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Daily Chart w/ 10sma

  • #21
  • Dec 12, 2011 3:51pm Dec 12, 2011 3:51pm
Quoting GEOFFREY62
Thanks for reply BKG but all the areas you have remarked on you chart I see as support , where does this become resistance allowing you you take a short?
Geoff
As soon as price closes below this support area the the same area becomes resistance.
Please ask questions and share your experiences with us all!
  • #22
  • Dec 12, 2011 4:23pm Dec 12, 2011 4:23pm
Interesting... I was already looking to take this same trade short using another method this morning before I saw this method. The odd thing is my chart does not show the gap. Is this because I'm using a different broker (Oanda)? I'm guessing yes...
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  • #23
  • Dec 12, 2011 4:29pm Dec 12, 2011 4:29pm
Quoting RobFX
Interesting... I was already looking to take this same trade short using another method this morning before I saw this method. The odd thing is my chart does not show the gap. Is this because I'm using a different broker (Oanda)? I'm guessing yes...
I would have to guess it is because of the different broker. Does anyone else have the gap I have shown on my chart?
Please ask questions and share your experiences with us all!
  • #24
  • Dec 12, 2011 4:39pm Dec 12, 2011 4:39pm
Thanks... Yeah, that's it... I installed a demo of IBFX and it looks like yours. I've been thinking about switching over to them for a while now. Thanks again.
  • #25
  • Dec 12, 2011 4:53pm Dec 12, 2011 4:53pm
Just to give you guys a little info on me. I live in eastern N.C. here in the great ole U.S.A. and I have been trading for probably 10+ years now. I started out trading stock options and really got my ass burned doing that. Some trading friends of mine told me I should try forex so back in 05 I decided to give it a try. I have been addicted ever since. Spent the first 4 or 5 years trying to trade the 15m chart but with no consistancy. Moved to 1hr then 4hr but really like trading the daily. I work a public job so it makes it much easier to trade the daily and a lot less stressful in my opinion. I lost my business and everything I owned in the 09 Depression(lol) and I made a promise to myself and God that if I ever figured out how to trade and be profitable I would pass on what I have learned for free to whoever would listen so hear I am. If I can help do not hesitate to ask me please.
Please ask questions and share your experiences with us all!
  • #26
  • Dec 12, 2011 4:58pm Dec 12, 2011 4:58pm
Quoting bkg102665
I would have to guess it is because of the different broker. Does anyone else have the gap I have shown on my chart?
Yep I have the same Gap on FXPro and FXDD
Always Learning
  • #27
  • Dec 12, 2011 5:09pm Dec 12, 2011 5:09pm
If we get some 10sma crosses tonight I will post the chart and tell you why I would take the trade or why I would not take the trade. That should be another hour or so.
Please ask questions and share your experiences with us all!
  • #28
  • Dec 12, 2011 5:35pm Dec 12, 2011 5:35pm
Hi BKG,

Thank you for sharing your simple system. How you draw your S/R lines? Which TFs S/R levels you use? If your are using an S/R indicator could you please share it with its settings.

Thanks in advance.
Roy
  • #29
  • Dec 12, 2011 5:47pm Dec 12, 2011 5:47pm
Quoting RoyPK
Hi BKG,

Thank you for sharing your simple system. How you draw your S/R lines? Which TFs S/R levels you use? If your are using an S/R indicator could you please share it with its settings.

