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Daily Chart w/ 10sma

  • #461
  • Feb 20, 2012 3:46pm Feb 20, 2012 3:46pm
HI BKG,

I finished reading this thread and was doing backtest on few currency pairs.

I remember you mentioned that when the price turns back and finishes below 10sma (on a buy trade) you close the trade.

Am I correct.

If yes. What you will do in the following example.

Got a buy signal. (Price closed at above 10sma and above the support line).

Got in the buy trade.

Now very next candle it close just below the 10sma.

Questions

1. Will you close the trade?
2. Given that the stop is not hit and its just went below 10sma, will you hold the trade for one more candle.

I have attached 2 examples here.


Thanks in advance.
KC.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: aud_usd_01_18_2012(10).gif Size: 50 KB
Click to Enlarge Name: aud_usd_01_25_2012(12).gif Size: 49 KB
  • #462
  • Feb 20, 2012 3:51pm Feb 20, 2012 3:51pm
Hi BKG,

I could n't Vouch you because I dont have enough. LOL. (Not eligeble to vouch others)

So here it is.. 100000000000XXXXXXX vouches for you..for a wonderfull thread.

KC.
  • #463
  • Feb 20, 2012 3:51pm Feb 20, 2012 3:51pm
What trades are worth taking tonight
  • #464
  • Feb 20, 2012 4:55pm Feb 20, 2012 4:55pm
Goodnight everybody starting to get a bit late in the UK maybe tomorrow night I might get on to a worthwhile trade as there dosent seem to be anything tonight as I have had no response.
  • #465
  • Feb 20, 2012 5:22pm Feb 20, 2012 5:22pm
Gregofx,

Very well executed trades there, well done!

Perhaps it would be a good idea that we all share our analysis of any potential or actual trades.

Giving reasoning before and during a trade is always a better learning instrument than looking at a past trade. We can all benefit here!

Looking forward to the week ahead!

Good luck all!

Miike
  • #466
  • Feb 20, 2012 5:32pm Feb 20, 2012 5:32pm
Quoting KCV
HI BKG,

I finished reading this thread and was doing backtest on few currency pairs.

I remember you mentioned that when the price turns back and finishes below 10sma (on a buy trade) you close the trade.

Am I correct.

If yes. What you will do in the following example.

Got a buy signal. (Price closed at above 10sma and above the support line).

Got in the buy trade.

Now very next candle it close just below the 10sma.

Questions

1. Will you close the trade?
2. Given that the stop is not hit and its just went below...
From what I can see on your charts you took a long trade that is just under resistance on both charts. Normally if price is just below resistance I am looking for short signals. If price is just above support then I am looking for a long signal.
Please ask questions and share your experiences with us all!
  • #467
  • Feb 20, 2012 5:37pm Feb 20, 2012 5:37pm
Quoting KCV
Hi BKG,

I could n't Vouch you because I dont have enough. LOL. (Not eligeble to vouch others)

So here it is.. 100000000000XXXXXXX vouches for you..for a wonderfull thread.

KC.
Thanks and when you get enough send one my way!!
Please ask questions and share your experiences with us all!
  • #468
  • Feb 20, 2012 5:38pm Feb 20, 2012 5:38pm
Quoting don555
Goodnight everybody starting to get a bit late in the UK maybe tomorrow night I might get on to a worthwhile trade as there dosent seem to be anything tonight as I have had no response.
My candles do not close until anothe 30 min. I will let you know what I see then my friend.
Please ask questions and share your experiences with us all!
  • #469
  • Feb 20, 2012 6:01pm Feb 20, 2012 6:01pm
I seem to be getting a sell here. Do we all see this?
If you think you can or cannot do it you are correct
  • #470
  • Feb 20, 2012 6:06pm Feb 20, 2012 6:06pm
Quoting bkg102665
My candles do not close until anothe 30 min. I will let you know what I see then my friend.
Thanks bkg I thought candles on your charts closed at 10pm uk time, I will stay up and see if there are any trades.
  • #471
  • Feb 20, 2012 6:13pm Feb 20, 2012 6:13pm
Quoting bkg102665
From what I can see on your charts you took a long trade that is just under resistance on both charts. Normally if price is just below resistance I am looking for short signals. If price is just above support then I am looking for a long signal.
Hi bkg...

