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Buy sell line trading

  • #1,841
  • Aug 23, 2012 6:22am Aug 23, 2012 6:22am
AU m15 close to tp now
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tradewith60
  • #1,842
  • Aug 23, 2012 8:00am Aug 23, 2012 8:00am
Hello 60mm! Great thread!

I am a little confused, which is why I'll skip directly to your last posted trade which is AU taken on BEEB above the 50SMA. What made you take that trade? Few basic conditions were against your decision.
1) above 50SMA
2) there was no trend, more likely it was about a range between the two horizontal yellow lines, as showed on jpg.
3) there was a HL-HH swings structure inside the range

I noticed that seems to comply with Steve Primo's #4 strategy, but your way of thinking will be more interesting to hear it.
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  • #1,843
  • Aug 23, 2012 8:38am Aug 23, 2012 8:38am
Quoting cristiansan
Hello 60mm! Great thread!

I am a little confused, which is why I'll skip directly to your last posted trade which is AU taken on BEEB above the 50SMA. What made you take that trade? Few basic conditions were against your decision.
1) above 50SMA
2) there was no trend, more likely it was about a range between the two horizontal yellow lines, as showed on jpg.
3) there was a HL-HH swings structure inside the range

I noticed that seems to comply with Steve Primo's #4 strategy, but your way of thinking will be more interesting to hear it.
Hi Cristiansan...

1. my entry was just below the 50sma, but i see your point... to be fair it was really an attempt to get in on a trend turning point....

2. The main reason... was a lovely engulf at a failed high, if London open failed at the high we we're most likely going short to a stronger s/r.

3. I don't agonize over entries, it's exits on the winners that matter to me, it's R/R that matters the most to me... 50%, 40% win rates are more than enough... I got nearly 4/1 on this trade so I can now have a few free goes at some set ups that may not be perfect...

I'm 8/1 on my 2 last closed trades so I can now have 6 losers on the trot and still remain at break even..... So, don't fall into a trap of thinking you have to have some superb ability to win most of the time, just let those winners run a little longer, that is all most people need to turn from losing to winning....

4. If you want some other things I like to look at when trading the m15... take a look at h4 when I took that trade... If h4 has turned from bullish and closed bearish its a good sign for m15 shorts....

Also pull up the weekly chart... see the s/r we had run into... previous weeks open/close... always going to find some willing buyers and sellers around those levels...
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tradewith60
  • #1,844
  • Aug 23, 2012 10:22am Aug 23, 2012 10:22am
Quoting 60minuteman
Hi Cristiansan...

1. my entry was just below the 50sma, but i see your point... to be fair it was really an attempt to get in on a trend turning point....

2. The main reason... was a lovely engulf at a failed high, if London open failed at the high we we're most likely going short to a stronger s/r.

3. I don't agonize over entries, it's exits on the winners that matter to me, it's R/R that matters the most to me... 50%, 40% win rates are more than enough... I got nearly 4/1 on this trade so I can now have a few free goes at some set ups that...
Great Advice 60M

3. I don't agonize over entries, its exits on the winners that matter to me, its R/R that matters the most to me... 50%, 40% win rates are more than enough... I got nearly 4/1 on this trade so I can now have a few free goes at some set ups that may not be perfect...

I'm 8/1 on my 2 last closed trades so I can now have 6 losers on the trot and still remain at break even..... So, don't fall into a trap of thinking you have to have some superb ability to win most of the time, just let those winners run a little longer, that is all most people need to turn from losing to winning....

Additional thoughts

*** Most traders spend way too much time looking for the high expectancy type methods. 70%-80% Win/Loss. .. For example a 50/50 method with a 2:1 win loss. Winners are 200. Losers are 100. Broker fee 10.00 per trade. 5 winners = 1000.00. 5 losers = 500.00. Broker commissions on all 10 = 100.00.***1000-500-100 = 400.00 profit. This of course is a bare minimum. We are not taking into account winners that make more than 2:1. or "scratch trades ( a whole another discussion ) I think where many traders go wrong is their stops R/R and trade management.

1) The physiological factors of staying a method that may lose 5 times in a row.
2) Not understanding how proper money management fixes that issue.
3) Have a solid method... Yours... and trading it consistently.

As you stated... Exits... This is the real key IMHO... We can get in anywhere. Put our stops anywhere... But with the right exit, managing the trade, we can be profitable.

Many thanks for all that you do.
TSD
  • #1,845
  • Aug 23, 2012 12:16pm Aug 23, 2012 12:16pm
Took another AU M15 commando short
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tradewith60
  • #1,846
  • Aug 23, 2012 3:45pm Aug 23, 2012 3:45pm
60mm, you are right, the main key of your strategy is EXIT. I have also noticed that you are quite flexible when it comes about the rules. I don't mean you break them, but you don't abide them blindly. When transactions have been taken in a discretionary way (but respecting the strategy), we talk about experience, which makes the difference.

Thanks for sharing all these tips!
  • #1,847
  • Aug 23, 2012 4:05pm Aug 23, 2012 4:05pm
Quoting cristiansan
60mm, you are right, the main key of your strategy is EXIT. I have also noticed that you are quite flexible when it comes about the rules. I don't mean you break them, but you don't abide them blindly. When transactions have been taken in a discretionary way (but respecting the strategy), we talk about experience, which makes the difference.

