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Daily Chart w/ 10sma

  • #421
  • Feb 16, 2012 1:13pm Feb 16, 2012 1:13pm
Anything worth jumping on tonight.
  • #422
  • Feb 16, 2012 2:03pm Feb 16, 2012 2:03pm
Quoting don555
Anything worth jumping on tonight.
long signal on usdcad yesterday and now a short signal today. The market is whacked.

Olu
If you think you can or cannot do it you are correct
  • #423
  • Feb 16, 2012 2:39pm Feb 16, 2012 2:39pm
Quoting Olu
long signal on usdcad yesterday and now a short signal today. The market is whacked.

Olu
indeed the market went wild a times!
well this is live trading, isnt it?
i was out for minor loss
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gusd 20120216 01x.gif Size: 125 KB
Click to Enlarge Name: ucad 20120216 01x.gif Size: 123 KB
  • #424
  • Feb 16, 2012 2:51pm Feb 16, 2012 2:51pm
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.
Rokz this is what I meant by interesting last night, yesterdays buy has now turned into a sell as it bounced of the 200 ma in the uk close chart.
  • #425
  • Feb 16, 2012 5:36pm Feb 16, 2012 5:36pm
Hi All,

I am very new to this thread.

Was going through the thread and very much interested in learning this method.

I have a Eur/Usd chart here.

Looks like a sell signal for me.

Can any one teach me if its not.

Here are the details.

Candle closed below 10sma. (Red).
Price below 200Sma.
Price is close to resistance.

Is this valid Sell signal.

Thanks.
KC.
Attached Image (click to enlarge)
Click to Enlarge Name: eur_usd_02_16_2012.gif Size: 30 KB
  • #426
  • Feb 16, 2012 5:54pm Feb 16, 2012 5:54pm
Hi KCV,

The EURUSD trade is not a valid entry signal at this point.

When a candle closes above or below the sma10, your entry must be on the close of the candle or on a pullback. The EURUSD is currently 4 candles since the cross occurred.

Secondly you have drawn the next support level at approx 1.2632, however you have not taken into consideration another major support level at around 1.2972 - 1.2940, in which you can see that it has bounced off.

I would wait until EURUSD finds the next support/resistance level and then bounces through the next sma10.

I've attached a screenshot where you can see the other support lines.

Best of luck,
Miike
Attached Image (click to enlarge)
Click to Enlarge Name: EU.jpg Size: 135 KB
  • #427
  • Feb 16, 2012 6:22pm Feb 16, 2012 6:22pm
Hi Miike,

First I want to thank you for your fast reply.

I took your advice and went back to the chart.

I enlarged the chart and now I can see clearly what you are talking about.

Yes, I got to remember that I am dealing with a daily chart here. Four candles makes a lot of difference.

I understood now.

S/r - I was using the Expert adviser from BKG.

It put those s/r lines. I went back to the page where he posted and read the description again.

He clearly mention that we can change the lines to where ever we want.

So instead of counting on the expert I re-draw the s/r lines.

I am having little bit trouble drwaing these s/r. Going to practice with other pairs.

Here is the chart.

Thanks for all your help.
KC.

Quoting miike
Hi KCV,

The EURUSD trade is not a valid entry signal at this point.

When a candle closes above or below the sma10, your entry must be on the close of the candle or on a pullback. The EURUSD is currently 4 candles since the cross occurred.

Secondly you have drawn the next support level at approx 1.2632, however you have not taken into consideration another major support level at around 1.2972 - 1.2940, in which you can see that it has bounced off.

I would wait until EURUSD finds the next support/resistance level and then bounces through the...
Attached Image (click to enlarge)
Click to Enlarge Name: eur_usd_02_16_2012(2).gif Size: 28 KB
  • #428
  • Feb 17, 2012 3:47am Feb 17, 2012 3:47am
Quoting miike
Hi KCV,

The EURUSD trade is not a valid entry signal at this point.

When a candle closes above or below the sma10, your entry must be on the close of the candle or on a pullback. The EURUSD is currently 4 candles since the cross occurred.

Secondly you have drawn the next support level at approx 1.2632, however you have not taken into consideration another major support level at around 1.2972 - 1.2940, in which you can see that it has bounced off.

