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Attachments: Buy sell line trading
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Buy sell line trading

  • #1,521
  • Jun 20, 2012 3:56pm Jun 20, 2012 3:56pm
tex

Generally, I am more cautious with my entries when price is a good distance away away from the MA. At that point, there is a higher probability of a mean-reversion effect that brings price back toward the MA.

This is where a trader will learn a lot about setup probabilities by simply studying his past winners and losers. Of course, this process can be speeded up by backtesting.

It is good to see you getting your feet wet with this. This is how we learn.
  • #1,522
  • Jun 20, 2012 4:55pm Jun 20, 2012 4:55pm
Yes i agree Cal with backtesting. I like to see a descent angle on the 50sma before considerig even taking a trade especially on a smaller time frame like the 15 min chart and even the 4h chart.I'll post a chart on this last run on the 15 min above the 50 sma with an angle and see what we come up with on the 5bars with trigger.I'm not going to hog this thread just show one example.Any imput is appreciated.
  • #1,523
  • Jun 20, 2012 5:51pm Jun 20, 2012 5:51pm
Ok the usd/yen stopped out at break even but did go to a 1 to 1. That was the only trigger i seen with the run up.Here is an example of the 15 min eur/yen chart 5bar and of course this is hindsight too.The red arrows are signal candles --- either take the signal candle or the candle after as a trigger with a top 25 or 75% close .
This would have been a profitable run depending on where the buy stops or market orders were placed 1-5 pips above trigger candle and how you got into the trade and if the trader can get a fill.There was some 1 to 1 and 2 to 1 runs.Take profit and order placement is up to the traders discretion imo and we allways hope for a good RR.60 is doing a great job and i'm watching on the sidelines.
Attached Image (click to enlarge)
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  • #1,524
  • Jun 21, 2012 4:12am Jun 21, 2012 4:12am
Another signal candle on the 1hr AUDJPY. Will take this one if it breaks, price has found support 4 times at the 80.75 level, s/l just below here will be 32 pips at risk. Given how price has found resistance 3 times at the 81.02 level, this could be viewed as a breakout and pullback trade.

Stikcing to the 1hr trades for the moment. Will continue to monitor the 15m separately.

Thanks 60MM for a really interesting thread.
Attached Image (click to enlarge)
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  • #1,525
  • Jun 21, 2012 4:16am Jun 21, 2012 4:16am
Long AUDJPY triggered at 81.08, s/l at 80.73.
  • #1,526
  • Jun 21, 2012 4:29am Jun 21, 2012 4:29am
Quoting nige1
Long AUDJPY triggered at 81.08, s/l at 80.73.
Nice pick... trends are all good on the Yen pairs!
tradewith60
  • #1,527
  • Jun 21, 2012 5:47am Jun 21, 2012 5:47am
hi 60mm could you please confirm that you are still using GKFX spread trading account GMT +1,just want to make sure i get the same chart as yourself as there are quite a few differently timed charts out there
thanx
  • #1,528
  • Jun 21, 2012 6:02am Jun 21, 2012 6:02am
Quoting 00ive
hi 60mm could you please confirm that you are still using GKFX spread trading account GMT +1,just want to make sure i get the same chart as yourself as there are quite a few differently timed charts out there
thanx

I do, and it's a live account, I have been with them for 2 years and they have been really good... (shameless plug)
tradewith60
  • #1,529
  • Jun 21, 2012 6:04am Jun 21, 2012 6:04am
Quoting 60minuteman
I do, and it's a live account, I have been with them for 2 years and they have been really good... (shameless plug)
do you primarily trade this strategy...
  • #1,530
  • Jun 21, 2012 6:37am Jun 21, 2012 6:37am
Quoting mannai70
do you primarily trade this strategy...
I only trade this strategy...

BUT !!!!.... I am flexible, I will trade it on H4, H1, M15..... depending on my mood and what the market conditions are...

First and foremost I search for the instument and TF where the trend is...i'm just looking to grab 1 or 2 2/1 moves a day....

1.look for a trend
2. look for an impulse move and retrace
3. enter with momentum off a price action signal
tradewith60
  • #1,531
  • Jun 21, 2012 6:58am Jun 21, 2012 6:58am
Moving stop to b/e now we are through 1:1, also through yesterdays news spike high at 81.41. Lets see if this one can get to 1:2.
Attached Image (click to enlarge)
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  • #1,532
  • Jun 21, 2012 10:02am Jun 21, 2012 10:02am
Out of the AUDJPY at b/e. Not sure that stop placement above / below the high / low of the signal candle leads to the optimum outcome in terms of R:R, particularly on the 1hr. As part of my foward testing will also consider stop at 50% of the value of the signal candle for comparison purposes. Getting rates of 2:1 and 3:1 will be much more achievable, the key issue is how much the rate of hitting the stop increases and the effect it has on % win rate. With the adjusted stop level previous R:R of 2:1 now becomes 4:1 so the requried win rate need not be so high. Just some food for thought.

