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Monthly Profit - Daily Trading using SMA

  • #12,001
  • Sep 28, 2021 9:46am Sep 28, 2021 9:46am
Quoting furgz1129
Trying this strategy out. Recommendations are welcomed if i am wrong with the following trades. thank you. {image} Im not sure if this trade is to late {image} Eurgbp {image}
Hi furgz1129, just my 2 cents:
AUDCHF is messy. Better avoid sideways patterns.
AUDUSD idem
EURGBP was in range and now… ouch! I always lost on this pair, like on Gold. Good for scalping or day trading but hard for swings.

All the best.
I used to be indecisive but now I'm not so sure...
  • #12,002
  • Edited 3:57am Sep 29, 2021 3:43am | Edited 3:57am
Always worth keeping an eye on monthly when sitting on crossroads.
EURUSD: potential break of multi-months support. Next major support around 1.15.
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I used to be indecisive but now I'm not so sure...
  • #12,003
  • Sep 29, 2021 3:49am Sep 29, 2021 3:49am
Quoting Filipo1
Always worth keeping eye on monthly when sitting on crossroads. EURUSD: potential break of multi-months support. Next major support around 1.15. {image}
Perfect confluence with Ichimoku: flat Kijun around 1.15 and flat SSB around 1.1450 (50% Fibonacci).
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I used to be indecisive but now I'm not so sure...
  • #12,004
  • Sep 29, 2021 4:12am Sep 29, 2021 4:12am
Hi, thanks for the strategy
Newbi question: SMA stand for simple moving average or smoothed moving average?
On chart it looks like it's smoothed but i'm used to see SMA for simple.
Thanks a lot
  • #12,005
  • Sep 29, 2021 6:04am Sep 29, 2021 6:04am
Quoting Jackain
Hi, thanks for the strategy Newbi question: SMA stand for simple moving average or smoothed moving average? On chart it looks like it's smoothed but i'm used to see SMA for simple. Thanks a lot
Hi Jackain,
SMA.
P.S. Smoothed is abbreviated SMMA.
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I used to be indecisive but now I'm not so sure...
  • #12,006
  • Sep 29, 2021 7:36am Sep 29, 2021 7:36am
Hello
Interresting pairs.
BK8 used to go further than upper/lower bb if it looked good.
All the best.
Oddbjørg
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All the best to all of you. But don't follow me. I am a learner.
  • #12,007
  • Sep 29, 2021 9:37am Sep 29, 2021 9:37am
This is for me the typical dream play:
You start beginning of August with a short position.
The mid-August retracement below the middle band and with RSI below 50 offering a nice opportunity of compounding by adding more short.
End of August you cash the profits in and enter long until this beautiful pin bar of September 3.
Going short after the close of Sept.6. Again the slight retracement of Sept.23 offered a perfect compounding opportunity.
What could possibly go wrong?
Either you are conservative and think “ I should rather take at least part of my profit now as we get close to the Nov.2020 low or I am super bearish and wait for the support at 1.15.”
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I used to be indecisive but now I'm not so sure...
  • #12,008
  • Sep 29, 2021 10:07pm Sep 29, 2021 10:07pm
Quoting Filipo1
{quote} NZDJPY closed Break even on USDZAR {image}
Remember this post after #11962?
This pair like USDMXN, USDPLN and USDTRY can be quite volatile. Therefore when I catch a reversal starting close to or from Bollinger bands I keep some more distance from price action for my risk management and am happy to remain at break even.
What a ride.
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I used to be indecisive but now I'm not so sure...
  • #12,009
  • Sep 29, 2021 10:30pm Sep 29, 2021 10:30pm
Quoting Filipo1
{quote} Perfect confluence with Ichimoku: flat Kijun around 1.15 and flat SSB around 1.1450 (50% Fibonacci). {image}
DXY just crossed the Bollinger middle band on the monthly chart. Next major resistance seen around 96.00-96.50 according to Ichimoku Kinko Hyo (flat SSB and KS).
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I used to be indecisive but now I'm not so sure...
  • #12,010
  • Sep 30, 2021 12:43am Sep 30, 2021 12:43am
Quoting Filipo1
{quote} DXY just crossed the Bollinger middle band on the monthly chart. Next major resistance seen around 96.00-96.50 according to Ichimoku Kinko Hyo (flat SSB and KS). {image} {image}
Hi Filipo,

do you still trade this system?
  • #12,011
  • Sep 30, 2021 2:19am Sep 30, 2021 2:19am
Quoting AdamO.
{quote} Hi Filipo, do you still trade this system?
Hi AdamO, are you serious???
I used to be indecisive but now I'm not so sure...
  • #12,012
  • Sep 30, 2021 7:37am Sep 30, 2021 7:37am
Quoting Filipo1
{quote} Hi AdamO, are you serious???
I suppose you do as you are the most active member here recently. I've checked dozen first pages and last ones and this system seems to quite reliable. It actually make sense as it is catching almost every major move in the market.

I hoped to see your quick overview of this method from psychological point of view.

