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Daily Chart w/ 10sma

  • #101
  • Dec 15, 2011 1:29pm Dec 15, 2011 1:29pm
Quoting RobFX
What would be the stop loss here? If it closes below the 10SMA?
You can see my s/l has been put in place which is the red line. I usually place it below the support line and move it up as the 10sma moves up.
Attached Image (click to enlarge)
Click to Enlarge Name: 1215gbpchf.gif Size: 23 KB
Please ask questions and share your experiences with us all!
  • #102
  • Dec 15, 2011 1:40pm Dec 15, 2011 1:40pm
interesting system. re GBPCHF, i notice you waited for a retracement, rather than buy immediate breakout. how do we know the retracement doesnt turn into a reversal, as on daily chart pip ranges are large.

also fundamentals - SNB failed to intervene as market hoped, so there is less downside to CHF
  • #103
  • Dec 15, 2011 1:42pm Dec 15, 2011 1:42pm
Quoting bkg102665
You can see my s/l has been put in place which is the red line. I usually place it below the support line and move it up as the 10sma moves up.
Oops... Missed that - Thanks!
  • #104
  • Dec 15, 2011 2:24pm Dec 15, 2011 2:24pm
Quoting bkg102665
I decided to go long here. Price is above support and has came down close to the 10sma.
testing support,this is where big balls comes into play
  • #105
  • Dec 15, 2011 3:02pm Dec 15, 2011 3:02pm
Quoting Halba
interesting system. re GBPCHF, i notice you waited for a retracement, rather than buy immediate breakout. how do we know the retracement doesnt turn into a reversal, as on daily chart pip ranges are large.

also fundamentals - SNB failed to intervene as market hoped, so there is less downside to CHF
We never KNOW what will happen we have to make good educated guesses.
Please ask questions and share your experiences with us all!
  • #106
  • Dec 15, 2011 3:11pm Dec 15, 2011 3:11pm
Quoting Halba
interesting system. re GBPCHF, i notice you waited for a retracement, rather than buy immediate breakout. how do we know the retracement doesnt turn into a reversal, as on daily chart pip ranges are large.

also fundamentals - SNB failed to intervene as market hoped, so there is less downside to CHF
Something else I have learned is I pay no attention to news. It can change the market but normally that is short term stuff. I just play what I see on my charts. I may be 100% wrong about my gbp/chf trade but it a chance I am willing to take. It has come down to test previous s/r area so I am long. If it closes below my s/r blue line I will take my loss and move on to the next trade. Losses are a part of trading and you better get comfortable with that or you will never succeed at trading. Trust your gut feelings not mine.
Please ask questions and share your experiences with us all!
  • #107
  • Dec 15, 2011 5:40pm Dec 15, 2011 5:40pm
Quoting Halba
interesting system. re GBPCHF, i notice you waited for a retracement, rather than buy immediate breakout. how do we know the retracement doesnt turn into a reversal, as on daily chart pip ranges are large.

also fundamentals - SNB failed to intervene as market hoped, so there is less downside to CHF
I see BKG basically following his trading method which is good = DISCIPLINE!

Unless ones are fundamental player like G Soro, W Buffet, I have read seniors advised to stick to the trading plans, just my 2 cents

p.s. BTW why would SNB want to intervene? Wasn't that Swiss wanted to soften their 'overheated' Franc for the past 10 years?
Attached Image (click to enlarge)
Click to Enlarge Name: swiss.gif Size: 18 KB
  • #108
  • Dec 15, 2011 5:50pm Dec 15, 2011 5:50pm
I went long on this trade though today's candle appearing to be doji. However, the price is holding 1.300 so far so let's how it unfolds.
Attached Image (click to enlarge)
Click to Enlarge Name: 151211 euraud.gif Size: 29 KB
Forex is boring but profitable with patience and discipline
  • #109
  • Dec 15, 2011 6:00pm Dec 15, 2011 6:00pm
Quoting prftablefool
I went long on this trade though today's candle appearing to be doji. However, the price is holding 1.300 so far so let's how it unfolds.
It looks as though you have taken a good set up and s/l looks good also. Time will tell. Good luck!!
Please ask questions and share your experiences with us all!
  • #110
  • Dec 15, 2011 8:08pm Dec 15, 2011 8:08pm
Quoting prftablefool
I went long on this trade though today's candle appearing to be doji. However, the price is holding 1.300 so far so let's how it unfolds.
My buy limit order is around your S/L. R/S is sort of complicated in this chart. Hope you're right.
  • #111
  • Dec 18, 2011 1:22pm Dec 18, 2011 1:22pm
I wait for a clear brake of the trendline to go long
and wait for price break the SMA 10
see chart
Attached Image
  • #112
  • Dec 18, 2011 3:24pm Dec 18, 2011 3:24pm
Hello everyone. I hope everyone is ready for a good week of trading. Volume will probably be thin this week so not sure if much will happen since the next two weeks are filled with holiday activities. We will trade if something interesting presents itself.
Please ask questions and share your experiences with us all!
  • #113
  • Dec 19, 2011 7:23am Dec 19, 2011 7:23am
Quoting bkg102665
You can see my s/l has been put in place which is the red line. I usually place it below the support line and move it up as the 10sma moves up.
S/L got hit so I will wait for another set up to come along.
Please ask questions and share your experiences with us all!
  • #114
  • Dec 20, 2011 9:35am Dec 20, 2011 9:35am
I have not seen much to trade this week. If you guys see something speak up and let me know. We will take a look at it.
Please ask questions and share your experiences with us all!
  • #115
  • Dec 20, 2011 9:45am Dec 20, 2011 9:45am
I have gone long on AUD/USD @ 0,9985.

Gone up so far, but the fact that you didn't trade it makes me think I missed something.
  • #116
  • Dec 20, 2011 9:53am Dec 20, 2011 9:53am
See if EUR will step on 10SMA.
  • #117
  • Dec 20, 2011 10:29am Dec 20, 2011 10:29am
Quoting Pipsgeek
I have gone long on AUD/USD @ 0,9985.

Gone up so far, but the fact that you didn't trade it makes me think I missed something.
Funny you should sy that, I did trade it. I was short on it but reversed and went long. I did not mention it because it is not my typical trade set up. I have my t/p marked as you can see.
Attached Image (click to enlarge)
Click to Enlarge Name: 1220audusdf.gif Size: 23 KB
Please ask questions and share your experiences with us all!
  • #118
  • Dec 20, 2011 11:00am Dec 20, 2011 11:00am
The TP is set there because it's in a downtrend, correct? So far I don't have one because I have no idea how to set it in MBT desktop, but hey that's what demo accounts are for.

What were the reasons you traded it despite it not being your typical setup?
  • #119
  • Dec 20, 2011 1:51pm Dec 20, 2011 1:51pm
Would this be a valid trade LONG using this method as long as the close today stays where it is above the 10SMA? Or is the risk vs reward based on your target not worth it.

While I want to go long with this trade, logic tells me that I would have needed to get in earlier.
  • #120
  • Dec 20, 2011 2:49pm Dec 20, 2011 2:49pm
Quoting RobFX
Would this be a valid trade LONG using this method as long as the close today stays where it is above the 10SMA? Or is the risk vs reward based on your target not worth it.

While I want to go long with this trade, logic tells me that I would have needed to get in earlier.
long gbpchf
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.gif Size: 41 KB
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