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Simple trend trading strategy development

  • #21
  • Mar 26, 2012 8:07pm Mar 26, 2012 8:07pm
Quoting yongezy
Hello Alex
I like very much your IB/OB indy.
Is it possible to turn this indy to candlestick?
Reason is I use Jpn candlestick only.
Sorry to say I have not been able to read bar charts
Happy Trading.
Hi there Y,
I'm not the author of the indicator.
But you can still use it with candles if you like.
  • #22
  • Mar 26, 2012 8:44pm Mar 26, 2012 8:44pm
Looks interesting 60mm. Looking forward to more on this thread. Something that came to mind is what if the "mother" bar is an extremely large candle with wide pips? I normally trade on break of IB but hardly the bar preceding it so this will be something new to learn from. Also interested in how you manage your risk!
  • #23
  • Mar 26, 2012 9:28pm Mar 26, 2012 9:28pm
Nice setup

Post #2: what if in this example the IB closed little higher (above the SMA) ?

Post #3: the first 2 setups were when the SMA was flat ... even increasing a bit ... Are they valid setups ?
MT4/MT5 EAs/Indicators/Alerts coder
  • #24
  • Mar 26, 2012 10:17pm Mar 26, 2012 10:17pm
Quoting pixelboy
I think I'm going to test the following:

1. For each currency pair, define the weekly trend and use that as the long term direction. Nothing fancy in defining this. Just looking at the last twenty bars and seeing if it's up or down.

2. Use the three H4 price action signals to enter trades (engulfing bars, top and bottom quarter close plus the inside bars we have here)

3. Trade a 'large' lot size with a 1:1 R:R (breaking even at 50%). Large lot size meaning 0.5 to 1% risk.

4. If the signal is in the same direction as the long term trend,...
Another good way to trail and exit eventually is trail candle by candle....as in if you were long, put your stop a couple of pips below the prvious candles low. Works pretty well on the larger time frames I find.
  • #25
  • Mar 27, 2012 5:19am Mar 27, 2012 5:19am
I'm liking this strategy. Here's another thought. Counter trend trades i.e. back to the 50SMA, seem to produce regularly profitable trades if the typical set up is used in conjunction with the RSI tagging/breaking either the 30 or 70 line followed by evidence of return to the main channel. This will no doubt produce more trades but perhaps with the need to be more conservative with stops and targets.
  • #26
  • Mar 27, 2012 5:41am Mar 27, 2012 5:41am
Quoting FerruFx
Nice setup

Post #2: what if in this example the IB closed little higher (above the SMA) ?

Post #3: the first 2 setups were when the SMA was flat ... even increasing a bit ... Are they valid setups ?
The 50 sma is just really a visual aid to the trend direction and strength.. so i dont want to consider it a magic line or anything, a few pips either way is less important than the general trend... I ust try and have some sort of rule for all the elements of the trade process because it keeps you consistent and keeps your emotions out of the decision making process.

I just wanted to show what entries fit the rules... from that we can start to recognise what a strong high win set up looks like and what set ups might fit the rules but be more risky / have a lower win/loss rate.
tradewith60
  • #27
  • Mar 27, 2012 5:42am Mar 27, 2012 5:42am
Quoting dean
Another good way to trail and exit eventually is trail candle by candle....as in if you were long, put your stop a couple of pips below the prvious candles low. Works pretty well on the larger time frames I find.
I use this idea, stepping SL above H1 highs... works great, and again takes emotions out of it... I like easy to follow rules
tradewith60
  • #28
  • Mar 27, 2012 5:44am Mar 27, 2012 5:44am
Quoting Truthseeker
I'm liking this strategy. Here's another thought. Counter trend trades i.e. back to the 50SMA, seem to produce regularly profitable trades if the typical set up is used in conjunction with the RSI tagging/breaking either the 30 or 70 line followed by evidence of return to the main channel. This will no doubt produce more trades but perhaps with the need to be more conservative with stops and targets.
Yep the counter trend trades can be equally profitable.... but from experience i find these things work best when you perfect the trend element first and get accustomed to reading the impulse and retrace moves...

definately worth looking at..
tradewith60
  • #29
  • Mar 28, 2012 8:39am Mar 28, 2012 8:39am
another good one
  • #30
  • Mar 31, 2012 8:08am Mar 31, 2012 8:08am
I coded an indicator with rules from posting#1
to make visual backtesting easier.

