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Buy sell line trading

  • #2,481
  • Jan 23, 2013 5:33am Jan 23, 2013 5:33am
Another very profitable day...+229 pips gained so far.
That equals about 9.0R account growth.

Win rate: 87.5 % (7 out of 8 trades). All on H1.
  • #2,482
  • Jan 23, 2013 5:38am Jan 23, 2013 5:38am
Quoting Olarion1975
Another very profitable day...+229 pips gained so far.
That equals about 9.0R account growth.

Win rate: 87.5 % (7 out of 8 trades). All on H1.
Awesome mate!

You know I'm going to ask you to put some charts up don't you ?
Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
  • #2,483
  • Jan 23, 2013 5:57am Jan 23, 2013 5:57am
Quoting fisheggs
Awesome mate!

You know I'm going to ask you to put some charts up don't you ?
Thanks, fish. Wil post some charts later as I am still at work...
  • #2,484
  • Edited 7:02am Jan 23, 2013 6:42am | Edited 7:02am
Quoting SMcGuire45
GBPCAD H4 has been giving textbook Buy Sell Line Trading signals the past 5 days. While I've been getting decent pips, I'm certainly not managing my trades to their fullest extent. One question I have is with pairs with larger spreads...how much more "room" do you guys typically give on your stops. I'm trying to find a good balance between risking 1% per trade and not having huge SL's set to account for the larger spread and not get taken out...thus lowering my Lot Size. I realize this is all part of trade management, but I was just curious if...
First, you should always add the actual spread to your Stoploss (for a Sell) no matter how large the spread is (should be not more than 3 pips on the major pairs though). For pairs with a spread more than 3 pips, I personally would not trade them.

Second, it is really as simple: SL goes above the signal candle OR the last swing hi/low + 1 pip + spread (for sells).
If there is a round number near the signal candle, I might widen the stop a bit to set it behind the round number. Price often likes to test them.

Third, don't be afraid of getting taken out. It will happen and it happens to everyone (even to me ;-)). There is always a next trade.

Fourth, try to take trades with high probability only. This means, price has to retrace first in a decent trend not too far away from the MA's.
Additional to the original rules, I also take trades after a retrace to the 10 EMA.

Cheers, Olarion
  • #2,485
  • Jan 23, 2013 8:56am Jan 23, 2013 8:56am
Quoting 60minuteman
Good question Ferru...depends on the trend.

if the trend is strong and the ma's are sloping steeply I will just keep taking the trades from the ma's until it fails.

If the ma's are flat and price is hanging around them for a long time I will wait for price to break clear then retest...

Another simple way to measure the set ups probabilities is to look at the last bounce off the ma's and see if it managed to make a new swing hi or swing low... did the instrument continue to trend? If it didn't its usually a sign of a weakening trend or reversal....
Perfectly clear explanation. Thanks H1man.
MT4/MT5 EAs/Indicators/Alerts coder
  • #2,486
  • Jan 23, 2013 1:19pm Jan 23, 2013 1:19pm
Quoting Olarion1975
Another very profitable day...+229 pips gained so far.
That equals about 9.0R account growth.

Win rate: 87.5 % (7 out of 8 trades). All on H1.
Got another awesome GBPCAD long trade for another +110 pips (not really according rules, just testing some counter trend ideas...) --> 2.0R win

Reason for entry: counter trend divergence on CCI (14), entered after break of H4 pin bar and rejection from round number
Reason for exit: peak/hook on CCI (14)

Total for the day: +339 pips, 11.0R (22%) account growth.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCAD_H4.png Size: 45 KB
  • #2,487
  • Jan 23, 2013 1:26pm Jan 23, 2013 1:26pm
Quoting Olarion1975
Total for the day: +339 pips, 11.0R (22%) account growth.
Nice results.
22% / 339 pips.
Means about 15 pips for 1%. Trading timeframes like 1h or 4h, your SL should be between 40 to 80 pips ?
3 to 5% risk per trade ??
#### Follow me at @LioH_ on Twitter ... ####
  • #2,488
  • Jan 23, 2013 1:39pm Jan 23, 2013 1:39pm
Quoting lhDT
Nice results.
22% / 339 pips.
Means about 15 pips for 1%. Trading timeframes like 1h or 4h, your SL should be between 40 to 80 pips ?
3 to 5% risk per trade ??
Thanks. No, always 2% risk per trade. 8 of 9 trades were on H1, typical stop loss is behind signal candle.
If they are small, 15 pips could be the average. True.
  • #2,489
  • Jan 23, 2013 1:53pm Jan 23, 2013 1:53pm
Quoting Olarion1975
First, you should always add the actual spread to your Stoploss (for a Sell) no matter how large the spread is (should be not more than 3 pips on the major pairs though). For pairs with a spread more than 3 pips, I personally would not trade them.

Second, it is really as simple: SL goes above the signal candle OR the last swing hi/low + 1 pip + spread (for sells).
If there is a round number near the signal candle, I might widen the stop a bit to set it behind the round number. Price often likes to test them.

Third, don't be afraid of getting...
Thanks a bunch for the response Olarion...appreciate it! Just trying to hone in my trade management as I'm about to go live after demo trading for a really long time! I try to stay away from spreads over 4 as well, but if the setup is A+ I'll go for it. The biggest issue I've dealt with is when the volatility spikes and the spreads double or more, the risk to my stop loss increases a lot. Just the nature of the beast I guess...

I totally agree with taking ONLY the high probability trades. That's an area I've certainly struggled with, particularly when trading H1. Lately I've only been trading H4 and solid setups. I like to trade H1, but being on U.S. Pacific time, London session is during the middle of the night, and most of my losses have been on H1. My winning rate is up to 63% and if I calculate it without my H1 trades my win rate is over 70%.

