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Attachments: Monthly Profit - Daily Trading using SMA
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Monthly Profit - Daily Trading using SMA

Quoting saranga
{image}{image}
Hi saranga, would you mind explain what your images mean. Do they show us that using heiken ashi will clearly show the trend?
Every success took years of patience
[quoteHi saranga, would you mind explain what your images mean. Do they show us that using heiken ashi will clearly show the trend?][/quote]
yes
Quoting saranga
yes
Here we go again
Quoting Bk8
{quote} I appreciate it but now I am interested too if you think your TP startegy has edge please do share with group. I do not want someone to hijack my thread for the baseless discussion thats why I try to resist but you guys are awesome.. please feel free to suggest if anything can help everyone.
Hi Bk8 and all of the traders

Well , I think it's to early after one week to share some kind of informative stuff,because I don't have any kind of algorithm to TP..simply I am observing where are the support and resistance levels and how the price will react to them..that's why sometimes I took the profit and patiently was waiting for another setup.

I have some ideas for TP, but I wil share them , with all of the traders when I will be confident ,that in the long run , these ideas are more of "smart consistancy profit "than simple luck As I said earlier , one week doesn't mean anything ..
Before I enter the trade I am setting on each pair SR levels ,where the price can go and where it could stop ,reverse etc , little PA and Technical thing.. My enetring setups are only based on main rules of this wonderful system . We are all here to learn this strategy and ourselves in this system ,so definitely after a while, I will share, with my thoughts about the TP based on my humble opinion
Read 1st post , if you don't understand something , then , ask a question
Quoting Ghibli
{quote} Hi Bk8 and all of the traders Well , I think it's to early after one week to share some kind of informative stuff,because I don't have any kind of algorithm to TP..simply I am observing where are the support and resistance levels and how the price will react to them..that's why sometimes I took the profit and patiently was waiting for another setup. I have some ideas for TP, but I wil share them , with all of the traders when I will be confident ,that in the long run , these ideas are more of "smart consistancy profit "than simple luck ...
Take Your time when you feel the Tp strtgy is good then share it with All of Us And i am agree with you to include PRice Action To Filter the Areas to take trade
Quoting isaacyip007
@Bk8 i started reading and applied your method on the same day due to the simplicity of your strategy. Started at Aug 26 and now recording at 10 September.I was busy within this few weeks with my life and only spared like 30 mins per day to spot crosses with the help of @Fx-Flux scripts.Now I have closed all the positions due to my personal discretion and i achieved 400 pips within this period.I have a small account with leverage of 1:50 and could only open max of 5 0.01 small lots per week if not closing them.And thanks to you Bk8 I have reached...
Thanks very much isaacyip for your feedback!
Quoting Ghibli
{quote} Hi Bk8 and all of the traders Well , I think it's to early after one week to share some kind of informative stuff,because I don't have any kind of algorithm to TP..simply I am observing where are the support and resistance levels and how the price will react to them..that's why sometimes I took the profit and patiently was waiting for another setup. I have some ideas for TP, but I wil share them , with all of the traders when I will be confident ,that in the long run , these ideas are more of "smart consistancy profit "than simple luck ...
Makes sense, Thanks Ghibli!
Quoting saranga
thank for u bk8 account going glow this's my live account {image}
Thanks saranga for sharing, please note that our TP rule can maximize the profit even if setup has 60% chances.
bk8 gbpaud good setup monday entry?
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Quoting saranga
bk8 gbpaud good setup monday entry? {image}
Lets discuss tomorrow... enjoy your weekend and have fun
Dear BK8
You said:
Entry:
"Candle should not touch then upper BB line (Optional)"
I don't understand
What's does it mean. Would you please show some examples. Takes some screensots
Thanks BK8
Quoting Bk8
{quote} Karemi- we have tested using last 5 years data.. so I do not think we need to tweak any more, unless you have stats and SMA is not giving result.
Hi BK8,

It would be great to get a link to these results on all the pairs tested and the different TP strategies that were checked.
Quoting blueskykt14
Dear BK8 You said: Entry: "Candle should not touch then upper BB line (Optional)" I don't understand What's does it mean. Would you please show some examples. Takes some screensots Thanks BK8
Blue, do you know what a BB is? Its the Bollinger Bands, its an indicator that has 3 lines, a 20 SMA (Simple Moving Average) line as its middle, a upper band and a lower band that use some kind of deviation of the middle line.

