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Daily Chart w/ 10sma

  • #61
  • Dec 14, 2011 5:42am Dec 14, 2011 5:42am
Quoting bkg102665
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.
OK. With MM your trades should be fine.
A read senior trader said that with a good mm for just 1 to 2 RR and even at a 40% or 50% win rate, one will be in good hand for profit in a long term.
IMHO.
Cheers
  • #62
  • Dec 14, 2011 5:54am Dec 14, 2011 5:54am
short aud/usd

price break sma 10
trendline of the low is broken
rsi (14) trendline is broken.

time to go short
Attached Image
  • #63
  • Dec 14, 2011 9:39am Dec 14, 2011 9:39am
bkg
Is it necessary to have the red HLines and yellow 200MA?
Cheers
  • #64
  • Dec 14, 2011 9:53am Dec 14, 2011 9:53am
I like using fibo ema's for S and R. So i just got in on a sell for gbp/usd.
  • #65
  • Dec 14, 2011 3:33pm Dec 14, 2011 3:33pm
Quoting sniperfxmy
bkg
Is it necessary to have the red HLines and yellow 200MA?
Cheers
The red trend lines and 200sma are not necessary but I just like to know where the 200sma is because it is powerful and can turn or stall price. Often I will use it for t/p area.
Please ask questions and share your experiences with us all!
  • #66
  • Dec 14, 2011 3:35pm Dec 14, 2011 3:35pm
Quoting ferndog
I like using fibo ema's for S and R. So i just got in on a sell for gbp/usd.
Fibs are fine if you like them but I could never figure which one price may turn on. If I thought it would turn on 38 it would run to the 50. If I waited for the 50 it would keep going to the 68 and if I waited for the 68 it would turn on the 38 or 50.
Please ask questions and share your experiences with us all!
  • #67
  • Dec 14, 2011 3:49pm Dec 14, 2011 3:49pm
I just took my self out of trade. It was close to my support area and I was up 340 pips so I am pleased.
Attached Image (click to enlarge)
Click to Enlarge Name: 1213eurjpy.gif Size: 22 KB
Please ask questions and share your experiences with us all!
  • #68
  • Dec 14, 2011 4:04pm Dec 14, 2011 4:04pm
Quoting bkg102665
I just took my self out of trade. It was close to my support area and I was up 340 pips so I am pleased.
Quoting bkg102665
I just took my self out of trade. It was close to my support area and I was up 340 pips so I am pleased.
nice trade bkg,i'm still in this baby right to the bottom (hopefully)
Tedge
Attached Image (click to enlarge)
Click to Enlarge Name: au.gif Size: 49 KB
  • #69
  • Dec 14, 2011 4:23pm Dec 14, 2011 4:23pm
Quoting bkg102665
Fibs are fine if you like them but I could never figure which one price may turn on. If I thought it would turn on 38 it would run to the 50. If I waited for the 50 it would keep going to the 68 and if I waited for the 68 it would turn on the 38 or 50.
You are correct. That is what happens. The bigger ema's are the most significant for turning points.
  • #70
  • Dec 14, 2011 4:33pm Dec 14, 2011 4:33pm
nice system. only issue is the entry region. sometimes i notice there is 100pip+ drawdown before going in your direction. this is because breakout candles are usually large and can succumb to retracement. sometimes there is no drawdown and it just drops. sometimes it will reverse and hit SL. those are the 3 options as long as wins are large should be fine

also i notice on tedge's chart ranging market on daily is tough on this system


also there arent too many good signals, on tedge's chart about 4 signals per few months per instrument and a lot of whipsaws in the beginning.
  • #71
  • Dec 14, 2011 4:58pm Dec 14, 2011 4:58pm
Quoting Halba
nice system. only issue is the entry region. sometimes i notice there is 100pip+ drawdown before going in your direction. this is because breakout candles are usually large and can succumb to retracement. sometimes there is no drawdown and it just drops. sometimes it will reverse and hit SL. those are the 3 options as long as wins are large should be fine

also i notice on tedge's chart ranging market on daily is tough on this system


also there arent too many good signals, on tedge's chart about 4 signals per few months per instrument and...
This system works well for me :-)) You have to know where s/r areas are, very important!! If you are near support you only take long signals and at resistance you only take short signals. It has worked well for me in the past and continues to do well. You can not change or modify the rules or you will get burned. I still have losses and I would assume your system does as well. If it does not then please share.....lol.

