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Monthly Profit - Daily Trading using SMA

  • #9,701
  • Edited 4:19pm Jan 17, 2018 3:53pm | Edited 4:19pm
Hello
GY
Thinking that the bulls are still going strong for one more day.
But the two candles with long wicks - makes it 55%.
Thank you
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All the best to all of you. But don't follow me. I am a learner.
  • #9,702
  • Jan 18, 2018 6:31pm Jan 18, 2018 6:31pm
Hello
No trade for me.
Will keep GY.

Thank you.
All the best to all of you. But don't follow me. I am a learner.
  • #9,703
  • Jan 19, 2018 12:18pm Jan 19, 2018 12:18pm
Quoting Oddbjorg
Hello No trade for me. Will keep GY. Thank you.
Hi Oddbjorg

A sound decision! It's been a very difficult day - don't know why.

Did you buy GBPJPY? Looks like it's it's heading back down to support again

GBPCAD

Looks like a retest of 1.7400 guys - almost certain. Can't see CAD strengthening anytime soon
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  • #9,704
  • Jan 19, 2018 1:08pm Jan 19, 2018 1:08pm
Quoting jmtini
{quote} Hi Oddbjorg A sound decision! It's been a very difficult day - don't know why. Did you buy GBPJPY? Looks like it's it's heading back down to support again GBPCAD Looks like a retest of 1.7400 guys - almost certain. Can't see CAD strengthening anytime soon {image}
Hello
Yes, I did. It only went a few pips my way.
I don't know if it is like that in all strategies, but in this one - sometimes you just abhor from trading, because there is not a convinsing set up in any pair for a couple of days.
In the old days of this thread someone explained about that.
So the prof who know other strategies, they just go on trading.
While for me - I am just waiting for the pairs - route to return - to be suiting for the BK8 system.
All the best.
All the best to all of you. But don't follow me. I am a learner.
  • #9,705
  • Jan 20, 2018 3:23am Jan 20, 2018 3:23am
Quoting Oddbjorg
{quote} Hello Yes, I did. It only went a few pips my way. I don't know if it is like that in all strategies, but in this one - sometimes you just abhor from trading, because there is not a convinsing set up in any pair for a couple of days. In the old days of this thread someone explained about that. So the prof who know other strategies, they just go on trading. While for me - I am just waiting for the pairs - route to return - to be suiting for the BK8 system. All the best.

Yes I know what you are trying to say. The markets have become incredibly volatile and I think they are just reflecting the global situation which is troubled and volatile to say the least! This of course makes trading this particular system quite difficult. However that said, I think that there is no doubt that the big boys are using the daily chart to open trades. They don't have the time to go lower. The problem is (taking GBPJPY as an example) that one rarely knows exactly where they are going to pull the price back to look for liquidity (eat up stop losses and small accounts). And with BK8 system often it's just when one opens a trade they pull the price back!! Really, my advice (which does go against this system rules unfortunately) is to try to take trades only at support/resistance levels which can be ema (dynamic) or horizontal (BRN levels). In these difficult markets I think one has got to adjust otherwise it's a case of constant losses. Here's an example of what I mean on EURJPY pair:
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  • #9,706
  • Edited 8:03am Jan 20, 2018 7:29am | Edited 8:03am
Hello,
I fully agree with Oddbjorg. Over trading (either when there is no convincing setup or oversizing positions) is one of the first cause of losses for traders on their way to self-mastery. In such volatile markets I guess risk management and top-down timeframes analysis are fundamental. Personally I stopped using stop-losses and prefer using hedging stop orders. See my recent short positioning on AUDCHF. Stop-loss would have been hit for 2-3 pips and loss cashed out. Now I still have my initial position and also a long one. This hedging trade does have a tight stop loss and should it be be executed then it would trigger the opening of a second short position.
I used to be indecisive but now I'm not so sure...
  • #9,707
  • Jan 22, 2018 6:55am Jan 22, 2018 6:55am
Quoting Filipo1
Hello, I fully agree with Oddbjorg. Over trading (either when there is no convincing setup or oversizing positions) is one of the first cause of losses for traders on their way to self-mastery. In such volatile markets I guess risk management and top-down timeframes analysis are fundamental. Personally I stopped using stop-losses and prefer using hedging stop orders. See my recent short positioning on AUDCHF. Stop-loss would have been hit for 2-3 pips and loss cashed out. Now I still have my initial position and also a long one. This hedging trade...
Hi Filipo

