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Buy sell line trading

  • #2,341
  • Jan 11, 2013 10:45am Jan 11, 2013 10:45am
Quoting behrozfx
Hi 60minutes and olarion and other guys. Mr 60 and Olarion if u attach the indicators or tmp here thanks.


Normally, you do not need any indicators at all. I believe I could trade this even on a blank chart.

Just configure the chart you like and add the following Moving Averages:

  1. 50 SMA (Simple, Close)
  2. 50 LWMA (Linear Weighted, Close)
  3. 10 EMA (Exponential, Close)

This shoud give you all you need for trading 60's system. Apart from that I have some other indicators on my charts like a candle time indicator, Daily Range etc. If you are interested in them, I can make you a ZIP file and post it here together with my template.

  • #2,342
  • Jan 11, 2013 12:06pm Jan 11, 2013 12:06pm
Quoting Olarion1975
Normally, you do not need any indicators at all. I believe I could trade this even on a blank chart.


Just configure the chart you like and add the following Moving Averages:

  1. 50 SMA (Simple, Close)
  2. 50 LWMA (Linear Weighted, Close)
  3. 10 EMA (Exponential, Close)

This shoud give you all you need for trading 60's system. Apart from that I have some other indicators on my charts like a candle time indicator, Daily Range etc. If you are interested in them, I can make you a ZIP file and post it here together with my template.

I would like to have a copy of your .zip if you have the time. Thanks. For MT4?

Question. What are you currently using to back test? Manual? Automated? vHand? Forex tester 2 ? ....
  • #2,343
  • Jan 11, 2013 1:11pm Jan 11, 2013 1:11pm
Quoting Trade4Bux
I would like to have a copy of your .zip if you have the time. Thanks. For MT4?

Question. What are you currently using to back test? Manual? Automated? vHand? Forex tester 2 ? ....
I will prepare the ZIP file. Indicators and template is for MT4, yes.
I do not back test much, mainly forward testing. If I back test, then only manually scrolling through the charts.
  • #2,344
  • Edited 5:25pm Jan 11, 2013 2:14pm | Edited 5:25pm
Quoting Olarion1975
I will prepare the ZIP file. Indicators and template is for MT4, yes.
I do not back test much, mainly forward testing. If I back test, then only manually scrolling through the charts.
As promised, here is the ZIP file containing all the indicators and my current template.
Have fun with it!

Your charts should now look like mine below:
Attached Image (click to enlarge)
Click to Enlarge Name: EU_H1.png Size: 36 KB
Attached File(s)
File Type: zip Buy Sell Line_Indicators and Template.zip   6 KB | 1,153 downloads
  • #2,345
  • Jan 11, 2013 7:07pm Jan 11, 2013 7:07pm
Quoting Olarion1975
Your charts should now look like mine below:
It even shows a great setup forming ... am I right ?
MT4/MT5 EAs/Indicators/Alerts coder
  • #2,346
  • Jan 12, 2013 1:44am Jan 12, 2013 1:44am
Quoting FerruFx
It even shows a great setup forming ... am I right ?
It is an engulfing, you are right. BUT I would not take it, because it is Friday afternoon and the ADR was already reached.
  • #2,347
  • Jan 12, 2013 2:18am Jan 12, 2013 2:18am
Quoting Olarion1975
Normally, you do not need any indicators at all. I believe I could trade this even on a blank chart.

Just configure the chart you like and add the following Moving Averages:

  1. 50 SMA (Simple, Close)
  2. 50 LWMA (Linear Weighted, Close)
  3. 10 EMA (Exponential, Close)

This shoud give you all you need for trading 60's system. Apart from that I have some other indicators on my charts like a candle time indicator, Daily Range etc. If you are interested in them, I can make you a ZIP file and post it here together with my template....

Hi Olarion,

Can you expand on how you use the 10 EMA? Thanks!
  • #2,348
  • Jan 12, 2013 2:21am Jan 12, 2013 2:21am
Quoting SMcGuire45
Hi Olarion,

Can you expand on how you use the 10 EMA? Thanks!
The 10 EMA is just another floating s/r line like the 50 LWMA. I look for entries based on price action (engulfing, type 2, outside bar, inside bar) near the MA's when price has retraced.
  • #2,349
  • Jan 12, 2013 2:45am Jan 12, 2013 2:45am
Hi Olarion,

How many pair you monitor H1 chart.what time you look for signal?

do you look for any indicator for signal and then you look onto charts or every hour you scan through all the pairs?
  • #2,350
  • Edited 11:08am Jan 12, 2013 2:51am | Edited 11:08am
Quoting bedayan
Hi Olarion,

How many pair you monitor H1 chart.what time you look for signal?

do you look for any indicator for signal and then you look onto charts or every hour you scan through all the pairs?
Hi bedayan,

I scan through the charts manually every hour and look for setups on H1 and H4.
I trade 22 pairs: AUDCAD, AUDCHF, AUDJPY, AUDUSD, CADJPY, CHFJPY, EURAUD, EURCAD, EURJPY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPUSD, NZDJPY, NZDUSD, USDCAD, USDCHF, USDJPY, XAGUSD (Silver) and XAUUSD (Gold).

