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Daily Chart w/ 10sma

  • #1,201
  • Jun 26, 2012 11:48am Jun 26, 2012 11:48am
Thanks for the encouragement BKG. Taking some profit off the table felt odd as I wanted to “get it all”, I think that’s called greed and it’s certainly the feeling I had as I struggled to make the decision. Once done, it was a huge weight off my shoulders.
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  • #1,202
  • Jun 26, 2012 3:39pm Jun 26, 2012 3:39pm
Quoting bkg102665
It all depends on which broker you use and what time of the day the candle closes whether it has closed below the 10sma or not. My IBFX candle has closed below 10sma but my FXDD chart has not yet. I am also short aud/cad.
I've drawn some s/r lines on my AUD/CAD chart and noticed that June 25th's candle did close below SMA10, but on top of support.
Therefore I think this short was invalidated. Any comments?
Attached Image (click to enlarge)
Click to Enlarge Name: $AUDCAD (Daily) 31-1-2012 - 26-6-2012.png Size: 39 KB
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  • #1,203
  • Jun 26, 2012 4:45pm Jun 26, 2012 4:45pm
Took the plunge with NZD/USD.
Attached Image (click to enlarge)
Click to Enlarge Name: $NZDUSD (Daily) 13-10-2011 - 27-6-2012.png Size: 46 KB
Financial independence is what I live for
  • #1,204
  • Jun 26, 2012 9:06pm Jun 26, 2012 9:06pm
Quoting smatthew
I've drawn some s/r lines on my AUD/CAD chart and noticed that June 25th's candle did close below SMA10, but on top of support.
Therefore I think this short was invalidated. Any comments?
I concur with your observation, however I took the trade down due to it breaking down a 2 week old UTL, it just bounced down from 200SMA and its on the verge of breaking my Demark trendline which if materialize, will send it down at least towards 1.0154.
  • #1,205
  • Jun 26, 2012 11:34pm Jun 26, 2012 11:34pm
Hey guys,

Looks Like the up trend may continue further….. & we have enough room to go long as we have 130 pips to reach the next resistance.

Regards,
Te-Wies
Attached Image
  • #1,206
  • Jun 27, 2012 6:01am Jun 27, 2012 6:01am
Quoting smatthew
Took the plunge with NZD/USD.
Not sure why you went long here based off of this forum but I hope it works out for you just the same
Please ask questions and share your experiences with us all!
  • #1,207
  • Jun 27, 2012 6:38am Jun 27, 2012 6:38am
Quoting bkg102665
Not sure why you went long here based off of this forum but I hope it works out for you just the same
agreed.
  • #1,208
  • Jun 27, 2012 1:47pm Jun 27, 2012 1:47pm
Quoting bkg102665
Not sure why you went long here based off of this forum but I hope it works out for you just the same
Sorry, I should've added my reasons for going long on NZD/USD. These made me pull the trigger:

 

  1. Daily candle of the 26th closed above SMA10 as shown in picture.
  2. Two hundred pips to go until next resistance.
  3. Pair trending up on trend line.


I think I know what I've overlooked: the previous candles were all above the SMA10.
I had only briefly eyeballed June 25th's candle the other day and thought it closed below the SMA10. However this wasn't the case.

Was this the reason why this long was an invalid trade?
I've luckily just closed it at +4,5.

Attached Image
Financial independence is what I live for
  • #1,209
  • Jun 27, 2012 2:07pm Jun 27, 2012 2:07pm
Quoting smatthew
Sorry, I should've added my reasons for going long on NZD/USD. These made me pull the trigger:

 

  1. Daily candle of the 26th closed above SMA10 as shown in picture.
  2. Two hundred pips to go until next resistance.
  3. Pair trending up on trend line.


I think I know what I've overlooked: the previous candles were all above the SMA10.
I had only briefly eyeballed June 25th's candle the other day and thought it closed below the SMA10. However this wasn't the case.

Was this the reason why this long was an invalid trade?
I've...

Thanks for the reasons!
  • #1,210
  • Jun 27, 2012 2:25pm Jun 27, 2012 2:25pm
Quoting dafox1
Thanks for the reasons!
I'll try to be more informative next time. The daily close coincides with my bedtime
Financial independence is what I live for
  • #1,211
  • Jun 27, 2012 4:49pm Jun 27, 2012 4:49pm
Long AUD/JPY (bouncing off support, on upward trendline)
Short GBP/USD (on downward trendline)
Short GBP/AUD (bouncing off resistance, on downward trendline)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: $AUDJPY (Daily) 1-2-2012 - 28-6-2012.png Size: 35 KB
Click to Enlarge Name: $GBPAUD (Daily) 16-2-2012 - 28-6-2012.png Size: 34 KB
Click to Enlarge Name: $GBPUSD (Daily) 16-2-2012 - 28-6-2012.png Size: 42 KB
Financial independence is what I live for
  • #1,212
  • Jun 28, 2012 1:03pm Jun 28, 2012 1:03pm
I tried your method BKG and I must say it is really stress-free trading...