Thank you for your reply.
  • #12,013
  • Sep 30, 2021 9:07pm Sep 30, 2021 9:07pm
Sell signal sent by EURJPY.
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I used to be indecisive but now I'm not so sure...
  • #12,014
  • Edited 9:47pm Sep 30, 2021 9:37pm | Edited 9:47pm
Quoting AdamO.
{quote} I suppose you do as you are the most active member here recently. I've checked dozen first pages and last ones and this system seems to quite reliable. It actually make sense as it is catching almost every major move in the market. I hoped to see your quick overview of this method from psychological point of view. Thank you for your reply.
Well I am not sure I am the best qualified for that but the turning point as for any strategy I guess is discipline:
-Keeping a trade journal obliges you to re-think the rationale for taking a position. And you can learn from it as long as you follow the same guidelines.
-Then all is in the size. You must adapt the size of your trades to the gap between entries and stop-loss levels according to your available equity. This is really really really fundamental, even more for those setups that look sooo promising.
-Patience is the quality that will then make the difference on your results. Patience to wait for a good opportunity first. Considering that a good share of price action is in range, you must prepare for inactivity… But don’t worry, there are always new opportunities on the way so better keep your powder dry for the good setups to come. And also patience to let the gains run. That’s why Bk8 proposal to open two positions and cut one after a first daily gain is an excellent discipline, you must reward yourself a bread-and-butter salary. The second position will hopefully turn into a bonus.
-Finally trade mainly what you see over what you think. But that doesn’t mean you must not pay attention to a minimum of fundamentals and major announcements that can turn everything upside down in a fraction of a second. You have nasty robots facing you in this game…

All the best.
I used to be indecisive but now I'm not so sure...
  • #12,015
  • Oct 1, 2021 2:14am Oct 1, 2021 2:14am
Quoting Filipo1
{quote} Well I am not sure I am the best qualified for that but the turning point as for any strategy I guess is discipline: -Keeping a trade journal obliges you to re-think the rationale for taking a position. And you can learn from it as long as you follow the same guidelines. -Then all is in the size. You must adapt the size of your trades to the gap between entries and stop-loss levels according to your available equity. This is really really really fundamental, even more for those setups that look sooo promising. -Patience is the quality that...
Thank you for your detailed description. It seems you are mastering the game step by step and I am glad to see that it works for you, Filipo. It seems that discipline and patience are two most important factors in trading and actually any activity in our lives.
  • #12,016
  • Oct 1, 2021 5:22am Oct 1, 2021 5:22am
Hello
Interresting pairs to keep an eye on next Tokyo open.
All the best and have a nice weekend.
Oddbjørg.
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All the best to all of you. But don't follow me. I am a learner.
  • #12,017
  • Oct 1, 2021 5:52am Oct 1, 2021 5:52am
CHFJPY also sent sell signal (with a nice bearish divergence on RSI).
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I used to be indecisive but now I'm not so sure...
  • #12,018
  • Oct 1, 2021 9:26am Oct 1, 2021 9:26am
Quoting Filipo1
{quote} Buy signal validated by this thread’s strategy. {image}
Posts # 11995-11996-12000:
Didn’t reach my TP2 yet but I prefer to close here.
Another winner.
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I used to be indecisive but now I'm not so sure...
  • #12,019
  • Oct 1, 2021 9:47am Oct 1, 2021 9:47am
Quoting Filipo1
{quote} Posts # 11995-11996-12000: Didn’t reach my TP2 yet but I prefer to close here. Another winner. {image}
Hi, Filipo1 ! Thanks for sharing. Can you share your exiting trade strategy? Which rules do you follow?

Take Profit/Exit

  1. Take 2 positions of same setup, and close the first setup after taking profit on same day and leave the another setup to run forever
  2. Keep moving SL for second setup as per S&R
  3. You may exit when candle touches/cross BB top/bottom line.
  4. You may exit from second position if you have minimum 3 candles profit as part of 1:3 strategy.
  5. Must Exit on breakeven if setup goes in opposite direction.


Do you have your way of taking profits?

I am trying to raise conversation on this topic for a while, I will be very grateful if you can share. Thanks!

Dreams don't work unless you do
RealDeal All Time Return: -73.9%
  • #12,020
  • Edited Oct 2, 2021 8:20pm Oct 1, 2021 9:34pm | Edited Oct 2, 2021 8:20pm
Quoting Kodzhamanov
{quote} Hi, Filipo1 ! Thanks for sharing. Can you share your exiting trade strategy? Which rules do you follow? Take Profit/Exit Take 2 positions of same setup, and close the first setup after taking profit on same day and leave the another setup to run forever Keep moving SL for second setup as per S&R You may exit when candle touches/cross BB top/bottom line. You may exit from second position if you have minimum 3 candles profit as part of 1:3 strategy. Must Exit on breakeven if setup goes in opposite direction. Do you have your way of taking...
Hi Kodzhamanov,
I follow the mentioned rules but with some adaptations:
-Touching BB per se is not relevant for exit from my experience (but it remains a no-no for entries: I would refrain from buying if prices already touch the upper band). Now when you have a long pin bar breaking upper/lower band or even more when you have a candlestick opening and closing beyond upper/lower band then you can reasonably expect some retracement and close your position.
-For the most volatile assets I prefer to not trail my protection beyond break even. Usually I let the profits run but for commodities (with restricted trading time on top) I prefer to close on Friday.
-I do not use stop-loss for risk-management of my positions (except for break even) but rather put hedging orders. However I do use stop-loss on the inverse trades triggered by hedging. You can check my previous posts developing the topic.

All the best.
I used to be indecisive but now I'm not so sure...
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