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Monthly Profit - Daily Trading using SMA

  • #7,221
  • Nov 28, 2016 4:44pm Nov 28, 2016 4:44pm
Quoting Bk8
{quote} U/C is recovering...It was almost at breakeven but did not touch my TP so I will continue to wait. E/G is green now, closed first setup and second setup is running. A/J has around 80+ pips, closed first setup. There are so many setups today but I sold E/U and will wait for G/A since spread is too much
Closed U/C and G/C, Few green pips
Closed A/J to compensate G/S SL
E/U reversed after 30 pips profit and hit SL.

Todays Setups

Long NZD/CHF
Short EUR/AUD
  • #7,222
  • Nov 28, 2016 4:46pm Nov 28, 2016 4:46pm
Quoting Bk8
{quote} Short E/A and Long N/CHF
the long in NZD CHF is a little of no?
  • #7,223
  • Nov 28, 2016 4:48pm Nov 28, 2016 4:48pm
Quoting huguet2004
{quote} the long in NZD CHF is a little of no?
Sorry I did not get you
  • #7,224
  • Nov 28, 2016 4:59pm Nov 28, 2016 4:59pm
Quoting Bk8
{quote} Sorry I did not get you
I didnt get why the long on NZD CHF
  • #7,225
  • Nov 28, 2016 5:12pm Nov 28, 2016 5:12pm
I think what Huguet is saying is why would you buy NCh today. Wouldn't the entry for that trade have been on the 24th? Also the way I read the rules the sell for EA was on the 22nd.
  • #7,226
  • Nov 28, 2016 5:14pm Nov 28, 2016 5:14pm
Quoting Bk8
{quote} Closed U/C and G/C, Few green pips Closed A/J to compensate G/S SL E/U reversed after 30 pips profit and hit SL. Todays Setups Long NZD/CHF Short EUR/AUD
E/A looks like it is near a strong area of support? It looks like it will test it again but I would think this trade is only good for 10-20 pips.
  • #7,227
  • Nov 28, 2016 5:15pm Nov 28, 2016 5:15pm
Quoting bobha
I think what Huguet is saying is why would you buy NCh today. Wouldn't the entry for that trade have been on the 24th? Also the way I read the rules the sell for EA was on the 22nd.
Agree!
  • #7,228
  • Nov 28, 2016 5:22pm Nov 28, 2016 5:22pm
Uy
All the best to all of you. But don't follow me. I am a learner.
  • #7,229
  • Nov 28, 2016 5:28pm Nov 28, 2016 5:28pm
Quoting shimmering
{quote} HI, What happened today with CAD? It went up a lot. Did you get stopped out on E/C?
I did got stopped out, I moved my stoploss so it was not that far like when I enter, the original plan is on several posts up where the analysis is. Initially I was going to take profit at 1.4380, price came up hit the level and came straight down with the OPEC news. that was not in the calendar, i did not saw it. Later I was reading on the USDCAD forum and they knew it was going to happen today. Anyways I mentioned in the analysis that the order flow for eur/cad is down, so it was a counter trade, I was not expecting that it reverse so quickly. Any way as soon as I was stopped I entered short to cover some of the loss. Many are expecting eur/cad to go back down to 1.37.
My level of profit is 1.37617.. hopefully it will make it.
  • #7,230
  • Nov 28, 2016 5:33pm Nov 28, 2016 5:33pm
Here is my two bobs worth for today so please shoot me down gently if you don't agree

Sell; GCh, GJ, UJ, EJ, ChJ
Buy: EG
  • #7,231
  • Nov 28, 2016 11:28pm Nov 28, 2016 11:28pm
Quoting caillo
{quote} I did got stopped out, I moved my stoploss so it was not that far like when I enter, the original plan is on several posts up where the analysis is. Initially I was going to take profit at 1.4380, price came up hit the level and came straight down with the OPEC news. that was not in the calendar, i did not saw it. Later I was reading on the USDCAD forum and they knew it was going to happen today. Anyways I mentioned in the analysis that the order flow for eur/cad is down, so it was a counter trade, I was not expecting that it reverse so...
I would be interested to know what did the U/C people know?
  • #7,232
  • Edited 1:26am Nov 29, 2016 1:15am | Edited 1:26am
Don't fret about daily losses, this is about MONTHLY profits. Be PATIENT and do not quit trades too early, the price does not go straight up or down, and can turn next day in your favour. Use SMALL positions, so you can use bigger SL. Calculate the biggest loss you can take, and if it realizes just GET OUT. Add more (small) positions if the price goes your way.

