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Monthly Profit - Daily Trading using SMA

  • #11,141
  • Aug 10, 2019 11:29pm Aug 10, 2019 11:29pm
I started with SMA 5,0. But somewhere along the lines, I thot I read SMA 5,3.
Can someone help put to the right indicator? Thanks tons
  • #11,142
  • Edited 11:58am Aug 11, 2019 3:23am | Edited 11:58am
Quoting lyeo
I started with SMA 5,0. But somewhere along the lines, I thot I read SMA 5,3. Can someone help put to the right indicator? Thanks tons
Hi Lyeo, SMA 5,3 was the initial indicator until BK8 revised it to 5,0 as mentioned in the updated post #1. Parabolic SAR that you can see in the first pages was also abandoned.
Don't forget to not oversize your trades. It takes a quite unlikely series of losing trades to get severe drawdown on this strategy if you are disciplined enough in not jumping on any so-so setup and when you think you identified the next flight to the moon putting all your resources on the table.
Personally I adapted my money management in considering as a valid inital stop-loss level (when entering a trade) the last fractal high/low +/- 20 bps. I don't use regular stop-loss order at this point which in essence is the level at which you agree your broker to cash-in your losses and which seems silly to me.
I am using hedging and should my initial trade go wrong I will open at the formerly described level an inverse position. Now on this second trade only I will indeed put a regular and relatively tight traditional stop-loss order (about 30 pips). So should the opening of this inverse position be triggered due to s/l hunting it will quickly be closed with minimum damage. In which case I would double my initial trade because that's usually a signal of initial direction continuation. In the opposite case the ongoing loss on my initial trade would be partially covered by the gain on the hedging position, my risk being limited to the spread between the two entry levels which I initially considered as acceptable. Just the same as for a regular stop-loss, the difference being that I didn't give up on any hard-earned money to my broker... Obviously all this requires close monitoring a good reserve of equity. Brokers are pushing on using regular stop-loss orders because they know this is how they can get rich quickly as this is the only possible "protection" highly leveraged traders can take, except praying for the market to go their way...
All the best.
I used to be indecisive but now I'm not so sure...
  • #11,143
  • Aug 11, 2019 4:17am Aug 11, 2019 4:17am
okay - so here comes my watchlist for today

- ACAD formed a sell signal - very brief though
- ACHF is a little bit more clear...
- AJPY - the JPY Market will be closed tomorrow due to holiday. does this bother us at all during LON / NY sessions ??

- what's concerning me with all these pairs is the clear bulish pinbar that formed on 08/07- in the early morning
can't remember what that was due to... no significant news release on that time
might again become a significant area of resistance in the near future !?

then there is GBPNZD which in my opinion is the best signal.

the GBPNZD weekly also formed a huge bearish pinbar last week - so this might generate some bearish momentum also !?

so if there is no big weekend gap tonight - I will probably give this one a shot.

Any feedback is very welcome !

have a nice sunday everybody !
Attached Image(s) (click to enlarge)
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  • #11,144
  • Aug 11, 2019 6:37am Aug 11, 2019 6:37am
Quoting mtacki
okay - so here comes my watchlist for today - ACAD formed a sell signal - very brief though - ACHF is a little bit more clear... - AJPY - the JPY Market will be closed tomorrow due to holiday. does this bother us at all during LON / NY sessions ?? - what's concerning me with all these pairs is the clear bulish pinbar that formed on 08/07- in the early morning can't remember what that was due to... no significant news release on that time might again become a significant area of resistance in the near future !? then there is GBPNZD which in my opinion...
All the pairs mentioned here are nice setups but one as higher and greater potential to play out (GBPNZD)
Which also formed same setup on (GBPAUD) last week
  • #11,145
  • Aug 11, 2019 6:51am Aug 11, 2019 6:51am
See setups below
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  • #11,146
  • Aug 11, 2019 7:00am Aug 11, 2019 7:00am
Quoting Jydehakins
{quote} All the pairs mentioned here are nice setups but one as higher and greater potential to play out (GBPNZD) Which also formed same setup on (GBPAUD) last week
Totally agree with you.
  • #11,147
  • Edited 12:12pm Aug 11, 2019 8:41am | Edited 12:12pm
Quoting mtacki
okay - so here comes my watchlist for today - ACAD formed a sell signal - very brief though - ACHF is a little bit more clear... - AJPY - the JPY Market will be closed tomorrow due to holiday. does this bother us at all during LON / NY sessions ?? - what's concerning me with all these pairs is the clear bulish pinbar that formed on 08/07- in the early morning can't remember what that was due to... no significant news release on that time might again become a significant area of resistance in the near future !? then there is GBPNZD which in my opinion...
Hi mtacki, GBPNZD is for me still on watch. BK8 strategy clearly stresses that SMA 5,0 has to point upward/downward to consider a setup as valid. And on this pair we are not there yet. Look at my last post on AUDUSD, we were also not there yet despite a favourable candlesticks pattern.
All the best.
Attached Image (click to enlarge)
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I used to be indecisive but now I'm not so sure...
  • #11,148
  • Aug 11, 2019 9:43am Aug 11, 2019 9:43am
Quoting Filipo1
{quote} Hi mtacki, GBPNZD is for me still on watch. BK8 strategy clearly stresses that SMA 5,0 has to point upward/downward to consider a setup as valid. And on this pair we are not there yet. Look at my last post on AUDUSD, we were also not there yet despite a favourable candlesticks configuration. All the best. {image}
okay - good point. I actually remember I have read this. But didn't take this into consideration over the last days...
Thanks !
So with the SMA pointing sideway - you are not going to trade this setup ?
Or simply reducing position size ?
  • #11,149
  • Aug 11, 2019 10:48am Aug 11, 2019 10:48am
Hi friends GBP/NZD, GBP/USD and AUD/CAD look's good to me to for starting the week but bear in mind dont enter imideatly i n start of the week because in monday retracments ocure and sometimes they are very deep, so good luck to all of you
  • #11,150
  • Aug 11, 2019 11:48am Aug 11, 2019 11:48am
Quoting mtacki
{quote} okay - good point. I actually remember I have read this. But didn't take this into consideration over the last days... Thanks ! So with the SMA pointing sideway - you are not going to trade this setup ? Or simply reducing position size ?
I would just refrain until I get a clear signal. What I have learnt after burning not one but many accounts is that this game is essentially about risk management. And when having to choose between trying to catch some additional pips because of a "feeling" or possibly just completely miss the entry or even the trade I will always, always, go for the second option. There are times when there is nothing to trade for many days, no problem. Most of our lives are already very busy anyway and new opportunities will inevitably show up sooner or later.
I used to be indecisive but now I'm not so sure...
  • #11,151
  • Aug 11, 2019 1:18pm Aug 11, 2019 1:18pm
[quote=Filipo1;12434394]{quote} Hi Lyeo, SMA 5,3 was the initial indicator until BK8 revised it to 5,0 as mentioned in the updated post #1. Parabolic SAR that you can see in the first pages was also abandoned. Don't forget to not oversize your trades. It takes a quite unlikely series of losing trades to get severe drawdown on this strategy if you are disciplined enough in not jumping on any so-so setup and when you think you identified the next flight to the moon putting all your resources on the table. Personally I adapted my money management in considering as a valid inital stop-loss level (when entering a trade) the last fractal high/low +/- 20 bps. I don't use regular stop-loss order at this point which in essence is the level at which you agree your broker to cash-in your losses and which seems silly to me. I am using hedging and should my initial trade go wrong I will open at the formerly described level an inverse position. Now on this second trade only I will indeed put a regular and relatively tight traditional stop-loss order (about 30 pips). So should the opening of this inverse position be triggered due to s/l hunting it will quickly be closed with minimum damage. In which case I would double my initial trade because that's usually a signal of initial direction continuation. In the opposite case the ongoing loss on my initial trade would be partially covered by the gain on the hedging position, my risk being limited to the spread between the two entry levels which I initially considered as acceptable. Just the same as for a regular stop-loss, the difference being that I didn't give up on any hard-earned money to my broker...

