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Monthly Profit - Daily Trading using SMA

  • #10,141
  • Jun 5, 2018 7:50am Jun 5, 2018 7:50am
Quoting dandan123
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
a smart bird would open an account with a different broker, whose daily candles open at 5pm NY time.
  • #10,142
  • Jun 5, 2018 8:14am Jun 5, 2018 8:14am
Quoting yonnie
{quote} a smart bird would open an account with a different broker, whose daily candles open at 5pm NY time.
am not sure, but very unlikely FxPro opens daily candles at 23pm Danish time.
according to my search engine FxPro is GMT+2 = 5pm NY time = no Sunday candle/5 candles a week.
  • #10,143
  • Jun 5, 2018 6:16pm Jun 5, 2018 6:16pm
Hello
GC looks interresting. 55%

All the best.
Oddbjørg.
Attached Image (click to enlarge)
Click to Enlarge Name: gc1.GIF Size: 25 KB
All the best to all of you. But don't follow me. I am a learner.
  • #10,144
  • Jun 6, 2018 12:10am Jun 6, 2018 12:10am
great system, very simple n very promising.

1st try... a bit late, but already on profit. SL moved to BE.
Attached Image (click to enlarge)
Click to Enlarge Name: cT_cs_6061053_CADJPY_2018-06-06_12-07-03.png Size: 29 KB
Okay... sorry about my messed up English Tenses
  • #10,145
  • Jun 6, 2018 2:00am Jun 6, 2018 2:00am
Hi All,

From risk management point of view, you shouldn't add new position when it's not in profit because the market direction in not in your favour.
you should add position to maximise your profit by adding new position on winning trade, this is how those pro trader manage their portfolio.

For instance, I made 1000 pips 2 weeks ago by riding on selling xxx/jpy itself by just adding position on my winning trade.

I noticed that very few people discussing about stacking the position in this thread, that's why I bring up my 2cents for everybody to gain big pips.

Please take note that it is a double edge, I could even lose 1000 pips too, so risk management is very important, you must know where to get in & get out.

Plan your trade, trade your plan.
Attached Image
  • #10,146
  • Jun 7, 2018 2:57am Jun 7, 2018 2:57am
Quoting Oddbjorg
Hello GC looks interresting. 55% All the best. Oddbjørg. {image}
Very nice call Oddbjorg, i already took profit on the first position for a good 110 pips. Keep´em coming¡¡¡
  • #10,147
  • Edited 1:27pm Jun 7, 2018 12:05pm | Edited 1:27pm
Quoting Oddbjorg
Hello GC looks interresting. 55% All the best. Oddbjørg. {image}
Congratulations on your continuing successes on the forum. You have become, as others have fallen away, the Grand Master/Mistress.

I do think this is a consistent winning strategy, or should be. However, I am thinking hard about exits. You like to jump out following about 3 successful candles, but how do you handle it if you run into problems before the three quality candles?

Here is what our founder said . . . and I haven't been very good about following this advice.
Stop Loss

  1. high(+15 Pips)/low(-15 Pips) of previous candle, if candle is too short then you may move to T-2 candle.

Do you use this thinking to inform yourself when to exit a failing position, or something else you might share?

I know you work down on the H1 timeframe as well as he Daily, but do you ever take trades on the H4? I struggle to keep up with hourly watching with other commitments, but H4 is possible. Any thoughts on applying this approach to H4? Really no reason it should not work . . . I think.

Best regards and great weekend to you, Oddbjorg.

