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Buy sell line trading

  • #881
  • Mar 23, 2012 9:28am Mar 23, 2012 9:28am
Hi all, New to the thread, and Thanks 60MM for the Thread, I have enjoyed reading it. Here are a couple trades taken a few hours ago Signal Type 1. Both are at BE now (they are on a short leash because its Friday)
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Always Learning
  • #882
  • Mar 23, 2012 9:37am Mar 23, 2012 9:37am
Quoting JayTrader
Hi all, New to the thread, and Thanks 60MM for the Thread, I have enjoyed reading it. Here are a couple trades taken a few hours ago Signal Type 1. Both are at BE now (they are on a short leash because its Friday)
Attachment Attachment
Also took some out of the jpy pairs. It also appears that those that could not get in earlier might get another go...

Olu
If you think you can or cannot do it you are correct
  • #883
  • Mar 23, 2012 9:43am Mar 23, 2012 9:43am
good exercise over the weekend is to go over every valid H4 trade on the pairs you trade and make a record of results based on the rules in post 1...

something I do every week... doesn't take long and will highlight places where you made the wrong decision and vice versa..

I have the skype group doing it and its proving helpful to them..
tradewith60
  • #884
  • Mar 23, 2012 9:50am Mar 23, 2012 9:50am
Quoting Olu
Also took some out of the jpy pairs. It also appears that those that could not get in earlier might get another go...

Olu
Thanks Olu, I have been doing real well also all week with a few of the yen/crosses. But both of the trades I just posted died at BE which tells me Its time to quit for the week. Hope You and everyone else has a great weekend, and we will do it again next week
Always Learning
  • #885
  • Mar 23, 2012 9:55am Mar 23, 2012 9:55am
Quoting JayTrader
Thanks Olu, I have been doing real well also all week with a few of the yen/crosses. But both of the trades I just posted died at BE which tells me Its time to quit for the week. Hope You and everyone else has a great weekend, and we will do it again next week
glad its working for ya Jay
tradewith60
  • #886
  • Mar 23, 2012 10:24am Mar 23, 2012 10:24am
Quoting distantpulse
You got a nice pullback. Good job. Are you out of the trade? PA is stalling, but there is bullish divergence now suggesting a move upward.
Hi dp,

Beautiful trade. Longs going well.
Consistency = Steady growth = Solid equity
  • #887
  • Mar 23, 2012 3:38pm Mar 23, 2012 3:38pm
NuBeez...

It looks like you're really hitting your stride with the strategy! Congrats!
  • #888
  • Mar 23, 2012 3:43pm Mar 23, 2012 3:43pm
Quoting SMcGuire45
NuBeez...

It looks like you're really hitting your stride with the strategy! Congrats!
Thanks SMc!
Consistency = Steady growth = Solid equity
  • #889
  • Mar 23, 2012 4:30pm Mar 23, 2012 4:30pm
Quoting 60minuteman
good exercise over the weekend is to go over every valid H4 trade on the pairs you trade and make a record of results based on the rules in post 1...

something I do every week... doesn't take long and will highlight places where you made the wrong decision and vice versa..

I have the skype group doing it and its proving helpful to them..
Good exercise/advice!

AUDJPY: Oanda-3 signals-3 BE FXdd-3 signals-1 loss, 1 BE, 1 win
AUDUSD: Oanda-3 signals - 3 win FXdd-2 signals-1 BE, 1 win
CADJPY: Oanda- 3 signals - 3 win FXdd-1 signal-1 win
EURGBP: Oanda-2 signals-1 win 1 loss FXdd-2 signals- 2 wins
EURJPY: Oanda-2 signals-2 win FXdd-1signal - 1 win
EURUSD: Oanda-2 signals-2 loss FXdd-1signal - 1 win
GBPUSD: Oanda-1 signal-1 BE FXdd-2signals- 2 wins
USDCAD: Oanda-2signals-2 wins FXdd-2signals- 2 wins
USDJPY: Oanda-1signal-1 win FXdd-1signal- 1 win
NZDUSD: Oanda-1signal- 1 win FXdd-1 signal - 1 win

As for as the "win" trades. I classified these by how I analyze and trade charts. I should also add that I may or may not have seen each signal as I obviously don't watch the charts 24 hours a day. There were 3 or 4 big win trades, and most of the loses would have been fairly minimal, IF proper trade management was used. It's always easy to say "this is what I would've done in that trade", but as we all know live trading is very different. Lastly, almost all of these signals were type #1. GREAT exercise ... thanks 60mm!
  • #890
  • Mar 23, 2012 4:34pm Mar 23, 2012 4:34pm
Quoting SMcGuire45
Good exercise/advice!

