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Monthly Profit - Daily Trading using SMA

  • #4,641
  • Sep 27, 2016 12:48am Sep 27, 2016 12:48am

  1. Take 2 positions of same setup, and close the first setup after taking profit on same day and leave the another setup to run forever


    What exactly is taking profit on same day? Is this a subjective target or is there a specific target/metric?

I love forex. One day it will love me back.
  • #4,642
  • Sep 27, 2016 1:08am Sep 27, 2016 1:08am
Quoting Singha83
Take 2 positions of same setup, and close the first setup after taking profit on same day and leave the another setup to run forever What exactly is taking profit on same day? Is this a subjective target or is there a specific target/metric?
I guess, TP of the 1st position should be targeted 1:1 (R:R) , meaning targeted as far as SL.
  • #4,643
  • Sep 27, 2016 1:31am Sep 27, 2016 1:31am
Quoting Beth25
{quote} I guess, TP of the 1st position should be targeted 1:1 (R:R) , meaning targeted as far as SL.
This is what the BK8 system says : Stop loss is equal to take profit, meaning SL = TP
Human beings are members of a whole, In creation of one essence and sol.
  • #4,644
  • Edited 2:14am Sep 27, 2016 1:33am | Edited 2:14am
Quoting yonnie
{quote} E/J: close last Friday 113.41 - ATR 112 pips considering its a small candle and no other reasonable candle is close, my SL is at close minus 1 ATR = 112.29 to give it enough room to move. Bk8: why 112.60 and in your experience should a 81 pips SL be enough?
would be still in my E/J trade with my SL.
not saying that it will be plain sailing from now on, but would still have a chance.
if my original SL would have been hit, it would not have cost me any more; I`ll just lower the position size.
even after an A1 entry you still dont know what happens: a central bank governor might say something etc.

padding a small candle in some way might not be a stupid idea: it will lower your loss rate.
just mention it here and that`s it. if nobody wants to change the rules concerning a small signal candle, I wont mention it again.
  • #4,645
  • Sep 27, 2016 1:38am Sep 27, 2016 1:38am
Quoting Pipglutton
My first effort Guys. {image}
What a start! Loss of 147 pips!
  • #4,646
  • Sep 27, 2016 1:57am Sep 27, 2016 1:57am
Quoting Pipglutton
{quote} What a start! Loss of 147 pips!
i hope you are using MM.
in daily candle trading we use bigger pips (SL and TP) just make sure you know how much risk you can take on a single trade position.
if the real (last candle) size SL is to big for you to take, you can use manual stop loss once the $ DD is over than your MM risk.

note: dont just follow ppl trade. please understand the rules and risk first.. we cant win them all
  • #4,647
  • Sep 27, 2016 1:59am Sep 27, 2016 1:59am
Quoting MrRijk
{quote} This is what the BK8 system says : Stop loss is equal to take profit, meaning SL = TP
+ @ Beth25
no it has changed again - see post 1.
  • #4,648
  • Sep 27, 2016 2:21am Sep 27, 2016 2:21am
Quoting yonnie
{quote} + @ Beth25 no it has changed again - see post 1.
But he should have left it in, that's the whole idea of trading 2 positions, take profit at 1 to 1 on the first trade, 2nd trade to Break Even and let it run, then you have risk free trade on, it's all profit and no loss

It takes a lot for me to IGNORE you, but you can try.
  • #4,649
  • Sep 27, 2016 2:29am Sep 27, 2016 2:29am
Quoting yonnie
{quote}... would be still in my E/J trade with my SL. .... if nobody wants to change the rules concerning a small signal candle, I wont mention it again.
Or you can use swing low +/- 15 pips for SL to give more room if you can adjust your trade size accordingly to keep the risk same. In this case, 112.075 - 15 pips, and you would have been keeping your long EJ position. By doing so, you may increase your win ratio, keep the risk same but decrease your return due to decreasing your trade size. So it is a trade off.

