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Monthly Profit - Daily Trading using SMA

  • #11,041
  • Aug 3, 2019 4:10pm Aug 3, 2019 4:10pm
Scouting for possible trades next week.

GBPNZD - Looks good for Long. Though trend is down, but it seems it hit a resistant level. Price has not broken that level since Dec 2018. Please share your thoughts
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZD-mondy.JPG Size: 97 KB
  • #11,042
  • Aug 3, 2019 4:12pm Aug 3, 2019 4:12pm
EURCAD also looks good. The Weekly and Daily are in agreement for Long. But it has been going sideways for some days now.
Please share your thoughts too
Attached Image (click to enlarge)
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  • #11,043
  • Aug 4, 2019 5:32am Aug 4, 2019 5:32am
Quoting Patdozie
EURCAD also looks good. The Weekly and Daily are in agreement for Long. But it has been going sideways for some days now. Please share your thoughts too {image}
It looks too sideways to me, no clear direction up or down. I wouldn't take a trade here. I'm also a newbie though, so I hope to hear more opinions from seasoned traders.
  • #11,044
  • Edited 7:45am Aug 4, 2019 5:57am | Edited 7:45am
Quoting Patdozie
Scouting for possible trades next week. GBPNZD - Looks good for Long. Though trend is down, but it seems it hit a resistant level. Price has not broken that level since Dec 2018. Please share your thoughts {image}
I'm also in two minds with this one. Personally I'm not sure the risk/reward is justified. Looks like it's not going to be lot of pips even if it does come off.

ADDED: Actually I'm not in two minds. I'm going to leave that one.

1) The upward trend isn't strong.
2) The upside isn't great if the trade goes our way (not many pips to be had).
3) The downside is large if it goes against us. We could hit our stop loss quickly.
4) The overall trend is down, not up. Don't trade against the trend.

All newbie thoughts, can any more experienced people correct me if I have anything wrong?
  • #11,045
  • Aug 4, 2019 7:22am Aug 4, 2019 7:22am
Is anyone seeing any likely trades when the next candle starts? I'm seeing nothing.
  • #11,046
  • Aug 4, 2019 7:23am Aug 4, 2019 7:23am
Quoting mizi123
{quote} Nope shift has avoided from Bk8 and all others who use moving averages don't use shifts.... i remember bk8 have tryed to add shifts to SMA to filter trades but result was just late entryes..
hi..i have read this bk8 tread from begining.and i assume if u have been successfull in this sistem. i did visual backtest 2016-2019..and looks good momentum to trade based condition..
1.follow the trend 2.waiting for pullback 2.away from sideway condition.. maybe i didnt read your post carefully in this thread..but i have question for you..
1.do u use risk reward ratio?1:1 or 1:3 ? how do you get out from the market..?
.sorry for my bad word..
  • #11,047
  • Aug 4, 2019 10:34am Aug 4, 2019 10:34am
What i expect on EG as you see price has penetrated thru resistane and i expect after retracment these green area to turn in a support and only then i will BUY. I aim 0.92700
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  • #11,048
  • Aug 4, 2019 10:38am Aug 4, 2019 10:38am
EUR/USD same scenario as EG but here i will look for SHORT....
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  • #11,049
  • Aug 4, 2019 10:56am Aug 4, 2019 10:56am
EA same thing i will not enter on H4 but i em posting the chart on these time frame because support is more visible.... especially my plane for these week is to wait and when price gives a signal to enter in direction of estabilished trends ... i will not take retracment pullbacks neither ... have good trading week all :
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  • #11,050
  • Aug 4, 2019 11:26am Aug 4, 2019 11:26am
Quoting mizi123
What i expect on EG as you see price has penetrated thru resistane and i expect after retracment these green area to turn in a support and only then i will BUY. I aim 0.92700 {image}
Is the EURGPB not looking overbought already?
Attached Image (click to enlarge)
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  • #11,051
  • Aug 4, 2019 1:34pm Aug 4, 2019 1:34pm
Joined FF just to post here! clearly a very good strategy. From having a quick look at the charts does anyone fancy USDJPY? UJ has hit a new low and has alot of room to move, obviously alongside the very two strong momentous candles and bearish facing SMA.
Keep it simple stupid
  • #11,052
  • Aug 4, 2019 1:36pm Aug 4, 2019 1:36pm
Quoting itsDavid
{quote} Is the EURGPB not looking overbought already? {image}
Im trying to se sighns of weeknes but not seeing them yet....
  • #11,053
  • Aug 4, 2019 3:07pm Aug 4, 2019 3:07pm
Quoting Craven64
Joined FF just to post here! clearly a very good strategy. From having a quick look at the charts does anyone fancy USDJPY? UJ has hit a new low and has alot of room to move, obviously alongside the very two strong momentous candles and bearish facing SMA.
Can you share the pictorial graph
  • #11,054
  • Aug 4, 2019 3:10pm Aug 4, 2019 3:10pm
Quoting Craven64
Joined FF just to post here! clearly a very good strategy. From having a quick look at the charts does anyone fancy USDJPY? UJ has hit a new low and has alot of room to move, obviously alongside the very two strong momentous candles and bearish facing SMA.
Using the BK8 strategy, its not ripe for a kill yet. We wait for the price to cross 5SMA then we decide to go long,
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  • #11,055
  • Aug 4, 2019 3:15pm Aug 4, 2019 3:15pm
Quoting Patdozie
{quote} Using the BK8 strategy, its not ripe for a kill yet. We wait for the price to cross 5SMA then we decide to go long, {image}
If you notice, the price already touched lower BB so its late to enter the short trade.

