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Monthly Profit - Daily Trading using SMA

  • #10,961
  • Jul 30, 2019 2:42am Jul 30, 2019 2:42am
Good day all.

No new entry seen today. Still following running trades.
Keeping tab on the following for possible turnaround/entry signal

USDCAD
AUDJPY
EURUSD
  • #10,962
  • Jul 30, 2019 5:45am Jul 30, 2019 5:45am
Quoting atoz
{quote} Hello! In my opinion, this is not a good setting because the market is going sideways. {image}
I agree with you. I won't enter this one now
  • #10,963
  • Jul 30, 2019 7:18am Jul 30, 2019 7:18am
Waiting for Close, then taking these 3 pairs ,

 

  1. respecting support / resistance,
  2. crossing 5 sma and
  3. respecting Bollinger...


3 conditions met, enough for me..

Regards,
Max

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  • #10,964
  • Jul 30, 2019 7:28am Jul 30, 2019 7:28am
Quoting maxwell87
Waiting for Close, then taking these 3 pairs , respecting support / resistance, crossing 5 sma and respecting Bollinger... 3 conditions met, enough for me.. Regards, Max {image} {image} {image}
Nice one Maxwell.

Likely to take them too
  • #10,965
  • Jul 30, 2019 7:34am Jul 30, 2019 7:34am
Daily Candles close at 10pm my local time (9pm GMT). I observed that the spread is always high at that period as attached. Look at EURNZD for example, so if I entered a trade then, I would already be 92 pips down!!

Spreads seem to be lower within London/New York sessions. Seems it has to do with volume//

What are your thoughts? When is it better to open trades in view of above
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  • #10,966
  • Jul 30, 2019 9:55am Jul 30, 2019 9:55am
To many new traders ask's me what how i chose pairs etc to finde powerful setups leave everything else exept Moving Averges trade with 5sma in direction of major trend an is so easy prove EG and GC
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  • #10,967
  • Jul 30, 2019 10:04am Jul 30, 2019 10:04am
Interesting pair
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  • #10,968
  • Jul 30, 2019 12:25pm Jul 30, 2019 12:25pm
Quoting maxwell87
Waiting for Close, then taking these 3 pairs , respecting support / resistance, crossing 5 sma and respecting Bollinger... 3 conditions met, enough for me.. Regards, Max {image} {image} {image}
Nice. Don't you wait for SMA direction? After today's close, SMA direction may not give you downward/upward signal for all of them today. May be tomorrow. Just curious.
  • #10,969
  • Jul 30, 2019 1:02pm Jul 30, 2019 1:02pm
Quoting FX_California
{quote} Nice. Don't you wait for SMA direction? After today's close, SMA direction may not give you downward/upward signal for all of them today. May be tomorrow. Just curious.
Yes, good point, waiting for the close price at least, then I will decide....

Regards,
Max
  • #10,970
  • Jul 30, 2019 1:18pm Jul 30, 2019 1:18pm
Quoting maxwell87
Waiting for Close, then taking these 3 pairs , respecting support / resistance, crossing 5 sma and respecting Bollinger... 3 conditions met, enough for me.. Regards, Max {image} {image} {image}
Right! Can you please share your support and resistant indicator? Thanks.
  • #10,971
  • Jul 30, 2019 3:28pm Jul 30, 2019 3:28pm
Quoting salimc
{quote} Right! Can you please share your support and resistant indicator? Thanks.
It likely not an indicator but more a rectangular trendline that can be draw manually on chart like the normal trendlines are drawn on charts but am stand to be corrected...

Regards
  • #10,972
  • Jul 30, 2019 4:16pm Jul 30, 2019 4:16pm
I'm in with EURUSD too... :-)
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  • #10,973
  • Jul 30, 2019 4:45pm Jul 30, 2019 4:45pm
Quoting Jydehakins
{quote} It likely not an indicator but more a rectangular trendline that can be draw manually on chart like the normal trendlines are drawn on charts but am stand to be corrected... Regards
Hello,

correct. I am just drawing simple boxes for Support and resistance.

