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Buy sell line trading

  • #221
  • Edited 2:28am Mar 8, 2012 12:28am | Edited 2:28am
Quoting chamane
Here's an engulfing +2 (EURUSD 1hr) as in Primo's webinar. Let's see what happens...

http://i39.tinypic.com/4jkd9z.gif
Hi Charmane as Billbss said there are many reasons that some trades fail and this was a classic..

If you see the chart below you can first see that several hours ago there was a pin bar or hanging man indicating a possible reversal of trend

The next candle pierced the pivote line and has most times you then get a rejection of resistance 1 and causes a tempory pullback..

What we would then wait to see is if the price uses the pivot as support..

The price did use the pivote as support and infact your sell entry was right on pivote support.

The price nearly always then bounces off the pivote as it did here you now have a engulfing candle.

This is a good entry. the only worry I would now have is the resistance 1 Line but I knew you could get 10 pips if the price was to stall at this level..

The pice did not stall and continued to resistance 2 giving a 2:1 risk reward.

A classic example why a EA will never out trade a good trader..

Hope this helps anyone to understand the differance between a powerful entry and a week entry..

Trading without pivots is like going shopping naked..
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #222
  • Mar 8, 2012 1:44am Mar 8, 2012 1:44am
Sorry forgot to add chart


Attached Image (click to enlarge)
Click to Enlarge Name: 1%20hour%20eu.gif Size: 41 KB
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #223
  • Mar 8, 2012 2:18am Mar 8, 2012 2:18am
Quoting Seabreeze
Same again with this one..The price had been dancing with the pivote line for quite sometime..

It then used it as support I would need to see a possitive cut through the pivot line before I would take the sell trade..

It did not happend only used pivote as support before giving you and engulfing candle in support of the bulls..

See the Chart posted below
Attached Image (click to enlarge)
Click to Enlarge Name: 1 hour gbpusd.gif Size: 28 KB
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #224
  • Edited 3:36am Mar 8, 2012 3:36am | Edited 3:36am
Quoting Olu
These things happen sometimes. A great setup is only great after the fact in my opinion. Your thinking was clear and robust. I hope yoe get a retracement to recoup some or all of your loss. If it doesnt happen we live to battle another day. Chin up my friend.

Olu

the huge loss i incurred on audjpy a few days ago (long position) has been fully recovered now.

the second long position i entered took me into profit and i came out at break even .

phew !
  • #225
  • Edited 4:02am Mar 8, 2012 3:39am | Edited 4:02am
Another good example Ive taken on the USD/CAD 1 Hour

The Price Uses S1 As Reistance

Bearish Englfing Candle

Target S2 Line

See how price bounces off S2

Taking little trades like this all build up to big profits at the end of the week..

Attached Image (click to enlarge)
Click to Enlarge Name: 1 hour usdcad.gif Size: 28 KB
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #226
  • Mar 8, 2012 3:44am Mar 8, 2012 3:44am
Quoting whatfx
the huge loss i incurred on audjpy a few days ago (long position) has been fully recovered now.

the second long position i entered took me into profit and i came out at break even .

phew !
Well done for fighting your way back without revenge trading

I too have off days and I find if you just put it behind you and carry on you will get back up there..
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #227
  • Mar 8, 2012 3:48am Mar 8, 2012 3:48am
London open H1's are killing it today...

need to stop trading the thin volume during asia...
tradewith60
  • #228
  • Mar 8, 2012 3:48am Mar 8, 2012 3:48am
60mm,

Thx for sharing, just love this old-fashioned pure PA systems.

Questions:

- which broker do u use for charts? H4 candles are different among them

Trading on H4 with this method is very comfortable, just check your charts once per 4 hours but, do u trade signals when market is in low volatility mode, like Asia?

P.
youtube.com/@pantherfxt
  • #229
  • Mar 8, 2012 3:58am Mar 8, 2012 3:58am
Quoting Polleczko
60mm,

Thx for sharing, just love this old-fashioned pure PA systems.

Questions:

- which broker do u use for charts? H4 candles are different among them

Trading on H4 with this method is very comfortable, just check your charts once per 4 hours but, do u trade signals when market is in low volatility mode, like Asia?

P.
Hi Poll, I use 2 brokers Alpari UK and GKFX spread betting.

H4 is great yes, captures a good chunk of market sentiment, I use H1 for London open or to get on strong moves if i miss the first entry.

