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Monthly Profit - Daily Trading using SMA

  • #10,981
  • Jul 31, 2019 3:05am Jul 31, 2019 3:05am
Quoting Patdozie
{quote} 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...
Correctly explained. This is the BK way.

But my experience is (And this is only MY OPINION), that it stops you out a lot. So @atoz, risk management is up to you. Personally I use wider stops, look at key support and resistance levels and set them a good portion away from the noise. If news come out, a 100 pip move up and down (or both) is very likely, and you do not want to get stopped out...

Whatever you decide works for you, the key element here is:
High probability setup * Risk Reward Ratio is the only way that keeps you in the game!

Regards,
Max
  • #10,982
  • Jul 31, 2019 4:13am Jul 31, 2019 4:13am
Quoting maxwell87
{quote} Correctly explained. This is the BK way. But my experience is (And this is only MY OPINION), that it stops you out a lot. So @atoz, risk management is up to you. Personally I use wider stops, look at key support and resistance levels and set them a good portion away from the noise. If news come out, a 100 pip move up and down (or both) is very likely, and you do not want to get stopped out... Whatever you decide works for you, the key element here is: High probability setup * Risk Reward Ratio is the only way that keeps you in the game!...

Ok I understand where you are coming from. From your perspective, the EURUSD below, I believe the SL (in red line) is well below the support?
There is an option of also using ATR to determine SL. Some do 1.5 x ATR. others 2 x ATR. Like you said, its upto to the traders risk appetite
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.JPG Size: 86 KB
  • #10,983
  • Jul 31, 2019 5:40am Jul 31, 2019 5:40am
Quoting Patdozie
{quote} Ok I understand where you are coming from. From your perspective, the EURUSD below, I believe the SL (in red line) is well below the support? There is an option of also using ATR to determine SL. Some do 1.5 x ATR. others 2 x ATR. Like you said, its upto to the traders risk appetite {image}
  • #10,984
  • Jul 31, 2019 5:45am Jul 31, 2019 5:45am
Hello friends
Hesitant position -
AUD, GBP and NZD somewhat weak average - JPY is somewhat strong - USD is not going to bow it seems - or will stay flat it looks like.
The other are trying to man up.
Thence - conservative Oddbj. will stay put and wait and watch the pairs come with some real BK8'ish signals at last.
All the best to all of you. Take care if you go in LIVE.
Attached Image
All the best to all of you. But don't follow me. I am a learner.
  • #10,985
  • Jul 31, 2019 5:55am Jul 31, 2019 5:55am
Quoting BuffaloPat
Onarticus, ......... I use a slightly different methodology for my stops, first is that I won't take a trade unless it is pulling off the outer BB and then crosses 5 SMA, original stop loss is per rules. I only move my original stop loss after price closes below mid BB and then I move to break even. Hope this helped a little.
I came across this comment in one of the posts. I think its a nice strategy too
  • #10,986
  • Jul 31, 2019 5:58am Jul 31, 2019 5:58am
Quoting Oddbjorg
Hello friends Hesitant position - AUD, GBP and NZD somewhat weak average - JPY is somewhat strong - USD is not going to bow it seems - or will stay flat it looks like. The other are trying to man up. Thence - conservative Oddbj. will stay put and wait and watch the pairs come with some real BK8'ish signals at last. All the best to all of you. Take care if you go in LIVE. {image}

Thanks Oddbjorg. I observed you have been in this thread since 2006 and have using this Bk8 strategy all along. My guess is that it has been working for you for 3 years and thus a confirmation of the strategy being good. I will surely stick with it and improve where needed.

Many thanks to Bk8 and to you for keeping the thread alive. Hope Bk8 is great wherever he is too. God bless you all.

Cheers
  • #10,987
  • Jul 31, 2019 5:59am Jul 31, 2019 5:59am
Quoting Patdozie
{quote} Thanks Oddbjorg. I observed you have been in this thread since 2006 and have using this Bk8 strategy all along. My guess is that it has been working for you for 3 years and thus a confirmation of the strategy being good. I will surely stick with it and improve where needed. Many thanks to Bk8 and to you for keeping the thread alive. Hope Bk8 is great wherever he is too. God bless you all. Cheers
Thanks
All the best to all of you. But don't follow me. I am a learner.
  • #10,988
  • Jul 31, 2019 9:22am Jul 31, 2019 9:22am
EJ for sure need to be tracked after fed news tonight
Attached Image (click to enlarge)
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  • #10,989
  • Jul 31, 2019 9:30am Jul 31, 2019 9:30am
CAD/CHF also look'a good...
Attached Image (click to enlarge)
Click to Enlarge Name: 55.png Size: 37 KB
  • #10,990
  • Jul 31, 2019 10:41am Jul 31, 2019 10:41am
What about AUD/NZD ??

