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Monthly Profit - Daily Trading using SMA

  • #181
  • Aug 1, 2016 11:09am Aug 1, 2016 11:09am
Bk8, so the killer of this sort of technique is a chop sideways market. I think that you should start exploring in your thread on how to diminish affect of the chop on your technique. Otherwise this thread will die as many others for only one reason - SideWays Chop.....
  • #182
  • Aug 1, 2016 11:30am Aug 1, 2016 11:30am
Quoting driven18
Bk8, so the killer of this sort of technique is a chop sideways market. I think that you should start exploring in your thread on how to diminish affect of the chop on your technique. Otherwise this thread will die as many others for only one reason - SideWays Chop.....
Great Idea, this is the reason I have not automated this startegy yet.. will see if we can create such indicator to filter sideways.
  • #183
  • Aug 1, 2016 11:54am Aug 1, 2016 11:54am
Here is the example how my profit gets wiped off... obviously not always but good thing is that even you are not losing in forex is a great achivement
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  • #184
  • Aug 1, 2016 11:57am Aug 1, 2016 11:57am
Here is another example, This position is open for last 7 days
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  • #185
  • Aug 1, 2016 3:12pm Aug 1, 2016 3:12pm
Hello Bk8. Sorry for thsi question but i dont understand how are you calculete your SL and TP. Please can you explain it?

Thank you so much
  • #186
  • Aug 1, 2016 6:40pm Aug 1, 2016 6:40pm
Quoting hobbyt3
Hello Bk8. Sorry for thsi question but i dont understand how are you calculete your SL and TP. Please can you explain it? Thank you so much
Hi hobbyt3,

Please check post#123 and let me know if you need more details
http://www.forexfactory.com/showthre...16#post9057516
  • #187
  • Aug 1, 2016 8:00pm Aug 1, 2016 8:00pm
Quoting driven18
Bk8, so the killer of this sort of technique is a chop sideways market. I think that you should start exploring in your thread on how to diminish affect of the chop on your technique. Otherwise this thread will die as many others for only one reason - SideWays Chop.....
Study any pair with a proven "trending" pattern on a Daily chart & you will find that retracenments within the trend seldom surpasses any candle 2 days back. When it does, the result is more often than not a wave 2 or 4. OR. A trend change.
By placing SL 2 days back sideways chop can be ridden through. If not already in the trade it's just a matter of waiting for the break-out from the chop on the Daily chart.
Without having an understanding of down, you can never appreciate up.
  • #188
  • Aug 1, 2016 11:28pm Aug 1, 2016 11:28pm
Quoting anonymousey
{quote} Study any pair with a proven "trending" pattern on a Daily chart & you will find that retracenments within the trend seldom surpasses any candle 2 days back. When it does, the result is more often than not a wave 2 or 4. OR. A trend change. By placing SL 2 days back sideways chop can be ridden through. If not already in the trade it's just a matter of waiting for the break-out from the chop on the Daily chart.
Lets not get into sideways debate too much.. even if we lose some pips due to sideways still we will have more than 80% chances to win 3+ times of lost pips.
  • #189
  • Aug 2, 2016 1:09am Aug 2, 2016 1:09am
I am hit by -213 pips SL today on GBPAUD (SELL). Perhaps my entry was a little late on Aug 1, 2016. I guess it is ok. Stay to the rule
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  • #190
  • Aug 2, 2016 2:47am Aug 2, 2016 2:47am
Hello Bk8....i'm abit confused here... entry - previous candle crossed SMA line....
how to determine whether buy entry or sell entry?
any tips on the MM

thanks!
  • #191
  • Aug 2, 2016 6:21am Aug 2, 2016 6:21am
Quoting hneji
Hello Bk8....i'm abit confused here... entry - previous candle crossed SMA line.... how to determine whether buy entry or sell entry? any tips on the MM thanks!
If previous candle is bull then buy and vice versa.. looks like you are very new to Forex... I would recommend you to spend some time on demo before using live accounts.. also read baisics about forex
  • #192
  • Aug 2, 2016 6:25am Aug 2, 2016 6:25am
Just FYI - my all open AUD position was closed last night except following due to a big news so made small profits only..
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  • #193
  • Aug 2, 2016 6:29am Aug 2, 2016 6:29am
I will be closing this position now since it is dull for last 2 days and I have already made 150 pips
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  • #194
  • Aug 2, 2016 6:30am Aug 2, 2016 6:30am
This setup still looks good
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  • #195
  • Aug 2, 2016 6:34am Aug 2, 2016 6:34am
Looks like Market is very quiet this week
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  • #196
  • Aug 2, 2016 6:36am Aug 2, 2016 6:36am
Quoting Bk8
{quote} If previous candle is bull then buy and vice versa.. looks like you are very new to Forex... I would recommend you to spend some time on demo before using live accounts.. also read baisics about forex
indeed a newbie...testing it in demo account... btw... did you try trailing stop for TP?
  • #197
  • Aug 2, 2016 7:05am Aug 2, 2016 7:05am
Quoting Bk8
Looks like Market is very quiet this week {image}
Wow, looks like market did not like my comment gained 20 pips quickly
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  • #198
  • Aug 2, 2016 9:46am Aug 2, 2016 9:46am
We have 2 choices now, either we take quick profit or wait forever until stoploss get triggered to immidiate resistance level
Since my setup is towards long term trend, I will go for option 2
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  • #199
  • Aug 2, 2016 9:56am Aug 2, 2016 9:56am
system rocks
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stay cool when trade begins
  • #200
  • Aug 2, 2016 11:27am Aug 2, 2016 11:27am
Quoting rajkumar3192
system rocks {image}
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