I think your AUDCHF trade actually illustrates my point. You rightly opened a sell trade according to the BK8 rules but in actual fact you opened a sell trade at exactly the time it bounced off rising dynamic support (as pinpointed by my ema line which is not exact but more or less correct). Of course there are times when it would broken through but generally it bounces. What I'm saying is that if one rather opens a trade at these areas in the direction of the main trend one is buying/selling at the optimum level to achieve a winning trade. You will say easier said then done and that's so true!
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  • #9,708
  • Jan 22, 2018 9:46am Jan 22, 2018 9:46am
Quoting jmtini
{quote} Hi Filipo I think your AUDCHF trade actually illustrates my point. You rightly opened a sell trade according to the BK8 rules but in actual fact you opened a sell trade at exactly the time it bounced off rising dynamic support (as pinpointed by my ema line which is not exact but more or less correct). Of course there are times when it would broken through but generally it bounces. What I'm saying is that if one rather opens a trade at these areas in the direction of the main trend one is buying/selling at the optimum level to achieve a winning...
Hi jmtini, yes I get what you are saying but after all that's what reversals are made of: trends and moving averages breaking price action. In this particular case I was a bit surprised by the rebound due to the following 5 confluent bearish signals: the Jan16 daily candlestick closed below the Bollinger middle band and below a long trend line in place since end of June 2017. In addition looking at Ichimoku daily it was also completely crossing below Tenkan-sen with Chikou span consequently crossing below the cloud. In addition MACD started to show a bearish cross-over with signal line.
I used to be indecisive but now I'm not so sure...
  • #9,709
  • Jan 22, 2018 4:31pm Jan 22, 2018 4:31pm
Ok guys, I'll say what I think...
I think that this system is perfect to understand the trend. But it'd continue for 1,2,3 or n bars.
I agree with the way of jmtini. I use some MA on lower and higjer timeframe to trade.

Bk8 system works well but but sometime it is too alow to trade and the other timeframs help to understand market and improve the chance of win.

This is just my opinion but in this way I'm in profit since some months. Maybe I'm lucky or maybe I found my way, everyone have to find hia onw way.

I'm sorry for my English and I hope this trhead will continue. Thanks to all
  • #9,710
  • Jan 23, 2018 4:28am Jan 23, 2018 4:28am
Quoting Filipo1
Hello, I fully agree with Oddbjorg. Over trading (either when there is no convincing setup or oversizing positions) is one of the first cause of losses for traders on their way to self-mastery. In such volatile markets I guess risk management and top-down timeframes analysis are fundamental. Personally I stopped using stop-losses and prefer using hedging stop orders. See my recent short positioning on AUDCHF. Stop-loss would have been hit for 2-3 pips and loss cashed out. Now I still have my initial position and also a long one. This hedging trade...
Hedging long position closed at 0.7685, 2nd short position opened at 0.7684 and already in breakeven (MACD quite flat and RSI still above 50). Let's see if we break below 0.7650.
I used to be indecisive but now I'm not so sure...
  • #9,711
  • Edited 7:33am Jan 23, 2018 6:18am | Edited 7:33am
Quoting jmtini
{quote} We know the BB's trade the daily chart right? So what if they are approximately using the same ema's that I'm using? To be honest, I think they are! And the same BRN's? Of course retracements/pullbacks are more difficult to spot and trade but re-entry - using daily or 4 hour is much easier. Guys I really would really recommend that you try this alternative strategy. It works
Sorry but I am not sure I understand what you mean.
BB trade the daily chart... you mean Big Boys?.
..what if they are using the same ema's that I am using. Robots trade all instruments together at the speed of light so ...
... and the same for BRN's? Please excuse my ignorance of what seems to be standard abreviations but what are BRN's please?
I used to be indecisive but now I'm not so sure...
  • #9,712
  • Jan 23, 2018 9:27am Jan 23, 2018 9:27am
Quoting Filipo1
{quote} Sorry but I am not sure I understand what you mean. BB trade the daily chart... if you mean Bollinger bands not necessarily. ..what if they are using the same ema's that I am using. BB derives from SMA 20 not EMA 12-24... ... and the same for BRN's? Please excuse my ignorance of what seems to be standard abreviations but what are BRN's please?
Sorry Filipo and all BK8 threaders - I am bringing in another strategy on this sma thread! ! Maybe I will start a thread dedicated to my particular idea. I have deleted my post .

