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Monthly Profit - Daily Trading using SMA

  • #3,301
  • Sep 20, 2016 1:18am Sep 20, 2016 1:18am
Quoting shimmering
{quote} ON all your charts I guess.
Not, it was current price.
  • #3,302
  • Sep 20, 2016 1:38am Sep 20, 2016 1:38am
Dear Bk8,
one more question to discussion.

Do you consider trading this method on other markets like commodities and indices. The reason is when the currencies are in choppy conditions you can find other trending markets.

Based on that this is pure technical trading I guess it could really work everywhere and these days almost every broker offers other markets than forex.

Thank you for answer.
  • #3,303
  • Sep 20, 2016 2:05am Sep 20, 2016 2:05am
EURCAD stopped out 2nd position at -40
​1st closed this night at -11 (TP was ~10 pips below the yesterday low)

only AUDUSD 1 position left running, currently +42 (1st closed for +42)

Attached Image
  • #3,304
  • Sep 20, 2016 2:14am Sep 20, 2016 2:14am
Quoting suirad0
EURCAD stopped out 2nd position at -40 ​1st closed this night at -11 (TP was ~10 pips below the yesterday low) only AUDUSD 1 position left running, currently +42 (1st closed for +42) {image}
Wrong position of stoploss. Leave room for your trades to breathe.
  • #3,305
  • Sep 20, 2016 2:26am Sep 20, 2016 2:26am
Quoting Zimbeto
{quote} Wrong position of stoploss. Leave room for your trades to breathe.
price moved back more than 130 pips from yesterday low, i guess it is enough room to breathe

in a perfect way should have closed 1st for around +85 and 2nd for -40, still overall would be +45
  • #3,306
  • Sep 20, 2016 2:33am Sep 20, 2016 2:33am
@ suirad
your SL and TP are not according to this system here.
feel free to do whatever you want, but please dont mention it here.
it only causes confusion with all the different SL`s and TP`s.
  • #3,307
  • Sep 20, 2016 2:34am Sep 20, 2016 2:34am
Quoting suirad0
{quote} price moved back more than 130 pips from yesterday low, i guess it is enough room to breathe in a perfect way should have closed 1st for around +85 and 2nd for -40, still overall would be +45
By breathing I meant leaving the initial stoploss where it was, at about 1.4855, according to BK8's setup.
  • #3,308
  • Sep 20, 2016 2:36am Sep 20, 2016 2:36am
Quoting shimmering
{quote} Or you could be in East Asia!
Hi Shimmering
Yeah I live on the East Coast of NSW, in Coffs Harbour.
Been here for 30 years now...
  • #3,309
  • Sep 20, 2016 2:37am Sep 20, 2016 2:37am
Eurnzd hit TP at last. Others aren't far off either
Attached Image (click to enlarge)
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So many in the Commercial section want to make me rich! :o
  • #3,310
  • Sep 20, 2016 2:38am Sep 20, 2016 2:38am
Quoting Zimbeto
{quote} By breathing I meant leaving the initial stoploss where it was, at about 1.4855, according to BK8's setup.
setup is about to move SL each candle (except short ones) to minime the risk
  • #3,311
  • Sep 20, 2016 2:39am Sep 20, 2016 2:39am
Morning
the E U could be shaping up for an entry at the close of this daily candle, just a heads up to all, about twenty hours till my close
  • #3,312
  • Sep 20, 2016 2:43am Sep 20, 2016 2:43am
Quoting Bk8
{quote} Let me ask you same question, why you think its not sideways
Haha, I am actually new to forex trading. I don't think anyone has clear rules to determine the trend is sideway or not. In my opinion, as long as I feel my initial stoploss is about 60 pips per trade, I will trade it.

My buy trading plan (AUDJPY):
1. The next solid candle crossed SMA(5,0)
2. Initial Stoploss within 60 pips (0.01 lot) near the support level
3. The pair (buy call) is close to lower BB, I have to forecast I close the trade with 1:3 RR at 3rd candle or upper BB.

Anyway, I am still learning from experienced trader like ff-flux, bk8 and etc. I am open to listen any comments.

Cheers!
  • #3,313
  • Sep 20, 2016 2:49am Sep 20, 2016 2:49am
Quoting monaghan
Morning the E U could be shaping up for an entry at the close of this daily candle, just a heads up to all, about twenty hours till my close
That's great to know, how about the AUDNZD?

Maybe you can give forecast on all pairs with an update every hour or so?

O, wait, that's why we have charts ..........

It takes a lot for me to IGNORE you, but you can try.
  • #3,314
  • Sep 20, 2016 2:51am Sep 20, 2016 2:51am
Quoting domdom1984
{quote} Haha, I am actually new to forex trading.
must say you got strong opinions for somebody new to forex trading.
an experienced trader like BK8 tells you not to take the trade, but you still want to go ahead.
so go ahead with your trade, but dont come here talking about it if you dont follow the system here.
  • #3,315
  • Sep 20, 2016 2:56am Sep 20, 2016 2:56am
Quoting suirad0
{quote} price moved back more than 130 pips from yesterday low, i guess it is enough room to breathe in a perfect way should have closed 1st for around +85 and 2nd for -40, still overall would be +45
Hi Suirad0,
Your trade EC. First let me say I often did it like you yesterday and worse. Like you I saw the two positions up 85 pips each and I didn't take it but when it got back to 50 I took off one and brought the stop to BE for the second and as it got worse I then decided to take 20 pips on that. total 70 delighted. The point I am making is BK8's idea of the two trades I find is psychologically a great help used like that. You take some profit with one if the other runs great if not you know you have some profit bagged so it's alright if the other stops out at BE. Hope this helps.
  • #3,316
  • Sep 20, 2016 2:59am Sep 20, 2016 2:59am
Quoting yonnie
{quote} must say you got strong opinions for somebody new to forex trading. an experienced trader like BK8 tells you not to take the trade, but you still want to go ahead. so go ahead with your trade, but dont come here talking about it if you dont follow the system here.
No offense to anyone here. I follow the Bk8 trading SMA (5,0) from 1st post until today. This strategy simple and profitable. Just that I don't see a clear cut rule that allow us to identify sideway perfectly. Unless we use some laggy indicators to identify sideway.

I follow the entry rule which is solid candle stick bar crossed SMA. Take the entry at second candle.

Perhaps our broker house's opening time is different, the AUDJPY candlestick that we have seen might be different as well.
  • #3,317
  • Sep 20, 2016 3:00am Sep 20, 2016 3:00am
Quoting Erebus
{quote} That's great to know, how about the AUDNZD? Maybe you can give forecast on all pairs with an update every hour or so? O, wait, that's why we have charts ..........
Just trying to help the new guys, as there are plenty of pairs to look at, don't forget most of the guys are trading from their phones, you know what they say, sarcasm is the lowest form of wit, now i know why your country is broke
  • #3,318
  • Sep 20, 2016 3:01am Sep 20, 2016 3:01am
Is the chart very different with other Brokers?
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  • #3,319
  • Sep 20, 2016 3:06am Sep 20, 2016 3:06am
Quoting bobhowson
{quote} Hi Shimmering Yeah I live on the East Coast of NSW, in Coffs Harbour. Been here for 30 years now...
O wow! I have memories from that place! I was 19, and that was the place of my honeymoon! I remember the banana trees, and the warm weather in May! I would love to revisit one day.
  • #3,320
  • Sep 20, 2016 3:08am Sep 20, 2016 3:08am
Quoting domdom1984
Is the chart very different with other Brokers? {image}
I allsaw wait for these B**ch to wackeup but looks like very tired pair
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