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Monthly Profit - Daily Trading using SMA

  • #5,081
  • Sep 28, 2016 8:55pm Sep 28, 2016 8:55pm
Quoting Bk8
@pipmunks, @mw108,@fekko I took A/J because, bull is dominating for last 2 days and crossed last 10 days threshold. I did not check red news scheduled tonight at 2:30 AM so we may take profits from all JPY pairs and close if we can not afford red this week any more G/J had very small candle and wick on top of that so I excluded this setup. {quote}
Thank you for the reply Bk8.

The bold one is what I called "discretion" as it not stated clearly in post #1 rules or anywhere in the thread. People will hardly follow & replicate your thought process, because you pick setup with some extra criteria (from your own experience) that not available to others. This will create confusion among your followers & they will very dependent on you for picking official setup. You can see how many people waiting for you to post your picks for the days, even if they should can pick it for themselves based on post #1 rules.

I hope you can explained in your future post when you pick setup that not in line with the rules, or the discarded one that in line with the rules.
  • #5,082
  • Sep 28, 2016 8:55pm Sep 28, 2016 8:55pm
U/CAD has also made 41 pips profit but now a days hard to predict end result so nothing to celebrate right away.
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  • #5,083
  • Sep 28, 2016 8:58pm Sep 28, 2016 8:58pm
Quoting oopsie
Thanks To BK8 for sharing his system. There is no such thing as a perfect trading system, if there was we would all be billionaires. The typical newbie approach (myself included) is to try a new system for about a couple of trades, and then quit when we get the first losing trade, or the next shiny object comes along. Try this : trade a system for a minimum of 50 trades, following the rules exactly. Keep a record of all the trades, and then after 50 trades you can see if you are profitable or not. Just because a system has 3 winners in a row, does...
  • #5,084
  • Sep 28, 2016 8:58pm Sep 28, 2016 8:58pm
Quoting pipmunks
{quote} Thank you for the reply Bk8. The bold one is what I called "discretion" as it not stated clearly in post #1 rules or anywhere in the thread. People will hardly follow & replicate your thought process, because you pick setup with some extra criteria (from your own experience) that not available to others. This will create confusion among your followers & they will very dependent on you for picking official setup. You can see how many people waiting for you to post your picks for the days, even if they should can pick it for themselves based...
point taken, appreciate your feedback!
  • #5,085
  • Sep 28, 2016 9:03pm Sep 28, 2016 9:03pm
Quoting learn2fly
i have just closed 1st AUD/JPY position because it hit the upper band, anybody do the same?
Hi.. sorry i dont understand.. is it different fron ur chart?
  • #5,086
  • Sep 28, 2016 9:03pm Sep 28, 2016 9:03pm
Quoting Bk8
U/CAD has also made 41 pips profit but now a days hard to predict end result so nothing to celebrate right away. {image}
hi bk8,
you opened before the candle closed? why?
mine is below your opened position, is it ok?
I Will Never Give Up
  • #5,087
  • Sep 28, 2016 9:05pm Sep 28, 2016 9:05pm
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  • #5,088
  • Sep 28, 2016 9:06pm Sep 28, 2016 9:06pm
Quoting Bk8
{quote} point taken, appreciate your feedback!
Thank you Bk8, we all still learn from you.
  • #5,089
  • Sep 28, 2016 9:07pm Sep 28, 2016 9:07pm
Hi bk8 would u mind explain, why u choose USDCAD rather than EURCAD? Thanks. I thought they are very similar, and both fit the rules.
  • #5,090
  • Sep 28, 2016 9:08pm Sep 28, 2016 9:08pm
Quoting learn2fly
{quote} hi bk8, you opened before the candle closed? why? mine is below your opened position, is it ok?
I never do that ,must be due to spread.
  • #5,091
  • Sep 28, 2016 9:08pm Sep 28, 2016 9:08pm
Quoting Beth25
{quote} Hi.. sorry i dont understand.. is it different fron ur chart?
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mine
I Will Never Give Up
  • #5,092
  • Sep 28, 2016 9:10pm Sep 28, 2016 9:10pm
Quoting Beth25
Hi bk8 would u mind explain, why u choose USDCAD rather than EURCAD? Thanks. I thought they are very similar, and both fit the rules.
To be honest with you, I did not check EUR/CAD... I was already late and wanted to post before 5:30 PM EST
  • #5,093
  • Sep 28, 2016 9:13pm Sep 28, 2016 9:13pm
Quoting Bk8
{quote} To be honest with you, I did not check EUR/CAD... I was already late and wanted to post before 5:30 PM EST
OK, thanks
  • #5,094
  • Edited 10:21pm Sep 28, 2016 9:36pm | Edited 10:21pm
Quoting marsss
I was just studying the loosing trades from last couple of days. I found one thing in common as follows : False signals are not able to cross the High of Previous Day. Suggestion : By Putting a buy stop "+10/+30" pips above previous day High, We can avoid False signals ​What you guyz think ??? U can Back test it :nerd:
Good one. I am not trading this strategy, but a similar one on Daily and I am using +/- 25 pips buffer for entries to see Higher High / Lower Low on daily bar (to see if momentum is on my side) which helps me to filter many false trades. But it is a trade off. If your trade frequency is high, then every 25 pips costs. It certainly increases your win ratio and helps you psychologically, it also helped my bottom line. Just my two cents.

