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Buy sell line trading

  • #1,221
  • Apr 16, 2012 4:42pm Apr 16, 2012 4:42pm
Watching EA to. Took a hit on EA today like 60, but still looks good for a move to the downside

50sma is not on the chart for some reason but price is just touching it currently. plenty of factors in play here:

Attached Image (click to enlarge)
Click to Enlarge Name: EA 4hr analysis.png Size: 26 KB
  • #1,222
  • Apr 16, 2012 4:55pm Apr 16, 2012 4:55pm
Does watching complementary pairs influence your decisions? Question is open to anyone.

The correlation is not perfect but when I watch a pair like EA i look to the EU. Since EU was up against strong resistance after a sharp decline I would have been hesitant taking an EA short.

I watched EU this a.m. and was looking for a jump up, but was not trading it because I want to stick to this system and its rules.
  • #1,223
  • Apr 17, 2012 1:58am Apr 17, 2012 1:58am
Quoting fxfury
Does watching complementary pairs influence your decisions? Question is open to anyone.

The correlation is not perfect but when I watch a pair like EA i look to the EU. Since EU was up against strong resistance after a sharp decline I would have been hesitant taking an EA short.

I watched EU this a.m. and was looking for a jump up, but was not trading it because I want to stick to this system and its rules.
yeah, fx, any market analysis can help, and on EA I kinda jumped the gun thinking EU was finally going to bust the 1.300 level, but instead just spiked the stops and turned again....
tradewith60
  • #1,224
  • Apr 17, 2012 3:46am Apr 17, 2012 3:46am
Quoting dan89
Watching EA to. Took a hit on EA today like 60, but still looks good for a move to the downside

50sma is not on the chart for some reason but price is just touching it currently. plenty of factors in play here:

Attachment
update: looking for a bearish close here

Attached Image (click to enlarge)
Click to Enlarge Name: 17-04-2012 11-37-02.png Size: 22 KB
  • #1,225
  • Apr 17, 2012 4:09am Apr 17, 2012 4:09am
iam finding it tough to find signals on 4hr eu charts, using this method. anyone else finding this ?

it seems you need to wait several days before a signal appears, that too may not go in your favour.
  • #1,226
  • Apr 17, 2012 4:13am Apr 17, 2012 4:13am
Quoting whatfx
iam finding it tough to find signals on 4hr eu charts, using this method. anyone else finding this ?

it seems you need to wait several days before a signal appears, that too may not go in your favour.
Hi whatfx...

EU is about the least trending pair out there at the moment...EJ had been far better...
tradewith60
  • #1,227
  • Apr 17, 2012 4:23am Apr 17, 2012 4:23am
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...

hi pg

long time , no hear. how is your trading going ? millionnaire yet ?
  • #1,228
  • Apr 17, 2012 6:33am Apr 17, 2012 6:33am
A few of us must be short off the bearish engulfing on EA then?
  • #1,229
  • Apr 17, 2012 7:40am Apr 17, 2012 7:40am
Quoting fxfury
A few of us must be short off the bearish engulfing on EA then?
Watch out with that 1.2620 level. Its respected quite well...
Twitter @raitchev
  • #1,230
  • Apr 17, 2012 7:49am Apr 17, 2012 7:49am
Quoting fxfury
A few of us must be short off the bearish engulfing on EA then?
Yeah i decided not to take it because of the level mentioned in the post above
  • #1,231
  • Apr 17, 2012 7:49am Apr 17, 2012 7:49am
Quoting dan89
update: looking for a bearish close here

Attachment
to
dan89

What is your MT4 broker?
You have a very beautiful H4 candlestick!
Mine not showing like yours.

Just curious if the right H4 candlesticks display would help to generate good pips using 60MM's trading method?
Trade As A Sniper
  • #1,232
  • Apr 17, 2012 8:02am Apr 17, 2012 8:02am
Here is the trade i took today. Just hit tp.
Long AU at 1.0355, TP 1.0405, SL 1.0303 (just as the rules state). Signal type 2, not so strong but got som confidence because of that s/r line at 1.0320
Attached Image (click to enlarge)
Click to Enlarge Name: bs3.gif Size: 33 KB
Twitter @raitchev
  • #1,233
  • Apr 17, 2012 8:14am Apr 17, 2012 8:14am
Quoting pama.fx
to
dan89

What is your MT4 broker?
You have a very beautiful H4 candlestick!
Mine not showing like yours.

