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Buy sell line trading

  • #1,741
  • Jul 30, 2012 6:50am Jul 30, 2012 6:50am
thanks for the input nige,
reason that that trade would have appealed to me would have been the signal candle was a nice strong bullish looking candle which to me said that momentum back into the trend direction was strong. But I do agree with you that maybe a few candles worth of pullback is needed.

Does anyone here look for entries during the tokyo session on some of the yen pairs, I've noticed some nice set ups happening during these times.
  • #1,742
  • Jul 30, 2012 6:51am Jul 30, 2012 6:51am
little GU m15 scalp down to my tp line this morning... was engulf/commando type entry
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2012-07-30 at 12.50.36.png Size: 49 KB
tradewith60
  • #1,743
  • Jul 30, 2012 7:05am Jul 30, 2012 7:05am
Quoting 60minuteman
little GU m15 scalp down to my tp line this morning... was engulf/commando type entry
60,

could those two swing hi's have also been possible T2 entries?
  • #1,744
  • Jul 30, 2012 7:06am Jul 30, 2012 7:06am
Quoting 60minuteman
little GU m15 scalp down to my tp line this morning... was engulf/commando type entry
is that a 1:3 tp?
  • #1,745
  • Jul 30, 2012 8:06am Jul 30, 2012 8:06am
Quoting mannai70
is that a 1:3 tp?

It was a 1/3 trade yes mannai... i would of let it run for more, but this looks and feels like a correction to the main trend which is still long in my eyes
tradewith60
  • #1,746
  • Edited 8:51am Jul 30, 2012 8:50am | Edited 8:51am
Closed eurusd for 1:1, got greedy and did not take it off when it reached 1:2. No problem though, just wait for the next one.

Just taken long on Brent, 1HR T2 entry.
Attached Image
  • #1,747
  • Jul 30, 2012 9:28am Jul 30, 2012 9:28am
AJ M15 trade, stops at b.e now, shooting for the highs again... unlikely but zero risk
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2012-07-30 at 15.27.17.jpg Size: 55 KB
tradewith60
  • #1,748
  • Jul 31, 2012 8:36am Jul 31, 2012 8:36am
Have taken this T2 on the M15, 1R at risk as always. We shall see.

Regards.
Attached Image
  • #1,749
  • Jul 31, 2012 11:13am Jul 31, 2012 11:13am
Quoting nige1
Have taken this T2 on the M15, 1R at risk as always. We shall see.

Regards.
Closed for 1R, came within a tick of 2R but didn't close.
  • #1,750
  • Jul 31, 2012 12:54pm Jul 31, 2012 12:54pm
nice work Nige... really hard to keep focus today with no clear direction
tradewith60
  • #1,751
  • Aug 1, 2012 4:23am Aug 1, 2012 4:23am
Have taken this T2 entry on the AUD M15, more than a little risky given the resistance above and the numerous risk events looming. However, prepared to put 1R at risk so lets see where things go.
Attached Image
  • #1,752
  • Aug 1, 2012 9:55am Aug 1, 2012 9:55am
Let the AUD trade run to s/l, was a bad trade from the outset....plenty of resistance on higher t/f's, had already had a good move higher and was a good way from the 50sma and no momentum once the entry was triggered. Should have exited earlier, not to worry, just wait for the next opportunity.
  • #1,753
  • Aug 1, 2012 10:09am Aug 1, 2012 10:09am
Quoting nige1
Let the AUD trade run to s/l, was a bad trade from the outset....plenty of resistance on higher t/f's, had already had a good move higher and was a good way from the 50sma and no momentum once the entry was triggered. Should have exited earlier, not to worry, just wait for the next opportunity.
Hi nige1,

I'm impressed by your trades, they looks like trading is piece of cake
Previous EB on AUDUSD would be better (little flag formed after 50SMA penetration) entry above EB and daily pivot and lot of space till next S/R.
Also nice trade on last 2 pinbars GBPUSD (strong downtrend - good RR)
I have missed them.