I am not trying to push this on anyone just trying to share what I know to be true.
Please ask questions and share your experiences with us all!
  • #72
  • Dec 14, 2011 5:01pm Dec 14, 2011 5:01pm
Hi Tedge, I'm in that aususd trade also. Where do you think the bottom is going to be
  • #73
  • Dec 14, 2011 5:11pm Dec 14, 2011 5:11pm
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 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...
Just closed this GBP trade for 135 pips for the same reasons you closed the EJ BKG, it looks like it is stalling at a support area. Actually tightening the stops on most of my trades and will try to be flat by first of the week going into the xmas break. Your trade system works really well BKG. thanks again
Always Learning
  • #74
  • Dec 14, 2011 5:17pm Dec 14, 2011 5:17pm
Quoting bkg102665
Fibs are fine if you like them but I could never figure which one price may turn on. If I thought it would turn on 38 it would run to the 50. If I waited for the 50 it would keep going to the 68 and if I waited for the 68 it would turn on the 38 or 50.
I am also confused but respect traders can make entries out of Fib. I only use it for 50%!


Quoting bkg102665
I just took my self out of trade. It was close to my support area and I was up 340 pips so I am pleased.
Dont have to wait the candle cross up the 10 SMA. Use S&R to exit. OK.

Cheers
  • #75
  • Dec 14, 2011 5:42pm Dec 14, 2011 5:42pm
Thanks for sharing your system with us. Could you give me some valuable tips on determining support an resistance spots?
  • #76
  • Dec 14, 2011 7:37pm Dec 14, 2011 7:37pm
Quoting sniperfxmy
I am also confused but respect traders can make entries out of Fib. I only use it for 50%!




Dont have to wait the candle cross up the 10 SMA. Use S&R to exit. OK.

Cheers
No you do not have to wait for it to cross going back up to get out if you are in positive pips. I will normally take my profit at a s/r level or a lot of times the 200sma may get me out.
Please ask questions and share your experiences with us all!
  • #77
  • Dec 14, 2011 7:38pm Dec 14, 2011 7:38pm
Quoting bkg102665
This system works well for me :-)) You have to know where s/r areas are, very important!! If you are near support you only take long signals and at resistance you only take short signals. It has worked well for me in the past and continues to do well. You can not change or modify the rules or you will get burned. I still have losses and I would assume your system does as well. If it does not then please share.....lol.

I am not trying to push this on anyone just trying to share what I know to be true.
Hi BKG,

One dumb question! Approximaely, how many pips close you consider as 'nearer' to S/R levels.

Thanks.
Royu
  • #78
  • Dec 14, 2011 7:48pm Dec 14, 2011 7:48pm
Quoting tayclabay
Hi Tedge, I'm in that aususd trade also. Where do you think the bottom is going to be
Here are three possible t/p areas in gray
Attached Image (click to enlarge)
Click to Enlarge Name: 1214audusd.gif Size: 26 KB
Please ask questions and share your experiences with us all!
  • #79
  • Dec 14, 2011 8:20pm Dec 14, 2011 8:20pm
Thanks for sharing. I was looking for a system to try out on my first demo account, stressfree and simple sounds perfect for me.

Seeing as this is a daily chart, I should be expecting to hang on to a position for around 5-7 days, correct? I realize I need to exit when a short nears the support or a long nears resistance despite how long I've had the position, but I mean as an average.
  • #80
  • Dec 14, 2011 8:59pm Dec 14, 2011 8:59pm
Hi bkg, I was just looking at the charts and the gbp/jpy pair looks like a possible trade. Could you give me your input on what you think of it? thanks
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