Monthly Profit - Daily Trading using SMA
- #3,363
- Sep 20, 2016 7:35am Sep 20, 2016 7:35am
{quote} Thanks for your detailed post, it's great to have confidence, which I don't yet. About E/C, some pposted a short, others a long,a nd now I am confused. I went short on E/C .
please post your chart of entry and i am sure we will all try to help you, don't trade if you are confused, get some opinions here first
- #3,365
- Sep 20, 2016 8:01am Sep 20, 2016 8:01am
{quote} Thanks for your detailed post, it's great to have confidence, which I don't yet. About E/C, some pposted a short, others a long,a nd now I am confused. I went short on E/C .
Just take things easy, the markets will be here long after us, so take your time and dont get confused. E/C is a short trade - On the daily chart at the top of the Bollinger Bands you will notice two Bearish candlesticks or Bars, the first one crossed the BBands from outside and closed inside the Bands, the 2nd one is the one that crossed the 5SMA shift 0, that is the SELL signal.
Now Listen carefully: when this occurs we put a sell signal BUT the next day MIGHT not go our way and cross back above the 5SMA shift 0, THIS DOES NOT INDICATE A BUY SIGNAL!! THis is what to do in such scenarios - WAIT TILL STOPLOSS IS HIT OR THE TRADE MOVES IN YOUR FAVOUR.
Also this is the earliest indication of a possible SIDEWAYS pattern that BK8 says to avoid.
If SL is hit do not enter on the reverse simply look for other setup in other pairs.
As per EC, we are still waiting and watching, mind you other pairs are GREEN
, so no problems.Hope this helps you and others to understanding better.
Best Regards
- #3,367
- Sep 20, 2016 8:15am Sep 20, 2016 8:15am
- Joined Jan 2015 | Status: Trader | 1,533 Posts
{quote} I'm not disrespecting anybody. I see you as the owner of this thread. But if people start to react in the name of other people, its getting vage for me. But lets stop polluting this thread. BR
I rely on so many contributors like yonnie, they are still kind to me, I need them, they do not need me
they can act like quite observer.. why some one will be
wasting time and energy for my thread because they
have taken ownership and agree with me on thought
process...if you like someones idea does not mean you
do not have your own thought process or can not have better idea
- #3,380
- Sep 20, 2016 10:08am Sep 20, 2016 10:08am
{quote} hey mario, the stop loss is meant to be the ACCEPTABLE COST of that trade if it is hit. So calculate your lot size to accommodate large SLs for Daily TF trading or else you will keep closing trades in a loss and find out that it later went in your favour. Check out BK8s trades almost all of them that went wrong all thruout this thread returned to profit and many pple were wishing they stayed in those trades. My take on EC trade is stay and weather the storm. If you follow those trendlines as shown by Sadaan you will be scared but remember...
I like your take on this one, I have attached a weekly chart on this pair purely for analysis only, the brown line is weekly resistance, as you can see this has been very strong in the past and is a nice reversal point, I am not in the trade but if I was I would be confident that it will reverse, you still have about sixty pips to stop loss, its already retreating from the green line daily range, I could be wrong of course if it stays closed above this brown line by Friday then that might be a problem, but as you say why worry when we have all these winners
