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

Quoting deankenny21
{quote} 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...
I like that you mention psychology and how important it is to trading. I realise the importance myself but still struggle with it. I'm rarely satisfied with my TP because I always think I could have got more. Then comes the fear of missing out and take trades that I should pass and wait for better ones.
Quoting goldgirl
{quote} Yeah. But W1 chart also touching BB top. It's the time to take profit first.
Just now U/CAD hit highest, lets see what it does in the morning
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Although, BK has introduced a fairly the simplest method for trading on daily chart but many of my fellow traders are struggling at the moment to choose the right setup or right pair to trade. I also want to contribute to clear some air. First, I will post 3 good examples of a good trade which are following. Second, the range (many of you are caught in this section). Third, example of a bad trade. Fourth, up coming a good trade.

Let's first with Example of Good Setup:

NZDCHF: (SHORT SELL)
Reasons for NZDCHF to choose:
1- STRONG RESISTANCE
2- PRICE COMING DOWN FROM UPPER BB
3- OVERBOUGHT
4-BONUS: NEWS, FUNDAMENTALS ARE IN OUR FAVOUR

NZDJPY: (SHORT SELL)
Reasons why NZDJPY was a good trade:
1- STRONG RESISTANCE AT TOP W/ EMA200 Line
2 - OVERBOUGHT / OVEREXTENDED NZD
3 - STOCK MARKETS GOING DOWN, WHICH IS GOOD FOR JPY PAIRS

USDCAD: (BUY)
So, why USDCAD?
1- PRICE BOUNCING-OFF FROM SUPPORT.
2- NEAR LOWER BB
3- FUNDAMENTALLY, CRUDE OIL WEAKER = CAD WEAKER
4- EXTREMELY OVERSOLD

EURNZD: BUY
So, why EURNZD?
1- PRICE BOUNCING-OFF FROM SUPPORT.
2- NEAR LOWER BB
3- EXTREMELY OVERSOLD

DON'T TRADE EVERYDAY. JUST TRADE THE TRADE. DON'T WASTE YOUR HARD-EARNED MONEY ON GUESSING.

In the next post, we will discuss what is range. How to avoid being caught in range.
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EXAMPLES OF RANGE

 

  1. When price is dacing near the middle line of the Bolliger bands (as shown in $AUDCAD chart), it's a range. Avoid.
  2. When price is caught in triangle or small price movement, it's a range. Example, $GBPYJPY. Avoid. Now why on earth two days before you people were buying $GBPJPY?
  3. An other example is $GBPUSD. You can buy one day $GBPUSD and SHORT SELL next day. Why to gamble on this pair? Avoid.
  4. $GBPJPY & $SDJPY moved lower but stuck in the middle BB line. We have to close this trade and move on. When these pairs hit upper BB level or lower BB level, for me, they are not trade-able. Avoid.
  5. When BB lines get tighter and tighter, price is in very tight range. Avoid these trades as well. Example, look at $AUDCAD chart. Avoid.


BAD TRADES:
$USDJPY & $GBPUSD are examples of bad trades. I have mentioned my reason above. No clear direction.

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UPCOMING SETUP

The setup I am quite looking to trade next is to go LONG @ $AUDNZD. It's not a perfect setup but better than many others.

Reasons:

 

  1. Almost at historic low support.
  2. Extremely oversold.
  3. I think above 1.02875 will be a good start with tight SL.

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How on earth do I cancel ingore - - I am not aware of that I have put ignore to the main person.
Please somebody help out of this funny situation
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All the best to all of you. But don't follow me. I am a learner.
Hammad.

Are you sure you are at the correct thread???? You are pushing your own analysis which has very little to do with this strategy. Go somewhere else and show them how clever you are.
Quoting hammadshahir
UPCOMING SETUP The setup I am quite looking to trade next is to go LONG @ $AUDNZD. It's not a perfect setup but better than many others. Reasons: Almost at historic low support. Extremely oversold. I think above 1.02875 will be a good start with tight SL. {image}
I have been patiently waiting for this one. Thanks for you feedback and examples. I ma sure it will help many.
It's not about how much you make, it's about how much you don't lose
Quoting johnvr
Hammad. Are you sure you are at the correct thread???? You are pushing your own analysis which has very little to do with this strategy. Go somewhere else and show them how clever you are.
Dear John

I am sorry, it offended you. It wasn't meant to.

2nd, I'm new to FX trading. I am not clever.

3rd, I tried to give examples of good trades or bad trades as some traders including me, were caught in range. It was our mistake and I can see why. My attempt was make this strategy clear to some, if they are not.
Quoting martyhype
{quote} I have been patiently waiting for this one. Thanks for you feedback and examples. I ma sure it will help many.
Let's see about this after US session.
Quoting Oddbjorg
How on earth do I cancel ingore - - I am not aware of that I have put ignore to the main person. Please somebody help out of this funny situation {image}
Oddbjorg, you can click on his nick name and then click on the button as shown in the picture. Good luck!
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Quoting Oddbjorg
How on earth do I cancel ingore - - I am not aware of that I have put ignore to the main person. Please somebody help out of this funny situation {image}
See the image plsss
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Quoting johnvr
Hammad. Are you sure you are at the correct thread???? You are pushing your own analysis which has very little to do with this strategy. Go somewhere else and show them how clever you are.
Technically, price has moved above the 5 SMA on the daily chart; trouble is, it is not closed, there is still 10 hours left in the candle.

Do bottoms form that quickly? I doubt it, in fact, the USA session in a few hours could totally change that candle before it closes -

that's when you do the end of day analysis, plenty of time to act.

He is having some FOMO = Fear Of Missing Out if he is trying to guess the entry now, IMHO that is

Don't trade your heart, trade your chart!
4 Daily Signals All Time Return: 14.2%
best pips taking on U/CAD and E/N

USDCAD +276 pips
EURNZD +217 Pips
Believe and Hardwork will make great result
Quoting mizi123
{quote} See the image plsss {image}
Now it looks like this - correct??
Tnak you so much

Oddbj.
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All the best to all of you. But don't follow me. I am a learner.
Quoting febrianda
best pips taking on U/CAD and E/N USDCAD +276 pips EURNZD +217 Pips
Great... thanks for sharing your result!
Quoting Oddbjorg
{quote} Now it looks like this - correct?? Tnak you so much Oddbj. {image}
Yes it's OK nou just subscribe if you want ...
Quoting Bk8
{quote} Great... thanks for sharing your result!
Good Morning,

G/CHF is palying peek a boo, 110+ pips as yeterday
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A/CHF too
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Looks like @goldgirl is gone but I am still on
U/CAD
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Franskhet