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Daily Chart w/ 10sma

  • #81
  • Dec 14, 2011 10:59pm Dec 14, 2011 10:59pm
Quoting pah
Check out the email options in MT4

Regards, Paul.
Paul, thank you. I'm writing back to help a little more since I needed more help than the MT4's Tools/Options/Email "help" tab could give me. One can get the information needed for that Email form through your ISP - in my case, hawaii.rr.com. My understanding is that alerts are sent right into the Journal section on the MT4.
  • #82
  • Dec 15, 2011 12:17am Dec 15, 2011 12:17am
Quoting tayclabay
Hi Tedge, I'm in that aususd trade also. Where do you think the bottom is going to be
i will be taking some off at 9700
  • #83
  • Dec 15, 2011 12:28am Dec 15, 2011 12:28am
Thanks so much, bkg.
I guess finding support/resistance is the key here. Could you please give us more rules about this, or more example charts? And, any difference when finding S/R in other timeframe chart?
  • #84
  • Dec 15, 2011 2:13am Dec 15, 2011 2:13am
To,
bkg102665

Hello i come to your system and find very simple and effective.

thanks for this.

Can you please help me how to find the support and resistance?

Umpats
  • #85
  • Dec 15, 2011 2:25am Dec 15, 2011 2:25am
Hi bkg102665,

Really interested in your strategies, & want to learn from you. But i really not good at observing the charts.
Do you assist me by writing out the rules of this strategies, & the ever important of how to define the suppport & resistance lines? I tend to define more or most of the time different from others.

Thank you, & awaiting for your assistance.
  • #86
  • Dec 15, 2011 8:13am Dec 15, 2011 8:13am
I decided to go long here. Price is above support and has came down close to the 10sma.
Attached Image (click to enlarge)
Click to Enlarge Name: 1215gbpchf.gif Size: 23 KB
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  • #87
  • Dec 15, 2011 8:16am Dec 15, 2011 8:16am
Quoting Pipsgeek
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.
I am usually in my trades anywhere from 3 to 5 days. If I see reversal candle I may get out sooner but not usually.
Please ask questions and share your experiences with us all!
  • #88
  • Dec 15, 2011 8:23am Dec 15, 2011 8:23am
Quoting tayclabay
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
The trade should have been entered in the gray area closer to resistance. It may possibly be a good trade from here but I would not take it here. If I miss the original entry I normally wait for another set uo. I have marked possible t/p area with red lines.
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  • #89
  • Dec 15, 2011 9:05am Dec 15, 2011 9:05am
bkg, have you tried the Demark trendline indi? It lets you know when there is a break and it also has profit targets. btw that gbp/jpy trade there was a break below....right after a close below the 10sma.
  • #90
  • Dec 15, 2011 9:13am Dec 15, 2011 9:13am
Quoting ferndog
bkg, have you tried the Demark trendline indi? It lets you know when there is a break and it also has profit targets. btw that gbp/jpy trade there was a break below....right after a close below the 10sma.
No I have not but if you send me the indi I will take a look at it. I just find that I usually do better if I look at things myself but I will be glad to look at it.
Please ask questions and share your experiences with us all!
  • #91
  • Dec 15, 2011 9:24am Dec 15, 2011 9:24am
Hi bkg, I took a eurchf trade and lost 48 pips so I went back an looked at the charts to see if I missed something and the only thing I could possibly think of was that the 10sma was still going up and I was taking a short. Should the 10sma be moving in the same direction as your trade meaning if I am going short should the 10sma be going down? Thanks
  • #92
  • Dec 15, 2011 9:58am Dec 15, 2011 9:58am
Quoting bkg102665
No I have not but if you send me the indi I will take a look at it. I just find that I usually do better if I look at things myself but I will be glad to look at it.
Just go to codebase mt4 indi and type demark trendline trader to check it out.
  • #93
  • Dec 15, 2011 10:08am Dec 15, 2011 10:08am
Quoting tayclabay
Hi bkg, I took a eurchf trade and lost 48 pips so I went back an looked at the charts to see if I missed something and the only thing I could possibly think of was that the 10sma was still going up and I was taking a short. Should the 10sma be moving in the same direction as your trade meaning if I am going short should the 10sma be going down? Thanks
Tell me more about your trade.At what price did you get in long or short, what was your s/l ?
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  • #94
  • Dec 15, 2011 10:21am Dec 15, 2011 10:21am
If you entered in the gray area I probably would not have got out of the trade unless price closed above the blue line. Often when price and the 10sma get near support or resistance price will stall and maybe cross the 10sma several times before moving. That is why knowing where s/r levels are is so important. You will get it if you keep looking and listening. Please be trading this on a demo account until you become more familiar and comfortable with this trading style.

I know the candle closed above the 10sma and that is probably why you got out. When a candle closes full or no wick near s/r areas that often means price is fixing to move in the opposite direction so I would have stayed in this trade.

Did you have a predetermined s/l or did you get out because it crossed back above the 10sma?
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  • #95
  • Dec 15, 2011 10:30am Dec 15, 2011 10:30am
Thank you for responding to my post. I took the eurchf trade @ 1.2328 with a sl @ 1.2415. I then closed the trade @ 1.2376 after it closed above the 10sma. Was this the proper way to handle it?
  • #96
  • Dec 15, 2011 10:42am Dec 15, 2011 10:42am
sorry bkg i just saw and read your explanation on post 94. on your chart the candle that closed above the 10sma had no upper wick but on my chart it did have an upper wick. i'll have to learn to read the candles closer and be more patience. again thank you
  • #97
  • Dec 15, 2011 11:20am Dec 15, 2011 11:20am
Quoting bkg102665
... or a lot of times the 200sma may get me out.
BKG
If you happen to have some charts regarding the above, it's good to illustrate for easy understanding
Thanks, pal.
Cheers
  • #98
  • Dec 15, 2011 11:24am Dec 15, 2011 11:24am
BKG
Your thread is rated "5 STARS!"
Cheers
  • #99
  • Dec 15, 2011 12:24pm Dec 15, 2011 12:24pm
Quoting bkg102665
I decided to go long here. Price is above support and has came down close to the 10sma.
What would be the stop loss here? If it closes below the 10SMA?
  • #100
  • Dec 15, 2011 1:17pm Dec 15, 2011 1:17pm
Quoting sniperfxmy
BKG
Your thread is rated "5 STARS!"
Cheers
Thank you!!
Please ask questions and share your experiences with us all!
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