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Buy sell line trading

  • #1,821
  • Aug 16, 2012 5:57pm Aug 16, 2012 5:57pm
Quoting California
If you are looking for a mechanical way of trailing a stop, you could use a multiple of risk. So if your risk on a trade is "R," then trail the stop either 0.5R or 1R or 1.5R or 2R behind price.
Thanks California, for the advice and the EA.
I'll let you know how I get on!
  • #1,822
  • Aug 16, 2012 7:04pm Aug 16, 2012 7:04pm
pretty shitty week for me, managed to rescue today with this GU m15 long (commando entry)

p.s don't get disheartened.. tough times for all strats.... nature of the beast and all that... the really smart money is on holiday
Attached Image (click to enlarge)
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tradewith60
  • #1,823
  • Aug 16, 2012 10:23pm Aug 16, 2012 10:23pm
Quoting mannai70
I do not have access to Crude charts since my broker doesn't offer, Gold however doesn't seem to have consistent trends, too much volatility on the 15min charts.
The crude ETF symbol is OIL. It tracks closely to crude, the difference being that it trades 6.5 hours/day vs. 23.25 hours/day with crude. Crude has a lovely trend on D1 that just began six wks ago. I traded the shallow retracement several days ago for 1R, but now have established a longer-term position on today's breakout using a wide s/l to see if a 10R+ trade can develop. Ninety percent of what I do is pullbacks, but D1 breakouts are good for the diversification and the large R-multiple potential.

As for gold, it had a monster move for three years that ended a year ago. After it topped, it needed lots of time to repair its chart and to get rid of all the froth built up on the way up. And that takes time. Since then, it chops around as it repairs the damage done to its chart whilst India and China, which both represent 45% of total demand, pull back a bit on jewelry spending. But it will be back, along with the real beast, silver.

The rest of this year and into early '13 should be quite profitable for traders of these strategies, as volatility picks up seasonally.
  • #1,824
  • Aug 17, 2012 1:13am Aug 17, 2012 1:13am
Do you guys expect the rest of this month not really show a good trend on the intraday charts. Been quite choppy and even the pullbacks haven't really been too clean, like on the up trend on the EU yday.
  • #1,825
  • Aug 17, 2012 2:10am Aug 17, 2012 2:10am
E/U long would be a probability trade at 12 GMT
  • #1,826
  • Edited 10:39am Aug 17, 2012 10:00am | Edited 10:39am
Quoting mannai70
Do you guys expect the rest of this month not really show a good trend on the intraday charts. Been quite choppy and even the pullbacks haven't really been too clean, like on the up trend on the EU yday.
After first week of Sept, things should pick up as, historically, Sept-Dec have been among the best months for volatility in financial markets. August through first week of Sept sees many people on vacation.

As for yesterday's EU trend that began at NYO, it was strong, and you cannot fault a market for that. On M15 it had two solid swings of 65p and 47p. When a trend is so strong that it does not pull back to allow entry, I like to drop down to M5, and if nothing there, then down to M1. In yesterday's NY trend, there were two Type 2 entries on M5, one taking 1.5R and the other 3.5R MFE (max favorable excursion).
Attached Image (click to enlarge)
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  • #1,827
  • Aug 17, 2012 4:19pm Aug 17, 2012 4:19pm
Quoting 60minuteman
... the really smart money is on holiday
60:

You are the smart money. You and anyone else who uses simple strategies like these (or other ones) with an edge to pull money out of the markets consistently. The best hedge funds might average 25%/year over a 5-10 year period. And those are the best. Meanwhile, most people who want to put in the time and effort, and have no problem with discipline (honoring stops, being patient to wait for the right setups), should be able to take simple setups like these that have an edge and do substantially better.

Hopefully, you will be able to postpone retirement long enough to continue to operate this thread.
  • #1,828
  • Aug 17, 2012 4:25pm Aug 17, 2012 4:25pm
thanks Cali... wish I could put things into words like you do... could be more help then i'm sure....

I was out all day today but I did manage getting the second m15 engulf short on AU... left it running all day and ended up with a little over 2/1

Tricky week, but fun to trade, learned loads about patience
Attached Image (click to enlarge)
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tradewith60
  • #1,829
  • Aug 17, 2012 11:22pm Aug 17, 2012 11:22pm
60 and all others,

When trading these set-ups on a 15min or any other intra-day tf do you guys take into account pivots or S+R levels.

Also I know that when trading pullbacks in trends some ppl recommend to only trade the first two pullbacks and not usually not any beyond that.
Any thoughts on this?

Thanks
  • #1,830
  • Aug 18, 2012 4:57am Aug 18, 2012 4:57am
wow what a system .i would like to post some of my charts up here
  • #1,831
  • Aug 18, 2012 10:54am Aug 18, 2012 10:54am
Quoting mannai70
60 and all others,

When trading these set-ups on a 15min or any other intra-day tf do you guys take into account pivots or S+R levels.

Also I know that when trading pullbacks in trends some ppl recommend to only trade the first two pullbacks and not usually not any beyond that.
Any thoughts on this?

