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Daily Chart w/ 10sma

  • #621
  • Feb 27, 2012 8:51pm Feb 27, 2012 8:51pm
Quoting bkg102665
Right now I have the intial s/l at 200 but as soon as you get up 50 pips s/l moves to +5. If prices crosses back and closes on the opposite side of the 10sma it will take you out and enter you in the other direction. Just something I am playing with so dont get excited just yet.
In all honesty I don't really think an EA will be as profitable as manually taking trades.

I get emailed via the 10SMA indicator every morning when the daily candle closes. I then compare these from the trades I checked the night before and wrote down for potential setups. Of these I will mostly take less than 50% of them. The best way to make use of an EA with this strategy is the one I created to manage open trades.

Sure EAs will keep emotional decisions out of your trading but sometimes decisions are required. Take the GBPUSD from Friday, there is no way I would take that trade since it travelled so far from the 10SMA in the one candle where the EA would have you at a floating -60 right now and it still has not crossed the 10SMA the opposite way
  • #622
  • Feb 27, 2012 9:02pm Feb 27, 2012 9:02pm
Quoting Rokz
In all honesty I don't really think an EA will be as profitable as manually taking trades.

I get emailed via the 10SMA indicator every morning when the daily candle closes. I then compare these from the trades I checked the night before and wrote down for potential setups. Of these I will mostly take less than 50% of them. The best way to make use of an EA with this strategy is the one I created to manage open trades.

Sure EAs will keep emotional decisions out of your trading but sometimes decisions are required. Take the GBPUSD from Friday,...
Like I said I am just playing around on a demo account. I do not think I would ever use an EA to trade this but still want to see what happens. As slow paced as this stratagy is, if you cant trade this without an EA you probably dont have time to trade period.
Please ask questions and share your experiences with us all!
  • #623
  • Feb 27, 2012 10:14pm Feb 27, 2012 10:14pm
Quoting bkg102665
Like I said I am just playing around on a demo account. I do not think I would ever use an EA to trade this but still want to see what happens. As slow paced as this stratagy is, if you cant trade this without an EA you probably dont have time to trade period.
Haha yeah I 100% agree. Did anyone catch USDCAD today? I'm sitting at +20 but this is a very slow moving pair and it's 14day ATR is only 59 pips, I wonder if I should lock in 50% sooner?
  • #624
  • Feb 27, 2012 10:29pm Feb 27, 2012 10:29pm
looks like a great system..highger timefram is always very reliable and accurate...

FOrex Factory is a great site...it brings all the traders in the world to one place...wow...good effort

great service

thanks
Let all the living things live blissfully
  • #625
  • Feb 27, 2012 11:36pm Feb 27, 2012 11:36pm
Hi BKG,

EA sounds interesting. I think that as Rockz said, this strategy is best suited to a manual trader. One of my main considerations with an EA with how we trade these signals is that we also identify trends, channels and long reversal candles that could add elements of risk to a trade. These can be managed within an EA, but I am still yet to find an EA or even an indicator that can do this with great accuracy. Looking forward to your results and success

Great email earlier with your trades.

I am also looking at BUY NZDUSD, the signal candle is close to the current resistance, however if it breaks the resistance, and considering the 10SMA and 200SMA is trending up it has potential for a move to 0.8571, 0.8841 resistance levels.

Screenshots attached.

Cheers,
Miike
Attached Image (click to enlarge)
Click to Enlarge Name: NU.jpg Size: 126 KB
  • #626
  • Feb 27, 2012 11:40pm Feb 27, 2012 11:40pm
Quoting bkg102665
EA got us in three trades tonight.
------------------------------------------------------------------------

Hi BKG,

Ever since you launched this thread, I have tried (almost religiously) to follow it to a tee, to the best of my limited ability.

I am trading your system on a live account (very small positions, though) strictly as per your guidelines and rules, without any other addition, alteration or contamination.

So far, results have been positive and encouraging.

There have been some failures, but most of those due to my own mistakes, misjudgements or missteps.

