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Buy sell line trading

  • #1,681
  • Jul 13, 2012 2:16pm Jul 13, 2012 2:16pm
Quoting pama.fx
What is another MA you in your chart?
Hi Pama. It's a 21 ema.Nothing magical
  • #1,682
  • Jul 13, 2012 2:37pm Jul 13, 2012 2:37pm
BRENT FUTURES m15 today
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2012-07-13 at 20.35.26.jpg Size: 60 KB
tradewith60
  • #1,683
  • Jul 13, 2012 3:42pm Jul 13, 2012 3:42pm
Quoting 60minuteman
BRENT FUTURES m15 today
60,

how strict are you on the whole "5 previous bars" rule, I see that some of those plays did not satisfy that completely.
  • #1,684
  • Jul 13, 2012 5:42pm Jul 13, 2012 5:42pm
Quoting mannai70
60,

how strict are you on the whole "5 previous bars" rule, I see that some of those plays did not satisfy that completely.

I Never let 1 rule control my trading... i'm always looking at the complete picture, the trend, the momentum, the price action...

Defining it is very hard to do, but, if you take the basics here, practice good money management and do plenty of backtesting, your eyes will get good and picking the best set ups, you will develop the psychology to accept losers, minimize your risk and maximize your profits..

Eventually you reach a stage where you know over time you will make those steady profits, the losers don't really matter and the rules are just tools to put you on the right path at the start.

That is not to say I advocate rule breaking.... but for instance, sometimes you will have a strong trend and momentum but the price action doesn't quite engulf... you can then make a decision if you want to accept the risk or not...

Hope that makes sense...
tradewith60
  • #1,685
  • Jul 14, 2012 10:42am Jul 14, 2012 10:42am
First thing first ..... Thank you !! 60 mm for this tread ... (i following this since months together) .
some things may get lost in time , but the person how discovers that lost jewel , should also be acredited as much as that of founder of the gem .
avoiding geting verbose .....
someone here on this thread said its imposible to make indicator for this signal ... some one showed and made indicator for the signal type 1 .
the biggest challenge for making indi. for signal 2 was enormous , still as well said everywhere , "where there is will, there is way" and getting ideas from all over the coding world , here is the indi. for signal 2 .
it see's for highest high of 5 bars (same as for lowest low) and 75% engulfing , also , you need not change t.f. to alerts are on by default . i tested to my best and using it ... hope and wish this works for you too .....
please give feedback to improve it ...happy trading to you all !!!!!!!!!

p.s. there is container bar indi. too ...
Attached File(s)
File Type: ex4 Buy-Sell Signal-2-Indicator v_1.ex4   13 KB | 686 downloads
File Type: ex4 Container Bar Indicator_v_1.ex4   10 KB | 621 downloads
  • #1,686
  • Jul 18, 2012 7:22am Jul 18, 2012 7:22am
hello traders

I notice this thread is quiet, but I suppose that there is nothing more to add.
The system is simple, straightforward and does not require much more explanation.

The one "problem" I sometimes have, is that in the morning when I log in to my charts I often see I have missed the boat (so to speak) and a significant move has happened while I was asleep. I live in Toronto, so am on EST hours.
I often log in and look at charts at 6am my time, but often there has been a significant move and I am left waiting for a retrace.

I suppose the answer to my question is to place pending orders the night before. If I look for signals on the daily or 4 hour chart I can place a pending order and if the market moves then I will either wake up to a win or a loss.

Any comments?

Thanks again 60mm.....I really think you have helped a lot of traders.

PGPB
  • #1,687
  • Jul 19, 2012 5:03am Jul 19, 2012 5:03am
Havent been here for a while,

Just wanted to say good bye to all.

I am part of the 95% of people who failed.

Not wasting any more of my life on forex. GOODLUCK to all and thanks for your help!!
  • #1,688
  • Edited 8:47am Jul 19, 2012 6:01am | Edited 8:47am
Quoting xxxxLearner
I am part of the 95% of people who failed.
Learner

I have PM'ed you.

All US brokers who are registered with the CFTC/NFA must file quarterly reports with the CFTC and/or NFA that details the percentage of client accounts that are profitable. I have seen the reports of four prominent US brokers, and the range of profitable accounts was 35%-42%, roughly, depending upon the particular broker.

