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Daily Chart w/ 10sma

  • #41
  • Dec 13, 2011 12:08am Dec 13, 2011 12:08am
hi there
I don't want a job, i want money!
  • #42
  • Dec 13, 2011 4:05am Dec 13, 2011 4:05am
Good morning. Not much has happened over night it loks like. I figured we may get some pullback after yesterdays nice moves.
Please ask questions and share your experiences with us all!
  • #43
  • Dec 13, 2011 4:14am Dec 13, 2011 4:14am
Quoting Greenstar
BKG: How does one add one's e-mail address to this indicator? Thank you. . .
As pah has said you must go to your mt4 charts, go to the tools tab in upper left corner, click tools, then options, then email. You have to fill in the information and then check the enable box. If you have trouble I will be glad to help more. If you need help pm me and I will try to walk you through it.
Please ask questions and share your experiences with us all!
  • #44
  • Dec 13, 2011 4:17am Dec 13, 2011 4:17am
Just a suggestion to the newbies here, fed statement comes out at 2:15 today so have s/l in place. Who knows what they might say or how the market may react.
Please ask questions and share your experiences with us all!
  • #45
  • Dec 13, 2011 5:48am Dec 13, 2011 5:48am
As I said last night I was expecting the aud/usd to pull back some. This could be a nice place to enter a short.
Attached Image (click to enlarge)
Click to Enlarge Name: 1212audusd.gif Size: 26 KB
Please ask questions and share your experiences with us all!
  • #46
  • Dec 13, 2011 6:36am Dec 13, 2011 6:36am
Quoting bkg102665
As I said last night I was expecting the aud/usd to pull back some. This could be a nice place to enter a short.
Hi BKG,
Took your advice on the AUDUSD , and the GBPUSD and waited for the pullback to enter , and my contribution(the way I trade) if it helps new traders on your thread ( because I really understand where you are coming from) is to fib larger signal candles in this type of trading to get a discount (better price) on entry and let price climb up( or fall down if reversed) to the 50/61.8 fib and have a limit order waiting on it. You will miss a few trades in a fast moving market but in this type of trading (Lower volume) you will get a nice discount on your trades. ( Chart is of the GBPUSD Daily 12/13/11)

Attached Image (click to enlarge)
Click to Enlarge Name: gbp.jpg Size: 77 KB


Take Care
Always Learning
  • #47
  • Dec 13, 2011 6:46am Dec 13, 2011 6:46am
Quoting JayTrader
Hi BKG,
Took your advice on the AUDUSD , and the GBPUSD and waited for the pullback to enter , and my contribution(the way I trade) if it helps new traders on your thread ( because I really understand where you are coming from) is to fib larger entry candles in this type of trading to get a discount (better price) on entry and let price climb up( or fall down if reversed) to the 50/61.8 fib and have a limit order waiting on it. You will miss a few trades in a fast moving market but in this type of trading (Lower volume) you will get a nice discount...
I agree 100%. I like to let it go back to the 50% range to get in but I got in early last night mainly just to show people how I trade. A better price would have been nice and you made a great entry short. The AUD is still trying to be a little stubborn this morning though.
Please ask questions and share your experiences with us all!
  • #48
  • Dec 13, 2011 7:34am Dec 13, 2011 7:34am
Quoting bkg102665
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...
Thanks for your kindness, bkg.
Pls. keep posting.

This should be a good thread...
SIMPLE to understand
EASY to trade

Will frequent often.
Cheers
  • #49
  • Dec 13, 2011 7:37am Dec 13, 2011 7:37am
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...
IMHO, check your lower tf, likely to find the gap as fx runs 24 hr.
Cheers
  • #50
  • Dec 13, 2011 7:55am Dec 13, 2011 7:55am
This is a trade I entered on my FXDD account. The candle closed below the 10sma then when back and touched the 10sma and I entered at that point.
Attached Image (click to enlarge)
Click to Enlarge Name: 1213eurjpy.gif Size: 22 KB
Please ask questions and share your experiences with us all!
  • #51
  • Dec 13, 2011 10:36am Dec 13, 2011 10:36am
Draw trendline from the lows and look for a price what close below it.

