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Price Action and Trading Discussion

  • #1,061
  • Mar 2, 2012 9:04am Mar 2, 2012 9:04am
ECAD H4 trade today for +75, exactly same scenario on EA

This is the only trade set ups i do, very simple system... pure price action
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tradewith60
  • #1,062
  • Mar 2, 2012 9:17am Mar 2, 2012 9:17am
Quoting 60minuteman
ECAD H4 trade today for +75, exactly same scenario on EA

This is the only trade set ups i do, very simple system... pure price action
which type of (50) "ma" in your chart?
  • #1,063
  • Mar 2, 2012 9:22am Mar 2, 2012 9:22am
missed this trade on GU 15m. pullback followed by pinbar 'ish at sup/res area

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  • #1,064
  • Mar 2, 2012 9:26am Mar 2, 2012 9:26am
Quoting sniperfxmy
which type of (50) "ma" in your chart?
looks like a SMA 50 to me mate.

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  • #1,065
  • Mar 2, 2012 9:26am Mar 2, 2012 9:26am
Quoting 60minuteman
ECAD H4 trade today for +75, exactly same scenario on EA

This is the only trade set ups i do, very simple system... pure price action
Hi Minuteman, could you give us a few more details on your system/EA ?
  • #1,066
  • Mar 2, 2012 9:27am Mar 2, 2012 9:27am
Quoting sniperfxmy
which type of (50) "ma" in your chart?
just 50 sma... visual trend filter and keeps me disciplined, above it i'm only going long, below it i'm only going short.
tradewith60
  • #1,067
  • Mar 2, 2012 9:35am Mar 2, 2012 9:35am
break of the S/R + RN and retest would make for a good short on the 4hr

daily chart below

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  • #1,068
  • Mar 2, 2012 9:37am Mar 2, 2012 9:37am
Another trade missed today this time on AU 5m. simple S/R trading ... although im not too keen on taking doji candle setups

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  • #1,069
  • Mar 2, 2012 9:38am Mar 2, 2012 9:38am
Quoting dan89
Hi Minuteman, could you give us a few more details on your system/EA ?
Hi Dan, nice to meet you...

my system is super simple rule based system..

1. 50sma, below only short, above only long.
2. wait for engulfing in direction of trend.
3. to enter the very next candle has to trade lower, i set a pending 1 pip below + spread.
4. my stops go 1 pip above the high.
5. at 1/1 i move my stops to break even or sometimes take some profit.
6. targets are next key levels.

Thats it, super simple, mainly H4 but sometimes london open is great for a H1 signal...

Higher TF allows you to trade more pairs because spread isn't so much of an issue, risk is 3% max per trade.

13 wins 0 losses this week..

pairing strong pairs against weak pairs makes the pips come easier, thats usually easy to spot just looking at the h4 charts.

edit* looking at your au trade above, could of got you in that, nice engulfing with the trend, with momentum to trigger your trade
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tradewith60
  • #1,070
  • Edited 10:50am Mar 2, 2012 9:40am | Edited 10:50am
Quoting 60minuteman
Hi Dan, nice to meet you...

my system is super simple rule based system..

1. 50sma, below only short, above only long.
2. wait for engulfing in direction of trend.
3. to enter the very next candle has to trade lower, i set a pending 1 pip below + spread.
4. my stops go 1 pip above the high.
5. at 1/1 i move my stops to break even or sometimes take some profit.
6. targets are next key levels.

Thats it, super simple, mainly H4 but sometimes london open is great for a H1 signal...

Higher TF allows you to trade more pairs because spread isn't so...
Thanks for the reply mate. Seems like a good system to me. I think ill start using the 50 sma also to keep me disciplined. 13 wins and 0 losses is great man, keep it up

question : how you you define an englufing candle. some people like to using the body of the candle others like to use the whole candle including the highs and lows.

Also could you explain how you pair strong pairs with weak pairs ?

Cheers
Dan
  • #1,071
  • Edited 4:37pm Mar 2, 2012 11:58am | Edited 4:37pm
Quoting dan89
Thanks for the reply mate. Seems like a good system to me. I think ill start using the 50 sma also to keep me disciplined. 13 wins and 0 losses is great man, keep it up

question : how you you define an englufing candle. some people like to using the body of the candle others like to use the whole candle including the highs and lows.

Also could you explain how you pair strong pairs with weak pairs ?

Cheers
Dan
just needs to engulf the open and close.... you're looking for momentum back into the trend...


strong and weak pairs . well i have yen down as weak because its falling against everything, euro weak too, cad and aussie strong.... beyond that just looking at the trend.... most of the time you can do it visually on the higher tf charts.

or index's like these are good http://www.forex-central.net/currency-indexes.php
tradewith60
  • #1,072
  • Mar 2, 2012 7:44pm Mar 2, 2012 7:44pm
Quoting DarkWolF
I gotta say after trading the Daily and 4 hourly charts predominately over the last few weeks due to lack of time, I have quite enjoyed looking at and trading from them and might the way I head once I am back more so than the 5 min charts which I have mainly traded for the last few years.
Yeah i got to agree with you DW.... you have to be uber cool to watch every trade from entry to exit, keep a cool head and still make the right decisions, i much prefer to set my tp's, stops and walk away from the charts (h4 tf).