Thanks in advance.
Roy
All the charts I post will be daily charts. All of my s/r levels I do manually. I have never seen a good indicator for that. Most people see support and resistance areas a little different but all in all we should all be pretty close. Some people use wicks but all of my s/r lines will be based off of the candle bodies, not the wicks/
Please ask questions and share your experiences with us all!
  • #30
  • Dec 12, 2011 5:54pm Dec 12, 2011 5:54pm
Hello bkg102665
Thanks for sharing, please what pairs are the best for this system?
  • #31
  • Dec 12, 2011 6:00pm Dec 12, 2011 6:00pm
Quoting Golum
Hello bkg102665
Thanks for sharing, please what pairs are the best for this system?
It works on most pairs but I suggest you do some back testing if it is a really odd pair.
Please ask questions and share your experiences with us all!
  • #32
  • Dec 12, 2011 6:18pm Dec 12, 2011 6:18pm
aud/chf = No Not much room to reach support so probably not
aud/usd = I took it but you may get a better price if it backs up a little
eur/chf = Probably a nice trade with room to run 200+
gbp/usd = No too close to support
nzd/chf = Possibly a nice trade back to the 200sma(yellow)
usd/jpy = No too close to resistance
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Please ask questions and share your experiences with us all!
  • #33
  • Dec 12, 2011 6:30pm Dec 12, 2011 6:30pm
Hi bkg,
Thanks for sharing.
From what I read through the first few pages, can I assume you do not have any hard SL when you opened the trade? When a position is opened, you manage it on a daily basis. As an example, if you have a short position on AU now which is opened today, then on a daily basis you look at where it closes and when it does close above the SMA, that is when you close the position irrespective of whether it is in profit or not.

Not sure if I have read it correctly because without a initial SL (risk) it will be difficult to determine a good position size.

Thanks and regards,
Road to financial freedom
  • #34
  • Dec 12, 2011 6:36pm Dec 12, 2011 6:36pm
Quoting bkg102665
All the charts I post will be daily charts. All of my s/r levels I do manually. I have never seen a good indicator for that. Most people see support and resistance areas a little different but all in all we should all be pretty close. Some people use wicks but all of my s/r lines will be based off of the candle bodies, not the wicks/
Hi BKG,

Thanks for your reply.

Roy
  • #35
  • Dec 12, 2011 7:40pm Dec 12, 2011 7:40pm
I use the same methodology but on a TF of 8H and above. I went long on clear close above SMA (yellow line) and now waiting to clear the resistance of 1.556 to add further positions.
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Forex is boring but profitable with patience and discipline
  • #36
  • Dec 12, 2011 7:49pm Dec 12, 2011 7:49pm
Quoting fx26
Hi bkg,
Thanks for sharing.
From what I read through the first few pages, can I assume you do not have any hard SL when you opened the trade? When a position is opened, you manage it on a daily basis. As an example, if you have a short position on AU now which is opened today, then on a daily basis you look at where it closes and when it does close above the SMA, that is when you close the position irrespective of whether it is in profit or not.

Not sure if I have read it correctly because without a initial SL (risk) it will be difficult to...
You are correct. If price closes above 10sma then I am out. You can never be wrong putting an initial s/l though. It is risky if you do not.I would advise putting a 200 pip s/l just in case something drastic happens and price changes direction.
Please ask questions and share your experiences with us all!
  • #37
  • Dec 12, 2011 8:27pm Dec 12, 2011 8:27pm
It is time for this old man to go to bed. I will be back tomorrow morning to talk about what has happened through the night. Trade well folks!!!
Please ask questions and share your experiences with us all!
  • #38
  • Dec 12, 2011 8:56pm Dec 12, 2011 8:56pm
Quoting bkg102665
You are correct. If price closes above 10sma then I am out. You can never be wrong putting an initial s/l though. It is risky if you do not.I would advise putting a 200 pip s/l just in case something drastic happens and price changes direction.

Hi BKG,
Thanks for the reply. I do agree the SL is used for emergency stops because it looks like the SMA line does provide a good exit.

One question, when all conditions met, do you enter upon close of the candle or using a pending order on the high/low for buy/sell whichever the case maybe.

regards,
Road to financial freedom
  • #39
  • Dec 13, 2011 12:17am Dec 13, 2011 12:17am
Quoting bkg102665
This is an alert I had made that has the ability to alert w/ alarm, a pop up window, and an email. It will alert you when a daily candle crosses and close the 10sma. You will get the alert at the close of the daily candle. I run this on 20+ currencies and every night around 8 pm I get emails to tell me which pairs have crossed the 10sma and closed. Remember that you want to take short trades when price is close to resistance and long trades when price is near support.
BKG: How does one add one's e-mail address to this indicator? Thank you. . .
  • #40
  • Dec 13, 2011 12:21am Dec 13, 2011 12:21am
Quoting Greenstar
BKG: How does one add one's e-mail address to this indicator? Thank you. . .
Check out the email options in MT4

Regards, Paul.
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