Dislikedbad news with CAD. looks like reversal news so I got out of all CAD positions.Ignored
i had 4 trades with cad and proper money management must not allow that.
this strategy works, but not alone.
we need to think about our moves carefully.
Monthly Profit - Daily Trading using SMA
- #4,173
- Sep 23, 2016 9:38am Sep 23, 2016 9:38am
New to the forum,, must say that the accuracy and simplicity of this system is mind blowing.. quick question.. why wasnt EN a valid signal?
another observation is if the signal candle is an inside candle (harami) then usually its a risky trade.. just sharing observation.
another observation is if the signal candle is an inside candle (harami) then usually its a risky trade.. just sharing observation.
{quote} It is currently rising from the ashes, so to speak
So, today I finally got the timing right on using this system. NY close is around 7:30am for me, and I work nights, so it's difficult for me to be up at exactly that time!
I took Buy G/N, Sell N/C and Sell E/G
E/G was going great during the Asian session, then turned into an out of control train. So, I took a trade the other way for the same position size, got stopped out on the Sell, but made some pips to mitigate the loss. Yep sideways on reflection, I got sucked in by the candles - lesson learnt!
G/N and N/C will do what they're going to do. During the Asian session, I was up 64 pips on G/N and I've sunk as low as -30 during News etc., N/C has been steadily up and down.
It's been an interesting learning week, with all of the Red News. I think in future, I'll probably just trade the Asian Session for the third week of the month, because the volatility that occurs when the news is released during London/NY is just crazy, whilst the Asian session seems to spend time setting things up for the news releases, and there's a few pips to be made there.
I've really enjoyed everyone's successes and the contributions from BK8, Yonnie, BuffaloP, FX-Flux, Monoghan and others, it's been great. May the show continue to roll on for everyone.
Have a great weekend everyone
- #4,178
- Sep 23, 2016 9:56am Sep 23, 2016 9:56am
{quote} Bad luckNZDCAD is behaving itself. Guess we have to consider which pairs might be best in face of red news?? EUR involved in the news, NZD not so much, therefore better/safer???
So many in the Commercial section want to make me rich! :o
- #4,180
- Sep 23, 2016 10:04am Sep 23, 2016 10:04am
{quote} Hi all, just a sharing. I wouldnt take gbpnzd. Look at their last few days to fews. Bears are stronger commandos than bulls. The weak agains gbp is obvious due to brexit. Things arent on a brighter end. if u going for long, u have to manage ur risk reward ratio. downtrend is still there..... if under BK theory, it is sideways where ranging is possible at this moment. {image}
Technically, you may be correct.However, look at the upper and lower BBs, they are seperating, the previous day candle bounced off the lower BB, and then up through the SMA5. If you check the Weekly and Monthly charts, you will see that the candles are bouncing off the lower BB, and the distance between the upper and lower BBs is getting larger and larger. With BBs, the central line represents an "average price". The Upper and Lower BBs are 2 standard deviations away from that "average price". When the price hits those upper and lower bands, there is a higher probability of reversal. If this occurs on Daily, Weekly and Monthly, that probability is strong.
That's why, when the Candle from the previous day crossed the SMA5, it was a good trade. Had it not been an extreme day for red news, the trade may have been a lot smoother. However, it has recovered and is now progressing in a northerly direction, cheers M