Larger stops also give you the opportunity to slightly mis-time your entry but still come out with a winner, as long as you calculate your position size properly then you're not taking on anymore risk.
tradewith60
  • #1,073
  • Mar 2, 2012 9:55pm Mar 2, 2012 9:55pm
Quoting 60minuteman
Yeah i got to agree with you DW.... you have to be uber cool to watch every trade from entry to exit, keep a cool head and still make the right decisions, i much prefer to set my tp's, stops and walk away from the charts (h4 tf).

Larger stops also give you the opportunity to slightly mis-time your entry but still come out with a winner, as long as you calculate your position size properly then you're not taking on anymore risk.
Yeah im thinking about moving to the longer timeframes myself as i dont seem to be having much success with the shorter time frames (5min). How long have you been trading for youself ?
  • #1,074
  • Mar 2, 2012 10:04pm Mar 2, 2012 10:04pm
Quoting dan89
Yeah im thinking about moving to the longer timeframes myself as i dont seem to be having much success with the shorter time frames (5min). How long have you been trading for youself ?
I have been live for just over a year Dan... no reason you cant trade H4 and M5, I have had mixed success on the lower tf's too, i just couldnt handle watching trades, on the H4 im happy to leave my trade, go watch a DVD or play some games and come check on it every hour, or even leave it for hours at a time, as long as i have my stops set i dont mind. The way i see it, once youre in a trade you've given up that 1% 2% or whatever you trade, thats the worst outcome.

I'm sure you know this already, but i think it is really important to have a method to trade that has rules, and those rules have to be set in stone, so there can be no question wether it is a valid set up or not. For instance the 50sma, below the 50 you only short, there can be no maybe in that, it's either below or above, same with the signal candle, the open and close either engulf the previous bar or they dont, again its black and white, no grey areas...
tradewith60
  • #1,075
  • Mar 2, 2012 10:11pm Mar 2, 2012 10:11pm
Quoting 60minuteman
I have been live for just over a year Dan... no reason you cant trade H4 and M5, I have had mixed success on the lower tf's too, i just couldnt handle watching trades, on the H4 im happy to leave my trade, go watch a DVD or play some games and come check on it every hour, or even leave it for hours at a time, as long as i have my stops set i dont mind. The way i see it, once youre in a trade you've given up that 1% 2% or whatever you trade, thats the worst outcome.
Yeah watching the shorter timeframes can be stressfull at times. I think I may give the longer timeframes a go for the next several weeks and see how that goes. Do you only trade your method on the H4, or also on the H1 aswell, whats your sucess rate been on this method if you dont mind me asking ?

Dan
  • #1,076
  • Edited Mar 3, 2012 5:32am Mar 2, 2012 10:25pm | Edited Mar 3, 2012 5:32am
Quoting dan89
Yeah watching the shorter timeframes can be stressfull at times. I think I may give the longer timeframes a go for the next several weeks and see how that goes. Do you only trade your method on the H4, or also on the H1 aswell, whats your sucess rate been on this method if you dont mind me asking ?

Dan
I like to use H1 around london open, other than that i'm on the H4. I love the H4 because it's just a more relaxed way to trade, you can watch more pairs and just drop in every H4 to see if there is a set up.

I dont really like talking about pips and win rates because past results don't guarantee future success....lol..and not only that, i could say whatever I like and you have no way of knowing if im full of it or not. what i will do is post my entries and results as I go. Pull up your H4 charts and do a bit of visual back testing, I think you will find that its a pretty solid strategy, it will have losers, it will have periods of losers, but over time it is consistent and will give you steady account growth. Thats the way to trade I think, you dont want a system that has massive winning streaks to only give massive chunks back, that will screw with your confidence and discipline, slow and steady is what you want.

2% a week with compounding will be more than enough....
tradewith60
  • #1,077
  • Mar 4, 2012 4:20am Mar 4, 2012 4:20am
hi
do you favor long based on pure PA/TA?
cheers
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  • #1,078
  • Mar 4, 2012 7:26am Mar 4, 2012 7:26am
Pairs on my hit-list for easy pips next week, pairing weak to strong currencies.

EU/CAD
EU/AU
EU/USD
GBP/YEN
AU/YEN
CAD/YEN
tradewith60
  • #1,079
  • Mar 4, 2012 3:25pm Mar 4, 2012 3:25pm
Thanks for the heads up mate.
  • #1,080
  • Mar 4, 2012 3:32pm Mar 4, 2012 3:32pm
60MM - you mentioned in a earlier post that you look for engulfing bars (where the body of the candle has to engluf the body - high/low - or the previous candle. Below is one of your charts where I have drawn at the top what I assume is a englufing candle pattern, is this correct. Looking at your entry candle on that chart it doesnt look like it is an englufing pattern, or am I missing something?

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