Can you upload a chart that you have successfully hedged? Thanks
  • #11,152
  • Aug 11, 2019 3:07pm Aug 11, 2019 3:07pm
Hi salimc, unfortunately no because it would require a screenshot for each phase and I neither keep screenshots nor disclose my trade details. I tried to explain my style as precisely as I could but you don't have to be convinced.
I used to be indecisive but now I'm not so sure...
  • #11,153
  • Aug 12, 2019 8:32am Aug 12, 2019 8:32am
Contra trend results have melted trend trading results.... stay positive mizi123!
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  • #11,154
  • Aug 12, 2019 12:39pm Aug 12, 2019 12:39pm
Quoting mizi123
Contra trend results have melted trend trading results.... stay positive mizi123! {image}
You went short, but from your graph trend is up. You wanted to catch retracement?
  • #11,155
  • Aug 12, 2019 1:53pm Aug 12, 2019 1:53pm
candidates for tonight...

what do you guys think !?

I like AUDUSD better for it's smaller candles sizes...
Though there are fundamental news coming to the AUD tonight :-/
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: EURAUDDaily.png Size: 35 KB
  • #11,156
  • Aug 12, 2019 2:44pm Aug 12, 2019 2:44pm
Quoting mtacki
candidates for tonight... what do you guys think !? I like AUDUSD better for it's smaller candles sizes... Though there are fundamental news coming to the AUD tonight :-/ {image} {image}
EA looks good if it closes above 5SMA according to strategy. It aligns with weekly trend.
AU also is good if it closes below
  • #11,157
  • Edited 9:10pm Aug 12, 2019 8:37pm | Edited 9:10pm
Hello all
Thanks for all your interresting and educating replies.
I am not seeing a lot these days, but rather things to wait for. Like EurCad.
Take care. Better no trade than a wrong one.
All the best.
Oddbjørg
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All the best to all of you. But don't follow me. I am a learner.
  • #11,158
  • Aug 12, 2019 11:16pm Aug 12, 2019 11:16pm
Quoting Oddbjorg
Hello all Thanks for all your interresting and educating replies. I am not seeing a lot these days, but rather things to wait for. Like EurCad. Take care. Better no trade than a wrong one. All the best. Oddbjørg {image}
I have a feeling this could be a wise decision for whole august... :-/
Calm FX days these are !
  • #11,159
  • Aug 13, 2019 1:31am Aug 13, 2019 1:31am
Quoting Oddbjorg
Hello all Thanks for all your interresting and educating replies. I am not seeing a lot these days, but rather things to wait for. Like EurCad. Take care. Better no trade than a wrong one. All the best. Oddbjørg {image}
Hi Oddbjorg,
EURCAD has SMA 5,0 pointing down but only due to current candlestick. If we have indeed a series of lower highs we don't have a real signal yet as we need to wait for the closing to get a confirmation.
Attached Image (click to enlarge)
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I used to be indecisive but now I'm not so sure...
  • #11,160
  • Aug 13, 2019 1:35am Aug 13, 2019 1:35am
Quoting mtacki
{quote} I have a feeling this could be a wise decision for whole august... :-/ Calm FX days these are !
It depends which pair you are looking at.
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I used to be indecisive but now I'm not so sure...
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