The other pairs are somewhat influenced by the EUR / USD / CAD news today don't you think ??
Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZDDaily.png Size: 59 KB
  • #10,991
  • Jul 31, 2019 2:55pm Jul 31, 2019 2:55pm
Quoting mtacki
What about AUD/NZD ?? The other pairs are somewhat influenced by the EUR / USD / CAD news today don't you think ?? {image}
Ej remains the best in my opinion because is trade with the trend and is aming lows 118.700
Attached Image (click to enlarge)
Click to Enlarge Name: ej.png Size: 35 KB
  • #10,992
  • Jul 31, 2019 3:03pm Jul 31, 2019 3:03pm
Quoting mizi123
{quote} Ej remains the best in my opinion because is trade with the trend and is aming lows 118.700 {image}
Please can you share the settings of the MAs on your chart apart from the SMA 5 I like the look it... Thanks
  • #10,993
  • Jul 31, 2019 3:06pm Jul 31, 2019 3:06pm
Quoting Jydehakins
{quote} Please can you share the settings of the MAs on your chart apart from the SMA 5 I like the look it... Thanks
Here is the entire tamplate just downlload it and load on your chart
Attached File(s)
File Type: tpl #MA-S.tpl   2 KB | 595 downloads
  • #10,994
  • Jul 31, 2019 3:34pm Jul 31, 2019 3:34pm
Quoting mizi123
{quote} Here is the entire tamplate just downlload it and load on your chart {file}
many thankks
  • #10,995
  • Aug 1, 2019 12:43am Aug 1, 2019 12:43am
Quoting Patdozie
{quote} 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...
You have already explained it better
  • #10,996
  • Edited 1:39am Aug 1, 2019 1:28am | Edited 1:39am
Quoting Patdozie
EURUSD (Buy) & USDCAD (Sell) - Demo over. These are my first Live trades. Good-luck to me and to you all {image} {image}
EUR/USD hit SL. USDCAD also heading towards SL. Not a good one.

Can you help me review this EURUSD. This image was the point of my entrance. Is there any reason why I shouldn't have taken it?
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_Buy_31Jul19.JPG Size: 98 KB
  • #10,997
  • Aug 1, 2019 3:14am Aug 1, 2019 3:14am
Quoting Patdozie
{quote} EUR/USD hit SL. USDCAD also heading towards SL. Not a good one. Can you help me review this EURUSD. This image was the point of my entrance. Is there any reason why I shouldn't have taken it? {image}
that happened due to big news release yesterday...
USD, CAD, EUR were all affected by these...
Personally- I don't enter positions on days like these.
Too much noise !
  • #10,998
  • Aug 1, 2019 8:20am Aug 1, 2019 8:20am
Whatching these pairs today...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: CADCHF+Daily.png Size: 70 KB
Click to Enlarge Name: EURAUDDaily.png Size: 63 KB
Click to Enlarge Name: USDJPYDaily.png Size: 57 KB
  • #10,999
  • Aug 1, 2019 9:33am Aug 1, 2019 9:33am
Quoting mtacki
Whatching these pairs today... {image} {image} {image}
Thanks for the heads up. I will be careful of CADCHF. Price is in the mid BB. Prefer to enter when price is bouncing off higher or lower BB.
The others are looking good (We await candle closure)
Attached Image (click to enlarge)
Click to Enlarge Name: CADCHF.JPG Size: 94 KB
  • #11,000
  • Aug 1, 2019 9:35am Aug 1, 2019 9:35am
Quoting mizi123
{quote} Ej remains the best in my opinion because is trade with the trend and is aming lows 118.700 {image}
And the winner is EUR/JPY
Attached Image (click to enlarge)
Click to Enlarge Name: vv.png Size: 35 KB
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