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Daily Chart w/ 10sma

  • #721
  • Mar 1, 2012 9:09am Mar 1, 2012 9:09am
Again BKG, thank you for your successful trading system. I follow your simple guidelines becuse the method is clean and it works.

Just for me, however, I pick better (trending) pairs when I also analyse the H4. Basically, I will not enter a trade if there is too much noise (as you call it) on the H4. The H4 pair must be trending (even somewhat mildly) with both SMA's (3 and 10) headed, with angle and separation, in the trade direction.

At the opening candle yesterday on both the EUR/CAD and the EUR/AUD (both pairs closed below the 10 SMA, and drew a (D1) FIBO on each chart; the pairs were both below the 38.2% fibo retracement which is important to me I also use the 3 SMA on the D1 chart for crosses withthe 10 SMA and trend information. Since the 3 and 10 SMA's crossed on both closing candles, both pairs looked great for a short entries. You can see the results. I have closed half of my position and placed a new stop between the current price and my entry price so I will still have a profit if the trade is "stopped out."

Thank you BKG, and please share your thoughts.

Judy
  • #722
  • Mar 1, 2012 10:28am Mar 1, 2012 10:28am
Well done on both of those trades Judy now I have got an understanding what your reasons are for taking bkgs trades or not
  • #723
  • Mar 1, 2012 10:57am Mar 1, 2012 10:57am
Quoting JayTrader
AudChf will be a good one to watch tonight if it can stay and close above the 10 at end of day. It has 200+ pips to run if it can work past the resistance it is chopping at right now
Out of most on these trades, rest at BE also Out of all on a USDCAD trade entry at .9937 , TP was.9850


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Always Learning
  • #724
  • Mar 1, 2012 11:04am Mar 1, 2012 11:04am
Quoting Chicajudy
Again BKG, thank you for your successful trading system. I follow your simple guidelines becuse the method is clean and it works.

Just for me, however, I pick better (trending) pairs when I also analyse the H4. Basically, I will not enter a trade if there is too much noise (as you call it) on the H4. The H4 pair must be trending (even somewhat mildly) with both SMA's (3 and 10) headed, with angle and separation, in the trade direction.

At the opening candle yesterday on both the EUR/CAD and the EUR/AUD (both pairs closed below the 10 SMA,...
Hi Judy , I like you idea. I am always looking for a way to help filter bad , or less probable trades. I also saw the EURCAD trade last night but that big push thru candle made it to expensive for me to trade (SL). But you had some good Trades
Always Learning
  • #725
  • Mar 1, 2012 5:25pm Mar 1, 2012 5:25pm
BKG,

There's a lot of discussion on the entry signal and validation of a good entry.

But not much around the point of exiting in profit.

What are the main conditions that you would close out your position in this strategy?

e.g.
1. Large candle with high/close or low/close at same point
2. Daily resistance / support hit
3. Reversal due to a common pattern, such as double top/bottom and head/shoulders
4. Fibonacci retracements
5. Reversal and trailing SL hit.

Cheers,
Miike
  • #726
  • Mar 1, 2012 5:29pm Mar 1, 2012 5:29pm
Quoting miike
BKG,

There's a lot of discussion on the entry signal and validation of a good entry.

But not much around the point of exiting in profit.

What are the main conditions that you would close out your position in this strategy?

e.g.
1. Large candle with high/close or low/close at same point
2. Daily resistance / support hit
3. Reversal due to a common pattern, such as double top/bottom and head/shoulders
4. Fibonacci retracements
5. Reversal and trailing SL hit.

Cheers,
Miike
I do not use fibs or trailing stops but the others would be good reason to exit a trade.
Please ask questions and share your experiences with us all!
  • #727
  • Mar 1, 2012 5:30pm Mar 1, 2012 5:30pm
Quoting bkg102665
I do not use fibs or trailing stops but the others would be good reason to exit a trade.
Thanks BKG,

Are there any other majours that you look for?

Cheers,
Miike
  • #728
  • Mar 1, 2012 6:42pm Mar 1, 2012 6:42pm
Hi Miike,
That's a tough one and timely exiting is a work in progress for me. For instance, I exited the E/A today far too early, half at 1.2460 and half at 1.2457, after initially making a short entry at 1.2411. As you can see, the pair went to 2.3088, and another 51/54 pips in the right direction.
The reason I exited was the consolidation to the left on the D1 chart. That exit would be under your category 2. I always look at the nuances of sequential candles, e.g. condition 1. I do not use trailing stops, though I often change my stops to lock in profits in case of a reversal: something like condition 5.
It just may be sometimes an exit may be as simple as the 3 SMA crossing the 10 SMA in the opposite direction n the M30. I will check it out over time. One thing that gives me pause (reason to exit) is a consolidation pattern of candles on the H4 after a D! trend. I will exit when this occurs.
Let me know what you think. I trust I answered your questions.
Judy
  • #729
  • Mar 1, 2012 6:54pm Mar 1, 2012 6:54pm
Thanks Judy,

Was interested in the exits that BKG uses in this strategy.

Personally I think it is best to monitor for:
1. Large candle with high/close or low/close at same point
2. Daily resistance / support hit
3. Reversal due to a common pattern, such as double top/bottom and head/shoulders
4. Fibonacci retracements

However, it really needs to be analysed case by case.

I also move my stops tighter depending on market volatility as the trade moves into profit.

At the end of the day, there's no shame in closing a trade in profit early.

Cheers,
Miike
  • #730
  • Mar 1, 2012 8:29pm Mar 1, 2012 8:29pm
Hi bkg thanks for the simple system.
I've been following the thread for a while and decided to join to share some of my trade ideas.

