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Buy sell line trading

  • #1,761
  • Aug 6, 2012 10:02pm Aug 6, 2012 10:02pm
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...
Primo mainly trades these type of setups on the daily time frame which is his #5 strat or entry #1 here i believe ....If you wanted to trade these on the 4 hr you could run a sim or manually backtest with a limit at the 50% of the engulfing bar.If it breaks the high without retracing and goes half way distance of signal candle you could cancel order.You may have more losses but your RR may be better.Some pairs do better than others.Just a thought .
  • #1,762
  • Aug 7, 2012 2:08am Aug 7, 2012 2:08am
Hello,

type 2 trade earlier today.
Would any of you have taken that, reasons please. I personally believe that the pullback was reasonable as shown by the PA during those three bars.
Any thoughts.

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: eu aug 07 type 2.gif Size: 24 KB
  • #1,763
  • Aug 7, 2012 9:24am Aug 7, 2012 9:24am
Thanks guys think some more back testing and patience is required.will post more charts as and when for your opinions.
  • #1,764
  • Aug 7, 2012 9:59am Aug 7, 2012 9:59am
Quoting mannai70
Hello,

type 2 trade earlier today.
Would any of you have taken that, reasons please. I personally believe that the pullback was reasonable as shown by the PA during those three bars.
Any thoughts.

Thanks
Strictly speaking, it is not one of the three buy/sell line entries. It is not a Type 2 because the high of the arrowed bar is not higher than the high of the previous four bars. However, it does match a basic set of pullback criteria: It is in a solid trend (< 10sma), signal bar has good close (near its low), early in a session, and volatility contracts on the pullback as each bar's range is narrower than the three solid bars of the impulse wave down. Trend strength is more important on shallower pullbacks like this: The stronger the trend, the more likely a pullback will resume in the direction of the trend.

Would you mind posting your sessions indi?
  • #1,765
  • Aug 7, 2012 5:07pm Aug 7, 2012 5:07pm
hi california,

I am not mannai70 , but i recently found another sessions indi that is very good to, it doesn't clutter up the charts.
I hate the ones that put vertical lines on the charts.

Grtzz,
Nik.
Attached File(s)
File Type: ex4 Market Hours.ex4   3 KB | 346 downloads
File Type: mq4 Market Hours.mq4   2 KB | 419 downloads
  • #1,766
  • Aug 8, 2012 4:03am Aug 8, 2012 4:03am
Quoting California
[font=Verdana]Strictly speaking, it is not one of the three buy/sell line entries. It is not a Type 2 because the high of the arrowed bar is not higher than the high of the previous four bars. However, it does match a basic set of pullback criteria: It is in a solid trend (< 10sma), signal bar has good close (near its low), early in a session, and volatility contracts on the pullback as each bar's range is narrower than the three solid bars of the impulse wave down. Trend strength is more important on shallower pullbacks like this: The stronger...
thanks for the reply and here is the indi.
Attached File(s)
File Type: ex4 Market_Open_Lines c.ex4   7 KB | 375 downloads
  • #1,767
  • Aug 8, 2012 4:19am Aug 8, 2012 4:19am
Been a bit busy latley so not been posting too much.

T2 entry on eurusd M15, 1R at risk.
Attached Image
  • #1,768
  • Aug 8, 2012 5:07am Aug 8, 2012 5:07am
Does anyone seriousley make money from trading.

I mean not just for a month or year. I mean full time making money to survive on
  • #1,769
  • Aug 8, 2012 5:19am Aug 8, 2012 5:19am
Quoting xxxxLearner
Does anyone seriousley make money from trading.

I mean not just for a month or year. I mean full time making money to survive on
Hi Learner,

I saw your profile, don't give up. If you don't have anything else, then do trading. I'm almost 2-3 years playing w/ small live account and still struggling. But last 2 months I feel better and better since I found this simple method. And I'm starting to grab pips. Just go to the thread start once again and read over and over. Then setup your charts and pick only nice entries. Look at nige1's trades (posts, screenshots) - easy: 50 SMA elevation, retrace and nice setup candle.