FS

  • #10,148
  • Jun 7, 2018 3:09pm Jun 7, 2018 3:09pm
Quoting Forest-Sea
{quote} Congratulations on your continuing successes on the forum. You have become, as others have fallen away, the Grand Master/Mistress. I do think this is a consistent winning strategy, or should be. However, I am thinking hard about exits. You like to jump out following about 3 successful candles, but how do you handle it if you run into problems before the three quality candles? Here is what our founder said . . . and I haven't been very good about following this advice. Stop Loss high(+15 Pips)/low(-15 Pips) of previous candle, if candle is...
Hello. Thanks for the nice words. No, I think there are always good people around on the thread, and are here now a days.
Sl and the waiting is one of my very very weak points, and yes, there would be more profit if I knew how.
H4 Bk8...ish..hmmm. sounds interresting.
Will study some charts and return to you.
All the best.
Oddbjørg
All the best to all of you. But don't follow me. I am a learner.
  • #10,149
  • Jun 7, 2018 4:04pm Jun 7, 2018 4:04pm
Hi, all. New to the thread. I think I am looking at a bad setup here - wanted to make sure I understood the system correctly. Two attachments - while the daily looks interesting, I noted the wick up top and dropped down to the hourly to check; per the hourly, it doesn't look encouraging. Did I interpret this correctly per the system?
Thanks!
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  • #10,150
  • Jun 7, 2018 4:31pm Jun 7, 2018 4:31pm
Quoting Forest-Sea
{quote} Congratulations on your continuing successes on the forum. You have become, as others have fallen away, the Grand Master/Mistress. I do think this is a consistent winning strategy, or should be. However, I am thinking hard about exits. You like to jump out following about 3 successful candles, but how do you handle it if you run into problems before the three quality candles? Here is what our founder said . . . and I haven't been very good about following this advice. Stop Loss high(+15 Pips)/low(-15 Pips) of previous candle, if candle is...
Hi Forest-Sea,
I'm not sure if I can help you with this attempt of explanation - as far as I have understood this tread (and countless other discussions and youtube videos and….you name it ). Btw, the entry in the 2nd picture was the exit for the trade in the 1st picture. Well, it's not always that easy
Attached Image(s) (click to enlarge)
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  • #10,151
  • Edited 6:25pm Jun 7, 2018 6:10pm | Edited 6:25pm
Quoting oradba
Hi, all. New to the thread. I think I am looking at a bad setup here - wanted to make sure I understood the system correctly. Two attachments - while the daily looks interesting, I noted the wick up top and dropped down to the hourly to check; per the hourly, it doesn't look encouraging. Did I interpret this correctly per the system? Thanks! {image} {image}
Hello and welcome.
I think you have a interresting signal there. Would be nice if sma did point more upwards though.
E is overall strong / and A is overall weak, so that encourages us to take this pair.
So - 55% and a small trade.
Take care.
Oddbjørg
All the best to all of you. But don't follow me. I am a learner.
  • #10,152
  • Jun 7, 2018 8:19pm Jun 7, 2018 8:19pm
Quoting Oddbjorg
{quote} Hello and welcome. I think you have a interresting signal there. Would be nice if sma did point more upwards though. E is overall strong / and A is overall weak, so that encourages us to take this pair. So - 55% and a small trade. Take care. Oddbjørg
I took your advice literally - .1 lot to see how it goes :-) It's the pips that count here.
  • #10,153
  • Edited 9:35am Jun 8, 2018 8:37am | Edited 9:35am
Quoting Et2017
{quote} Hi Forest-Sea, I'm not sure if I can help you with this attempt of explanation - as far as I have understood this tread (and countless other discussions and youtube videos and….you name it ). Btw, the entry in the 2nd picture was the exit for the trade in the 1st picture. Well, it's not always that easy {image} {image}
ET, thank you very much for your charts. What you have shown here makes wonderful sense to follow price and protect most profits at the back end. I surely intend to implement this thinking. Of course, most of us are familiar with a TS, but you have really made a clear case on your charts. BTW, I hope you were actually in this excellent trade!

There is a second piece to this, though. What if a (BK8) qualified entry moves, say, 40 pips in your direction and abruptly turns around for even a couple of days and you find yourself down 125 pips or more, not an unusual situation . . . do you stay with it? Another option would be to abandon the trade at BE and wait for the retrace to complete and reenter as it returns to the major trend.

We all have a different tolerance for draw downs, but at some point "the ship has sailed" and left you behind. You don't want to be that guy. Your initial SL on your posted chart shows a common sense new lower high initial stop. I generally concur with the placement, but without the prices listed I don't know how far that is from your entry. Perhaps the question becomes how much are we willing to risk on the initial placement, and this will mean we must leave some qualified trades alone.

Additional thoughts?

Every success to you!

