Monthly Profit - Daily Trading using SMA

Quoting hammadshahir

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{quote} That's true. But we tend to avoid these entries which are already late. For example, tonight, USDCAD is late to enter now. Although some of our experienced traders enter trades early by judging PA. But at this thread, for newbies, we keep things simple and strictly ask them to follow the rules. Every night, we also share charts and discuss with each other. We eliminate weak setups. We trade in quality, not in quantity. Purpose of this thread is to give confidence to new FX traders to initiate a position regardless of emotions and hold positions...

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Quoting Ghibli

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{quote} OK, if I understand well, the first TP is 1:1 (considering that SL is +15 points previous high/low) Now, regarding the second TP, is it not better to close when the prices touches the BB? Thanks!

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Quoting jmmn

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{quote} There are few ways ,that you can get out of position , BB is one of them , you can check all of this in 1st post Take 2 positions of same setup, and close the first setup after taking profit and leave the another setup to run forever Keep moving SL for second setup as per S&R You may exit when candle touches/cross BB top/bottom line. You may exit if you have minimum 3 candles profit as part of 1:3 strategy. You may exist on breakeven if setup goes in opposite direction.

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Quoting Ghibli

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{quote} Thank you, my friend!

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Quoting arielcorp

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BK8, Could I have your thoughts please on USD/CAD and USD/CHF pairs as possible entries today? Cheers

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Quoting jmmn

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If it was now the day close, would the eurusd be a candidate to start a long position? It is above 5 SMA and is not touching BB high/low....

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Quoting shimmering

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{quote} yes, that would be a candidate.

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Quoting shimmering

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{quote} yes, that would be a candidate.

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Quoting Ghibli

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Keep moving SL for second setup as per S&R My last question, Ghibli, and thanks a lot. When it says as per S&R, what does it exactly mean? What is the rule to follow for establishing that S&R?

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Quoting BuffaloPat

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USD/CHF looks sideways to me and if you check your potential SL, it would be around 90 pips and you only have 60 to the bottom BB. USD/CAD is technically a late entry because yesterdays candle closed below 5 SMA. USDCAD still looks tempting though despite that since there is plenty of room to the downside.

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Quoting shimmering

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{quote} this is the chat of USD/CHF, with the trade taken,a nd the SL and TP marked. {image}

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Quoting jmmn

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{quote} It means ,that you want ,every single day,move your SL to the higher high of the previous candle + 15 pips and spread ( while you are selling ) or you are setting your SL on the Lower low of the previous candle + 15 pips and spread ( while you are selling ) ..second thing , is that you can move your SL to the last support or resistance levels if you clearly see one of them and the price has some room to breathe..

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Quoting BuffaloPat

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USD/CHF looks sideways to me and if you check your potential SL, it would be around 90 pips and you only have 60 to the bottom BB. USD/CAD is technically a late entry because yesterdays candle closed below 5 SMA. USDCAD still looks tempting though despite that since there is plenty of room to the downside.

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Quoting BuffaloPat

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{quote} Exactly, your TP1 is below the bottom BB. That's not a good sign, you are not getting 1:1 risk reward on your TP1 if it reverses at bottom BB.

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