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Buy sell line trading

  • #1,201
  • Apr 14, 2012 8:04pm Apr 14, 2012 8:04pm
Quoting rgskwijerath
i like to your strategy as a new trader . i need to know how to get 50sma line?
Welcome to the thread and forexfactory posting. The 50sma comes with the charting package you use. You didnt say which one you were using but dig around the indicator section you will find the moving average indicator. Then select simple as opposed the exponential or weighted etc. You will then need to tell it 50 to give you the 50sma.

Then off you go...

Olu
If you think you can or cannot do it you are correct
  • #1,202
  • Apr 15, 2012 2:27am Apr 15, 2012 2:27am
TRADE MANAGEMENT UPDATE

In the rules we say to move stops to break even at 0.5/1 r/r...

this is the conservative approach and is best used on trades you feel unsure about, this could be because of a strong level, weak trend or weak momentum from your entry.

I am using it less and less as my confidence in picking trades improves. In the skype group some people have been noticing that their results are better leaving the stops until at least 1/1, and it's something i'm finding myself doing much more.

So it is something you should look at too, and perhaps keep some data on it to see what is working best for you. Where to exit a trade is a harder skill to learn than where to enter, but trade management can make a big difference to results, and tight stops to avoid any losses won't necessarily gain you more profit....

anyway, just thought i should write my thoughts down here about it...
tradewith60
  • #1,203
  • Edited 12:17pm Apr 15, 2012 8:39am | Edited 12:17pm
Hey 60, i saw you posted a webinar by steve primo several pages back. I checked out his profile on fxstreet, and i found this one, which is also very informative.

http://www.fxstreet.com/webinars/ses...0-42d9bc8d46ff (interesting part starts at the 21st minute)

I guess it will be nice for everyone to check it out.

Oh 60mm, i saw you in the video lol
Twitter @raitchev
  • #1,204
  • Apr 15, 2012 3:39pm Apr 15, 2012 3:39pm
Why didn't you go short 5 bars back on the ECAD trade?

Quoting 60minuteman
Here are my EA and ECAD trades from Friday
  • #1,205
  • Apr 15, 2012 3:43pm Apr 15, 2012 3:43pm
Quoting Dreamliner
Why didn't you go short 5 bars back on the ECAD trade?
phew.... that was a long time ago now, no doubt I did.... perfect set up...

I think I started the thread on the Sunday, so I just wanted to show a few recent trade examples..
tradewith60
  • #1,206
  • Apr 15, 2012 3:51pm Apr 15, 2012 3:51pm
OK makes sense. Want to give an update of how you're doing with this method now? I know, I know, I could read through all 80 pages and get it myself .

Quoting 60minuteman
phew.... that was a long time ago now, no doubt I did.... perfect set up...

I think I started the thread on the Sunday, so I just wanted to show a few recent trade examples..
  • #1,207
  • Apr 15, 2012 4:02pm Apr 15, 2012 4:02pm
Quoting Dreamliner
OK makes sense. Want to give an update of how you're doing with this method now? I know, I know, I could read through all 80 pages and get it myself .
Doing really well, although I would say that wouldn't I...

Picking the easy trades i.e trending pairs, helps a lot...

No reason why you couldn't get 100% Win rate on H4

Im regularly hitting 80%, losers usually coming through impatience and rule breaking...
tradewith60
  • #1,208
  • Apr 15, 2012 4:16pm Apr 15, 2012 4:16pm
Dreamliner, just pull up last weeks, or even last months charts and see if you could of applied the rules and made money...

I won't deny some basic trend analysis will improve results, but its fairly simple to lay down some higher tf s/r points for possible entry and take profit areas..
tradewith60
  • #1,209
  • Apr 15, 2012 4:24pm Apr 15, 2012 4:24pm
Yep, that's what I'm doing right now, and finding many trades that would have been profitable.

Quoting 60minuteman
Dreamliner, just pull up last weeks, or even last months charts and see if you could of applied the rules and made money...

