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Monthly Profit - Daily Trading using SMA

  • #701
  • Aug 28, 2016 1:35am Aug 28, 2016 1:35am
Quoting jelloooo1
{quote} HI there is an error when i load the script to chart {image}
Did you put the three files in the correct folders like instructed?
So many in the Commercial section want to make me rich! :o
  • #702
  • Aug 28, 2016 1:44am Aug 28, 2016 1:44am
Quoting Purpleblack7
This is interesting. So your Moving Average is a 5? Are you using the Parabolic Sars to help with your entry? I'd want to use this on the smaller timeframes (15M/30M/1hr) Would you change the moving average? Whats your suggestion?
Try and stick to the daily timeframe, as this strategy is commonly known as position trading. Position trading is an excellent strategy but only for long term trades, last a week and more. Trying to apply this to 15min 5min will just see you get whipsawed by the liquidity hunts from the banks, also known as stop hunts as bank seek liquidity to fill their large orders, and what better liquidity to take than retail traders.

But by all means trade it on the lower timeframes, as like I said the best lessons are those of experience.
  • #703
  • Aug 28, 2016 2:48am Aug 28, 2016 2:48am
This topic is amazing, I use only the SMA 33. Mainly pairs with JPY.
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  • #704
  • Edited 4:51am Aug 28, 2016 4:29am | Edited 4:51am
BK8 check this out, AUDCAD showing clean setup for short with MA 5,3 and at the same time MA 5,0 is not clear ... now what you gonna say ?
at the moment i feel more comfortable with old system ...
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Work Hard In Silence, Let Your Success Be Your Noise.
  • #705
  • Aug 28, 2016 4:41am Aug 28, 2016 4:41am
Quoting Bk8
{quote} Thanks keepfx..since we have tried SMA (5,3) for last 7 months so there is no harm if we try SMA 5,0 for next few months..
Hi BK8, the first thing I wanna say is that you're doing a great job here.
I've been using the SMA5 (0 shift) for quite a long time so I won't tell you not to use it 'cause you can do good things with it.
What I want to tell you is to stick to one system and master it, no system or SMA will work all the times and to me it seemed you were doing well with the SMA(5,3).
You'll find traders using SMA30, SMA33, SMA34, EMA20,EMA21 etc. each with its pros and cons, stick to one and keep the thread clean for you and for your followers.

Second not requested advise is to learn the basics of PA. Like Deankenny21 said, I saw some "wrong trades". With wrong I mean trades with not so good entries but mostly with bad stop losses, almost all due to lack of knowledge of PA basics.

Third and last, let the profit run. There are a lot of ways to trail, choose the one you can be comfortable with, just let the trade room to breath.

I wish all of you many green pips
  • #706
  • Aug 28, 2016 4:47am Aug 28, 2016 4:47am
Quoting keep4x
BK8 check this out, AUDCAD showing clean setup for short with MA 5,3 and at the same time MA 5,0 is not clear ... now what you gonna say ? at the moment i feel more comfort with old system ... {image}
The Ma 5,0 looked like a good buy but turned out to be bad. the Ma 5,3 doesn't look like a good entry because of all the sideways indecision preceding the crossover.
So many in the Commercial section want to make me rich! :o
  • #707
  • Aug 28, 2016 4:49am Aug 28, 2016 4:49am
Quoting keep4x
BK8 check this out, AUDCAD showing clean setup for short with MA 5,3 and at the same time MA 5,0 is not clear ... now what you gonna say ? at the moment i feel more comfort with old system ... {image}
This is an example of what I was talking about, no PA knowledge. You can't go short here, you have a clear engulfing bar (Aug. 22nd) and the open of the bar before (on Aug. 19th) is where the support zone starts.
  • #708
  • Aug 28, 2016 4:52am Aug 28, 2016 4:52am
Quoting L.m
{quote} Hi BK8, the first thing I wanna say is that you're doing a great job here. I've been using the SMA5 (0 shift) for quite a long time so I won't tell you not to use it 'cause you can do good things with it. What I want to tell you is to stick to one system and master it, no system or SMA will work all the times and to me it seemed you were doing well with the SMA(5,3). You'll find traders using SMA30, SMA33, SMA34, EMA20,EMA21 etc. each with its pros and cons, stick to one and keep the thread clean for you and for your followers. Second not...
L.M. could not have said it better myself, well done.

Too many people get 1 losing trade and start trying to alter it and change it, till they lose again, till they get caught in the cycle of constantly moving from one system to another.