Asia can be a great time to lose pips, especially on H1 or below, you always have to ask yourself what you are engulfing, from NY close to Asia open you can get some really small 10 pip candles, if you then engulf that with a 12 pip candle, its hardly a great set up... if you have a strong H4 trend thats been running for days, and it engulfs in that direction then fine... but on the whole i'm very wary of signals in Asia.
tradewith60
  • #230
  • Mar 8, 2012 4:06am Mar 8, 2012 4:06am
Quoting 60minuteman
Hi Poll, I use 2 brokers Alpari UK and GKFX spread betting.

H4 is great yes, captures a good chunk of market sentiment, I use H1 for London open or to get on strong moves if i miss the first entry.

Asia can be a great time to lose pips, especially on H1 or below, you always have to ask yourself what you are engulfing, from NY close to Asia open you can get some really small 10 pip candles, if you then engulf that with a 12 pip candle, its hardly a great set up... if you have a strong H4 trend thats been running for days, and it engulfs in that...
Great post 60mm and so true.

95% of my trading is during or just before the london open and finishes around 2 hours after US open
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #231
  • Mar 8, 2012 4:24am Mar 8, 2012 4:24am
Quoting 60minuteman
London open H1's are killing it today...

need to stop trading the thin volume during asia...
Yeap! there's a lot of fakeys on LO H1, just look at the next candle after LO, a big blue candle!

It's quite a good idea to trade the next two candles after LO...

NO H1 is much more reliable because there's an overlap of the two sessions and a trend has usually been established (except during red news releases)...
In GOD We TRUST !!! "REPETITION is the mother of all SKILLS." -Bo Sanchez
  • #232
  • Mar 8, 2012 4:31am Mar 8, 2012 4:31am
Quoting Awin
Yeap! there's a lot of fakeys on LO H1, just look at the next candle after LO, a big blue candle!

It's quite a good idea to trade the next two candles after LO...

NO H1 is much more reliable because there's an overlap of the two sessions and a trend has usually been established (except during red news releases)...
Which pair do you mean ? I cant see any fake trade
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #233
  • Mar 8, 2012 4:41am Mar 8, 2012 4:41am
GJ H1
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2012-03-08 at 10.32.38.jpg Size: 69 KB
tradewith60
  • #234
  • Mar 8, 2012 4:42am Mar 8, 2012 4:42am
Quoting 60minuteman
GJ H1
Nice Chart and trade
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #235
  • Mar 8, 2012 5:55am Mar 8, 2012 5:55am
Two nice takes on the GU and UJ +38 pips.

Keep it simple...no need to mess with this strat 60, (only S/R, RN's pivots needed!)

Pete

Attached Image (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 101 KB
  • #236
  • Mar 8, 2012 6:19am Mar 8, 2012 6:19am
Quoting pedross
Two nice takes on the GU and UJ +38 pips.

Keep it simple...no need to mess with this strat 60, (only S/R, RN's pivots needed!)

Pete

Attachment
Nice trades Pedross Well done
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #237
  • Mar 8, 2012 6:21am Mar 8, 2012 6:21am
any particular charts that look interesting to you guys ?
  • #238
  • Mar 8, 2012 6:31am Mar 8, 2012 6:31am
Quoting pedross
Two nice takes on the GU and UJ +38 pips.

Keep it simple...no need to mess with this strat 60, (only S/R, RN's pivots needed!)

Pete

Attachment
NICE PETE,

yeah these are the edges to get you into the market move, in the right direction, then some basic feel for s/r etc and you're set.
tradewith60
  • #239
  • Mar 8, 2012 6:34am Mar 8, 2012 6:34am
Quoting dan89
any particular charts that look interesting to you guys ?
I'm done for the day Dan, took a loss on EU, but good wins on AJ GJ and GU, doubled my goal for the day ...

Looks like the Yen pairs are hot again...
tradewith60
  • #240
  • Mar 8, 2012 6:35am Mar 8, 2012 6:35am
Quoting dan89
any particular charts that look interesting to you guys ?
Hi Dan

Most of the action was this morning and market is now calming down..

Here is a chart on the 4 hour USD/JPY worth keeping your eye on in the couple of days..

Price might have resistance and and the bears may take over..

It was intresting to see the price broke my yellow line I though price would struggle here.

Attached Image (click to enlarge)
Click to Enlarge Name: 4 hour usdjpy.gif Size: 24 KB
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
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