I won't deny some basic trend analysis will improve results, but its fairly simple to lay down some higher tf s/r points for possible entry and take profit areas..
  • #1,210
  • Apr 15, 2012 7:04pm Apr 15, 2012 7:04pm
New analysis video..

excuse the obvious cock up's, when I say type 1 entry, of course i mean type 2... wasn't drunk, just tired..

http://vimeo.com/40418794
tradewith60
  • #1,211
  • Apr 16, 2012 12:33am Apr 16, 2012 12:33am
Quoting 60minuteman
New analysis video..

excuse the obvious cock up's, when I say type 1 entry, of course i mean type 2... wasn't drunk, just tired..

http://vimeo.com/40418794
Excellent video...these are a huge help!! Thanks!
  • #1,212
  • Apr 16, 2012 12:57am Apr 16, 2012 12:57am
Very interesting and logical system, 60minuteman. I've been teaching myself price action but haven't paid much attention to engulfing bars, and your system seems very intuitive and clean. I'll backtest this but am very optimistic.
  • #1,213
  • Apr 16, 2012 4:30am Apr 16, 2012 4:30am
Hi Ladies and Gents,

First time poster to this thread, what I have seen is very good and similar to how I trade so I am keen to try out the methodolgy. Definitely some good tools to add to the trader's arsenal..

AU 4h chart attached with potential entry and some daily s/r swing levels. I am already long from 1 hour chart using my own system but I will look to take 4h signals as per the rules and keep a note of progress.
Attached Image (click to enlarge)
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  • #1,214
  • Apr 16, 2012 4:38am Apr 16, 2012 4:38am
I have read 20 pages as now , this is great simple and great trading system, thank you 60minute for sharing
  • #1,215
  • Apr 16, 2012 4:44am Apr 16, 2012 4:44am
Quoting uksnowman
Hi Ladies and Gents,

First time poster to this thread, what I have seen is very good and similar to how I trade so I am keen to try out the methodolgy. Definitely some good tools to add to the trader's arsenal..

AU 4h chart attached with potential entry and some daily s/r swing levels. I am already long from 1 hour chart using my own system but I will look to take 4h signals as per the rules and keep a note of progress.
Three things that would make me pass that trade:
1. flat ma
2. no higher high yet.
3. strong bearish trend on the daily tf
Twitter @raitchev
  • #1,216
  • Apr 16, 2012 3:28pm Apr 16, 2012 3:28pm
Hey 60MM

Do you ever look to the 15 minute time frame?

This is a struggle I seem to never quite resolve.

Today (using your methods) I took a successful trade on the USDJPY, I traded off the one hour chart and I traded with the trend. The trend on the one hour and the 4 hour matched, in other words the market moved with the trend.

I did not take any other trades, although when I look at the EURUSD on the 15 minute time frame there was some nice juicy moves, that were moving against the one hour and 4 hour trend.

Part of me is saying....cherry pick trades off the one hour and 4 hour and don't go down to the lower time frames, but there is this little demon in me that says.....look at the nice trades off the 15 minute chart.

PGPB
  • #1,217
  • Apr 16, 2012 4:18pm Apr 16, 2012 4:18pm
Quoting pgpb
Hey 60MM

Do you ever look to the 15 minute time frame?

This is a struggle I seem to never quite resolve.

Today (using your methods) I took a successful trade on the USDJPY, I traded off the one hour chart and I traded with the trend. The trend on the one hour and the 4 hour matched, in other words the market moved with the trend.

I did not take any other trades, although when I look at the EURUSD on the 15 minute time frame there was some nice juicy moves, that were moving against the one hour and 4 hour trend.

Part of me is saying....cherry...
The core ideas will work on any tf, its not something I have done so I can vouch for the money management that may be best down there...

As long as you are using TREND>SIGNAL>MOMENTUM it should work...

H4 is where I feel most comfortable, and it is a timeframe that works for me.
tradewith60
  • #1,218
  • Apr 16, 2012 4:20pm Apr 16, 2012 4:20pm
Just 1 trade for me today EA short and took a stop loss hit...

I was due one, perhaps should of aired caution with the weekly swing high we bounced on.... but you're always gonna get some losers...

So back to it tomorrow...
tradewith60
  • #1,219
  • Apr 16, 2012 6:00pm Apr 16, 2012 6:00pm
Hey 60 I see where you took a loss, I am eyeing a short set up late in the day. I know the current timing is kind of a dead zone but could be a nice setup for asia also. Just watching you may yet get that short on EA.

Horizontal lines are just monthly and weekly highs/lows.

Smaller ticks are asia session for smaller timeframes, and helps me keep track of the days.
Attached Image (click to enlarge)
Click to Enlarge Name: ea apr16.gif Size: 26 KB
  • #1,220
  • Apr 16, 2012 6:07pm Apr 16, 2012 6:07pm
I'm watching this setup too and was hoping it would give a Type 2 signal, but price ran up to the 50 pretty quick and has stalled as expected during the slow period. Let's see if Asia wants to get it moving...
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