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Monthly Profit - Daily Trading using SMA

  • #11,461
  • Feb 13, 2020 4:42pm Feb 13, 2020 4:42pm
Hello,

Please let me know what do you think about GBPAUD and GBPCAD long setups. I couldn't find any other setup after closing of the daily candle. Thanks.
  • #11,462
  • Feb 13, 2020 5:19pm Feb 13, 2020 5:19pm
Hi Itech.

My screen looks good for the GC. You would be entering on the first qualified candle.

For the GA, please look left to see prior resistance on the 2/7 candle at this level. I'm no pro at this BUT I would bet that Oddbjorg, who is the ongoing pro on this site, would wish for some clearance above the 2/7 candle (which appears to be happening at this time (1814 NY)).

Don't miss the ADR of the GA . . . about 160 pips so give yourself some room on the stop if you take the GA.

Best of luck.

FS
  • #11,463
  • Feb 13, 2020 11:02pm Feb 13, 2020 11:02pm
Thanks FS for your feedback. I noticed the resistance after posting it so you are right. Thanks for your advice regarding SL.
  • #11,464
  • Feb 14, 2020 9:44am Feb 14, 2020 9:44am
Itech -- this is one of the advantages of this method of trading. We take a look at the price as it relates to the sma5. Pretty simple. And some will take a look at the BBs.

Still, there is not much to get in the way of essential entry analysis that one would do on any entry system: look left for prior support/resistence, check size of the candles to be sure you have some momentum, try to sort out whether the current cross of the sma5 is just a retracement or does this reflect a real trend change, drop down to see what the candles on H4 and maybe even H1 are doing and check up to see where the W1 is.

If the H1 or H4 is moving in a different direction to the D1 it may well just be a small retrace at that TF. Keep your eye on it to return to the direction of the D1 you want to trade. You may even get in at a better price. For sure the higher time frames are in control of price movement.

Others will add even more things to check, BUT the beauty of using the sma5 is that it adds little to confuse. Let's face it, the more indicators the more likely one or more will disagree with another and make your trading decision s harder.

Every success to you.
  • #11,465
  • Feb 17, 2020 1:39am Feb 17, 2020 1:39am
The promising strategies I ever seen. Until now even the founder is gone, the thread still updating.

Can someone please clarify which SMA 5 is best to apply. SMA 5 open, high, low or close?
  • #11,466
  • Feb 17, 2020 11:18am Feb 17, 2020 11:18am
Quoting alidrus83
The promising strategies I ever seen. Can someone please clarify which SMA 5 is best to apply. SMA 5 open, high, low or close?

The 5,0 CLOSE gives you the most information and is safest. Just my opinion. Possibly Oddbjorg will have a definitive answer.

Think about it, though. You are trading on the D1 here so speed is not your focus, accuracy is. Oddbjorg usually enters even later than a qualified close on the D1. That tells you something.

Good trading to you.
  • #11,467
  • Feb 17, 2020 10:02pm Feb 17, 2020 10:02pm
Hello,

I am unable to find any good setups today, if I am missing anything please let me know.
  • #11,468
  • Feb 18, 2020 11:53pm Feb 18, 2020 11:53pm
AUDJPY seems to capitulate.
As always for me when Pacific currencies are involved even more when JPY comes into play, a look at Ichimoku is a must.
Attached Image(s) (click to enlarge)
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I used to be indecisive but now I'm not so sure...
  • #11,469
  • Edited 10:19am Feb 19, 2020 9:56am | Edited 10:19am
Quoting itech1
Hello, I am unable to find any good setups today, if I am missing anything please let me know.
Hello - it is waiting time.
Wicks - sideways - overbougt/sold - well - we will just wait - it won't rain always.