FS
  • #10,154
  • Jun 8, 2018 9:38am Jun 8, 2018 9:38am
I set the trade to BE when the high of the candle has reached the ATR (5).

Sometimes I am stopped out at the BE, sometimes it goes on nicely.

But, it has often saved me from returning courses!
  • #10,155
  • Jun 11, 2018 3:27pm Jun 11, 2018 3:27pm
Quoting Forest-Sea
{quote} ... There is a second piece to this, though. What if a (BK8) qualified entry moves, say, 40 pips in your direction and abruptly turns around for even a couple of days and you find yourself down 125 pips or more, not an unusual situation . . . do you stay with it?...
well, I stood with it once (talked into by my "account manager" and without a clue what I do), since then (and a lot of $ lighter) I personally would have moved my SL to BE with 40pips. that might have stopped me out in some trades. Without losses though. And yes, I would certainly re-enter if it comes back AND gives me another reason to do. The latter I might find by looking 1 or 2 time frames lower (same procedure: higher highs, higher lows and vice versa....).
So, that's the theory. Do I make lots of money with that? Nope. But sometimes it works

.... yes, I was in that trade. pretty much as pictured. and I'm still in the one of picture 2. It's the actual E/U.

Good luck.
  • #10,156
  • Edited Jun 13, 2018 6:48am Jun 12, 2018 8:16pm | Edited Jun 13, 2018 6:48am
Hello
AU & UY look interresting
Take care
---------
All the best to all of you. But don't follow me. I am a learner.
  • #10,157
  • Jun 13, 2018 1:51am Jun 13, 2018 1:51am
Quoting rixon227
Hi All, From risk management point of view, you shouldn't add new position when it's not in profit because the market direction in not in your favour. you should add position to maximise your profit by adding new position on winning trade, this is how those pro trader manage their portfolio. For instance, I made 1000 pips 2 weeks ago by riding on selling xxx/jpy itself by just adding position on my winning trade. I noticed that very few people discussing about stacking the position in this thread, that's why I bring up my 2cents for everybody to...
Totally agree, except, well done, it shouldn´t be a double edge.
The principle of trading: "keep your winners big, your loosers small."
If you scale out, you make sure that your biggest winner is only half a load, but your biggest looser is always a full load, (when you get stopped in the beginning.)
Having a well designed adding strategy,scaling in multiple positions, with a good trailing stop...should minimize your loosers, and maximize your winners...and should pay off in the long run.This is not a game of 1 trade, it´s a sample of 100s of trades game.
Like with that 1000 pip month.
CONGRATULATIONS!
  • #10,158
  • Jun 13, 2018 6:52am Jun 13, 2018 6:52am
Quoting Oddbjorg
Hello AU & UY look interresting Take care ---------
Cont. As of 13 06 2018 12 46.
Attached Image (click to enlarge)
Click to Enlarge Name: auuy.png Size: 246 KB
All the best to all of you. But don't follow me. I am a learner.
  • #10,159
  • Jun 13, 2018 7:15am Jun 13, 2018 7:15am
Thank you for sharing the trading system BK8. This is brilliant.

Do you trade the cross over between the SMA 5,0 and SMA 5,3 or do you trade when the candlestick close above/below SMA 5,0

Please make it clear BK8.
  • #10,160
  • Edited 1:58pm Jun 13, 2018 8:10am | Edited 1:58pm
Quoting Breyton
Thank you for sharing the trading system BK8. This is brilliant. Do you trade the cross over between the SMA 5,0 and SMA 5,3 or do you trade when the candlestick close above/below SMA 5,0 Please make it clear BK8.
Hello and welcome.

I once made some notes you can look at.
https://www.forexfactory.com/showthr...0#post10599440
But it is of course not as easy as point 1 & 2 & 3 - and then Bang - Profit.
I am not intending to profile my self as a mentor, I just wanted to reply, as BK8 has not been around for a while now.
My teacher was Ghibli. You can find his charts here: https://www.forexfactory.com/search....archid=5376501
Be sure you are taking care - and try this in Demo to begin with.

All the best.
All the best to all of you. But don't follow me. I am a learner.
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