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Attachments: Monthly Profit - Daily Trading using SMA
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Monthly Profit - Daily Trading using SMA

Quoting saranga
alert on guys stong demand GJ green pip 500 700 target entry {image}
W

Are you recommending this for right now, or after the close today?
Also, EUR/JPY seems to be setting up for tonight also.
I whipped up a dashboard that shows the close price distance in pips from SMA5 over the last 4 days. Nice to look at for a quick glance...handles symbols with suffixes also.

Attached Image (click to enlarge)
Click to Enlarge Name: sma5dash.png Size: 33 KB


Attached File
File Type: ex4 sma5dashboard.ex4   20 KB | 234 downloads
Thanks very much Erebus for your contribution!
Just to clarify here..
if you just consider SMA, result would be very poor.. so other rules like filter sideways, SL and R:R make this system winner.

USD is weak so as per fundamental apprach ideally all pairs against USD should perform.. but even you picked only few since you also like to rely on technical approach and in this case SMA.
My concern is that if we do not follow all rules, sooner or later we will see ugly side of result and everyone will start questioning.. you may find old posts where some traders reliazed the same.

Quoting Erebus
{quote} Further to my previous reply and suggestion to take 20 trades to test the method, here are 3 entries today only, albeit only the USDCAD was approved by BK8 {image}
Quoting Erebus
{quote} That's just a demo on tradingview, I put the trade on and the stop later; I looked at it and thought round number 1.32 is above 5 SMA, if it get back there, it's in trouble. With real live account, PROPER position sizing calculation has to be done before entry, unless your account too small and just trading 0.01 anyway, so the stop loss has to be known. So, that is very much an individual thing, write down a trading plan, some back or forward testing will help you gauge whether such a large stop loss is really required on some positions....
Ta
Quoting Erebus
Speaking of strong moves, this shows a 5 to 1 coming up soon {image}
Oops I missed it.. not sure why we did not check.. perfect U shape,, anyway happy for you.Congratulations!!
Quoting deankenny21
{quote} I thought so, 90% of retail forex, and 100% of pro and institutional forex use NY closing for daily candle end, does not mean your wrong, you will just have different results to the majority.
For what is worth it .. liquidity provider /big fund (that use forex market mostly for edging issue)/ bank etc etc use mostly gmt 0 close or london close
Sometime the horizon disappear. Twitter: @_whiteout
Quoting whiteout
{quote} For what is worth it .. liquidity provider /big fund (that use forex market mostly for edging issue)/ bank etc etc use mostly gmt 0 close or london close
I agree market lose momentum afer london close due to liquidity but when I tested, NY close gave better result.. thats why I started using GMT+2 for oanda accounts.. I have 5 accounts from diff borokers.
Quoting Bk8
{quote} I agree market lose momentum afer london close due to liquidity but when I tested, NY close gave better result.. thats why I started using GMT+2 for oanda accounts.. I have 5 accounts from diff borokers.
Glad that it works for you, i don't use any sma (and i honestly think they are quite useless), i was just reporting my experience
Sometime the horizon disappear. Twitter: @_whiteout
Live Long CAD
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Quoting whiteout
{quote} Glad that it works for you, i don't use any sma (and i honestly think they are quite useless), i was just reporting my experience
Well, if you just put SMA5, SMA200, EMA200, or any EMA7/EMA22 cross on any random chart, you will be amazed.
Quoting umairsheikh2
Hi mates, Can I shift my SL to Breakeven for EURUSD or WAIT for candle close?! {image} Always confused when see this type of situation!
Lets make a habbit of monitoring setups once a day after candle close.. if you want to enjoy stress free trading
Hey guys, could someone tell me why USDCAD of today is not a late entry? IMO the cross did happen the day before yesterday....
Quoting whiteout
{quote} Glad that it works for you, i don't use any sma (and i honestly think they are quite useless), i was just reporting my experience
Yep, our strategy has SMA along with orher rules.. no issues so far, most of traders do not have a single loser in last 3 weeks. We are very happy so far.
Quoting SnoopyAKQJT
{quote}W Are you recommending this for right now, or after the close today? Also, EUR/JPY seems to be setting up for tonight also.
Please read #1, we always take positions after candle close.
Quoting lucariga
Hey guys, could someone tell me why USDCAD of today is not a late entry? IMO the cross did happen the day before yesterday....
Yep, please wait for next signal after day close.
sorry if the question seemed silly: how do you define the below? the closeing price crossed 5 SMA , candle body or?


"'When previous daily candle has clearly crossed SMA line""
Quoting Bk8
{quote} Lets make a habbit of monitoring setups once a day after candle close.. if you want to enjoy stress free trading
Thanks for the advice, I have keep eyes on setups!

But just want to learn for breakeven rule. When we will set breakeven when candle close or reaching after few pips?

Regards.
Umee
I Win, I Lose, It's my Job... And I Love it!
Quoting EricKamezou
sorry if the question seemed silly: how do you define the below? the closeing price crossed 5 SMA , candle body or? "'When previous daily candle has clearly crossed SMA line""
Candle body, any part is fine
Quoting Bk8
{quote} Yep, please wait for next signal after day close.
Sorry for my bad english, I meant, why we have entered today on USDCAD?
Shouldn't we entered yesterday?

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Quoting lucariga
Hey guys, could someone tell me why USDCAD of today is not a late entry? IMO the cross did happen the day before yesterday....
Yes, it's a late entry. About to hit our first profit target and many have booked first profit target.
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