I'm looking for your postings - good pippin'
  • #1,754
  • Aug 3, 2012 11:53am Aug 3, 2012 11:53am
Hi guys,

Is this a good setup forming? Are there reasons to not take this trade?
I am most interested in reasons to not take the trade because these are less obvious then the setup itself.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad1.gif Size: 14 KB
  • #1,755
  • Aug 3, 2012 11:55am Aug 3, 2012 11:55am
Quoting Sitting duck
Hi guys,

Is this a good setup forming? Are there reasons to not take this trade?
I am most interested in reasons to not take the trade because these are less obvious then the setup itself.
apart from it being my pet hate ucad... looks fine... the one at the previous swing was nice too..
tradewith60
  • #1,756
  • Aug 3, 2012 12:14pm Aug 3, 2012 12:14pm
Quoting Sitting duck
Hi guys,

Is this a good setup forming? Are there reasons to not take this trade?
I am most interested in reasons to not take the trade because these are less obvious then the setup itself.
Looks good to me too...

Olu
If you think you can or cannot do it you are correct
  • #1,757
  • Aug 6, 2012 3:40pm Aug 6, 2012 3:40pm
Hi 60
I took this trade today on a demo account.I believe it meets the criteria ,I just have a couple of questions
Has it re-traced enough after such a big move up?
Do you put any weight behind it being a Monday and things have not really got started yet? and
Is it just a bad idea going long on the EUR at the momment ?
Also as i look at the chart now i am torn between good money management eg moving stop up as it seems to be going against me and letting the trade run.
All comments welcome and thanks for a great thread 60.
PS momentum was there for the first hr of the trade
Attached Image (click to enlarge)
Click to Enlarge Name: 2012 08 06 gu.gif Size: 17 KB
  • #1,758
  • Aug 6, 2012 4:29pm Aug 6, 2012 4:29pm
Quoting 00ive
Hi 60
I took this trade today on a demo account.I believe it meets the criteria ,I just have a couple of questions
Has it re-traced enough after such a big move up?
Do you put any weight behind it being a Monday and things have not really got started yet? and
Is it just a bad idea going long on the EUR at the momment ?
Also as i look at the chart now i am torn between good money management eg moving stop up as it seems to be going against me and letting the trade run.
All comments welcome and thanks for a great thread 60.
PS momentum was there...
I prefer more of a pullback/retrace...
it feels very much like you're getting in at the of an impulse move... not to say it won't be a winning trade, but I just prefer to get in with more potential.
tradewith60
  • #1,759
  • Aug 6, 2012 8:27pm Aug 6, 2012 8:27pm
mondays trade :
http://i641.photobucket.com/albums/u...jeeva/guh2.gif
  • #1,760
  • Aug 6, 2012 8:58pm Aug 6, 2012 8:58pm
Quoting 00ive
Has it re-traced enough after such a big move up?
Do you put any weight behind it being a Monday and things have not really got started yet?
Attachment
Engulfing patterns are considered a reversal pattern. They tend to either reverse an impulse wave (in the direction of the overall trend) or a corrective wave (a retracement of the overall trend). Your pattern does neither. There is no retracement as there are no bars that precede the EB with either lower lows or lower highs. And there is no reversal of the impulse wave higher.

Sijeeva's chart just above does show a clear reversal of a retracement wave by an EB. If you take a chart and draw vertical lines on every EB, you will quickly see which ones lead to substantial gains and which lead to losses.

I would be careful about using wide-range bars as signal bars (for most strategies) because a) volatility is mean-reverting, which means it goes from an extreme reading back toward its average, and in this case you would be entering after a wide-range bar which may tend to result in the next bar or two or three showing less momentum and possible lack of direction as volatility goes back toward its average; and b) risk is obviously higher if you place s/l on other side of a wide-range signal bar, and your t/p would be farther away and thus harder to reach compared with most of your trades.
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