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Monthly Profit - Daily Trading using SMA

  • #8,141
  • Apr 9, 2017 1:36pm Apr 9, 2017 1:36pm
Quoting Filipo1
{quote} Hi Osvelqbano, your remark is absolutely correct for me. This may look like a mechanical system because the rules are simple but that does not exempt us from turning on our brain from time to time and take a step backward to have a more panoramic view. From my experience I agree with you that very often large candlesticks are followed by retracements of approximately 50-60%. In these cases more than ever it is necessary to split your total size into 2 positions: 1 at the opening of the next candle after sma cross but with a huge stop-loss...
I'm using thinkorswim and I have not figure out how to make the 2 positions align well with the two stop losses I use.

First stop goes according to the system's rules because it makes sense. 15 pips above or bellow previous candle high/low

The second one is dormant trailing stop which will kick in once I have reached 70% return on investment with the trail going back 60% ROI. I hate giving back profits once I have it. I would keep 10% ROI or more if the trade flips on me. Also takes away a lot of emotions out of the equation.

Orders will cancel each other so there are no mistake entries when I'm not able to keep track of the market.

Can't wait to test it on a long candle
  • #8,142
  • Apr 9, 2017 5:01pm Apr 9, 2017 5:01pm
Hello 10/04-2017 23:00-gmt
Trying a small amount.
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All the best to all of you. But don't follow me. I am a learner.
  • #8,143
  • Apr 10, 2017 4:33am Apr 10, 2017 4:33am
Can't get away from this pair.
Looks like it is finish running sideways, and takes a route north.
I will keep an eye on it with a mixed fear for birning my fingers and having ice in the stomach.
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Click to Enlarge Name: cadchf 10 04 2017 10 30 gmt.JPG Size: 185 KB
All the best to all of you. But don't follow me. I am a learner.
  • #8,144
  • Apr 10, 2017 6:04pm Apr 10, 2017 6:04pm
Quoting Oddbjorg
Can't get away from this pair. Looks like it is finish running sideways, and takes a route north. I will keep an eye on it with a mixed fear for birning my fingers and having ice in the stomach. {image}
11-04-2017-00:04
Hello
Closed it and got 30 pips
Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #8,145
  • Apr 10, 2017 6:11pm Apr 10, 2017 6:11pm
Quoting Oddbjorg
Hello 10/04-2017 23:00-gmt Trying a small amount. {image}
Closed the first trade 25 pips.
Maybe let the second trade run further.
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All the best to all of you. But don't follow me. I am a learner.
  • #8,146
  • Apr 10, 2017 6:49pm Apr 10, 2017 6:49pm
Hello
11-04-2017-00:47
Will take a small trade usdcad.
Is maybe to late, since the last one has a big body.
Well good luck to all of you.
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All the best to all of you. But don't follow me. I am a learner.
  • #8,147
  • Apr 10, 2017 7:34pm Apr 10, 2017 7:34pm
Quoting Oddbjorg
Hello 11-04-2017-00:47 Will take a small trade usdcad. Is maybe to late, since the last one has a big body. Well good luck to all of you. {image}
Do you trade with real or demo money?
  • #8,148
  • Apr 10, 2017 7:51pm Apr 10, 2017 7:51pm
Quoting ghostman10
{quote} Do you trade with real or demo money?
We are a team. We do both. Why...?
All the best to all of you. But don't follow me. I am a learner.
  • #8,149
  • Apr 11, 2017 7:31am Apr 11, 2017 7:31am
Hi Oddbjorg,
I think you may have entered the trade a bit early - you have entered during a period of price congestion (indecision) - price could break either up or down.
The Bol Bands are converging to form a throat! - this is where the price direction will be decided
If you look at all the lower timeframes you will see that price has done nothing all day - when the market finally makes up its mind - theprobability is that the price move is going to be big.
I do not think the cross of the ma is the best option for this type of trade - but there will be a cross of the ma which leads to the price breakout and it will get you in early - but which ma cross will it be?
The previous crosses during this consolidation have been meaningless
However, the ma cross you have chosen could be the one - best wishes
PS Just noticed that price has broken to the downside on the 1min chart - if there is going to be a move - it starts here first, and if strong enough it will work its way up through the higher timeframes
  • #8,150
  • Apr 11, 2017 7:38am Apr 11, 2017 7:38am
Quoting lizpet
Hi Oddbjorg, I think you may have entered the trade a bit early - you have entered during a period of price congestion (indecision) - price could break either up or down. The Bol Bands are converging to form a throat! - this is where the price direction will be decided If you look at all the lower timeframes you will see that price has done nothing all day - when the market finally makes up its mind - theprobability is that the price move is going to be big. I do not think the cross of the ma is the best option for this type of trade - but there...
Hello and thanks for replying.
Do we talk about usdcad?
Yes, I see what you mean. Narrow bollingerbands are a sign of pausing.
All the best to all of you. But don't follow me. I am a learner.
  • #8,151
  • Apr 11, 2017 7:44am Apr 11, 2017 7:44am
Hi Oddbjorg
Yes my post was in regard to USDCAD
  • #8,152
  • Apr 11, 2017 7:47am Apr 11, 2017 7:47am
Quoting lizpet
Hi Oddbjorg Yes my post was in regard to USDCAD
Hello

