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Daily Chart w/ 10sma

  • #841
  • Mar 8, 2012 2:30pm Mar 8, 2012 2:30pm
Quoting tomspin
Welcome to this fantastic thread mate!
According to BKG rules you should wait for candle to close so the best time to enter your trade should be tokyo open when next candle come up on your chart.
This strategy gives you unique way of trading so you don't have to spend hours in front of your pc, just an hour a day
How cool is that?

Also I started to trading live since yesterday using this strategy, allready
+ 70
Good luck
Great work Tom well done I hope to go live with this strategy soon few more weeks of demoing first, let us know how you are getting on
  • #842
  • Mar 8, 2012 3:00pm Mar 8, 2012 3:00pm
There goes my winner. Now I DID NOT enter within rules and do not intend change anything. I made my decision because USD/CAD had been ranging more less since end of January and in ranging conditions I believe you look at sup & res + candle formations. I wrote about it few pages back, price was not far from 200SMA and at the res so I took my chances. Atm +87 trying to pull back after more than 100 pip drop.
I do believe this pair has a further drop ahead as you can see on weekly there is a lot of room + candle formation is interesting. We are in descending channel, bears "huging" bulls and a nice hammer. I would definitely take the trade tonight but that is my opinion and you should do your own homework
I am a newbie so constructive criticism is very welcome.
Good luck guys
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: usd cad weekly.gif Size: 18 KB
swing it!
  • #843
  • Mar 8, 2012 3:13pm Mar 8, 2012 3:13pm
Hi guys,

Having read the last few postings, I'm just wondering whether someone, who has successfully used/tested this method, can tell the rest of us what the winning rate is? If it doesn't cause too much troubles, please attach few recent pictures from the winning trades plus comments. As in any trade there is nitty-gritty (detail), which makes one trader a winner from the rest even though they use the same method. Hope, you wouldn't mind to share the secret of your trade with the rest of us.

Your help and generosity are greatly appreciated....

Cheers... http://www.forexfactory.com/images/editor/smilie.gif
To excel by continuous learning
  • #844
  • Mar 8, 2012 3:20pm Mar 8, 2012 3:20pm
Quoting tomspin
There goes my winner....
Thank you, Tom. You have even responded even before my posting. It seems that you can read my mind, can't you?

Thanks again for sharing... http://www.forexfactory.com/images/editor/smilie.gif
To excel by continuous learning
  • #845
  • Mar 8, 2012 3:33pm Mar 8, 2012 3:33pm
Quoting cmmichaels
Great work Tom well done I hope to go live with this strategy soon few more weeks of demoing first, let us know how you are getting on
Thank you for you kind words. I would go live after 2 successful weeks even with micro lots. I am not trading big yet as I want to master it. My acc is about 350 pounds and I do micro so nothing spectacular.
Still real win taste best
swing it!
  • #846
  • Mar 8, 2012 4:25pm Mar 8, 2012 4:25pm
Anyone watching this pair ,just want to no if its a valid set-up on daily tf
  • #847
  • Mar 8, 2012 4:38pm Mar 8, 2012 4:38pm
Quoting Spacetec
Anyone watching this pair ,just want to no if its a valid set-up on daily tf
i am also watching this pair, and i guess it is a valid set-up, but i would no enter at this stage...it is on big suport right now and the SL is too far away (r/r is not good)...but it is my 2 cents advice, take it for that much !
Attached Image (click to enlarge)
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  • #848
  • Mar 8, 2012 4:45pm Mar 8, 2012 4:45pm
i have the same problem with this pair...but the downtrend give me more confidence..maybe i enter
Attached Image (click to enlarge)
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  • #849
  • Mar 8, 2012 4:55pm Mar 8, 2012 4:55pm
position closed: -49p
  • #850
  • Mar 8, 2012 5:00pm Mar 8, 2012 5:00pm
short on .9900 / sl 1.0022 / tp .9790
Good luck to all of you
Attached Image (click to enlarge)
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  • #851
  • Mar 8, 2012 5:00pm Mar 8, 2012 5:00pm
Quoting jeronimo
i am also watching this pair, and i guess it is a valid set-up, but i would no enter at this stage...it is on big suport right now and the SL is too far away (r/r is not good)...but it is my 2 cents advice, take it for that much !
thnks ,just looking at this method ,agree with you sure helps s/r and trend in mind
  • #852
  • Mar 9, 2012 2:47am Mar 9, 2012 2:47am
Quoting PeepCzar
Hi guys,

Having read the last few postings, I'm just wondering whether someone, who has successfully used/tested this method, can tell the rest of us what the winning rate is? If it doesn't cause too much troubles, please attach few recent pictures from the winning trades plus comments. As in any trade there is nitty-gritty (detail), which makes one trader a winner from the rest even though they use the same method. Hope, you wouldn't mind to share the secret of your trade with the rest of us.

Your help and generosity are greatly appreciated.......
This strategy is quite discretionary which is good and teached you to be a better trader so I think a win rate for 1 person would not mean a lot to the next you would have to just try it yourself.

