this strategy. What are the thoughts about this one i took yesterday?
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  • #9,443
  • Edited 12:12pm Nov 1, 2017 12:02pm | Edited 12:12pm
Quoting Jonasstig
Hey, i'm new. Both at forexfactory and trading this strategy. What are the thoughts about this one i took yesterday?{image}
Hi Jonasstig and welcome.
It looks good. I had identified a short setup a few days ago but it has since u-turned obviously. However my inverse hedging stop level at 1.1665 has not been reached (yet?) Don't forget to trail your S/L at the daily close.
Just one question : what are your moving average parameters please? It differs substantially from mine.
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I used to be indecisive but now I'm not so sure...
  • #9,444
  • Nov 1, 2017 12:07pm Nov 1, 2017 12:07pm
Hey, thank you for your reply. How should I trail it? - where to put it? - can't remember reading anything about in the posts

I'm using tradingview.com as my chart provider. And I've set my length to 5
  • #9,445
  • Edited 12:29pm Nov 1, 2017 12:16pm | Edited 12:29pm
Quoting Jonasstig
Hey, thank you for your reply. How should I trail it? - where to put it? - can't remember reading anything about in the posts
Look at post nr.1 Bk8 recommended to manually trail your stop-loss at the opening of a new daily session at +/- 15 pips above/below the highest/lowest of the daily candlestick that just closed, every day as long as the setup keeps running.
It looks you have a smoothed moving average on your chart and not the simple moving average. Just for your information when you read SMA it stands for simple moving average. Smoothed moving average is abreviated SSMA.
For the m.a. here are the settings
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I used to be indecisive but now I'm not so sure...
  • #9,446
  • Nov 1, 2017 12:26pm Nov 1, 2017 12:26pm
hmm, weird.. I can't change it at tradingview.. Not sure about where to put the SL when a new candle appears - do you have an example ?

Is this Better?
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  • #9,447
  • Nov 1, 2017 12:37pm Nov 1, 2017 12:37pm
Quoting Jonasstig
hmm, weird.. I can't change it at tradingview.. Not sure about where to put the SL when a new candle appears - do you have an example ?
Please read post nr. 1 carefully.
I used to be indecisive but now I'm not so sure...
  • #9,448
  • Nov 1, 2017 12:46pm Nov 1, 2017 12:46pm
Quoting Filipo1
{quote} Please read post nr. 1 carefully.
Sure i have - Just a bit unsure about the stoploss
  • #9,449
  • Nov 1, 2017 1:02pm Nov 1, 2017 1:02pm
Quoting Jonasstig
Hey, i'm new. Both at forexfactory and trading this strategy. What are the thoughts about this one i took yesterday?{image}
Hello and welcome to the thread Jonas Stig.
All the best to all of you. But don't follow me. I am a learner.
  • #9,450
  • Nov 1, 2017 1:12pm Nov 1, 2017 1:12pm
Quoting Jonasstig
{quote} Sure i have - Just a bit unsure about the stoploss
In your case, SL goes below the previous candle - 15 pips (150 points). However, you can feel free to put the SL at Breakeven to reduce risk. Actually this depends on you.
  • #9,451
  • Nov 1, 2017 1:25pm Nov 1, 2017 1:25pm
Quoting mw108
{quote} In your case, SL goes below the previous candle - 15 pips (150 points). However, you can feel free to put the SL at Breakeven to reduce risk. Actually this depends on you.
Ahh.. now i get it And just to clarify, if I were to have two buys open, i would close one of them when the candle closes, and let the other one run?
  • #9,452
  • Nov 2, 2017 9:03am Nov 2, 2017 9:03am
Hi i am new to this thread. Thanks to BK8 and all other friends for their contributions...Thanks to all.
  • #9,453
  • Nov 2, 2017 9:47am Nov 2, 2017 9:47am
Quoting Jonasstig
{quote} Ahh.. now i get it And just to clarify, if I were to have two buys open, i would close one of them when the candle closes, and let the other one run?
Correct. That's said on page no 1 by BK8.
Of course you can als use your own TP-rules.
  • #9,454
  • Nov 2, 2017 9:54am Nov 2, 2017 9:54am
AUDUSD could form a setup.

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  • #9,455
  • Nov 2, 2017 7:39pm Nov 2, 2017 7:39pm
Quoting velu
Hi i am new to this thread. Thanks to BK8 and all other friends for their contributions...Thanks to all.
Hello and welcome.
All the best to all of you. But don't follow me. I am a learner.
  • #9,456
  • Nov 3, 2017 4:29am Nov 3, 2017 4:29am
Hi everyone

I am seriously thinking of starting a new thread using this system or similar (people can chose) on the 240 minute (4 hr) chart

Maybe I'm wrong but I think the BB's are using the 4 hr charts for setting targets and quite frankly ( IMHO) the 4 hr chart is much easier to trade then the daily chart, if one is wanting to trade higher time frames
  • #9,457
  • Edited 8:17am Nov 3, 2017 4:51am | Edited 8:17am
Quoting jmtini
Hi everyone I am seriously thinking of starting a new thread using this system or similar (people can chose) on the 240 minute (4 hr) chart Maybe I'm wrong but I think the BB's are using the 4 hr charts for setting targets and quite frankly ( IMHO) the 4 hr chart is much easier to trade then the daily chart, if one is wanting to trade higher time frames
Hi jmtini, with the recent roller coaster we have seen on different pairs I am also currently testing a derived system in H4 with SMMA5 and SMMA30 the latter to keep an eye on the daily moving average on the H4 chart.
After seeing Jonasstig chart in post 9442 with SMMA5 I was a bit intrigued to check how it could possibly help to get more reliable setup and I wanted to give it a try for a while.
But in fact after checking SMMA5 on close (red line on chart below) is just the same as EMA10 on close (in blue on the chart below) so I will stick with original SMA5,0 on close even if in this particular case EMA10 wouldn't have triggered a long setup signal on the daily chart.
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I used to be indecisive but now I'm not so sure...
  • #9,458
  • Nov 3, 2017 4:52am Nov 3, 2017 4:52am
Quoting jmtini
Hi everyone I am seriously thinking of starting a new thread using this system or similar (people can chose) on the 240 minute (4 hr) chart Maybe I'm wrong but I think the BB's are using the 4 hr charts for setting targets and quite frankly ( IMHO) the 4 hr chart is much easier to trade then the daily chart, if one is wanting to trade higher time frames
Very good idea! I would take part and try to give some input.
Honestly I also feel a bit more comfortable using the 4h timeframe.
  • #9,459
  • Nov 3, 2017 8:51am Nov 3, 2017 8:51am
Quoting Filipo1
{quote} Hi jmtini, with the recent roller coaster we have seen on different pairs I am also currently testing a derived system in H4 with SMA5 and SMA30 the latter to keep an eye on the daily moving average on the H4 chart.
An illustration with EURCHF. Personally in H4 I will privilege Fibonacci retracement over Bollinger bands.
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I used to be indecisive but now I'm not so sure...
  • #9,460
  • Nov 3, 2017 9:37am Nov 3, 2017 9:37am
Filipo and Malu thanks so much for your comments and input. OK, I will start it over the weekend. I have had good recent success using the 4 hr chart especially on GBPAUD and have picked up about 90 pips - could have got a lot more if I had kept the trades open but that's the old story!

I will post my charts as well and also projected targets which one can see more clearly I think on H4

In the meantime , here's my GA chart and showing the trades I got. My chart is nice and easy to read and project targets
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