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Daily Chart w/ 10sma

  • #401
  • Feb 15, 2012 10:32am Feb 15, 2012 10:32am
Quoting Rokz
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 $.

Thanks Rokz just not to sure about the stop losses which candle to take them from if the previous candle is smaller than the trigger candle.
  • #402
  • Feb 15, 2012 10:43am Feb 15, 2012 10:43am
Man honestly mine are just in between 100 and 200 pips. That's just backup in case the world blew up. You should be out before price got near that. Daily candles aren't going anywhere any time soon management of these trades is incredibly simple, just check out your trade when ya can.

- 100-200pip S/L
- Check on trade when ya can. (Especially close of day)
- Take off 50% at 60pips move S/L to Breakeven+5 or whatever floats ya boat.

I only take trades in the direction of the 200SMA. So I will let them go till that sucker says otherwise.
  • #403
  • Feb 15, 2012 11:16am Feb 15, 2012 11:16am
Quoting don555
Thanks Rokz just not to sure about the stop losses which candle to take them from if the previous candle is smaller than the trigger candle.
The SL is not defined by a candle. It is defined as a dynamic area of protection where you are willing to close the trade if things doesn't go as planned. Those areas where you expect the price to bounce are good to define the SL (eg, Res / Sup lines, TL, Fibos, etc ...). In this strategy we can place the initial SL above the Res / Sup line, and once reached the first goal (which can be defined graphically or by your money management) you must move SL to BE.

Another way of doing things is NOT to use SL, and reverse the position when the price closes above / below the 10 SMA.

Also, we can use a combination of the 2 methods, and decide which to use as the operation evolves.

As Roky said, the SL method is a personal decision that depends on the style and level of risk you are willing to accept.
  • #404
  • Edited Feb 16, 2012 7:37am Feb 15, 2012 1:59pm | Edited Feb 16, 2012 7:37am
Quoting Rokz
Man honestly mine are just in between 100 and 200 pips. That's just backup in case the world blew up. You should be out before price got near that. Daily candles aren't going anywhere any time soon management of these trades is incredibly simple, just check out your trade when ya can.

- 100-200pip S/L
- Check on trade when ya can. (Especially close of day)
- Take off 50% at 60pips move S/L to Breakeven+5 or whatever floats ya boat.

I only take trades in the direction of the 200SMA. So I will let them go till that sucker says otherwise.
The only thing I would add is with your 100-200 pip SL placement, make sure it is at a real support or resistance point in the market + or - 5 or 6 pips, not just a 100 pip SL thrown on the chart and dare the market to come get you because it will.
Always Learning
  • #405
  • Feb 15, 2012 2:05pm Feb 15, 2012 2:05pm
Quoting Rokz
Man honestly mine are just in between 100 and 200 pips. That's just backup in case the world blew up. You should be out before price got near that. Daily candles aren't going anywhere any time soon management of these trades is incredibly simple, just check out your trade when ya can.

- 100-200pip S/L
- Check on trade when ya can. (Especially close of day)
- Take off 50% at 60pips move S/L to Breakeven+5 or whatever floats ya boat.

I only take trades in the direction of the 200SMA. So I will let them go till that sucker says otherwise.

Exactly what do you mean by direction of the 200 sma.
I have a sell trade on at the moment the 200sma is below it is that what you mean by direction.
I entered on a pullback on the aud/cad at 1.0702 roughly where the trigger candle crossed the 10sma, stop loss 1.0748 and take profit at 1.0661.
Risk reward is 1/1 or should I increase this and hope for the best.
  • #406
  • Feb 15, 2012 4:22pm Feb 15, 2012 4:22pm
Here is an example.

USDCAD :

- Price closed ABOVE the 10SMA(Yellow Line) previous candle.

- 200SMA(White Line) is on a UPWARD slope (Looking for BUYS)

- Previous Bar is a pretty sexy pinbar.