Hope that helps
  • #853
  • Mar 9, 2012 2:49am Mar 9, 2012 2:49am
Quoting tomspin
Thank you for you kind words. I would go live after 2 successful weeks even with micro lots. I am not trading big yet as I want to master it. My acc is about 350 pounds and I do micro so nothing spectacular.
Still real win taste best
It is an excellent result regardless of account size what I am learning more and more is don't think about the money just think about the pips and making consistent pips with a good win rate and controlled draw downs and the money will follow focus on the consistency.

Great work again though.
  • #854
  • Mar 9, 2012 8:57am Mar 9, 2012 8:57am
Just got short the USDCAD, 1.0020 stop. It's a friday so I've taken a smaller position.
  • #855
  • Mar 9, 2012 9:26am Mar 9, 2012 9:26am
Quoting jmpforex
Just got short the USDCAD, 1.0020 stop. It's a friday so I've taken a smaller position.
Welcome onboard ! I´ve just move my SL to 0.9944. I will see tonight if i have to close the position or let it go for the week end..i think it should stay in good range for our interests..
Good luck !
  • #856
  • Mar 9, 2012 10:17am Mar 9, 2012 10:17am
sniperfxmy, FaRa13, xTrammer, cmmichaels, whatfx and don555, Thank you very much for your comments. I don't want to challenge anyone, but I want to learn from my mistakes and I want to contribute something positive after all.. I know very well that prices sometimes do not progress as expected and can tranform a good set up in a bad trading. However, a bad trading can be a good opportunity to analyze what happened and learn from mistakes.

After reading your comments, I think there are some interesting things to discuss. I do not think the failure in my EURJPY trading has been a Sup/Res level that was not taken into account. The Sup/Res are somewhat subjective and dependent on trader's good eye. When I took the decision to enter the trade, the level you talk about was just an irrelevant support zone for me. Now, the market determined otherwise (hope you uderstand my poor english...)

On the other hand, I like the idea that the entry candle closed far below the SMA10 and this gives a sense of oversold market, which sounds logical to expect a price retracement. In addition, the distance between entry price and last Swing High (the rebound in Res 108.00) was very large and this makes us to use a bigger SL.

Now this idea is not one of BKG rules to trade with this strategy, so it is not validated. Honestly I would like to know BKG's opinion about it.

I love this Thread, and I love this strategy.

Greg.
  • #857
  • Mar 10, 2012 2:11am Mar 10, 2012 2:11am
The USD pairs worked perfectly with this model. EUR/USD, USD/CHF and also EUR/CAD. I have one question though for traders like myself who are interested in only trading day charts. I have had over 300 pips of profit wiped out this week simply because of these market pullbacks. I will place trades during the Asian market, find them over 50-60pips up, then all of a sudden during the NY session, its washed up, and either at a minimal gain or in red. Does anyone have advice on how to protect myself frrom this. I understand TP limits, but i feel like there will be occasions where i am losing out on profits because i will set my TP too low.
  • #858
  • Mar 10, 2012 5:41am Mar 10, 2012 5:41am
Quoting FaRa13
The USD pairs worked perfectly with this model. EUR/USD, USD/CHF and also EUR/CAD. I have one question though for traders like myself who are interested in only trading day charts. I have had over 300 pips of profit wiped out this week simply because of these market pullbacks. I will place trades during the Asian market, find them over 50-60pips up, then all of a sudden during the NY session, its washed up, and either at a minimal gain or in red. Does anyone have advice on how to protect myself frrom this. I understand TP limits, but i feel like...
Hey Fara
I personally after +30 set my SL at my entry price so if my trade will turn against me, my position is protected. If you are unable to look at the charts trailing stop from 30 to 50 pips might be a good idea. Bkg has a nice way of doing things, He sets + 5 then leave his trade alone, I should do it as my USD/CAD pulled back on me after employment data spike up and hit my SL at + 60 and now came back down to further drop down.
I am pretty disappointed after work I have done with technicals I didn't include all the friday macro data from Canada and US.
But hey, you always learn something new every day in this business right?
Even if you are pure technical as this strategy you always have to know what is going on with macroeconomics and have a plan for it.

I have a question for you guys, do you add more positions on your way down or up after certain levels? or you simply make one trade and leave it alone till TP?

Thanks
Tom
swing it!
  • #859
  • Mar 10, 2012 6:35am Mar 10, 2012 6:35am
Quoting tomspin
I have a question for you guys, do you add more positions on your way down or up after certain levels? or you simply make one trade and leave it alone till TP?

Thanks
Tom
Or to be more precise is it better to add more positions in one pair or to open another i.e. correlated pair to double your profit?
Which way you would consider less risky and why?
swing it!
  • #860
  • Mar 10, 2012 8:41am Mar 10, 2012 8:41am
I use the swiss army ea to control my orders. it will trail price x pips back instead of getting taken out li.ke most trailing systems .. if you need help let me know. it is posted on several fourms............TEXAN
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