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Buy sell line trading

  • #1,781
  • Aug 13, 2012 6:37am Aug 13, 2012 6:37am
little brent futures m15
Attached Image
tradewith60
  • #1,782
  • Aug 13, 2012 7:32am Aug 13, 2012 7:32am
Hi 60mm and friends!

I have just finished reading this entire thread to date. Many thanks to 60mm for sharing this idea!

I have two questions:
1. What exit criteria are you using once the trade moves beyond 2:1 RR (e.g. trailing stop, chart pattern etc) ?
As a new trader, I am prepared to use some discretion when entering a trade, but once in I would like to have fairly mechanical exit rules, as I cannot rely on experience to make sensible decisions.

2. Are you using software to manage your open trades in accordance with your rules (so as not to have to watch them yourself all the time)? If so, could you please say what you use.

Thanks for your help!

Jeff
  • #1,783
  • Aug 13, 2012 9:11am Aug 13, 2012 9:11am
First trade with this system,still in trade,my thoughts were maybe bar before entry could have closed a little higher and a better angle on the 50 would have been better.feedback?would anyone still have taken this trade?Thanks
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  • #1,784
  • Aug 13, 2012 9:15am Aug 13, 2012 9:15am
Quoting bodine
First trade with this system,still in trade,my thoughts were maybe bar before entry could have closed a little higher and a better angle on the 50 would have been better.feedback?would anyone still have taken this trade?Thanks
I would have passed on this trade. There is not much of a trend, and I try to avoid situations where you have a number of overlapping bars. This is a trend-following strategy, and without a trend, it is better to sit on the sidelines.
  • #1,785
  • Aug 13, 2012 9:43am Aug 13, 2012 9:43am
Quoting California
I would have passed on this trade. There is not much of a trend, and I try to avoid situations where you have a number of overlapping bars. This is a trend-following strategy, and without a trend, it is better to sit on the sidelines.
Thanks! i got killed on that one,also forgot to check daily and there was a supply level just above there, but i'll get better, like the simplicity.
  • #1,786
  • Aug 13, 2012 10:45am Aug 13, 2012 10:45am
AU M15
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  • #1,787
  • Aug 13, 2012 11:09am Aug 13, 2012 11:09am
Quoting 60minuteman
little brent futures m15
Hi 60! Why did you take this setup? New rules or just your experiance?
  • #1,788
  • Aug 13, 2012 11:15am Aug 13, 2012 11:15am
Quoting Dezil
Hi 60! Why did you take this setup? New rules or just your experiance?
Above 50sma...

Impulse move, retrace, engulf signal, long at the break of the signal...
tradewith60
  • #1,789
  • Aug 13, 2012 11:27am Aug 13, 2012 11:27am
Quoting 60minuteman
Above 50sma...

Impulse move, retrace, engulf signal, long at the break of the signal...
Was that retrace enought?
  • #1,790
  • Aug 13, 2012 11:36am Aug 13, 2012 11:36am
Quoting Dezil
Was that retrace enought?
maybe, maybe not.... but..... i'm not concerned with win rates... i know i will lose some, most likely 1/2 of my trades, but my average r/r is well over 2/1...

I rarely sweat over trades now, i set them up on a decent looking set up, i move my risk off quickly and i let them run... if i lose i just keep repeating and the profits take care of themselves....

If accurate trade entries are a big concern, or entries give you fear, then you are probably risking to much of your account or not letting trades run enough..

so on brent, we had a nice push long (which has been the trend for weeks) we made a new swing hi, price retraced then gave a signal it might continue... i took the risk...
tradewith60
  • #1,791
  • Aug 13, 2012 11:41am Aug 13, 2012 11:41am
Quoting kapybara
AU M15
nice trade, i love those set ups... get a few everyday.... make a lot of pips off them

