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Monthly Profit - Daily Trading using SMA

  • #10,121
  • May 29, 2018 9:50am May 29, 2018 9:50am
Quoting Oddbjorg
Hello Looks like A pairs are weak besides AC. But C is weak in the most of the C - pairs. Do not see a trade right now - but am keeping an eye on AN, if goes more south, to asure it has not regained strength. To conservative - I know. {image}
Great. I also look out for UC.
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  • #10,122
  • May 29, 2018 9:51am May 29, 2018 9:51am
Hello Traders,
Returning to this thread after a long time. My question is not so much about the originalBk8 strategy but about the money management instructions.
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My entry is at candle numbered 3. Should my stop-loss go above candle 1 or candle 2.
The strategy wants us to book first profit after first day. In this case that would result in the negative. Should I accept this loss and go ahead with the remaining part of the trade by moving my SL or should I disregard the first days result and keep both trades open till I get first profit.
  • #10,123
  • May 30, 2018 9:28am May 30, 2018 9:28am
Quoting andrern2000
{quote} Great. I also look out for UC. {image}
UCHF not forming pattern. My watchlist is now NZDCHF.
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And maybe GAUD.
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  • #10,124
  • May 30, 2018 9:36am May 30, 2018 9:36am
How about usd/cad, cad/jpy, aud/cad and cad/chf??
Anybody?
  • #10,125
  • May 30, 2018 11:11am May 30, 2018 11:11am
I can not place orders at daily chart. can I use weekly chart?
  • #10,126
  • May 30, 2018 10:23pm May 30, 2018 10:23pm
Quoting denno
How about usd/cad, cad/jpy, aud/cad and cad/chf?? Anybody?

Hi Denno, CADJPY a bit flat, CADCHF yes looks ok...AUDCAD I like.....USDCAD I dont like....its retraced to fib and I would expect it to be a long proposition soon. Though not necessarily based on this strategy.

cheers
Its all just one persons opinion
  • #10,127
  • May 31, 2018 2:38am May 31, 2018 2:38am
Quoting csethna
Hello Traders, Returning to this thread after a long time. My question is not so much about the originalBk8 strategy but about the money management instructions.{image} My entry is at candle numbered 3. Should my stop-loss go above candle 1 or candle 2. The strategy wants us to book first profit after first day. In this case that would result in the negative. Should I accept this loss and go ahead with the remaining part of the trade by moving my SL or should I disregard the first days result and keep both trades open till I get first profit.
hi csethna,
don't enter at candle 3, `cos candle 2 has a large wick, meaning the momentum was not there anymore.
the big red candle 4 is a good one and we enter at the start of candle 5.
the stop loss is at the top of candle 4 + 15 pips.

Quoting piladen153
I can not place orders at daily chart. can I use weekly chart?
yes you can
  • #10,128
  • May 31, 2018 10:47am May 31, 2018 10:47am
This trade was a good one.
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  • #10,129
  • May 31, 2018 4:04pm May 31, 2018 4:04pm
Quoting Oddbjorg
Hello Looks like A pairs are weak besides AC. But C is weak in the most of the C - pairs. Do not see a trade right now - but am keeping an eye on AN, if goes more south, to asure it has not regained strength. To conservative - I know. {image}
What makes you keep an eye on AN? It only crossed SMA, as I see. And the SMA is not pointing down when the cross happened..
  • #10,130
  • Edited 8:52pm May 31, 2018 8:03pm | Edited 8:52pm
Quoting andrern2000
{quote} What makes you keep an eye on AN? It only crossed SMA, as I see. And the SMA is not pointing down when the cross happened..
Hello
OK I see what you mean.
But I was thinking it was ok to go in if sma went south at the next candles.
I just wanted a bit more of a signal before going in.
OK? -
Hope it will run much further down.
All the best.
Oddbjørg
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All the best to all of you. But don't follow me. I am a learner.
  • #10,131
  • May 31, 2018 8:38pm May 31, 2018 8:38pm
Quoting andrern2000
{quote} What makes you keep an eye on AN? It only crossed SMA, as I see. And the SMA is not pointing down when the cross happened..
on Monday we got the second red candle with a small wick and the SMA pointing down.
I entered at the start of Tuesdays` candle.

