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Monthly Profit - Daily Trading using SMA

  • #2,841
  • Sep 17, 2016 5:35pm Sep 17, 2016 5:35pm
Quoting arielcorp
Hi all, Have been working my way through this thread and am currently on page 20. I want to make sure I read and understand everything. At this stage I find it a very interesting concept. On page 20 someone asked if you can take a trade several days after the signal candle. Question - If you see an appropriate set up that occured 2 days previously, but it reversed then retraced back to the same entry level, then you should be able to take the trade. The point being that basically you have entered at the same level as it would have been 2 days ago...
There is nothing in your question that can't be answered by YOU going back on each pair's chart and visually checking for this type of Price Action

Probably no one here can give you a hard and fast rule; 1st, there are no back test statistics available, 2nd, no one is that interested as you.

Most people will take any method and make changes to suit themselves; YOU need to find out what works for YOU

Also, your scenario is incomplete; has price moved back above 5 SMA or is it still below? You didn't mention that.

Also, what is the context of the candles, consolidation, engulfing, reversal, at swing high or low???

See this chart, price is back to the first close above 5 SMA, do you blindly enter now if you missed that day?

There are always more days ahead, always more pairs to trade, perhaps you suffer from FOMO

Good luck and please report back on the back testing, because what happened in the past might not happen in the future anyway.

If this seems a bit rough, sorry, trading can be rough, you need to have a plan, test that plan and stick to the plan which is yours!

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It takes a lot for me to IGNORE you, but you can try.
  • #2,842
  • Sep 17, 2016 5:53pm Sep 17, 2016 5:53pm
@ arielcorp
a late entry is not according to Bk8`s system, so let it go and wait for the next opportunity.
  • #2,843
  • Sep 17, 2016 6:54pm Sep 17, 2016 6:54pm
Hi Bk8,
Keep up the good work. You are a life send.

Quoting Bk8
{quote} Welcome EnzoTeen, Let me try again 1. Short Position SL - High of previous candle TP - Day 1 - None, Day 2 - If you are wining...set TP to high of previous candle and keep moving everyday until SL is triggered. 2. Long Position SL - Low of previous candle TP - Day 1 - None, Day 2 - If you are wining...set TP to Low of previous candle and keep moving everyday until SL is triggered.

This is quote from a previous post.
I do not understand.

A short position is sell - we want to go downwards.
I understand SL as high of previous candle. BUT - if TP on second day is set at High of previous candle - wouldn't that be higher than the current market value making the TP void, because value is already below your TP level - if that makes sense.

Maybe I've missed something but I thought that TP level was lowered each day as the trend continued down and likewise with the stop loss - until SL was below your entry level to BE or protect profits.

Please clarify as I find it contrary to my logic.
  • #2,844
  • Sep 17, 2016 7:08pm Sep 17, 2016 7:08pm
Thanks Yonnie

Quoting yonnie
@ arielcorp a late entry is not according to Bk8`s system, so let it go and wait for the next opportunity.
That is a clear and concise answer. Not like erebus who I'll comment on shortly
If part of the rules are NO LATE ENTRIES - so be it.

I am here to learn the rules
Thank you
  • #2,845
  • Sep 17, 2016 7:24pm Sep 17, 2016 7:24pm
@ erebus.

Hi,
You did say that you may have been a little bit rough, as trading is, but please sir remember that there are many many new traders on this forum.
These people like myself are asking questions, not for the hell of it, but because they want to understand and learn.
This thread is all about a simple yet effective method. My question was a simple one that you have made complicated by bringing all these other factors into the equation.
Sure they may be relevant and your raising them only serves to highlight the fact you need to look at each trade closely and not "blindly" enter.
However, these were not things that are part of the "Rules" so to speak.
The chart you posted was a perfect example. Thank you.

It's all good and well to say what works for "you" etc etc, but again, the newer traders on this thread are looking for direction first.
I am certainly not looking to make changes for myself. Been there and done that.

"2nd, no one is that interested as you." - maybe- maybe not, but some may have the same questions.

As for suffering from FOMO - I got no idea what your on about.

I appreciated your feedback, but not so much the slap in the face
Cheers.
  • #2,846
  • Sep 17, 2016 7:29pm Sep 17, 2016 7:29pm
^^^

This thread is becoming out of control

BK8 I suggest you ask a mod for a clean-up of this thread.

Would be such a shame to see a wonderful start of a thread to turn out like it has currenty. a mess.
  • #2,847
  • Sep 17, 2016 7:41pm Sep 17, 2016 7:41pm
Quoting Bk8
{quote} haha what a coincidence... you won't believe, today I noticed exactly same thing when I was posting some screenshots at red light and I looked at mirror to check red light
Hello bk8
do you mean you were driving...and just took screen shots ..waiting for red ligths...please don't.
I guess your family sayes the same.
Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #2,848
  • Sep 17, 2016 7:55pm Sep 17, 2016 7:55pm
Okay I'm gonna give this ago tomorrow morning when the market opens.
These are my trades.
AUDCHF....Buy
AUDNZD....Buy...
EURCAD..... Sell
GBPCAD.....Sell
NZDJPY...Sell
EURSGD.....Sell

