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Daily Chart w/ 10sma

  • #201
  • Jan 19, 2012 11:02am Jan 19, 2012 11:02am
Quoting ok2me
ok, here is trade i took. EurJpy long. I am looking for a steady correction uptowards the 200 sma (green). also, that might be the 4th upwave in downtrend... will encounter strong resistance at psych 100 level...

also, I realize this will depend on how eur does over the next few weeks, and risk sentiment.

Thanks!
b
get rich on one day thx :-)
  • #202
  • Jan 20, 2012 2:35am Jan 20, 2012 2:35am
Excellent simple system, I've started following with interest.
But how and where to draw the S&R lines. I know it's subjective but are there any general pointers?
Thanks, John
  • #203
  • Jan 20, 2012 6:29am Jan 20, 2012 6:29am
Quoting JohnBa
Excellent simple system, I've started following with interest.
But how and where to draw the S&R lines. I know it's subjective but are there any general pointers?
Thanks, John
I think mostof us make this much harder than it has to be. I keep it very simple. I pull up a chart and look for areas where price turned and went in the opposite direction. If price turns down and then goes back and test that same area and turns lower again more than likely that will be my area of resistance. The same holds true for support.
Please ask questions and share your experiences with us all!
  • #204
  • Jan 20, 2012 7:56am Jan 20, 2012 7:56am
Hi bkg

How to avoid / minimize range trades like the chart shown?

Thank you for your time.

Cheers
Attached Image(s) (click to enlarge)
Click to Enlarge Name: range.gif Size: 28 KB
Click to Enlarge Name: range2.gif Size: 24 KB
  • #205
  • Jan 20, 2012 11:15pm Jan 20, 2012 11:15pm
Thanks BKG - I shall follow your charts with interest to compare my S&R lines.
John
  • #206
  • Jan 22, 2012 4:39am Jan 22, 2012 4:39am
Hi Everyone,


First of all: Thank you BKG for sharing your system and your answers to the questions!
I've found this thread yesterday, I like it's simplycity, so I join to the followers!

The only set up I can see now is a GBPNZD buy signal. What do you think about that? Price didn't touch the support @~1.9000, but we have a "hammer" candle and if we check the other GPB pairs, there are bullish movements.

Sniperfx: I think it is good to check the slope of SMA10. If it is flat, the price is ranging, so we have to be careful, and wait for large movements before entering a trade. Tight SL (to minimize the loss if we don't catch the begining of the new trend) can help us maybe as well.


Take care,
Greg
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZD_2011-01-22.GIF Size: 34 KB
  • #207
  • Jan 22, 2012 8:14am Jan 22, 2012 8:14am
Quoting hawassy
Hi Everyone,


First of all: Thank you BKG for sharing your system and your answers to the questions!
I've found this thread yesterday, I like it's simplycity, so I join to the followers!

The only set up I can see now is a GBPNZD buy signal. What do you think about that? Price didn't touch the support @~1.9000, but we have a "hammer" candle and if we check the other GPB pairs, there are bullish movements.

Sniperfx: I think it is good to check the slope of SMA10. If it is flat, the price is ranging, so we have to be careful, and wait...
I have support and resistance where you do and I would be more inclined to wait for a short signal on this pair around 1.9540
Attached Image (click to enlarge)
Click to Enlarge Name: gbpnzd12212.gif Size: 25 KB
Please ask questions and share your experiences with us all!
  • #208
  • Jan 22, 2012 1:20pm Jan 22, 2012 1:20pm
Thank you for the answer, BKG! You're right, the next resistance is close, and we're in a downtrend. I'd like to gain not more than 100-150 pips here, but it seems the risk is too large for that small amount.

I've added some more charts and I've found a new setup that seems good: AUDCHF
The price turned back @0.9900 (it is a really old R), and now we have a pullback until SMA10. I'm thinking about a pending sell order @~0.9750. Opinions?

Take care,
Greg
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCHF_2012-01-22.GIF Size: 26 KB
  • #209
  • Jan 22, 2012 1:42pm Jan 22, 2012 1:42pm
Hassaway,

You can use fractals to see the high and lows , use a trendline and look of price break sma 10.

