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Buy sell line trading

  • #181
  • 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
profit is profit

In my opinion moving stops to break even at 1/1 and exiting at 1/2 (risk/reward) is the better option even though you will get stopped out quite a few times at BE. Reason is at 1/2 RR you only need to have a win rate of around 40-45% to be in profit (albeit minor profit). where as 1/1 RR and the win rate jumps up to 55-60% minimum
  • #182
  • Mar 7, 2012 10:33am Mar 7, 2012 10:33am
Quoting dan89
profit is profit

In my opinion moving stops to break even at 1/1 and exiting at 1/2 (risk/reward) is the better option even though you will get stopped out quite a few times at BE. Reason is at 1/2 RR you only need to have a win rate of around 40-45% to be in profit (albeit minor profit). where as 1/1 RR and the win rate jumps up to 55-60% minimum
Yeah tends to be how I trade now, will take quite a few small wins/ break evens, but were trend traders, when you get the runners hit then you make 5-6% in a trade.
tradewith60
  • #183
  • Mar 7, 2012 10:36am Mar 7, 2012 10:36am
was expecting a day like this, NFP, greek bond swap decision looming and big moves yesterday... Friday might be interesting????

So just took the 1 trade today, wanted to keep maximum risk to 3%... seems like a smart idea, especially considering my raving impatience...
tradewith60
  • #184
  • Mar 7, 2012 10:56am Mar 7, 2012 10:56am
Good example on AU H4 why the engulfing is just a signal and we MUST trade 1 pip +spread lower to enter...
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tradewith60
  • #185
  • Mar 7, 2012 11:12am Mar 7, 2012 11:12am
Its almost there (long). The flat MA might be worrying for some though

olu
If you think you can or cannot do it you are correct
  • #186
  • Mar 7, 2012 11:20am Mar 7, 2012 11:20am
Yeah I see what you mean...For me I would not take this trade if it sets up as the market has gone into consolidation with no momentum..

I would leave this and look for a stronger trade..

Would be intresting to hear someone elses opinion..
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #187
  • Mar 7, 2012 11:25am Mar 7, 2012 11:25am
Quoting Seabreeze
Yeah I see what you mean...For me I would not take this trade if it sets up as the market has gone into consolidation with no momentum..

I would leave this and look for a stronger trade..

Would be intresting to hear someone elses opinion..
looks high risk to me... s/r and proximity to sma50 would make me nervous..

not enough to say trend has turned up for me..
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tradewith60
  • #188
  • Mar 7, 2012 11:26am Mar 7, 2012 11:26am
Quoting Seabreeze
Yeah I see what you mean...For me I would not take this trade if it sets up as the market has gone into consolidation with no momentum..

I would leave this and look for a stronger trade..

Would be intresting to hear someone elses opinion..
If is falling back as we speak. And the rule is it must close in the upper 25% of the candle...

Olu
If you think you can or cannot do it you are correct
  • #189
  • Edited 11:57am Mar 7, 2012 11:47am | Edited 11:57am
Quoting Olu
If is falling back as we speak. And the rule is it must close in the upper 25% of the candle...

Olu
This is a more mainstream pair. Add to the fact that I am really bearish the euro. I am considering and watching this one a bit more now

Edit: Zoomed in to see it hasnt quite crossed yet...

Olu
If you think you can or cannot do it you are correct
  • #190
  • Mar 7, 2012 12:23pm Mar 7, 2012 12:23pm
Quoting Olu
If is falling back as we speak. And the rule is it must close in the upper 25% of the candle...

Olu
No trade
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If you think you can or cannot do it you are correct
  • #191
  • Mar 7, 2012 12:35pm Mar 7, 2012 12:35pm
Quoting Olu
This is a more mainstream pair. Add to the fact that I am really bearish the euro. I am considering and watching this one a bit more now

Edit: Zoomed in to see it hasnt quite crossed yet...

Olu
EUR/AUD on my watchlist too, although i'll be more interested in a short once price breaks and holds below 1.2400.
  • #192
  • Mar 7, 2012 1:12pm Mar 7, 2012 1:12pm
Quoting Olu
No trade
a long wick doji candle like that before an englufing would be too high risk for me personally
  • #193
  • Mar 7, 2012 1:15pm Mar 7, 2012 1:15pm
Quoting Olu
If is falling back as we speak. And the rule is it must close in the upper 25% of the candle...

Olu
Yes thats right, I would not be intresested in this pair for quite a few hours..
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #194
  • Mar 7, 2012 1:16pm Mar 7, 2012 1:16pm
Quoting Olu
No trade
Olu, just need to draw your attention to rule 3, think you might be missing it...
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tradewith60
  • #195
  • Mar 7, 2012 1:16pm Mar 7, 2012 1:16pm
anyone looking at shorting the EU/JPY 4hr if an englufing bar appears.
  • #196
  • Mar 7, 2012 1:19pm Mar 7, 2012 1:19pm
Quoting dan89
anyone looking at shorting the EU/JPY 4hr if an englufing bar appears.
maybe dan, looks like its going back to the 107.00 area first
tradewith60
  • #197
  • Mar 7, 2012 1:25pm Mar 7, 2012 1:25pm
Quoting 60minuteman
maybe dan, looks like its going back to the 107.00 area first
cool, any other pairs your currently interested in
  • #198
  • Mar 7, 2012 1:27pm Mar 7, 2012 1:27pm
Quoting dan89
anyone looking at shorting the EU/JPY 4hr if an englufing bar appears.
For at the moment looks like a tempory pull back from a down trend. Think the price may drop.. But would not be upset if I missed out on this
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #199
  • Mar 7, 2012 1:29pm Mar 7, 2012 1:29pm
Quoting Seabreeze
For at the moment looks like a tempory pull back from a down trend. Think the price may drop.. But would not be upset if I missed out on this
Do you think its a bit of a weak setup ?
  • #200
  • Mar 7, 2012 1:30pm Mar 7, 2012 1:30pm
Quoting dan89
cool, any other pairs your currently interested in
USD/CAD 1 hour could be woth keeping your eye on
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
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