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Monthly Profit - Daily Trading using SMA

  • #5,221
  • Sep 29, 2016 5:37pm Sep 29, 2016 5:37pm
Quoting Ghibli
{quote} You wrote that you are already long 40 hours ago - that was your post ..So you wouldn't know how the next D1 will close ,the price was still in sideways..Yes , as you said they take the trade a day later, then the new D1 makes a little momentum from this sideways pattern D1 from earlier day is still not good setup to enter..still in sideways and long upper wick,then Today when D1 was closed ,higher than the sideways they decided to take this trade..I personaly don't trade even this kind of trades like A/J from Todays setup..

Cool, thanks for answering. It just gives me a better understanding of the system here. I plan to stick to the Bk8 style so if it seems off, its because I interpreted the charts "off."
I love forex. One day it will love me back.
  • #5,222
  • Sep 29, 2016 5:37pm Sep 29, 2016 5:37pm
  •  jmmn
  • | Joined Nov 2015 | Status: Learning while making money... | 647 Posts
Quoting martyhype
{quote} I understood that you move your sl when your in profit. The first day the candle was not in profit so stop loss stays where it originally was 2515 or there abouts pending broker. {image}
I understood something different and it is that you take profit with your first position the first day and since then you move the SL every single day. Can anybody help, please?
  • #5,223
  • Sep 29, 2016 5:39pm Sep 29, 2016 5:39pm
09/29/2016

Open at 1415 hrs PDT

GBP/NZD : Long
I love forex. One day it will love me back.
  • #5,224
  • Sep 29, 2016 5:39pm Sep 29, 2016 5:39pm
Quoting Singha83
{quote} Cool, thanks for answering. It just gives me a better understanding of the system here. I plan to stick to the Bk8 style so if it seems off, its because I interpreted the charts "off."
No prob We are all here still learning
Read 1st post , if you don't understand something , then , ask a question
  • #5,225
  • Sep 29, 2016 5:46pm Sep 29, 2016 5:46pm
  •  jmmn
  • | Joined Nov 2015 | Status: Learning while making money... | 647 Posts
Quoting Singha83
09/29/2016 Open at 1415 hrs PDT GBP/NZD : Long
A good one!
  • #5,226
  • Sep 29, 2016 5:48pm Sep 29, 2016 5:48pm
My trades are all buy
EURAUD
EURGBP
EURNZD
USDJPY
  • #5,227
  • Sep 29, 2016 5:49pm Sep 29, 2016 5:49pm
Are their no Bk8 recommended trades today?
  • #5,228
  • Sep 29, 2016 5:50pm Sep 29, 2016 5:50pm
Quoting arielcorp
Are their no Bk8 recommended trades today?
Sorry - didn't refresh page - found them
  • #5,229
  • Sep 29, 2016 5:53pm Sep 29, 2016 5:53pm
Quoting arielcorp
{quote} Sorry - didn't refresh page - found them
np, I had busy day so I could not post on time.
  • #5,230
  • Sep 29, 2016 5:54pm Sep 29, 2016 5:54pm
Well done BK8 and thank you for all your hard work. Much appreciated, I've not tested yet but been following for some time now Best of luck to all
Can anyone help which broker I should use, currently I'm in BST and broker IG paints new D candles at 00.00 BST, which doesn't seem to give the best signals? Would you suggest another broker?
  • #5,231
  • Sep 29, 2016 5:56pm Sep 29, 2016 5:56pm
Quoting jmmn
{quote} A good one!

I hope so.
I love forex. One day it will love me back.
  • #5,232
  • Sep 29, 2016 6:00pm Sep 29, 2016 6:00pm
Quoting jmmn
{quote} Watch out because audusd trend on a W and M basis is up! The same for euraud. This pair W and M trend is short.
Thanks for bringing this to my knowledge. However take note of these:
1. On the weekly, A/U has been rather ranging (sideways for 11 weeks, = 3 Months on the monthly). You will see it visually. Although price is above the SMA.
2. Check the slope of the SMA 5 its almost a straight line which means ranging/sideways
3. On the Daily, Structure Analysis supports Downwards movement. (Hope you have an idea about S.A)
4. On the Daily also, Harmonics Pattern supports Downwards at least to the lower BB.

The exact same goes for E/A.

Having said the above, this brings me to the point where I conclude that no Technical Analysis is superior to another, although your TA may point you upwards, mine may point me downwards, still we DON'T KNOW which will come out right or wrong, Hence the KISS idea.
For now lets just trade what we see on the DAily charts based on all the INGREDIENTS given us on post #1 by BK8.

Thanks all the same for the Heads Up.
Best Regards
  • #5,233
  • Sep 29, 2016 6:13pm Sep 29, 2016 6:13pm
Quoting jmmn
{quote} I understood something different and it is that you take profit with your first position the first day and since then you move the SL every single day. Can anybody help, please?
You are correct. You take profit on 1st position IF in profit at the end of day.
Then move SL of 2nd position +/-15pips above/below that profit candle BUT also ONLY IF the candle is NOT a small one. If small, do not move SL until the next profit candle.
This is the reason BK8 does not move SL sometimes then people bombard him with questions bcos they missed the place he mentioned it or they didn't read the thread well.

Thanks.
  • #5,234
  • Sep 29, 2016 6:22pm Sep 29, 2016 6:22pm
Hi all, may need a little help here.