So we wait for reversal
  • #11,056
  • Aug 4, 2019 4:02pm Aug 4, 2019 4:02pm
Yeah I understand the lower BB comment. Only started reading up on this strat today so i'll toy about with it. From price action I fancied the pair, so applied this strat to it and thought it gave it some weight to continue short.

From doing a bit of back testing it seems that the bottom band isn't always respected and price can continue in its direction and the band usually catches up. Whats others thoughts on this?
Attached Image (click to enlarge)
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Keep it simple stupid
  • #11,057
  • Aug 4, 2019 4:30pm Aug 4, 2019 4:30pm
Quoting mizi123
{quote} Im trying to se sighns of weeknes but not seeing them yet....
I'm in with a small position...

That bearish pin bar at the right spot seduced me :-)
Thing that's concerning me at the moment is tomorrow GBP news events... 10:30 GMT
That's why I'm keeping the risk low !
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBPDaily.png Size: 45 KB
  • #11,058
  • Aug 4, 2019 4:45pm Aug 4, 2019 4:45pm
Quoting mtacki
{quote} I'm in with a small position... That bearish pin bar at the right spot seduced me :-) Thing that's concerning me at the moment is tomorrow GBP news events... 10:30 GMT That's why I'm keeping the risk low ! {image}
Good luck dear
  • #11,059
  • Aug 4, 2019 4:45pm Aug 4, 2019 4:45pm
Quoting Craven64
Yeah I understand the lower BB comment. Only started reading up on this strat today so i'll toy about with it. From price action I fancied the pair, so applied this strat to it and thought it gave it some weight to continue short. From doing a bit of back testing it seems that the bottom band isn't always respected and price can continue in its direction and the band usually catches up. Whats others thoughts on this? {image}

Actually - your picture doesn't show the situations where we should respect the lower BB...
It's more the case in the following snapshot - where a LONG Signal is formed while touching the upper BB

In your example- the price is riding the lower BB - but there is no "BK8" signal formed.
At least- that's my understanding :-)
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBPDaily.png Size: 38 KB
  • #11,060
  • Aug 4, 2019 5:11pm Aug 4, 2019 5:11pm
Yeah I get that mtacki! thanks for clearing up. Going to go through this thread start to finish when time allows to get up to speed lol.
Keep it simple stupid
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