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Buy sell line trading

  • #1,461
  • Jun 12, 2012 11:19am Jun 12, 2012 11:19am
more lovely set ups from yesterday... if you catch some of these then you only need a 40% win rate at the most
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tradewith60
  • #1,462
  • Jun 12, 2012 11:33am Jun 12, 2012 11:33am
Quoting bedayan
Thanks for the input.That really helps.I am having one more question.
So anytime your total open trade having 0.5% risk?Becaue if you take each trade 0.5% risk and if you have 5 open trade your total risk is 2.5%.
Bedayan

That is correct. A trader must determine a maximum exposure that accommodates his/her risk tolerance. I am comfortable with three open trades, as long as they are not all of the same currency.
  • #1,463
  • Jun 13, 2012 2:03am Jun 13, 2012 2:03am
Quoting 60minuteman
more lovely set ups from yesterday... if you catch some of these then you only need a 40% win rate at the most
pair and tf ?
  • #1,464
  • Jun 13, 2012 4:29am Jun 13, 2012 4:29am
Quoting 60minuteman
more lovely set ups from yesterday... if you catch some of these then you only need a 40% win rate at the most
60min,

Is that a 15min tf?
  • #1,465
  • Jun 13, 2012 5:18am Jun 13, 2012 5:18am
Quoting mannai70
60min,

Is that a 15min tf?

Yeah it was EU M15... H1 was clearly in a range, but the close of the opening gap was on, i wanted to get in, so i found the trend, found the retrace and took the trade.
tradewith60
  • #1,466
  • Jun 13, 2012 5:23am Jun 13, 2012 5:23am
way too much of this sideways action for me this week... staying on the sidelines until we get some clear direction..

the sort of charts i dont like...
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tradewith60
  • #1,467
  • Jun 13, 2012 5:13pm Jun 13, 2012 5:13pm
Very good advice 60Minuteman. Seems like a simple, mature way of trading. Sometimes waiting for clear direction is the best position of all. Thanks for the reminder. Sometimes it's easy to forget that the goal of trading is to make money, not simply be in trades. I'll be following and contributing to this thread going forward. Thanks
assume the position...whichever that may be
  • #1,468
  • Jun 13, 2012 6:11pm Jun 13, 2012 6:11pm
Quoting atate49
Very good advice 60Minuteman. Seems like a simple, mature way of trading. Sometimes waiting for clear direction is the best position of all. Thanks for the reminder. Sometimes it's easy to forget that the goal of trading is to make money, not simply be in trades. I'll be following and contributing to this thread going forward. Thanks
cool Atate, welcome to the thread...
tradewith60
  • #1,469
  • Jun 14, 2012 1:15am Jun 14, 2012 1:15am
Just thought I'd post a couple of trades I took from yesterday, one winner, one loser. Any comments welcome.

The first was a buy (engulfing signal) for AUDUSD . Although the MA didn't look great, I thought there was a clear uptrend, a series of higher highs and higher lows and there looked to be enough room from the swing high to get 1:2 RR. I took 50% at 1:1 and 50% at 1:2.

The second trade, sell EURCAD (alt signal) I now realise was n't a very good entry. Although the MA had a nice slope, there had been a bit of sideways movement before the retrace, no nice orderly retrace. I think I saw MA as floating resistance (which I now remember that is not what its for in this strategy!) and the pin bar as a rejection of this area.

I think I need to remember to be patient and realise that on some days there may not be any set ups and stop looking for trades that aren't really there!
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  • #1,470
  • Jun 14, 2012 3:21am Jun 14, 2012 3:21am
The following is a trade I took on the 15 minute . It also ended up being a setup on the 1 hr. I have been trying to discipline myself not to pull the trade trigger to early and be patient and wait for setup. They do occur. Better to have fewer profitable trades than a lot of losers by being too hasty.
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  • #1,471
  • Jun 14, 2012 3:33am Jun 14, 2012 3:33am
Quoting Trekker
Just thought I'd post a couple of trades I took from yesterday, one winner, one loser. Any comments welcome.

