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Monthly Profit - Daily Trading using SMA

  • #11,481
  • Feb 25, 2020 12:31am Feb 25, 2020 12:31am
@oddbjorg.

Just a few questions, I hope you don't mind me asking.

1. What is your approach to risk ...% each trade...% total...number of trades with same currency (BK8 mentioned max 2)
2. Of the two trades taken for a currency pair do you close the first trade at the end of the day (if its in profit) OR do you leave it to hit the 1:1 take Profit before scaling out.
3. Do you tighten your stops before RED news?
4. Do you stick to the Majors and Minors only or have you tried on Commodities, Metals etc..?

Sorry for the barrage of questions just starting off here and after a couple of days doing quite well...around 10% in three days.
  • #11,482
  • Feb 25, 2020 3:59am Feb 25, 2020 3:59am
Quoting money123456
@oddbjorg. Just a few questions, I hope you don't mind me asking. 1. What is your approach to risk ...% each trade...% total...number of trades with same currency (BK8 mentioned max 2) 2. Of the two trades taken for a currency pair do you close the first trade at the end of the day (if its in profit) OR do you leave it to hit the 1:1 take Profit before scaling out. 3. Do you tighten your stops before RED news? 4. Do you stick to the Majors and Minors only or have you tried on Commodities, Metals etc..? Sorry for the barrage of questions just starting...
Hello
Really, I am not a good example of those who write here to answer your questions.
Hope some of the profs will do. The reason being I am so conservative.

1. Depends on how sure I am, but never more than the system says.
2. Most often I do go in after the second candle has formed, and for the most part only with one trade.
If I am very very sure I take a small trade for practice after the system, with 2 posistions.
3. No
4. Only Forex and no certain pair.

All the best.
Oddbjørg.
All the best to all of you. But don't follow me. I am a learner.
  • #11,483
  • Feb 25, 2020 4:52am Feb 25, 2020 4:52am


Im new this thread, not taken a single trade yet but read back the past charts, applying this method.. My aim is to trade only best setups out of this method so Im applying the following additional rules for myself;


1-Only take entries when price bounce back from lower and upper bands. This give the trade run longer in other direction i.e. maximum profit potential.

2-No trade as long as 150SMA is inside the BB. While back testing, I have noticed this method works better when MA is outside the band.


Though it requires patience and lesser trades but for now I have decided to stick to these rules.






  • #11,484
  • Feb 25, 2020 6:53am Feb 25, 2020 6:53am
Quoting leepakhan
im new this thread, not taken a single trade yet but read back the past charts, applying this method.. My aim is to trade only best setups out of this method so im applying the following additional rules for myself; 1-only take entries when price bounce back from lower and upper bands. This give the trade run longer in other direction i.e. Maximum profit potential. 2-no trade as long as 150sma is inside the bb. While back testing, i have noticed this method works better when ma is outside the band. Though it requires patience and lesser trades but...
lets see how it looks on your chart
  • #11,485
  • Feb 25, 2020 12:33pm Feb 25, 2020 12:33pm
JPY pairs looking interesting!
  • #11,486
  • Feb 25, 2020 12:52pm Feb 25, 2020 12:52pm
+GBPUSD, GBPCAD / worth to take closer look
  • #11,487
  • Feb 25, 2020 3:22pm Feb 25, 2020 3:22pm
Quoting czechu
+GBPUSD, GBPCAD / worth to take closer look
too much sideways movement IMO..
  • #11,488
  • Feb 26, 2020 5:58pm Feb 26, 2020 5:58pm
Post #11468 AUDJPY I am out.
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I used to be indecisive but now I'm not so sure...
  • #11,489
  • Feb 27, 2020 9:29am Feb 27, 2020 9:29am
Quoting Filipo1
Post #11468 AUDJPY I am out. {image} {image}
buy stop activated or not?
  • #11,490
  • Mar 5, 2020 1:41am Mar 5, 2020 1:41am
Quoting casaland
{quote} buy stop activated or not?
Hi casaland, no it wasn’t activated. It was placed halfway between 50 and 61.8 Fibo and was never reached by price action.
I used to be indecisive but now I'm not so sure...
  • #11,491
  • Mar 5, 2020 3:58am Mar 5, 2020 3:58am
Quoting Leepakhan
Im new this thread, not taken a single trade yet but read back the past charts, applying this method.. My aim is to trade only best setups out of this method so Im applying the following additional rules for myself; 1-Only take entries when price bounce back from lower and upper bands. This give the trade run longer in other direction i.e. maximum profit potential. 2-No trade as long as 150SMA is inside the BB. While back testing, I have noticed this method works better when MA is outside the band. Though it requires patience and lesser trades but...
Nice insight. So you will have 5SMA and 150SMA with the BB correct? Please can you share your charts to drive home the point.
  • #11,492
  • Mar 5, 2020 9:03am Mar 5, 2020 9:03am
I enjoyed your strategy. Thanks for sharing!
  • #11,493
  • Mar 5, 2020 9:53am Mar 5, 2020 9:53am
I am not using this system but my back testing gave me interesting observations i.e.