Just keep your trading simple, let the market show you the direction and fish for the end of the retraces
tradewith60
  • #1,792
  • Aug 13, 2012 1:24pm Aug 13, 2012 1:24pm
Quoting 60minuteman
little brent futures m15
hi 60 mm man and all

great to find this thread.
why? cause believe it or not i came to this pretty much same style like u have,,,some from james 16,some from here and there,,,hope u r professional and make a crap load of $ ,,or at least load of money :-) - that would b nice encouragement for me to keep this style.
didnt read the whole thread so no offense pls.
kinda busy on making some cash in the ''outer'' world these days,,,but the plan has been set for some time and the perseverance isnt scarcity.
btw,if u dont mind asking ,,,
almost feeling lame to ask :-)
how many screens u use?
making money in JimB2468 trading room
  • #1,793
  • Aug 13, 2012 2:29pm Aug 13, 2012 2:29pm
Quoting patient pip
hi 60 mm man and all

great to find this thread.
why? cause believe it or not i came to this pretty much same style like u have,,,some from james 16,some from here and there,,,hope u r professional and make a crap load of $ ,,or at least load of money :-) - that would b nice encouragement for me to keep this style.
didnt read the whole thread so no offense pls.
kinda busy on making some cash in the ''outer'' world these days,,,but the plan has been set for some time and the perseverance isnt scarcity.
btw,if u dont mind asking ,,,
almost feeling...
just the 1 screen with the 4 pairs on.... on m15 that's plenty... on h1 or h4 you have plenty of time to scan pairs anyway..
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tradewith60
  • #1,794
  • Edited 6:53pm Aug 13, 2012 3:32pm | Edited 6:53pm
Quoting fxtr51
The indicator is checking this:

// Check for Bearish Engulfing pattern
if((C1 > O1) && (O > C) && (O >= C1) && (O1 >= C) && ((O - C) > (C1 - O1)))

In natural language:
first candle is bullish
signal candle is bearish
open of signal candle is higher or equal to close of first candle
close of signal candle is lower or equal to open of first candle
body of signal candle is greater than body of candle 1

I think the check is correct.

The other check you mentioned: only alert bearish engulfing below SMA
and bullish engulfing...
I have revised the indicator to catch the bearish and bullish engulfing candles that may be a few pips different from the closing of the previous bar.

Here is the revision for bearish....
((C1>O1)&&(O>C)&&(O>=C1*0.95)&&(O1>=C)&&((O-C)>(C1-O1))

Here is the revision for bullish....
((O1>C1)&&(C>O)&&(C>=O1)&&(C1*1.05>=O)&&((C-O)>(O1-C1))
Attached File(s)
File Type: ex4 Pattern_Recognition_Master_v3.ex4   24 KB | 414 downloads
File Type: mq4 Pattern_Recognition_Master_v3.mq4   27 KB | 494 downloads
  • #1,795
  • Aug 14, 2012 6:56am Aug 14, 2012 6:56am
guys.. is it possible to tell me where I can find the latest version of the indicator that highlights the buy/sell signals? I have one version but it does not allow me to do a quick back test...
  • #1,796
  • Aug 14, 2012 9:19am Aug 14, 2012 9:19am
Got in before entry below bar cause of angle of 50 had another winner also not bad only second day.
Attached Image (click to enlarge)
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  • #1,797
  • Aug 14, 2012 10:10am Aug 14, 2012 10:10am
Quoting bodine
Thanks! i got killed on that one,also forgot to check daily and there was a supply level just above there, but i'll get better, like the simplicity.
You shouldn't be getting killed on any trade with this system. I think 60 recommends 3% per trade max, but don't think he uses anywhere near that, I know I don't. If you can not get the proper position sizing in the futures market maybe do micro or mini forex, since trading outside bars can lead to a wide range of stop sizes
  • #1,798
  • Aug 14, 2012 2:24pm Aug 14, 2012 2:24pm
Quoting grooler
You shouldn't be getting killed on any trade with this system. I think 60 recommends 3% per trade max, but don't think he uses anywhere near that, I know I don't. If you can not get the proper position sizing in the futures market maybe do micro or mini forex, since trading outside bars can lead to a wide range of stop sizes
Whatever i do when i find consistency trade much higher % than that, i know it goes against what a lot say.Small % just not worthwhile for me.
  • #1,799
  • Aug 14, 2012 4:16pm Aug 14, 2012 4:16pm
Quoting bodine
Whatever i do when i find consistency trade much higher % than that, i know it goes against what a lot say.Small % just not worthwhile for me.
HUh??????????????????????????
  • #1,800
  • Aug 14, 2012 4:22pm Aug 14, 2012 4:22pm
Quoting danc
HUh??????????????????????????
Agreed

HUh??????????????????????????
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