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Monthly Profit - Daily Trading using SMA

  • #8,581
  • Jun 18, 2017 3:53am Jun 18, 2017 3:53am
Quoting Filipo1
{quote} Thanks for the warning Doppiomalto. Indeed on your chart it looks as a valid trend line (min. 3 points of contact) but on mine it is more distant from current price action. {image}
Hi Fillipo,
Will you sell at market open? Were will you put your SL?
  • #8,582
  • Jun 18, 2017 4:17am Jun 18, 2017 4:17am
Quoting Bk8
I am sharing the simplest strategy for stress free day trading, I have ever seen anywhere else Indicators SMA 5,0 BB (Optional) Time Required - Just 15 minutes daily after D1 close when new candle starts.
Hi,

Any pairs? or ?
  • #8,583
  • Jun 18, 2017 6:43am Jun 18, 2017 6:43am
Quoting Filipo1
{quote} Hi Jmtini, sure and you could make a lot of money scalping m1-m3 in big sizes as well. The thing is that Bk8 wanted to share a simple "set-and-forget" system for those who struggle making money on forex. Considering only daily charts signals allow to enter, set stop-loss and come back only the next day to eventually trail the stop-loss level or close the position. I fully agree with you that H4 and even H1 (for which he opened a parallel thread) work nicely BUT they require more monitoring during the day and the returns to expect for each...
Hi Filipo

I am most not suggesting scalping as an alternative. One might as well go to the casino. But I find it amazing that you are suggesting setting a stop loss and coming back the next day and hoping for the best! One simply cannot trade successfully in that manner. Also the suggestion that SL must be set 15 pips above the previous candle opens the way to huge loss because that could be a lot of pips as I'm sure VPA and others found out with that NZDUSD trade. Of course when one is trading the daily chart one has to set a big SL which is why I don't trade the daily chart! The system I trade on 4hr/1hr/30min charts I don't use more then 20 pip stop loss and yes, I do monitor the trade. IMHO If one wants to trade successfully one needs to spend some time on perfecting ones set-up and monitoring your trade. If one hasn't got the time better to go back to your day job. Also on the 4 hr chart, one can easily pick up 150 - 200 pips. I don't call that minor!
  • #8,584
  • Edited 10:36am Jun 18, 2017 9:29am | Edited 10:36am
Quoting jmtini
{quote} Hi Filipo I am most not suggesting scalping as an alternative. One might as well go to the casino. But I find it amazing that you are suggesting setting a stop loss and coming back the next day and hoping for the best! One simply cannot trade successfully in that manner. Also the suggestion that SL must be set 15 pips above the previous candle opens the way to huge loss because that could be a lot of pips as I'm sure VPA and others found out with that NZDUSD trade. Of course when one is trading the daily chart one has to set a big SL which...
Jmtini, perfect! You found a way that works for you and it's a great. What I explained was what Bk8's shared in his first post and after but you are of course free to accept it as such or not, and adapt it the way you want.
However coherence is needed and if your way is different than the way tought by the author of this thread then why don't you just open your own one?
I used to be indecisive but now I'm not so sure...
  • #8,585
  • Jun 18, 2017 9:40am Jun 18, 2017 9:40am
Quoting Burtsfolly
{quote} Hi Fillipo, Will you sell at market open? Were will you put your SL?
Hi Burtsfolly,
Honestly I already entered short on Wednesday based on the the bearish engulfing after BB piercing and plan to enter a second short posiion at the opening with stop-loss at 0.8822 in agreement with this strategy.
I used to be indecisive but now I'm not so sure...
  • #8,586
  • Jun 18, 2017 10:10am Jun 18, 2017 10:10am
Quoting Filipo1
{quote} Hi Burtsfolly, Honestly I already entered short on Wednesday based on the the bearish engulfing after BB piercing and plan to enter a second short posiion at the opening with stop-loss at 0.8822 in agreement with this strategy.
Cheers. Might have a punt myself!
  • #8,587
  • Jun 18, 2017 10:51am Jun 18, 2017 10:51am
Quoting Filipo1
{quote} Jmtini, perfect! You found a way that works for you and it's a great. What I explained was what Bk8's shared in his first post and after but you are of course free to accept it as such or not, and adapt it the way you want. However coherence is needed and if your way is different than the way tought by the author of this thread then why don't you just open your own one?