Most of my trades with Bk8 recommendation have lost.
I have a sneaking suspicion it may have something to do with my MT4 candle close/open times, thereby giving me a bad entry level.
SO, here is my situation.
I am in Queensland Australia.
My broker starts the new candle at 7.00am my time. Brilliant for me. And it is GMT +10hours. Basically after the NY session close and just before Sydney session start.

My question is - based on that time frame - am I getting the best entry time?
I was under the impression that when BK8 posted their recommendations it was at the opening of their candle which to me coincided with the opening of mine.

Am I on the right track here or what? I just want to be on the same wavelength.
Any helpful advice greatly appreciated.
  • #5,235
  • Sep 29, 2016 6:38pm Sep 29, 2016 6:38pm
Quoting Oddbjorg
Hello. ac short. Thank you. Oddbj.
Hello. This setup from 28 sept. is + pips. It will just be left on - hopefully starting to run. Thank you. Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #5,236
  • Sep 29, 2016 6:43pm Sep 29, 2016 6:43pm
Quoting arielcorp
Hi all, may need a little help here. Most of my trades with Bk8 recommendation have lost. I have a sneaking suspicion it may have something to do with my MT4 candle close/open times, thereby giving me a bad entry level. SO, here is my situation. I am in Queensland Australia. My broker starts the new candle at 7.00am my time. Brilliant for me. And it is GMT +10hours. Basically after the NY session close and just before Sydney session start. My question is - based on that time frame - am I getting the best entry time? I was under the impression that...
Yes you are on the same Candle Close/Open as me and BK8 = 5PM EST, the same time SYDNEY is open for trading 7AM.
If you just started using this system this week do not worry we all had the same experience of losing trades.
The winning trades BK8 posted in the performance report are trades we have been on since 2-4wks back that are still running and profitable.
Do not worry, you will soon catch one of those steam trains too maybe even today.
Bk8 recommendation for today is BUY E/A
You can have a look at Sell - A/U too.

Happy Trading and Green Pips to you.
  • #5,237
  • Edited 7:01pm Sep 29, 2016 6:49pm | Edited 7:01pm
Quoting arielcorp
Hi all, may need a little help here. Most of my trades with Bk8 recommendation have lost. I have a sneaking suspicion it may have something to do with my MT4 candle close/open times, thereby giving me a bad entry level. SO, here is my situation. I am in Queensland Australia. My broker starts the new candle at 7.00am my time. Brilliant for me. And it is GMT +10hours. Basically after the NY session close and just before Sydney session start. My question is - based on that time frame - am I getting the best entry time? I was under the impression that...
Hello. I am only a learner, but if you look at you chart right now. Does it then look like this? Can that maybe help.? My time now is 00:44, and daily candle closes at 22:00. And I must close with I don't hope I do anything more complicated.
Attached Image (click to enlarge)
Click to Enlarge Name: image.jpg Size: 296 KB
All the best to all of you. But don't follow me. I am a learner.
  • #5,238
  • Sep 29, 2016 7:15pm Sep 29, 2016 7:15pm
Quoting Oddbjorg
{quote} Hello. I am only a learner, but if you look at you chart right now. Does it then look like this? Can that maybe help.? My time now is 00:44, and daily candle closes at 22:00. And I must close with I don't hope I do anything more complicated. {image}
Hello Oddbjorg I have the same chart ,just like yours, so you are fine . My daily candle is also closing at 22:00
Read 1st post , if you don't understand something , then , ask a question
  • #5,239
  • Sep 29, 2016 7:29pm Sep 29, 2016 7:29pm
Quoting RapzyFX
{quote} Yes you are on the same Candle Close/Open as me and BK8 = 5PM EST, the same time SYDNEY is open for trading 7AM. If you just started using this system this week do not worry we all had the same experience of losing trades. The winning trades BK8 posted in the performance report are trades we have been on since 2-4wks back that are still running and profitable. Do not worry, you will soon catch one of those steam trains too maybe even today. Bk8 recommendation for today is BUY E/A You can have a look at Sell - A/U too. Happy Trading and Green...
Thanks Rapzy,
What I can't understand is that the set ups for Wednesday show AUD/JPY + 50pips and CAD/JPY +57 pips.
My trades did not even get into positive territory and I don't know why.
  • #5,240
  • Sep 29, 2016 7:29pm Sep 29, 2016 7:29pm
Quoting jmmn
{quote} Watch out because audusd trend on a W and M basis is up! The same for euraud. This pair W and M trend is short.
An observation.
1. A/U has been heading up for the quarter of Jun/Sep, so of course the W trend is up. E/A has been ranging for the same time. Changing the direction of those timeframes is like trying to turn the Titanic. How you consider the W and M timeframe is related to how long you plan to hold you trade, do you not think?

2. If A/U is weakening, what do you think will happen to E/A?

3. Many pages ago, I made an observation about this week being the last week of the quarter, and that casting your eye over the Committment of Traders report is well worth doing. If you had, you would have discovered that last week, the "big boys" (banks) got rid of a lot of short positions and the other "big boys" (hedge funds etc) disposed of long positions. These guys need to get their books in order for the end of the quarter, and that's probably why the last week or so has been very difficult, along with all of the red news. A search of FF for threads on the COT Report is well worth doing.
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