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Daily Chart w/ 10sma

  • #381
  • Feb 14, 2012 4:30pm Feb 14, 2012 4:30pm
Heath, I've noticed that as well.

I've focused my trades on only using the correct conditions. As soon as you start changing the entry signals, the strategy will be impacted and could become non-profitable and/or false signals.

Unfortunately I was bitten with my GU trade on the retracement, hit my stop loss in positive territory however

Looking for the next signal, GU has moved lower, so good luck to whomever jumped on it!

Miike
  • #382
  • Feb 14, 2012 4:51pm Feb 14, 2012 4:51pm
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd.jpg Size: 82 KB


Trade that I took earlier. Some of the position just now hitting TP order Rest will move to BE +spread.
Always Learning
  • #383
  • Feb 14, 2012 8:05pm Feb 14, 2012 8:05pm
Hey Guys,

Thanks for the great system. Am still yet to take a loss on both live and demo. Following original rules strictly plus a few of my own.

Just wondering how everyone is calculating their position size. Are lot sizes calculated based of the,

A) 200pip S/L
B) Nearest S or R
C) Comfortable lot size*


*Comfortable lot size can be anything not 'technically' calculated, which is possible if your able to cut losses short and highly beneficial if your winners run.


Mine is C) currently.
  • #384
  • Feb 15, 2012 3:03am Feb 15, 2012 3:03am
Quoting heath
Sometimes I am not certain that BKG's rules are being followed as he stated. Most folk refer to the cross of the sma but few refer to support.
BKG said - take longs when price is at support and then closes above the 10smatake shorts when price is at resistance level and then closes below the 10sma

Hope this helps
Hi all, I am still trying my best to learn. So would appreciate all inputs.

I took this AUDUSD short trade.
Price is at resistance level and then closes below the 10sma.

Is this considered a valid trade?
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.png Size: 33 KB
  • #385
  • Feb 15, 2012 5:20am Feb 15, 2012 5:20am
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCAD.jpg Size: 94 KB


Most off at Profit Target ,now just managing the trade. Hindsight on this trade would be to check the angle of the 10sma at entry. It was flat where I entered (Marked on the chart),and if I had waited it would have given me another chance. Just thinking out load Hope you all dont mind
Always Learning
  • #386
  • Feb 15, 2012 5:55am Feb 15, 2012 5:55am
Quoting JayTrader
Attachment

Most off at Profit Target ,now just managing the trade. Hindsight on this trade would be to check the angle of the 10sma at entry. It was flat where I entered (Marked on the chart),and if I had waited it would have given me another chance. Just thinking out load Hope you all dont mind
Jay what stop did you set in this trade and of which candle.
  • #387
  • Edited 7:10am Feb 15, 2012 6:44am | Edited 7:10am
Quoting don555
Jay what stop did you set in this trade and of which candle.
My Stop was approx. 175 pips at the black line (Resistance area at around 1.5890) Mainly because of all the wicking of the candles prior to the entry candle i had marked 2.9.12.( this in reference to the GBPCAD trade above)


Attached Image (click to enlarge)
Click to Enlarge Name: EurAUD.jpg Size: 88 KB

Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.jpg Size: 87 KB




Trades I entered last night . Will also give good examples of SL placement.( If it matters all of my trades are Live trades)
Always Learning
  • #388
  • Feb 15, 2012 7:28am Feb 15, 2012 7:28am
Quoting JayTrader
My Stop was approx. 175 pips at the black line (Resistance area at around 1.5890) Mainly because of all the wicking of the candles prior to the entry candle i had marked 2.9.12.( this in reference to the GBPCAD trade above)


Attachment
Attachment



Trades I entered last night . Will also give good examples of SL placement.( If it matters all of my trades are Live trades)
Well done JayTrader on these trades.
If you think you can or cannot do it you are correct
  • #389
  • Feb 15, 2012 7:43am Feb 15, 2012 7:43am
Quoting Olu
Well done JayTrader on these trades.
Thanks. I am finding this trading method to be very easy, as long as you dont force, or create a trade that has not fully developed yet.
Always Learning
  • #390
  • Feb 15, 2012 7:53am Feb 15, 2012 7:53am
I am really glad to see you guys getting this and finding it helpful. I entered short eur/cad lastnight and up +60 so I have locked s/l at +5.
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad0215.gif Size: 29 KB
Please ask questions and share your experiences with us all!
  • #391
  • Feb 15, 2012 7:58am Feb 15, 2012 7:58am
I am also short gbp/usd and up +60 or so but I have not locked in profit yet. We may see some resistance in this area so I will allow this trade to breathe a little before locking s/l at +5.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd0215.gif Size: 34 KB
Please ask questions and share your experiences with us all!
  • #392
  • Feb 15, 2012 8:19am Feb 15, 2012 8:19am
Quoting bkg102665
I am really glad to see you guys getting this and finding it helpful. I entered short eur/cad lastnight and up +60 so I have locked s/l at +5.
Quoting bkg102665
I am also short gbp/usd and up +60 or so but I have not locked in profit yet. We may see some resistance in this area so I will allow this trade to breathe a little before locking s/l at +5.
hi bkg

good trades taken!

