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Buy sell line trading

  • #1,721
  • Edited 3:39am Jul 25, 2012 3:24am | Edited 3:39am
Have taken this EB entry on M15, given the size of the signal candle I will be placing my stop at the 50% level rather than behind the low.

Like the idea 60MM of moving stop behind the retrace of the trigger candle. Can I ask if you go behind the signal candle and then wait for the close of the trigger candle and go behind there ? That being the case stopped trades dont get hit for a full unit of risk ? Thanks as always for your valued help.

Best Regards.
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  • #1,722
  • Jul 25, 2012 4:07am Jul 25, 2012 4:07am
Have now moved my stop behind the trigger candle (as mentioned recently by 60MM), if taken out this will represent 1/2 unit of risk. Had my original stop been behind the low of the signal candle this would represent 1/3 a unit of risk. Although I have done little or no testing on this so far, I really like the principle, we are out of trades quickly if there is no genuine momentum and reduce the loss incurred to less than a full unit of risk. Need to test fully, but sounds like a potentially significant enhancement to me !
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  • #1,723
  • Jul 25, 2012 4:48am Jul 25, 2012 4:48am
Quoting nige1
Have taken this EB entry on M15, given the size of the signal candle I will be placing my stop at the 50% level rather than behind the low.

Like the idea 60MM of moving stop behind the retrace of the trigger candle. Can I ask if you go behind the signal candle and then wait for the close of the trigger candle and go behind there ? That being the case stopped trades dont get hit for a full unit of risk ? Thanks as always for your valued help.

Best Regards.
depends on momentum etc, i still measure my risk with the stops in the traditional place, so i am in effect taking a smaller position, say 0.5% instead of 1%...
tradewith60
  • #1,724
  • Jul 25, 2012 6:15am Jul 25, 2012 6:15am
Quoting 60minuteman
depends on momentum etc, i still measure my risk with the stops in the traditional place, so i am in effect taking a smaller position, say 0.5% instead of 1%...
Thanks MM, certainly another interesting and flexible approach, will start monitoring and testing.

Closed EURUSD at 1.2160 for a little over 1:2, another good day !
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  • #1,725
  • Jul 25, 2012 7:10am Jul 25, 2012 7:10am
Quoting nige1
Thanks MM, certainly another interesting and flexible approach, will start monitoring and testing.

Closed EURUSD at 1.2160 for a little over 1:2, another good day !
really nice Nige... on such a wild day to get a 2/1 and call it a day is top trading!
tradewith60
  • #1,726
  • Jul 25, 2012 8:17am Jul 25, 2012 8:17am
Hi,

I tried this one - works well so far. Stop below trigger candle wick. Will see if we can get more than 1:1
Higher TF looks good for more pips to go.
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  • #1,727
  • Jul 25, 2012 8:24am Jul 25, 2012 8:24am
Quoting kapybara
Hi,

I tried this one - works well so far. Stop below trigger candle wick. Will see if we can get more than 1:1
Higher TF looks good for more pips to go.
like the nice deep retrace... looks good
tradewith60
  • #1,728
  • Jul 25, 2012 8:44am Jul 25, 2012 8:44am
Quoting 60minuteman
like the nice deep retrace... looks good
This one corresponds to trapping buyers. See? Previous swing didn't work, stop hunting occured, followed by PA (engulfing bar) and momentum.
You can see those pattern everywhere (trend/swing trading).
  • #1,729
  • Jul 25, 2012 10:12am Jul 25, 2012 10:12am
hi 60MM,

I am not trading Fx but here is a chart for Crude on Indian Commodity Exchange (MCX). Took this trade today on H1 time frame. Its doing wonders to my account

Can't thank you enough for this wonderful entry method!


-- niksan
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  • #1,730
  • Edited 10:37am Jul 25, 2012 10:25am | Edited 10:37am
Quoting niksan
hi 60MM,

I am not trading Fx but here is a chart for Crude on Indian Commodity Exchange (MCX). Took this trade today on H1 time frame. Its doing wonders to my account

Can't thank you enough for this wonderful entry method!


-- niksan
awesome... i trade brent futures with it too...

just aim for those big wins and small losses with it and its a money printing machine...

Im presuming that was a commando entry? you havent highlighted your signal candle?
tradewith60
  • #1,731
  • Jul 25, 2012 11:01am Jul 25, 2012 11:01am
Quoting 60minuteman
awesome... i trade brent futures with it too...

just aim for those big wins and small losses with it and its a money printing machine...

Im presuming that was a commando entry? you havent highlighted your signal candle?
I have a small Red arrow above the candle where the trade triggered. The earlier candle is a nice Pin. I had a pending sell order below the Pin.

Yes, small losses and big wins! I would be taking more possible trades with this method.
  • #1,732
  • Jul 25, 2012 11:27am Jul 25, 2012 11:27am
Quoting 60minuteman
really nice Nige... on such a wild day to get a 2/1 and call it a day is top trading!
Thanks 60MM.

For me I just keep focusing on your post number 1632, and scrutinise every potential set-up I assess based on it:

1. Impulsive move
2. Retrace
3. Price action
4. Momentum entry
5. Positive risk reward

(I can repeat this in my sleep at this stage !)