Thanks for sharing all these tips!
exactly, the rules give you some structure, then you have to adapt them to your personality and the markets you are trading...

I took 3 trades today, the very most i could lose was 3R... but my potential win was way way more.
I know more often than not I WILL take more... So I have no fear of entries. In fact all I really work on now is ways of staying in trades for as long as possible... (leaving my trading station until the end of the session is working a treat! )
tradewith60
  • #1,848
  • Aug 24, 2012 5:21am Aug 24, 2012 5:21am
EU M15 commando short (also type 2 and inside bar entry)
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tradewith60
  • #1,849
  • Aug 24, 2012 5:27am Aug 24, 2012 5:27am
Quoting 60minuteman
EU M15 commando short (also type 2 and inside bar entry)
All over that one too !
  • #1,850
  • Aug 24, 2012 5:30am Aug 24, 2012 5:30am
Quoting nige1
All over that one too !
aiming for 1.24878 to cap another awesome week trading commando
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tradewith60
  • #1,851
  • Aug 24, 2012 5:38am Aug 24, 2012 5:38am
Quoting 60minuteman
EU M15 commando short (also type 2 and inside bar entry)
Nice trade! I acted more conservative and entered lower, short too. There is a nice divergence on D1, which can mean a good R/R ratio, for patient traders .
  • #1,852
  • Aug 24, 2012 5:58am Aug 24, 2012 5:58am
Only one entry for today, based on buy sell line strategy: GPBUSD, M15, bearish engulfing. Hit almost 1/1, but I decided to let it run.
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  • #1,853
  • Aug 24, 2012 7:46am Aug 24, 2012 7:46am
Quoting 60minuteman
aiming for 1.24878 to cap another awesome week trading commando
Bingo.....another awesome week is right, well done !
  • #1,854
  • Aug 24, 2012 8:10am Aug 24, 2012 8:10am
Quoting nige1
Bingo.....another awesome week is right, well done !

love reaching a tp!!
tradewith60
  • #1,855
  • Aug 24, 2012 11:45am Aug 24, 2012 11:45am
Quoting 60minuteman
aiming for 1.24878 to cap another awesome week trading commando
Bravo!

Chairman
60MM for President in '12
  • #1,856
  • Aug 25, 2012 1:12am Aug 25, 2012 1:12am
I though an engulfing candle is when the entire body of the preceeding candle is overtaken, am I wrong ?
Look at something long enough, you will eventually get it.
  • #1,857
  • Aug 25, 2012 3:42am Aug 25, 2012 3:42am
Quoting traco1
I though an engulfing candle is when the entire body of the preceeding candle is overtaken, am I wrong ?
yes, you are right

I'm presuming though that you haven't read about the other 2 signal types?
tradewith60
  • #1,858
  • Edited Jan 5, 2018 4:59pm Aug 25, 2012 4:46pm | Edited Jan 5, 2018 4:59pm
Quoting 60minuteman
yes, you are right

I'm presuming though that you haven't read about the other 2 signal types?
No I have not, but I have always been a fan of price action. I will take time to read through the thread to see what you guys have been up to. I have had some success with an inside bar system using this indi on the 1 hr. maybe it can be of some help. It just lets you Know when a inside bar is present. Good if your watching many currency pairs.

{ copyrighted attachment deleted by staff }
Look at something long enough, you will eventually get it.
  • #1,859
  • Aug 25, 2012 4:49pm Aug 25, 2012 4:49pm
Hello all.

Thanks for the nice thread 60MM. I've just come across this weekend and trying to get read up.

Setting up my charts for this weeks open I'm looking at a possible setup on G/U. Little early but looking for a long setup if price bounces off the 50/TL area. Does that seem right in terms of the pair setting up right. (I realize I still have to wait for the right signals).

I've just read so far about signal 1 & 2. Looking forward to finding out about the commando. I'm about on page 43. Is it necessary to read whole thread or is there a quicker route?

Thanks all, hope I can contribute.
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  • #1,860
  • Aug 26, 2012 3:55am Aug 26, 2012 3:55am
Thought I'd post this trade from last week as its been my best RR to date, at just under 6R (with 50% off at 1:1). It was an engulfing bar entry from the 4hr chart. However, at one point the trade did go to 9R, so I'm experimenting with different ways of exiting trades. I let it run, as from looking at the weekly chart I thought it could have gone a lot further. I only moved the stop (to 79.80) after price had moved above 80.00, where I was later stopped out.

I've been reading the 'No Free Lunch but all the Free Coffee you can drink' and DIBS threads (thanks California for bringing that thread to our attention) which both stress the importance of letting trades run and the enormous R:R that can be achieved. There is mention of using MA's as exit triggers (which is why I also have the 10MA pink and 20MA blue on my chart). I've been thinking of using the the 20 or 50 MA on the 4hr chart, partly to get the maximum out of the trade and also to make the exits more consistent and involve minimal thinking! The 20 seems quite good as often after price has has come back to the MA and if the trend continues, you can often get another entry signal soon after.

So I'm wondering if anyone else here use MA's to exit their trades and which ones?

Thanks
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