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Monthly Profit - Daily Trading using SMA

  • #3,421
  • Sep 20, 2016 2:26pm Sep 20, 2016 2:26pm
Quoting onarticus
{quote} Hey Zimbeto (lovely name), Is that because Monday's wick wasn't big as per the rules? high(+15 Pips)/low(-15 Pips) of previous candle, if candle is too short then you may move to T-2 candle That leads me on to another question, long wicks are bad? So for a sell, a long wick to the top is bad? Or a long wick to the bottom? Or both? I really want to crack this, and my two days trading this system hasn't been too good so hope my questions aren't frustrating for peeps.
Nope. It's because the Monday candle didn't close further down in the direction of the trade. So I leave my stoploss be at +15pips above Friday high.
  • #3,422
  • Sep 20, 2016 2:26pm Sep 20, 2016 2:26pm
Quoting tomuks
I wanted to make my first trade with the system, but i can't find good picks. AUD/USD?
Hi tomkus , don't see any good setups today..maybe tomorrow will form something
Read 1st post , if you don't understand something , then , ask a question
  • #3,423
  • Sep 20, 2016 2:27pm Sep 20, 2016 2:27pm
Long wicks bad. Fat candle body good.
So many in the Commercial section want to make me rich! :o
  • #3,424
  • Sep 20, 2016 2:27pm Sep 20, 2016 2:27pm
Quoting onarticus
{quote} {image}
LOL!
  • #3,425
  • Sep 20, 2016 2:29pm Sep 20, 2016 2:29pm
So sad I didn't double up on the gbpaud trade 😔 Must not drink while trying to concentrate
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So many in the Commercial section want to make me rich! :o
  • #3,426
  • Sep 20, 2016 2:29pm Sep 20, 2016 2:29pm
Onarticus,

My guess is that you moved your stop loss per the rules, but you shouldn't be moving it if the trade is not profitable. You went short at the close of candle day before yesterday, stop goes +15 Pip above that candle. Yesterday, price made lower low, lower high, but higher close, so the stop loss stays at original stop. From what I gather, you moved the stop to +15 pip above yesterday candle and were stopped out. I use a slightly different methodology for my stops, first is that I won't take a trade unless it is pulling off the outer BB and then crosses 5 SMA, original stop loss is per rules. I only move my original stop loss after price closes below mid BB and then I move to break even. Hope this helped a little.
  • #3,427
  • Sep 20, 2016 2:30pm Sep 20, 2016 2:30pm
Quoting hammadshahir
{quote} Sometimes I don't wait. I'm already short USDCAD but I know the reason why I did short it. Dear shimmering, it always good to enter trade with some rules. When Price crosses SMA5, it gives us confirmation and a clear pattern. We know that this trade will work out. It's not a pullback or fake out. We want to be mechanical and not gamble. That's what this simple strategy is trying - to make us a disciplined trader!! But you can enter trade with the trend, e.g GBPAUD - guys took entry before the market close. Im using mobile else I could give...
I know why I shorted it too The H1 chart was screaming short, as per my chart, and also the daily looked good ( the Canadian dollar had gone down, we know that from pullback on our short E/C, so it made sense that it would go up again.
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  • #3,428
  • Edited 2:57pm Sep 20, 2016 2:34pm | Edited 2:57pm
Quoting FX-Flux
So sad I didn't double up on the gbpaud trade �� Must not drink while trying to concentrate {image}
Fate's irony ..every pair has double position ,but not G/A
Read 1st post , if you don't understand something , then , ask a question
  • #3,429
  • Sep 20, 2016 2:42pm Sep 20, 2016 2:42pm
Don't expect much in the way of new trades today, everyone. There is huge news out of BoJ and Fed in the next 24 hours which is why you are seeing most pairs doing a whole lot of nothing. Here is the big news:

BanK of Japan - Rate Decision @ 11 PM EST 9/20/16 (don't hold your breath, the BoJ could release hours earlier or after). Last week Reuters reported that the BoJ is planning to lower interest rates further into the negative to force a 2% inflation target. If rates are lowered, Yen value/strength drops.

Federal Reserve - Rate Decision @ 2PM EST 9/21/16 (make some popcorn, crack a cold one and watch the fireworks). The consensus is that the Fed will not change the interest rate either way. US Presidential election is in November and they need to know whether the giant douche or the turd sandwich will be the next president before increasing rate and despite overall strength in economic reports, the most recent September reports missed to the negative side putting some extra hesitation in the mix.

