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Monthly Profit - Daily Trading using SMA

  • #9,481
  • Nov 13, 2017 3:13pm Nov 13, 2017 3:13pm
EN 55% sure.
There might be one more candle left. But I should have gone in yesterday.
Thank you.
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All the best to all of you. But don't follow me. I am a learner.
  • #9,482
  • Nov 14, 2017 4:03am Nov 14, 2017 4:03am
Quoting Oddbjorg
EN 55% sure. There might be one more candle left. But I should have gone in yesterday. Thank you. {image}

Me too Oddbjorg. It was looking perfect for a big rise
  • #9,483
  • Nov 14, 2017 1:24pm Nov 14, 2017 1:24pm
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
I think this would be a good idea, However I think you need to highlight TP Areas. I understand everyone different but to have a discussion on when to get out is as much important as when to get in.

Good luck
  • #9,484
  • Nov 14, 2017 2:08pm Nov 14, 2017 2:08pm
Quoting RieseP
{quote} I think this would be a good idea, However I think you need to highlight TP Areas. I understand everyone different but to have a discussion on when to get out is as much important as when to get in. Good luck
Hi RieseP

What planet did you just arrive from? That thread's been going for nearly two weeks already!

Please go here: https://www.forexfactory.com/showthread.php?t=712391

If you watch the video, read the posts and see the charts you'll understand where we access our targets

Regards
JM
  • #9,485
  • Edited 6:15pm Nov 14, 2017 5:05pm | Edited 6:15pm
Hello
Eur is still interresting.
But, no I will stay put. Got 2x100 pips of EN to day.

Trying to look at Chf.

All the best.
Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #9,486
  • Nov 15, 2017 10:53pm Nov 15, 2017 10:53pm
USDCAD sent a long setup signal
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I used to be indecisive but now I'm not so sure...
  • #9,487
  • Nov 16, 2017 5:17am Nov 16, 2017 5:17am
XBTUSD also sent a nice long setup signal however I trade it exclusively on H1 for obvious reasons. I just translated the 5-day SMA and the 20-day SMA from the B.B. into the hourly panorama.
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I used to be indecisive but now I'm not so sure...
  • #9,488
  • Nov 16, 2017 9:40am Nov 16, 2017 9:40am
Quoting Filipo1
USDCAD sent a long setup signal {image}
Hello
Yes, I passed by that route, but was scared of wicks.
Too scared it is called. Will may be take that with me next time passing by UC.
Thank you.
All the best to all of you. But don't follow me. I am a learner.
  • #9,489
  • Nov 16, 2017 3:38pm Nov 16, 2017 3:38pm
Hello
ChfJpy 60 % sure.
Thank you.
All the best to all of you. But don't follow me. I am a learner.
  • #9,490
  • Nov 17, 2017 1:48am Nov 17, 2017 1:48am
hi,

nice, interessesting and simple system here :-)

Yesterday I dropped the first trades.

What I'm not quite clear yet, is the TP.

When do you finish the trade? At the end of the day? Before news?
with TP? if so where do you set this?

BIG thx
  • #9,491
  • Edited 3:36am Nov 17, 2017 3:00am | Edited 3:36am
Quoting alexf82
hi, nice, interessesting and simple system here :-) Yesterday I dropped the first trades. What I'm not quite clear yet, is the TP. When do you finish the trade? At the end of the day? Before news? with TP? if so where do you set this? BIG thx

Hi alexf82,
Welcome iin the thread.
Here are the recommendations Bk8 left in post nr.1:


Take Profit/Exit

 

  1. Take 2 positions of same setup, and close the first setup after taking profit on same day and leave the another setup to run forever
  2. Keep moving SL for second setup as per S&R
  3. You may exit when candle touches/cross BB top/bottom line.
  4. You may exit from second position if you have minimum 3 candles profit as part of 1:3 strategy.
  5. Must Exit on breakeven if setup goes in opposite direction.


Personally I open 1 position and keep it until either I get an inverse signal or until S/L is hit.
I use S/L only from breakeven when my position is at least 40 pips in profit and trail it as mentionned above.
But never when I enter in position, what I do is to place a hedging inverse stop order in place (like on my USDCAD chart in post nr.9486). Of course doing so my initial position will still be running and I assume the risk on the distance between the 2 entry points, just like you would do anyway with a regular stop-loss.
The difference here is that there is no loss just a stop quite often. Let me explain: when I put an inverse hedging stop order, I will usuall apply a 40 pips trailing stop-loss from entry on it and in case the S/L is triggered (due to retracement in my initial direction) I will link it with a another order to take a second position in the same direction of my initial trade. The reason to do so is to profit from S/L or liquidity hunting you name it. How many traders observed it day after day, S/L get hit and right affter comes the big move in the right direction...