Regards,
Blackeagle

ps. AUDCHF stopped out. Loss is 2 x 63 = 126 pips.
  • #4,650
  • Sep 27, 2016 2:29am Sep 27, 2016 2:29am
Quoting dnl
{quote} i hope you are using MM. in daily candle trading we use bigger pips (SL and TP) just make sure you know how much risk you can take on a single trade position. if the real (last candle) size SL is to big for you to take, you can use manual stop loss once the $ DD is over than your MM risk. note: dont just follow ppl trade. please understand the rules and risk first.. we cant win them all
Yes. You cannot win them all. Forex is a beast and no one can truly fathom it. That's to be put it mildly. You thought you follow the rules and follow the trend instead of relying on reversal, you were wrong. You go against trend sometimes you win sometimes you lose. You saw a perfect pin bar that came off a major support or Bb line and you thought its a perfect setup, you were wrong again.

Someone told me. Won't it be safer and far more accurate if you think the chart tells you ,you should sell you do the opposite and buy. Since based on analysis we are wrong most of the time.Contrarian in your analysis versus your action. Who in the right mind would do that?
Thank you.
  • #4,651
  • Sep 27, 2016 2:33am Sep 27, 2016 2:33am
Last 2 days very challenging , still fighting all trade in - pips.!
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Human beings are members of a whole, In creation of one essence and sol.
  • #4,652
  • Sep 27, 2016 2:34am Sep 27, 2016 2:34am
Quoting Erebus
{quote} But he should have left it in, that's the whole idea of trading 2 positions, take profit at 1 to 1 on the first trade, 2nd trade to Break Even and let it run, then you have risk free trade on, it's all profit and no loss
maybe Bk8 likes to avoid any losses. maybe for the new traders?
on the other hand he will be cutting his profits enormously.
lets just wait what the chief himself has to say.
  • #4,653
  • Sep 27, 2016 2:41am Sep 27, 2016 2:41am
EURCHF SL Reached.

Just For Records.

I have 10 continuous Loosing trades in Last couple of days.
A record in itself
  • #4,654
  • Edited 2:57am Sep 27, 2016 2:44am | Edited 2:57am
Audchf sl hit good job I only took 1 position - I realised I took a position on the wrong symbol... Wine
So many in the Commercial section want to make me rich! :o
  • #4,655
  • Sep 27, 2016 2:45am Sep 27, 2016 2:45am
Quoting Pipglutton
{quote} What a start! Loss of 147 pips!
Yep, me too, started trading this strategy on live account this week. First loss EUR/JPY, according to MM it is acceptable, right now 2 trades in red GBP/CAD and EUR/UCHF, but untill we get SL it is okay, you never know what market will do

It is good for newbies to see the other side of trading, you canīt get 100% success .
  • #4,656
  • Sep 27, 2016 2:51am Sep 27, 2016 2:51am
Hi
Long nzdcad two hours ago. Just hit my Tp about 60 pips. Compensate for my euryen loss.
Thanks
  • #4,657
  • Edited 3:22am Sep 27, 2016 2:55am | Edited 3:22am
Quoting Mhons
{quote} ... you cant get 100% success .
If your long term win ratio is above 50% (even 40%), you are on the right track.

Regards,
Blackeagle
  • #4,658
  • Sep 27, 2016 3:22am Sep 27, 2016 3:22am
NZDJPY - Long

Regards,
Blackeagle
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  • #4,659
  • Sep 27, 2016 3:24am Sep 27, 2016 3:24am
my 2 cents about what its going on with this enteres, and whay price hit sl..
look on last 3 pairs for trading from last night.
GC,EA,EChf..
we look for signals on D1, sr levels etc, but you guys dont look what hapen with price in Weekly charts of this pairs when signal coming.
Now look on this 3 pairs where is the last candle on W charts due to the sma5 on W chart? i mean take the same rules from D1 and aple them on W chart.. coz this rules work on all tfs.
exemple on EChf
W candle is below sma5, sma5 on W chart start to go down, this mean that for price is very hard to cross this sma up, this is a rule of SMA moverage, when the line of simple moving average start to go down or up, and price come and tuch it, this mean a test of it, not a cross, after test price go back, and make a continuation in favor of this sma, this mean, if sma start to go down, price will test it, then will go down too, forget in this caze about crosses, this will not hapen..NEVER. just red news like cash rate and spreaks of big di..s can broke this rule.
So, please when you work on D1, first of all take signals in direction of W charts, you can go contra W charts too, but there must be enaf room between price and sma, coz in D1 this will be 50-100 pips..
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  • #4,660
  • Sep 27, 2016 3:29am Sep 27, 2016 3:29am
what a bad night!
started this system on 9-12, basically lost all the profit made previously.
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