Now today, you have entered shorts on GBPAUD & GBPNZD on a signal as per your EA.

However, I am already in these trades since February 24th (though currently, both happen to be slightly under water).

I review all the pairs daily asap after 19.00 EST, when my broker's (IBFX - Australia) platform closes their daily candle.

I must be doing something wrong to have entered these trades 3 days pre-maturaly.

Yet, when I review my entering these two trades on Feb 24th, I really do not see any fault.

Am I missing something, quite simple or very complicated ?

Unfortunately, I am not computer-saavy enough yet to be able to upload the charts with my trade entries.

Working on it though.

I Would be grateful to you, if you could kindly review these entries of today as well as on February 24th and point out the discrepancies in my analysis

Thanks and regards.

.
  • #627
  • Feb 28, 2012 2:32am Feb 28, 2012 2:32am
hi
what about it ?
is it right to open S whet price crosses the 10sma from above?http://www15.speedyshare.com/file/my...d/Untitled.jpg
  • #628
  • Edited 6:44am Feb 28, 2012 5:16am | Edited 6:44am
Quoting alwaro
hi
what about it ?
is it right to open S whet price crosses the 10sma from above?http://www15.speedyshare.com/file/my...d/Untitled.jpg
I think you are describing our standard cross.

When price is above the 10sma and slices down through it and closes below it. This is a sell

When price is below the 10sma and it slices through it upwards and closes above it - this is a buy

If my attempt to answer your question was rubbish please expand more...

Olu
If you think you can or cannot do it you are correct
  • #629
  • Feb 28, 2012 6:09am Feb 28, 2012 6:09am
use alert on page 1 post 12. this puts sma and arrows. you cant go wrong...great inducator...........again thanks to BK
  • #630
  • Feb 28, 2012 6:50am Feb 28, 2012 6:50am
Quoting Olu
I think you are describing our standard cross.

When price is above the 10sma and slices down through it and closes below it. This is a sell

When price is below the 10sma and it slices through it upwards and closes above it - this is a buy

If my attempt to answer your question was rubbish please expand more...

Olu
ok tkanks for your answer
you said if the daily candle close above/below 10sma. im new one in fx, and what i have seen i can compare with real tradning. 'When price is above the 10sma and slices down through it and closes below it. This is a sell' - so in the next candle i should sell on her highest level ?
  • #631
  • Feb 28, 2012 6:58am Feb 28, 2012 6:58am
Alwaro,

Let me clarify if I can...

According to your chart, the price has attempted a break of the trend resistance and moved down, given the price does not break the resistance and starts moving down and has a close below the 10SMA, this would indicate a SELL. However, I would recommend recognising the 200SMA to validate your entry.

Hope this helps...

Cheers,
Miike
  • #632
  • Feb 28, 2012 7:11am Feb 28, 2012 7:11am
ok, thanks
how 200sma can validate my entry ?
  • #633
  • Feb 28, 2012 7:15am Feb 28, 2012 7:15am
Just got long NZDUSD on break of the 10sma, in nice long term trend and currently above 10/31/2011 swing high, stop @ .8150 (giving this puppy some room to bounce around).

Great system and thread BKG.

Jon
  • #634
  • Feb 28, 2012 7:25am Feb 28, 2012 7:25am
Quoting alwaro
ok, thanks
how 200sma can validate my entry ?
If below 200SMA, go short, if above 200SMA, go long.

Refer to Post 163.

Cheers,
Miike
  • #635
  • Feb 28, 2012 7:35am Feb 28, 2012 7:35am
Quoting jmpforex
Just got long NZDUSD on break of the 10sma, in nice long term trend and currently above 10/31/2011 swing high, stop @ .8150 (giving this puppy some room to bounce around).

Great system and thread BKG.

Jon

Hi Jon,

I've been monitoring this trade as well. I'm currently holding out on it due to 2 reasons.

1. Ideally the entry should have been made after the 23/2 candle, as it is thie first break of the 10SMA after testing support at 8259. This would have given an entry with room to move to the next resistance at around 8426.

