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Buy sell line trading

  • #1,281
  • Apr 28, 2012 3:57pm Apr 28, 2012 3:57pm
Quoting 60minuteman
little example of the take every set up exercise on AU last week... sticking to money management rules and taking profit at 1/1 would of 10% account growth... of course there were some nice 3/1 trades in there too...

Try it on the majors... food for thought eh?
Thanks for posting this 60mm...I'm going to follow your advice and every trade I enter this coming week I'm going to set and forget it. Thanks for posting the new video too.
  • #1,282
  • Apr 29, 2012 10:14am Apr 29, 2012 10:14am
Here are the three trades that i spoted this week. Two of them could be a winners but i moved my stop earlier so i got two BE's, and one loser.
GJ signal type 2 at the vertical yellow line (23 apr).
Attached Image (click to enlarge)
Click to Enlarge Name: bs4BE+.gif Size: 35 KB

ACHF signal type 1 and 2, but a loser... EA produced pretty much the same signal, but opposite way.
Attached Image (click to enlarge)
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UCAD - signal type 1 and 2, bouncing off s/r line (.9870 not marked)... it was such a nice signal, but i moved my stop to BE before news, got taken out, and price went back to the right direction...
Attached Image (click to enlarge)
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So here are two lessons learned this week.
1. Even a rangy and slow week can produce some nice signals on H4.
2. Maybe it is not a good idea to move to BE when we get good signals (bounce from s/r + engulf).

I use alpari UK.
Twitter @raitchev
  • #1,283
  • May 1, 2012 10:18am May 1, 2012 10:18am
EDIT: I'm sorry, it seems this question was answered on the first page and somehow I missed it or forgot reading it. It would seem that indeed, this would be a bearish engulfing example.

I've been curious as to how different people interpret engulfing candles. I just took this screen shot of my chart for the AUD/CAD and am wondering, if this were you, would you call this a bearish engulfing candle? The candle has two more hours yet to form (4h chart) but as I looked at it, I figured maybe I should ask.

It seems like a bearish englufing because the current open and close engluf the open and close of the previous candle but the wick doesn't come as low as the previous candle's wick. How do people interpret wicks in cases like this?
Attached Image
  • #1,284
  • May 1, 2012 11:17am May 1, 2012 11:17am
Quoting 60minuteman
New Video... little re-cap of the week and a few tips on finding strong signals...

http://vimeo.com/41175243
Good video 60m on being flexible.
  • #1,285
  • May 2, 2012 11:50am May 2, 2012 11:50am
Hi all, I love this system and I've tryed to do a little backtest on Engulfing bar trigger for the 2012 Eur/Usd pair on a daily timeframe because I think that is the timeframe with less "noise". Unfortunately this are the results:
Red lines = lost trades = 6
Green lines = win trades = 1
How can i filter those signals to be at least profitable? I thought that if a system works on a lower timeframe, and I trade just daily charts, the system would be very profitable. Which is my mistake?

Regards ( and sorry for my english )
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 102 KB
  • #1,286
  • May 2, 2012 11:59am May 2, 2012 11:59am
Quoting 60minuteman
one of the best exercises is to take every set up for a week or preferably longer where you just follow the rules, record the data and review all your trades at the end of the week, the data is invaluable, the winners and losers will give you great information about where you can improve.
Thanks 60MM for inspiring me to slow down my 5M and 15M addiction

Only half a week so far, took every set up on AU 1H and 4H whenever I
had access to a computer which is abt 14hrs/day.

Overall result still negative, get stopped out too often. The falling AU
during the last few hours sure helped to recover a large part of the
losses.

Especially painful: set up goes in the right direction for 10 to 14 pips but
rules dictate to stay in the trade, don't take profits too early, only to get
stopped out later on.

Also painful: entry price is exactly where short term trend turns and hits S/L

S/R lines I do my best to draw and respect them but I am not 100% sure
yet I know exactly what I am doing

I noticed recent market activity does not care about those round numbers.
Personally I never really believed in this concept since everybody knows
about it. I don't think big players care about round numbers and us small
players have zero impact.

Sure, EUR bounces off 1.30 and it appears to be some major players'
trigger line like CHF 1.20 via SNB

Recent fall of AU did not care about round numbers 1.04, 1.035, 1.03

I will continue with the exercise

S

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  • #1,287
  • May 2, 2012 12:51pm May 2, 2012 12:51pm
Quoting lucariga
Hi all, I love this system and I've tryed to do a little backtest on Engulfing bar trigger for the 2012 Eur/Usd pair on a daily timeframe because I think that is the timeframe with less "noise". Unfortunately this are the results:
Red lines = lost trades = 6
Green lines = win trades = 1
How can i filter those signals to be at least profitable? I thought that if a system works on a lower timeframe, and I trade just daily charts, the system would be very profitable. Which is my mistake?

Regards ( and sorry for my english )
lucariga, i would suggest doing the same test again on either gj or au... then compare the charts with EU and tell me what you see
tradewith60
  • #1,288
  • May 2, 2012 1:07pm May 2, 2012 1:07pm
Quoting lucariga
Hi all, I love this system and I've tryed to do a little backtest on Engulfing bar trigger for the 2012 Eur/Usd pair on a daily timeframe because I think that is the timeframe with less "noise". Unfortunately this are the results:
Red lines = lost trades = 6
Green lines = win trades = 1
How can i filter those signals to be at least profitable? I thought that if a system works on a lower timeframe, and I trade just daily charts, the system would be very profitable. Which is my mistake?