- SUPPORT is at 0.99200, nice place for S/L. Tight 80pips. (Zoom out and place a line there, price has REACTED here previously)

- My first TP will be 1.00800 (I will close out 50% of my position, Price has REACTED here previously)

-Move my S/L to BE when TP1 is hit, remainder left to run. Although may take it all of on the dotted white line(Yearly Pivot Point).


Also by some freak timing, my order was placed EXACTLY on 1.00000. lol


http://i44.tinypic.com/mie6fa.png
  • #407
  • Feb 15, 2012 4:28pm Feb 15, 2012 4:28pm
Quoting don555
Exactly what do you mean by direction of the 200 sma.
I have a sell trade on at the moment the 200sma is below it is that what you mean by direction.
I entered on a pullback on the aud/cad at 1.0702 roughly where the trigger candle crossed the 10sma, stop loss 1.0748 and take profit at 1.0661.
Risk reward is 1/1 or should I increase this and hope for the best.
I won't 'hope' for pull backs, I would rather get in on a good position in the direction of the bigger trend.

SMA200 heading upwards. More inclined to BUY.
SMA200 heading downwards. More inclined to SELL.
SMA200 Flat. Zoom out to Weekly. Still Flat? Move on, wait for something to develop.
  • #408
  • Feb 15, 2012 4:39pm Feb 15, 2012 4:39pm
Quoting Rokz
Here is an example.

USDCAD :

- Price closed ABOVE the 10SMA(Yellow Line) previous candle.

- 200SMA(White Line) is on a UPWARD slope (Looking for BUYS)

- Previous Bar is a pretty sexy pinbar.

- SUPPORT is at 0.99200, nice place for S/L. Tight 80pips. (Zoom out and place a line there, price has REACTED here previously)

- My first TP will be 1.00800 (I will close out 50% of my position, Price has REACTED here previously)

-Move my S/L to BE when TP1 is hit, remainder left to run. Although may take it all of on the dotted white line(Yearly Pivot...
I was eyeballing this trade earlier, and based on the 10ma & s/r it looks like a great set up. I'm not so convinced that the risk rally is over, so am just gonna watch this one.

Good luck on the position.

Jon
  • #409
  • Feb 15, 2012 5:27pm Feb 15, 2012 5:27pm
hope pb shown on many usd majors would work nicely to south
  • #410
  • Feb 15, 2012 5:54pm Feb 15, 2012 5:54pm
Quoting Rokz
I won't 'hope' for pull backs, I would rather get in on a good position in the direction of the bigger trend.

SMA200 heading upwards. More inclined to BUY.
SMA200 heading downwards. More inclined to SELL.
SMA200 Flat. Zoom out to Weekly. Still Flat? Move on, wait for something to develop.
Rokz I have set an order on the retracement of the pin-bar entry 0.9979 where the 10 sma crossed on my UK midnight close chart but the 200 sma is above my entry sloping up and above the pin-bar.
Yours is below and also sloping up.
My stop loss is 5 pips below the lowest support bar at 0.9921 (58stop)
It will be interesting to watch as we are trading of different time close charts.
Maybe we can learn something new from it unfolding.
It is 10 minutes to midnight now so I will post this reply.
The best of luck in your trade.
  • #411
  • Feb 15, 2012 5:56pm Feb 15, 2012 5:56pm
Quoting sniperfxmy
hope pb shown on many usd majors would work nicely to south

Please explain your reasoning.
  • #412
  • Edited Feb 16, 2012 9:10am Feb 15, 2012 6:13pm | Edited Feb 16, 2012 9:10am
Quoting don555
Please explain your reasoning.
just my 2 cents...

i long ucad after the pull back as yesterday pb shown up and crossed back/up into sma10. (similar to uchf 3 days ago - i didn't long)

i short gusd (i wish i would have short it 3-4 days ago) after yesterday (a 3rd) pb crossed down RL. this pair is showing a very rare PA pattern i.e. bear candle then pb for the last 6 days. well hope it would go south further? let see

thanks to bkg offering a simple n easy trading method.