One i'm looking at is the AUD/USD. It's reached resistance at 1.0760 and consolidating. It could break the resistance and target you a profit of 200+ pips as it moves towards strong resistance reached in July last year. However, i'm keeping an eye out for a reversal as it's reaching strong resistance. Once it closes under the 10sma and passes that support in the consolidating area, i'll look to go short.
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  • #731
  • Mar 1, 2012 10:53pm Mar 1, 2012 10:53pm
Yes, BKG,

Do you have a summary about the exit condition?

Thanks.

I am also wondering any unique condition you will exit? Thanks!

B.R.
Raymond
Quoting miike
Thanks Judy,

Was interested in the exits that BKG uses in this strategy.

Personally I think it is best to monitor for:
1. Large candle with high/close or low/close at same point
2. Daily resistance / support hit
3. Reversal due to a common pattern, such as double top/bottom and head/shoulders
4. Fibonacci retracements

However, it really needs to be analysed case by case.

I also move my stops tighter depending on market volatility as the trade moves into profit.

At the end of the day, there's no shame in closing a trade in profit early....
Outcome is not important at all, but correct technique is what only matters
  • #732
  • Mar 1, 2012 10:58pm Mar 1, 2012 10:58pm
Hi Xtrammer,

There would be huge resistance above 1.0850. That would be a high score short entry (set and forget) by Sam Seiden's method.

So be careful to that long chance.

The 1.0850 would be a big resistance, so this is a long at resistance. Be careful.

Just my 2 cents.

B.R.
Raymond

Quoting xTrammer
Hi bkg thanks for the simple system.
I've been following the thread for a while and decided to join to share some of my trade ideas.

One i'm looking at is the AUD/USD. It's reached resistance at 1.0760 and consolidating. It could break the resistance and target you a profit of 200+ pips as it moves towards strong resistance reached in July last year. However, i'm keeping an eye out for a reversal as it's reaching strong resistance. Once it closes under the 10sma and passes that support in the consolidating area, i'll look to go short.
Outcome is not important at all, but correct technique is what only matters
  • #733
  • Mar 1, 2012 11:13pm Mar 1, 2012 11:13pm
Quoting szpowerx
Hi Xtrammer,

There would be huge resistance above 1.0850. That would be a high score short entry (set and forget) by Sam Seiden's method.

So be careful to that long chance.

The 1.0850 would be a big resistance, so this is a long at resistance. Be careful.

Just my 2 cents.

B.R.
Raymond
Thanks for the reply. I'll look into going short
  • #734
  • Mar 2, 2012 4:27am Mar 2, 2012 4:27am
Hi BKG, your method is great.

As last post, long USDCHF

+60Pips, move to the +5.

I like your method.

B.R.
Raymond
Quoting szpowerx
Hi bkg102665,

I like your trendline method.
I just find you open a new thread. I like this method too.
You are a professional trader.

I followed your method, here is my first entry as this method.
Outcome is not important at all, but correct technique is what only matters
  • #735
  • Mar 2, 2012 4:29am Mar 2, 2012 4:29am
As last post, short EURUSD, now move +5 pips.

1.32 would have big support, be careful.

Free run now, anyway.

BKG, i like your method.

B.R.
Raymond

Quoting szpowerx
Hi Don,

I understand your thoughts. And this method is simple, but not easy.
But to my understanding, EURUSD looks a good short.

I would like to see whether the 1.32 reverse the falling.
Outcome is not important at all, but correct technique is what only matters
  • #736
  • Mar 2, 2012 8:09am Mar 2, 2012 8:09am
Quoting szpowerx
As last post, short EURUSD, now move +5 pips.

1.32 would have big support, be careful.

Free run now, anyway.

BKG, i like your method.

B.R.
Raymond


Well done I was obviously wrong on my assumptions about this pair.
Lesson learned no more predicting for me after the candle has crossed the 10sma
  • #737
  • Edited 9:11am Mar 2, 2012 9:08am | Edited 9:11am
Although I don't often trade on Fridays, I Just got short AUDCAD, closed below 10ma on Feb 29, then retested it. This paid is not as subject to the 'risk on/risk off' trade that some other pairs are. Stop @ 1.077

Jon
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  • #738
  • Mar 2, 2012 9:24am Mar 2, 2012 9:24am
Hi Don,

Actually, i also have the confusion whether to treat the cross 10sma with the universal action.

As BKG proposed, we would treat it universally. But i feel i would like to treat them differently. My criteria would be the support/resistance, but this criteria is subjective, not objective.

For EURUSD case, since the 1.34 is a bigger level than 1.33, and it was broken down with a big BEOB, so i would assume the 1.33 would be broken too. That is my reason, subjective.

B.R.
Raymond

Quoting don555
Well done I was obviously wrong on my assumptions about this pair.
Lesson learned no more predicting for me after the candle has crossed the 10sma
Outcome is not important at all, but correct technique is what only matters
  • #739
  • Edited Mar 3, 2012 8:57am Mar 2, 2012 2:12pm | Edited Mar 3, 2012 8:57am
Friday Update: Increased my account by 13% this week trading this method( very good week, not typical ), that's including a 1% SL hit on a GBPCAD trade( only loss this week ). I still have 2 runners, the AUDCHF and EURAUD, most of the lots on these trades were already closed out but a portion was left on well beyond BE.
Good Weekend to Everyone
Always Learning
  • #740
  • Mar 2, 2012 3:11pm Mar 2, 2012 3:11pm
Good trading this week, Jay Trader.

Now I know you will enjoy your weekend!

Regards,

Judy
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