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Daily Chart w/ 10sma

  • #981
  • Mar 27, 2012 7:13am Mar 27, 2012 7:13am
I guess I have failed you guys by not being here lately so I am sorry for that. It does discourage me sometimes when I read the post and something I thought was so simple seems to be so hard for some to understand. I will try to do a better job of being here and answering questions.

You must know where s/r areas are. It always helps to understand candle patterns. Trendlines are nice to have on your chart. Most important is the 10sma.

All the other reasons I see on here for taking a trade or not taking a trade have nothing to do with this trading system. Stick to the very basics we have talked about here and learn on a demo account. Trading is not easy but one day if you keep practicing a light will come on in your head and you will GET IT!!
Please ask questions and share your experiences with us all!
  • #982
  • Mar 27, 2012 7:42am Mar 27, 2012 7:42am
I would ask that the people that are having a hard time with this do me a favor. Take these four pairs AUD/CAD, CHF/JPY, EUR/NZD, GBP/USD and put on your chart like I have done on my attached chart. I want you to take every trade that where price crosses the 10sma. You will start to see your own reasons for taking a trade or not. Concentrate on these four pair only. I am sure someone is asking "Why these four pair?". The only reason is none of them have the same currency involved which gives you a better idea of how they all move differently. I think what happens a lot is if dollar gets weak everyone jumps on four USD trades and if the dollar reverses you find yourself with a big loss. Once in these trades are up 50 pips lock in s/l at +1.Lets see what happens!
Attached Image (click to enlarge)
Click to Enlarge Name: 4charts0327.gif Size: 71 KB
Please ask questions and share your experiences with us all!
  • #983
  • Mar 27, 2012 7:59am Mar 27, 2012 7:59am
I start posting and everybody leaves!
Please ask questions and share your experiences with us all!
  • #984
  • Mar 27, 2012 8:02am Mar 27, 2012 8:02am
Quoting bkg102665
I start posting and everybody leaves!
Hi BKG
I've been quiet for a while. I agree with and will support all of the above. At work in the 9-5 so not able to do much.
Thanks again

heath
  • #985
  • Mar 27, 2012 8:06am Mar 27, 2012 8:06am
Hi BKG,

Is that not funny? Everyone leaves when you start posting? hahaha

Nice to have your postings, increases our confidence levels.

Thanks for taking the initiative to post.

I just want this to be one of the active forums as we have a very good system.

By the way, coming to drawing support resistance lines, if we have to all draw it ourselves, what is the purpose of that indicator?

just curious.

Do you also draw minor and major sup/res levels?

If you can expand a bit on going about drawing sup/res, and explain how YOU do it, may be it will be a good thing to follow, to keep conistency.

thanks
  • #986
  • Mar 27, 2012 8:22am Mar 27, 2012 8:22am
Quoting forexnubie
Hi BKG,

Is that not funny? Everyone leaves when you start posting? hahaha

Nice to have your postings, increases our confidence levels.

Thanks for taking the initiative to post.

I just want this to be one of the active forums as we have a very good system.

By the way, coming to drawing support resistance lines, if we have to all draw it ourselves, what is the purpose of that indicator?

just curious.


Do you also draw minor and major sup/res levels?

If you can expand a bit on going about drawing sup/res, and explain...
Hey you buy me a round trip ticket to Australia and I will personally come show you how to draw the lines LOL!!
Please ask questions and share your experiences with us all!
  • #987
  • Mar 27, 2012 9:00am Mar 27, 2012 9:00am
Hi BKG and all,

I am new interacting to this thread, but not new following it. Bkg, you have a great system; I have a system of my own, and I have been following this one because as a trader you always have to keep learning and exploring other methods in order to expand your FX library LOL!

just wanted to say something:

COME ON you guys! you cannot be in the trading business if you do not know how to draw support or resistance lines, there is no specific method to draw them, you have to learn it your way! do some homework, don´t expect BK to do everything for you! Trust me, that if you learn how to do it, you will be more confident in trading, right now you are trading blindly regarding on a set of rules that you don´t even know why they are executed in that way!

I can tell you, this system relies on the basics of "supply and demand" of price, the 10sma just gives you the trigger to enter the trade.

Please take this comment as a constructive one, been in forex for 7 years and no system is easy and no system will give you $$ if you don´t understand it in the first place.
  • #988
  • Mar 27, 2012 10:48am Mar 27, 2012 10:48am
Quoting bkg102665
I would ask that the people that are having a hard time with this do me a favor. Take these four pairs AUD/CAD, CHF/JPY, EUR/NZD, GBP/USD and put on your chart like I have done on my attached chart. I want you to take every trade that where price crosses the 10sma. You will start to see your own reasons for taking a trade or not. Concentrate on these four pair only. I am sure someone is asking "Why these four pair?". The only reason is none of them have the same currency involved which gives you a better idea of how they all move differently....

Good advice to follow those pairs it makes a lot of sense.
Personally it will help to unscramble my brain and stop me trying to second guess which way they will go.
I have been getting a few pips on retraces then missing the big moves when they turn around.
How silly is that.
  • #989
  • Mar 27, 2012 11:39am Mar 27, 2012 11:39am
GREAT to see you back.i know it is troubling for .the traders read the last 2 pages then start posting and do not stay on this system .........i am having problems with s r. i may have to send you a ticket to houston ......ha
  • #990
  • Mar 27, 2012 11:40am Mar 27, 2012 11:40am
Hi BrokerR

I think you assumed that I do not know how to draw support and resistance lines. That is a wrong assumption.

I have been trading for more than 2 years, not a lot, but not a newbie. I chose that name to respect all my fellow traders, their experiences are more than mine, and I am a newbie, comparitively.

