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SP500 H1 trade, took entry on a retrace, bit of a rule break there but i had sp pegged as a long and wasnt gonna miss it
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Quoting piprac
60MM -

Are your channel lines & yellow MA line explained somewhere. I don't recall seeing a post regarding them. I'm doing ok without extra indicators but the channel lines' crossing might help.
Hi Piprac, theyre from an old SR system, but i leave them on because im used to them being there and i find it easier to see s/r... they bear no relevance to buy sell
Quoting 60minuteman
got a little GJ short in ASIA... H1... main trend is still long but was pretty much guaranteed to test the bottom again
Very nice with an engulfing on bodies and very strong close.
Quoting jls
When trading any particular strategy you can enter a trade perfectly and lose money. You can also enter a trade poorly and make money. Based on the methods described in this thread it looks like you did the latter. Time and again it has been said on this thread to wait for a strong trend and a decent retracement for best entry. It is my opinion that this trade did neither. Though the trade may technically meet the entry criteria it doesn't look to me like an optimal entry.

Congrats on making some money with the trade -- don't make a habit of...
Yes,I agree with you,but sometime we can take some CT entries,of course it will be more risky!So I reduce my size in situations like thí!
Quoting tex123
Very nice with an engulfing on bodies and very strong close.

yeah Tex, thought you'd like that one
Quoting kaka_ht
Yes,I agree with you,but sometime we can take some CT entries,of course it will be more risky!So I reduce my size in situations like thí!
I am probably just a very conservative trader... I have no problem sitting on my hands until everything lines up as perfectly as possible. Instead of reducing my risk by reducing my trade size I just eliminate the riskier trades altogether!
SP500
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better pic...
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It was not perfect engulf candle,but I decided to take a long when combine with my EW count!
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Quoting kaka_ht
It was not perfect engulf candle,but I decided to take a long when combine with my EW count!
How did you set the TP and SL? I mean do you use size of the signal candle or some S & R?
Coding is Poetry....
Quoting kjaved
How did you set the TP and SL? I mean do you use size of the signal candle or some S & R?
You should come back to the first page to see how 60 min set TP and SL!

It was another good entry in EU H1.If you know about EW count and combine it with this method,you will get perfect result!
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Quoting kaka_ht
You should come back to the first page to see how 60 min set TP and SL!
I have read and know but your TP & SL were not look like according to that so I asked. But sorry will not ask you again...
Coding is Poetry....
Quoting kjaved
I have read and know but your TP & SL were not look like according to that so I asked. But sorry will not ask you again...
You should follow the 60min's rules,these are very good thing!My TP and SL are bit diffirent from his!But you needn't care about this!
Quoting kaka_ht
It was not perfect engulf candle,but I decided to take a long when combine with my EW count!
Sorry but what's EW count?
Quoting kashTrader
Sorry but what's EW count?
guessing elliot wave
Quoting 60minuteman
guessing elliot wave
Yes, Exactly!
I think the attached EA is very useful when using 60's strategy.
It trails the SL behind the high/low of the last candle(s).

I use it myself at night to stay in H1 and H4 trades and trail the stop behind the last closed H1 candle. I have to say it works perfectly!


The parameters are:
  1. iTicket: put in the ticket number of the trade you want to monitor (first column in MT4 terminal)
  2. iTmfrm: timeframe of which EA should trail by bars (e.g. 60 for H1)
  3. iBars_n: number of bars for which the SL should be calculated (e.g. 2 means high/low of the last 2 bars, I use 1 for the previous bar)
  4. iIndent: buffer in pips for SL (e.g. 10 means the SL will be placed 1 pip -for 5 digit broker- below/above the high/low of the last candle)
  5. bTrlinloss: TRUE = SL will be moved even in loss (I use this) or FALSE = SL will only be moved if new SL is in profit
Have fun with it and many pips for all of you!

Cheers,
Olarion
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Quoting Olarion1975
I think the attached EA is very useful when using 60's strategy.
It trails the SL behind the high/low of the last candle(s).

I use it myself at night to stay in H1 and H4 trades and trail the stop behind the last closed H1 candle. I have to say it works perfectly!


The parameters are:[list][*]iTicket: put in the ticket number of the trade you want to monitor (first column in MT4 terminal)[*]iTmfrm: timeframe of which EA should trail by bars (e.g. 60 for H1)[*]iBars_n: number of bars for which the SL should be calculated (e.g....
very nice... if i could make a variation, it would be to only step the stop loss when the close was in the direction of the trade.... but great im gonna play with this!!! thanks
Quoting Olarion1975
I think the attached EA is very useful when using 60's strategy.
It trails the SL behind the high/low of the last candle(s).

I use it myself at night to stay in H1 and H4 trades and trail the stop behind the last closed H1 candle. I have to say it works perfectly!


The parameters are:[list][*]iTicket: put in the ticket number of the trade you want to monitor (first column in MT4 terminal)[*]iTmfrm: timeframe of which EA should trail by bars (e.g. 60 for H1)[*]iBars_n: number of bars for which the SL should be calculated (e.g....

Great stuff
Quoting 60minuteman
very nice... if i could make a variation, it would be to only step the stop loss when the close was in the direction of the trade.... but great im gonna play with this!!! thanks
Ok, fine. Your variation makes sense. If I step the SL manually, I do it in the same way you described. May be a programmer can do the trick...
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