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Monthly Profit - Daily Trading using SMA

  • #2,481
  • Sep 14, 2016 4:14pm Sep 14, 2016 4:14pm
Quoting Bk8
{quote} GOOD NEWS -We have all WINNERS, predicted on Sunday BAD NEWS - Both EURGBP and EURCHF are losers predicted yesterday, E/G hit SL but E/CHF is still fighting {image} {image} {image} {image}

All,

All setups from last week and sunday are still profitable.
Update on Monday Setups - E/G hit SL yesterday and E/CHF still fighting.

Unfortunately, We do not have setup for today.. please note that we run setups for many days so I think you should still have so many positions in your plate.
My all accounts are green due to setups from last week and Sunday/Monday, I hope you are profitable too.
  • #2,482
  • Sep 14, 2016 4:16pm Sep 14, 2016 4:16pm
Quoting Oddbjorg
Hello. Why does the word Ignored keep on coming in the comments? Something wrong with my device? thank you. Oddbj.
Because you ignored me .. I do not why
  • #2,483
  • Sep 14, 2016 4:16pm Sep 14, 2016 4:16pm
Quoting fuados
I dont see today good setup This week yet only sideways markets , perhaps tomorrow begin moving
All the great set ups are taken, and for those complain about whipsaw, you need to hang on to the good ones

I believe the 5 SMA is an excellent early warning signal and should be used as such, not so much as a hard & fast entry signal, learn some price action to go with it

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It takes a lot for me to IGNORE you, but you can try.
  • #2,484
  • Sep 14, 2016 4:37pm Sep 14, 2016 4:37pm
Quoting FX-Flux
{quote} Where does it say that?
You see it?
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All the best to all of you. But don't follow me. I am a learner.
  • #2,485
  • Sep 14, 2016 4:44pm Sep 14, 2016 4:44pm
Quoting goldgirl
{quote} Yeah. I think I will take my bag of gold and will jump off this boat now.
ha ha You are goldgirl anyway
U/CAD is still on
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  • #2,486
  • Sep 14, 2016 4:46pm Sep 14, 2016 4:46pm
Quoting MrRijk
Hi everybody; with all respect for everbody specialy to BK8, i didnt sugest any change to the BK8 system, just an idea to the beginners It seems a good filter to avoid the sideway market. Thats all, my appologise. from now on I am going to be carefull to waht i say. ☺️
Thats ok MrRijk.. . Thanks for your help!
  • #2,487
  • Sep 14, 2016 4:47pm Sep 14, 2016 4:47pm
Quoting Bk8
{quote} Because you ignored me .. I do not why
Sorry I have been clicking around. Hope I have taken it away now.
Have a nice evening
thank you
Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #2,488
  • Sep 14, 2016 4:48pm Sep 14, 2016 4:48pm
Quoting FX-Flux
{quote} You have three profitable candles and it is touching the bottom BB band, when are you going to exit?
Forever until setup kicks me out I have already taken profit from first position so I won't mind even if I do not get anything from the second position.
  • #2,489
  • Sep 14, 2016 4:50pm Sep 14, 2016 4:50pm
Quoting Mathy
{quote} Hi BP, Sideways visually means that there is little seperation between the upper and lower limits of candles. For example a candle down followed by a candle up, where both are of similar size. An easy way to tell is to look at the Bollinger Bands. If there is little seperation between the upper and lower, then there is not a lot of volatility (energy), in the price. When the upper and lower bands have quite a gap between them, there is more volatility and a higher probability that the price will proceed in the appropriate direction. Also,...
  • #2,490
  • Sep 14, 2016 4:51pm Sep 14, 2016 4:51pm
Quoting deankenny21
{quote} This is AUDCAD, how long have you been in this thread, i hope not for long, otherwise you really have not learnt much. {image}
  • #2,491
  • Sep 14, 2016 4:55pm Sep 14, 2016 4:55pm
Quoting Oddbjorg
{quote} Sorry I have been clicking around. Hope I have taken it away now. Have a nice evening thank you Oddbj.
No Problem, Thanks and Good Night!
  • #2,492
  • Sep 14, 2016 4:57pm Sep 14, 2016 4:57pm
Another day of no good set up!
Lesson- learn to hang on to the good trades-let your profit run, to take care of lean periods, when there are little/no set ups.
Follow BK8's advice- take 2 positions of same set up- exit one position at any of the recommended take profit levels, move your stop loss to BE and leave the 2nd position to run forever, using safe trailing stops.
  • #2,493
  • Sep 14, 2016 5:06pm Sep 14, 2016 5:06pm
Hi BK8,
what is your experience about trailing stop
10, 20, or 50? What would be your advise?
cheers Rees.
Human beings are members of a whole, In creation of one essence and sol.
  • #2,494
  • Sep 14, 2016 5:19pm Sep 14, 2016 5:19pm
Quoting MrRijk
Hi BK8, what is your experience about trailing stop 10, 20, or 50? What would be your advise? cheers Rees.
The best trailing stop is price itself (price action) as BK8 has mentioned before each new daily candle in your favour move stop loss with it, just above if your in a short, and just below if your in a long.
  • #2,495
  • Sep 14, 2016 5:22pm Sep 14, 2016 5:22pm
Quoting deankenny21
{quote} The best trailing stop is price itself (price action) as BK8 has mentioned before each new daily candle in your favour move stop loss with it, just above if your in a short, and just below if your in a long.
Thanks Dean.
Human beings are members of a whole, In creation of one essence and sol.
  • #2,496
  • Sep 14, 2016 5:43pm Sep 14, 2016 5:43pm
So very disappointed in myself for not listening to my heart and trying to get greedy.

