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Trading Price Levels

  • #161
  • Apr 16, 2013 8:12pm Apr 16, 2013 8:12pm
Quoting biDc
sam, you ever considered adding trend into consideration? ie. sell levels only during downtrend and buy on up trends

the answer would be no,because its a ping pong game in both direction, a simple set and forget thing,so trend dosnt matter in our case,you can name it 'simple and stupid' and the logic behind it is we want to catch all the swings and pullbacks,of course you can trade it with the trend,what i do is to simplify things because of my time
Money is made by sitting, not trading. Jesse L. Livermore
  • #162
  • Apr 19, 2013 2:23pm Apr 19, 2013 2:23pm
Am in my 6th Trade using this method for Eurjpy.
So far i have had 4wins and 1loss
am presently in a sell now my take profit is 127.58
and my sL is em....132.38
One again tanks sam for ur system
Attached Image (click to enlarge)
Click to Enlarge Name: [EURJPY,H4]_SELL.png Size: 46 KB
  • #163
  • Apr 19, 2013 2:41pm Apr 19, 2013 2:41pm
On advantage of this method is when indicators and even price action is indicating a buy
One is already selling.
as u can in the above chart the trend is some how bullish and most of the time frames are buying
but this method is saying i should sell

so far as i have said 4wins and 1 loss so far
am leaving this trade over the weekend
cheers
  • #164
  • Apr 19, 2013 3:04pm Apr 19, 2013 3:04pm
I like this system. Only need to look at charts a few times per day which is great for me. I started manual backtesting of EU using major levels only and so far win rate is 58%. I'm not sure why this system works, maybe because it takes advantage of ranging periods? Thanks Sam!
  • #165
  • Apr 21, 2013 7:33am Apr 21, 2013 7:33am
thats the disadvantage of being absence...but its for people like me,who cannot control his trades,below my trade last week
Attached Image (click to enlarge)
Click to Enlarge Name: ej.png Size: 38 KB
Money is made by sitting, not trading. Jesse L. Livermore
  • #166
  • Apr 21, 2013 7:40am Apr 21, 2013 7:40am
Quoting cku
Am in my 6th Trade using this method for Eurjpy. So far i have had 4wins and 1loss am presently in a sell now my take profit is 127.58 and my sL is em....132.38 One again tanks sam for ur system {image}
yes,i would sell also at this level with same sl of course...
but i could have a sell where you have bought and lost...
Money is made by sitting, not trading. Jesse L. Livermore
  • #167
  • Apr 21, 2013 7:47am Apr 21, 2013 7:47am
Quoting Wendavol
I like this system. Only need to look at charts a few times per day which is great for me. I started manual backtesting of EU using major levels only and so far win rate is 58%. I'm not sure why this system works, maybe because it takes advantage of ranging periods? Thanks Sam!
thanks wendavol,this is the reason for trading like this,having less time for analysing,this method uses avarage swing strength of pairs, how far did you made backtesting?
Money is made by sitting, not trading. Jesse L. Livermore
  • #168
  • Apr 22, 2013 3:59pm Apr 22, 2013 3:59pm
Quoting sam69
{quote} thanks wendavol,this is the reason for trading like this,having less time for analysing,this method uses avarage swing strength of pairs, how far did you made backtesting?
I just finished backtesting EU from August 28, 20009 through September 1, 2010 using major levels only on 4hr chart. My result so far is 65 wins and 54 losses. A couple of the wins were about 2 times normal due to weekend gap. I like these results so far. I'll let you know if I do any more backtesting.
  • #169
  • Apr 23, 2013 1:54am Apr 23, 2013 1:54am
Sam,
Have you been using the same major levels for the past 2 years? Do you ever change them? For example if you had a long losing streak, do you look back at the charts and try to find levels that would have worked better? I was also wondering if using something like a daily 20 period ATR for levels would work. Just some thoughts...
  • #170
  • Apr 23, 2013 4:03am Apr 23, 2013 4:03am
Quoting Wendavol
{quote} I just finished backtesting EU from August 28, 20009 through September 1, 2010 using major levels only on 4hr chart. My result so far is 65 wins and 54 losses. A couple of the wins were about 2 times normal due to weekend gap. I like these results so far. I'll let you know if I do any more backtesting.
hello wendavol,i didnt have made any backtests yet,therefore i would do some test for 10/8 years back,i want to do it as following:
we have 6 mini levels within each major level,so i want to use every mini level seperate,that means:we test from lets say 2003/2004 first the actual level,which is on EU 1.3763 for example and for this the next lower major level would be 1.3643, then do the same test for the next mini level,its 1.3743 and for this would be the next lower major level 1.3623 and so on down to 1.3663,if we do this for all the 6 mini levels then we have all levels for EU test completed, and this i want to do for other pairs also,as i said the pairs change their behaviour time to time,this means for example the actual start level 1.3763 for EU was working very good for 2012 but not in 2011,and i think if we do such test complete then we have a level better win rate for long run,please see picture below
Attached Image (click to enlarge)
Click to Enlarge Name: eu.png Size: 45 KB
Money is made by sitting, not trading. Jesse L. Livermore
  • #171
  • Apr 23, 2013 4:15am Apr 23, 2013 4:15am
Quoting Wendavol
Sam, Have you been using the same major levels for the past 2 years? Do you ever change them? For example if you had a long losing streak, do you look back at the charts and try to find levels that would have worked better? I was also wondering if using something like a daily 20 period ATR for levels would work. Just some thoughts...
yes ,and i would use these levels till i have made a backtest for some time,these levels are set by adjusting the sr levels on bigger tf's (monthly,weekly and daily),i have traded (trading by adjusting so to speak) it about for 2 years now but i didnt took all the trades,when i check charts some pairs are inbetween levels so i dont trade it and sometimes when i check then its already too late for an entry and so on,so if i would do some backtest now for 2 years back maybe i get different results now,about atr i didnt made no research,so i dont know,sorry for that
Money is made by sitting, not trading. Jesse L. Livermore
  • #172
  • Apr 23, 2013 7:38pm Apr 23, 2013 7:38pm
Still watching my Trade
i think its been on for 3days now
Attached Image (click to enlarge)
Click to Enlarge Name: [EURJPY,H4].png Size: 44 KB
  • #173
  • Apr 23, 2013 8:55pm Apr 23, 2013 8:55pm
Quoting cku
Still watching my Trade i think its been on for 3days now {image}
hi cku,i know it takes time sometimes,therefore i was looking for a scalping variante,i was checking this thread newly http://www.forexfactory.com/showthread.php?t=416131
and testing it,so i entered sell,please see charts below...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ej1h.png Size: 37 KB
Click to Enlarge Name: ej5m.png Size: 29 KB
Money is made by sitting, not trading. Jesse L. Livermore
  • #174
  • Apr 25, 2013 10:13pm Apr 25, 2013 10:13pm
Quoting sam69
{quote} yes,target 1.5463 and sl 1.5139...
lion king,your tp hit,i sold there...
Money is made by sitting, not trading. Jesse L. Livermore
  • #175
  • Apr 25, 2013 10:15pm Apr 25, 2013 10:15pm
Quoting cku
Still watching my Trade i think its been on for 3days now {image}
now its more than a week
Money is made by sitting, not trading. Jesse L. Livermore
  • #176
  • Apr 25, 2013 10:49pm Apr 25, 2013 10:49pm
yes my tp was triggered & now go short eventhough the entry not so accurate.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 47 KB
  • #177
  • Apr 26, 2013 12:36am Apr 26, 2013 12:36am
well am still waiting
one thing with this method is that it gives me rest of mind even wen the trade is going against me
i just have a feeling it would reverse to my favour.
well this week has been a bit dull for long time trader
this trade has been running since the begining of this week buts its gradually approching my TP

