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Buy sell line trading

  • #1,581
  • Jun 26, 2012 11:01am Jun 26, 2012 11:01am
Closed EJ at breakeven, did reach 1:1 at best.

Still in eurgbp, currently at 1:1 at .7984, strong support here, will wait to see if it can test it again.

Regards.
  • #1,582
  • Jun 26, 2012 11:04am Jun 26, 2012 11:04am
Quoting pipfirst
Hi Nige1,

Can you advise the MA you are using in the M15 chart ?

How you determine the entry ? seem its not bearish/bullish engulfing.

Thanks a lot
Sure pipfirst,

Check out the first post by 60MM, specifically the "ALTERNATE SIGNAL CANDLE", also check out the webinars that have been kindly uploaded recently, they should help make things pretty clear. MA is the 50SMA also as per the first post.

Regards.
  • #1,583
  • Jun 26, 2012 1:57pm Jun 26, 2012 1:57pm
Any reason not to take this EB ?
Took this for a loss.
Attached Image (click to enlarge)
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  • #1,584
  • Jun 26, 2012 2:33pm Jun 26, 2012 2:33pm
No reason at all it was a loss on an EB signal. Allthough it wasn't a type#2 signal . I just looked at my fxxd charting and there was an Eb signal there more or less a hammer type engulfing which did qualify.
The type#2 engulfing pattern combos seem to be reliable but they don't happen regularly.
  • #1,585
  • Jun 26, 2012 2:38pm Jun 26, 2012 2:38pm
Quoting pippiee
Any reason not to take this EB ?
Took this for a loss.
I call this "crappy PA" ... it happens. With good MM you shouldn't loose more than your max risk per trade.
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  • #1,586
  • Jun 26, 2012 2:49pm Jun 26, 2012 2:49pm
Quoting pippiee
Any reason not to take this EB ?
Took this for a loss.
Pippiee

Ideally, you want to stalk an EB that shows power and decisiveness. The real body of the candle should comprise well greater than 50% of the candle's high-to-low range, and the more the better.

The EB in your chart does not suggest decisiveness. The real body comprises only about 30% of the bar's range. In fact if the real body was a little smaller than it is, it might even be considered a spinning top, which is an indecision candle.

The bullish bar that follows your EB is a more-decisive EB and is more like what I refer to. The next bar after that, the large bearish EB, is of course even more powerful. Despite its wide range, an EB like this large bearish one can be entered, as it is powerful enough that it will often herald the start of a new trend. But with wide-range bars like this, a retracement entry is preferred over a market entry or confirmation entry.

In general, I think you will find that EBs that show up in a trading range, i.e. where there are a series of overlapping bars (like in your example) do not offer the best setups.

The attachment illustrates.
Attached Image (click to enlarge)
Click to Enlarge Name: 061512 EB.gif Size: 12 KB
  • #1,587
  • Jun 26, 2012 2:54pm Jun 26, 2012 2:54pm
Quoting California
Pippiee

Ideally, you want to stalk an EB that shows power and decisiveness. The real body of the candle should comprise well greater than 50% of the candle's high-to-low range, and the more the better. (...)
Where is the "I Like" button on FF ?
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  • #1,588
  • Jun 26, 2012 3:36pm Jun 26, 2012 3:36pm
Quoting California
Pippiee
..
In general, I think you will find that EBs that show up in a trading range, i.e. where there are a series of overlapping bars (like in your example) do not offer the best setups.

The attachment illustrates.

Thanks for the great explanation.
I thought I could take it as the EB is also almost a T2 entry at the same time.
Definitely have to watch out more for trading ranges.
  • #1,589
  • Jun 26, 2012 10:08pm Jun 26, 2012 10:08pm
I need someones help please! Last week was a great week for me, up 7%, however, this week is not going too well. So far 1 winner and 4 losers.

I know I will have losing trades, so I just need to know whether there is any reason I should not have taken these trades? The losing trades were all the type 1 engulfing setups and all had quite large engulfing candles, so they seemed valid entries. I've posted 3 of the trades below.

Maybe I'm being too impatient and need to wait for AAA setups? Any comments would be much appreciated.

Cheers
Attached Image(s) (click to enlarge)
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  • #1,590
  • Jun 27, 2012 12:06am Jun 27, 2012 12:06am
Quoting Trekker
I need someones help please! Last week was a great week for me, up 7%, however, this week is not going too well. So far 1 winner and 4 losers.

I know I will have losing trades, so I just need to know whether there is any reason I should not have taken these trades? The losing trades were all the type 1 engulfing setups and all had quite large engulfing candles, so they seemed valid entries. I've posted 3 of the trades below.

Maybe I'm being too impatient and need to wait for AAA setups? Any comments would be much appreciated.

