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Buy sell line trading

  • #701
  • Mar 18, 2012 3:54pm Mar 18, 2012 3:54pm
Quoting gmcc
Hi All
I have really enjoyed this tread & hope 60MM continues to expand on his system. Also I have found this tread to have several other very qualified & knowledgeable contributors.
LazyPawn I have particularly enjoyed your ideas.

The turtle approach had a limit on how much total exposure one should have on any given currency (commodity). Don't remember for sure if it was 6 or 8%.
All keep up the good work. I hope to start incorporating this approach along side my present system.
good trading
gmcc
it's interesting that you bring the turtles up, i recently had a discussion about it with another trader, and the reason some turtle traders lost and some won was very simple.... the winners did not break the rules, there was no discretion in the system and all the traders had to do was stick to the rules....
tradewith60
  • #702
  • Mar 18, 2012 4:03pm Mar 18, 2012 4:03pm
Quoting 60minuteman
it's interesting that you bring the turtles up, i recently had a discussion about it with another trader, and the reason some turtle traders lost and some won was very simple.... the winners did not break the rules, there was no discretion in the system and all the traders had to do was stick to the rules....
That's why I opted not to take "near-engulfing" patterns as a signals
  • #703
  • Mar 18, 2012 4:32pm Mar 18, 2012 4:32pm
Hi guys. long time trader and FF lurker. i had a leprechaun backest this strategy for me over the weekend and thought you could get some use out of the results. this was a manual backtest, and each trade was calculated by hand accounting for a 3 pip spread in and out of the trade just to be safe, although EU spreads can be much better, obviously. because the trades were calculated manually, not every signal was taken. for example, if a trade was signaled and opened, and another signal presented itself before the original trade was closed, the second trade would not be taken. this was to simulate live, sequential trading. entry rules are in strict accordance with page 1 of this thread, and only entry #1 signals were taken, no entry #2's. also, a 13SMA was used, NOT the 50SMA as stated in post #1, all other entry rules remain the same.

Parameters
EU H4, Feb 1 2011-Jan 31 2012

Take Profit
stop to breakeven @ 1/2 1:1 RR
half off @ 1:1 RR
rest off @ first opposite candle close or breakeven, whichever hits first
(this sometimes catches some very big moves)

T= trades, W= wins, L= losses, F= flats, P= net pips

Feb 2011
T 9, W 7, L 0, F 2, P +180

MAR 2011
T 10, W 7, L 1, F 2, P +211

APR 2011
T 13, W 5, L 3, F 5, P +150

MAY 2011
T 8, W 7, L 0, F 1, P +670

JUN 2011
T 9, W 5, L 1, F 3, P +155

JUL 2011
T 19, W 9, L 8, F 2, P -110

AUG 2011
T 9, W 4, L 3, F 2, P -62

SEP 2011
T 14, W 7, L 4, F 3, P +250

OCT 2011
T 14, W 6, L 3, F 5, P +98

NOV 2011
T 10, W 6, L 1, F 3, P +432

DEC 2011
T 10, W 4, L 0, F 6, P +161

FEB 2012
T 12, W 6, L 2, F 4, P +250

TOTALS
Trades = 137, about 11 trades/month avg.
Win = 73, 53%
Loss = 26, 19%
Flat = 38, 28%
Pips = +2385

Obviously individual results may vary, but the important thing to concentrate on is that this trading method is simple, sound, and profitable, without being attached to the screen 24hrs a day. i'm sure these results are no surprise to 60MM, thank you for your contribution to the trading community. markets just opened for the week, commence broker ass-kicking.

