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Buy sell line trading

  • #2,241
  • Dec 20, 2012 9:25am Dec 20, 2012 9:25am
being missing good trades all week... missed this engulf entry on gold, so got in on a retrace... quick 217 pips
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tradewith60
  • #2,242
  • Dec 20, 2012 1:58pm Dec 20, 2012 1:58pm
Quoting 60minuteman
being missing good trades all week... missed this engulf entry on gold, so got in on a retrace... quick 217 pips
Very nice!
Missed that one...

Btw, what is the other MA on your chart? Do you use it for entry decisions?
  • #2,243
  • Dec 20, 2012 3:14pm Dec 20, 2012 3:14pm
Quoting Olarion1975
Very nice!
Missed that one...

Btw, what is the other MA on your chart? Do you use it for entry decisions?
I have been working on a new System... not 100% there yet but it looks real tasty, same principles but just different entry.
tradewith60
  • #2,244
  • Dec 20, 2012 3:19pm Dec 20, 2012 3:19pm
Quoting 60minuteman
I have been working on a new System... not 100% there yet but it looks real tasty, same principles but just different entry.
Sounds good. I am interested in hearing more about it or even test it. If the system is not for the puplic yet, you can send me a PM with the details. Would appreciate it.
  • #2,245
  • Dec 21, 2012 1:57am Dec 21, 2012 1:57am
2 running live trades in the moment...
AUD/USD for +41 pips (+27 pips locked) and AUD/JPY for +71 pips (+48 pips locked). Will trail SL behind previous H1 candles.

Anyway, profit of +75 pips is locked already...another awesome day. The money is rolling in...
Attached Image(s) (click to enlarge)
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  • #2,246
  • Dec 21, 2012 2:41am Dec 21, 2012 2:41am
Quoting Olarion1975
2 running live trades in the moment...
AUD/USD for +41 pips (+27 pips locked) and AUD/JPY for +71 pips (+48 pips locked). Will trail SL behind previous H1 candles.

Anyway, profit of +75 pips is locked already...another awesome day. The money is rolling in...
UPDATE: Closed AUD/USD for +43 pips, price was stalling at a previous H4 swing point/s+r level. AUD/JPY still running...+66 in the moment...
  • #2,247
  • Dec 21, 2012 2:54am Dec 21, 2012 2:54am
Quoting Olarion1975
UPDATE: Closed AUD/USD for +43 pips, price was stalling at a previous H4 swing point/s+r level. AUD/JPY still running...+66 in the moment...
UPDATE: AUD/JPY closed with +60 pips, kicked out by trailing SL at previous high of H1 candle.
  • #2,248
  • Dec 21, 2012 3:26am Dec 21, 2012 3:26am
Hi Olarion ,

Congrats on the winners! What were the results in terms of R?
Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
  • #2,249
  • Dec 21, 2012 3:34am Dec 21, 2012 3:34am
Quoting fisheggs
Hi Olarion ,

Congrats on the winners! What were the results in terms of R?
Hi fisheggs,

thank you.

AUD/USD: r/r = 1:5.4 (8 pips SL)
AUD/JPY: r/r = 1:5.0 (12 pips SL)
  • #2,250
  • Dec 21, 2012 3:40am Dec 21, 2012 3:40am
Quoting Olarion1975
Hi fisheggs,

thank you.

AUD/USD: r/r = 1:5.4 (8 pips SL)
AUD/JPY: r/r = 1:5.0 (12 pips SL)
Now THAT is awesome!

So you are up over 10 R today?
Have you been keeping a record of winners versus losers and the average R? Apologies for the questions or if I come across as nosey, just want to get a handle on the expected results before I get back testing over X-mas.

Thanks in advance
Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
  • #2,251
  • Dec 21, 2012 4:19am Dec 21, 2012 4:19am
Quoting fisheggs
Now THAT is awesome!

So you are up over 10 R today?
Have you been keeping a record of winners versus losers and the average R? Apologies for the questions or if I come across as nosey, just want to get a handle on the expected results before I get back testing over X-mas.

Thanks in advance
No problem. Backtesting might be a good idea, but I prefer forward testing.
I think you cannot simply add the risk/reward ratios...otherwise I must be up over 200 pips profit as I had 20 pips SL. You have to calculate the average.
I have not yet been tracking all trades, but my average r/r is in the range from 2.5 - 3.0.

PS: My win rate is between 60% and 70%.
  • #2,252
  • Dec 21, 2012 7:29am Dec 21, 2012 7:29am
Just closed another 2 trades on GBP/JPY and GBP/USD for +21 pips and +13 pips.
I closed them manually, price was stalling and it's Friday!

Have a nice weekend and happy christmas to everyone!

Cheers,
Olarion
  • #2,253
  • Dec 21, 2012 8:16am Dec 21, 2012 8:16am
Quoting 60minuteman
for countertrend you have to know how S/R cycles work and how to draw proper S/R...and I haven't seen anyone on here come close.
Hi 60mm

London here.

Ive been reading your thread and saw that you havent seen proper S/R. I think this is my weak point - the chart looks too messy after i have finished. Do you have any tips ?

Do you look for a min/max number of touches ?