AUDJPY: Oanda-3 signals-3 BE FXdd-3 signals-1 loss, 1 BE, 1 win
AUDUSD: Oanda-3 signals - 3 win FXdd-2 signals-1 BE, 1 win
CADJPY: Oanda- 3 signals - 3 win FXdd-1 signal-1 win
EURGBP: Oanda-2 signals-1 win 1 loss FXdd-2 signals- 2 wins
EURJPY: Oanda-2 signals-2 win FXdd-1signal - 1 win
EURUSD: Oanda-2 signals-2 loss FXdd-1signal - 1 win
GBPUSD: Oanda-1 signal-1 BE FXdd-2signals- 2 wins
USDCAD: Oanda-2signals-2 wins FXdd-2signals- 2 wins
USDJPY: Oanda-1signal-1 win...
good stuff.... i did 2 months of it before i went live with this...

something i do when testing (and trading) is work on taking profit at 1/1, moving stops to b.e at 0.5/1 and using 2% on each trade, from that you will get an accurate %age gain or loss figure..

all losses will be -2% all wins will be +2%
tradewith60
  • #891
  • Mar 24, 2012 9:12am Mar 24, 2012 9:12am
skype room

decided to limit the skype room to 25 traders to keep it streamline and less confusing

it is for trading the rules on page 1 only

got 5 more spots available, p.m me your skype contact if you would like to join in
tradewith60
  • #892
  • Mar 24, 2012 11:19am Mar 24, 2012 11:19am
Quoting 60minuteman
skype room

decided to limit the skype room to 25 traders to keep it streamline and less confusing

it is for trading the rules on page 1 only

got 5 more spots available, p.m me your skype contact if you would like to join in
PM Sent...
  • #893
  • Mar 24, 2012 11:51am Mar 24, 2012 11:51am
Hi NuBeez,
Thanks for the reply and sorry for my late response as I was away Thu & Fri.

Nice performance you had during those 2 weeks. It's an encouragement to all of us trying out this simple yet very effective strategy.

Enjoy your weekend and see u posting next week

Quoting NuBeez
Hey The Camel,

Just awaking out of slumber . I started trading this strategy on March 12, 2012. It helps me to measure the system's performance.
  • #894
  • Mar 24, 2012 12:52pm Mar 24, 2012 12:52pm
pm sent thanks TEXAN
  • #895
  • Mar 24, 2012 1:52pm Mar 24, 2012 1:52pm
RULE 5 POSITION SIZING

ALL TRADES SHOULD HAVE A RISK OF 2%, REGARDLESS OF PIP SIZE YOU MUST ADJUST YOUR LOT SIZE SO YOUR RISK IS EQUAL ON EVERY TRADE..... VERY IMPORTANT !!!!!!!!

Just curious how other people are calculating their lot size to limit risk on their trade. Is there an indicator or script that can help with this? Or perhaps just a "cheat sheet" somebody uses? This is an area where I struggle to get the right lot size to minimize the risk of the trade to only 2% of my account. Thanks...
  • #896
  • Mar 24, 2012 2:26pm Mar 24, 2012 2:26pm
I use this
http://www.forexfactory.com/showthread.php?t=281772

this is a script that does show a stop line and take profit that you can move on your mt4 chart. Also pending orders are possible. You set the risk and depending on the distance between price and stop loss the lotsize is calculated.
It can happen that the lotsize is to small, calculated lot size can be for example 0.003, then you do get an error. so then I take a manual trade of the smallest lotsize possible.

Reinier
To get more profit, not the entry but the exit will make the big difference
  • #897
  • Mar 24, 2012 2:27pm Mar 24, 2012 2:27pm
Quoting SMcGuire45
RULE 5 POSITION SIZING

ALL TRADES SHOULD HAVE A RISK OF 2%, REGARDLESS OF PIP SIZE YOU MUST ADJUST YOUR LOT SIZE SO YOUR RISK IS EQUAL ON EVERY TRADE..... VERY IMPORTANT !!!!!!!!

Just curious how other people are calculating their lot size to limit risk on their trade. Is there an indicator or script that can help with this? Or perhaps just a "cheat sheet" somebody uses? This is an area where I struggle to get the right lot size to minimize the risk of the trade to only 2% of my account. Thanks...
Here is the simple version: Start with your account Balance : I adjust every $500 of account value as it grows or decreases for a smaller account use $50, $5 ect.. For this example you have a $500 account. Your trade requires a 65 pip stop, and you want to risk 2% on this trade The Math: 2% x $500 = $10 so you can risk up to $10 on this trade take the $10 and divide by 65 10/65= 0.1538 this is the lot size you use rounded to .15 so .15x65= $9.75 be careful whether using a mini or standard account the difference is .15 or $1.50. Try it a few times and it will get easy.

Hope this helps

EDIT: Here is an Indicator that may help, but with a little practice you wont need it
Attached File(s)
File Type: mq4 LotCalculator v1.mq4   4 KB | 465 downloads
Always Learning
  • #898
  • Mar 24, 2012 2:30pm Mar 24, 2012 2:30pm
Quoting SMcGuire45
Just curious how other people are calculating their lot size to limit risk on their trade. Is there an indicator or script that can help with this? Or perhaps just a "cheat sheet" somebody uses? This is an area where I struggle to get the right lot size to minimize the risk of the trade to only 2% of my account. Thanks...
There are many calculators, just google it.
  • #899
  • Mar 24, 2012 2:44pm Mar 24, 2012 2:44pm
Thanks for the example Jay and for the links reuptake!
  • #900
  • Mar 24, 2012 3:50pm Mar 24, 2012 3:50pm
I know it might sount theoretical but how would you handle this setup.
I have tried to find a chart example but could not find one.
Therefore please see my drawing, request is on the drawing.
Attached Image (click to enlarge)
Click to Enlarge Name: trading request.jpg Size: 36 KB
To get more profit, not the entry but the exit will make the big difference
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