Thanks
When a trader learns a new strategy, he naturally retains some of the techniques/indicators used in his prior trading. There is nothing wrong with this, and I would encourage anyone to "personalize" a strategy that they have just learned so that it fits their own personality, risk tolerance, etc. What counts is the return, when adjusted for risk.

With that said, I think the simpler the better. I do not use anything besides MAs except possibly S+R. I like to have an indicator window just below the price chart on my MT4 screen to serve as a placeholder...it makes the actual bar chart smaller from top to bottom. However, it does not matter what indi I have below the bar chart because I do not use it for anything except to take up some space.

I think you should ask yourself whether the daily pivot point or s1, s2, r1, r2, etc. ever made you money. They never did for me so I stopped using them long ago.

As for trading the first two pullbacks in a new trend, this is an excellent point. In the past, I have used this Elliott Wave concept successfully to scalp EU on M1. I do not use it with these strategies. (Mannai refers to the concept that, on average, there are three pullbacks (corrective waves) in a trend. However, this is just an average, and some trends have one pullback and others might have eight or more. The idea is that the first pullback in the new trend is the highest probability trade, and the second pullback is the next-highest probability trade. After that, because the average is three pullbacks in a trend, your probability of entering a pullback before the whole trend ends diminishes.)

My guess is that over time, for those who really embrace these simple setups, you will use nothing at all except price and MA(s).
  • #1,832
  • Aug 19, 2012 9:41pm Aug 19, 2012 9:41pm
Quoting whatfx
i entered at 86.87. long. as marked by the cross of the two blue lines on this chart.

this was an ideal trade to take. the previous candle was bullish and closed above the sell candle. therefore signal to go long.

price was also above 50 sma, near strong support (marked by the red line on the chart) and the 4hr trend had been making higher highs for a while. so a strong case to go long.

price was almost near 50 sma, so an ideal place for it to resume the upwards trend also.
all these factors made it a high probalbiity trade to take , go...
Regarding this Chart:
http://www.forexfactory.com/attachme...0&d=1331043752
+++++++++++++++++++++++++++++++++

Hey WFX. Sorry to chime in so late on this chart, but just started reading the thread and I'm trying to clarify all of this in my head.

Your thread is awesome and I respect your knowledge and opinions. And I do have questions regarding this trade.

• First off, as another observer pointed out, the signal candle, in this trade, closed in the bottom half leaving a prominent rejection wick as well.

• This being a 4 hr chart I am counting 2 lower highs and one lower low (the signal candle itself)

These things (at least from my perspective) are enough to keep me on the sidelines. If I'm missing something here, I apologize in advance.
Darryl

p.s. One other thing. Can you explain why you had a SL so far away from the bottom of the signal candle?
  • #1,833
  • Aug 21, 2012 1:39pm Aug 21, 2012 1:39pm
euro such a giver today
sadly wasnt around, but these set ups are takers with no hesitation.
momentum,conso on smaller tf = inside hourly, eu wedge //3-4weeks build up// break out, EA - grave yard inside, break out of a flag though not a fanatic fan of patterns but keeping an eye on them...
Attached Image (click to enlarge)
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making money in JimB2468 trading room
  • #1,834
  • Aug 22, 2012 8:41am Aug 22, 2012 8:41am
AU M15 commando entry
Attached Image
tradewith60
  • #1,835
  • Aug 22, 2012 9:54pm Aug 22, 2012 9:54pm
Quoting 60minuteman
AU M15 commando entry
++++++++++++++++++++++++++++++++

Hi 60 & thanks for your help.

It looks like entries were not made on candle immediately following signal candle. Am I missing something?
Thanks,
Darryl
p.s. This chart is not easy to read. After another look, arrows could have something to do with some indicator. But all the lines make it even more confusing. Help!
  • #1,836
  • Aug 23, 2012 1:47am Aug 23, 2012 1:47am
Quoting diamonddbw
++++++++++++++++++++++++++++++++

Hi 60 & thanks for your help.

It looks like entries were not made on candle immediately following signal candle. Am I missing something?
Thanks,
Darryl
p.s. This chart is not easy to read. After another look, arrows could have something to do with some indicator. But all the lines make it even more confusing. Help!
here's a brief explanation of the commando entry for M15.,,,,
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2012-08-23 at 07.37.23.png Size: 87 KB
tradewith60
  • #1,837
  • Aug 23, 2012 3:26am Aug 23, 2012 3:26am
AU m15 engulf trade
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2012-08-23 at 09.25.07.jpg Size: 78 KB
tradewith60
  • #1,838
  • Aug 23, 2012 3:52am Aug 23, 2012 3:52am
Hi 60M,

I hv a question abt the AU M15 trade.

Do u consider the 4th candle before the bearish EB that you
took, which is a bullish EB, a valid long signal?

thanks
  • #1,839
  • Aug 23, 2012 4:25am Aug 23, 2012 4:25am
Quoting maxximuz
Hi 60M,

I hv a question abt the AU M15 trade.

Do u consider the 4th candle before the bearish EB that you
took, which is a bullish EB, a valid long signal?

thanks
yeah I took that long, got stopped out for a few pips/ spread loss
tradewith60
  • #1,840
  • Aug 23, 2012 4:40am Aug 23, 2012 4:40am
Thanks 60M.
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