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10sma on Weekly Chart System 38 replies

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Attachments: Daily Chart w/ 10sma
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Daily Chart w/ 10sma

It's because of me.I was a main "spamer" lately.I am sorry everybody, I had best intentions in every post but totally forgot about purpose of this thread.
Bkg please come back for the guys I will not post anymore.
Tom
swing it!
Quoting Texan
i believe bk is gone ..could not take all the off topic posters . what a shame ...he ask us to only post issues on the 10 sma system................
Hello everyone. I am not gone just extremely busy at work. I am reading the post every day or evening when I get home. I will not leave this thread I promise just hard to find time to post sometimes. I hope everyone is trading well!! It looks like some of you have jumped on some nice trades. It will probably be thin trading until "Berstanky" has his 2:15 est meeting today so be careful and have your stops in place so you do not get hurt.
Please ask questions and be an active part of this thread!
Quoting tomspin
It's because of me.I was a main "spamer" lately.I am sorry everybody, I had best intentions in every post but totally forgot about purpose of this thread.
Bkg please come back for the guys I will not post anymore.
Tom
Post all you want its the only way to learn
Please ask questions and be an active part of this thread!
Quoting bkg102665
Hello everyone.
gr8!
nice to have u back

Quoting bkg102665
Post all you want its the only way to learn
based on your rules
  • Post #885
  • Quote
  • Edited at 9:00am Mar 13, 2012 8:59am | Edited at 9:00am
I will send him a message to see what the matter is...

Edit: I missed his post above. He is still with the thread only busy.

Olu
Find a trend and milk it for all it is worth. That's how to be profitable
Hi

This is my first post and I am glad to chat with all of you. Forex Factory has been of great help for me in learning and trading forex.

On the 10 SMA close, Do we just look out for a candle close below/above 10 sma near support or resistance and also add 100 ema for direction? Is that all to it?

I also downloaded the support resistance indicator by BKG with those Aqua coloured lines. Are they daily support and resistance? Should we also try to find monthly and weekly support levels?

thanks BKG for a great system and once again I am happy to trade with all of you.

Forexnubie
Hi

I also took a long position on March 8th daily chart on NZD JPY and got stopped out on the next day. The 10 sma candle closed bullish.

Can someone critique where I possibly went wrong? or if any additonal filters would have helped?

thanks
forexnubie
Quoting bkg102665
Hello everyone. I am not gone just extremely busy at work. I am reading the post every day or evening when I get home. I will not leave this thread I promise just hard to find time to post sometimes...
Hooray... He's back. Thanks bkg...
To excel by continuous learning :thumbsup:
Quoting forexnubie
Hi

I also took a long position on March 8th daily chart on NZD JPY and got stopped out on the next day. The 10 sma candle closed bullish.

Can someone critique where I possibly went wrong? or if any additonal filters would have helped?

thanks
forexnubie
Hi Forexnubie,

It is a bit hard to know exactly where your error is without seeing your chart.

From what I can see, the support was too strong for the NJ and so it reversed to test the resistance. Your entry after reversing the support was very high where the 10SMA occured due to volatility and a large candle on the reversal. Your entry was fine, but your SL needed to be much larger due to this.

I've attached a screenshot.

Hope this helps.

Miike
Attached Image (click to enlarge)
Click to Enlarge Name: NJ.jpg Size: 88 KB
Hi BKG and Olu and Fellow traders,

Here is the chart of the NZDJPY trade I played on the daily chart. The Green arrow, third from the last. The trade totally went against and got stopped out.

Also on AUDCHF, looks like it reversed itself on both directions. Is there any reason I should not have taken the trades?

I appreciate your valuable criticism and looking forward to great learning.

thanks
forexnubie
Attached Files
File Type: doc NZDJPYSMABKG.doc   228 KB | 168 downloads
File Type: doc AUDCHF10SMA.doc   230 KB | 159 downloads
Thank you very much Mike.

I have attached the chart in my previous post. Please feel free to critique.

thanks, once again Mike.
Hi,

I found a close of 10sma on eurnzd chart today. It is a bit close to support/resistance. Is this a valid trade to take? If this trade to be avoided, what the reasons could be?

comments?

thanks
Attached File
File Type: doc eurnzd10sma.doc   237 KB | 179 downloads
Quoting forexnubie
Thank you very much Mike.

I have attached the chart in my previous post. Please feel free to critique.

thanks, once again Mike.

Hi Forexnubie,

Had a quick look at your charts. As you can see in both your entries, they were made on very large volatile candles. These types of candles have a higher probability of retracement, hence your stopped out.

Keep an eye on the 200SMA for direction, trade with the trend

Also ensure that your entries are close to the s/r levels, this means you can have tighter stops. It's not a great entry if it is placed in the middle of the s/r levels.

Hope that helps

Cheers,
Miike
Quoting forexnubie
Hi,

I found a close of 10sma on eurnzd chart today. It is a bit close to support/resistance. Is this a valid trade to take? If this trade to be avoided, what the reasons could be?

comments?

thanks

Hi Forexnubie,

EN is currently ranging. I don't consider this to be a valid entry as your current open candle is testing support at 18jan candle and may test further support at 2mar candle. I would wait for a reversal from the support for a long position when the 10SMA cross and close occurs for the next move up.

My 2 cents

Cheers,
Miike
Hi Mike,

Thank you so much for your reply. I really appreciate it. Thanks a million.

So, you would not enter a sell trade due to earlier support in that zone and you would enter a buy instead, for the same reason, provided the candle closes bullish above the 10 sma.

thanks
Mike,

Forgot to add the question to my previous post. Your Jan 18 candle jumping from support was a very good point.

How far do you look back for the support/resistance usually? 3 months, 6 months on daily charts? For example if there was a similar support last November, would you have not taken the trade for that reason?


thanks
Quoting forexnubie
Mike,

Forgot to add the question to my previous post. Your Jan 18 candle jumping from support was a very good point.

How far do you look back for the support/resistance usually? 3 months, 6 months on daily charts? For example if there was a similar support last November, would you have not taken the trade for that reason?


thanks
Hi Forexnubie,

Hard one to answer. S/R levels are subjective. I definitely look out for common patterns (such as head and shoulders) and strong levels where a large move has occurred as a result of the S/R.

Hopet his helps

Miike
does anyon have any stats to show which timeframe works best with this method ?
Hi WhatFx

I think the system was designed for daily charts and I have tried on both demo and real with micro lots and it works well. There are some losses also, but altogether I am in profit.

thanks
Quoting whatfx
does anyon have any stats to show which timeframe works best with this method ?
http://www.forexfactory.com/showthre...87#post5216187
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