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Buy sell line trading

  • #1,701
  • Jul 19, 2012 2:45pm Jul 19, 2012 2:45pm
Quoting iamcereal
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!
I don't trade H4 anymore. I changed brokers to one with a different candle open time and realised I was opening trades at a time of day dictated by my broker?! One of my 4 hour candles closes at 1pm gmt, 30 minutes before most big news announcements. Do you want to be taking trading decisions then or a bit after the news has come out?
  • #1,702
  • Edited 3:46pm Jul 19, 2012 3:33pm | Edited 3:46pm
Quoting 60minuteman
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..
I don't know if this will be helpful to anyone on the West Coast, but I have recently added the H8 time frame to my profiles. I look for opportunities on H 4H D. This just gives me another opportunity. The 5PM 1AM 9AM update times are good for me (EDT). Although not many people trade H8, the price action strategies taught on this thread seem to work as well as on the standard time frames. Here's the time converter indicator with instructions.

http://www.forexfactory.com/showthread.php?t=206301

Thanks to 60 Minutes for this great thread. I've been following it from the beginning. I started adding these price action strategies to my indicator based entries. Finally, I removed my all indicators except the 50 SMA and my 5 SMMA price channel. Plenty of opportunities with the PA strategies. The simpler the better.

Charlie
  • #1,703
  • Jul 19, 2012 3:58pm Jul 19, 2012 3:58pm
Quoting sam1319
Do you mean the blue pin almost directly above my SL3 label

Many thanks,

Sam

yeah i'm considering that a type 2 entry... see lots like that at the end of a retrace, very reliable
tradewith60
  • #1,704
  • Jul 20, 2012 3:37am Jul 20, 2012 3:37am
Quoting TraderinSD
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 Don't give up

TSD

Thanks very much Trader, I appreciate your advice, and relate to what your saying.

So many of you have sent me PM's or posted support. Thanks
  • #1,705
  • Jul 20, 2012 5:38am Jul 20, 2012 5:38am
I live in England and work shifts and originally started off paper trading with GMT +1, unfortunately these times where not convenient so i have changed to GMT 0.
Below are 4 brokers so that you can choose any 4h open/close all have MT4 app on iPhone which i rely on quite heavily.Must also point out i am only in my 3rd week of testing and i do not know how reliable any of the below are.

open/close times GMT

FXCM demo01 9 ,1, 5
Admiral demo(mine) 8,12,4
FX central 7,11,3
FX open 6,10,2
  • #1,706
  • Jul 21, 2012 12:03pm Jul 21, 2012 12:03pm
For newer traders trying to find their way amid all of the systems, indi’s, information, etc in forex, here are a few thoughts.

As a guess, about 96% of all strategies rely upon one of three entries: 1) breakouts/momentum, 2) pullbacks, and 3) reversals. It is up to each trader to determine which of the three strategy types (and there may be more than one) best fits his personality – and learn everything he can about that strategy type until he becomes profitable. Many strategies discussed on other threads in this great forum use unusual indicators. When one peels back the veneer, one will see that the strategy is almost always one of these three types, and most are probably pullback entries. This thread uses pullback entries. (Although I have traded breakouts for years, I prefer pullbacks to breakouts or reversals.) If a trader is going to trade pullbacks, he must decide whether he is going to trade with or without momentum indicators. (I prefer without.)

As a pullback trader, each day my job is to find a trend and then figure out a way to get into that trend. Instead of just haphazardly jumping into a trend, I use one of a number of entry techniques, each containing an edge that has been revealed by my backtesting and trading. For any particular trade, the specific entry technique I use is dependent upon the trend’s extent, duration, retracement (shallow or deep), time of day, etc. It is like having a toolbox with tools that each serve a different purpose.

In this thread, 60 has provided a nice toolbox for the pullback trader. 60 has discussed three types of pullback entries: the engulfing pattern, entry 2 pattern, and the M15 scalp pattern (commando type). I took the liberty of steering readers to an additional type of pullback entry involving inside bars (post 1675), which I use. A specialist in pullbacks, then, can use these four entry techniques and add others to his toolbox over time as he gains experience watching and trading the market. The rest is money mgt and the discipline to follow one's plan.
  • #1,707
  • Jul 22, 2012 11:38am Jul 22, 2012 11:38am
http://forex-trading-relief.net/Fore...-Wisdom-2.html
tradewith60
  • #1,708
  • Jul 24, 2012 2:47am Jul 24, 2012 2:47am
Been away for the past couple of weeks dealing with other matters, back in action this morning, lets see where this T2 on the EJ M15 gets to.
Attached Image (click to enlarge)
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  • #1,709
  • Jul 24, 2012 6:24am Jul 24, 2012 6:24am
Quoting nige1
Been away for the past couple of weeks dealing with other matters, back in action this morning, lets see where this T2 on the EJ M15 gets to.
nice to see you back mate.

Are you sure that was a type 2, doesn't seem to satisfy the 5 bar rule...
  • #1,710
  • Jul 24, 2012 6:34am Jul 24, 2012 6:34am
Just a commando entry short on EU m15 for me today for 19 pips and just under 2%..