Just curious if the right H4 candlesticks display would help to generate good pips using 60MM's trading method?
Hi mate, Im using FXCM UK with their Marketscope Charts (not mt4). My broker time/candlesticks is the same as Alpari UK (mt4) which is the broker that 60 uses
  • #1,234
  • Apr 17, 2012 8:51am Apr 17, 2012 8:51am
Quoting raitchev
Here is the trade i took today. Just hit tp.
Long AU at 1.0355, TP 1.0405, SL 1.0303 (just as the rules state). Signal type 2, not so strong but got som confidence because of that s/r line at 1.0320
Attachment
awesome trade mate well done
tradewith60
  • #1,235
  • Apr 17, 2012 10:04am Apr 17, 2012 10:04am
Quoting raitchev
Watch out with that 1.2620 level. Its respected quite well...
Closed for a 41 pip profit. These crosses are very weird for me to trade because generally lower atr and au eu generally make similar moves so that would be why.

eu/gu I saw weakness, and Au has strength off support so, I didnt get 1:1 on the trade, but I made a good profit and it moved down.

gaining confidence in this methodology, and I am starting to see how these candle patterns can be traded other than the 50sma, but I will only talk about trades based on this threads rules. Good pipin everyone.
  • #1,236
  • Apr 18, 2012 3:02am Apr 18, 2012 3:02am
Hi 60minuteman,

I find your thread very consistent. Before, I knew about Steve Primo but did not know in detail how to apply the strategy. I am trying a similar strategy but I enter only if I see an 123 pattern and engulfing or pin with long tail in the direction of the trend.
I have a question for you if you don't mind. Could you please tell us for how long you are applying this method in your trading and your success rate (in terms of %). For me, my biggest issue is not holding to my profits long enough. Normally I have a success rate of around 2/3 but my wins are usually smaller than my profits so I end up in a range in terms of my account growth, it goes up and retraces to its 90%. So overall no significant account growth. But I also had like 4 consecutive months with very good results, but then retraced back again to almost to start point. That is why I am asking you for how long you are using this strategy. Sometimes the results of even 3-4 months are not good indicator because market conditions are changing.

Kind regards.
  • #1,237
  • Apr 18, 2012 3:48am Apr 18, 2012 3:48am
Quoting Lanes110
Hi 60minuteman,

I find your thread very consistent. Before, I knew about Steve Primo but did not know in detail how to apply the strategy. I am trying a similar strategy but I enter only if I see an 123 pattern and engulfing or pin with long tail in the direction of the trend.
I have a question for you if you don't mind. Could you please tell us for how long you are applying this method in your trading and your success rate (in terms of %). For me, my biggest issue is not holding to my profits long enough. Normally I have a success rate of around...
When you say not holding profits long enough, does that mean you close and they continued in the direction?

The 1/1 rule is very important, if you are winning 66% and use that rule then your account should be growing... try setting a tp and walking away?

Generally I will get 2 or maybe 3 trades a week that go to 2/1 or 3/1... thats where your real profit will come from, it's hard I know!... Putting some daily/weekly lines in like i showed in the videos will help with targets..

Also, this is the sort of system where you will have to endure retraces, it relies on decent size stops so you have to let things run....

I'm mid way through month 4, but the system I traded before was very similar, so I think that has made it easier for me, my results for the last 7 weeks have been really good... really you need to keep a record of your own trades and review them every week, then you will be able to pinpoint where you are failing, then its down to you to solve it...? maybe it is just a case of you closing too early???
tradewith60
  • #1,238
  • Apr 18, 2012 4:16am Apr 18, 2012 4:16am
Hi 60minuteman,

thanks for the quick reply. Yes mostly I am closing positions manually too early or moving stop to BE too early. For example, yesterday I opened an USDCAD short from 0.9976 (4H ABCD below EMA50) and I manually closed it for 12 pips because there was an important news coming. After that it falled till 0.9865!
This is my main problem. I should keep my profits run but as you said it is very difficult especially if you go through a losing streak of 2 or 3 trades!


Quoting 60minuteman
When you say not holding profits long enough, does that mean you close and they continued in the direction?

The 1/1 rule is very important, if you are winning 66% and use that rule then your account should be growing... try setting a tp and walking away?

Generally I will get 2 or maybe 3 trades a week that go to 2/1 or 3/1... thats where your real profit will come from, it's hard I know!... Putting some daily/weekly lines in like i showed in the videos will help with targets..

Also, this is the sort of system where you will have to endure...
  • #1,239
  • Apr 18, 2012 5:09am Apr 18, 2012 5:09am
Quoting Lanes110
Hi 60minuteman,

thanks for the quick reply. Yes mostly I am closing positions manually too early or moving stop to BE too early. For example, yesterday I opened an USDCAD short from 0.9976 (4H ABCD below EMA50) and I manually closed it for 12 pips because there was an important news coming. After that it falled till 0.9865!
This is my main problem. I should keep my profits run but as you said it is very difficult especially if you go through a losing streak of 2 or 3 trades!
yeah the mental barriers are the hardest to break, all i can suggest is trying a period on dem of only taking sl or tp, and no manual closes at all... for at least a week, preferably 2 or more... then compare your results..
tradewith60
  • #1,240
  • Apr 21, 2012 12:06am Apr 21, 2012 12:06am
WOW ! What a week, increased my bank by 10% and that included a losing trade. In 4 years of trading (part time) I have never made that much profit in a week. Hope I haven't jinxed myself by posting that here -lol

Simply follow the rules as layed out in post #1. Including closing half position at 0.5:1 r/r and move the stop to BE. I actually closed 2/3 of my position due to the odd number of lots I am trading at the moment

This is the easiest strategy I have come across

60minuteman you are a star, thank you

Here's hoping next week is as good
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