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Attachments: Monthly Profit - Daily Trading using SMA
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Monthly Profit - Daily Trading using SMA

Quoting Oddbjorg
Hello From post: https://www.forexfactory.com/showthr...6#post10624936 I am closing down for the weekend and New Year, so I will snap it. ChY 37 pips UCh 47 pips I whish you all a blessed 2018 and wish to say thanks for 2017. Thank you. Oddbjørg
Can you mark and show your entries, please ?
Quoting netas369
Without all that, today will close weekly chart pin bar. Everyone trading style is different, we can't say "you trading wrong, sir", because that's his style, we all know in forex that we can get clear rules to follow but everyone will use that rules different. {image}

netas369, no one here is saying you are right or wrong in the absolute, just could someone say if you apply the strategy in the orthodox way or not but of course every one is free to adapt it. Personnally I added MACD but I kept all the rest intact otherwise it would simply be something else. Any one can do whatever is wanted/needed but then should take responsability and not say such or such strategy is inefficient when it is not adequately applied.
I used to be indecisive but now I'm not so sure...
Quoting Filipo1
{quote} netas369, no one here is saying you are right or wrong in the absolute, just could someone say if you apply the strategy in the orthodox way or not but of course every one is free to adapt it. Personnally I added MACD but I kept all the rest intact otherwise it would simply be something else. Any one can do whatever is wanted/needed but then should take responsability and not say such or such strategy is inefficient when it is not adequately applied.
You are senior in this thread, I respect you in all the ways, and I know that you know better, Im learning from you, am I right on the question I asked you ?
Today 2 possibilities, Eur/Cad, Eur/Aud.
Eur.Cad for now signal candle is engulfing, that's the good sign of reversal, higher timeframes showing bearish signs, but overall d1 trending/ranging up. So we could catch small swing.
Eur.Aud overall looks less better than cad, not a lot of signs of reversal, unless magic trendline will occur. Higher timeframes show that bullish momentum is over and it's time to bring bears in the game, but also, we could catch small swing, with small risk and small stop loss and take profit could be some profit.

That would be my opinion to theese trades, it's very important to me what do you guys see, you are seniors here, took a lot of trades, saw hundreds of situations like this.
Quoting Filipo1
{quote} mikeh3855, again please do your homework, read, re-read and re-read post nr.1 . Then it will be crystal clear that it is not a good entry. Why? You have a bearish candlestick crossing the sma 5,0 BUT this latter is NOT pointing downward (yet). Maybe it will after today's close then you can enter. Patience is important before entering and before closing.
HaHaHa!! Do my homework!! Newbie!!!!
The up or down SMA rule was to help people figure out what "sideways" meant. If you look back at all entries you will see that the SMA doesn't turn until afterward in almost all cases.
Quoting netas369
Today 2 possibilities, Eur/Cad, Eur/Aud. Eur.Cad for now signal candle is engulfing, that's the good sign of reversal, higher timeframes showing bearish signs, but overall d1 trending/ranging up. So we could catch small swing. Eur.Aud overall looks less better than cad, not a lot of signs of reversal, unless magic trendline will occur. Higher timeframes show that bullish momentum is over and it's time to bring bears in the game, but also, we could catch small swing, with small risk and small stop loss and take profit could be some profit. That would...
Hello
As for now -
EA - thinking about going long..? sma is not pointing up - so I would put it on hold - and maybe wait for how it looks like next Tokyo open
EC - thinking about going long..? there is only one candle, and I rarely go in if there are not 2 green candles in a row. Sma is pointing down. So I would put it on hold - and maybe wait for how it looks like next Tokyo open.

But in "next Tokyo open" and trading on moday I can not say a word. I have rarely traded on mondays for months. It does not work for me. So I use the evening to study charts and snooze a bit how things are going here and there, and then look tuesday for a trade set-up, to see if there is one - more than 50% in my view.
All the best
All the best to all of you. But don't follow me. I am a learner.
SMA will only point up if there will be another green candle that means that it is already late entry, it is engulfing candles which are already more than 50% sma is very lagging indicator, thats only my opinion, I think we need to predict the future, not the past, and sma kindly shows the past
Quoting netas369
SMA will only point up if there will be another green candle that means that it is already late entry, it is engulfing candles which are already more than 50% sma is very lagging indicator, thats only my opinion, I think we need to predict the future, not the past, and sma kindly shows the past
You are totally right, then obviously this strategy is worthless
I used to be indecisive but now I'm not so sure...
Quoting mikeh3855
The up or down SMA rule was to help people figure out what "sideways" meant. If you look back at all entries you will see that the SMA doesn't turn until afterward in almost all cases.
Great conclusion. What could I say except than good luck and happy new year!
I used to be indecisive but now I'm not so sure...
Quoting Filipo1
{quote} You are totally right, then obviously this strategy is worthless
Worthless rule.. Strategy is good..
conclusion is that different things works for different peoples, no need to argue, disputes lead to even better ideas, lets be democratic, just saying thatin technical side ma is lagging and it cant be acurate, if it shows upward direction and if the price would go down MA would change, so..
Quoting netas369
{quote} Worthless rule.. Strategy is good.. conclusion is that different things works for different peoples, no need to argue, disputes lead to even better ideas, lets be democratic, just saying thatin technical side ma is lagging and it cant be acurate, if it shows upward direction and if the price would go down MA would change, so..
Totally agree. The only rule that is mechanical here is that the price has crossed the MA. "Avoiding sideways" and managing the trade once one is in is discretionary.