In addition, I also screen every closed trade on this basis (whether profitable / breakeven / or loss) and evaluate with hindsight if 1-5 were all in order.

Do this and sweat your R:R; the results should speak for themselves.

As stated here many times, money management is the real key. I can honestly say I have never been so comfortable about taking losers !

Thanks again 60MM.
  • #1,733
  • Jul 25, 2012 5:37pm Jul 25, 2012 5:37pm
Hi, I have been following this thread since the beginning. In my humble opinion, the key here is to trade this system with the "free trade " concept explained by Peter Crows in this post:

http://www.forexfactory.com/showthre...63#post1934463


"I was compelled to include this chart of today's action in the Eur/Usd.

For the record, I personally took every one of the indicated breakout trades-- sells and the buy today, obtaining at the bare minimum a 1:1 reward/risk ratio per trade, and on most of them, a 2:1 or 3:1 reward to risk ratio-- because of the speed and distance the market moved after the breakouts.

What I like about these simple trades is the tendency to be able to cover your risk quickly by exiting half of your position at 1:1, allowing you to hold the remaining position with the initial stop (the other side of the inside bar) as a virtual "free trade".

In a larger term time frame you can stack on quite a position over a period of a few weeks with these "free trades". If the market quickly goes against you, you have the stops already in place. Then it is back to work building these structures up again until a huge move which is your payoff move of thousands of pips on large size.

Thanks for all the kind comments and messages sent to me about this. You have all been very generous in allowing the posts about this style.

Have a great rest of the week."
  • #1,734
  • Jul 25, 2012 5:58pm Jul 25, 2012 5:58pm
Quoting Jordi
Hi, I have been following this thread since the beginning. In my humble opinion, the key here is to trade this system with the "free trade " concept explained by Peter Crows in this post:

http://www.forexfactory.com/showthre...63#post1934463


"[i]I was compelled to include this chart of today's action in the Eur/Usd.

For the record, I personally took every one of the indicated breakout trades-- sells and the buy today, obtaining at the bare minimum a 1:1 reward/risk ratio per trade, and on most of them, a 2:1 or 3:1...
I agree its a good way of managing trades...
tradewith60
  • #1,735
  • Jul 25, 2012 6:54pm Jul 25, 2012 6:54pm
Quoting Jordi
Hi, I have been following this thread since the beginning. In my humble opinion, the key here is to trade this system with the "free trade " concept explained by Peter Crows in this post:

http://www.forexfactory.com/showthre...63#post1934463


"I was compelled to include this chart of today's action in the Eur/Usd.

[i]For the record, I personally took every one of the indicated breakout trades-- sells and the buy today, obtaining at the bare minimum a 1:1 reward/risk ratio per trade, and on most of them, a...
100%...it is a good option. I think there is also something to be said for a steady-eddy approach that targets 1R/day. Compounding at 15%/month, and using a tax-exempt account, $5,000 becomes $4.1 million in four years.
  • #1,736
  • Jul 25, 2012 8:32pm Jul 25, 2012 8:32pm
Took this one on Gold.. break of out side bar.. after 2 inside bars..above weekly pivot point andand 1/4 PPX and 50 sma 2 lines at base were also weekly and mthly suport pivots
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  • #1,737
  • Jul 26, 2012 2:57am Jul 26, 2012 2:57am
Just wanted to run a trade management plan by you guys.

I know with some of these entries a potential for 2:1 plus is quite good and I plan to close 50% of my position at 2:1 to lock in 1R and also move SL to BE at this point and let the rest of my position run for a higher RR.
I've back tested this visually for the last little while along with some forward testing and it seems to be quite effective.
What I wanted to ask some of the more experienced trades was that do you think this is a decent trade management plan or is it better to just stick to closing 50% at 1:1.
Any thoughts would be greatly appreciated.
  • #1,738
  • Jul 26, 2012 3:25am Jul 26, 2012 3:25am
Quoting mannai70
Just wanted to run a trade management plan by you guys.

I know with some of these entries a potential for 2:1 plus is quite good and I plan to close 50% of my position at 2:1 to lock in 1R and also move SL to BE at this point and let the rest of my position run for a higher RR.
I've back tested this visually for the last little while along with some forward testing and it seems to be quite effective.
What I wanted to ask some of the more experienced trades was that do you think this is a decent trade management plan or is it better to just stick...
I change my money management for each trade based on location, momentum, profit potential etc etc... In other words I have a few tactics i used based on the individual trade, but your idea works for sure.

What I would say is if you take a trade that really races, perhaps leave the whole position open for as long as you can bear.... those really big winners make a big difference to your PL
tradewith60
  • #1,739
  • Jul 27, 2012 1:44am Jul 27, 2012 1:44am
Engulfing bar signal, nice trade more than 1:2 RR.
Would this have been a valid set-up, seems to me yes but any comments would be appreciated.
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  • #1,740
  • Jul 30, 2012 5:58am Jul 30, 2012 5:58am
Took this trade based on a T2 on the M15, stop behind the signal candle.

Mannai, not sure if I would have taken that AUD trade, the retrace is rather limited in my view, it is only a single candle. You could however had a commando further on and this would have delivered nicely.

Regards.
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