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Buy sell line trading

  • #161
  • Mar 7, 2012 5:20am Mar 7, 2012 5:20am
Something I will look for is how the first candle of entry closes.

If i have a valid short signal on H4 and the next H4 gives me an entry and then closes bullish I will often close for a small loss rather than run to SL.


Here is an example on EA H1, its not a trade I would of taken for various reasons but it is a good example of something to look for.
We have a strong bullish engulfing(the large green candle from asian session last night), the next candle triggers your entry then closes bearish. You have 2 options, stick with your SL or close out for a small loss. In this instance closing for a small loss was the smart move, accepting small losses and letting winners run..... obvious stuff

Looking back on the same chart we can see 2 other long entries where our entry candle closed in the direction of the trade with profitable outcomes...

Remember momentum is a key element of this strat....
Attached Image (click to enlarge)
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tradewith60
  • #162
  • Mar 7, 2012 5:24am Mar 7, 2012 5:24am
Pairs to look at on 4hr:

cad/jpy
usd/jpy
gbp/jpy
aud/jpy
eur/jpy
nzd/usd
aud/usd
  • #163
  • Edited 3:37pm Mar 7, 2012 5:30am | Edited 3:37pm
long O9:02
edit: Missing in 0.5 pip TP, closed at BE.
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  • #164
  • Mar 7, 2012 5:32am Mar 7, 2012 5:32am
possibility .. EUR/JPY 4hr

no much in the way from stoping price drop to those levels.

looking for a signal bar now



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  • #165
  • Mar 7, 2012 5:38am Mar 7, 2012 5:38am
Quoting renos
long O9:02
Valid signal...Well done. I missed that one

Olu
If you think you can or cannot do it you are correct
  • #166
  • Edited 3:41pm Mar 7, 2012 5:43am | Edited 3:41pm
Possible short on H1
edit: TP hit 18pips
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  • #167
  • Mar 7, 2012 5:46am Mar 7, 2012 5:46am
To dan89 - love that quip @ the bottom of your post !!!
  • #168
  • Mar 7, 2012 5:49am Mar 7, 2012 5:49am
...saw this on another thread yesterday, very useful correlation info:

http://www.forexticket.us/en/tools/01-01-correlation
  • #169
  • Mar 7, 2012 6:45am Mar 7, 2012 6:45am
Quoting 60minuteman
Something I will look for is how the first candle of entry closes.

If i have a valid short signal on H4 and the next H4 gives me an entry and then closes bullish I will often close for a small loss rather than run to SL.


Here is an example on EA H1, its not a trade I would of taken for various reasons but it is a good example of something to look for.
We have a strong bullish engulfing(the large green candle from asian session last night), the next candle triggers your entry then closes bearish. You have 2 options, stick with your SL or close...
what pair is this mate ?
  • #170
  • Edited 7:36am Mar 7, 2012 6:51am | Edited 7:36am
Quoting renos
Possible short on H1
I took this one. Had to wait for a while and drilled down on the 5min to watch for momentum before pulling the trigger.

Edit: 13:30 - stop to b/e.
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  • #171
  • Mar 7, 2012 6:55am Mar 7, 2012 6:55am
Quoting dan89
what pair is this mate ?
60mm's "EA" = EUR/AUD
  • #172
  • Mar 7, 2012 7:13am Mar 7, 2012 7:13am
Here is a trade I just completed it is an example of how to pick the better trades like I was trying to explain earlier...

As you you can see below there are some many reasons to take this trade you would be a fool not too..

Attached Image (click to enlarge)
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And the result a powerful move


Attached Image (click to enlarge)
Click to Enlarge Name: 1 hour eu tp.gif Size: 25 KB


You could have entered 2 lots on this trade and now move your stop to your entry price plus pips spread and taken profit on one lot.

This way you are going to take a profit no matter what happens now, with a chance of improving your profit.

Hope this helps..
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #173
  • Mar 7, 2012 7:39am Mar 7, 2012 7:39am
Quoting Seabreeze
Here is a trade I just completed it is an example of how to pick the better trades like I was trying to explain earlier...

As you you can see below there are some many reasons to take this trade you would be a fool not too..

Attachment


And the result a powerful move


Attachment





You could have entered 2 lots on this trade and now move your stop to your entry price plus pips spread and taken profit on one lot.

This way you are going to take a profit no matter what happens now, with a chance of improving...

the question is, what made you not trade this (arrow) signal bar

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  • #174
  • Mar 7, 2012 7:49am Mar 7, 2012 7:49am
Quoting dan89
the question is, what made you not trade this (arrow) signal bar

Attachment
...if Seabreeze is in the UK, probably sleep
  • #175
  • Mar 7, 2012 7:51am Mar 7, 2012 7:51am
Quoting dan89
the question is, what made you not trade this (arrow) signal bar

Attachment
The main reason was that the trend was starting to favour a upward move showing five bullish candles..

The price did touch the pivot but only just and started show a bearish move but not yet cofirmed....I like to see a price clearly push through the pivot and close back below and even better when you get a large wick.

This is nearly always an indication that the bears could be back in contol..
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #176
  • Mar 7, 2012 8:00am Mar 7, 2012 8:00am
Quoting dan89
the question is, what made you not trade this (arrow) signal bar

Attachment
Nice Seabreeze, similar thought process that I would of gone through...
tradewith60
  • #177
  • Mar 7, 2012 8:03am Mar 7, 2012 8:03am
Quoting 60minuteman
Nice Seabreeze, similar thought process that I would of gone through...
Yeah...If im not 100% confident in a trade I wont take it just because its there..
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #178
  • Mar 7, 2012 8:12am Mar 7, 2012 8:12am
Quoting elbuitre
Hi trader!

May i ask you , it is 50sma on your chart ?

Peter
Hi peter, This is not a 50sma on my chart. Its a 20sma. There was a period of consolidation so I used 20.
Direction is more important than speed. Alot of people go nowhere real fast
  • #179
  • Edited 10:06am Mar 7, 2012 9:47am | Edited 10:06am
EU H1

nice spike and reject from the high followed by engulfing short.

Removed risk when we tested previous swing low and red news.

Currently at 1/1 and deciding weither to move stops to break even, take profit or just partial... in two minds really.

Will wait and see how this H1 closes


well got out with +10 of a possible +34... bad call this time, too greedy, still live to fight another day
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tradewith60
  • #180
  • Mar 7, 2012 10:24am Mar 7, 2012 10:24am
Quoting 60minuteman
EU H1

nice spike and reject from the high followed by engulfing short.

Removed risk when we tested previous swing low and red news.

Currently at 1/1 and deciding weither to move stops to break even, take profit or just partial... in two minds really.

Will wait and see how this H1 closes


well got out with +10 of a possible +34... bad call this time, too greedy, still live to fight another day
10 pips is 10 pips.. Nobody ever went broke taking a profit..

Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
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