Cheers.
  • #1,533
  • Jun 21, 2012 10:19am Jun 21, 2012 10:19am
Following on from my last post here is a perfect example on AUDUSD.

The signal candle (EB) has a high of 1.0187, implying a required s/l of approx. 25 ticks. However using 50% of the candles value the stop becomes approx 12/13 ticks. On this basis the current level of 1.0096 represents R:R of over 5:1 as against just over 2.5:1 based on the stop above the aignal candle.

When price broke below the signal candle low it never came near the s/l level. Just wondering if this is a better approach to improve R:R, will continue to test.

Cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: aud.gif Size: 16 KB
  • #1,534
  • Jun 21, 2012 1:09pm Jun 21, 2012 1:09pm
Quoting nige1
As part of my foward testing will also consider stop at 50% of the value of the signal candle for comparison purposes. Getting rates of 2:1 and 3:1 will be much more achievable.
Bingo.

Very important concept that is overlooked by 97%+ of traders, based on how seldom I have ever seen it discussed. Hopefully we can come up with some research to shed light on what works best. I have used 60% in the past, but not with these strategies.
  • #1,535
  • Jun 21, 2012 1:18pm Jun 21, 2012 1:18pm
Something to look at for sure ...maybe draw a fib and place the stop a little below the 61.8 level on the signal candle could be a possibility also .When i get some time i'm going to take a look over quiet a few trades on one of the majors and different time frames.
Tex
  • #1,536
  • Jun 21, 2012 2:18pm Jun 21, 2012 2:18pm
Quoting fugly
Billbss this strategy is a strategy created by Steven Primo of Specialisttrading.com, he introduced the whole concept of the buy sell line. He's done a free seminar at fxstreet where he disclosed this strategy along with the results for free Watch the following webinars they explain every aspect of the system.
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http://www.fxstreet.com/webinars/sessions/session.aspx?id=95a9ca75-de75-4de6-81ca-7b44ff944b3a
You can check out his other webinars too they talk about the same concept of his buy sell line and the engulfing along with some exit...
Hi Fugly,

Just to say thanks for bringing this link to our attention, it has helped me understand this systerm in it's simplicity. I just watched the first link you posted and steven was talking of a second presentation of where he talked more on the exit and entry strategy but I can't find it on his site and woundered if you have the second part of the Buy/sell stretegy.

Thanks
Born to rule my Economic World and Make a Difference!
  • #1,537
  • Jun 21, 2012 10:11pm Jun 21, 2012 10:11pm
Quoting sharemaster2
Hi Fugly,

Just to say thanks for bringing this link to our attention, it has helped me understand this systerm in it's simplicity. I just watched the first link you posted and steven was talking of a second presentation of where he talked more on the exit and entry strategy but I can't find it on his site and woundered if you have the second part of the Buy/sell stretegy.

Thanks

http://www.fxstreet.com/webinars/ses...9-ce99bac26ad4


Here's the other link.. looking at it now

TSD
  • #1,538
  • Jun 22, 2012 4:29am Jun 22, 2012 4:29am
Have an entry (EB) short on AUDJPY, although the signal candle is green has closed in the lower half and meets the EB requirements.

With the stop at 50% of the signal bar (+spread) risk is 15 pips.

We shall see.
Attached Image (click to enlarge)
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  • #1,539
  • Edited 5:32am Jun 22, 2012 5:27am | Edited 5:32am
AUDJPY closed at 80.58 for 15 tick loss, will be interesting to see if the high of the signal bar at 80.65 remains intact, all part of the forward testing.


Stop behind the bar high at 85.70 would have been taken out too, the idea of the 50% level appears to be quite interesting.
  • #1,540
  • Jun 22, 2012 8:36am Jun 22, 2012 8:36am
Quoting TraderinSD
http://www.fxstreet.com/webinars/ses...9-ce99bac26ad4


Here's the other link.. looking at it now

TSD
Hi TSD,

Thanks for the link, I have just watched it and it is such an eye opener how easy forex can be. I will use fibbo for my exits though but guess it is what I am used to and like. The buy/sell lines are just simple support and resistance strategy. Most traders are aware of this but have not been shown in plain simple terms how to trade it like steve has.

Thanks for the link again if there are such good links you see, post as it is all these forums are about sharing information.
Born to rule my Economic World and Make a Difference!
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