I think for people having a full-time job as myself this daily system is one of the easiest and most profitable.

I entered some short trades this week when price closed below the 10sma or backed up closer to the 10sma...currently got a floating profit of almost +500 pips!

I am tempted to close some of the trades, but I will wait for price reaching nice TP zones like last swing high/lows, s/r zones or trendline touches. If I see a bullish daily candle close or a cross of the 10 sma in the other direction I will also be out.

Thank you for sharing your knowledge!

Olarion

PS: Swap is included for the calculation of the profit/pips, so gained pips without swap will be about +30 pips more.
Attached Image (click to enlarge)
Click to Enlarge Name: daily10sma_profit.JPG Size: 46 KB
  • #1,213
  • Jun 28, 2012 3:06pm Jun 28, 2012 3:06pm
Quoting Olarion1975
I tried your method BKG and I must say it is really stress-free trading...

I think for people having a full-time job as myself this daily system is one of the easiest and most profitable.

I entered some short trades this week when price closed below the 10sma or backed up closer to the 10sma...currently got a floating profit of almost +500 pips!

I am tempted to close some of the trades, but I will wait for price reaching nice TP zones like last swing high/lows, s/r zones or trendline touches. If I see a bullish daily candle...
Very NICE!! For that my friend you have earned the weekly vouch!!
Please ask questions and share your experiences with us all!
  • #1,214
  • Jun 28, 2012 5:32pm Jun 28, 2012 5:32pm
A few closes below 10 ema tonight.

All very similar in that the candles closed just below support areas with 200sma close by.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzdusd28june.gif Size: 30 KB
Click to Enlarge Name: nzdjpy28june.gif Size: 27 KB
Click to Enlarge Name: audjpy28june.gif Size: 28 KB
  • #1,215
  • Jun 29, 2012 7:26am Jun 29, 2012 7:26am
These reversals suck. I hope you guys had stops in place. These days will happen and there is nothing we can do that does not mean I have to like them though. Next week being a holiday here in the U.S. could make for some crazy trading days so I will probably enjoy my vacation next week and leave the trading to someone else. I hope you guys have a great weekend!!
Please ask questions and share your experiences with us all!
  • #1,216
  • Edited 7:56am Jun 29, 2012 7:47am | Edited 7:56am
Quoting smatthew
Long AUD/JPY (bouncing off support, on upward trendline)
Short GBP/USD (on downward trendline)
Short GBP/AUD (bouncing off resistance, on downward trendline)
A/J currently at +100 stop to BE - should I get out? Hmm.. According to the rules I should've gotten out when June 28th's candle closed below SMA10..
G/U closed out at BE
G/A currently at +130 stop to BE, stalling at BRN 1,5300 - should I get out?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: $AUDJPY (Daily) 29-2-2012 - 29-6-2012.png Size: 30 KB
Click to Enlarge Name: $GBPAUD (Daily) 13-3-2012 - 29-6-2012.png Size: 30 KB
Financial independence is what I live for
  • #1,217
  • Jun 29, 2012 7:58am Jun 29, 2012 7:58am
Quoting smatthew
A/J currently at +100 stop to BE - should I get out? Hmm.. According to the rules I should've gotten out when June 28th's candle closed below SMA10..
G/U closed out at BE
G/A currently at +130 stop to BE, stalling at BRN 1,5300 - should I get out?
I can not ell you when to get out my friend. I have no idea what your tolerance for pain is lol. Lock in some profit and let them run. That way you have nothing to loose.
Please ask questions and share your experiences with us all!
  • #1,218
  • Jun 29, 2012 10:16am Jun 29, 2012 10:16am
I may be totally wrong but I would lock in profit on these long plays early. I have a feeling this excitement for Europe will fade and you will see this head south again after a few days. I could be very wrong but that is my gut feeling.....
Please ask questions and share your experiences with us all!
  • #1,219
  • Jun 29, 2012 10:22am Jun 29, 2012 10:22am
Hello! Anyone here could earn consistent return by using this method?
  • #1,220
  • Jun 29, 2012 10:31am Jun 29, 2012 10:31am
One "rude" question:
why do you have a job?

I'm in my job, and I want to do forex trading and if I found a way, I will not work anymore.......
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