As an experienced trader please let me tell you this, BK8 has success with the system from post 1. Yes there will be losers of course as with anything. BUT here comes the main part about any system, it's about the trader him/her self. Money management, trade management, risk management. That's what makes you profitable in the long run, even if the system is 50/50 as long as your stop loss is 1/1 with minimum tp that's a good start, now the secret and key to position trading is the runners, as BK8 said, moving stop loss strageicaly each day, to catch those runners ultimately leaving with you with a 1:5 Risk:Reward trade, over the long haul you will be up.

Don't get greedy/over confident and increase risk. Don't get fearful when it loses. Leave your emotions at the door, be completely NUMB in emotions to trading and just trade as I have said above. Many of you will ignore this and be adament, they can improve the system, make more winners, do this and do that, problem is you get caught in the cycle your forever doing that and not actually turning your trading into a business and making it profitable using strict management.

Those that do take note to this, I applaud you and good luck.
  • #709
  • Aug 28, 2016 5:05am Aug 28, 2016 5:05am
Quoting deankenny21
{quote} L.M. could not have said it better myself, well done. Too many people get 1 losing trade and start trying to alter it and change it, till they lose again, till they get caught in the cycle of constantly moving from one system to another. As an experienced trader please let me tell you this, BK8 has success with the system from post 1. Yes there will be losers of course as with anything. BUT here comes the main part about any system, it's about the trader him/her self. Money management, trade[/highlight]...
Totally agree with all you said. The highlighted is the core of everything.
  • #710
  • Aug 28, 2016 5:11am Aug 28, 2016 5:11am
Quoting deankenny21
{quote}Those that do take note to this, I applaud you and good luck.
You Sir are a wise man, all us novice folks should take Dean's advice and stick to the rules, print them out have them by the monitor and do not change them until you're consistent. I fell victim to the ohh I lost I must try something else routine, but expecting different results from changing a system especially being a novice is really insanity.
  • #711
  • Aug 28, 2016 5:17am Aug 28, 2016 5:17am
Quoting L.m
{quote} This is an example of what I was talking about, no PA knowledge. You can't go short here, you have a clear engulfing bar (Aug. 22nd) and the open of the bar before (on Aug. 19th) is where the support zone starts.
u can't just say no PA knowledge, it all depends on your trading style that how to trigger your order, yes it is short for me but not gonna jump blindly in trade gonna wait for breakout and then confirmation of down trend....
Work Hard In Silence, Let Your Success Be Your Noise.
  • #712
  • Aug 28, 2016 5:25am Aug 28, 2016 5:25am
Going to check these out later

2016.08.28 11:18:58.071 SymbolsSample AUDJPY,Daily: Candle MA Crossover UP on Symbol - AUDJPY
2016.08.28 11:18:58.074 SymbolsSample AUDJPY,Daily: Candle MA Crossover UP on Symbol - AUDCAD
2016.08.28 11:18:58.076 SymbolsSample AUDJPY,Daily: Candle MA Crossover DOWN on Symbol - EURNOK
2016.08.28 11:18:58.077 SymbolsSample AUDJPY,Daily: Candle MA Crossover UP on Symbol - USDSEK
2016.08.28 11:18:58.078 SymbolsSample AUDJPY,Daily: Candle MA Crossover DOWN on Symbol - CHFSGD
2016.08.28 11:18:58.078 SymbolsSample AUDJPY,Daily: Candle MA Crossover UP on Symbol - AUDDKK
2016.08.28 11:18:58.079 SymbolsSample AUDJPY,Daily: Candle MA Crossover UP on Symbol - AUDPLN
2016.08.28 11:18:58.080 SymbolsSample AUDJPY,Daily: Candle MA Crossover UP on Symbol - USDHKD
2016.08.28 11:18:58.080 SymbolsSample AUDJPY,Daily: Candle MA Crossover DOWN on Symbol - EURTRY
2016.08.28 11:18:58.081 SymbolsSample AUDJPY,Daily: Candle MA Crossover DOWN on Symbol - USDILS
2016.08.28 11:18:58.091 SymbolsSample AUDJPY,Daily: Candle MA Crossover UP on Symbol - EURCAD
2016.08.28 11:18:58.094 SymbolsSample AUDJPY,Daily: Candle MA Crossover UP on Symbol - NOKSEK
2016.08.28 11:18:58.094 SymbolsSample AUDJPY,Daily: Candle MA Crossover DOWN on Symbol - USDHUF
2016.08.28 11:18:58.095 SymbolsSample AUDJPY,Daily: Candle MA Crossover UP on Symbol - EURAUD
So many in the Commercial section want to make me rich! :o
  • #713
  • Aug 28, 2016 5:46am Aug 28, 2016 5:46am
Quoting keep4x
{quote} u can't just say no PA knowledge, it all depends on your trading style that how to trigger your order, yes it is short for me but not gonna jump blindly in trade gonna wait for breakout and then confirmation of down trend....
A support is a support whatever the system or trading style you use but I must have misunderstood what you wrote.
That setup represents what I was talking about. If you can see the support good for you but I'm sure there were traders considering to enter right away.
  • #714
  • Aug 28, 2016 6:23am Aug 28, 2016 6:23am
@Bk8 why would you suddenly change your system?Is there any underlying circumstances that you noticed?This is because the system is working well and I read over 30+ pages of this thread and gathered so much info and positive thoughts.
  • #715
  • Aug 28, 2016 8:37am Aug 28, 2016 8:37am
Quoting keep4x
BK8 check this out, AUDCAD showing clean setup for short with MA 5,3 and at the same time MA 5,0 is not clear ... now what you gonna say ? at the moment i feel more comfortable with old system ... {image}
If you look at last 4 candles, as per sideways rule.. we should not take any position.
  • #716
  • Aug 28, 2016 8:40am Aug 28, 2016 8:40am
Quoting FX-Flux
{quote} The Ma 5,0 looked like a good buy but turned out to be bad. the Ma 5,3 doesn't look like a good entry because of all the sideways indecision preceding the crossover.
@Fx-Flux
Did you get chance to test both settings? My script simply checks SMA coss and modify SL everyday
had same results for both 5,0 and 5,3
  • #717
  • Aug 28, 2016 8:53am Aug 28, 2016 8:53am
Also here ... good information, but also turning in an robot disaster. Sorry about my words, but it must be said.