Basically what you're saying is: Short, when the signal/previous candle close is below the resistance level and below SMA10. (Note: The opposite is true for long).

Please correct me if I am wrong. Thanks in advance... http://www.forexfactory.com/images/icons/icon7.gif
To excel by continuous learning
  • #472
  • Feb 20, 2012 6:15pm Feb 20, 2012 6:15pm
Quoting Olu
I seem to be getting a sell here. Do we all see this?
It looks like a valid trade to me. Close to resistance and below the 10sma. It meets my criteria for a valid signal. My question to you is where will your s/l be?
Please ask questions and share your experiences with us all!
  • #473
  • Feb 20, 2012 6:33pm Feb 20, 2012 6:33pm
Quoting don555
bkg in post 94 what did you mean by a candle closing full
Sorry about not getting back to you sooner. I just remembered I forgot to answer this question for you. Often when a candle closes full (no wick on the top when it is close to resistance and no wick on bottom if price is near support) price will reverse and run in the opposite direction. Just a little something I have learned from other traders over the years. My point here is if you are in a long and price gets close to resistance and the candle closes full with no upper wick GET OUT!!!
Please ask questions and share your experiences with us all!
  • #474
  • Feb 20, 2012 6:36pm Feb 20, 2012 6:36pm
Hi Olu,

Good pickup, as BKG said, looks like a valid trade.

I've entered this trade as well.

Screenshot attached.

Reasoning for trade:
1. Resistance touched at 1.7047 region recently.
2. Close of candle crossing over the 10 SMA.
3. Closest support at 1.0607 region.

Good luck,
Miike
Attached Image (click to enlarge)
Click to Enlarge Name: AC.jpg Size: 126 KB
  • #475
  • Feb 20, 2012 6:41pm Feb 20, 2012 6:41pm
Quoting bkg102665
It looks like a valid trade to me. Close to resistance and below the 10sma. It meets my criteria for a valid signal. My question to you is where will your s/l be?
Around 1.0748 the high of the reversal structure (candle)...

Olu
If you think you can or cannot do it you are correct
  • #476
  • Feb 20, 2012 6:50pm Feb 20, 2012 6:50pm
Quoting Olu
Around 1.0748 the high of the reversal structure (candle)...

Olu
That is where I would put mine but if I were able to look after the trade I would wait for a close above that to take it out. If I had to leave it I would put my s/l there no doubt. Maybe 1.0760
Please ask questions and share your experiences with us all!
  • #477
  • Feb 20, 2012 7:18pm Feb 20, 2012 7:18pm
Quoting bkg102665
That is where I would put mine but if I were able to look after the trade I would wait for a close above that to take it out. If I had to leave it I would put my s/l there no doubt. Maybe 1.0760
Above the structure is better. But if risk comes back into the market I will not wait till the stop is hit.

Olu
If you think you can or cannot do it you are correct
  • #478
  • Feb 20, 2012 7:22pm Feb 20, 2012 7:22pm
Quoting Olu
Above the structure is better. But if risk comes back into the market I will not wait till the stop is hit.

Olu
Olu if that happened where would you come out
  • #479
  • Feb 20, 2012 7:32pm Feb 20, 2012 7:32pm
Quoting don555
Olu if that happened where would you come out
Hi Don

I have a spread of 7 on my audcad pair on MT4. I will close this trade. The candle before this current candle has a high of 10723 so 10735 could get
me going for the exits...

Olu
If you think you can or cannot do it you are correct
  • #480
  • Feb 20, 2012 7:34pm Feb 20, 2012 7:34pm
Hi Olu,

Here is some food for thought.

In terms of good money management, you should be exercising your contract / lot size based your requirements.

i.e. If your SL is 250 pips, to be in the correct SL position (1.07600), your size of you contract / lot should be appropriate for your risk of a financial value that is acceptable to be lost.

e.g. 2% Margin of account, max 50 USD loss, 250 pip SL, 50/250 = 0.20 USD per pip movement, 0.1 LOT entered.

Not saying that getting out of a bad position should be held until lost, but it is best to enter a trade with that in mind?

Cheers,
Miike
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