Thus the 95% figure appears to be a myth perpetuated by some forex system developers and accepted as gospel by many.
  • #1,689
  • Jul 19, 2012 6:13am Jul 19, 2012 6:13am
Thanks California,

I replied, much appreciated to both you and 60 minute.
  • #1,690
  • Edited 4:22pm Jul 19, 2012 10:45am | Edited 4:22pm
Quoting xxxxLearner
Havent been here for a while,

Just wanted to say good bye to all.

I am part of the 95% of people who failed.

Not wasting any more of my life on forex. GOODLUCK to all and thanks for your help!!
xxxxLearner

The journey can be very long, difficult and very frustrating to be sure. I started back in 1999. Blew my account and lost a lot other things along the way. I tried several times since then with moderate success. It was not till I realized how the “mind set” can effect ones perception of the markets that I started to become profitable. Some of my trades just bloody amaze me now. Remember.. Very, very few of us are wired correctly to trade. I will share with you later in this letter how to correct that wiring.

When you are able to trade on “what you see” not “what you think” you will begin to become profitable. Many think this is the same thing... I can assure they are not... Once realized a whole new world begins to open up. You see the market in a much different way. This will take time...but very well worth it.

You have an advantage right in front of you. MT4 is free, FF is free, and 99.9% of the info here is free. There is a tremendous amount of free info available on the net, you tube, etc.
It will take time for you to find what works for you.

There are some very good traders here in FF.....Simple is always better. Some of those who are successful use a very simple approach. 60M would be a good example. Contained in that simplicity is what goes in one’s head. This is what causes traders to fail.

He is some specifics if you are willing to move forward: “Correcting the wiring”

1) Define you trading plan. Very specific. Write it down!
2) Start a trade log... Be Ultra specific!!!
a) Record you actions regarding the trade, entry, exit, market structure.
b) Record your thoughts... Why you got in, what you are thinking, what you are seeing... Your feelings, are you anxious, do you feel positive, negative, fear, etc...Every thought you have.....

Do this on every single trade. You can never put down to much information.

What will happen over time is you will begin to see patterns that developed about your personality as it relates to the market. It will bring out in very plain sight what you should have done vs. what you did... BUT... more importantly it will show you why you did what you did... Both the good and bad decisions. This will define the “what you see vs. what your think “concept. You will see patterns about when your follow your rules... and its result... When you break your rules... and its result...You will see the markets personality and how you fit into it... Not the other way around.

When you do this over the course of months and months you will see many things contained in your personality and the markets that open your eyes. You will begin to recognize some personality flaws the will be difficult to correct yet, must be corrected in order for you to become a profitable trader. Trading will become much more clear. You will be better able to control your emotions (KEY!!!).

Lastly: The trader’s equation

Preservation of Capital + Trading Consistently = Profit

Don't give up

TSD
  • #1,691
  • Jul 19, 2012 11:21am Jul 19, 2012 11:21am
I have the same question and waiting for an answer.

Thanks,

-FX_California
Quoting pgpb
hello traders

I notice this thread is quiet, but I suppose that there is nothing more to add.
The system is simple, straightforward and does not require much more explanation.

The one "problem" I sometimes have, is that in the morning when I log in to my charts I often see I have missed the boat (so to speak) and a significant move has happened while I was asleep. I live in Toronto, so am on EST hours.
I often log in and look at charts at 6am my time, but often there has been a significant move and I am left waiting for a retrace.

I suppose...
  • #1,692
  • Jul 19, 2012 11:56am Jul 19, 2012 11:56am
Quoting FX_California
I have the same question and waiting for an answer.

Thanks,

-FX_California
All I can think is trying a different TF... either a shorter one that gives more opportunities (lower win rate/ higher R/R)... or longer TF so you never miss any..
tradewith60
  • #1,693
  • Jul 19, 2012 12:39pm Jul 19, 2012 12:39pm
Hi Guys,

Can someone please look at the attached chart and tell me if i'm identifying the signal bars correctly? 6/7 wins seems pretty good to me!

Many thanks,

Sam
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCHF H4.png Size: 100 KB
  • #1,694
  • Jul 19, 2012 12:57pm Jul 19, 2012 12:57pm
Quoting sam1319
Hi Guys,

Can someone please look at the attached chart and tell me if i'm identifying the signal bars correctly? 6/7 wins seems pretty good to me!

Many thanks,

Sam
Looks good...

Just have a look at your chart 1 more time .... there's 2 distinct locations you get entries... 1. at the end of a retrace, 2. as a continuation of an existing move.... should be able to spot them.... the retrace entries are the ones to go for!