In live trading it will alert and/or send e-mail alerts and
display entry, tp and sl on the chart.

I see plenty of winning setups, this could easily become
one of my favorite strategies. Kudos to 60minuteman

The flat SMA50 is not checked, that would need specific rules for "flat".
But even without the flat-check, I like what I see.

http://i.imgur.com/GC1MV.jpg
Attached File(s)
File Type: ex4 ! 60mm_IB_50SMA.ex4   17 KB | 1,149 downloads
  • #31
  • Mar 31, 2012 8:31am Mar 31, 2012 8:31am
This is becoming my favorite stuff to look for because the 4hr chart allows me to walk away from the charts and study forex or anything else i want on my time while still giving me plenty of setups during the week.

Thx for sharing 60mm
  • #32
  • Mar 31, 2012 9:53am Mar 31, 2012 9:53am
eu h4

took this set up on friday, nice retrace on the up trend to a level, then two pin bars, the second being the inside bar... Traded back to the top of the range for a nice 2/1 win
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2012-03-31 at 15.50.17.jpg Size: 37 KB
tradewith60
  • #33
  • Mar 31, 2012 2:08pm Mar 31, 2012 2:08pm
Quoting fxtr51
I coded an indicator with rules from posting#1
to make visual backtesting easier.

In live trading it will alert and/or send e-mail alerts and
display entry, tp and sl on the chart.

I see plenty of winning setups, this could easily become
one of my favorite strategies. Kudos to 60minuteman

The flat SMA50 is not checked, that would need specific rules for "flat".
But even without the flat-check, I like what I see.
I'm not seeing any arrows on my chart after applying this indicator, confused!!

Andy
  • #34
  • Edited 3:44pm Mar 31, 2012 2:46pm | Edited 3:44pm
Quoting Andy B
I'm not seeing any arrows on my chart after applying this indicator, confused!!

Andy
Please use PM for such questions, donīt clutter the thread with it.

Edit: Problem solved. The "Allow DLL imports" was not checked. Now it works.
  • #35
  • Apr 1, 2012 5:02am Apr 1, 2012 5:02am
this strategy is the same as the "Buy sell line trading" isint it?
  • #36
  • Apr 1, 2012 5:26am Apr 1, 2012 5:26am
Quoting migmac
this strategy is the same as the "Buy sell line trading" isint it?
No it isnīt .
  • #37
  • Apr 1, 2012 5:52am Apr 1, 2012 5:52am
Quoting fxtr51
No it isnīt .
fxtr51

ok, them seem to be very similar

thank you for your ea, I will start using it tomorrow
  • #38
  • Apr 1, 2012 7:05am Apr 1, 2012 7:05am
Quoting migmac
fxtr51

ok, them seem to be very similar

thank you for your ea, I will start using it tomorrow
Yes, the BuySell line has engulfing bars as signals,
this one has inside bars as signals.
Please use the latest update of the EA.
  • #39
  • Apr 2, 2012 1:33am Apr 2, 2012 1:33am
Just placed a buy order for gbp/usd at 1.60202. We will see how it goes.
Direction is more important than speed. Alot of people go nowhere real fast
  • #40
  • Apr 2, 2012 3:59am Apr 2, 2012 3:59am
Quoting fxtr51
I coded an indicator with rules from posting#1
to make visual backtesting easier.

In live trading it will alert and/or send e-mail alerts and
display entry, tp and sl on the chart.

I see plenty of winning setups, this could easily become
one of my favorite strategies. Kudos to 60minuteman

The flat SMA50 is not checked, that would need specific rules for "flat".
But even without the flat-check, I like what I see.

http://i.imgur.com/GC1MV.jpg
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Hi fxtr51,

Thanks for the indicator.Is it possible to make same kind of dashboard which you made for buy sell line trading for inside bar strategy also?

Regards,
Bedayan.
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