Regards,
max
  • #10,974
  • Jul 30, 2019 5:34pm Jul 30, 2019 5:34pm
I really like what you are doing. I trade in a somewhat similar way.
  • #10,975
  • Jul 30, 2019 8:28pm Jul 30, 2019 8:28pm
[quote = mtacki; 12412051] Tôi cũng tham gia EURUSD ... :-) {image} [/ quote]
Hi!
Me too.
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  • #10,976
  • Jul 30, 2019 9:56pm Jul 30, 2019 9:56pm
Hello friends!
Please discuss the Take Profit topic!
Personally, in BK8 strategy, when entering the Buy / Sell orders, along with placing a Stop Loss, we have to place Take Profit to minimize the gain of Profit and Loss.
For example, in the illustration image, if you do not set Take Profit, the order with interest is lost!
Figure A: point to the Shell command
Figure B: the beginning of the day, the price falls -> interest
Figure C: end of the day, price increases, touches Stop Loss -> losses
Offer:
* Order 1:
+ Stop Loss: follow BK8 strategy (+/- 15 pips);
+ Take Profit: minimum 1: 1 and will move by hand towards the command
* Order 2:
+ Stop Loss: follow BK8 strategy (+/- 15 pips);
+ Take Profit: minimum 1: 3 and will move according to BK8 strategy (after 3 candles, touch BB ...)
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  • #10,977
  • Jul 30, 2019 10:01pm Jul 30, 2019 10:01pm
Quoting Jydehakins
{quote} It likely not an indicator but more a rectangular trendline that can be draw manually on chart like the normal trendlines are drawn on charts but am stand to be corrected... Regards
OK. Tx.
  • #10,978
  • Edited 10:22pm Jul 30, 2019 10:07pm | Edited 10:22pm
Quoting atoz
Hello friends! Please discuss the Take Profit topic! Personally, in BK8 strategy, when entering the Buy / Sell orders, along with placing a Stop Loss, we have to place Take Profit to minimize the gain of Profit and Loss. For example, in the illustration image, if you do not set Take Profit, the order with interest is lost! Figure A: point to the Shell command Figure B: the beginning of the day, the price falls -> interest Figure C: end of the day, price increases, touches Stop Loss -> losses Offer: * Order 1: + Stop Loss: follow BK8 strategy (+/-...
According to this system sl is used as tp. If you use only 15 pips sl in a daily time frame, the sl will be hit more frequently.
  • #10,979
  • Jul 31, 2019 2:20am Jul 31, 2019 2:20am
EURUSD (Buy) & USDCAD (Sell) - Demo over. These are my first Live trades. Good-luck to me and to you all
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  • #10,980
  • Jul 31, 2019 2:32am Jul 31, 2019 2:32am
Quoting atoz
Hello friends! Please discuss the Take Profit topic! Personally, in BK8 strategy, when entering the Buy / Sell orders, along with placing a Stop Loss, we have to place Take Profit to minimize the gain of Profit and Loss. For example, in the illustration image, if you do not set Take Profit, the order with interest is lost! Figure A: point to the Shell command Figure B: the beginning of the day, the price falls -> interest Figure C: end of the day, price increases, touches Stop Loss -> losses Offer: * Order 1: + Stop Loss: follow BK8 strategy (+/-...
The idea is to maximize the profit in the trade. And if you loose via stop loss, so be it - and we target to make up with the next trade (Hence the 1:3 TP).
Remember you are to open two trades of same pair. You set TP on one (same pips as the number of stop loss - that's 1:1). Once TP target is reached, you close one trade. The other trade is what ideally makes you rich (all things being equal). So you follow it till it touches BB and reverses. Note that it may touch BB and still continue the journey - More pips.

I believe the older experienced guys will explain better.
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