This picture should explain. Sorry if it doens't appear. First time uploading a picture to this site. Lol.
When price crosses the 5,0 SMA going in the direction of the upper or lower band, it is a less probable setup than one that would cross going away from them.
Attached Image
Gentlemen always play by the rules, if they can't, they change them.
Hi Experts,

Would like to consult. For the following trade, I've entered a short few days back (red arrow) on EJ. However, a bullish candle broke through the SMA again. What would be your take?

1) Close short trade and reverse it for a long?
2) Just close the short for a loss?
3) No action required, just wait?
4) Any other suggestions?

May I know the reasons for the action taken?
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@Javforex, I'm still new to fx, but I think I'll have to to go with the third option, with my stop loss on.Then if price reverses well in the opposite direction.Then I'll take the buy trade.

Our more experienced traders can contribute their 2 cents..
Quoting Javforex
Hi Experts, Would like to consult. For the following trade, I've entered a short few days back (red arrow) on EJ. However, a bullish candle broke through the SMA again. What would be your take? 1) Close short trade and reverse it for a long? 2) Just close the short for a loss? 3) No action required, just wait? 4) Any other suggestions? May I know the reasons for the action taken? {image}
Great question bro! I am also waiting for answer...
I Win, I Lose, It's my Job... And I Love it!
Quoting kingdavid15
@Javforex, I'm still new to fx, but I think I'll have to to go with the third option, with my stop loss on.Then if price reverses well in the opposite direction.Then I'll take the buy trade. Our more experienced traders can contribute their 2 cents..
I am going with option 3.

3) No action required, just wait.

Because if market range we will get 2 SL's or get trap.
I Win, I Lose, It's my Job... And I Love it!
Quoting kingdavid15
Then if price reverses well in the opposite direction.Then I'll take the buy trade.
You shouldn't do this. The market can do whatever it likes to do whenever and however it likes it to do. So there is no "if price reverses well", because after you entered the buy trade "price reverses well" again maybe.

Stick with clear entry rules. If the setup doesn't work, take the loss. Trading is not about being right all the time. Trading is about being more right and a little bit wrong. If you stick with a stragety and make 10% a week, you don't care about 1% loss a week.
Quoting Javforex
Hi Experts, Would like to consult. For the following trade, I've entered a short few days back (red arrow) on EJ. However, a bullish candle broke through the SMA again. What would be your take? 1) Close short trade and reverse it for a long? 2) Just close the short for a loss? 3) No action required, just wait? 4) Any other suggestions? May I know the reasons for the action taken? {image}

Not an expert, but at the point that you are already in the trade, I would leave your SL 15 pips above your entry bar and see what price does. Daily chart shows price is coiling in tighter which usually means a strong breakout will happen eventually either higher or lower. Also, there are Supply/Demand levels above and below. Price rejected above zone on Friday, but notice the blue rising TL showing that price is trying to move higher. The Weekly is down too, but there is a good bullish rejection on the last week so price could end up breaking higher.

I wouldn't really enter at this point for a new entry because there isn't a clear setup as defined by BK8's rules, but since you are in, keep your SL in place and see if you can pick up pips if price drops lower back to the zone below. Maybe also consider getting out at BE if price drops back down.
Attached Image(s) (click to enlarge)
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Quoting mw108
{quote} You shouldn't do this. The market can do whatever it likes to do whenever and however it likes it to do. So there is no "if price reverses well", because after you entered the buy trade "price reverses well" again maybe. Stick with clear entry rules. If the setup doesn't work, take the loss. Trading is not about being right all the time. Trading is about being more right and a little bit wrong. If you stick with a stragety and make 10% a week, you don't care about 1% loss a week.
I agree. Should never try and chase the winning entry. Just leave it and wait for another setup.
So many in the Commercial section want to make me rich! :o
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