And as Oddbjorg already said: we do not need to trade EVERY single day. Better to wait for the REALLY good setups.

End of sermon : )
  • #7,233
  • Nov 29, 2016 1:30am Nov 29, 2016 1:30am
Quoting noux09
Don't fret about daily losses, this is about MONTHLY profits. Be PATIENT and do not quit trades too early, the price does not go straight up or down, and can turn next day in your favour. Use SMALL positions, so you can use bigger SL. Calculate the biggest loss you can take, and if it realizes just GET OUT. Add more (small) positions if the price goes your way. And as Oddbjorg already said: we do not need to trade EVERY single day. Better to wait for the REALLY good setups. End of sermon : )
Fully agreed. Bk8 strategy is 30% of forex trading, 30% is money management (SL, TP, Lot Size), 30% emotion/Risk control and 10% would be your luck.

It's not realistic if a forex trader is expecting 100% winning rate from a strategy.
  • #7,234
  • Nov 29, 2016 4:31am Nov 29, 2016 4:31am
Quoting domdom1984
{quote} Fully agreed. Bk8 strategy is 30% of forex trading, 30% is money management (SL, TP, Lot Size), 30% emotion/Risk control and 10% would be your luck. It's not realistic if a forex trader is expecting 100% winning rate from a strategy.
How right you are! But in my experience it takes long boring time to really catch and learn it. A good mentor to a beginning trader is worth of gold. Here we can try to find one (hint: BK8) - and also LISTEN TO other experienced traders what they SAY (pardon for shouting : )
  • #7,235
  • Nov 29, 2016 9:41am Nov 29, 2016 9:41am
Quoting noux09
Don't fret about daily losses, this is about MONTHLY profits. Be PATIENT and do not quit trades too early, the price does not go straight up or down, and can turn next day in your favour. Use SMALL positions, so you can use bigger SL. Calculate the biggest loss you can take, and if it realizes just GET OUT. Add more (small) positions if the price goes your way. And as Oddbjorg already said: we do not need to trade EVERY single day. Better to wait for the REALLY good setups. End of sermon : )
Quoting domdom1984
{quote} Fully agreed. Bk8 strategy is 30% of forex trading, 30% is money management (SL, TP, Lot Size), 30% emotion/Risk control and 10% would be your luck. It's not realistic if a forex trader is expecting 100% winning rate from a strategy.
Amen and amen!
Cluttered charts are visual diarrhea. Whats on your charts?
  • #7,236
  • Nov 29, 2016 2:16pm Nov 29, 2016 2:16pm
Quoting Bk8
{quote} Short E/A and Long N/CHF
Do you remember the rule from Post 1? Short - When previous D1 bear candle's body has clearly crossed SMA and did not touch BB lower band. The first trade you called here breaks that rule. Why did you call it then?
  • #7,237
  • Nov 29, 2016 3:10pm Nov 29, 2016 3:10pm
Quoting shimmering
{quote} Do you remember the rule from Post 1? Short - When previous D1 bear candle's body has clearly crossed SMA and did not touch BB lower band. The first trade you called here breaks that rule. Why did you call it then?
I did not see candle touched lower BB, can you post chart plaeast?
  • #7,239
  • Nov 29, 2016 3:42pm Nov 29, 2016 3:42pm
BK8,

What you see for today?
  • #7,240
  • Nov 29, 2016 6:14pm Nov 29, 2016 6:14pm
Quoting huguet2004
BK8, What you see for today?
Short AUD/NZD
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