Normally the best setups on H1 occur at the opening times (London and NY) or shortly after. This is my experience.
  • #2,351
  • Jan 12, 2013 4:46pm Jan 12, 2013 4:46pm
Quoting Olarion1975
The 10 EMA is just another floating s/r line like the 50 LWMA. I look for entries based on price action (engulfing, type 2, outside bar, inside bar) near the MA's when price has retraced.
Thanks Olarion! So you'll play a retrace to the 10 EMA? Certainly would add some potential setups instead of just playing retraces to the 50. You already answered my other question about which pairs you monitor. Thanks.
  • #2,352
  • Jan 12, 2013 5:51pm Jan 12, 2013 5:51pm
Quoting SMcGuire45
Thanks Olarion! So you'll play a retrace to the 10 EMA? Certainly would add some potential setups instead of just playing retraces to the 50. You already answered my other question about which pairs you monitor. Thanks.
Yes, I either take entries after a retrace to the 10 EMA or the 50 LWMA.
  • #2,353
  • Jan 12, 2013 11:53pm Jan 12, 2013 11:53pm
Olarion, you scan 22 pairs with various spreads and stop loss levels. How you calculate position size ? Manually use spreadsheet or some helpfull tool ?
  • #2,354
  • Jan 13, 2013 12:23am Jan 13, 2013 12:23am
Quoting snail69
Olarion, you scan 22 pairs with various spreads and stop loss levels. How you calculate position size ? Manually use spreadsheet or some helpfull tool ?
If you want to always risk the same amount, you must calculate the lot size = (account size x Risk%) / SL / pip value
MT4/MT5 EAs/Indicators/Alerts coder
  • #2,355
  • Jan 13, 2013 1:23am Jan 13, 2013 1:23am
Quoting snail69
Olarion, you scan 22 pairs with various spreads and stop loss levels. How you calculate position size ? Manually use spreadsheet or some helpfull tool ?
Snail69,

I have a great little tool you can add to your chart that calculates your lot size. You input your risk and initial stop loss and you're all set. If your using a 5 digit broker just make sure you divide the lot size output by 10. I'm on my mobile so I won't be able to post it here until tomorrow.
  • #2,356
  • Jan 13, 2013 1:27am Jan 13, 2013 1:27am
Quoting SMcGuire45
Snail69,

I have a great little tool you can add to your chart that calculates your lot size. You input your risk and initial stop loss and you're all set. If your using a 5 digit broker just make sure you divide the lot size output by 10. I'm on my mobile so I won't be able to post it here until tomorrow.
Thanks -
  • #2,357
  • Edited 5:35am Jan 13, 2013 2:32am | Edited 5:35am
Quoting SMcGuire45
Hi Olarion,

Can you expand on how you use the 10 EMA? Thanks!


SMcG - look for levels ( pivot; yesterday high, low , open; numbers 25, 50, 75, 00) in proximity to MAs, candlestick patterns also help.

For possible target levels - Fib Extension tool.....

MAs - I use 60, 21, 10 Ema

Hope it helps. Good luck.
Attached Image (click to enlarge)
Click to Enlarge Name: mr pip.jpg Size: 138 KB
  • #2,358
  • Jan 13, 2013 2:47am Jan 13, 2013 2:47am
Quoting snail69
Olarion, you scan 22 pairs with various spreads and stop loss levels. How you calculate position size ? Manually use spreadsheet or some helpfull tool ?
Manually. Exactly the way FerruFx explains here.
  • #2,359
  • Jan 13, 2013 2:56am Jan 13, 2013 2:56am
Hi guys,

Don't bother calculating your lot size manually.
Here is a tool I coded long time ago. I use it all the time, pretty handy, fast and extremely useful !

To use it, simply draw a horizontal line (indicator will recolor it and change it's thickness) and name it "ORDER" then, 2 other lines will appears SL & TP, just move them and your lot size, rr, profit, risk will change accordingly. Don't forget to show object description in your mt4 setup.

Enjoy,
Lio
Attached Image(s) (click to enlarge)
Click to Enlarge Name: -----2013-01-12_11-28_MetaTrader.jpg Size: 107 KB
Click to Enlarge Name: ---2013-01-12_11-24_Properties of EURUSD,H.jpg Size: 134 KB
Click to Enlarge Name: ---order.jpg Size: 132 KB
Attached File(s)
File Type: ex4 LHDT_MM.ex4   9 KB | 866 downloads
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  • #2,360
  • Jan 13, 2013 4:59am Jan 13, 2013 4:59am
Quoting lhDT
Hi guys,

Don't bother calculating your lot size manually.
Here is a tool I coded long time ago. I use it all the time, pretty handy, fast and extremely useful !

To use it, simply draw a horizontal line (indicator will recolor it and change it's thickness) and name it "ORDER" then, 2 other lines will appears SL & TP, just move them and your lot size, rr, profit, risk will change accordingly. Don't forget to show object description in your mt4 setup.

Enjoy,
Lio

IhDT great tool - thanks.

Is there a script to execute a trade after all is set ? - ( sl, pt, order level) Would be just perfect.
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