Yes, I see what you mean.
Do you think that this big red candle, which sma is crossing, coming after the two weak red candles could be used as a sign even though bb is narrow?
All the best to all of you. But don't follow me. I am a learner.
  • #8,153
  • Apr 11, 2017 8:09am Apr 11, 2017 8:09am
Hi Oddbjorg,
In a congestion situation - sometimes the line diagram can give an early indicationof the direction of the price breakout - but not in this occasion, so far

Big red candle - there was a big green candle 5 candles back which led to nothing

The sign to look for is the Bol Bands expanding from the throat

Its late here in Australia so its time for zzzzs
  • #8,154
  • Apr 11, 2017 8:56am Apr 11, 2017 8:56am
Quoting lizpet
Hi Oddbjorg, In a congestion situation - sometimes the line diagram can give an early indicationof the direction of the price breakout - but not in this occasion, so far Big red candle - there was a big green candle 5 candles back which led to nothing The sign to look for is the Bol Bands expanding from the throat Its late here in Australia so its time for zzzzs
Thank you. I understand.
Have a good nights sleep.
Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #8,155
  • Apr 11, 2017 9:49am Apr 11, 2017 9:49am
Keeping an eye on EUR/USD. Let's see if it breaks through last weeks resistance and the 5 SMA
  • #8,156
  • Edited 1:55pm Apr 11, 2017 1:43pm | Edited 1:55pm
Re: USDCAD it is absolutely normal for the market to enter in pause mode as tomorrow we will have 2 majors decisions/releases with strong impact for the CAD:
BoC rate decision + press conference and US DoE Crude Oil stockpiles.

EURUSD is also in deep hesitation, supported on one hand by the overall USD weakness in a disoriented market doubting about the formerly unquestionned safe-heaven status of the greenback, and pressured on the other hand by uncertainties around the French elections outcome.

I will have a look preferably on GBPUSD rebound. I personally prefer using the Ichimoku system rather than Bollinger bands with SMA5 cross setups.
For those familiar with it on the daily chart below we have a nice Kumo breakout departing from the Kijun Sen. Should we close at or above current level we would have an additional bullish signal wiith a close above the Tenkan Sen and last but not least Chikou Span above everything else
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I used to be indecisive but now I'm not so sure...
  • #8,157
  • Apr 11, 2017 5:41pm Apr 11, 2017 5:41pm
Quoting Filipo1
Re: USDCAD it is absolutely normal for the market to enter in pause mode as tomorrow we will have 2 majors decisions/releases with strong impact for the CAD: BoC rate decision + press conference and US DoE Crude Oil stockpiles. EURUSD is also in deep hesitation, supported on one hand by the overall USD weakness in a disoriented market doubting about the formerly unquestionned safe-heaven status of the greenback, and pressured on the other hand by uncertainties around the French elections outcome. I will have a look preferably on GBPUSD rebound....
Hello.
Thanks for the advises. Your system looks very interesting. But I guess, I must be more and more well wandered in forex before starting to understand the method.
Best of luck.
All the best to all of you. But don't follow me. I am a learner.
  • #8,158
  • Apr 11, 2017 10:19pm Apr 11, 2017 10:19pm
Hi Oddbjorg,
One final post....
I think BK8 system is very worth while trading
If you trade a simple robust system such as this - it is easy to improve the R:R (and the accuracy) eg by using multiple timeframe analysis etc - but that is defeating the whole concept of a nice simple system

Re your USDCAD trade:
When price breaks out from its consolidation phase - hopefully in the direction of your trade -
How are you going to exit?
A simple robust method is a close of price on the other side of the 5ma

BK8
Sorry for my intrusion
I hope I have not disruted your thread too much
  • #8,159
  • Apr 12, 2017 2:18am Apr 12, 2017 2:18am
Quoting Filipo1
Re: USDCAD it is absolutely normal for the market to enter in pause mode as tomorrow we will have 2 majors decisions/releases with strong impact for the CAD: BoC rate decision + press conference and US DoE Crude Oil stockpiles. EURUSD is also in deep hesitation, supported on one hand by the overall USD weakness in a disoriented market doubting about the formerly unquestionned safe-heaven status of the greenback, and pressured on the other hand by uncertainties around the French elections outcome. I will have a look preferably on GBPUSD rebound....
GBPUSD heads up : Carney's speech a bit later this morning and UK unemployment release.
I used to be indecisive but now I'm not so sure...
  • #8,160
  • Apr 12, 2017 3:30am Apr 12, 2017 3:30am
Quoting lizpet
Hi Oddbjorg, One final post.... I think BK8 system is very worth while trading If you trade a simple robust system such as this - it is easy to improve the R:R (and the accuracy) eg by using multiple timeframe analysis etc - but that is defeating the whole concept of a nice simple system Re your USDCAD trade: When price breaks out from its consolidation phase - hopefully in the direction of your trade - How are you going to exit? A simple robust method is a close of price on the other side of the 5ma BK8 Sorry for my intrusion I hope I have not...
Hello
Thank you very much.
I just stopped both of the trades while at BE - - + 10 pips each.
I did not dare to go on.
I don't think you are violating on bk8 system by how you explain things.

All the best and have a blessed easter.
Oddbj.
All the best to all of you. But don't follow me. I am a learner.
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