OK I was only trying to help you and maybe a few others on this thread to avoid losing a lot of bucks but if you're happy to hand over your hard earned money to the sharks that's OK! But really you should rather give it to a worthy charity.

You're right about my own thread but I'm not going to do that again. What I am going to do is start on online blog which will be invitation only. The very strict stipulation being that once you see my strategy people will agree to only use my template and only trade my strategy. As far as I'm concerned it's the only game in town. What I will do from next week is create a trade explorer and I'll put say $250 in and I'll trade my 4 hr chart strategy. Then people can see whether I know what I'm doing or not!
  • #8,588
  • Jun 18, 2017 11:35am Jun 18, 2017 11:35am
Quoting Filipo1
{quote} Jmtini, perfect! You found a way that works for you and it's a great. What I explained was what Bk8's shared in his first post and after but you are of course free to accept it as such or not, and adapt it the way you want. However coherence is needed and if your way is different than the way tought by the author of this thread then why don't you just open your own one?
That's what kills me about the Trading System community. Always those who turns into a dick measuring contest with "my system is better then your system". Honestly i don't idgaf.

Do whatever works and makes a consistent profit and grows a steady equity curve. Since the most important component in trading is psychology, the systems are secondary.

If someone is trolling here for years humping different systems and waging battle with others, then it's obvious they have a defeatist mentality and will struggle for years trying to make money.
Trade with confidence, trade without fear.
  • #8,589
  • Jun 18, 2017 11:38am Jun 18, 2017 11:38am
Quoting Filipo1
I was quite busy recently and did not have time to get involved but thanks to those warning about Kiwi which looks even more attractive after small retracement. It is well positioned after a BB breakout. {image}
This one is on my watch as well, looks good for a reversal. Still may make another push up or a rape candle before turning down.
Trade with confidence, trade without fear.
  • #8,590
  • Jun 18, 2017 12:37pm Jun 18, 2017 12:37pm
Quoting Cryptosurf
{quote} That's what kills me about the Trading System community. Always those who turns into a dick measuring contest with "my system is better then your system". Honestly i don't idgaf. Do whatever works and makes a consistent profit and grows a steady equity curve. Since the most important component in trading is psychology, the systems are secondary. If someone is trolling here for years humping different systems and waging battle with others, then it's obvious they have a defeatist mentality and will struggle for years trying to make money.
You're wrong mate. There are whole courses being run by mentors on why some strategies win and why many are in fact most are a complete waste of time. One can have the best mentality in the world but if you're trading a losing strategy you'll end up crying. I should know! That's why if you read my post properly you will note that I said that I'm happy put my money where my mouth is. But like many traders who have a winning strategy, I certainly won't share it with morons like you.

This will be my last post on this thread. It's going the same way as many others - spoiled by idiots who always seem to be based in the US!

