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Monthly Profit - Daily Trading using SMA

  • #6,021
  • Oct 15, 2016 10:15am Oct 15, 2016 10:15am
Quoting callmejack
{quote} its a daily time frame. and the candle did retrace up a bit before going down. IMO bk8 entered late when daily open and thats why his price is a bit higher than candle open. afterall, he did short when previous candle crossed the sma.
Thanks for your explanation, callmejack, your explanation makes perfect sense to me know, as I always thought always enter the position when a candle open, didn't expect him to enter late where the price retrace. all is clear up now. thanks again. mate.

cheers
  • #6,022
  • Oct 15, 2016 3:01pm Oct 15, 2016 3:01pm
Quoting FX-Flux
{quote} Wrong thread.
can you tell me what is the right thread?
  • #6,023
  • Oct 15, 2016 3:37pm Oct 15, 2016 3:37pm
Its the right thread, just Bk8 ask, we don't fill any indicators or EA, we use the original SMA 5,0 and BB. Nothing else. That's.
  • #6,024
  • Oct 15, 2016 5:46pm Oct 15, 2016 5:46pm
the 5,3 SMA can be a good filter for continuation patterns and adding additional position.
  • #6,025
  • Oct 15, 2016 6:34pm Oct 15, 2016 6:34pm
The following setups seem correct:
Short
USDCAD (if it breaks 1.314(Resistance level))
EURNZD
Silverl
Gold
Long
USDJPY
AUDJPY

There are other pairs that meet the criteria but they are actually almost at the extreme of their range. So the Risk-Reward is not interesting such CHF pairs.
  • #6,026
  • Oct 16, 2016 1:46am Oct 16, 2016 1:46am
Quoting Fadhl
The following setups seem correct: Short USDCAD (if it breaks 1.314(Resistance level)) EURNZD Silverl Gold Long USDJPY AUDJPY There are other pairs that meet the criteria but they are actually almost at the extreme of their range. So the Risk-Reward is not interesting such CHF pairs.
Hi Fadhl
I think eurnzd is excellent bouncing off from upper bb and has a lot of downside to go as I don't see any support blocking your way. So is USDCAD.
But I am a little skeptical of USDYEN because the sma price cross happens on sept 28 or 29. If you entered now, you are simply trending onto the bullish trend and
not taking advantage of our original strategy. Also be careful because you may be heading onto a resistance which is just in front of you. Again, I may be
wrong.
thanks
  • #6,027
  • Oct 16, 2016 2:19am Oct 16, 2016 2:19am
how is this one
my position is bullish on a/u
Attached Image (click to enlarge)
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  • #6,028
  • Oct 16, 2016 2:26am Oct 16, 2016 2:26am
Quoting eltd
how is this one my position is bullish on a/u {image}
Previous candle is hammer: signal for bullish turn
Current candle has large wick on top: price lost momentum

Conclusion: Contradictory, so I wouldn't know. Maybe you could consider a buy stop order @0.7650 but it is against the rules i believe.

Maybe experienced traders have a clue.
  • #6,029
  • Oct 16, 2016 5:59am Oct 16, 2016 5:59am
Dear eltd,
good question.

for what its worth, the last 2 bars are interesting for an Australian, ie me.
The Thursday hammer bar that Batavia id'ed was first a downward thrust ( perhaps with low volume during Asian hours) due to poor china data released which was extinguished later in the day.