When 150SMA is outside and above BB, price after bouncing back from upper band usually gets a good drop thus giving an ideal trade entry.

When 150 SMA is outside and below BB, price after bouncing back from lower band usually gets a significant rise.

When 150 SMA is inside the band, price bounce from bands dont ensure good profit.

Just apply these points on the past charts and you may notice the edge.
  • #11,494
  • Mar 5, 2020 9:58am Mar 5, 2020 9:58am
best of one strategy...
sorry indoensian but u can use subtitle
Inserted Video
i'm ever lose $2000, now time to go grow up
  • #11,495
  • Mar 6, 2020 2:44am Mar 6, 2020 2:44am
Hi everyone, please remember Bk8 mentioned on a few occasions that we could re-enter in a trade when a candlestick re-crossed SMA5 in the direction of the trend as shown here. Nevertheless I admit I should have expected the candlestick to close or enter just before the closing. But the situation with covid-19 was also coming into play.

All the best.
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I used to be indecisive but now I'm not so sure...
  • #11,496
  • Mar 6, 2020 5:19am Mar 6, 2020 5:19am
Quoting Filipo1
Hi everyone, please remember Bk8 mentioned on a few occasions that we could re-enter in a trade when a candlestick re-crossed SMA5 in the direction of the trend as shown here. Nevertheless I admit I should have expected the candlestick to close or enter just before the closing. But the situation with covid-19 was also coming into play. All the best. {image}
Thank you Filipo1
All the best
Oddbjørg
All the best to all of you. But don't follow me. I am a learner.
  • #11,497
  • Mar 10, 2020 3:05pm Mar 10, 2020 3:05pm
Been a lot of carnage out there the last couple of days. Hope all your pips are safe.

It might take a few days for things to calm and reset but keep looking for opportunities.
All opinions stated are purely opinions.. I may be wrong!
  • #11,498
  • Mar 12, 2020 2:39am Mar 12, 2020 2:39am
Quoting slowlyslowly
Been a lot of carnage out there the last couple of days. Hope all your pips are safe. It might take a few days for things to calm and reset but keep looking for opportunities.
I guess it’s important to consider other instruments than purely forex when you feel confident in the strategy and keep open to the major fundamentals impacting each asset category.
In some way what I showed in my post #11495 above could easily be extrapolated to other stock markets indices, particularly for Europe, Italy having sadly the best chances to perform.
I am out now because of the risks implied by ECB measures to be announced. I hope some could have a good run there.
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I used to be indecisive but now I'm not so sure...
  • #11,499
  • Mar 12, 2020 10:15am Mar 12, 2020 10:15am
There are regularly new opportunities showing up, we just need to widen the scope:
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I used to be indecisive but now I'm not so sure...
  • #11,500
  • Mar 15, 2020 12:41pm Mar 15, 2020 12:41pm
Hi, I'm new in this thread but already loving the simplicity of the system. I was on my charts looking for set ups and I ended with these two, which in my opinion look ok. Do they stick to the rules or am I wrong.
All the best.

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