When the price broke the sma 10 you can use a limitorder 2/3 pips behind the low or a marketorder at the close.
I am already short but at the moment the price is against me, but I have time and the stop is far away.
Attached Image
  • #210
  • Jan 22, 2012 3:20pm Jan 22, 2012 3:20pm
Notice the engulfing bull candle in circle 1 and then the hammer in circle 2. I will be long on the open of the market unless it opens in a really crazy place. 200sma acting as support as well as my blue support line. I will stay long here unless I have a daily candle close below my blue line.
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd012212.gif Size: 20 KB
Please ask questions and share your experiences with us all!
  • #211
  • Jan 22, 2012 4:02pm Jan 22, 2012 4:02pm
LONG!!
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd012212.gif Size: 19 KB
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  • #212
  • Jan 22, 2012 4:41pm Jan 22, 2012 4:41pm
Just checking in to subscribe.
  • #213
  • Jan 22, 2012 4:45pm Jan 22, 2012 4:45pm
Quoting bkg102665
LONG!!
Thanks BKG for sharing the trade - and more so for the explanation behind it.
  • #214
  • Jan 22, 2012 4:58pm Jan 22, 2012 4:58pm
Quoting heath
Thanks BKG for sharing the trade - and more so for the explanation behind it.
You are welcome now lets just hope it holds!!
Please ask questions and share your experiences with us all!
  • #215
  • Jan 23, 2012 3:17am Jan 23, 2012 3:17am
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.
Hi BKG.

Thanks for the simple and amazing system

I have e newbie question. How can I set up so that I get email when candle closes above/ below the 10 SMA?

I am not very good at that. can you advise please

DD
  • #216
  • Jan 23, 2012 7:35am Jan 23, 2012 7:35am
Quoting Dildubai
Hi BKG.

Thanks for the simple and amazing system

I have e newbie question. How can I set up so that I get email when candle closes above/ below the 10 SMA?

I am not very good at that. can you advise please

DD

Check post 39 page 3
  • #217
  • Jan 23, 2012 10:43am Jan 23, 2012 10:43am
Quoting bkg102665
Notice the engulfing bull candle in circle 1 and then the hammer in circle 2. I will be long on the open of the market unless it opens in a really crazy place. 200sma acting as support as well as my blue support line. I will stay long here unless I have a daily candle close below my blue line.
BKG I have a couple of questions:
1. The yellow line - is this your 200sma - as mine sits just under the hammer in circle 2? and
2. Based on your explanation above if a cross back of the 10sma occurs and price therefore closes below the 10sma you ignore this. Therfore once in a trade the trade is managed by the S&R lines?

Hope above is clear - thanks for your time.

H
  • #218
  • Jan 23, 2012 12:01pm Jan 23, 2012 12:01pm
Quoting heath
BKG I have a couple of questions:
1. The yellow line - is this your 200sma - as mine sits just under the hammer in circle 2? and
2. Based on your explanation above if a cross back of the 10sma occurs and price therefore closes below the 10sma you ignore this. Therfore once in a trade the trade is managed by the S&R lines?

Hope above is clear - thanks for your time.

H
Yes the yellow line is my 200sma.

Once I enter a trade in the support zone and a cross above 10sma you are correct, I then stay in the trade until support is broken. When price gets to a support or resistance level the bulls and the bears will fight and price may move up and down in that area for several days until one side or the other gives. If I am at support I am only looking to play long. If price crosses the 10sma down I will not take it short because support is still holding. I hope I have explained this ok.
Please ask questions and share your experiences with us all!
  • #219
  • Jan 23, 2012 1:56pm Jan 23, 2012 1:56pm
Quoting bkg102665
Yes the yellow line is my 200sma.

Once I enter a trade in the support zone and a cross above 10sma you are correct, I then stay in the trade until support is broken. When price gets to a support or resistance level the bulls and the bears will fight and price may move up and down in that area for several days until one side or the other gives. If I am at support I am only looking to play long. If price crosses the 10sma down I will not take it short because support is still holding. I hope I have explained this ok.

understood thanks for the quick reply
  • #220
  • Jan 23, 2012 2:09pm Jan 23, 2012 2:09pm
This style of trading really takes out the noise that 99.9% of traders in this forum is trying to make a buck on.
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