how soon you BE a trade?
upon daily closed?
or some # pips in profits?

how about in reverse when a trade goes into red?

cheers
  • #393
  • Edited 8:39am Feb 15, 2012 8:24am | Edited 8:39am
Quoting sniperfxmy
hi bkg

good trades taken!

how soon you BE a trade?
upon daily closed?
or some # pips in profits?

how about in reverse when a trade goes into red?

cheers
I lock in s/l +5 usually when I am up around 100 pips but sometimes soon and sometimes later. It depends alot on price action and my gut feeling on the trade. If price reverses and closes on the opposite side of the 10sma is a good time to get out but here again it depends on s/r areas. SUPPORT AND RESISTANCE AREAS ARE A KEY FACTOR IN MAKING THIS TRADING STYLE WORK!!
Please ask questions and share your experiences with us all!
  • #394
  • Feb 15, 2012 9:42am Feb 15, 2012 9:42am
Quoting bimm
Hi all, I am still trying my best to learn. So would appreciate all inputs.

I took this AUDUSD short trade.
Price is at resistance level and then closes below the 10sma.

Is this considered a valid trade?
Hy BIMM!! I have taken the same trade in the AUDUSD.

The reasons for the entry were as follows:
- Break of a resistance and creation of a new resistance (new high on the previous swing)
- Close below the SMA 10 with a strong candle (this is very important because we need a candle showing the market decision)
- Break the TL (dotted line)

Targets:
- Initial SL = new resistance (170 pips or so)
- TP 1 = TL (gray line) => close half of the short position and leave the other half with SL = BE
- TP 2 = line Support => close the second half of the position, or hold it if the candle closes below the support

Now, prices have not yet fulfilled the first objective, and we have some PA around the entry level. I will wait at the end of the day, and if the candle closes above the SMA 10 we have 2 options:
a) Close the short position and enter long with TP 1 = new resistance
b) Hold the short position until it stops at Initial SL

This is my way of operating. Hope this helps.

Greg.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.jpg Size: 100 KB
  • #395
  • Feb 15, 2012 9:49am Feb 15, 2012 9:49am
Quoting gregofx
Hy BIMM!! I have taken the same trade in the AUDUSD.

The reasons for the entry were as follows:
- Break of a resistance and creation of a new resistance (new high on the previous swing)
- Close below the SMA 10 with a strong candle (this is very important because we need a candle showing the market decision)
- Break the TL (dotted line)

Targets:
- Initial SL = new resistance (170 pips or so)
- TP 1 = TL (gray line) => close half of the short position and leave the other half with SL = BE
- TP 2 = line Support => close the second half...
Yep exact same trade here. It's being very indecisive but I am confident that if this candle closed below 10SMA we will be correct. Otherwise if it closes above I will consider closing the trade. Time will tell (6hrs to be exact)
  • #396
  • Feb 15, 2012 9:55am Feb 15, 2012 9:55am
Eurgbp
If you think you can or cannot do it you are correct
  • #397
  • Feb 15, 2012 10:00am Feb 15, 2012 10:00am
Quoting Olu
Eurgbp
BKG avoids this pair due to 'conspiracy' lol. I will too I think.
  • #398
  • Feb 15, 2012 10:05am Feb 15, 2012 10:05am
Quoting Rokz
BKG avoids this pair due to 'conspiracy' lol. I will too I think.
You have a point there...

Olu
If you think you can or cannot do it you are correct
  • #399
  • Feb 15, 2012 10:15am Feb 15, 2012 10:15am
You guys that are proficient in your trading it would be helpful to us that are not so switched on if you could post up your trades immediately after you have taken them.
Entry stop-loss and take profit is all that would be required to enable us to check out the right criteria.
  • #400
  • Feb 15, 2012 10:19am Feb 15, 2012 10:19am
Quoting don555
You guys that are proficient in your trading it would be helpful to us that are not so switched on if you could post up your trades immediately after you have taken them.
Entry stop-loss and take profit is all that would be required to enable us to check out the right criteria.
In about 6hrs I will post a couple. But the extreme simplicity of this system should pretty much explain itself. The only 'issue' people may have is with the placing of S&R which is totally a trader issue no matter how much explanation you receive, you just need to practice. Open a DEMO and just trade, almost the best way to learn apart from real $.
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