Steady start to the week
tradewith60
  • #1,711
  • Jul 24, 2012 7:11am Jul 24, 2012 7:11am
Quoting nige1
Been away for the past couple of weeks dealing with other matters, back in action this morning, lets see where this T2 on the EJ M15 gets to.
breakeven trade
  • #1,712
  • Jul 24, 2012 8:19am Jul 24, 2012 8:19am
Todays trade :

Eurcad - h4

http://i641.photobucket.com/albums/u...a/ec60mm-1.gif
  • #1,713
  • Edited 11:31am Jul 24, 2012 11:29am | Edited 11:31am
Quoting mannai70
nice to see you back mate.

Are you sure that was a type 2, doesn't seem to satisfy the 5 bar rule...
Thanks Mannai.

I have been operating on the basis that the 5 bar rule is inclusive of the current bar, looking back at the first post by 60MM and the graph attached to it I still think that is the case. This trade was a little liberal in terms of the 25% rule (probably off by a pip or two), but as mentioned recently by 60MM I try not to apply any single rule rigidly but rather view the trade in an overall context and be prepared to apply some degree of flexibility within that. Hope that makes sense.

EJ trade is working out well now, has taken its time though. Now approaching 1:2.


Close at 94.15 for a 1:2.
Attached Image
  • #1,714
  • Jul 24, 2012 1:18pm Jul 24, 2012 1:18pm
Hi guys,

today late were nice setups:

here are mine

GBPUSD is facing strong support, but there were many attempts to break it and now I give it a chance and look for further move south

GBPNZD nice 4H EB - there is also huge potential - I let it run
- you can see many opportunities in previous downtrend

- also check NZDUSD 1H, AUDJPY 1H, AUDUSD 1H - it's a beauty

- this KISS system is pure gold (just to train patience and discipline - the hardest part in forex)

Thank you 60MM, California, nige1 and all contributors. Green pips guys
Attached Image(s) (click to enlarge)
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  • #1,715
  • Jul 24, 2012 3:54pm Jul 24, 2012 3:54pm
Quoting nige1
Thanks Mannai.

I have been operating on the basis that the 5 bar rule is inclusive of the current bar, looking back at the first post by 60MM and the graph attached to it I still think that is the case. This trade was a little liberal in terms of the 25% rule (probably off by a pip or two), but as mentioned recently by 60MM I try not to apply any single rule rigidly but rather view the trade in an overall context and be prepared to apply some degree of flexibility within that. Hope that makes sense.

EJ trade is working out well now, has taken...
Nice trade Nige1...
tradewith60
  • #1,716
  • Jul 24, 2012 3:58pm Jul 24, 2012 3:58pm
Quoting kapybara
Hi guys,

today late were nice setups:

here are mine

GBPUSD is facing strong support, but there were many attempts to break it and now I give it a chance and look for further move south

GBPNZD nice 4H EB - there is also huge potential - I let it run
- you can see many opportunities in previous downtrend

- also check NZDUSD 1H, AUDJPY 1H, AUDUSD 1H - it's a beauty

- this KISS system is pure gold (just to train patience and discipline - the hardest part in forex)

Thank you 60MM, California, nige1 and all contributors. Green pips guys
welcome to the thread Kapy.... always plenty of opportunities for trend traders... just keep your mm in check and its fairly simple... always surprises me more people don't trade this way.
tradewith60
  • #1,717
  • Jul 24, 2012 4:01pm Jul 24, 2012 4:01pm
Just a few trades for me today, caught the EU breakdown on M15 towards the end of London session for nice R/R.
You'll notice i often put my stops at the high of the trigger candles retrace... works quite nicely to reduce risk and momentum should mean price doesn't go back there... just an idea, but i'm always flexible with my money management based on the current market condition...(just how i like to do it!)
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tradewith60
  • #1,718
  • Jul 24, 2012 5:20pm Jul 24, 2012 5:20pm
Quoting 60minuteman
Just a few trades for me today, caught the EU breakdown on M15 towards the end of London session for nice R/R.
You'll notice i often put my stops at the high of the trigger candles retrace... works quite nicely to reduce risk and momentum should mean price doesn't go back there... just an idea, but i'm always flexible with my money management based on the current market condition...(just how i like to do it!)

Sorry to bother you man,
Can i ask a stupid question?
"SMA" is "Smoothed Moving Average", yes?
Or "Simple Moving Average"?
I know that's so stupid, but believe me, i saw both meaning use!!
Finally, i can say this is a very good strategy and is very similar to mine.
Green pips.
  • #1,719
  • Jul 24, 2012 5:26pm Jul 24, 2012 5:26pm
Quoting Mini Trader
Sorry to bother you man,
Can i ask a stupid question?
"SMA" is "Smoothed Moving Average", yes?
Or "Simple Moving Average"?
I know that's so stupid, but believe me, i saw both meaning use!!
Finally, i can say this is a very good strategy and is very similar to mine.
Green pips.
simple moving average.... although, no reason why this would not work with either...
tradewith60
  • #1,720
  • Jul 24, 2012 6:02pm Jul 24, 2012 6:02pm
Quoting 60minuteman
simple moving average.... although, no reason why this would not work with either...
Thanks,
As i said, it is a proven profitable strategy, at least for me!

Good Luck!
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