Bk8 has done the best he can to guide, but in he end, it is everyone's own analysis that must prevail. The up or down SMA rule was an attempt to give people something mechanical to look at in order to pull the trigger. I've been reading this thread since it's beginning and I assure you originally there was no mention of an up or down SMA. BK8 was asked about what "avoiding sideways" meant by several people including myself. He did the best he could in describing a discretionary process.

Again I only responded because I was told the trade entry criteria was incorrect by someone and was reprimanded to do my homework. Seemed rude.
Please check posts #414 to #419. It was the beginning of the sideways discussion and BK8 did a good job of explaining what he looks for. I believe there were other discussions later on.
Quoting Oddbjorg
{quote} Hello As for now - EA - thinking about going long..? sma is not pointing up - so I would put it on hold - and maybe wait for how it looks like next Tokyo open EC - thinking about going long..? there is only one candle, and I rarely go in if there are not 2 green candles in a row. Sma is pointing down. So I would put it on hold - and maybe wait for how it looks like next Tokyo open. But in "next Tokyo open" and trading on moday I can not say a word. I have rarely traded on mondays for months. It does not work for me. So I use the evening...
You are wiser than you give yourself credit for...and obviously patient. I hope we all pay attention to what you say. May this new year bring you many blessings
Quoting lctrader11
{quote} You are wiser than you give yourself credit for...and obviously patient. I hope we all pay attention to what you say. May this new year bring you many blessings
Thank you so much.
All the best to all of you. But don't follow me. I am a learner.
Before and after.

Good morning, lesson for you if you already didn't knew: all indicators are lagging.

Do not mess around with newbies, if they would wait that point up, they would get few signals per year.

1(bigger image) After
2nd image before
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Quoting netas369
Before and after. Good morning, lesson for you if you already didn't knew: all indicators are lagging. Do not mess around with newbies, if they would wait that point up, they would get few signals per year. 1(bigger image) After 2nd image before {image} {image}
netas, yes you are right, I think the point is of course that on the higher time frames the sma is going to take some time to point up or down after a trend change and you are quite right in saying that they are lagging. When one looks at the chart after a few days, it looks great but of course it is in hindsight and it's already history. AUDCHF is a very good example as you pointing out.

I think why not use the 1 hr chart as "early warning system". I say this for everyone. If one is thinking of opening a trade based on the daily but it looks very early (sma still flat) then marry it with the 1 hour chart system where the sma will of course be pointing up/down already. Of course that's what you might be doing and that's why your winning the battle
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Never say die
Quoting jmtini
{quote} netas, yes you are right, I think the point is of course that on the higher time frames the sma is going to take some time to point up or down after a trend change and you are quite right in saying that they are lagging. When one looks at the chart after a few days, it looks great but of course it is in hindsight and it's already history. AUDCHF is a very good example as you pointing out. I think why not use the 1 hr chart as "early warning system". I say this for everyone. If one is thinking of opening a trade based on the daily but it...
I can say that it is a very good idea. I was looking to overall view in higher timeframes, but in lower frames we can see more sensitive Moving Average, which will affect higher timeframe in our situation it is D1, very nice.

But we have to not forget, that in any timeframe, we can see more in the price, than in MA line. Traders especially new traders have to improve themself's until they will see something more in the price than candles.
Quoting netas369
{quote} I can say that it is a very good idea. I was looking to overall view in higher timeframes, but in lower frames we can see more sensitive Moving Average, which will affect higher timeframe in our situation it is D1, very nice. But we have to not forget, that in any timeframe, we can see more in the price, than in MA line. Traders especially new traders have to improve themself's until they will see something more in the price than candles.
Agree. The daily provides the signal. Good system, simple, low stress like BK8 said originally. But once the signal prints then everyone should look left on the chart and try to analyse what's happened in the last number of days. Looking on lower time frames can help one make that decision, and in fact, provide a nice confirmed entry.

Good idea.
JMtini,
Do you mind sharing your currency meter? It looks a little different than ones I've seen. And about it, is there any reliability with it on higher time frames?

Mike
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ErenShaun