Regards
JM
  • #9,713
  • Edited Jan 24, 2018 4:29am Jan 23, 2018 6:25pm | Edited Jan 24, 2018 4:29am
Hello
Have been looking at AN and EU.
60%
There was a wick in EU - but at least it was under the candle, which means the bulls were at work.
All the best.
Oddbjorg

Edit 24.01.2018 10.27
Regret I did not take AN support - line in more consideration. We will see.
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All the best to all of you. But don't follow me. I am a learner.
  • #9,714
  • Jan 24, 2018 7:17pm Jan 24, 2018 7:17pm
Hello
No new trade for me now.
My call yesterday at short AN is at loss at the moment. It is almost at sl - but we will see.
My call yesterday at long EU is at 93 pips. Will move my sl and see how that goes.
The total of those two is ++ at least.
All the best to you -
Oddbjørg
All the best to all of you. But don't follow me. I am a learner.
  • #9,715
  • Jan 25, 2018 9:45am Jan 25, 2018 9:45am
Quoting Filipo1
{quote} Hedging long position closed at 0.7685, 2nd short position opened at 0.7684 and already in breakeven (MACD quite flat and RSI still above 50). Let's see if we break below 0.7650.
AUDCHF I am out. What a ride!
I used to be indecisive but now I'm not so sure...
  • #9,716
  • Edited 6:21pm Jan 29, 2018 6:04pm | Edited 6:21pm
Hello
Sma down / But there are 3 candles and wicks / Fought some through the first r-line
55%. Small amount. Good SL.
We will see.
All the best.



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All the best to all of you. But don't follow me. I am a learner.
  • #9,717
  • Jan 29, 2018 7:31pm Jan 29, 2018 7:31pm
Most of the participants who stop by this wonderful SMA thread realize what a remarkable journey it has had. Nearly 10000 posts and the strategy is intact. This almost never happens on FF!

Warm congratulations to the several of you who have carried things on as BK8 chose to step aside -- but what a legacy he left in this forum.

Of course, individual traders make small modifications for their own work, but none of this has corrupted the forum.

I have been away for over two months, mainly with health issues, but am very happy to be back. As many of you leaders have noted -- it works! Nothing lasts on FF for so long with this number of posts without being fundamentally sound.

I look forward to getting my feet back on the ground here.

Every trading success to all of you.

FS
  • #9,718
  • Jan 29, 2018 7:39pm Jan 29, 2018 7:39pm
Quoting Forest-Sea
Most of the participants who stop by this wonderful SMA thread realize what a remarkable journey it has had. Nearly 10000 posts and the strategy is intact. This almost never happens on FF! Warm congratulations to the several of you who have carried things on as BK8 chose to step aside -- but what a legacy he left in this forum. Of course, individual traders make small modifications for their own work, but none of this has corrupted the forum. I have been away for over two months, mainly with health issues, but am very happy to be back. As many of...
Hello Forest-Sea
Glad you have recovered and are back.
Wish you further progress with your health, and all the best.
Oddbjørg.
All the best to all of you. But don't follow me. I am a learner.
  • #9,719
  • Jan 29, 2018 8:54pm Jan 29, 2018 8:54pm
Very good to see how successful and active you continue to be Oddbjorg.

And thank you for your kind good wishes for my health.

Finally, is my old understanding essentially accurate that the SL is placed at the opposite end of the preceding candle? This would mean if going long, we would place the SL at the open of the candle prior to the entry candle (or at the extreme wick?) assuming same candle color for preceding and entry candle.

Or, are people setting their stops even farther back from their position. I think BK8 suggested previous candle + 15 pips.

What have you found to work best for you?

FS
  • #9,720
  • Jan 29, 2018 10:32pm Jan 29, 2018 10:32pm
Quoting Forest-Sea
Very good to see how successful and active you continue to be Oddbjorg. And thank you for your kind good wishes for my health. Finally, is my old understanding essentially accurate that the SL is placed at the opposite end of the preceding candle? This would mean if going long, we would place the SL at the open of the candle prior to the entry candle (or at the extreme wick?) assuming same candle color for preceding and entry candle. Or, are people setting their stops even farther back from their position. I think BK8 suggested previous candle +...
Hi Forest-Sea, welcome back on the thread, I wish you complete health recovery and successful trading.
Regarding stop loss, Bk8 recommended to place it at +15 pips above the highest point (wick included) of the candlestick crossing below sma5, inversely for candlestick crossing above sma5. That worked usually well for my stop orders.
I used to be indecisive but now I'm not so sure...
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