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Buy sell line trading

  • #1,241
  • Apr 21, 2012 3:56am Apr 21, 2012 3:56am
Dpeters: I only managed to get about three trades. And the setups on two of them didn't really offered 1:1 r:r, in terms of s/r before tp. Anyway, all winners, but not full 1:1. .
However, it felt like much ranging, past week, at least on 4H. Which pairs, and what timeframe, did you found your setups?
  • #1,242
  • Apr 21, 2012 4:15am Apr 21, 2012 4:15am
that's awesome Dpeters and Mrsword...

Really wasn't an easy week either, I had to go down to H1 to make my money....

You should take comfort from that though, because it isnt always going to be easy, but some structure and discipline in trading goes a long way to making you consistent...



Don't forget to do some higher tf analysis over the weekend and set your charts up for monday...

I will try and do a video on some key levels on the majors..
tradewith60
  • #1,243
  • Apr 21, 2012 8:07pm Apr 21, 2012 8:07pm
Quoting mrsword
Dpeters: I only managed to get about three trades. And the setups on two of them didn't really offered 1:1 r:r, in terms of s/r before tp. Anyway, all winners, but not full 1:1. .
However, it felt like much ranging, past week, at least on 4H. Which pairs, and what timeframe, did you found your setups?
Nice !

..btw is your username, Mr-Sword, or Mrs-Word ..?
  • #1,244
  • Edited Apr 22, 2012 4:27am Apr 21, 2012 9:32pm | Edited Apr 22, 2012 4:27am
60mm: thanks mate! 1H you say... I just took a look even at M15, just for fun, and last days seems to show lots of winners (on M15) on the ranging pairs, such as eu and au.

Dan89: Hi dan . My surname is "sword" (in Swedish)... So "mr sword" it is!
  • #1,245
  • Apr 22, 2012 6:06am Apr 22, 2012 6:06am
Quoting mrsword
Dpeters: I only managed to get about three trades. And the setups on two of them didn't really offered 1:1 r:r, in terms of s/r before tp. Anyway, all winners, but not full 1:1. .
However, it felt like much ranging, past week, at least on 4H. Which pairs, and what timeframe, did you found your setups?
Hi mrsword

All trades taken on the 4H timeframe on the following pairs:
CADJPY, AUDJPY, CHFJPY, EURJPY, USDJPY, NZDJPY, NZDUSD

But my broker is GMT +3 (New York close) which means I get different set ups to other people, for example I don't get a weekend candle that some other brokers get. A couple of weeks back I had the reverse, where people were posting lots of trades but I was getting none so I guess its swings and roundabouts.

Most of those trades did not make 1:1 r:r but good money management got my profits. Bottom line is this strategy seems to work on any broker and any timeframe. I have a demo account with a broker which is GMT 0 so could look at that for trades then place them on my live account but I see no reason to do that at the moment, I miss trades that other people get but I get into trades that other don't.

Dave
  • #1,246
  • Apr 22, 2012 6:10am Apr 22, 2012 6:10am
Hi 60mm and others !

I watch closely that tread since a couple of weeks but I never really had the time to use that strategy.

I have a couple of questions about condition to trigger a trade. Espically about an engulfing candle crossing the MA50.

See attached images (H1 charts).
On example 1 & 2, do you consider this to be valid signals as the candle crossed the MA50 ? Example 1 is probably during asian so low volatility and PA, I didn't had taken that one anyway. Example 2, is during London.
On example 3, do u consider this as an bearish engulfing ? I presume not because that bar doesn't really engulf the previous one but the low is really low (lower than the last 14bars).

The lines and arrows you see on the chart is an indicator I just coded to detect engulfing candles based on the MA (belows for short, above for longs). When a bar meet the requirement, two small lines are plotted on the chart to visually check the entry and SL.

Thanks for your time,
LhDT
Attached Images
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  • #1,247
  • Apr 22, 2012 6:16am Apr 22, 2012 6:16am
Quoting dpeters
Hi mrsword

All trades taken on the 4H timeframe on the following pairs:
CADJPY, AUDJPY, CHFJPY, EURJPY, USDJPY, NZDJPY, NZDUSD

But my broker is GMT +3 (New York close) which means I get different set ups to other people, for example I don't get a weekend candle that some other brokers get. A couple of weeks back I had the reverse, where people were posting lots of trades but I was getting none so I guess its swings and roundabouts.

Most of those trades did not make 1:1 r:r but good money management got my profits. Bottom line is this strategy...
good post Dave, you're thinking logically... and that's the secret...

No simple strategy alone will ever be perfect... we just need that slight edge... The rest is just experience and discipline...

if price is trending, we know its high probability at some point it will retrace, and we know its high probability that retrace will end and the trend continue, if we see some price action HINTING we are at that price, then take the trade...

Plot your daily s/r for h4 entries, then use your weekly and monthly s/r for places where the trend may end or pause...

AU and YEN crosses we knew were in those areas, we covered it in the last 2 videos.... and I think we can say that we were right to take note of those levels..
tradewith60
  • #1,248
  • Apr 22, 2012 6:30am Apr 22, 2012 6:30am
Quoting lhDT
Hi 60mm and others !

I watch closely that tread since a couple of weeks but I never really had the time to use that strategy.

I have a couple of questions about condition to trigger a trade. Espically about an engulfing candle crossing the MA50.

See attached images (H1 charts).
On example 1 & 2, do you consider this to be valid signals as the candle crossed the MA50 ? Example 1 is probably during asian so low volatility and PA, I didn't had taken that one anyway. Example 2, is during London.
On example 3, do u consider this as an bearish engulfing...
Hi LH...

ok, example 1 and 2... These are classed as high risk trades... you can take them and may well win a few, but over time it is probably best to sit aside and leave them...