Congrats on your successes and thanks again to both 60MM and yourself. This is a fantastic thread with a wealth of information!
  • #2,490
  • Jan 23, 2013 2:04pm Jan 23, 2013 2:04pm
Was looking at entry type2 (Primo Strategy #4) this afternoon and I coded a small indicator to spot the bars.
So, as usual, I share it.

Basically, it will color the candle to GREEN (you can change this) when the price trade above 50MA and the close is at the top 25% of the candle and in RED (you can still change it) when opposite so below MA50 & bottom 25%.

It is still "on dev". Ah, you can change the close pourcentage rate. Set it to 10 you will got less signals, but probably better ones.

Cheers,
LhDT
Attached Image (click to enlarge)
Click to Enlarge Name: 2013-01-23_20-59_FXCM MetaTrader.jpg Size: 91 KB
Attached File(s)
File Type: ex4 LHDT_PRIMO.ex4   4 KB | 665 downloads
#### Follow me at @LioH_ on Twitter ... ####
  • #2,491
  • Jan 23, 2013 2:13pm Jan 23, 2013 2:13pm
Quoting lhDT
Was looking at entry type2 (Primo Strategy #4) this afternoon and I coded a small indicator to spot the bars.
So, as usual, I share it.

Basically, it will color the candle to GREEN (you can change this) when the price trade above 50MA and the close is at the top 25% of the candle and in RED (you can still change it) when opposite so below MA50 & bottom 25%.

It is still "on dev". Ah, you can change the close pourcentage rate. Set it to 10 you will got less signals, but probably better ones.

Cheers,
LhDT
nice work Lio, very generous!
tradewith60
  • #2,492
  • Jan 23, 2013 3:41pm Jan 23, 2013 3:41pm
Quoting Olarion1975
Thanks. No, always 2% risk per trade. 8 of 9 trades were on H1, typical stop loss is behind signal candle.
If they are small, 15 pips could be the average. True.
My mistake. I risk 2% per trade, so an average SL of about 30 pips. Not 15 pips.
  • #2,493
  • Jan 23, 2013 6:29pm Jan 23, 2013 6:29pm
EJ H1 OB off the MA... retest of the low again?
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2013-01-24 at 00.28.16.png Size: 24 KB
tradewith60
  • #2,494
  • Jan 23, 2013 8:56pm Jan 23, 2013 8:56pm
Quoting lhDT
Was looking at entry type2 (Primo Strategy #4) this afternoon and I coded a small indicator to spot the bars.
So, as usual, I share it.

Basically, it will color the candle to GREEN (you can change this) when the price trade above 50MA and the close is at the top 25% of the candle and in RED (you can still change it) when opposite so below MA50 & bottom 25%.

It is still "on dev". Ah, you can change the close pourcentage rate. Set it to 10 you will got less signals, but probably better ones.

Cheers,
LhDT
Thanks very much lhDT. I was just thinking the other day how useful it would be to have something that tells me when a candle closes in the top/bottom 25%. Now I have it!

Cheers.
  • #2,495
  • Jan 24, 2013 12:42pm Jan 24, 2013 12:42pm
lazy ass missed all the nice yen trades today... got a late 80 pips on Brent futures off the ma's

This is H1... I went down to m5 to enter, a new technique for timing the entries... not sure it improves anything really but im always hungry to squeeze more pips out of these moves...
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2013-01-24 at 18.39.49.jpg Size: 71 KB
tradewith60
  • #2,496
  • Jan 24, 2013 12:45pm Jan 24, 2013 12:45pm
scalping GOLD on M5... i wait for price to pull back over the ma's and then sell closes back below... you better be sure of direction doing this though or you can get chopped to bits...NOT FOR EVERYONE
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2013-01-24 at 18.43.22.jpg Size: 70 KB
tradewith60
  • #2,497
  • Jan 24, 2013 1:04pm Jan 24, 2013 1:04pm
something that may help that I do everyday...


1.where price is in relation to the MA's on the daily tf... is it retracing to them? or is it bouncing off them? or is it just consolidating on them?

2. in what direction did yesterdays bar close ?...if it closed short, chances are there will be more shorts to come...(please dont see this as a 100% guarantee of direction, it must be used in conjunction with point 1)

with that in mind, look how this daily chart gave us the direction for the day....
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2013-01-24 at 18.58.48.png Size: 65 KB
tradewith60
  • #2,498
  • Jan 24, 2013 1:13pm Jan 24, 2013 1:13pm
here's the daily TF for Brent futures... can you see why I have taken nearly 100 points everyday off it...

Its clear to the naked eye we have bounced of the ma's and as long as the daily closes up we can fairly safely take those h1 trades long..

Second chart shows H1 signals at retraces to the ma's..
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screen shot 2013-01-24 at 19.09.12.png Size: 21 KB
Click to Enlarge Name: Screen shot 2013-01-24 at 19.12.42.png Size: 91 KB
tradewith60
  • #2,499
  • Jan 24, 2013 1:26pm Jan 24, 2013 1:26pm
An example of daily indicating a move back to the MA's and then entry on H1
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screen shot 2013-01-24 at 19.20.47.jpg Size: 80 KB
Click to Enlarge Name: Screen shot 2013-01-24 at 19.21.23.jpg Size: 97 KB
tradewith60
  • #2,500
  • Jan 24, 2013 3:05pm Jan 24, 2013 3:05pm
Here's an indicator with the 50sma and 50lwma.
Attached File(s)
File Type: mq4 MA ribbon filled_Alerts 50.mq4   5 KB | 551 downloads
File Type: ex4 MA ribbon filled_Alerts 50.ex4   7 KB | 463 downloads
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