Monthly Profit - Daily Trading using SMA

Quoting shum

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{quote} ok, look, here are a lot of newbes people, who realy dont know how to stay long with one strategy, so they have questions.. I chek every time this charts.. why?..well ..coz we steel dont have the right tp and sl, you are right that we must dont look for another tf, this will complicate the system... for avoid all this we must to have right tp and sl for every pair! we must to know exactly with what sl and tp every pair will survive in taken all signals for some period( a year), no metter how this signal look, how far candle close above or...

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Quoting jmmn

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{quote} If I am understanding you well, you are saying that this strategy may be close to 100% of success if we follow it ONLY when the PREVIOUS (not current) WEEKLY CANDLE has closed above/below the 5 SMA. Example: We want to buy because this strategy tells us to buy. We should ONLY buy if the PREVIOUS weekly candle CLOSE was above 5SMA (if it is below 5SMA the chances of a profitable trade are only 50%, BUT IF IT IS ABOVE THE CHANCES ARE EXTREMELY HIGH) We do not look at the current weekly candle. only THE PREVIOUS WEEKLY CANDLE CLOSE. Is that...

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Quoting jmmn

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{quote} When you say a "room" do you mean in the CURRENT W candle or in the PREVIOUS W candle? This is a different question from the previous one and both answers will be very interesting. I assume that you say so because your experience tells you to say so. Thanks!

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Quoting shum

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{quote} no mate o didnt say that, if on weekly chart, we have a room between price and sma5, let say 100-150 pips, this mean that if you have buy signal on D1 chart, you can go on it, but you tp must be not more that this 100-150 pips, coz we dont know if price on weekly chart will cros sma5.. in this case chanses are 50-50% all the time, this mean a risky trade. Yes price can cross weekly sma5 and you can yearn more that 150 pips, but this is what we dont know if it will hapen.. if sma5 have direction up or down, every time is a risky trade to...

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Quoting FlyingCat

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Hello all, I am very excited to take part in this strategy, aiming to learn a lot and eventually becoming a contributor and help others (someday in the narrow future ) For now I have two questions: 1: I triggered EUR/CHF 12 hours ago after the close of the candle. Did I place my SL correct? {image} 2: So I have two positions open. The close of trade 1 depends if it is at the end of the day profitable (so if profit => close trade). But what if trade 1 is in negative? For example: the bar closes like above screenshot. Do I need to wait on the upcoming...

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Quoting jmmn

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{quote} Look please at this chart (W for gbpcad). Last night this strategy said GO, BUY. And I bought. If I look at the W chart, and I had applied this same strategy, I would now be SHORT, on a weekly basis, since the beginning of this week. Because, in addition to that, it is happening what you said: PREVIOUS W CANDLE CLOSED BELOW 5SMA. So last night I should have not bought because my trade will be a losing trade. Is that correct? THANKS!!! {image}

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Quoting Blackeagle

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{quote} 1- Your SL will be 15 pips below of the signal candle (last green bar on your chart). 2- Wait until your SL is hit if trade is negative. That's one option to give trade room. If the day closes negative but not stopped out, you have several options. You can close your trade if bar closed below SMA 5 or you can keep it and wait for SL is hit, OR you can keep it if bar closed above SMA 5. Hope this helps. Regards, Blackeagle

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Quoting Oddbjorg

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Hello. GC. Long. No 1. 1,71609 Nr. 2. 1,71614 Thank you. Oddbj.

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Quoting shum

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{quote} yes, closed not mean cross last week below sma5, its just below sma5 and its close, this mean that on weekly we have a short trend, there is no buy trades, well it can be with a good room between price and sm5. But look on this case at the moment. Weekly candle cross and close below sma5, this is a strong signal of new short move, so at the moment W sma its a strong sr level for the price, this is the same signal like in D1 for us, the difference is the tf. But i dont speak about this i just say that room between rpice on W and sm5 W, now...

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Quoting jmmn

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{quote} Well, I hope you are wrong in this case because many mates bought gbpcad today!!! Let us wait for the end of the day or for the SL... Nevertheless, thank you very much because what you are writing makes a lot of sense. Learning...

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Quoting jmmn

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Following with your theory and looking at the same chart, I see that SMA5 is now at 1,7169. That means that price might go up there, touch and go down again (W). Right?

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Quoting Bk8

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Good Morning All, Last 3 consecutve trading days are not in our favor.... never happened before, We took few weak setups too so going forward will take strong setups only until we recover these 3 days.

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Quoting Bk8

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Good Morning All, Last 3 consecutve trading days are not in our favor.... never happened before, We took few weak setups too so going forward will take strong setups only until we recover these 3 days.

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