p.s. pls. ignore the bands.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gusd 20120216 01d.gif Size: 35 KB
Click to Enlarge Name: ucad 20120216 01d.gif Size: 31 KB
  • #413
  • Feb 15, 2012 6:37pm Feb 15, 2012 6:37pm
sniperfxmy
Where is south to you up or down.
  • #414
  • Feb 15, 2012 6:48pm Feb 15, 2012 6:48pm
Quoting don555
sniperfxmy
Where is south to you up or down.
Hi Don

South is down...
Olu
If you think you can or cannot do it you are correct
  • #415
  • Feb 15, 2012 7:06pm Feb 15, 2012 7:06pm
Quoting Tedge UK
This way of trading is just sooooo stress free

thanks for indi BKG
Tedge - where can I find your S/R indicator? I like the line better than Barry's diamonds. Thanks, p.
  • #416
  • Feb 15, 2012 7:21pm Feb 15, 2012 7:21pm
Quoting don555
Rokz I have set an order on the retracement of the pin-bar entry 0.9979 where the 10 sma crossed on my UK midnight close chart but the 200 sma is above my entry sloping up and above the pin-bar.
Yours is below and also sloping up.
My stop loss is 5 pips below the lowest support bar at 0.9921 (58stop)
It will be interesting to watch as we are trading of different time close charts.
Maybe we can learn something new from it unfolding.
It is 10 minutes to midnight now so I will post this reply.
The best of luck in your trade.
Are you seeing how this works now don55? Our USDCAD is in positive, you will need to maintain it over the next few days or weeks. Once it hits a comfortable level for you, take off 50% to bank some profit then let it run.

Don't be scared if it goes negative for a bit, I've had an AUDUSD open for two days that's having trouble staying positive, but I will stick with it until the strategy says otherwise.

On Tuesday I had no trades in my log. I stuck with this strat only to see the power of it and currently floating 300pips, only one trade negative and three at breakeven. Six all up.
  • #417
  • Feb 15, 2012 7:37pm Feb 15, 2012 7:37pm
Quoting Olu
Hi Don

South is down...
Olu
Olu in the UK yes but whose to say it might be different in another part of the world.
  • #418
  • Edited 7:45pm Feb 15, 2012 7:40pm | Edited 7:45pm
Quoting Rokz
Are you seeing how this works now don55? Our USDCAD is in positive, you will need to maintain it over the next few days or weeks. Once it hits a comfortable level for you, take off 50% to bank some profit then let it run.

Don't be scared if it goes negative for a bit, I've had an AUDUSD open for two days that's having trouble staying positive, but I will stick with it until the strategy says otherwise.

On Tuesday I had no trades in my log. I stuck with this strat only to see the power of it and currently floating 300pips, only one trade negative...
Yep getting the picture now and feeling very positive.
Meant to say still waiting for the pullback but if it does not no big deal that is my strategy especially with pin-bars.
  • #419
  • Feb 15, 2012 9:49pm Feb 15, 2012 9:49pm
Thanks for doing this.

I am off for 3 days, Let's see how much I can finish in this thread.

KC.

Quoting bkg102665
Just to give you guys a little info on me. I live in eastern N.C. here in the great ole U.S.A. and I have been trading for probably 10+ years now. I started out trading stock options and really got my ass burned doing that. Some trading friends of mine told me I should try forex so back in 05 I decided to give it a try. I have been addicted ever since. Spent the first 4 or 5 years trying to trade the 15m chart but with no consistancy. Moved to 1hr then 4hr but really like trading the daily. I work a public job so it makes it much easier to trade...
  • #420
  • Feb 16, 2012 10:45am Feb 16, 2012 10:45am
So true....



Quoting bkg102665
Thanks. I have been trading for over ten years and finally realized there is a lot of noise out there. If you can not be successful trading this way you probably will not make it trading. Although this works for me it still may not work for everone, we all see things different. I promised myself once I found something that worked for me I would share it and never ask anyone to pay me a dime.

Keep one thing in mind, if someone is trying to sell you a system for trading they are probably not very successful trading. If they were successful trading...
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