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Monthly Profit - Daily Trading using SMA

  • #3,381
  • Sep 20, 2016 9:46am Sep 20, 2016 9:46am
Quoting RapzyFX
{quote} Dear Shimmering, 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...
Yes, that certainly helps. The E/C short is less in the negative now! Yey!
  • #3,382
  • Sep 20, 2016 9:54am Sep 20, 2016 9:54am
Quoting RapzyFX
{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...
Very good advice. It is having had the experience that the trades do end up winners, that enables you to stay in them. That is what I am terrible at, and of course not having the data about the system, makes it harder, but your encouragement is great! By the way, how long beofre day end do you look at daily charts for new set ups, and how do you choose the pairs?
  • #3,383
  • Sep 20, 2016 10:07am Sep 20, 2016 10:07am
Quoting shimmering
{quote} Yes, that certainly helps. The E/C short is less in the negative now! Yey!
@shimmering , Just don't worry about it. I am saying from yesterday. It's destiny is not there.
  • #3,384
  • Sep 20, 2016 10:16am Sep 20, 2016 10:16am
Quoting shimmering
{quote} Very good advice. It is having had the experience that the trades do end up winners, that enables you to stay in them. That is what I am terrible at, and of course not having the data about the system, makes it harder, but your encouragement is great! By the way, how long beofre day end do you look at daily charts for new set ups, and how do you choose the pairs?
@Shimmering,
My country is GMT+1, right now its 6:07PM that is 6hrs to end of a 24hr day, 12Midnight
My Broker is GMT+2 just like man other brokers and uses 5PM EST as end of trading day
Broker end of day candle is at 5PM EST and new days candle starts immediately too, which is 10PM my time and from now its just 4Hrs to that time (2hrs to normal midnight) so I have enuf time to check all currency pairs.
I check all pairs about 21 pairs, come here to checkout people suggestions and wait for the Big Boss' final suggestions. Thats how I started on Thursday last week and gonna continue that way.
Thanks
  • #3,385
  • Sep 20, 2016 10:21am Sep 20, 2016 10:21am
Quoting RapzyFX
{quote} @Shimmering, My country is GMT+1, right now its 6:07PM that is 6hrs to end of a 24hr day, 12Midnight My Broker is GMT+2 just like man other brokers and uses 5PM EST Broker end of day candle is at 5PM EST which is 10PM my time and from now its just 4Hrs to that time (2hrs to normal midnight) so I have enuf time to check all currency pairs. I check all pairs about 21 pairs, come here to checkout people suggestions and wait for the Big Boss' final suggestions. Thats how I started on Thursday last week and gonna continue that way. Thanks
Hang on, are you GMT+1 or London +1, because 7 months of the year those two are 1 hour apart. My broker is London +2, which is GMT +3 during the summer. I am London +2 so here it is 20.20 right now, and at midnight here is the day's end of trading. I was thinking of looking at the pairs now too. The "Boss" posts at what time London time?
  • #3,386
  • Sep 20, 2016 10:27am Sep 20, 2016 10:27am
This is A/J so far today. That looks sideways, is that what is meant to be avoided? http://prntscr.com/ckb1wc
  • #3,387
  • Edited 10:46am Sep 20, 2016 10:32am | Edited 10:46am
Bk8, dont think emonts was disrespectful; he just wanted a definite direction from yourself as the threat starter.
I try to help steering the conversation in the right direction, but I cant expect people to jump every time I say "jump"
what a shame
  • #3,388
  • Sep 20, 2016 10:36am Sep 20, 2016 10:36am
Quoting shimmering
This is A/J so far today. That looks sideways, is that what is meant to be avoided? http://prntscr.com/ckb1wc
Yes, AUDJPY is sideways ... I would like to BUY here at this point.

Note that AUD and JPY pairs are correlated to risk aversion and tomorrow they may be volatile due to interest rate decision. Although, it's expected that Fed may not hike rate this month due to elections + economy ++++++++++ but we never know. Hence, I think we should avoid such pairs or go LONG on other JPY pairs.