The Friday upward thrust started as an enthusiastic reaction to inflationary china data release, but this time more broadly across some markets. The wick is a later in the day wick and on a Friday; so me personally will look for a pullback into the lower half of the BB using Bk8 hourly strategy ( hourly chart) as a means to bet on the monthly close of last months bullish bar being tested this coming week....
j
  • #6,030
  • Oct 16, 2016 9:59am Oct 16, 2016 9:59am
Quoting josephkee
{quote} Hi Fadhl I think eurnzd is excellent bouncing off from upper bb and has a lot of downside to go as I don't see any support blocking your way. So is USDCAD. But I am a little skeptical of USDYEN because the sma price cross happens on sept 28 or 29. If you entered now, you are simply trending onto the bullish trend and not taking advantage of our original strategy. Also be careful because you may be heading onto a resistance which is just in front of you. Again, I may be wrong. thanks
Thanks Joseph for your comment! I agree with you on EURNZD; good one; it has a potential to go down to 1.4962.
My biases are: buying USD and selling EUR and GBP with any other pair. Hence, I'm bullish on USDJPY. My targets are: 104.5, then 105.6 and 107.5. This pair has reached its lowest level and now it's going up.
This said, I'm not an expert, I'm still learning. GL to everyone!
  • #6,031
  • Oct 16, 2016 10:03am Oct 16, 2016 10:03am
Quoting Fadhl
{quote} Thanks Joseph for your comment! I agree with you on EURNZD; good one; it has a potential to go down to 1.4962. My biases are: buying USD and selling EUR and GBP with any other pair. Hence, I'm bullish on USDJPY. My targets are: 104.5, then 105.6 and 107.5. This pair has reached its lowest level and now it's going up. This said, I'm not an expert, I'm still learning. GL to everyone!

Great ! GBP NZD sell too god sinking down!
  • #6,032
  • Oct 16, 2016 10:04am Oct 16, 2016 10:04am
Quoting eltd
how is this one my position is bullish on a/u {image}
Actually AU should go down, but good data from China has reversed the down movement. For how long? I don't know. As I already mentioned, I've a bias for a strong USD.
  • #6,033
  • Oct 16, 2016 10:13am Oct 16, 2016 10:13am
Quoting Fadhl
{quote} Thanks Joseph for your comment! I agree with you on EURNZD; good one; it has a potential to go down to 1.4962.
Not sure what the criteria is but this trade was better entered 2 bars before. I entered at the close of the 11th Oct daily bar and the trade is now 98 pips into profit. On my charts it shows SMA crossing the very top/wick of fridays bar so not sure if that is a valid entry signal or not.

I would be very happy if price did indeed go down to 1.4962
  • #6,034
  • Oct 16, 2016 10:23am Oct 16, 2016 10:23am
Quoting Prax
{quote} Not sure what the criteria is but this trade was better entered 2 bars before. I entered at the close of the 11th Oct daily bar and the trade is now 98 pips into profit. On my charts it shows SMA crossing the very top/wick of fridays bar so not sure if that is a valid entry signal or not. I would be very happy if price did indeed go down to 1.4962
True! but SMA (5,3) and (5,0) have crossed it again last Friday. Validation stamp I will sell this pair tomorrow (before or after Draghi's speech?).
  • #6,035
  • Oct 16, 2016 10:29am Oct 16, 2016 10:29am
Quoting Fadhl
{quote} True! but SMA (5,3) and (5,0) have crossed it again last Friday. Validation stamp I will sell this pair tomorrow (before or after Draghi's speech?).
I don't see Draghis speech until Thursday afternoon?
  • #6,036
  • Oct 16, 2016 11:05am Oct 16, 2016 11:05am
Quoting Prax
{quote} I don't see Draghis speech until Thursday afternoon?
There is one at 1:35 p.m. based on FF Calendar.
  • #6,037
  • Oct 16, 2016 11:20am Oct 16, 2016 11:20am
Quoting Fadhl
{quote} There is one at 1:35 p.m. based on FF Calendar.
Ah - thanks, not shown on FXStreet calender which I use !
  • #6,038
  • Oct 16, 2016 12:00pm Oct 16, 2016 12:00pm
HI, Can anyone help me?
a few days ago I saw a post with a table of different %win rates against R:R ratios needed to break even. I don;t remember who posted and on which thread. If you know where I can find it, please let me know, or know where there is one, please reply
  • #6,039
  • Oct 16, 2016 12:32pm Oct 16, 2016 12:32pm
Quoting shimmering
HI, Can anyone help me? a few days ago I saw a post with a table of different %win rates against R:R ratios needed to break even. I don;t remember who posted and on which thread. If you know where I can find it, please let me know, or know where there is one, please reply
this one perhaps?

http://www.forexfactory.com/showthread.php?t=608012
  • #6,040
  • Oct 16, 2016 12:40pm Oct 16, 2016 12:40pm
Quoting Karemi-Trade
{quote} this one perhaps? http://www.forexfactory.com/showthread.php?t=608012
thanks,. It wasn't this one, but this helps!
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