Ap3
  • #704
  • Mar 18, 2012 5:03pm Mar 18, 2012 5:03pm
Quoting Ap3
Hi guys. long time trader and FF lurker. i had a leprechaun backest this strategy for me over the weekend and thought you could get some use out of the results. this was a manual backtest, and each trade was calculated by hand accounting for a 3 pip spread in and out of the trade just to be safe, although EU spreads can be much better, obviously. because the trades were calculated manually, not every signal was taken. for example, if a trade was signaled and opened, and another signal presented itself before the original trade was closed, the second...
Hi Ap3, first well done at putting so much effort in....

just goes to show that having a plan and sticking to it should increase your chance of being consistent..

we could argue the toss over this indicator and this variation for weeks, but it all comes down to deciding what your rules are and sticking to it, you don't need to win every trade and you dont need to hit home runs every time..

So trading a standard lot EU would of netted you nearly $24,000 in a year... nice, now do the other 6 majors
tradewith60
  • #705
  • Mar 18, 2012 5:21pm Mar 18, 2012 5:21pm
Quoting 60minuteman
Hi Ap3, first well done at putting so much effort in....

just goes to show that having a plan and sticking to it should increase your chance of being consistent..

we could argue the toss over this indicator and this variation for weeks, but it all comes down to deciding what your rules are and sticking to it, you don't need to win every trade and you dont need to hit home runs every time..

So trading a standard lot EU would of netted you nearly $24,000 in a year... nice, now do the other 6 majors
24k is not even accounting for compounding throughout the year. also, when i said "this method is simple, sound...", i was referring to YOUR method and this thread in general, not my specific backtest variation. also, i got the idea to use 13SMA from a previous post, don't recall his name off the bat.
  • #706
  • Mar 18, 2012 5:27pm Mar 18, 2012 5:27pm
Quoting Ap3
24k is not even accounting for compounding throughout the year. also, when i said "this method is simple, sound...", i was referring to YOUR method and this thread in general, not my specific backtest variation. also, i got the idea to use 13SMA from a previous post, don't recall his name off the bat.
I reckon you could pretty much pick any ma, or even switch to trendlines, the important thing is that it points up when price is going up and points down when price is going down...

you could swop engulfings for pins or inside bars likewise....

trading can be simple but it has to be structured...
tradewith60
  • #707
  • Mar 18, 2012 6:10pm Mar 18, 2012 6:10pm
Quoting 60minuteman

trading can be simple but it has to be structured...
Couldn't agree more. that's why i had to actually post something for once. been reading FF for years, and you don't come across too many threads that discuss simple, proven, price-action driven, and most importantly, profitable trading methods. all while being relatively troll-free to boot!

to any newbs reading, this is where it's at. you don't need indi's, inside information, or 20 years experience(although the more the better). all you need are clean charts, sound principles, and the discipline to stick to plan. you'll find the first two here in this thread. the last part, and by far the hardest, is up to you.

going forward, i might post some charts/trades, but i won't be participating in the conversation anymore. just wanted to say thanks again to 60MM for starting a solid thread. happy trading everyone.
  • #708
  • Mar 18, 2012 6:14pm Mar 18, 2012 6:14pm
Quoting Ap3
Couldn't agree more. that's why i had to actually post something for once. been reading FF for years, and you don't come across too many threads that discuss simple, proven, price-action driven, and most importantly, profitable trading methods. all while being relatively troll-free to boot!

to any newbs reading, this is where it's at. you don't need indi's, inside information, or 20 years experience(although the more the better). all you need are clean charts, sound principles, and the discipline to stick to plan. you'll find the first two here...

wise words AP3, i may well do the same... everything you need to trade this is already here... and yeah? where are all the trolls?

good trading and plenty o' pips to ya AP..
tradewith60
  • #709
  • Mar 18, 2012 6:31pm Mar 18, 2012 6:31pm
Someone call me????

"Simple but Structured" would be a good system/method name!

Your threads going nice 60MM ! Enjoying your posts. No need for trolls here.
Simple sound trading principles don't tend to bring them on !

It's when guys start spouting off flagrant bullshit and try to pass it off as steak. They deserve to be exposed.

Cheers !