Price is clearly ranging, we have a flat MA and price action is indicating that buyers and sellers are in agreement on price at this point. What we are looking for is a chart that clearly says one side is in control of the market... have a look at GU last week...

Example 3, it is hard for me to comment on the trend being so zoomed in, but lets assume the trend was down and we had that signal at the end of a retrace... We did have an engulf but then a very long wick at the bottom indicating buying interest... but the rules state that we must trade lower on the next candle to enter... For that to happen then the sellers would need to continue to push those buyers out and trade below the wick... This happened so I would feel ok about taking the short...

Try to break down the rules and ask yourself what the reason for them are? why will they make our trades likely to succeed... Then when you see a trade setting up, go through the rules in order and ask yourself if they are being satisfied...

1 more point on the MA... this is a visual guide to the trend, also zoom out on the pair and look at the pattern of swings, if we keep making lower swing lows in a downtrend, and lower swing hi's then the trend is good!
tradewith60
  • #1,249
  • Apr 22, 2012 6:39am Apr 22, 2012 6:39am
one thing that is really important to remember with trend trading...

RETRACE....

your best entries will always be at the end of a retrace...

Zoom out on h4 of a pair thats in, or was in a nice trend...

highlight the ends of the retraces in that trend...

now zoom in and look for valid signals there...

This is where you will make your easy money...

Never forget it, search for those entries...
tradewith60
  • #1,250
  • Apr 22, 2012 6:56am Apr 22, 2012 6:56am
Excellent strategy! I'm not sure if anyone posted this, but there is an indicator which shows the slope of the 50 sma. Here it is, hope it helps. Btw, the indicator is not mine, I found it somewhere on the internet.
Attached Image (click to enlarge)
Click to Enlarge Name: pic1.gif Size: 12 KB
Attached File(s)
File Type: mq4 MAAngle.mq4   6 KB | 487 downloads
  • #1,251
  • Apr 22, 2012 7:26am Apr 22, 2012 7:26am
Quoting marijan993
Excellent strategy! I'm not sure if anyone posted this, but there is an indicator which shows the slope of the 50 sma. Here it is, hope it helps. Btw, the indicator is not mine, I found it somewhere on the internet.
Maybe this indicator can help too. Also not mine.
Attached File(s)
File Type: mq4 Pattern_Recognition.mq4   16 KB | 449 downloads
  • #1,252
  • Apr 22, 2012 7:27am Apr 22, 2012 7:27am
Quoting marijan993
Maybe this indicator can help too. Also not mine.
here is a pic.
Attached Image (click to enlarge)
Click to Enlarge Name: pic1.gif Size: 18 KB
  • #1,253
  • Apr 22, 2012 5:39pm Apr 22, 2012 5:39pm
would this strategy work on non fx pairs.. eg S&Ps or US30.. crude.. stocks? If so, are there seperate rules? timeframes?

I've just had a quick visual back test and it seemed to work, but just wondering what you guys think.
  • #1,254
  • Apr 22, 2012 6:16pm Apr 22, 2012 6:16pm
Quoting Viv108
would this strategy work on non fx pairs.. eg S&Ps or US30.. crude.. stocks? If so, are there seperate rules? timeframes?

I've just had a quick visual back test and it seemed to work, but just wondering what you guys think.
Yes, Viv, anything that trends well is ideal... I have traded s&p with it
tradewith60
  • #1,255
  • Apr 22, 2012 8:42pm Apr 22, 2012 8:42pm
I have had numerous successful trades using engulfing candles as 60 uses them on the S&P, and other non currency instruments , as well as numerous IB trades.

Price action is price action it works on anything.
Master your Mind,,,Master the Market
  • #1,256
  • Apr 22, 2012 9:08pm Apr 22, 2012 9:08pm
I use the 50 SMA as well. Keep this thread going!
Sean Kelly Love God and love others. Do this and life is fun!
  • #1,257
  • Apr 23, 2012 12:19am Apr 23, 2012 12:19am
About TP's, I still didn't get that actually.

You use the lines you plotted (like the video on post #1) based on visual S/R levels on higher timeframes (daily, H4, etc ...) or Fibs or something else ?

Somebody can help me on that ?

Thx,
Lh
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  • #1,258
  • Edited 4:02am Apr 23, 2012 3:49am | Edited 4:02am
Hi Guys,

What do you think about that possible setup ?
Bar will close in 15min.

- Price above 50MA
- Bull candle
- Candle made a new low since the last 5 bars

Currently the price trade in the 25% high but an complete engulfing is still possible.

Edit after bar closed : Conditions not met !
Attached Image (click to enlarge)
Click to Enlarge Name: screen04 23-Apr 10.46.jpg Size: 91 KB
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  • #1,259
  • Apr 23, 2012 4:04am Apr 23, 2012 4:04am
Quoting lhDT
Hi Guys,

What do you think about that possible setup ?
Bar will close in 15min.

- Price above 50MA
- Bull candle
- Candle made a new low since the last 5 bars

Currently the price trade in the 25% high but an complete engulfing is still possible.

Edit after bar closed : Conditions not met !
Hey i was watching this one too... but neither close at the top 25% range, nor englufing happened so i passed...

EDIT: Sorry didnt see your edit
Twitter @raitchev
  • #1,260
  • Apr 23, 2012 6:42am Apr 23, 2012 6:42am
I took a E/U H1 Short at .31290 SL at .31560 (Daily Pivot)

Enough room to hit S1, E/U has been under pressure since the opening, let's see ...
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