Good luck.
  • #1,770
  • Aug 8, 2012 7:22am Aug 8, 2012 7:22am
Closed eurusd trade for 3R, could (and should) have closed on the first run down for 2R but let it go, interesting how the low of the trigger bar (red line) provided good resistance on the move back up.
Attached Image
  • #1,771
  • Aug 8, 2012 7:25am Aug 8, 2012 7:25am
Quoting xxxxLearner
Does anyone seriousley make money from trading.

I mean not just for a month or year. I mean full time making money to survive on
But you cannot expect to have a 5K account and no plan and make it.
But you can build a small account into a bigger one and once you have 100k, then you are ready.
IMHO.
Trade Garlic
  • #1,772
  • Aug 8, 2012 8:26am Aug 8, 2012 8:26am
Quoting nige1
Closed eurusd trade for 3R, could (and should) have closed on the first run down for 2R but let it go, interesting how the low of the trigger bar (red line) provided good resistance on the move back up.
You've totally got the concept locked down Nige... you can write your own pay cheque if you keep this going... well done, awesome trade again (i took the eu also, but i got in and out twice instead of riding the retrace )
tradewith60
  • #1,773
  • Aug 8, 2012 1:14pm Aug 8, 2012 1:14pm
Quoting xxxxLearner
Does anyone seriousley make money from trading. I mean not just for a month or year. I mean full time making money to survive on
Let's see. To earn a very handsome living as a doctor, lawyer, architect, engineer, etc., it takes about 7-10 years of schooling, interning, etc. which might cost $100k+. A successful trader of forex or commods or stocks, even starting with a modest account, can eventually reap a similar annual income, if not more, and at a fraction of the cost.

The catch? If it was easy, everyone would be a successful trader. However, if you find the right strategy(s) that fits your personality, it does not have to be especially difficult. Kapybara's post speaks. Many successful traders spend the first few years losing money or breaking even. If you are in this group, then you are not unusual. If you are inquisitive and stick around this game long enough, you will find a way to be successful.

Suggestion: Remove the pessimistic profile. As a legendary trader once said, "I have never met a successful pessimist."

Attitude is its own reward.
  • #1,774
  • Aug 8, 2012 1:19pm Aug 8, 2012 1:19pm
To Sitting Duck and Mannai70

Thank you for sharing your session indi's.
  • #1,775
  • Aug 8, 2012 2:43pm Aug 8, 2012 2:43pm
Hi guys hear is another demo trade i took today could you give me some feed back.I was realy quite pleased when i put this trade on now i'm not so sure?
thanks

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  • #1,776
  • Aug 8, 2012 2:48pm Aug 8, 2012 2:48pm
Quoting 60minuteman
You've totally got the concept locked down Nige... you can write your own pay cheque if you keep this going... well done, awesome trade again (i took the eu also, but i got in and out twice instead of riding the retrace )
Cheers 60MM ! As mentioned before I just follow your steps 1-5 for every trade. Like California has mentioned before a weekly target of 5R coupled with the effects of compounding will do nicely
  • #1,777
  • Aug 9, 2012 2:23am Aug 9, 2012 2:23am
Any comments

http://i641.photobucket.com/albums/u...jeeva/njh4.gif
  • #1,778
  • Aug 9, 2012 6:41am Aug 9, 2012 6:41am
Todays trade

http://i641.photobucket.com/albums/u...jeeva/ecad.gif
  • #1,779
  • Aug 9, 2012 7:01am Aug 9, 2012 7:01am
little EU m15 sell... just gonna let it roll all day..
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Click to Enlarge Name: Screen shot 2012-08-09 at 13.00.44.png Size: 28 KB
tradewith60
  • #1,780
  • Aug 13, 2012 3:43am Aug 13, 2012 3:43am
AJ M15
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Click to Enlarge Name: Screen shot 2012-08-13 at 09.41.50.png Size: 44 KB
tradewith60
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