Hope some times threads are starting with a clear message in first post that are EAs not welcome.

For a good entry, check also S&R !!! Alone this will you secure from some bad trades. We trade here daily, so it is possible to make lines for monthly, weekly and daily. No massive work i think.

Next point. Make clever money mangement plan or find help for this. In the end this will increase your account over longer time.

Greets

Michael
Perfection is the enemy of good enough!
  • #718
  • Aug 28, 2016 9:12am Aug 28, 2016 9:12am
Quoting MichaelSch
Also here ... good information, but also turning in an robot disaster. Sorry about my words, but it must be said. Hope some times threads are starting with a clear message in first post that are EAs not welcome. For a good entry, check also S&R !!! Alone this will you secure from some bad trades. We trade here daily, so it is possible to make lines for monthly, weekly and daily. No massive work i think. Next point. Make clever money mangement plan or find help for this. In the end this will increase your account over longer time. Greets Michael
Hi Michael,

I agree, this strategy does not need EA or any automation since it hardly takes 15 minutes per day.
Also, hard to automate all factors e.g. sideways, red news, huge candle etc, thats why I could not come up with final script yet
I think script does help to test new strategy/settings on historical data for 2-3 years just to compare and boost up the confidence.
  • #719
  • Aug 28, 2016 9:29am Aug 28, 2016 9:29am
Quoting deankenny21
{quote} L.M. could not have said it better myself, well done. Too many people get 1 losing trade and start trying to alter it and change it, till they lose again, till they get caught in the cycle of constantly moving from one system to another. As an experienced trader please let me tell you this, BK8 has success with the system from post 1. Yes there will be losers of course as with anything. BUT here comes the main part about any system, it's about the trader him/her self. Money management, trade management, risk management. That's what makes...
Hi Dean - I love your posts, to the point and crystal clear.
Trust me, SMA (5,3) is still working for me yesterday someone asked about the importance of shift and when I compared, earlier I tried to defend 5,3 but I finally gave up since I did not find any solid reason why 5,0 is not better than 5,3. I think you would agree that changing the shift from 3 to 0 is just settings, Strategy is still same?
  • #720
  • Aug 28, 2016 10:20am Aug 28, 2016 10:20am
Quoting Bk8
{quote} Hi Dean - I love your posts, to the point and crystal clear. Trust me, SMA (5,3) is still working for me yesterday someone asked about the importance of shift and when I compared, earlier I tried to defend 5,3 but I finally gave up since I did not find any solid reason why 5,0 is not better than 5,3. I think you would agree that changing the shift from 3 to 0 is just settings, Strategy is still same?

If 5,3 and 5,0 would only take 15 minutes each why do we not run two demos in parallel for a month and see the results, you could even have two seperate charts up at the same time next to each other and so the extra time checking charts is minimal. I think I will run both in demo starting this week and see what happens although I am working nights which will mess my trade opening times up.

Quick question though is it best to check the charts upon a new candle formation at 23:00 BST in my world or does it matter if I do it at 7:00am instead?
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