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Daily Chart w/ 10sma

  • #961
  • Edited 8:32pm Mar 25, 2012 7:47pm | Edited 8:32pm
Quoting forexnubie
Hi

Looks like NZD USD has closed above the 10 SMA, I am looking for a buy.

AUD CAD has closed above the 10sma looking for a buy.

Feel free to comment, please.

thanks

The aud /cad once again is a reversal (sell) believe me I have captured a price action signal.
Once again when its back is broken it can only go to the floor.
  • #962
  • Edited 8:31pm Mar 25, 2012 8:03pm | Edited 8:31pm
Why is this thread so quiet we can only learn from each other as long as we post.
  • #963
  • Mar 26, 2012 8:12am Mar 26, 2012 8:12am
Don, that was a nice call on the NZD, keeping an eye on the pair, it's moved up 140 pips from the close on Friday...this one got away too fast.

Jon
  • #964
  • Mar 26, 2012 9:51am Mar 26, 2012 9:51am
Quoting qwerty
BKG if you dont mind me asking, you say you have a very busy work schedule... I was wondering arent you able to live off trading full time ?
Hey folks!!! I have been out of town with little access to charts last few weeks. I saw this question and I have to respond.

I have a job that I very much enjoy. I look at trading as more of a hobby and something that hopefully may allow me to retire early or enjoy retirement more with the extra income. I have years left before I retire and have no real desire to retire at this point in my life. I truely enjoy my job and working.
Please ask questions and share your experiences with us all!
  • #965
  • Mar 26, 2012 10:57am Mar 26, 2012 10:57am
Quoting bkg102665
Hey folks!!! I have been out of town with little access to charts last few weeks. I saw this question and I have to respond.

I have a job that I very much enjoy. I look at trading as more of a hobby and something that hopefully may allow me to retire early or enjoy retirement more with the extra income. I have years left before I retire and have no real desire to retire at this point in my life. I truely enjoy my job and working.
Hi Bk

You are not too far ahead of me. I love most aspects of my job but some parts are tedious. Trading is more than a hobby to me though because I would like to start a Poor Man's Hedge Fund where the common man can have access to returns more than 1% per annum. This will still be based on long term trading. That's what I am about.

Olu
If you think you can or cannot do it you are correct
  • #966
  • Mar 26, 2012 1:53pm Mar 26, 2012 1:53pm
Hey BKG
I can see you are online, good to have you back. I have got a question for you. Do you ever consider macro data in your analysis? What do you do in ranging market with this strategy?
We hope for some charts and more hints about the system.
Thanks
swing it!
  • #967
  • Mar 26, 2012 2:08pm Mar 26, 2012 2:08pm
Quoting tomspin
Hey BKG
I can see you are online, good to have you back. I have got a question for you. Do you ever consider macro data in your analysis? What do you do in ranging market with this strategy?
We hope for some charts and more hints about the system.
Thanks
LOL I guess I do not consider macro data since I have no idea what it is! LOL!!
Please ask questions and share your experiences with us all!
  • #968
  • Mar 26, 2012 2:10pm Mar 26, 2012 2:10pm
Quoting tomspin
Hey BKG
I can see you are online, good to have you back. I have got a question for you. Do you ever consider macro data in your analysis? What do you do in ranging market with this strategy?
We hope for some charts and more hints about the system.
Thanks
Also be aware that I have forex factory running on three computers, one which is always running so just because it shows me online I may actually be no where near my computer.
Please ask questions and share your experiences with us all!
  • #969
  • Mar 26, 2012 2:15pm Mar 26, 2012 2:15pm
Sorry macro mean fundamental, like micro and macro economics by that I mean big news like important speech of some wiseguy, or employment or production data
swing it!
  • #970
  • Mar 26, 2012 2:22pm Mar 26, 2012 2:22pm
Quoting tomspin
Sorry macro mean fundamental, like micro and macro economics by that I mean big news like important speech of some wiseguy, or employment or production data
I do not let news affect my decision for trading the daily chart at all. When I did trade the 15m chart I did look at news events as a trend changing event but not so much on the daily charts.
Please ask questions and share your experiences with us all!
  • #971
  • Mar 26, 2012 2:40pm Mar 26, 2012 2:40pm
Hi BKG,

Nice to see you.

Now, if you can clarify a trade, it will be great.

I took AUDCAD BUY because the candle closed bullish. Somehow, the trade does not seem to go that way.

Is there any reason that you would have avoided the trade?

Anything else to look for before taking trades like this?

Comments and critique, please.

Once again, thank you for a great system.
  • #972
  • Mar 26, 2012 2:51pm Mar 26, 2012 2:51pm
Quoting forexnubie
Hi BKG,

Nice to see you.

Now, if you can clarify a trade, it will be great.

I took AUDCAD BUY because the candle closed bullish. Somehow, the trade does not seem to go that way.

Is there any reason that you would have avoided the trade?

