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Buy sell line trading

  • #101
  • Mar 6, 2012 4:29am Mar 6, 2012 4:29am
Quoting sidefx
...and yesterday's CJ short has just hit target. Great R:R. I like the way this gets you in on the stronger 3rd wave moves. Once again 60MM, many thanks.
Hey Sidefx, great to see you over here, you know I love a fib!!! good trading and welcome.
tradewith60
  • #102
  • Mar 6, 2012 4:52am Mar 6, 2012 4:52am
Quoting sniperfxmy
It should be Simple not Smoothed...
Google for the meaning if you wish...
As for "apply to" you can test them out to experience the differences, thou normally "closed' is preferred by traders...

Cheers
Hi sniper thanks for your correction, on your part, which do you prefer to "apply to" with this strategy? and which "shift"?

personally, i would rather use 60mm's settings because he has tested and came up with this strategy....

so what you say 60mm? what exact settings did you use?
In GOD We TRUST !!! "REPETITION is the mother of all SKILLS." -Bo Sanchez
  • #103
  • Mar 6, 2012 4:54am Mar 6, 2012 4:54am
Quoting Awin
Hi sniper thanks for your correction, on your part, which do you prefer to "apply to" with this strategy? and which "shift"?

personally, i would rather use 60mm's settings because he has tested and came up with this strategy....

so what you say 60mm? what exact settings did you use?
Hi Awin... first up, I didnt come up with these strat's I just trade them.

I have 50sma with 0 shift and applied to close,

good luck
tradewith60
  • #104
  • Mar 6, 2012 4:58am Mar 6, 2012 4:58am
Quoting 60minuteman
Hi Awin... first up, I didnt come up with these strat's I just trade them.

I have 50sma with 0 shift and applied to close,

good luck
Thanks 60MM! anyway, thanks for starting this thread, it will surely help in a trader's toolbox...

Goodluck to you too and happy pipping....
In GOD We TRUST !!! "REPETITION is the mother of all SKILLS." -Bo Sanchez
  • #105
  • Mar 6, 2012 5:03am Mar 6, 2012 5:03am
Quoting tex123
No sniper you will not join me if i open a thread up.
a small matter... no problem after all as i have located a handful of threads offering simple trading methods like 60mm, bkg, zebulon... I find good traders use PA and 1 indy and i want to learn from them, hopefully one day without indy!


Quoting sidefx
...and yesterday's CJ short has just hit target. Great R:R. I like the way this gets you in on the stronger 3rd wave moves. Once again 60MM, many thanks.
congrat!

anyone knows why jpy strong since yesterday?


Quoting whatfx
well, iam on the brink of being stopped out on my audjpy long based on this system.

we will see what happens...
hope it is BE?

i am still waiting for a good entry on H4

cheers
  • #106
  • Mar 6, 2012 5:07am Mar 6, 2012 5:07am
[quote



hope it is BE?

i am still waiting for a good entry on H4

cheers[/quote]

usdcad it´s a possible one on H4 at 1.0013 ?
  • #107
  • Edited 5:51am Mar 6, 2012 5:08am | Edited 5:51am
Quoting whatfx
well, iam on the brink of being stopped out on my audjpy long based on this system.

we will see what happens...
Would you mind posting your chart for this one....we might be able to learn something from that particular setup bar/candle.

As an exaggerated example, assuming this EUR/AUD long setup candle had triggered a long, why wouldn't it have been a good bet?...it met all the criteria; with trend and the open/close engulfed the previous candle's open/close...just
Attached Image
  • #108
  • Mar 6, 2012 5:40am Mar 6, 2012 5:40am
Quoting sidefx
Would you mind posting your chart for this one....we might be able to learn something from that particular setup bar/candle.

An exaggerated example, but assuming this EUR/AUD long setup candle had triggered a long, why wouldn't it have been a good bet?...it met all the criteria; with trend and the open/close engulfed the previous candle's open/close...just
Yeah sidefx strong rejection up there and a weak looking engulf, this is why we look for the very next candle to trade higher than the signal candles high. The engulfing is just an edge, we then need to see the momentum continue in that direction.

TREND>PRICE ACTION>MOMENTUM

Also the Euro looking weak across the board today....
tradewith60
  • #109
  • Mar 6, 2012 5:50am Mar 6, 2012 5:50am
Quoting 60minuteman
NU H1 SHORT

got a crap entry on this, usually use pending orders... anyway worked out ok +31 closed half... will let the rest run for next s/r

(will work out how to make my charts clearer, can just about see small arrow over H1 engulf signal

Closed +44... shame about the late entry
trying saving the charts as .png instead of.jpeg
  • #110
  • Mar 6, 2012 6:15am Mar 6, 2012 6:15am
Quoting whatfx
well, iam on the brink of being stopped out on my audjpy long based on this system.

we will see what happens...
Where did you get in?

