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Monthly Profit - Daily Trading using SMA

  • #201
  • Aug 2, 2016 11:29am Aug 2, 2016 11:29am
Next target 111?
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  • #202
  • Aug 2, 2016 11:58am Aug 2, 2016 11:58am
Floating without support now so it should go down atleast 100 pips
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  • #203
  • Aug 2, 2016 6:48pm Aug 2, 2016 6:48pm
Bk8,

I like the strategy so far. Traders have to realize that chop will happen at times, not much you can do about it. How many or which currency crosses do you focus on? Do you have a certain money management strategy? I am trying to use a ratio approach where I trade 1% of my account equal to the number of pips to the entry and stoploss level.

One more question, for entries, do you enter a trade when the candle opens after the previous candle that has crossed the SMA or do you place an order over or below the previous candle depending on the direction of the close? From what I can tell, you open a trade after the previous candle has crossed the SMA. I just need a little clarification.

Thanks
  • #204
  • Aug 2, 2016 7:43pm Aug 2, 2016 7:43pm
Quoting Bk8
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 {image}
Hi Bk8. Which line is SMA? The blue line or the middle yellow line? So the signal is bar closed crossing blue line or crossing middle yellow line?
Sorry for my dumb question.
Thanx
  • #205
  • Edited 8:51pm Aug 2, 2016 8:22pm | Edited 8:51pm
Quoting boseman
Bk8, I like the strategy so far. Traders have to realize that chop will happen at times, not much you can do about it. How many or which currency crosses do you focus on? Do you have a certain money management strategy? I am trying to use a ratio approach where I trade 1% of my account equal to the number of pips to the entry and stoploss level. One more question, for entries, do you enter a trade when the candle opens after the previous candle that has crossed the SMA or do you place an order over or below the previous candle depending on the direction...
Thanks boseman, I am still experimenting so I have small accounts only, $50- $300. I take risk upto 10% but 3-5% is more disciplined.
You are right, I enter when new candle opens in direction of previous candles it has crossed SMA line.
  • #206
  • Edited 8:52pm Aug 2, 2016 8:23pm | Edited 8:52pm
Quoting dearest
{quote} Hi Bk8. Which line is SMA? The blue line or the middle yellow line? So the signal is bar closed crossing blue line or crossing middle yellow line? Sorry for my dumb question. Thanx
Blue line is a SMA line.
  • #207
  • Aug 2, 2016 8:57pm Aug 2, 2016 8:57pm
Quoting Bk8
{quote} I am still experimenting so I have small accounts only, $50- $300. I take risk upto 10% but 3-5% is more disciplined. You are right, I enter when new candle opens in direction of previous candles it has crossed SMA line.
Which pairs do you find work for this? I guessing most of the major crosses. I like the ideal of trading with small accounts. If you can make a profit on them, then a larger account should not be any different. I really do not like to trade demo accounts much because you emotions and decisions are different when you go live.

I plan to backtest this strategy on ForexTester and play around with ADX or some other indicators I have used to help detect choppy periods.
  • #208
  • Aug 2, 2016 9:04pm Aug 2, 2016 9:04pm
Quoting boseman
{quote} Which pairs do you find work for this? I guessing most of the major crosses. I like the ideal of trading with small accounts. If you can make a profit on them, then a larger account should not be any different. I really do not like to trade demo accounts much because you emotions and decisions are different when you go live. I plan to backtest this strategy on ForexTester and play around with ADX or some other indicators I have used to help detect choppy periods.
I do not have any prefernce as such, almost all e.g. EU, GU,UC, AU,NU,GA,EG,UJ,GJ,AJ,NJ etc
  • #209
  • Aug 3, 2016 12:00am Aug 3, 2016 12:00am
your comments about this setup is it valid ?

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  • #210
  • Aug 3, 2016 3:47am Aug 3, 2016 3:47am
Quoting shaan295
your comments about this setup is it valid ? {image}
I had already entry that position, now profit
Beginners Luck
  • #211
  • Aug 3, 2016 4:46am Aug 3, 2016 4:46am
Quoting goldieboy
{quote} I had already entry that position, now profit
what is your SL ?
  • #212
  • Aug 3, 2016 7:05am Aug 3, 2016 7:05am
Quoting goldieboy
{quote} I had already entry that position, now profit
Great but I would not consider it 100% clean setup since candle is touching top BB
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  • #213
  • Aug 3, 2016 7:07am Aug 3, 2016 7:07am
I think I should focus on few pairs only NJ is so slow and boring
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  • #214
  • Aug 3, 2016 12:49pm Aug 3, 2016 12:49pm
Quoting Bk8
I think I should focus on few pairs only NJ is so slow and boring {image}
Much better now, Profit -110 pips so far
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  • #215
  • Aug 3, 2016 12:52pm Aug 3, 2016 12:52pm
Another one EJ, profit - 105 pips so far
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  • #216
  • Aug 3, 2016 7:19pm Aug 3, 2016 7:19pm
I am going to try following setups

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  • #217
  • Aug 3, 2016 10:19pm Aug 3, 2016 10:19pm
yes I have A/N, but also A/CH, C/CH, E/C, N/C and U/CH.
anything wrong with any of those Bk8?
  • #218
  • Aug 3, 2016 10:46pm Aug 3, 2016 10:46pm
Quoting Bk8
Another one EJ, profit - 105 pips so far {image}
Hi Bk8,
Closing EJ today (3 candles) or wait it hit bollinger band?
Mine is +118 pips now
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  • #219
  • Aug 3, 2016 11:11pm Aug 3, 2016 11:11pm
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  • #220
  • Aug 3, 2016 11:14pm Aug 3, 2016 11:14pm
Quoting laikos
{quote} Hi Bk8, Closing EJ today (3 candles) or wait it hit bollinger band? Mine is +118 pips now {image}
I have closed one position but another one is open... EUR is weak so you may like to move your stoploss to previous candle., so that if it reverses .. you will still have profit
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