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Daily Chart w/ 10sma

  • #481
  • Feb 20, 2012 7:43pm Feb 20, 2012 7:43pm
Quoting miike
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...

You are right Mike and I do take this into consideration before entering trades. I do use position sizing. I must say though I do not wait for all my trades to hit stop loss all the time...

Olu
If you think you can or cannot do it you are correct
  • #482
  • Feb 20, 2012 7:48pm Feb 20, 2012 7:48pm
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,

I totally agree with your explanation for the S/R. Say there were no S/R at that chart. Then will you consider closing those trade.

Thanks.
KC.
  • #483
  • Feb 20, 2012 8:05pm Feb 20, 2012 8:05pm
Quoting KCV
HI Bkg,

I totally agree with your explanation for the S/R. Say there were no S/R at that chart. Then will you consider closing those trade.

Thanks.
KC.
Yes
Please ask questions and share your experiences with us all!
  • #484
  • Feb 21, 2012 8:04am Feb 21, 2012 8:04am
For those of you that took this trade notice the shaded gray area to the left. This may stall price but if and when we break this area I have my support area with the blue line that may be a good t/p area.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd0221.gif Size: 25 KB
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  • #485
  • Feb 21, 2012 8:46am Feb 21, 2012 8:46am
Everybody very quite this morning. That normally means we are in trades the wrong way lol. Everyone wants to talk when they are winning and get quite when they are losing. Whats up!!
Please ask questions and share your experiences with us all!
  • #486
  • Feb 21, 2012 8:54am Feb 21, 2012 8:54am
Quoting bkg102665
Everybody very quite this morning. That normally means we are in trades the wrong way lol. Everyone wants to talk when they are winning and get quite when they are losing. Whats up!!
... is doing alright...

Olu
If you think you can or cannot do it you are correct
  • #487
  • Feb 21, 2012 9:11am Feb 21, 2012 9:11am
Quoting bkg102665
Everybody very quite this morning. That normally means we are in trades the wrong way lol. Everyone wants to talk when they are winning and get quite when they are losing. Whats up!!
I'm flat at the moment, nothing seen worth risking money on yet this week for me
Always Learning
  • #488
  • Edited 9:22am Feb 21, 2012 9:21am | Edited 9:22am
Yer, I have been really quiet. A couple trades went negative due to being at work while they spun around. Before work they looked great.

I'm currently working on a simple EA for myself to insert Stoploss, move Stoploss to Breakeven and Part Close my order without babysitting it. All the trade managers I find are too complex and have crap I don't want in their options.

Other than that there is a lot of potential for this strat, the reason there may not be so many comments is that people normally want something faced paced and full of signals. This is requires a lot of patience.
  • #489
  • Feb 21, 2012 9:27am Feb 21, 2012 9:27am
Quoting Rokz
Yer, I have been really quiet. A couple trades went negative due to being at work while they spun around. Before work they looked great.

I'm currently working on a simple EA for myself to insert Stoploss, move Stoploss to Breakeven and Part Close my order without babysitting it. All the trade managers I find are too complex and have crap I don't want in their options.

Other than that there is a lot of potential for this strat, the reason there may not be so many comments is that people normally want something faced paced and full of signals....
I have someone working on an ea that will put you in a trade when price closes across the 10sma. It will have an initial s/l of 200 (but can be changed to your choice). Once you are up 100 pips s/l will be moved to +5. If it enters you in a trade and the next candle reverses and closes on the other side of the 10sma it will take you out of the original trade and re-enter you in another trade.
Please ask questions and share your experiences with us all!
  • #490
  • Edited 9:37am Feb 21, 2012 9:33am | Edited 9:37am
Get him to add it the ability to change the Breakeven part, from the trades last week I found some struggled to get to 50pips after close let alone 100.

I know this because I wrote everything down in my journal and calculated why they hadn't worked.

One Example :

AU - Sold @ 1.06859
Lowest Low (Following Candle) - 1.06450

Potential Maximum - 409points (40pips)

------------------------------------------

But with a 200pip Stoploss we would be still in this trade now and almost Breakeven. Only issue is that 200pip Stoploss seems rather large and I always try and cut losers instead of praying for a price flip. We can always re-enter, which AU is shaping up for tomorrow I believe.
  • #491
  • Feb 21, 2012 10:08am Feb 21, 2012 10:08am
Quoting Rokz
Get him to add it the ability to change the Breakeven part, from the trades last week I found some struggled to get to 50pips after close let alone 100.

I know this because I wrote everything down in my journal and calculated why they hadn't worked.

One Example :

AU - Sold @ 1.06859
Lowest Low (Following Candle) - 1.06450

Potential Maximum - 409points (40pips)

------------------------------------------
But with a 200pip Stoploss we would be still in this trade now and almost Breakeven. Only issue is that 200pip Stoploss seems...
The only reason I have a s/l on it is if something happens in the world and price spikes. I suggest monitoring trades and cutting losses short when you can.
I will ask that we be able to change the break even as well. I know recently some have flipped on us but all in all 100 pips should be a good area to move s/l. We are working with daily candles and we have to give them room to breath. If we move the s/l to early you will get knocked out of trade at +5 almost always.
Please ask questions and share your experiences with us all!
  • #492
  • Feb 21, 2012 10:09am Feb 21, 2012 10:09am
bkg would the arrowed candle have qualified last night
Attached Image (click to enlarge)
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  • #493
  • Feb 21, 2012 10:12am Feb 21, 2012 10:12am
Quoting bkg102665
I have someone working on an ea that will put you in a trade when price closes across the 10sma. It will have an initial s/l of 200 (but can be changed to your choice). Once you are up 100 pips s/l will be moved to +5. If it enters you in a trade and the next candle reverses and closes on the other side of the 10sma it will take you out of the original trade and re-enter you in another trade.
This would be great. My D TF changes in the late afternoon, US/ct, and I never know if I should place a trade even if the signals are correct for the strategy as 4pm is the deadest action time. This EA would be a big help.
  • #494
  • Feb 21, 2012 10:22am Feb 21, 2012 10:22am
Quoting don555
bkg would the arrowed candle have qualified last night
We did not get a signal for this pair from the indicator.