Olu
If you think you can or cannot do it you are correct
  • #111
  • Mar 6, 2012 6:48am Mar 6, 2012 6:48am
I was at work so it went by me...

Olu
Attached Image (click to enlarge)
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If you think you can or cannot do it you are correct
  • #112
  • Mar 6, 2012 7:24am Mar 6, 2012 7:24am
60mm

do u take doji into consideration?
see the image.
it's closing on h4 soon.
assuming it it were a bullish candlestick at the close,
can one take long?

thanks for your time.

cheers
Attached Image (click to enlarge)
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  • #113
  • Mar 6, 2012 7:25am Mar 6, 2012 7:25am
One to watch. The candle has not closed yet... See what you guys think

Olu
Attached Image (click to enlarge)
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If you think you can or cannot do it you are correct
  • #114
  • Mar 6, 2012 7:44am Mar 6, 2012 7:44am
Quoting sniperfxmy
60mm

do u take doji into consideration?
see the image.
it's closing on h4 soon.
assuming it it were a bullish candlestick at the close,
can one take long?

thanks for your time.

cheers
I"m new to this also but my opinion is that since a doji means indecision a bull close would mean the market has decided. Obviously a bear close above the sma would invalidate a trade. 60M may have a different thought however so we should await the expert.
  • #115
  • Mar 6, 2012 7:47am Mar 6, 2012 7:47am
Quoting Olu
One to watch. The candle has not closed yet... See what you guys think

Olu
I'd say it's one of the weaker trending options, it wouldn't make my list at the moment...that's not to say it won't take off like a rocket! Just personal preference given the info the chart gives now.
  • #116
  • Edited 8:32am Mar 6, 2012 8:00am | Edited 8:32am
Quoting Olu
One to watch. The candle has not closed yet... See what you guys think

Olu
chart is far too choppy mate, its ranging, this is a trend trading system. BTW I would suggest people do some basic chart analysis while using this method. e.g. s/r BRN. candle patterns, channels etc. that chart you posted ...price trading right into xx00 pysch level.

obvious levels of s/r should be used for targets and entries if your extra conservative. AUD/JPY below

Attached Image (click to enlarge)
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  • #117
  • Mar 6, 2012 8:14am Mar 6, 2012 8:14am
60MM brought up a system that has helped this newbie get a foundation in trading Forex.

I like it, clean, simple and I have control on how much action to take with time charts and how many pairs I want to trade.

Over at BabyPips, I found a system I've been tweaking. EMA5 crosses EMA 34 above you go LONG, crosses below you go SHORT. Works on H1 H4 and Daily charts.

I like 60MM system = one less line on my chart.. CLEAN!

It's easier to let trades run for profit when you can visually see which side of the trade you're on.
Attached Image (click to enlarge)
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  • #118
  • Mar 6, 2012 8:31am Mar 6, 2012 8:31am
Quoting sidefx
I'd say it's one of the weaker trending options, it wouldn't make my list at the moment...that's not to say it won't take off like a rocket! Just personal preference given the info the chart gives now.
Great analysis and comments. I for one would have waited for a break of 5800 before entering. Secondly the engulfing candle is long --> higher risk

Olu
If you think you can or cannot do it you are correct
  • #119
  • Mar 6, 2012 8:35am Mar 6, 2012 8:35am
Quoting Olu
Great analysis and comments. I for one would have waited for a break of 5800 before entering. Secondly the engulfing candle is long --> higher risk

Olu
a longer candle does not necessarily mean higher risk, you have to take into account the time frame and the ADR. yes if a signal candle on 4hr is 100 pips from high to low you wound'nt bother taking a trade off that candle on the EU
  • #120
  • Mar 6, 2012 8:36am Mar 6, 2012 8:36am
Quoting Olu
Where did you get in?

Olu


i entered at 86.87. long. as marked by the cross of the two blue lines on this chart.

this was an ideal trade to take. the previous candle was bullish and closed above the sell candle. therefore signal to go long.

price was also above 50 sma, near strong support (marked by the red line on the chart) and the 4hr trend had been making higher highs for a while. so a strong case to go long.

price was almost near 50 sma, so an ideal place for it to resume the upwards trend also.
all these factors made it a high probalbiity trade to take , go long.

so iam surprised it didnt work out.


iam surprised the price went the other way and fell, not only this but it fell by so much more than it ever did in the past few weeks. totally unexpected.

it is just plain unlucky. it was a high probabilty trade that made a sudden and unexpected u turn on a large scale - no one would have expected that.

anyway i have about 40 pips to go before my stop is hit (at 85.07). will enter a second long position once price falls further (at around 85.34).

hopefully my stop wont be hit, and i should be able to recover some or all of the losses from the second long positon if triggered....
Attached Image (click to enlarge)
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