Thanks
  • #2,254
  • Dec 21, 2012 9:15am Dec 21, 2012 9:15am
Quoting Pervaz
Hi 60mm

London here.

Ive been reading your thread and saw that you havent seen proper S/R. I think this is my weak point - the chart looks too messy after i have finished. Do you have any tips ?

Do you look for a min/max number of touches ?

Thanks
its a whole new thread to explain it, but i can give you some simple pointers...

First... real s/r is present at the high and low of candles...

So pull up EU daily chart and mark the highs/lows of the most recent days either side of price...(see mt EU dailychart) then switch to H1...

Then you could do the same on weekly and watch it on daily or H4... depends on how you want to trade.

So if the high and low are s/r and the candle closed down... which extreme is more likely to be broken next?...
Attached Image
tradewith60
  • #2,255
  • Dec 21, 2012 9:41am Dec 21, 2012 9:41am
Quoting Olarion1975
Just closed another 2 trades on GBP/JPY and GBP/USD for +21 pips and +13 pips.
I closed them manually, price was stalling and it's Friday!

Have a nice weekend and happy christmas to everyone!

Cheers,
Olarion
Olarion1975 what pairs are you watching/ trading ? Only 1-4 hour tf ?
  • #2,256
  • Edited 10:03am Dec 21, 2012 9:59am | Edited 10:03am
Quoting snail69
Olarion1975 what pairs are you watching/ trading ? Only 1-4 hour tf ?
I trade AudCad, AudChf, AudJpy, AudUsd, ChfJpy, CadJpy, EurAud, EurCad, EurJpy, EurUsd, GbpAud, GbpChf, GbpJpy, GbpUsd, NzdJpy, NzdUsd, UsdCad, UsdChf, UsdJpy, Gold (XauUsd), Silver (XagUsd).

Only H1 and H4.
  • #2,257
  • Dec 21, 2012 10:46am Dec 21, 2012 10:46am
Quoting 60minuteman
its a whole new thread to explain it, but i can give you some simple pointers...

First... real s/r is present at the high and low of candles...

So pull up EU daily chart and mark the highs/lows of the most recent days either side of price...(see mt EU dailychart) then switch to H1...

Then you could do the same on weekly and watch it on daily or H4... depends on how you want to trade.

So if the high and low are s/r and the candle closed down... which extreme is more likely to be broken next?...
Hi 60M

So in this example we are trading short? .. or .. Are we defining trend with a 50 SMA or something like it to determine trend / counter trend ? ( trading witgh the trend and usind this method as our entry )

Exits.. Could be multiple types yes??

TSD
  • #2,258
  • Dec 21, 2012 10:53am Dec 21, 2012 10:53am
Hi 60mm


Can you have a look to see if i have understood properly the S/R levels.

Summary for next week: Althougth the price is currently above the 50 SMA, it may be suggesting some exhaustion a the currently levels, the previous high didnt break up above the previous 2 highs. Next weeks game plan is to still look at buys above the 50 SMA but take a more cautious approach.

I looked at your vid on page 1 (again for the 3rd time around) - do you still offer the skype sessions ? Your pm/mail arent listed.

Thanks - Have a good Xmas.
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  • #2,259
  • Dec 21, 2012 1:59pm Dec 21, 2012 1:59pm
Quoting Olarion1975
I trade AudCad, AudChf, AudJpy, AudUsd, ChfJpy, CadJpy, EurAud, EurCad, EurJpy, EurUsd, GbpAud, GbpChf, GbpJpy, GbpUsd, NzdJpy, NzdUsd, UsdCad, UsdChf, UsdJpy, Gold (XauUsd), Silver (XagUsd).

Only H1 and H4.
Wow, that is a lot of pairs to watch.
Two questions,
1/ I would think that the spread would be pretty large on some of those pairs, which makes the entry price a consideration?
2/ With 21 pairs to scan through what makes you choose one pair over another?

I generally find that if I scan through, 3 or 4 pairs (eurusd, gbpusd, audusd, eurjpy) I can find a good trade, and with these the spread is low

I am starting to look at gold, the spread is a bit higher, but the moves are significant.

How do others choose what to trade?
  • #2,260
  • Dec 21, 2012 3:01pm Dec 21, 2012 3:01pm
Quoting pgpb
Wow, that is a lot of pairs to watch.
Two questions,
1/ I would think that the spread would be pretty large on some of those pairs, which makes the entry price a consideration?
2/ With 21 pairs to scan through what makes you choose one pair over another?

I generally find that if I scan through, 3 or 4 pairs (eurusd, gbpusd, audusd, eurjpy) I can find a good trade, and with these the spread is low

I am starting to look at gold, the spread is a bit higher, but the moves are significant.

How do others choose what to trade?
Hi pgbp,

1. I do not care much about spread. I always scan all trending pairs every hour (during the day). If all looks good (room to next s/r line, price action, r/r ratio etc.) I pull the trigger and set my buy stop / sell stop. If I miss the first entry, I might enter manually at market or with limit orders after a retracement.
2. I look for entries only on the indentified pairs that are trending and not ranging on the daily time frame.

Yeah...I like gold...it is nicely trending in recent days.
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