sayonara
  • #8,591
  • Jun 18, 2017 12:42pm Jun 18, 2017 12:42pm
Maybe GBPJPY is a good setup.
What do you think about it?
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  • #8,592
  • Jun 18, 2017 12:55pm Jun 18, 2017 12:55pm
Quoting jmtini
{quote} You're wrong mate. There are whole courses being run by mentors on why some strategies win and why many are in fact most are a complete waste of time. One can have the best mentality in the world but if you're trading a losing strategy you'll end up crying. I should know! That's why if you read my post properly you will note that I said that I'm happy put my money where my mouth is. But like many traders who have a winning strategy, I certainly won't share it with morons like you. This will be my last post on this thread. It's going the...
Good luck chasing your pips. Seems that's all you do.
Trade with confidence, trade without fear.
  • #8,593
  • Jun 18, 2017 1:48pm Jun 18, 2017 1:48pm
Quoting Doppiomalto
Maybe GBPJPY is a good setup. What do you think about it? {image}
Hi Doppiomalto, I was also intrigued by this one.
My drawing of the channel differs slightly from yours but it's no big deal. The problem I have with it is the long wick (retracement in fact) on Friday's candlestick in rejection from Bollinger middle band and looking like a fake channel breakout. Despite all other criteria are met I prefer to skip this one.
Attached Image (click to enlarge)
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I used to be indecisive but now I'm not so sure...
  • #8,594
  • Jun 18, 2017 2:17pm Jun 18, 2017 2:17pm
Quoting Filipo1
{quote} Hi Doppiomalto, I was also intrigued by this one. My drawing of the channel differs slightly from yours but it's no big deal. The problem I have with it is the long wick (retracement in fact) on Friday's candlestick in rejection from Bollinger middle band and looking like a fake channel breakout. Despite all other criteria are met I prefer to skip this one. {image}
I think that for EURGBP and GBPJPY our charts are different only for time (GMT) questions.
  • #8,595
  • Jun 18, 2017 3:29pm Jun 18, 2017 3:29pm
Quoting ghostman10
What do you guys think about NZD/USD? It should have went down but the last daily candle is bullish. Should i hold on it or cut losses?
Though it is poised to go down, it retraced. I am a total newbie, but, If I were you I would not exit in haste.. even if live trading test it with smallest lot just to be cautious.

Best wishes for this trade to be profitable to you
  • #8,596
  • Jun 18, 2017 8:30pm Jun 18, 2017 8:30pm
Quoting kski
{quote} Though it is poised to go down, it retraced. I am a total newbie, but, If I were you I would not exit in haste.. even if live trading test it with smallest lot just to be cautious. Best wishes for this trade to be profitable to you
Last Friday closed with an green inside day candle indicating possible further upside. For how long is yet tbd. It could still collapse in the next few days. I'm watching this one closely.

Attached Image (click to enlarge)
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Trade with confidence, trade without fear.
  • #8,597
  • Jun 19, 2017 1:49pm Jun 19, 2017 1:49pm
Hello all

This is my first post. I am an experienzed trader and I have been around. Just one remark to the forever ongoing discussion about Bk8 religion. This system happens to be one of the best systems around. There is no doubt, that many of you also do happen to have the best trading system around. No doubt! The problem is - and I have seen it so many times, that the thread which was about a specific subject does change over time, because some followers wants to improve it - to make it better. And then the original system disappears. That's a shame when the original system is a star.

And now - I will begin to trade the Bk8 system. I hope to have nice discussions about opportunities and no-goes with the good people of this thread.

Today - I think that there a no trades in the pairs I follow. The trades that seems exiting, are all some days old and I want to trade at the first sign.

May your brains be sharp
MetaTrader 4 - so many advantages.
  • #8,598
  • Jun 19, 2017 2:54pm Jun 19, 2017 2:54pm
USD/JPY is climbing. Strong resistance 112.00 is in front of it, but if it breaks it strongly it may go up till 114.

Not exactly according to the rules of the board, but maybe worth keeping an eye on.
  • #8,599
  • Jun 19, 2017 4:24pm Jun 19, 2017 4:24pm
How long should one wait for a signal after the BB band is touched? Sometimes I see price touch the BB but then go sideways for a while and 6 candles later a candle closes in the opposite direction with the MA turned in that direction. Is that still a good and timely signal?
Winners add to winning trades!
  • #8,600
  • Jun 19, 2017 4:44pm Jun 19, 2017 4:44pm
Hello Marshalmax

The question is really not "how long to waite" - rather how powerfull to take off. Generally - if the latest bar crosses the SMA - trending in the opposite direction, then you have a trading signal. But the Bk8 system does not like sideways. After a sideways periode, a small bar is able to cross the SMA and that would not be reliable. What you should look for is a bar with power - a bar that can persuade you, that it wants to break the trend. A strong bar of a nize size.

That's what i think - any of the oldies that want to contribute?

May your brains be sharp
MetaTrader 4 - so many advantages.
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