I used to be indecisive but now I'm not so sure...
  • #9,492
  • Nov 17, 2017 3:28am Nov 17, 2017 3:28am
Quoting alexf82
hi, nice, interessesting and simple system here :-) Yesterday I dropped the first trades. What I'm not quite clear yet, is the TP. When do you finish the trade? At the end of the day? Before news? with TP? if so where do you set this? BIG thx
Hello Alexf82 and welcome.
Thank you Filipo1 for your good explanation as always.
Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #9,493
  • Nov 17, 2017 6:57am Nov 17, 2017 6:57am
Quoting Filipo1
{quote} How many traders observed it day after day, S/L get hit and right affter comes the big move in the right direction...
... just last night it happened to me agai. AGAIN! :-(

Hi there,
I found this thread yesterday and am curious if the system could work for me. At least the time frame would be perfect.
Now I have a question. Do you guys still apply the initial rules? There is one thing, when I look at the very first screen shots > it is written that SMA has to point up when candle crosses SMA clearly (for buy entry) but in the screen shots it rarely does? Do I have to wait until SMA would point up?
Also, Filipo1, in your post nr.9486 the buy-line is (for my understanding) 2 candles after the actual "rule entry", is that right? Why did you wait?

By the way, I would be very interested to learn more about that hedging concept that you mentioned before.

A good day to all of you.
  • #9,494
  • Nov 17, 2017 8:43am Nov 17, 2017 8:43am
hi again.
I still haven't any trade on with the system, but I have picked a random period of the EURUSD chart and marked my potential entries (green), TP's (pink) and losses (black) as well as some questions that occurred during that check.
Maybe you could make some comments, please?
Thanks a lot.
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  • #9,495
  • Edited 9:16am Nov 17, 2017 8:58am | Edited 9:16am
Quoting Et2017
{quote} ... just last night it happened to me agai. AGAIN! :-( Hi there, I found this thread yesterday and am curious if the system could work for me. At least the time frame would be perfect. Now I have a question. Do you guys still apply the initial rules? There is one thing, when I look at the very first screen shots > it is written that SMA has to point up when candle crosses SMA clearly (for buy entry) but in the screen shots it rarely does? Do I have to wait until SMA would point up? Also, Filipo1, in your post nr.9486 the buy-line...
Hi Et2017, welcome in the thread.
Many questions, ok here we go:
1) yes the rules described in post nr. 1 are still valid.
2) yes you have to wait until you have cross + direction of SMA matching.
3) with USDCAD we had a cross upside but sma downside, then a doji with sma flat means 2 good reasons not to enter, and only then did we have the perfect match when I entered.
4) I feel I might have said already too much about how I trade and I want to keep some secrets. It's always a good thing to keep some mystery around your receipes
I used to be indecisive but now I'm not so sure...
  • #9,496
  • Nov 17, 2017 9:02am Nov 17, 2017 9:02am
...another one.
take profit rule: •. Must Exit on breakeven if setup goes in opposite direction. > after how many pips do you set BE? I mean, it is not always just a move in one direction? as for my example above, it would probably have saved the 2nd trade, but would possibly have cut me short on a few others?
any suggestions?
thanks.
  • #9,497
  • Nov 17, 2017 9:06am Nov 17, 2017 9:06am
Quoting Filipo1
{quote} Hi Et2017, welcome in the thread. Many questions, ok here we go: 1) yes the rules described in post nr. 1 are still valid. 2) yes you have to wait until you have cross + direction of SMA matching. 3) with USDCAD we had a cross upside but sma downside, then a doji with sma flat means 2 good reasons not to enter, and only then did we have the perfect match when I entered. 4) I feel I might have said already too much about how I trade and I want to keep some secrets. It's always a good thingn to keep some mystery around your receipes ...
ok. thanks and sorry.
  • #9,498
  • Nov 17, 2017 9:09am Nov 17, 2017 9:09am
Quoting Et2017
hi again. I still haven't any trade on with the system, but I have picked a random period of the EURUSD chart and marked my potential entries (green), TP's (pink) and losses (black) as well as some questions that occurred during that check. Maybe you could make some comments, please? Thanks a lot. {image}

At first glance your chart does not cope with the rules of this thread's strategy. Remember it is Simple Moving Average on 5 periods (days here) on close prices, without any shift.
Here is my chart for the same period:

https://www.tradingview.com/x/X1mHvt3h/
I used to be indecisive but now I'm not so sure...
  • #9,499
  • Nov 17, 2017 9:32am Nov 17, 2017 9:32am
Quoting Filipo1
{quote} At first glance your chart does not cope with the rules of this thread's strategy. Remember it is Simple Moving Average on 5 periods (days here) on close prices, without any shift. Here is my chart for the same period: https://www.tradingview.com/x/X1mHvt3h/
oops, I thought I read "shift 3"?
  • #9,500
  • Nov 17, 2017 9:40am Nov 17, 2017 9:40am
Quoting Et2017
{quote} oops, I thought I read "shift 3"?
Bk8 changed it for SMA5,0 after a few months, and consequently updated his post nr.1 accordingly.
I used to be indecisive but now I'm not so sure...
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