The first was a buy (engulfing signal) for AUDUSD . Although the MA didn't look great, I thought there was a clear uptrend, a series of higher highs and higher lows and there looked to be enough room from the swing high to get 1:2 RR. I took 50% at 1:1 and 50% at 1:2.

The second trade, sell EURCAD (alt signal) I now realise was n't a very good entry. Although the MA had a nice slope, there had been a bit of sideways movement before the...
Hi Trekker,

first, i like your nifty fib tool, hadn't thought of that myself...

Only comment I can make is...

1. Preserve capital until we get into some nice trends again.

2. For a type 2, or an engulf, i'm looking for a clear change in sentiment, so i really want a close in the direction of my trade.

But 1/1 in this market isn't too shabby..
tradewith60
  • #1,472
  • Jun 14, 2012 4:19am Jun 14, 2012 4:19am
Hi 60mm

Thanks for your comments.

Quoting 60minuteman
Hi Trekker,

first, i like your nifty fib tool, hadn't thought of that myself...
Yep, that's all it is, as long as you don't need the fib tool to draw actual fibs its quite a useful tool.

Hopefully, once the Greek elections are done with on Sunday, we shall see some trending price movement again next week.
  • #1,473
  • Jun 14, 2012 4:39am Jun 14, 2012 4:39am
Quoting Trekker
Hi 60mm

Thanks for your comments.



Yep, that's all it is, as long as you don't need the fib tool to draw actual fibs its quite a useful tool.

Hopefully, once the Greek elections are done with on Sunday, we shall see some trending price movement again next week.
yeah I agree, good lesson in being patient...
tradewith60
  • #1,474
  • Jun 14, 2012 6:23am Jun 14, 2012 6:23am
Another way to use the fib retracement.
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  • #1,475
  • Jun 14, 2012 7:12am Jun 14, 2012 7:12am
Quoting AlexC
Another way to use the fib retracement.
Hi Alex,

You use this or it is just an observation ?

Cheers,
LhDT
#### Follow me at @LioH_ on Twitter ... ####
  • #1,476
  • Jun 14, 2012 7:56am Jun 14, 2012 7:56am
Quoting lhDT
Hi Alex,

You use this or it is just an observation ?

Cheers,
LhDT
Hi Lio,
I use this. I set stop below 0% and in this case price blew right thru 200% and went to 300%.
  • #1,477
  • Edited 3:51pm Jun 14, 2012 12:24pm | Edited 3:51pm
I took that A/U short.
Comments welcome !

Edit : Stopped at SL after Central Banks comments on Greek elections. Best achieved +13.
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#### Follow me at @LioH_ on Twitter ... ####
  • #1,478
  • Jun 14, 2012 11:18pm Jun 14, 2012 11:18pm
Quoting airgead
I have been trying to discipline myself not to pull the trade trigger to early and be patient and wait for setup.
Airgead

I think it is easier to be patient enough to wait for the Class A setups when one trades more than one strategy.

This is especially true if one relies on trading for a meaningful chunk (if not all) of one's income. In that situation, one is faced with a conflict of interest between "I need to take a certain number of trades to eat" and "I need to stay disciplined and take only the best setups."
  • #1,479
  • Jun 14, 2012 11:26pm Jun 14, 2012 11:26pm
Quoting lhDT
I took that A/U short.
Comments welcome !

Edit : Stopped at SL after Central Banks comments on Greek elections. Best achieved +13.
lhDT

1. It seems as though your trade was contra-trend.
2. If this was an entry 1 setup, the engulfing bar was not the decisive type that suggests some power. There is more indecision in it than I would prefer.
  • #1,480
  • Jun 15, 2012 6:41am Jun 15, 2012 6:41am
Thanks 60 Minuteman for the easy system. After just back testing for one day and live testing yesterday this system has made a believer out of me.
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