Bluesteele
Master your Mind,,,Master the Market
  • #710
  • Mar 18, 2012 6:58pm Mar 18, 2012 6:58pm
Quoting Ap3
Hi guys. long time trader and FF lurker. i had a leprechaun backest this strategy for me

DEC 2011
T 10, W 4, L 0, F 6, P +161

FEB 2012
T 12, W 6, L 2, F 4, P +250

TOTALS
Trades = 137, about 11 trades/month avg.
Win = 73, 53%
Loss = 26, 19%
Flat = 38, 28%
Pips = +2385
commence broker ass-kicking.

Ap3
"FEB 2012" should be "JAN 2012".
  • #711
  • Mar 18, 2012 7:43pm Mar 18, 2012 7:43pm
Potential long signals on ej and aj if we close above red.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 031812 aj h1.jpg Size: 70 KB
Click to Enlarge Name: 031812 ej h1.jpg Size: 74 KB
  • #712
  • Mar 18, 2012 9:24pm Mar 18, 2012 9:24pm
Hello 60minuteman

A quick question.

Do you consider at the RL and HL when a engulfing is showed "up/down" before taking the trade, or ignore the trade? (based on the 50 trend)
  • #713
  • Mar 18, 2012 9:35pm Mar 18, 2012 9:35pm
Quoting yongezy
Hello 60minuteman

A quick question.

Do you consider at the RL and HL when a engulfing is showed "up/down" before taking the trade, or ignore the trade? (based on the 50 trend)
i dont understand the question?
tradewith60
  • #714
  • Mar 18, 2012 10:13pm Mar 18, 2012 10:13pm
S EJ 74, STOP 97.
Attached Image (click to enlarge)
Click to Enlarge Name: 031812 ej short 74 h1.jpg Size: 65 KB
  • #715
  • Mar 19, 2012 12:34am Mar 19, 2012 12:34am
Quoting 60minuteman
i dont understand the question?
Typing mistake for "HL"

I meant do you make a trade (following the trend) when an engulfing candlestick is spotted at RL resistance line or SL support line?

Hope the above is clear, sorry.
  • #716
  • Mar 19, 2012 1:03am Mar 19, 2012 1:03am
Wow, perfect system
Thanks 60minuteman
I tried, and result is good
  • #717
  • Edited 4:02am Mar 19, 2012 3:22am | Edited 4:02am
Quoting 60minuteman
weekly results

Here are the results with charts for the week if you stuck strictly to the rules on page 1..

H4 TIMEFRAME

12 PAIRS

22 WINS
5 LOSSES
2 BREAKEVEN

So taking profit at 1/1 and not pushing for more would of resulted in +34% (based on 2% risk per trade)
Hi Sixty, those results are made by moving SL@BE at 0.5 r/r?
  • #718
  • Mar 19, 2012 3:58am Mar 19, 2012 3:58am
Quoting NoJobRob
Here ya go.
Thanks for sharing great helpful indi. But Show_Alert=true function is not working at all, when Pattern show up on chart. Can you do something about it?

Great System BTW
  • #719
  • Mar 19, 2012 5:04am Mar 19, 2012 5:04am
Quoting TorukMacto
Thanks for sharing great helpful indi. But Show_Alert=true function is not working at all, when Pattern show up on chart. Can you do something about it?

Great System BTW
I have fixed it and added option to select e-mail alert.
Attached File(s)
File Type: ex4 EngulfingBars.ex4   5 KB | 883 downloads
  • #720
  • Mar 19, 2012 5:18am Mar 19, 2012 5:18am
Quoting fxtr51
I have fixed it and added option to select e-mail alert.
I also think that it would be valuable only to alert when "proper" engulfing is found (bearish under trendline/bullish over trendline).

And one other thing (again, correct me, if I'm wrong): we're not looking for "classic" engulfing. Rather, our definition of bearish engulfing pattern should be simply: first candle is bullish, second candle is bearish and second candle closes lower than first candle opened. It doesn't really matter if second candle opened slightly above first candle close or slightly below, right?
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