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Buy sell line trading

  • #1,481
  • Jun 15, 2012 7:47am Jun 15, 2012 7:47am
Quoting woody70
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.
cool woody... remember, 50% win rate and 2/1 you will do great....

expect some losers and stick to a plan... its all in the money management
tradewith60
  • #1,482
  • Edited 6:31am Jun 16, 2012 5:47am | Edited 6:31am
60,

A quick question about "how to draw correctly buy/sell (s/r) lines" ?

On the attached chart, I drew (in pink) some lines based on absolute tops & bottoms and (in gray) lines based on open/close.
Those lines are taken from a daily chart, do I need to fine tune it with H4 too for H1 triggers ?
I mean, if I trade H4, lines should come from D1. If I trade H1 lines, should come from H4+D1 (which is a lot of lines) ?

Which one is the best solution ? What do u recommend ?
Bigger picture : http://clip2net.com/s/22qre

The answer :
So, here it is ... whatever the lines are drawn by wicks (=tops/bottoms) or close/open. Those lines are just a "zone" comparable to supply & demand areas. The real trigger is the PA around the zones (engulfing bars, type-2, ...).
Also trade direction should be confirmed by MA50. Hope it helps others !
Attached Image (click to enlarge)
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  • #1,483
  • Jun 16, 2012 9:05am Jun 16, 2012 9:05am
just some stuff i ripped from Rob Bookers website...

Totally sums up the mindset...

There is no perfect style of trading. Many people waste a lifetime arguing about the best system here or there. They toss out systems that could work perfectly well – with good money management. And here is good money management:

 

  1. Don’t worry about the winning percentage. Stop obsessing about win percentages in trading.
  2. Start obsessing about risk:reward. Risk as little as possible for huge gains. Just try it. Just please try it. I promise that once you learn it you never turn back. The only safety net, the only free lunch in trading is this: risk very little for each opportunity to make a huge gain. On every trade.

tradewith60
  • #1,484
  • Jun 16, 2012 10:31am Jun 16, 2012 10:31am
Quoting 60minuteman
and some trade results from Thursday, if theres a positive vibe on this thread I might run a trade explorer, but im wary of posting too much information on public forums, so we will see how it goes...

check it out.
Attached Image(s) (click to enlarge)
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  • #1,485
  • Jun 16, 2012 12:37pm Jun 16, 2012 12:37pm
Quoting 1dipakjimmy
check it out.
wow... very nice results

i have been getting really good results on lower TF's too... im presuming this was M15?
tradewith60
  • #1,486
  • Jun 16, 2012 3:32pm Jun 16, 2012 3:32pm
Quoting 1dipakjimmy
check it out.
Nice! 1 or 2 lots for a 3K account is still a bit risky I think.
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  • #1,487
  • Jun 16, 2012 4:00pm Jun 16, 2012 4:00pm
A new little M15 scalping strat using the buy sell line

Inserted Video
tradewith60
  • #1,488
  • Jun 16, 2012 4:31pm Jun 16, 2012 4:31pm
Quoting 60minuteman
A new little M15 scalping strat using the buy sell line

http://www.youtube.com/watch?v=bYMs8...ature=youtu.be

Hey 60 MM just wanted to say thanks for the video and I was wondering which market where you trading in when you were testing this system? London? or another.
  • #1,489
  • Jun 16, 2012 4:37pm Jun 16, 2012 4:37pm
Quoting woody70
Hey 60 MM just wanted to say thanks for the video and I was wondering which market where you trading in when you were testing this system? London? or another.
all markets, tested all of june and 2 weeks back in Feb on AJ and EU..

Pull some charts, select a random week and see what results you would of got...

Maybe the smaller TF's will help with people that have issues closing early..

If you can find a way of getting 2/1 R/R then you're in a good place!
tradewith60
  • #1,490
  • Jun 17, 2012 1:19pm Jun 17, 2012 1:19pm
Some great thought provoking stuff... If anyone wants I can post links to the other 3 parts..

