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Monthly Profit - Daily Trading using SMA

  • #1,921
  • Sep 10, 2016 2:04pm Sep 10, 2016 2:04pm
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}

It is option 1 as per rules - Take a Loss and open new Buy trade
  • #1,922
  • Sep 10, 2016 2:54pm Sep 10, 2016 2:54pm
My question is , is the 5 ma a simple moving avg. or a smoothed moving avg.?

Thank you
  • #1,923
  • Sep 10, 2016 3:18pm Sep 10, 2016 3:18pm
Quoting driven18
{quote} It is option 1 as per rules - Take a Loss and open new Buy trade
No, I don't think so. Rule is

  1. When previous daily candle has clearly crossed SMA line

You are dealing with the "current day candle" now here.

Because what do you do if that "bullish candle", which broke through SMA, breaks through SMA again some hours later or next day? Close trade again and open reverse position?

If you have such a situation, it is rule 3 of "Avoid":

  1. Sideways pattern


I mean in the end you can do what you like. But I personally wouldn't.

  • #1,924
  • Sep 10, 2016 3:21pm Sep 10, 2016 3:21pm
Quoting rps1027
My question is , is the 5 ma a simple moving avg. or a smoothed moving avg.? Thank you
Simple
So many in the Commercial section want to make me rich! :o
  • #1,925
  • Sep 10, 2016 3:24pm Sep 10, 2016 3:24pm
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}
Ok, I just saw that setup people are talking about.

  1. Why is this a loss? You didn't move SL after 1-2 days of being in profit?
  2. A new bar was being formed in 2 seconds.
    Depending on where it opened - most likely above SMA - this would indeed be a Long entry now, according to the rules.
  3. However, given the chart it looks like it is going into a Sideways pattern.

  • #1,926
  • Sep 10, 2016 5:10pm Sep 10, 2016 5:10pm
Quoting mw108
{quote} Ok, I just saw that setup people are talking about. Why is this a loss? You didn't move SL after 1-2 days of being in profit? A new bar was being formed in 2 seconds. Depending on where it opened - most likely above SMA - this would indeed be a Long entry now, according to the rules. However, given the chart it looks like it is going into a Sideways pattern.
thanks mw108!
  • #1,927
  • Sep 10, 2016 6:10pm Sep 10, 2016 6:10pm
false signals on sma 5,0
and only one false signal sma 5,3
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NZDCADDailyfalse.png Size: 70 KB
Click to Enlarge Name: NZDCADDaily.png Size: 63 KB
  • #1,928
  • Sep 10, 2016 6:51pm Sep 10, 2016 6:51pm
Quoting jelloooo1
false signals on sma 5,0 and only one false signal sma 5,3 {image} {image}
@Jellooo - As per new TP rule you will make profit with first position and breakeven with second position if it goes in opposite discretion after T+1 so 5,0 still has edge since it gives you 3 setups vs 1 setup from 5,3.
  • #1,929
  • Sep 10, 2016 7:28pm Sep 10, 2016 7:28pm
Quoting biganc
{quote} There is no SMA 0. What you are referring to is shift 0. If you open up the moving average indicator in the MT4 and go to parameters, you want the parameters set at period 5 and shift 0.
Hello.
I use Oanda on iPad, you choose sma-lines one at a time. So if I understand it rigth i am supposed to do only
one line and that is sma5.
Thanks for replying.

Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #1,930
  • Sep 10, 2016 7:50pm Sep 10, 2016 7:50pm
Bk8 at the picture where jelloooo1 shows its dont seems like sideways?
  • #1,931
  • Sep 10, 2016 8:02pm Sep 10, 2016 8:02pm
Quoting Sandeens22
Bk8 at the picture where jelloooo1 shows its dont seems like sideways?
Yes there are some, good catch!
  • #1,932
  • Sep 10, 2016 8:03pm Sep 10, 2016 8:03pm
Quoting Sandeens22
Bk8 at the picture where jelloooo1 shows its dont seems like sideways?
But at this Moment, you didnt know this !!!
  • #1,933
  • Sep 10, 2016 9:02pm Sep 10, 2016 9:02pm
Found something interesting...

(Published one year ago...)

http://forextradingstrategies4u.com/....pTr3cA9s.dpbs
  • #1,934
  • Sep 10, 2016 9:08pm Sep 10, 2016 9:08pm
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}
Why don't you moved your SL to BEP ???
  • #1,935
  • Sep 10, 2016 9:46pm Sep 10, 2016 9:46pm
Quoting Oddbjorg
{quote} Hello. I use Oanda on iPad, you choose sma-lines one at a time. So if I understand it rigth i am supposed to do only one line and that is sma5. Thanks for replying. Oddbj.
That's correct. With the Oanda platform just use the 5 sma. However, if you choose you can place your trades on the
Oanda platform and open a demo mt4 platform to determine what trades you are going to take.
  • #1,936
  • Sep 10, 2016 9:48pm Sep 10, 2016 9:48pm
Quoting Draffi
Found something interesting... (Published one year ago...) http://forextradingstrategies4u.com/....pTr3cA9s.dpbs
Thats correct, I have not invented SMA I am just highlighting my method to use SMA based on my own experience.

Today I found some videos on youtube too.. since someone asked on this thread that whether video is available..
Since this link has RSI thats why this strategy may not be not so popular..once I used TDI which has RSI too.. after that I trashed all indicators like TDI,RSI, MACD Stochastic etc.

I used SMA accidently when I changed the settings from EMA to SMA.. that was kind of lottery for me..
  • #1,937
  • Sep 10, 2016 9:59pm Sep 10, 2016 9:59pm
Thank you all on this tread
Bk8 what is the time in you country now?
Mine is 04 00 am. I want to find out what your 5 pm is in my time. I think it is 22 00
Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #1,938
  • Sep 10, 2016 10:06pm Sep 10, 2016 10:06pm
Quoting Oddbjorg
Thank you all on this tread Bk8 what is the time in you country now? Mine is 04 00 am. I want to find out what your 5 pm is in my time. I think it is 22 00 Oddbj.
Right now 11M in Ohio, USA
So you are right, 22:00 in your country should be 5 PM EST
  • #1,939
  • Sep 10, 2016 10:14pm Sep 10, 2016 10:14pm
Fx-Flux,

I have added your latest script to my MT4 platform and when I I add it to a chart I do get the crosses in the Expert tab, but it doesn't automatically open up the charts. Can you possibly go through the procedure to work you script and EA.

Mitch
  • #1,940
  • Sep 10, 2016 10:35pm Sep 10, 2016 10:35pm
Quote
... after that I trashed all indicators like TDI,RSI, MACD Stochastic etc.

Well, Sir, you started this Topic! But ATM i`m not sure, if it was a good idea, to trashed out all other indicators. Maybe you/we need to play with some settings, for to filter false signals.

The indicators your mentioned exist for a "long" time - maybe not without a reason!

The "global players" use them, too - think about it!

I want to help, not to destroy. Respect.

BTW: Please check your first post. There is an error with the "multiple positions" (look at my other post here, pls).
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