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Buy sell line trading

  • #2,581
  • Feb 1, 2013 8:11am Feb 1, 2013 8:11am
Quoting 60minuteman
A very reliable pattern for trend change, similar to a 1-2-3 reversal or a traditional trend line break.

1. Price crosses and closes over both ma's

2. we retest the ma's

3. we reject and close in the direction of the reversal.

4. enter with momentum as always..

go find some on your charts, works all tf's...
what are the ma's used?
  • #2,582
  • Feb 1, 2013 8:26am Feb 1, 2013 8:26am
Quoting fisheggs
Saw the OB and proceeded to take a stop out on my T2 . F@*K

To be honest, it was a BEOB which had triggered and a T2 was not really on the cards. Looks like I'm spending more time with the charts this weekend .

http://my.jetscreenshot.com/14854/m_...lfyd-246kb.jpg
just unlucky fella, the previous 2 signals were winners... 66% win rate... look at it that way..
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tradewith60
  • #2,583
  • Feb 1, 2013 10:07am Feb 1, 2013 10:07am
Yeap, true 60.

Have a good weekend

Quoting 60minuteman
just unlucky fella, the previous 2 signals were winners... 66% win rate... look at it that way..
Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
  • #2,584
  • Feb 1, 2013 10:24am Feb 1, 2013 10:24am
couple of the new 'Bangkok Trade' entries on EJ M5 today..

1.Previous day closed up,

2.H1 was trading above the ma's,

3.wait for m5 to cross below the ma's then close above both.

stops the other side of the ma's, 2nd entry had nice 6/1 R/R...

been a solid trade all week in London and New York Sessions.

If you need some more examples there one on my blog, link at the bottom
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tradewith60
  • #2,585
  • Feb 1, 2013 10:28am Feb 1, 2013 10:28am
Bangkok entries Brent futures today
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tradewith60
  • #2,586
  • Feb 2, 2013 12:53am Feb 2, 2013 12:53am
hello
What settings do you use for your Moving average

thanks
  • #2,587
  • Feb 2, 2013 1:00am Feb 2, 2013 1:00am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting amin18n
hello
What settings do you use for your Moving average

thanks
MAs are 50 SMA and 50 LWMA
MT4/MT5 EAs/Indicators/Alerts coder
  • #2,588
  • Feb 2, 2013 2:29am Feb 2, 2013 2:29am
Quoting 60minuteman
just unlucky fella, the previous 2 signals were winners... 66% win rate... look at it that way..
Perhaps it is not a matter of luck... For what it's worth, the first 2 are they same kind of setups, whereas the 3rd is different. They may all be setups according to your criteria, but putting that aside, they have differences.

1. Look at those 2 green candles after the red candle MA retest. On the first 2 trades, both close above the faster MA. On the 3rd trade, look where they close; still below the faster MA, aren't they?

2. On the first 2 trades, the swing low is a red candle, whereas on the 3rd trade it is a green candle. And related to this, the first 2 trades have a green candle that breaks above the last red candle. The 3rd trade never has a green candle break above the last red candle.

Drdave
To free Gazans of Hamas, use whatever it takes.
  • #2,589
  • Feb 2, 2013 2:59am Feb 2, 2013 2:59am
Quoting DrDave
Perhaps it is not a matter of luck... For what it's worth, the first 2 are they same kind of setups, whereas the 3rd is different. They may all be setups according to your criteria, but putting that aside, they have differences.

1. Look at those 2 green candles after the red candle MA retest. On the first 2 trades, both close above the faster MA. On the 3rd trade, look where they close; still below the faster MA, aren't they?

2. On the first 2 trades, the swing low is a red candle, whereas on the 3rd trade it is a green candle. And related...
im just saying to look at it that way... it's just a game of probabilities.

A few can work the precise point in a s/r cycle, but most will make as many mistakes doing that as they will get it right... so again it just comes down to probabilities.

In fact, I would go as far to say that most traders fail from over thinking their entries instead of just playing the probabilities...

again, just an opinion, but its what works for me, I have a fair amount of experience that I allow some discretion, but as long as 4 out of my 5 rules are hit I just play the numbers and walk away.

In fact there are 2 viable entries at that point on the chart, the trend trade long which lost for -22 and the OB short 3 bars later for +122... 6/1 just playing the probabilities and following the rules..
tradewith60
  • #2,590
  • Feb 3, 2013 8:02am Feb 3, 2013 8:02am
Can you please tell which MAs used ?
  • #2,591
  • Feb 3, 2013 8:05am Feb 3, 2013 8:05am
Quoting nicloejones
Can you please tell which MAs used ?
Look 3 posts above yours.
  • #2,592
  • Feb 3, 2013 8:14am Feb 3, 2013 8:14am
Thanks a lot
  • #2,593
  • Feb 3, 2013 2:30pm Feb 3, 2013 2:30pm
Quoting 60minuteman
couple of the new 'Bangkok Trade' entries on EJ M5 today..

1.Previous day closed up,

2.H1 was trading above the ma's,

3.wait for m5 to cross below the ma's then close above both.

stops the other side of the ma's, 2nd entry had nice 6/1 R/R...

been a solid trade all week in London and New York Sessions.

