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Buy sell line trading

  • #2,041
  • Nov 27, 2012 5:49am Nov 27, 2012 5:49am
Quoting 60minuteman
still cant see it... yes I trade gold and oil..., you can do a visual backtest yourself
You mean you can't see my image or don't understand what I mean in my chart?
  • #2,042
  • Nov 27, 2012 7:01am Nov 27, 2012 7:01am
Quoting kaka_ht
You mean you can't see my image or don't understand what I mean in my chart?
i cant see it...

www.clip2net.com
tradewith60
  • #2,043
  • Nov 27, 2012 7:29am Nov 27, 2012 7:29am
Quoting 60minuteman
i cant see it...

www.clip2net.com
Try it again!
Attached Image (click to enlarge)
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  • #2,044
  • Nov 27, 2012 7:39am Nov 27, 2012 7:39am
Long USDJPY

There was a bullish engulfing candle two candles back. It happened while I was asleep. I still feel it's a valid trade so I got in at a better price this morning.

SL: 28 pips (1 pip below engulfing candle) TP: 100 pips (just below next resistance area on daily chart)
Attached Image
"Be the change that you wish to see in the world." --Gandhi
  • #2,045
  • Nov 27, 2012 9:15am Nov 27, 2012 9:15am
breakout re-test on EU H1
Attached Image (click to enlarge)
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tradewith60
  • #2,046
  • Nov 27, 2012 2:13pm Nov 27, 2012 2:13pm
Monday , Tuesday, always happy to just get through them in the black...
tradewith60
  • #2,047
  • Nov 27, 2012 2:13pm Nov 27, 2012 2:13pm
Quoting kaka_ht
Try it again!
looks like an inside bar to me
tradewith60
  • #2,048
  • Nov 28, 2012 4:57am Nov 28, 2012 4:57am
Quoting 60minuteman
still cant see it... yes I trade gold and oil..., you can do a visual backtest yourself
Hi 60minuteman,

do you trade gold n oil based on engulfing system and its in hourly chart also ?

Thanks a lot
  • #2,049
  • Nov 28, 2012 5:12am Nov 28, 2012 5:12am
Quoting pipfirst
Hi 60minuteman,

do you trade gold n oil based on engulfing system and its in hourly chart also ?

Thanks a lot
yeah right now im just on H1... and yeah all I trade is engulfs really... I have adapted a few ways to use them though...
tradewith60
  • #2,050
  • Nov 28, 2012 5:15am Nov 28, 2012 5:15am
Quoting 60minuteman
yeah right now im just on H1... and yeah all I trade is engulfs really... I have adapted a few ways to use them though...


Do you mind shedding some light on the adaptations?
  • #2,051
  • Nov 28, 2012 5:29am Nov 28, 2012 5:29am
Quoting kashTrader
Do you mind shedding some light on the adaptations?

mmm... ok..

I think people fail with price action trading for a few reasons... a lot is to do with common trading mistakes, rule breaking, closing early, talking yourself out of valid trades etc etc...

But also they get too obsessed with the candle shape and do not take enough attention of its location... You are looking to be trading from a swing point, always ask yourself is this a swing im trading from, or are you getting in half way through a move.... If you are at a swing point and you have got the trend right, then a close in your direction is all the info you really need...

That probably sounds confusing, but as an exercise...look how often the low of a bearish candle is broken before its high, and vice versa, if you have that knowledge then you add location and strong closes to it... If you get this i can add some more detail about tf's etc
tradewith60
  • #2,052
  • Nov 28, 2012 5:51am Nov 28, 2012 5:51am
Dollar 4hr chart
Attached Image
  • #2,053
  • Nov 28, 2012 6:37am Nov 28, 2012 6:37am
Quoting 60minuteman
mmm... ok..

I think people fail with price action trading for a few reasons... a lot is to do with common trading mistakes, rule breaking, closing early, talking yourself out of valid trades etc etc...

But also they get too obsessed with the candle shape and do not take enough attention of its location... You are looking to be trading from a swing point, always ask yourself is this a swing im trading from, or are you getting in half way through a move.... If you are at a swing point and you have got the trend right, then a close in your direction...
So if you have a swing high and it is an IB, OB or PB BUT it is above the trading line (50 MA), do you take it? I feel there are opportunities also when a pr is going with the trend but no retracements back to the MA which technically means no trade with this method.
  • #2,054
  • Nov 28, 2012 7:07am Nov 28, 2012 7:07am
Quoting piprac
So if you have a swing high and it is an IB, OB or PB BUT it is above the trading line (50 MA), do you take it? I feel there are opportunities also when a pr is going with the trend but no retracements back to the MA which technically means no trade with this method.
ok, you can do that, but you are in effect longing at the top of a range or s/r cycle... just higher risk
tradewith60
  • #2,055
  • Nov 28, 2012 7:14am Nov 28, 2012 7:14am
Quoting 60minuteman
ok, you can do that, but you are in effect longing at the top of a range or s/r cycle... just higher risk
Got it, thank you.
  • #2,056
  • Nov 28, 2012 7:35am Nov 28, 2012 7:35am
I lost 32 pips on my USDJPY trade. So I thought I would try the H1 chart and I'm short EU, stop is at BE. I'm aiming for the next support level about 80 pips away, but I will be moving my stop down as it progresses.

I still think this strategy is the way to go, it's one of the most logical PA strategies I've seen, so I'm going to stick with it and stop jumping from thread to thread, terrible habit. See if I can get some consistency.
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"Be the change that you wish to see in the world." --Gandhi
  • #2,057
  • Nov 28, 2012 7:38am Nov 28, 2012 7:38am
GOLD type 2 entry over 200 and done for the day
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tradewith60
  • #2,058
  • Nov 28, 2012 7:42am Nov 28, 2012 7:42am
Quoting 60minuteman
GOLD type 2 entry over 200 and done for the day
Whoa, nice one. Congrats!
"Be the change that you wish to see in the world." --Gandhi
  • #2,059
  • Nov 28, 2012 8:10am Nov 28, 2012 8:10am
Quoting Wally1953
I lost 32 pips on my USDJPY trade. So I thought I would try the H1 chart and I'm short EU, stop is at BE. I'm aiming for the next support level about 80 pips away, but I will be moving my stop down as it progresses.

I still think this strategy is the way to go, it's one of the most logical PA strategies I've seen, so I'm going to stick with it and stop jumping from thread to thread, terrible habit. See if I can get some consistency.
I am doing the same thing, I dropped two other threads from the "Subscribed" list and only follow this one. Would someone be so kind as to point out the post where a 3rd entry possibility is listed? I was scanning the 2000+ posts yesterday and someone mentioned an entry based on method 3 - or did I misinterpret?
  • #2,060
  • Nov 28, 2012 8:15am Nov 28, 2012 8:15am
Quoting piprac
I am doing the same thing, I dropped two other threads from the "Subscribed" list and only follow this one. Would someone be so kind as to point out the post where a 3rd entry possibility is listed? I was scanning the 2000+ posts yesterday and someone mentioned an entry based on method 3 - or did I misinterpret?
I hope you guys do stick with it, it takes some effort and balls to break the mental barriers, but a simple system based on these rules works...

tips... 1. find some sort of trailing stop you're comfortable with to keep you in the big moves...

2. dont be disheartened by 3 or so losers on the trot, try to make your assumptions from the weeks results.

3. Try and trade just a few pairs, assess them over the weekend to select a few that are trending then trade them for the week.
tradewith60
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