Buy sell line trading

Sure I will ! Currently I'm taking trades based on :
- Retrace in a trend (that's what we are searching for)
- In the direction of the MA50 or a manual trend line.
- For a short, signal candle must trade above the 8MA and close below to qualify (so should cut it).
- If OK, sell stop at signal candle close +1 +spread.

Will make a complete review by the end of the week + release the tool I coded. It isn't an indicator it is just something to help us to spot opportunities.

First of all i would like to give thnx to 60mm for starting and sharing such a wonderful , simple and powerful trading strategy.

I have till now read 50 pages of this thread.

Just unable to get the basics of 15 mins scalping strategy.

It would be great if someone kindly write the rules of it.

Have a great and Profitable future ahead

Regards

Amit

15M Sclap Basic rules are :
For longs :
- Price above MA50
- 3 bearish candles
- Last one shoud be a bull candle (no matter hi or low it is). This is your signal candle.
- Set a buy-stop above the high of the signal candle 1pip+spread
- Set your SL at the low +1pip
- At 1:1 move SL to BE
- At 1:2 keep your profits

For shorts:
- Price below MA50
- 3 bullish candles
- Last one shoud be a bear candle (no matter hi or low it is). This is your signal candle.
- Set a sell-stop below the low of the signal candle 1pip
- Set your SL at the high +1pip+spread
- At 1:1 move SL to BE
- At 1:2 keep your profits

These are the really basic rules, works too with LHLL for bearish etc ...

Cheers,
LhDT

Lionel

If I am not mistaken, I believe the long setup looks for three lower highs. These might be up or down bars/candles, depending if one uses bar charts or candlesticks.

Yes, that's another method but valid.

Little Re-cap video

[quote=60minuteman;5775089]Little Re-cap video]

My compliments to the chef

Thanks for the video

Very nice 60 and keep them coming.

Youtube is blocked where I am and unfortunately I can't watch the videos. What are the 15 minute scalp rules as shown in the original video?

thanks
Trumpcard

AUDJPY entry long on the 1hr, signal candle marked with the arrow. Resistnce at the 80.60 level, lets see if this can get taken out and if so where we go from there.

Long entry on cable also, type 2 this time, candle is fairly obvious ! Given the size of the signal candle will not be leaving the stop all the way below, have it at 50% of the canlde's value, approx 40 pips.

How Loss Affects Traders

http://traderspodcast.com/episode55/

AUDJPY has pushed through the 80.60 level, a new signal bar has been formed as per arrow 2. Did not add to entry here but have now shifted my s/l below the low of this bar, only running 15 ticks of risk.

Cable has pulled back from its highs, no reason to exit as yet.

Good trade Nige1 I did not take that trade because the spread at the time was too high. Wish I would have though. But you have to stick to your own rules if you want to be successful.

Out of AUDJPY for +35 and cable for +7. I realise this does not help with the potential R:R analysis, but given the risk events due later I am not prepared to give back profit or run risk beyond this point in time.

Will continue to forward test and explore if / what MM parameters provide a sufficient edge, given what I have seen so far I retain a good degree of optimism.

Regards.

nice nige...

[quote=Trumpcard]What are the 15 minute scalp rules as shown in the original video?

Commando Entry rules (M15 scalp method)

For longs: Bar 1 is a higher high. Bars 2, 3, 4 are all successively lower highs (i.e. Bar 2 high < Bar 1 high, Bar 3 high < Bar 2 high, Bar 4 high < Bar 3 high). If Bar 4 is a bullish bar, this becomes the signal bar. Enter 1p + spread above Bar 4 high. If Bar 4 is not a signal bar, the next bullish bar becomes the signal bar. Entry is 1p + spread above the signal bar. Once a signal bar occurs, if entry does not occur on the next bar, the setup is negated. The entry price must be > 50SMA.

S/l is 1p below the low of the signal bar. T/p is 2x risk. At 1:1, s/l is moved to b/e. There is no other trade management besides this.

For shorts: Reverse the above, except entry is 1p below the signal bar and s/l is 1p + spread above the high of the signal bar.

***

As 60 says, using reward:risk of 2:1, if the win rate is 50% your account should grow nicely. The profit factor (gross gains/gross losses) in 60's backtest of 150 trades is 3.47. A profit factor of 2 is considered excellent, and 3 is considered superb. If you backtest this as 60 has done, you will become familiar with what the potential drawdown might be, and also how many consecutive losers you will see from time to time. This will prevent you from tossing the strategy in the trash can the first time you have five losers in a row, which most every strategy has from time to time. This is one reason why many fx traders fail.

There is no strategy that is right for everyone, and each trader must choose one that they are naturally attracted to. Some traders prefer breakout strategies, others like reversal strategies, and others like pullback strategies, such as the ones discussed in this thread.

I myself prefer pullback strategies, and this is the way I have traded successfully for years, in stocks/ETFs first, and then in fx in recent years. You can take the setups discussed in this thread and use them on any liquid market and any timeframe.

Again, thanks to 60 for making valuable information available to the masses.

Best trading to all.

Will see how this works out.This is the 15min with 5bar and doing a little experimenting here.trigger had a top25% close.I do like 3 bar as well.

Actually this one didn't get filled on my next candle so actually didn't go by the rules completely, but price did trade one pip higher than the trigger candle so 1 to 5 pips i think is ok imo. If we can catch a small retrace coming back down from the trigger candle and then place the stop order would be idea imo.I'm at break even now and free ride and see what happens now.