Anything else to look for before taking trades like this?

Comments and critique, please.

Once again, thank you for a great system.

As you can see I took the trade also. My reasons for taking the trade

1)Closed above 10sma
2)Closed above 200sma
3)Closed above upward trendline

Trades do not always move as fast as we would like, be patient.
Often times it takes days for the currency pairs to resume momentum.
Attached Image (click to enlarge)
Click to Enlarge Name: audcad0326.gif Size: 25 KB
Please ask questions and share your experiences with us all!
  • #973
  • Mar 26, 2012 3:02pm Mar 26, 2012 3:02pm
Quoting bkg102665
As you can see I took the trade also. My reasons for taking the trade

1)Closed above 10sma
2)Closed above 200sma
3)Closed above upward trendline

Trades do not always move as fast as we would like, be patient.
Often times it takes days for the currency pairs to resume momentum.
If and only if the pair closes below the 10sma, 200sma, and my red trendline I will take this pair short. I will remain long on it until then.
Please ask questions and share your experiences with us all!
  • #974
  • Mar 26, 2012 3:12pm Mar 26, 2012 3:12pm
thank you very much for your reply, BKG.

So confidence boosting to get a reply from the person who invented it.

Thanks for the reply on AUDCAD.

Usually, For example, if the price closed above 10 sma, but in middle of daily trend line would you still take the trade?

What are the other parameters you would look to avoid a trade? Too close to resistance/support?

Anything else?

thanks
  • #975
  • Mar 26, 2012 6:17pm Mar 26, 2012 6:17pm
HI BKG,

Thank you for the reply on AUDCAD.

How come your support resistance aqua lines are totally in a different price range than mine even on the same daily chart?

Please help.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audcad0326.gif Size: 25 KB
Click to Enlarge Name: bkgaudcadmarch.jpg Size: 300 KB
  • #976
  • Mar 26, 2012 7:29pm Mar 26, 2012 7:29pm
Hi guys, the AUDUSD is giving a buy signal:

- Price just crossed 10 MA from below
- Price bounced at Sup 1,0350 (aqua)
- Price bounced at 200 MA

But what I don't like of this setup is the short Trendline (grey) that can reject the price.

What do you think guys?

Greg.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.jpg Size: 53 KB
  • #977
  • Mar 26, 2012 8:15pm Mar 26, 2012 8:15pm
Quoting forexnubie
HI BKG,

Thank you for the reply on AUDCAD.

How come your support resistance aqua lines are totally in a different price range than mine even on the same daily chart?

Please help.
Not to be a smart ass but I guess you put yours in a different place. Your lines from what I see are too close together. You will never be successful trading this if your s/r lines are that close. You have to look for major swings in price to make this work.
Please ask questions and share your experiences with us all!
  • #978
  • Mar 27, 2012 5:15am Mar 27, 2012 5:15am
Hi BKG,

Thank you for your reply.

I did not draw those lines. These were the lines by the BKGSUPRES indicator. How the lines are different from the same indicator for same pair for same time frame? May be I am doing something wrong?

The lines with the Aqua colour posted on this forum. Please see attached. Is there a different version?

That is why I was asking how come it was different in yours.

Do you draw it yourself? If you draw them yourself, please share your way of doing it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: bkgaudcadmarch.jpg Size: 300 KB
Click to Enlarge Name: audcad0326.gif Size: 25 KB
Attached File(s)
File Type: ex4 BKG_SuppRes41E.ex4   8 KB | 456 downloads
  • #979
  • Mar 27, 2012 6:00am Mar 27, 2012 6:00am
Quoting forexnubie
Hi BKG,

Thank you for your reply.

I did not draw those lines. These were the lines by the BKGSUPRES indicator. How the lines are different from the same indicator for same pair for same time frame? May be I am doing something wrong?

The lines with the Aqua colour posted on this forum. Please see attached. Is there a different version?

That is why I was asking how come it was different in yours.

Do you draw it yourself? If you draw them yourself, please share your way of doing it.
Read post #29 and #183
Please ask questions and share your experiences with us all!
  • #980
  • Mar 27, 2012 7:01am Mar 27, 2012 7:01am
Quoting forexnubie
Hi BKG,

Thank you for your reply.

I did not draw those lines. These were the lines by the BKGSUPRES indicator. How the lines are different from the same indicator for same pair for same time frame? May be I am doing something wrong?

The lines with the Aqua colour posted on this forum. Please see attached. Is there a different version?

That is why I was asking how come it was different in yours.

Do you draw it yourself? If you draw them yourself, please share your way of doing it.

The lines are placed on the chart by the indicator. You need to double click on the line and move it where you see s/r areas being. Once you have it in place double click the line again to keep it in its place. As s/r areas change you will need to move the lines. Most of the time my lines are anywhere frome 300 to 500 pips apart.
Please ask questions and share your experiences with us all!
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