Elsewhere, NZDCAD and USDCAD are better unfolding opportunities along with GBPUSD in this situation. Don't force the trade, let the trade come to you.
  • #3,389
  • Sep 20, 2016 10:44am Sep 20, 2016 10:44am
Quoting hammadshahir
{quote} Yes, AUDJPY is sideways ... I would like to BUY here at this point. Note that AUD and JPY pairs are correlated to risk aversion and tomorrow they may be volatile due to interest rate decision. Although, it's expected that Fed may not hike rate this month due to elections + economy ++++++++++ but we never know. Hence, I think we should avoid such pairs or go LONG on other JPY pairs. Elsewhere, NZDCAD and USDCAD are better unfolding opportunities along with GBPUSD in this situation. Don't force the trade, let the trade come to you.
This is USD/CAD. Does that qualify for a short today since it pierced the MA and has stayed below BB.
Attached Image
  • #3,390
  • Sep 20, 2016 10:47am Sep 20, 2016 10:47am
Quoting shimmering
{quote} This is USD/CAD. Does that qualify for a short today since it pierced the MA and has stayed below BB. {image}
It really doesn't qualify for short today but it's unfolding, we have to wait till market close.
  • #3,391
  • Edited 11:09am Sep 20, 2016 10:53am | Edited 11:09am
@ shimmering
you asked me in a pm a similar question and I replied that the candle not only has to pierce the 5sma, but also close on the other side for the day to qualify.
U/C certainly does not qualify, because it did not close below the 5sma.
you are quickly becoming the main contributor here.........
maybe you should study more or pick up an other hobby?
  • #3,392
  • Sep 20, 2016 10:58am Sep 20, 2016 10:58am
Quoting shimmering
{quote} Hang on, are you GMT+1 or London +1, because 7 months of the year those two are 1 hour apart. My broker is London +2, which is GMT +3 during the summer. I am London +2 so here it is 20.20 right now, and at midnight here is the day's end of trading. I was thinking of looking at the pairs now too. The "Boss" posts at what time London time?
Please dont start a timezone discussion here, before you know it we have three pages with hundred confusing posts.
RapzyFX said GMT+1, so that's GMT+1, nothing to argue about.
Persistence will get it. Consistency will keep it.
  • #3,393
  • Sep 20, 2016 11:12am Sep 20, 2016 11:12am
My Faviorate setup for last 6 days
Attached Image (click to enlarge)
Click to Enlarge Name: image.png Size: 109 KB
  • #3,394
  • Sep 20, 2016 11:12am Sep 20, 2016 11:12am
Quoting yonnie
@ shimmering you asked me in a pm a similar question and I replied that the candle not only has to pierce the 5sma, but also close on the other side for the day to qualify. U/C certainly does not qualify, because it did not close below the 5sma. you are quickly becoming the main contributor here......... maybe you should study more or pick up an other hobby?
You said candle has to close, BK8 said it has to pierce!
  • #3,395
  • Sep 20, 2016 11:15am Sep 20, 2016 11:15am
Quoting shimmering
{quote} You said candle has to close, BK8 said it has to pierce!
Entry

  1. When previous daily candle has clearly crossed SMA line
  2. Candle should not touch then upper BB line (Optional)


Stop Loss

  1. high(+15 Pips)/low(-15 Pips) of previous candle, if candle is too short then you may move to T-2 candle.

Human beings are members of a whole, In creation of one essence and sol.
  • #3,396
  • Sep 20, 2016 11:16am Sep 20, 2016 11:16am
Quoting shimmering
{quote} You said candle has to close, BK8 said it has to pierce!
May be for the month !!!!
  • #3,397
  • Sep 20, 2016 11:17am Sep 20, 2016 11:17am
Quoting Bk8
My Faviorate setup for last 6 days {image}
May be for the month !!!!
At the right place this time
  • #3,398
  • Sep 20, 2016 11:22am Sep 20, 2016 11:22am
Quoting shimmering
{quote} You said candle has to close, BK8 said it has to pierce!
We always look for previous candle, where is the confusion?
  • #3,399
  • Sep 20, 2016 11:22am Sep 20, 2016 11:22am
Quoting Bestof27
{quote} May be for the month !!!! At the right place this time
Fantastic!
  • #3,400
  • Sep 20, 2016 11:25am Sep 20, 2016 11:25am
Quoting Bk8
{quote} We always look for previous candle, where is the confusion?
I saw that today's candle on U/C has pierced down the SMA, so I posted the chart. As per your post, piercing is enough, so there is no confusion on my part. I took the trade already, as I thought it is a good R;R.
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