Sam69 pls have u studied pricelevel for more pairs
am waiting for ur result.

Also look for how to scalp using this method while my 4hr Trade keeps runing
one again am happy to be here
my win loss ratio on EJ is 4:1
Attached Image (click to enlarge)
Click to Enlarge Name: [EURJPY,H4]still waiting.png Size: 34 KB
  • #178
  • Apr 26, 2013 10:45am Apr 26, 2013 10:45am
Hello Sam69 well its a week now but am happy my target has been hit;
Win ratio is 5;1
am waiting fr the close of the candle to know what to do next.
have a nice weekend
Quoting sam69
{quote} now its more than a week
Attached Image (click to enlarge)
Click to Enlarge Name: [EURJPY,H4]Target Hit.png Size: 41 KB
  • #179
  • Apr 26, 2013 10:51am Apr 26, 2013 10:51am
My Demo account History using this method
I think its been really fantastic
the trade has been on the 4hr time frame.
Attached Image (click to enlarge)
Click to Enlarge Name: [EURJPY,H4] Account history.png Size: 48 KB
  • #180
  • Apr 27, 2013 1:45am Apr 27, 2013 1:45am
New sell here on friday
candles closed @ 127.48
my sell was @127.48
my TP would be 125.18
my sl would be 129.98

i left my trade over the weekend
Attached Image (click to enlarge)
Click to Enlarge Name: [EURJPY,H4]Sell @close of candle.png Size: 21 KB
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