ad an RSI 14 and draw trendline of the lows of the RSI and look when RSI broke the trendline

see chart in gbp/usd.
go short 2 pips below the signalcandle
Stoploss 1 or 2 ATR
Attached Image
  • #52
  • Dec 13, 2011 12:43pm Dec 13, 2011 12:43pm
Entered trades on two pair yesterday evening around 8:00pm. Each pair retraced and I entered additional positions. I like the simplicity of this method.
Attached Image (click to enlarge)
Click to Enlarge Name: aud cad daily.jpg Size: 337 KB


Attached Image (click to enlarge)
Click to Enlarge Name: audjpy daily.jpg Size: 332 KB
  • #53
  • Dec 13, 2011 12:58pm Dec 13, 2011 12:58pm
This way of trading is just sooooo stress free

thanks for indi BKG
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au.gif Size: 38 KB
Click to Enlarge Name: cable.gif Size: 39 KB
  • #54
  • Dec 13, 2011 1:34pm Dec 13, 2011 1:34pm
Quoting Tedge UK
This way of trading is just sooooo stress free

thanks for indi BKG
No problem, glad you got it loaded ok!
Please ask questions and share your experiences with us all!
  • #55
  • Dec 13, 2011 3:12pm Dec 13, 2011 3:12pm
I only see two of the pairs I look at crossing the 10sma tonight.

aud/chf = No because I just do not like the way it has set up.

eur/aud = No because it has crossed headed down at or around previous support.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1213audchf.gif Size: 23 KB
Click to Enlarge Name: 1213euraudf.gif Size: 26 KB
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  • #56
  • Dec 13, 2011 4:03pm Dec 13, 2011 4:03pm
Would you enter the trade if there is any follow through?
  • #57
  • Dec 13, 2011 4:16pm Dec 13, 2011 4:16pm
Quoting RobFX
Would you enter the trade if there is any follow through?
I do not think I would. I have learned over the years I do not have to be in a trade all the time. Be patient and your set up will happen. The worst mistakes I have made trading is trying to force a trade. Often I would look at a pair and would see a great entry spot but it may stall before it got there, I would go ahead and jump in, only to have it go where I knew I should have waited for it to go.

PATIENCE is the key to any forex style of trading.
Please ask questions and share your experiences with us all!
  • #58
  • Dec 13, 2011 5:55pm Dec 13, 2011 5:55pm
Thanks bkg102665 - That's probably been my biggest problem so far trading Forex. I started writing a list of my own rules with #1 being PATIENCE...

Well so far so good, as I did go short on AUDUSD last night and I'm up 42 pips right now. I saw before the comments earlier about getting in at a better price... Does this happen often? My thought is with the daily chart it probably pulls back more frequently than trading the shorter timeframes. I think in the future, I may enter the trade on the close below (or above) the SMA and then add to my position IF it pulls back like it did today...
  • #59
  • Dec 13, 2011 10:19pm Dec 13, 2011 10:19pm
Quoting bkg102665
This is a trade I entered on my FXDD account. The candle closed below the 10sma then when back and touched the 10sma and I entered at that point.
You meant you did not when until the candle closed and took a short?

If so, how sure you were when the price moved back down from the 10sma that it would just go down till candle closing?

The price could bound back over the 10sma, could't it?

Just want to see how you make entry?
cheers
  • #60
  • Dec 14, 2011 2:06am Dec 14, 2011 2:06am
Quoting sniperfxmy
You meant you did not when until the candle closed and took a short?

If so, how sure you were when the price moved back down from the 10sma that it would just go down till candle closing?

The price could bound back over the 10sma, could't it?

Just want to see how you make entry?
cheers
First let me say I am never sure about any trade and nobody can be. It was just a chance I was willing to take and if price had kept going up and closed above the 10sma I would have taken my loss and got out. Its no big deal to have a loss because we all do and we always will. It is all about minimal losses and maximize your winning trades.
Please ask questions and share your experiences with us all!
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