Quoting Oddbjorg
To conservative - I know. {image}
nothing wrong with that Mrs. Oddbjorg
this week A/U and E/G were losses for me.
maybe I should go more conservative too...........
  • #10,132
  • Jun 1, 2018 9:42am Jun 1, 2018 9:42am
Quoting Oddbjorg
{quote} Hello OK I see what you mean. But I was thinking it was ok to go in if sma went south at the next candles. I just wanted a bit more of a signal before going in. OK? - Hope it will run much further down. All the best. Oddbjørg {image}
It's all ok. NZDCHF not looking that good but I already saw an entry setup. So let's see about it next days..
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  • #10,133
  • Jun 4, 2018 1:01am Jun 4, 2018 1:01am
AUDJPY, AUDUSD all gave signal
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  • #10,134
  • Jun 4, 2018 6:40am Jun 4, 2018 6:40am
Quoting thor888
AUDJPY, AUDUSD all gave signal {image}
Thank. You. Beleive you are right. I will go in on Ay.
All the best.
All the best to all of you. But don't follow me. I am a learner.
  • #10,135
  • Jun 4, 2018 7:40am Jun 4, 2018 7:40am
UCAD seems to be short.
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Also, does anybody think this is a setup? The SMA has been crossed one candle previously and it didn't point upward.
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  • #10,136
  • Jun 4, 2018 9:43am Jun 4, 2018 9:43am
NZDCHF doing well.
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  • #10,137
  • Jun 5, 2018 2:14am Jun 5, 2018 2:14am
Quoting andrern2000
UCAD seems to be short.{image} Also, does anybody think this is a setup? The SMA has been crossed one candle previously and it didn't point upward.{image}

GJ looks good to me. GU too.
  • #10,138
  • Jun 5, 2018 2:21am Jun 5, 2018 2:21am
Dear all

I have been trading this strategy for some weeks but still have some questions
- when do you open trades - do you trade in the evening when a new daily bar is formed or is prior to London open good enough.
- do you look at other time frames before entering a trade or just base yourself on the daily chart

Still have to get used to the large stop loss - I prefer to have P/L of at least 1:1 but I have seen to often that I get stopped out even though the positions eventually goes into profit if I am too tight on the stop loss

Cheers

Dan
  • #10,139
  • Jun 5, 2018 3:48am Jun 5, 2018 3:48am
Quoting dandan123
Dear all I have been trading this strategy for some weeks but still have some questions - when do you open trades - do you trade in the evening when a new daily bar is formed or is prior to London open good enough. - do you look at other time frames before entering a trade or just base yourself on the daily chart Still have to get used to the large stop loss - I prefer to have P/L of at least 1:1 but I have seen to often that I get stopped out even though the positions eventually goes into profit if I am too tight on the stop loss Cheers Dan
Hello Dandan123
The system is - you are looking at Tokyo open - after D1 close = when a new candle starts - to decide if you want to take a position.
This at 22.00 o'clock my time. (GMT+1) = (Tokyo 17.00 EST)
...
That's how I understand the system referring to BK8.
But I think some traders have written in this thread, that they prefer London open, so they can look at how the market behaved on the smaller timeframes after start of the new candle, and then decide.
The SL - strategy is hard. I do not have the nerves to it yet, so for the most part I snap the gain after it has run my way for 3 or 4 candles. But I must admit in hindsight, I have, for some trades, seen that it would have been given good profit to put sl after the system.
All the best.
Oddbjørg
All the best to all of you. But don't follow me. I am a learner.
  • #10,140
  • Jun 5, 2018 4:43am Jun 5, 2018 4:43am
Thanks for the feedback Oddbjorg
May I ask which broker you are using. I am currently with FxPro - their spread is not great but I like the fact that you cannot loose more than the holding of your account. Daily candles open at 23 PM Danish time zone which is not ideal for an early bird like me ;- ).
Cheers
Dan
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