2. Keep an eye on the 8426 resistance. it's a daily and weekly resistance and could cause a retracement.

If you do manage to hold on and it does break, it has a great amount of pips to the next key resistance levels.

Hope this goes your way for some big pips

BKG, what's your opinion on this type of trade potential, given that the break of the 10SMA is the 2nd long 10SMA break after testing support. Is it a valid position when the entry of the signal candles close is so close to a resistance at a daily/weekly time frame?

If it does break, it would be an excellent trade!

Cheers,
Miike
  • #636
  • Feb 28, 2012 7:37am Feb 28, 2012 7:37am
Quoting jmpforex
Just got long NZDUSD on break of the 10sma, in nice long term trend and currently above 10/31/2011 swing high, stop @ .8150 (giving this puppy some room to bounce around).

Great system and thread BKG.

Jon
Not trying to be a wet rag but are we not supposed to enter after the candle closes above 10 SMA? The day is not yet over.

Can we get in before the candle is closed? Also the color of the candle is a bit worrying. It is a bearish candle and has pierced the body of yesterday's candle to quite a degree. Ofcourse there is still time for it to come back up before closing tonight. But a bit risky as we are going against the rules of 10 SMA system.

Just my two cents

DD
  • #637
  • Feb 28, 2012 7:45am Feb 28, 2012 7:45am
Quoting Dildubai
Not trying to be a wet rag but are we not supposed to enter after the candle closes above 10 SMA? The day is not yet over.

Can we get in before the candle is closed? Also the color of the candle is a bit worrying. It is a bearish candle and has pierced the body of yesterday's candle to quite a degree. Ofcourse there is still time for it to come back up before closing tonight. But a bit risky as we are going against the rules of 10 SMA system.

Just my two cents

DD
Just to clarify this, once a candle breaks the 10sma that is our signal to go but we can wait and see if price tucks back in around the 10sma for a better entry. Two reasons for this thought process:

1) You get a better entry price

2) If it does reverse and cross back over the 10sma then your loss is less
Please ask questions and share your experiences with us all!
  • #638
  • Feb 28, 2012 7:46am Feb 28, 2012 7:46am
Quoting Dildubai
Not trying to be a wet rag but are we not supposed to enter after the candle closes above 10 SMA? The day is not yet over.

Can we get in before the candle is closed? Also the color of the candle is a bit worrying. It is a bearish candle and has pierced the body of yesterday's candle to quite a degree. Ofcourse there is still time for it to come back up before closing tonight. But a bit risky as we are going against the rules of 10 SMA system.

Just my two cents

DD
The rules are entry after a close.
Anything else and we are trading another system. Of course you can have another system for different conditions but if we dont stick to the rules we cant do a proper forward test of the system and earn the most from the system. The system is good in itself without any additions.

Olu
If you think you can or cannot do it you are correct
  • #639
  • Feb 28, 2012 8:08am Feb 28, 2012 8:08am
Quoting Dildubai
Not trying to be a wet rag but are we not supposed to enter after the candle closes above 10 SMA? The day is not yet over.

Can we get in before the candle is closed? Also the color of the candle is a bit worrying. It is a bearish candle and has pierced the body of yesterday's candle to quite a degree. Ofcourse there is still time for it to come back up before closing tonight. But a bit risky as we are going against the rules of 10 SMA system.

Just my two cents

DD
The pair closed yesterday above the 10ma, I generally trade around the New York open for a few hours based on the past day's closing price.

Mike also made a great point that the optimal entry for this trade was on Feb 23. The market's offered a 2nd chance on this entry, keeping in mind that although it's above the late October 2011 swing high, it faces some resistance, thus I've given it a wider than normal s/l. If it breaks higher, it should run nicely.

General trend of the pair remains up.

Of course the market will be the final arbiter of this trade...
  • #640
  • Feb 28, 2012 12:27pm Feb 28, 2012 12:27pm
Hi folks,

I am looking for a buy in the Aud/NZD.
we can pick about 100 pips before the price touch the 200 ema line.

Dutchsignals
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