I would wait until EURUSD finds the next support/resistance level and then bounces through...
Very good explanation Miike. I could not have come up with a bettere answer for his question myself. I would add that we must take the trade at the close of the candle that crosses the 10sma or maybe on the next candle if we get pullback but waiting four candles later normally will not be a valid trade unless you have a candle pattern that suggest otherwise. Yesterdays eur/usd candle suggest further movement up to me so I would not take this trade.
Please ask questions and share your experiences with us all!
  • #429
  • Feb 17, 2012 6:32am Feb 17, 2012 6:32am
Quoting bkg102665
Very good explanation Miike. I could not have come up with a bettere answer for his question myself. I would add that we must take the trade at the close of the candle that crosses the 10sma or maybe on the next candle if we get pullback but waiting four candles later normally will not be a valid trade unless you have a candle pattern that suggest otherwise. Yesterdays eur/usd candle suggest further movement up to me so I would not take this trade.
Thanks BKG.

KC.
  • #430
  • Feb 17, 2012 9:10am Feb 17, 2012 9:10am
This was the best week i ever had!!!

I closed all trades for 485 pips!!! I feel I'm on the way now...

Thank you BKG for this wonderfull method!!!

Greg.
  • #431
  • Feb 17, 2012 9:50am Feb 17, 2012 9:50am
Quoting gregofx
This was the best week i ever had!!!

I closed all trades for 485 pips!!! I feel I'm on the way now...

Thank you BKG for this wonderfull method!!!

Greg.
Well done. Didnt do as well but we do it all over again next week

Olu
If you think you can or cannot do it you are correct
  • #432
  • Feb 17, 2012 10:18am Feb 17, 2012 10:18am
Quoting gregofx
This was the best week i ever had!!!

I closed all trades for 485 pips!!! I feel I'm on the way now...

Thank you BKG for this wonderfull method!!!

Greg.
Nicely done!! You made more than me lol.
Please ask questions and share your experiences with us all!
  • #433
  • Feb 17, 2012 1:51pm Feb 17, 2012 1:51pm
Quoting gregofx
This was the best week i ever had!!!

I closed all trades for 485 pips!!! I feel I'm on the way now...

Thank you BKG for this wonderfull method!!!

Greg.


Great Job this week.
Always Learning
  • #434
  • Feb 17, 2012 10:40pm Feb 17, 2012 10:40pm
Quoting bkg102665
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!!
bkg hi! thanks for this wonderful and simple strategy. This is my first post but Ive been following this thread and others for few months. I have one question. Do you also use weekly and monthly S/R? Thanks!
  • #435
  • Feb 18, 2012 10:46am Feb 18, 2012 10:46am
Thank you for sharing your trading method, BKG. I just started using your strategy 2/16 and 2/17 and have been quite successful with the CAD/JPY. It looks to me that the pair still has bullish stamina.
  • #436
  • Feb 18, 2012 2:19pm Feb 18, 2012 2:19pm
E/U daily long what do you think???
  • #437
  • Feb 18, 2012 2:45pm Feb 18, 2012 2:45pm
Quoting frani60
E/U daily long what do you think???
Price on my EU chart is still below the 10 sma So I don't have a trade until it crosses and closes above the 10
Attached Image
Always Learning
  • #438
  • Feb 18, 2012 4:03pm Feb 18, 2012 4:03pm
Quoting JayTrader
Price on my EU chart is still below the 10 sma So I don't have a trade until it crosses and closes above the 10
Attachment
thx, funny on my chart its closed above, now i look on sunday open

nice weekend
  • #439
  • Edited 5:55am Feb 19, 2012 3:46am | Edited 5:55am
Quoting frani60
thx, funny on my chart its closed above, now i look on sunday open

nice weekend
Looks like you may be using a10 period EMA vs SMA. I put a 10EMA on the chart I posted above and it did have a close above. Thats why you are probably getting a different signal.
Always Learning
  • #440
  • Feb 19, 2012 12:30pm Feb 19, 2012 12:30pm
A cursory preliminary review has resulted in creation of the following short list :

GBPAUD - Long - almost ready

GBPNZD - Long - almost ready

EURUSD - Long - watch

EURAUD - Long - watch

EURNZD - Long - watch

USDSGD - Short - watch

NZDCHF - Short - watch

Will re-review this short list upon opening of the market (Sunday at 06.00PM EST - at my Broker) and once again at Close of the Sunday Daily Candle (Sunday at 07.00PM EST or Midnight GMT) and finalize the potential trade entries.

Requesting all experienced Traders to please scrutinize and offer guidance.
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