Regards,
Blackeagle
  • #5,095
  • Sep 28, 2016 9:40pm Sep 28, 2016 9:40pm
Quoting b3ndyx
Hi BK8 and thank you for sharing this great system to us... I've been watching this thread for couple of days and now I have some pair traded by this system. I just got an idea of using the Pair to Pair correlation to maximize the profit. I don't know if this will deliver good results, but I think we should give it a try. Sorry for my bad English. {image}
where do you get this information from?
  • #5,096
  • Sep 28, 2016 10:17pm Sep 28, 2016 10:17pm
Quoting pipmunks
{quote} ... The bold one is what I called "discretion" as it not stated clearly in post #1 rules or anywhere in the thread. People will hardly follow & replicate your thought process, because you pick setup with some extra criteria (from your own experience) that not available to others. This will create confusion among your followers & they will very dependent on you for picking official setup. You can see how many people waiting for you to post your picks for the days, even if they should can pick it for themselves based on post #1 rules. I hope...
This is so true. Because the strategy itself is discretionary. Do you see anywhere in the rules for exits " This week is horrible so lets not add more risk. And exit first position while we are in profit" (No offense). Even if the strategy is discretionary, the rules should be followed especially for trade management (discretionary part must be related to entries to choose quality setups)

Trading daily bars is very difficult in terms of emotions. Although I classify this strategy as NOT trend following due to its entries (because it is trying to find turning points of swings), it is, and it should ride the trend for exits (because it assumes that the short term trend has changed after price crossing SMA 5). This is how you can recover your losses. You cannot expect stoplosses less than 100 pips on daily bars, and depending on the pair up to 200 pips. Let's say SL for Trade 1 is 150 pips, for two positions, it is 300 pips. Assume you have another trade, say Trade 2, if you exit position 1 of Trade 2 at 50 pips profits, you need 250 pips profit from position 2 just to recover your stoploss of Trade 1. This is the main reason to let the profits run to be profitable in the long run (most strategies of this kind have 30-40% winning ratio in the long run and still profitable due to their sound trade management rules). Trading daily bars, it is not a sprint, it is a marathon. And therefore you shouldn't bend your trade management rules.

Regards,
Blackeagle
  • #5,097
  • Sep 28, 2016 10:20pm Sep 28, 2016 10:20pm
Quoting Beth25
{quote} Hi.. sorry i dont understand.. is it different fron ur chart?
Please check your BB settings.

Regards,
Blackeagle
  • #5,098
  • Edited 10:55pm Sep 28, 2016 10:42pm | Edited 10:55pm
If you read my posts...I have clearly mentioned that I did not check tonights red news before recommending todays setups, later I noticed candles are moving so fast then I checked the news calendar and found that red news is due to 2:30 AM.. so I suggested lets get out since we have already lost 3 setups this week.. news can impact these setups as well... what's wrong here??
We already made 65-70 pips per position so we can exit from first one and move the SL to breakeven for the second position.

3 out of 4 losers are back to same direction we predicated, we lost due to Red news and tight SL ...we do not want to change the long term strategy due to few exceptions.

If I start adding all minor decision making points on #1, it will be like manual of Software and no one would like to read or use it.

I said avoid sideways...even given a link where Mr Filip has explained with beautiful pictures, still some get confused why I took A/J..so thought will add some more points, simple.



Quoting Blackeagle
{quote} This is so true. Because the strategy itself is discretionary. Do you see anywhere in the rules for exits " This week is horrible so lets not add more risk. And exit first position while we are in profit" (No offense). Even if the strategy is discretionary, the rules should be followed especially for trade management (discretionary part must be related to entries to choose quality setups) Trading daily bars is very difficult in terms of emotions. Although I classify this strategy as NOT trend following due to its entries (because it is trying...
  • #5,099
  • Sep 28, 2016 10:51pm Sep 28, 2016 10:51pm
Quoting Bk8
Problem is that you pick partial statement and start cooking so obviously nothing will come out. ...{quote}
If this is what you understand from my post, all I can say is "no further comment". Please try to see the forest, not the trees.

Regards,
Blackeagle
  • #5,100
  • Sep 28, 2016 10:59pm Sep 28, 2016 10:59pm
Quoting Blackeagle
{quote} If this is what you understand from my post, all I can say is "no further comment". Please try to see the forest, not the trees. Regards, Blackeagle
Not sure I understood or misunderstood your previous post but I loved this post My apologies....I think I got it now.
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