All the best.
All the best to all of you. But don't follow me. I am a learner.
  • #11,470
  • Edited 2:02pm Feb 19, 2020 9:59am | Edited 2:02pm
Quoting alidrus83
The promising strategies I ever seen. Until now even the founder is gone, the thread still updating. Can someone please clarify which SMA 5 is best to apply. SMA 5 open, high, low or close?
Hello and welcome amongst us.
Yes a system that works. But promise to begin in Demo.
Eat and breath the old charts - on the thread.
Take care - and all the best.
Oddbjørg
All the best to all of you. But don't follow me. I am a learner.
  • #11,471
  • Feb 20, 2020 3:24am Feb 20, 2020 3:24am
Hello guys,

Interesting strategy and forum which I've been following for over a few weeks now. I don't know if I am right, but I have my eyes on the following pairs for today:

EUR/GBP --> LONG
EUR/AUD --> LONG
EUR/NZD --> LONG
USD/CAD --> SHORT
EUR/JPY --> LONG
  • #11,472
  • Feb 20, 2020 5:37pm Feb 20, 2020 5:37pm
Quoting Maroc-Ismail
Hello guys, Interesting strategy and forum which I've been following for over a few weeks now. I don't know if I am right, but I have my eyes on the following pairs for today: EUR/GBP --> LONG EUR/AUD --> LONG EUR/NZD --> LONG USD/CAD --> SHORT EUR/JPY --> LONG

Hi Ismail . . .

Just another traders thoughts.

UCd seems to be ranging. Stand aside.

The EA and EJ have huge candles far above their ADRs . . . it would make me nervous that this could continue.

The EG and EN are viable with solid signals. I'm looking hard at those two now, but remember we are starting Friday trading, end of the week . . . do you want to hold over the weekend?



FS
  • #11,473
  • Feb 20, 2020 6:10pm Feb 20, 2020 6:10pm
Quoting Forest-Sea
{quote} Hi Ismail . . . Just another traders thoughts. UCd seems to be ranging. Stand aside. The EA and EJ have huge candles far above their ADRs . . . it would make me nervous that this could continue. The EG and EN are viable with solid signals. I'm looking hard at those two now, but remember we are starting Friday trading, end of the week . . . do you want to hold over the weekend? FS
Thanks for your view. It helps, because I just started trying to use this system in my trading.
  • #11,474
  • Feb 21, 2020 8:58am Feb 21, 2020 8:58am
CADCHF
EURCAD
EURGBP
EURUSD
USDCHF

are looking interesting
  • #11,475
  • Feb 22, 2020 6:46am Feb 22, 2020 6:46am
Been reading through the thread from page one up to p120!

A few questions on the strategy:

Post 1:
Quote
Risk - Do not take positions more than 5% of account value and do not take multiple positions of same currency (Max 2), even setup is 100% correct
When you enter a trade you place two trades, one to close at break even the other to keep running with a trailing stop of 1 candle.

Do you risk 5% on each or 2.5% on each (total) 5%?

If you trade on the same currency across two pairs for example GBPUSD GBPJPY that means you would potential loose 10% if both trades went the same way.

Please can you advise me the best approach to risk that has been working for the participants.

Thanks
  • #11,476
  • Feb 23, 2020 4:32am Feb 23, 2020 4:32am
Hello

i do not follow this risk management, but:

the quote you are referring to is saying, that you should never trade more than 5% of your capital, no matter how much trades you open...

if your trading the pairs you mentioned then it is 4 trades, 1.25% risk each.
  • #11,477
  • Feb 23, 2020 5:50am Feb 23, 2020 5:50am
Thanks for the response Maxwell

Quoting maxwell87
Hello i do not follow this risk management, but: the quote you are referring to is saying, that you should never trade more than 5% of your capital, no matter how much trades you open... if your trading the pairs you mentioned then it is 4 trades, 1.25% risk each.
Post 30... BK8 says....I think there is no short cut formula for long term profits. So I decided to trade on D1 chart only and spend 10% max of account value
this suggests the 5% refers to each position. This seems high as most experienced people on these forums seem to recommend around 1-2% per trade.
  • #11,478
  • Feb 24, 2020 5:05pm Feb 24, 2020 5:05pm
Hello,
I am looking at the following pairs.
AUDJPY (Short), AUDNZD (Short), EURUSD (Long), CADCHF (Short)
Please share your feedback. Thanks.
  • #11,479
  • Feb 24, 2020 6:31pm Feb 24, 2020 6:31pm
Quoting itech1
Hello, I am looking at the following pairs. AUDJPY (Short), AUDNZD (Short), EURUSD (Long), CADCHF (Short) Please share your feedback. Thanks.
Hello,

EURUSD and CADCHF look nice!
AuDxxx pairs are moving sideways ...
  • #11,480
  • Feb 24, 2020 10:04pm Feb 24, 2020 10:04pm
Thanks for the feedback.
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