I can tell you this much.

Traders draw support resistance differently, and wanted to know how BKG was doing it. That is all.

If you have posted something like what I did, I would have never posted a disrespectful reply like you did.

thanks
  • #991
  • Mar 27, 2012 12:39pm Mar 27, 2012 12:39pm
Quoting Texan
GREAT to see you back.i know it is troubling for .the traders read the last 2 pages then start posting and do not stay on this system .........i am having problems with s r. i may have to send you a ticket to houston ......ha
I always wanted to go to Houston! LOL
Please ask questions and share your experiences with us all!
  • #992
  • Mar 27, 2012 12:42pm Mar 27, 2012 12:42pm
Quoting forexnubie
hi brokerr

i think you assumed that i do not know how to draw support and resistance lines. That is a wrong assumption.

I have been trading for more than 2 years, not a lot, but not a newbie. I chose that name to respect all my fellow traders, their experiences are more than mine, and i am a newbie, comparitively.

I can tell you this much.

Traders draw support resistance differently, and wanted to know how bkg was doing it. That is all.

If you have posted something like what i did, i would have never posted a disrespectful reply like...

oh common, dont get it too personal, it is not disrespectful, we are all here to learn, probably i misunderstood your post, i apologize to you for that...
  • #993
  • Mar 27, 2012 12:43pm Mar 27, 2012 12:43pm
Quoting forexnubie
Hi BrokerR

I think you assumed that I do not know how to draw support and resistance lines. That is a wrong assumption.

I have been trading for more than 2 years, not a lot, but not a newbie. I chose that name to respect all my fellow traders, their experiences are more than mine, and I am a newbie, comparitively.

I can tell you this much.

Traders draw support resistance differently, and wanted to know how BKG was doing it. That is all.

If you have posted something like what I did, I would have never posted a disrespectful...
I do not think he meant you any disrespect. He had a very valid point though, you must place s/r lines where you think they need to be. I am not questioning your trading ability because I do not know you or your trading experience. When you put the indicator on the aud/cad trade did it look right to you? Where did you think they should have been? Never hesitate to question me because I make mistakes just like we all do.
Please ask questions and share your experiences with us all!
  • #994
  • Mar 27, 2012 1:29pm Mar 27, 2012 1:29pm
Hi

Thanks for the reply. It is okay. No apologies required. You people are good traders are we are here to learn.

Again, if you read my post, I did not draw those lines. If we had to redraw and adjust the lines manually, what was the purpose of that indicator?

thanks
  • #995
  • Mar 27, 2012 1:54pm Mar 27, 2012 1:54pm
Quoting forexnubie
Hi

Thanks for the reply. It is okay. No apologies required. You people are good traders are we are here to learn.

Again, if you read my post, I did not draw those lines. If we had to redraw and adjust the lines manually, what was the purpose of that indicator?

thanks
Forget the indicator and draw them manually. This was an indicator I use sometimes to alert me when price touches the s/r line. It has an email alert built in it to do that if you set it up that way but really not useful trading the 10sma.
Please ask questions and share your experiences with us all!
  • #996
  • Mar 27, 2012 2:03pm Mar 27, 2012 2:03pm
Thanks BKG, for your reply.

So, that indicator was not even for trading with this system!

Ok, Now when you draw sup/res, how far you go? Just the recent ones? Minor Support levels also or only the big ones?

Do you use horizontal support lines only, or trend line support also?

If the price action closes under 10 sma and if it is near resistance, for example AUDCHF, at the same day, if AUDUSD did the opposite, say closing bullish on 10 sma near support, would you still take the trade on AUD CHF?

Would you avoid the trade if any other parameter is present?

thanks, BKG, for a nice system.
  • #997
  • Mar 27, 2012 2:12pm Mar 27, 2012 2:12pm
Quoting forexnubie
Thanks BKG, for your reply.

So, that indicator was not even for trading with this system!

Ok, Now when you draw sup/res, how far you go? Just the recent ones? Minor Support levels also or only the big ones?

Do you use horizontal support lines only, or trend line support also?

If the price action closes under 10 sma and if it is near resistance, for example AUDCHF, at the same day, if AUDUSD did the opposite, say closing bullish on 10 sma near support, would you still take the trade on AUD CHF?

Would you avoid the trade if any...

You may want to go back through the entire thread and read past examples. I will say it one more time quickly.

At resistance take 10sma short trade
At support take 10sma long trade
Major s/r areas for me, you may trade this to your liking
Horizontal s/r lines
I do use trend lines sometimes also
Please ask questions and share your experiences with us all!
  • #998
  • Mar 27, 2012 2:31pm Mar 27, 2012 2:31pm
Ok, Thanks.

After all that, let me ask you, did you take the AUDCAD BULLISH trade? I got stopped out.

haha

thanks
  • #999
  • Mar 27, 2012 2:43pm Mar 27, 2012 2:43pm
Quoting forexnubie
Ok, Thanks.

After all that, let me ask you, did you take the AUDCAD BULLISH trade? I got stopped out.

haha

thanks
Yes and I am still in it. As I said yesterday I will probably stay in this trade unless it closes below 10sma, support line, trend line, and my 200sma.

Do as I say do, not as I do lol. I trade a little different sometimes based off past experience. That usually really bites me in the ass!!
Please ask questions and share your experiences with us all!
  • #1,000
  • Mar 27, 2012 5:32pm Mar 27, 2012 5:32pm
I just entered short on AUDUSD as it firmly closed below 10 MA

I have set the SL and left TP open.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDH8.png Size: 49 KB
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