Trades taken yesterday
EUR/GBP buy
NZD/CAD sell
EUR/USD sell

All 3 stopped out. Lesson lernt out of this. Don't force a trade to be a good one, allow the market to tell you what are good and bad trades.
Posting my mistakes here so others do not make the same.
  • #2,497
  • Sep 14, 2016 6:02pm Sep 14, 2016 6:02pm
Quoting deankenny21
{quote} The best trailing stop is price itself (price action) as BK8 has mentioned before each new daily candle in your favour move stop loss with it, just above if your in a short, and just below if your in a long.
During back testing I found this to be the easiest and most effective way to trail the price to let them run. The exit is the hardiest part for everyone to get. I found trailing the price right from the start of the trade in this manner to be very effective. I think moving to BE should be done only if price brings you there.
  • #2,498
  • Sep 14, 2016 6:23pm Sep 14, 2016 6:23pm
Hallo Bk8

Thank you for sharing your system so kindly.
i like to follow the rules as objective as possible.

please can you explain what you mean with CLEARLY crossed the sma line.?
does it mean e.g a minimum 1/3 or 1/4 of the candle has to cross the sma line?

what if the candle is small or something like a doji or a spinning top.? Do they count?

Also about the large or long wick. When do you call a wick long.?
Does it have to be longer than the candle? I assume an upper long wick is no problem in a short trade.?

thank you for explaining
  • #2,499
  • Sep 14, 2016 6:24pm Sep 14, 2016 6:24pm
Quoting mikeh3855
{quote} During back testing I found this to be the easiest and most effective way to trail the price to let them run. The exit is the hardiest part for everyone to get. I found trailing the price right from the start of the trade in this manner to be very effective. I think moving to BE should be done only if price brings you there.
Exactly, people need to overcome the mindset and psycology, stuff like fear of missing out etc.

EG: You go short, 5-6 candles go down great, you now place stop loss above each new daily candle formed as it makes a new lower high, on the 7th candle price finally comes back stops you out for a nice profit, but instead of thinking what a wonderful trade, good profit earned, most people tend to think, damn I was this much up now price come back and I only got x amount.

If you do think like this, do not worry, most people do, infact I think the percentage are above 70% if I remember correctly from the book I read years ago. What you got to remember is, what if you got out after 3 profitable candles, or say when it hit bollinger, you would have even less than trailing the stop on the daily candles, but because you exited the trade on the bollinger or on the 3rd profitable candle at that point it's at the max you had seen the trade in profit so it does not seem so bad.

All this comes with psycology and is ALOT harder to master than any trading system or strategy. You can give a 100% mechanical system to 10 different people and you can gurantee all the results will be totally different, even though the system was 100% mechanical.
  • #2,500
  • Sep 14, 2016 7:06pm Sep 14, 2016 7:06pm
Quoting Bk8
{quote} ha ha You are goldgirl anyway U/CAD is still on {image}
Yeah. But W1 chart also touching BB top. It's the time to take profit first.
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