So what does all this mean? If the Fed keeps the interest rate the same you can expect the current trends to stay the same, just some extra volatility for an hour or so. If they surprise and increase the rate, USD strengthens and any trade you have against the USD is likely to be stopped out.
  • #3,430
  • Sep 20, 2016 2:46pm Sep 20, 2016 2:46pm
Quoting BuffaloPat
Onarticus, My guess is that you moved your stop loss per the rules, but you shouldn't be moving it if the trade is not profitable. You went short at the close of candle day before yesterday, stop goes +15 Pip above that candle. Yesterday, price made lower low, lower high, but higher close, so the stop loss stays at original stop. From what I gather, you moved the stop to +15 pip above yesterday candle and were stopped out. I use a slightly different methodology for my stops, first is that I won't take a trade unless it is pulling off the outer BB...
Thank you all.
  • #3,431
  • Sep 20, 2016 2:52pm Sep 20, 2016 2:52pm
Quoting FX-Flux
So sad I didn't double up on the gbpaud trade 😔 Must not drink while trying to concentrate {image}
Man, you've drinking problems. You entered AUDCHF late as well, I think.
  • #3,432
  • Sep 20, 2016 2:58pm Sep 20, 2016 2:58pm
Quoting shimmering
{quote} I know why I shorted it too The H1 chart was screaming short, as per my chart, and also the daily looked good ( the Canadian dollar had gone down, we know that from pullback on our short E/C, so it made sense that it would go up again. {image}
Okay that one was easy and yes you are right.

But again, in this strategy we take care of PA and avoid sideways. We don't trade on breakouts and other stuff. But if you are confident then you can go ahead with your trade.

Purpose of this thread was to make newbies mechanical - with easy to use strategy so they can avoid losses and be profitable.

Are you in our chatroom @ telegram?
  • #3,433
  • Sep 20, 2016 3:02pm Sep 20, 2016 3:02pm
Quoting hammadshahir
{quote} Man, you've drinking problems. You entered AUDCHF late as well, I think.
I am happy about this strategy because it helps me to look at a lot of pairs, and to look for something, and also I can apply my knowledge at that point in time, and decide, if it looks good. I got 30 pip profit, and I am happy. I am not on the @telegram, I don't know what it is. Sorry, I quoted the wrong message!
  • #3,434
  • Sep 20, 2016 3:05pm Sep 20, 2016 3:05pm
Quoting shimmering
{quote} I am happy about this strategy because it helps me to look at a lot of pairs, and to look for something, and also I can apply my knowledge at that point in time, and decide, if it looks good. I got 30 pip profit, and I am happy. I am not on the @telegram, I don't know what it is. Sorry, I quoted the wrong message!

It's alright. It's a messenger app where we chat about this strategy or setups.
  • #3,435
  • Sep 20, 2016 3:11pm Sep 20, 2016 3:11pm
Quoting hammadshahir
{quote} It's alright. It's a messenger app where we chat about this strategy or setups.
on the smartphone? maybe I can start using it too?
  • #3,436
  • Sep 20, 2016 3:15pm Sep 20, 2016 3:15pm
Quoting FX-Flux
So sad I didn't double up on the gbpaud trade 😔 Must not drink while trying to concentrate {image}
Lol.
  • #3,437
  • Sep 20, 2016 3:17pm Sep 20, 2016 3:17pm
No new setups for Today.. still have E/N and E/C,bouth on +
Read 1st post , if you don't understand something , then , ask a question
  • #3,438
  • Sep 20, 2016 3:17pm Sep 20, 2016 3:17pm
How about DAX?

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  • #3,439
  • Sep 20, 2016 3:21pm Sep 20, 2016 3:21pm
Quoting shimmering
{quote} on the smartphone? maybe I can start using it too?
Yeah, on smartphone or Laptop/Computer. You can join:

https://telegram.me/joinchat/D1LhlAqmSWlRem8T0TBUJw
  • #3,440
  • Sep 20, 2016 3:24pm Sep 20, 2016 3:24pm
Quoting onarticus
How about DAX? {image}
Oh boy, DAX turned bullish today, breaking 104sh level but pulled back. Also DAX futures are below 10400 level. I'll avoid it because of news. Plus DAX futures are not trading right now. Market is closed. It will gap up or down tomorrow.
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