If you need some more examples there one on my blog, link at the bottom
Hey 60MM,

Thanks for the info on these setups! I went through the charts this weekend and there's definitely a lot of setups and just another tool for honing in entries on a nice pull back in a defined trend. You mentioned that it's "been a solid trade all week in London and New York sessions." Just curious if you meant London into the NewYork overlap or if you've had success after London closes as well. Also, if you've traded these setups during any other sessions? Thanks!
  • #2,594
  • Feb 3, 2013 2:36pm Feb 3, 2013 2:36pm
Quoting SMcGuire45
Hey 60MM,

Thanks for the info on these setups! I went through the charts this weekend and there's definitely a lot of setups and just another tool for honing in entries on a nice pull back in a defined trend. You mentioned that it's "been a solid trade all week in London and New York sessions." Just curious if you meant London into the NewYork overlap or if you've had success after London closes as well. Also, if you've traded these setups during any other sessions? Thanks!
Asia looked less reliable, but I was hitting a decent win in London and NY sessions and then calling it a day..so didnt really consider trading again..

p.s this again is one of those entry ideas where you might even go as low as 40% win rate... but the wins can be way way bigger... NY entries often run the whole session for 6 or more R. So you need to be sure it fits your trading personality, taking that 3rd trade long after 2 quick fire losers can be hard to do for some
tradewith60
  • #2,595
  • Feb 3, 2013 2:38pm Feb 3, 2013 2:38pm
Quoting 60minuteman
Asia looked less reliable, but I was hitting a decent win in London and NY sessions and then calling it a day..so didnt really consider trading again
Cool...thanks for the additional info man!
  • #2,596
  • Feb 4, 2013 4:53am Feb 4, 2013 4:53am
60 minuteman,

Great system. My question is what are you averaging per day for the long term? There's a reason I ask.....I'm wondering if it would pay to just take the 1:1 trades and be done with it....instead of moving sl to B/E and going for level 2........especially if the daily pip avg is 40 to 60 per day.

Again, great system....I use a variation with a couple other indicators. Great money management!


Quoting 60minuteman
im just saying to look at it that way... it's just a game of probabilities.

A few can work the precise point in a s/r cycle, but most will make as many mistakes doing that as they will get it right... so again it just comes down to probabilities.

In fact, I would go as far to say that most traders fail from over thinking their entries instead of just playing the probabilities...

again, just an opinion, but its what works for me, I have a fair amount of experience that I allow some discretion, but as long as 4 out of my 5 rules are hit I just...
  • #2,597
  • Feb 4, 2013 5:19am Feb 4, 2013 5:19am
Quoting cugir321
60 minuteman,

Great system. My question is what are you averaging per day for the long term? There's a reason I ask.....I'm wondering if it would pay to just take the 1:1 trades and be done with it....instead of moving sl to B/E and going for level 2........especially if the daily pip avg is 40 to 60 per day.

Again, great system....I use a variation with a couple other indicators. Great money management!
very hard to say in pips terms because I trade a lot of oil and gold, and 100 pip h1 is not out of the ordinary on them.

Also, monday tuesday are more likely to be small losses or small gains than wednesday onwards... I think you can definitely make 1/1 tp work, you will have a greater win rate but your account will grow more slowly. I'm happy to take a lot of small losers and a few big wins, that just sits well with me.

So far today I have 1 win and 2 losses, pretty standard monday, mostly im around 50% win rate but always over 2/1 R/R and then you get the good trades like friday where you get 6/1...it's all a case of how much losing you can handle and remain focussed and disciplined.


just to add to that.... my belief is that long term if you want to make real money, you need to learn to let your winners run, the fear of losing to me seems to be one of the key issues in trading.... tight stop losses, bad discipline, closing out winners all seem to be a product of fear and will destroy a winning strategy, i'm sure if you backtest you will see that to be the case
tradewith60
  • #2,598
  • Feb 4, 2013 6:15am Feb 4, 2013 6:15am
Quoting 60minuteman
very hard to say in pips terms because I trade a lot of oil and gold, and 100 pip h1 is not out of the ordinary on them.

Also, monday tuesday are more likely to be small losses or small gains than wednesday onwards... I think you can definitely make 1/1 tp work, you will have a greater win rate but your account will grow more slowly. I'm happy to take a lot of small losers and a few big wins, that just sits well with me.

So far today I have 1 win and 2 losses, pretty standard monday, mostly im around 50% win rate but always over 2/1 R/R and...
Hi 60minute man...thanks for posting your ideas on trading, doesn't get much clearer than that. I'm pretty sure I saw you on the Nakedforexnow forum ?

Anyhow, I just wanted to mention something about Monday/Tuesday trading and see if you have some more insight.

I trade the 4 hour charts as well, about 16 pairs. Though, lately...I don't even trade on Monday and Tuesday. I wait til 5am, weds, NY time to actually place orders because I know by then money will be flowing through the market. I just don't like the thin volume on Monday/Tuesday.

If you don't mind it would be good to get some of your insight on 'volume' through-out a typical forex week.

thank you,
Bryan
  • #2,599
  • Feb 4, 2013 7:05am Feb 4, 2013 7:05am
I'll take your word for it. Thanks for it.....I'll do the 2:1.

Quoting 60minuteman
very hard to say in pips terms because I trade a lot of oil and gold, and 100 pip h1 is not out of the ordinary on them.

Also, monday tuesday are more likely to be small losses or small gains than wednesday onwards... I think you can definitely make 1/1 tp work, you will have a greater win rate but your account will grow more slowly. I'm happy to take a lot of small losers and a few big wins, that just sits well with me.

So far today I have 1 win and 2 losses, pretty standard monday, mostly im around 50% win rate but always over 2/1 R/R and...
  • #2,600
  • Feb 4, 2013 7:07am Feb 4, 2013 7:07am
Hi Bryn... yeah I was on nakedforex but nobody seemed interested, so I dropped it...

mmmm... Im really not an expert on the market as such, so would feel wrong advising you. I'm more of a pattern recognition guy really... I think you want to go and check out no brainer trades .com... he seems to know about that sort of thing...

What I will say is, if price is in the right location, i.e the right price, it doesn't matter what time of day or day of the week it is..
tradewith60
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