I did take this trade though because it was so close and price had bounced off of resistance. Mine make look a little different than yours because this trade was done on my FXDD account and the candles close 2 hours earlier than IBFX.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd0215.gif Size: 25 KB
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  • #495
  • Feb 21, 2012 10:36am Feb 21, 2012 10:36am
It is QUIET in the forex market, BKG. This is why, in my judgment, (and I am new to your DAY/10 SMA system):

1. EUR/USD is jammed aand consolidating at (D1) and not near 10 SMA
2. USD/CHF is jammed and consolidating at both D1 and W1 and pair is really not near 10 SMA
3. Perhaps a short with GBP/USD... waiting for possible close below10 SMA near R2
4. Oh my, the AUD/NZD is very tempting since it is enjoying such a nice bear trend (Hi, H4, D1, W1), but it is too late using the DAY CHART WITH 10 SMA system of trading. I am two days too late.
5. The other pairs I look at are very uninteresting (USD/CAD, AUD/USD, NZD/USD, EUR/GBP, EUR/JPY,GBP/JPY, AUD/JPY,CAD/JPY, USD/JPY).

Please feel free to tell me where my analysis is correct or not.


Thank you.

Judy
  • #496
  • Feb 21, 2012 10:52am Feb 21, 2012 10:52am
Quoting bkg102665
We did not get a signal for this pair from the indicator.

I did take this trade though because it was so close and price had bounced off of resistance. Mine make look a little different than yours because this trade was done on my FXDD account and the candles close 2 hours earlier than IBFX.

bkg my charts close at midnight I was thinking about taking this pair but I had already taken aud/cad and was not sure if you would recommend taking pairs that are correlated.
I take it now that you would am I right in thinking this.
An other way I have been trading this system is if I am near to 100pips positive I am taking the pips until I build up my confidence then I will go for more.
One last question for now do you trade gold & silver with this system.
  • #497
  • Feb 21, 2012 11:42am Feb 21, 2012 11:42am
Quoting bkg102665
Everybody very quite this morning. That normally means we are in trades the wrong way lol. Everyone wants to talk when they are winning and get quite when they are losing. Whats up!!
---------------------------------------------------------------------

Many pairs seem to be hovering around the cusp of tradeable levels but without offering clear, strong trade signals.

However, last night entered a short Trade in GBPCHF.

In addition am already in a short trade in AUDUSD since Feb 14th or 15th.
That trade is still (slightly) under water.

In future, will try to post the New Trades right away so as to obtain other Trader's comments, advice and guidance.

BKG, my sincere thanks to you for such a wonderful gift to all, including newbies like me who have been struggling for a long time.

Your gift of this simple workable system is very inspiring and re-kindles hope and courage for becoming a successful Trader in the very near future.
  • #498
  • Feb 21, 2012 11:50am Feb 21, 2012 11:50am
Quoting bkg102665
Everybody very quite this morning. That normally means we are in trades the wrong way lol. Everyone wants to talk when they are winning and get quite when they are losing. Whats up!!
Yes, it's all quiet at the front line... I like to think it's the calm before the storm. Stay focused and prepare for big movements!!!

Greg
  • #499
  • Feb 21, 2012 2:37pm Feb 21, 2012 2:37pm
Quoting don555
bkg my charts close at midnight I was thinking about taking this pair but I had already taken aud/cad and was not sure if you would recommend taking pairs that are correlated.
I take it now that you would am I right in thinking this.
An other way I have been trading this system is if I am near to 100pips positive I am taking the pips until I build up my confidence then I will go for more.
One last question for now do you trade gold & silver with this system.
If you take pairs that are corelated you take a chance on being right in a big way or being WRONG in a big way. It just depends on your appetite for risk. I will take correlated pairs but sometimes it bites me in the ass!!

Taking profit is good, as a man once told me you can never go broke putting money in the bank! If you take yours at 100 pips that is fine.

I have never traded gold or silver so I am no help there, sorry.
Please ask questions and share your experiences with us all!
  • #500
  • Feb 21, 2012 5:50pm Feb 21, 2012 5:50pm
Quoting bkg102665
We did not get a signal for this pair from the indicator.

I did take this trade though because it was so close and price had bounced off of resistance. Mine make look a little different than yours because this trade was done on my FXDD account and the candles close 2 hours earlier than IBFX.
i think some traders got bites/loss when went short on closed of Feb 10 candle (crossed down 10sma), unless they had a bigger stop loss than Feb 10 candle, otherwise it could be stopped out by Feb 20 candle.

Feb 20 candle closed as a small PB, and following by yesterday closed as a "fat" bear candle, might be the downtrend continue i am in... let's see

cheers and happy pipping.
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