Theres a nice blue pin bar/type 2 in the middle of all that... i would of taken that... nice retrace, nice change in market sentiment (buyers coming back in) look for those, theyre golden
tradewith60
  • #1,695
  • Jul 19, 2012 1:06pm Jul 19, 2012 1:06pm
Quoting pgpb
The one "problem" I sometimes have, is that in the morning when I log in to my charts I often see I have missed the boat (so to speak) and a significant move has happened while I was asleep. I live in Toronto, so am on EST hours.
I often log in and look at charts at 6am my time, but often there has been a significant move and I am left waiting for a retrace.

I suppose the answer to my question is to place pending orders the night before. If I look for signals on the daily or 4 hour chart I can place a pending order and if the market moves then...
Pgpb/FX California

A North American trader must make sacrifices in order to trade forex. There is no getting around it. Here are two ideas:

1) trade D1 and H4. For H4, this means you might have to interrupt your sleep to check your charts once. Or you don't have to, but chances are that this will be the one bar that closes in early London session, and it will be the bar that most often is a signal bar for this or other strategies. So you can choose to omit this bar, with the understanding that you will have fewer setups. You would set pending orders for entry that include s/l and t/p orders.

2) trade M15 or even M5 for a few hours before you go to work. This means you would wake up earlier than usual by a few hours.

It depends upon the degree to which, and how badly, you want forex to be a part of your life.
  • #1,696
  • Jul 19, 2012 1:13pm Jul 19, 2012 1:13pm
Quoting 60minuteman
Looks good...

Just have a look at your chart 1 more time .... there's 2 distinct locations you get entries... 1. at the end of a retrace, 2. as a continuation of an existing move.... should be able to spot them.... the retrace entries are the ones to go for!

Theres a nice blue pin bar/type 2 in the middle of all that... i would of taken that... nice retrace, nice change in market sentiment (buyers coming back in) look for those, theyre golden
Do you mean the blue pin almost directly above my SL3 label

Many thanks,

Sam
  • #1,697
  • Jul 19, 2012 2:19pm Jul 19, 2012 2:19pm
Quoting California
Pgpb/FX California

A North American trader must make sacrifices in order to trade forex. There is no getting around it. Here are two ideas:

1) trade D1 and H4. For H4, this means you might have to interrupt your sleep to check your charts once. Or you don't have to, but chances are that this will be the one bar that closes in early London session, and it will be the bar that most often is a signal bar for this or other strategies. So you can choose to omit this bar, with the understanding that you will have fewer setups. You would set pending...
This is an interesting point. I live in the UK so don't have the same sort of worries regarding trading times but I have to say that the best trades for me usually occur in the few hours before the London open and are closed at some stage during the London trading day, although of course some run longer. It seems the London open gives these trades the push they need to get away from the entry and then it's just a case of managing your profits.
  • #1,698
  • Jul 19, 2012 2:29pm Jul 19, 2012 2:29pm
Quoting Hugh Briss
the best trades for me usually occur in the few hours before the London open and are closed at some stage during the London trading day, although of course some run longer. It seems the London open gives these trades the push they need to get away from the entry and then it's just a case of managing your profits.
Agreed. My broker's four-hour candle that closes at 9 a.m. GMT accounts for more signal bars than any other H4 candle. If I miss looking at my charts at this time, the number of setups declines appreciably. Beauty sleep or pips? That is the question.
  • #1,699
  • Jul 19, 2012 2:36pm Jul 19, 2012 2:36pm
Quoting Hugh Briss
This is an interesting point. I live in the UK so don't have the same sort of worries regarding trading times but I have to say that the best trades for me usually occur in the few hours before the London open and are closed at some stage during the London trading day, although of course some run longer. It seems the London open gives these trades the push they need to get away from the entry and then it's just a case of managing your profits.
Hello,Hugh Briss!

That's the question I wanted to ask long time ago to all successful H4ers.If it's all about the stacking the odds in one's favor and managing your risk,which H4's do you pay attention to?When do you start your trading day and when do you usually close your platform?
Thanks in advance!
  • #1,700
  • Jul 19, 2012 2:42pm Jul 19, 2012 2:42pm
Quoting California
Agreed. My broker's four-hour candle that closes at 9 a.m. GMT accounts for more signal bars than any other H4 candle. If I miss looking at my charts at this time, the number of setups declines appreciably. Beauty sleep or pips? That is the question.
Lol, this is why I'm glad I don't have to choose, I need an abundance of both!
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