Inserted Video
tradewith60
  • #1,491
  • Jun 17, 2012 2:51pm Jun 17, 2012 2:51pm
[quote=60minuteman;5766677]A new little M15 scalping strat using the buy sell line

60

Thx for the research on the 150 trades. A couple of questions on money mgt: Were the 80 winners all taken at 2:1, or were some taken at 1:1, 1.5:1, etc? And at what point was s/l moved to b/e?
  • #1,492
  • Jun 17, 2012 3:31pm Jun 17, 2012 3:31pm
[quote=California;5768051]
Quoting 60minuteman
A new little M15 scalping strat using the buy sell line

60

Thx for the research on the 150 trades. A couple of questions on money mgt: Were the 80 winners all taken at 2:1, or were some taken at 1:1, 1.5:1, etc? And at what point was s/l moved to b/e?
for the sake of testing only... stops were moved to break even at precisely 1/1.. Tp was taken at 2/1 (with a few pips variance..)

Obviously the idea is to make some steady profits and then try to grab the odd runner too...

Again its just more old school stock trading ideas that seem to work very well with forex trends.
tradewith60
  • #1,493
  • Jun 18, 2012 3:46am Jun 18, 2012 3:46am
After a bad long stopped at SL. I took that short on M15.
SL 20pips, TP 40. R:R 1:2.

http://clip2net.com/clip/m143847/thu...-clip-26kb.png
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  • #1,494
  • Jun 18, 2012 3:58am Jun 18, 2012 3:58am
Quoting lhDT
After a bad long stopped at SL. I took that short on M15.
SL 20pips, TP 40. R:R 1:2.

http://clip2net.com/clip/m143847/thu...-clip-26kb.png

yeah nice... the scalping idea is definitely a numbers game, you just keep banging in the entries, keep really tight money management, and keep you wins bigger than your losses.

I got a win and a loss in Asia...

Can see how you can easily get your 2 wins a day with this and compound..
tradewith60
  • #1,495
  • Jun 18, 2012 7:42am Jun 18, 2012 7:42am
And another short moved to BE on E/U M15 (new strat).
Btw : Didn't set the sell stop and was a bit late taking the trade manually, that's why you see a small difference (1.4pips) with the blue dash.
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  • #1,496
  • Jun 18, 2012 9:42am Jun 18, 2012 9:42am
Quoting 60minuteman
Can see how you can easily get your 2 wins a day with this and compound..
On EU M5 in London today, there were three wins, each 3R+, and one b/e.
  • #1,497
  • Jun 18, 2012 10:03am Jun 18, 2012 10:03am
Quoting lhDT
And another short moved to BE on E/U M15 (new strat).
Btw : Didn't set the sell stop and was a bit late taking the trade manually, that's why you see a small difference (1.4pips) with the blue dash.
TP Hit, +50.7 pips
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  • #1,498
  • Jun 18, 2012 10:15am Jun 18, 2012 10:15am
Quoting California
On EU M5 in London today, there were three wins, each 3R+, and one b/e.
nice... im 4 wins 2 losses... seem to be able to turn these strategies to everything, swing trading to scalping....
tradewith60
  • #1,499
  • Edited 12:39pm Jun 18, 2012 10:22am | Edited 12:39pm
Quoting 60minuteman
nice... im 4 wins 2 losses... seem to be able to turn these strategies to everything, swing trading to scalping....
Today on M15 strat :
- E/U LONG -12 (SL)
- E/U SHORT +40 (TP)
- E/U SHORT +50.7 (TP)
- G/U SHORT -30 (SL)
- E/J SHORT +55.4 (TP)
- A/U SHORT +1 (BE, missed TP from 23 pips)

Running :
- A/U SHORT (Current +7, TP is at 40.8)

Total booked for the day : +105.1 pips (on 4 pairs)

Edit : A/U stopped at SL (-20) after that damn 54pips bullish bar ... 85.1 for the day. Stopping.
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  • #1,500
  • Jun 18, 2012 10:32am Jun 18, 2012 10:32am
Quoting lhDT
Today on M15 strat :
- E/U LONG -12 (SL)
- E/U SHORT +40 (TP)
- E/U SHORT +50.7 (TP)
- G/U SHORT -30 (SL)
- E/J SHORT +55.4 (TP)
- A/U SHORT +1 (BE, missed TP from 23 pips)

Running :
- A/U SHORT (Current +7, TP is at 40.8)

Total booked for the day : +105.1 pips (on 4 pairs)
awesome Lionel...

You should explain your version of the scalping strat using the 8ema so people dont get confused... maybe?... upto you of course...
tradewith60
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