Cheers
http://www.fxstreet.com/webinars/ses...5-9a287d091809

First watch this webinar , you will get an clear idea

-according to the rules specified you can cut 2 losses in "audsgd & EU" trades

-audjpy is "crappy PA"... it happens- as mentioned by IhDT

GLGT
  • #1,591
  • Jun 27, 2012 3:14am Jun 27, 2012 3:14am
Quoting California
Pippiee

Ideally, you want to stalk an EB that shows power and decisiveness. The real body of the candle should comprise well greater than 50% of the candle's high-to-low range, and the more the better.
Most helpful and insightful, thanks California.

Here is one to keep an eye on this morning, price has made a double top at the resistance level above, a break through here could potentially be powerful and signal a resumption of the daily uptrend. I will certainly take this one if we get a break.

Regards.
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  • #1,592
  • Jun 27, 2012 4:15am Jun 27, 2012 4:15am
No go on the AJ, time to wait for the next setup.
  • #1,593
  • Jun 27, 2012 5:09am Jun 27, 2012 5:09am
Long AUD on the 1 HR, both an EB and T2 entry as per the pic below. May have jumped the gun, we shall see.

Regards.
Attached Image
  • #1,594
  • Edited 7:18am Jun 27, 2012 6:15am | Edited 7:18am
Quoting nige1
Long AUD on the 1 HR, both an EB and T2 entry as per the pic below. May have jumped the gun, we shall see.

Regards.
Took the same bar, but in GBPUSD, looks similar.
After the fact, AUDUSD looked better.

edit:

stopped out
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  • #1,595
  • Jun 27, 2012 6:17am Jun 27, 2012 6:17am
Long USDJPY. EB on H1
barely above 50 MA though
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  • #1,596
  • Jun 27, 2012 7:57am Jun 27, 2012 7:57am
A nice one on cable, perfectly played with m15 strat.
Trendline rejection + MA50 confirmation.
1:2 RR.
Attached Image (click to enlarge)
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  • #1,597
  • Jun 27, 2012 8:13am Jun 27, 2012 8:13am
Quoting lhDT
A nice one on cable, perfectly played with m15 strat.
Trendline rejection + MA50 confirmation.
1:2 RR.
you're killing it Lionel

i got brent oil long on h1
tradewith60
  • #1,598
  • Jun 27, 2012 8:57am Jun 27, 2012 8:57am
Quoting sijeeva
http://www.fxstreet.com/webinars/ses...5-9a287d091809

First watch this webinar , you will get an clear idea

-according to the rules specified you can cut 2 losses in "audsgd & EU" trades

-audjpy is "crappy PA"... it happens- as mentioned by IhDT

GLGT
Thanks for the reply sijeeva. I have already watched the webinar, but can't hurt to watch it again I guess.

The only reason 2 of the trades were not b/e trades was because I was moving my s/l to b/e at 1:1 RR rather than 1:0.5 RR, as I remember 60mm saying somewhere that he thought that this might give better results. Maybe I'll revert to the original MM rules while I'm still learning the strategy!
  • #1,599
  • Edited 3:56pm Jun 27, 2012 11:32am | Edited 3:56pm
Quoting Trekker
I need someones help please! Last week was a great week for me, up 7%, however, this week is not going too well. So far 1 winner and 4 losers. Any comments would be much appreciated.
Cheers
Trekker

The EB is a reversal pattern. Therefore, it needs some sort of trend or pullback from which to reverse. Otherwise, if one just trades every EB that appears, there is no edge. Two of your three trades had no trend or directional movement to reverse.

Separately, it is logical to expect that if one wants to achieve results unlike most other forex traders, one's approach to the game must be unlike most other traders. Among other things, this means that even if a strategy is mostly mechanical, a trader must learn what the various nuances and subtleties are for that strategy.

Now one can demotrade a strategy and learn what the nuances are for that strategy, and this will take months. And at the end of that period, one may realize that the strategy is not suitable, which meant that one has wasted valuable time. Or one can speed up the whole process by spending time backtesting and noticing what the winning trades had in common and what the losing trades had in common. With the EB strategy described on this thread by 60, one can simply go back and draw a vertical line on every EB in the past months/years. Then see how each trade would have worked out, put this in an Excel spreadsheet, and calculate the win rate (% winning trades) and avg gain, avg loss. Or a better way of backtesting would be to use the F12 key to advance a chart one bar at a time. Or one could use Forextester.

The bottom line is that if one expects to become a successful trader, one must be willing to put in the time to really study a strategy (beyond just following its rules), figure out the best money mgt protocol for it, backtest it so that you determine the maximum drawdown in the past, etc.

Best trading to all
  • #1,600
  • Jun 28, 2012 4:35am Jun 28, 2012 4:35am
Short T2 entry on AUD 15M, a bit risky given the move lower we have seen already, but have taken it nonetheless.
Attached Image
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