Regards ( and sorry for my english )
You're trading in a sideways market. You want to be in a trend and then wait for a pullback with a Outside bar above/below your MA. Trading in a sideways market with this method, you are going to get chopped up into pieces.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #1,289
  • May 2, 2012 8:57pm May 2, 2012 8:57pm
Quoting LasVahGoose
You're trading in a sideways market. You want to be in a trend and then wait for a pullback with a Outside bar above/below your MA. Trading in a sideways market with this method, you are going to get chopped up into pieces.
  • #1,290
  • May 2, 2012 9:00pm May 2, 2012 9:00pm
Quoting Shaishen
Thanks 60MM for inspiring me to slow down my 5M and 15M addiction

Only half a week so far, took every set up on AU 1H and 4H whenever I
had access to a computer which is abt 14hrs/day.

Overall result still negative, get stopped out too often. The falling AU
during the last few hours sure helped to recover a large part of the
losses.

Especially painful: set up goes in the right direction for 10 to 14 pips but
rules dictate to stay in the trade, don't take profits too early, only to get
stopped out later on.

Also painful: entry price is exactly...
Round numbers dont work ?? You may want to have a look at the 4hr charts ... plot your xx00 xx50 levels e.g. 1.500, 2.000 etc and have a second look.
  • #1,291
  • May 3, 2012 2:12am May 3, 2012 2:12am
Quoting dan89
Round numbers dont work ?? You may want to have a look at the 4hr charts ... plot your xx00 xx50 levels e.g. 1.500, 2.000 etc and have a second look.
Don't know how significant round numbers are. We all look
for some form of structure.
As you suggested I pulled up a 4 hour chart. It's AUDUSD and
quite frankly price crossed round numbers lines just as often
as it stalled.
I can't see any statistical advantage. Perhaps when price is
approaching round number levels I should pay extra attention.

``
Attached Image (click to enlarge)
Click to Enlarge Name: au round numbers.jpg Size: 111 KB
  • #1,292
  • May 3, 2012 2:37am May 3, 2012 2:37am
Quoting LasVahGoose
You're trading in a sideways market. You want to be in a trend and then wait for a pullback with a Outside bar above/below your MA. Trading in a sideways market with this method, you are going to get chopped up into pieces.

@60mm: ok, I'll test the other pairs you suggested me and I'll post the results

How could i know to be in a sideways market untill 03/16/2012?
If I stopped take trades on 03/16 I had 3 losers and 1 win ....
See attachment...
Attached Image (click to enlarge)
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  • #1,293
  • May 3, 2012 2:48am May 3, 2012 2:48am
2012 GBP/JPY better results but still not in profit....

4 win and 4 lost
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.jpg Size: 110 KB
  • #1,294
  • May 3, 2012 2:59am May 3, 2012 2:59am
Quoting 60minuteman
lucariga, i would suggest doing the same test again on either gj or au... then compare the charts with EU and tell me what you see
I've done all the backtest you suggested

2012 AUD/USD

Better results...
6 wins and 5 lost

Recap:
EUR/USD 1 W and 3 L (not considering the sideways market)
GBP/JPY 4 W and 4 L
AUD/USD 6 W and 5 L

Total: 11 W and 12 L
What can I do to have better results?

Off topic: my space for attachments is over. What can i do?
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.jpg Size: 112 KB
  • #1,295
  • May 3, 2012 3:02am May 3, 2012 3:02am
Quoting Shaishen
Don't know how significant round numbers are. We all look
for some form of structure.
As you suggested I pulled up a 4 hour chart. It's AUDUSD and
quite frankly price crossed round numbers lines just as often
as it stalled.
I can't see any statistical advantage. Perhaps when price is
approaching round number levels I should pay extra attention.

``
Price won't stop to the pip all the time on BRN. Personally I would not take a trade off a BRN on its own. There needs to be confluence e.g. BRN, s/r, Fib and PA (englufing, pinbar etc)
  • #1,296
  • May 3, 2012 5:05am May 3, 2012 5:05am
Quoting lucariga
I've done all the backtest you suggested

2012 AUD/USD

Better results...
6 wins and 5 lost

Recap:
EUR/USD 1 W and 3 L (not considering the sideways market)
GBP/JPY 4 W and 4 L
AUD/USD 6 W and 5 L

Total: 11 W and 12 L
What can I do to have better results?

Off topic: my space for attachments is over. What can i do?
I've been following this thread with interest as the trading method really appeals and there are echos of a method I have used in the past. May I make a suggestion based on my experience? I would personally wait until there has been a retrace (say at least two candles with higher highs back towards the 50 Sma before looking for a short trade- and of course the reverse for long trades) The other thing to look out for of course was pointed out by 60MM-the slope of the moving average-is it sharply up or down?
  • #1,297
  • May 6, 2012 5:04am May 6, 2012 5:04am
AU H1 re-cap from last week... you should notice similarities with the losers and the winners... you should also note that as always you should hit a few big winners of 3/1 or more... of course picking the pairs that are trending on that particular time frame HAS to be taken into consideration
Attached Image (click to enlarge)
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tradewith60
  • #1,298
  • May 6, 2012 5:11am May 6, 2012 5:11am
EJ H1
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tradewith60
  • #1,299
  • May 6, 2012 5:18am May 6, 2012 5:18am
AJ H1
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tradewith60
  • #1,300
  • May 6, 2012 5:51am May 6, 2012 5:51am
Quoting 60minuteman
AJ H1
This way of trading have potential that can be exploited, also in strong trend look for inside bars and trade them on breakout in trend direction. I see on the other chart's where we have bearish engulf and also and inside bar giving strong signal.
Attached Image (click to enlarge)
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