Good Luck For The Week Ahead
  • #2,849
  • Sep 17, 2016 8:02pm Sep 17, 2016 8:02pm
Quoting arielcorp
Hi Bk8, Keep up the good work. You are a life send. {quote} This is quote from a previous post. I do not understand.
read for TP = SL
just a small error from our chief
  • #2,850
  • Sep 17, 2016 8:03pm Sep 17, 2016 8:03pm
Quoting Oddbjorg
{quote} Hello bk8 do you mean you were driving...and just took screen shots ..waiting for red ligths...please don't. I guess your family sayes the same. Oddbj.
Thats correct, Thats why I have decided to dedicate 30 min in evening and 30 min in the morning for this thread on weekdays so that I do not have to reply when I am driving or office hours.
Thanks Oddbjorg!
  • #2,851
  • Sep 17, 2016 8:05pm Sep 17, 2016 8:05pm
Quoting bobhowson
Okay I'm gonna give this ago tomorrow morning when the market opens. These are my trades. AUDCHF....Buy AUDNZD....Buy... EURCAD..... Sell GBPCAD.....Sell NZDJPY...Sell EURSGD.....Sell Good Luck For The Week Ahead
A/N and N/J sideways imo
  • #2,852
  • Sep 17, 2016 8:08pm Sep 17, 2016 8:08pm
Quoting yonnie
{quote} read for TP = SL just a small error from our chief
Thank you Sir!
  • #2,853
  • Sep 17, 2016 8:15pm Sep 17, 2016 8:15pm
Quoting deankenny21
^^^ This thread is becoming out of control BK8 I suggest you ask a mod for a clean-up of this thread. Would be such a shame to see a wonderful start of a thread to turn out like it has currenty. a mess.
Sure Dean, I have same concern. FF takes many days and they may give up after few cases. So we have only one option is to constantly educate all new visitors.
  • #2,854
  • Sep 17, 2016 8:15pm Sep 17, 2016 8:15pm
Quoting Bk8
{quote} Thats correct, Thats why I have decided to dedicate 30 min in evening and 30 min in the morning for this thread on weekdays so that I do not have to reply when I am driving or office hours. Thanks Oddbjorg!
Thanks for what ever amount of time you can give.
Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #2,855
  • Edited 8:41pm Sep 17, 2016 8:21pm | Edited 8:41pm
@erebus,
thought your message was a little too strong. the markets might be rough, but that doesn`t mean that we have to stoop to that level. besides if you follow Bk8 system, the markets might not be that rough anymore.
would you mind to delete your post?
  • #2,856
  • Sep 17, 2016 8:22pm Sep 17, 2016 8:22pm
Quoting arielcorp
As for suffering from FOMO - I got no idea what your on about. I appreciated your feedback Cheers.
See, you don't even have the the capability to research for the simplest of things

Let me spoon feed that to you just like the way you need for this strategy

FOMO = Fear of missing out

https://en.wikipedia.org/wiki/Fear_of_missing_out
It takes a lot for me to IGNORE you, but you can try.
  • #2,857
  • Sep 17, 2016 8:27pm Sep 17, 2016 8:27pm
Quoting yonnie
{quote} A/N and N/J sideways imo
AUDNZD could be a swing point, this is where the best trades are found

Does the price action meet the "rules"?

Or do we trade opinions now?

NZDJPY might be sideways now, but the real signal and entry was 4 candles back

Also, many GBP pairs were "sideways" but this is where breakouts come from, and a lot of pips to be made!
It takes a lot for me to IGNORE you, but you can try.
  • #2,858
  • Sep 17, 2016 8:30pm Sep 17, 2016 8:30pm
@erebus
one of the rules is not to trade sideways action: see post 1.
  • #2,859
  • Sep 17, 2016 8:34pm Sep 17, 2016 8:34pm
Quoting Erebus
{quote} See, you don't even have the the capability to research for the simplest of things Let me spoon feed that to you just like the way you need for this strategy FOMO = Fear of missing out https://en.wikipedia.org/wiki/Fear_of_missing_out
Why so disrespectful in your reply? Are you serious with this? FOMO? Who ever heard of that? Why would anyone spend time researching it? Why am I spending time talking to you?
  • #2,860
  • Sep 17, 2016 8:42pm Sep 17, 2016 8:42pm
Quoting Erebus
{quote} See, you don't even have the the capability to research for the simplest of things Let me spoon feed that to you just like the way you need for this strategy FOMO = Fear of missing out https://en.wikipedia.org/wiki/Fear_of_missing_out
Erebus - DNAYS - work that out!!!!

I realise you have taken your valuable time to be part of this thread, but please , I again ask that you treat some of the newer members here with a little more compassion and respect.
I am not here to "get spoonfed". If I was then I would simply ask for signals!!!
We are here to learn from teachers a lifetime skill, and I for one still do a lot of research and reading on Forex - ( although I have never come across FOMO).
You may be experienced and a successful trader, I don't know, but please please never question my or anyone else's capabilities.

Bk8 - ASk the thread owner, I would like to say that I very much want to be part of this thread, I believe it can only benefit my trading, but I will not be treated like a child.
That being said, I will withdraw from any further comments and concentrate on the method at hand.
Cheers.
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