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Trade with 60

  • #161
  • Sep 7, 2015 12:54pm Sep 7, 2015 12:54pm
Quoting 60minuteman
{quote} it is a nice part of the strategy - I think the real power lies in the complete lack of discussion needed - no analysis for tomorrow, no decision on trend or bias, no wondering if one price action set up is more valid than another - just trade the extremes. This reduces human error and makes the method much easier to maintain over a run of trades, and if you can trade methodically for long enough, from the right locations, then the odd's and probabilities are allowed to play out and consistent profits can be made.
I really concour with this, thie times I've deliberated over whether I should enter or not. That's why I would advocate that you don't use demo accounts use live ones even if you trade micro lots or 10p a pip
You just can't get emotion on demo and it's emotions that kill a lot of us in trading..........
  • #162
  • Sep 7, 2015 1:42pm Sep 7, 2015 1:42pm
Quoting 60minuteman
{quote}no analysis for tomorrow, no decision on trend or bias, no wondering if one price action set up is more valid than another - just trade the extremes. This reduces human error
Dear 60MM, Rover,
could you please illustrate with screenshot this situation with moments of both entries (and ideas of both exits)?
Very intersrting but can not find these moments at my chart.
Thank you anyway!
Just an opinion. Based on research
  • #163
  • Sep 7, 2015 3:46pm Sep 7, 2015 3:46pm
GU +61 -29 an ok start for the week... same plan tomorrow

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-09-07 at 21.44.11.png Size: 17 KB
tradewith60
  • #164
  • Sep 8, 2015 12:32am Sep 8, 2015 12:32am
Hello 60MM!
Quoting 60minuteman
GU +61 -29 an ok start for the week... same plan tomorrow {image}
Thank you for clearing with the picture!

Are you sure that haedging like this will give green result in any situation? I mean, you have your own statistics?
Just an opinion. Based on research
  • #165
  • Sep 8, 2015 12:38am Sep 8, 2015 12:38am
Quoting 60minuteman
GU +61 -29 an ok start for the week... same plan tomorrow {image}
nice hedge and unhedge, GU in asian time kept going up!!
  • #166
  • Sep 8, 2015 1:24am Sep 8, 2015 1:24am
Well Cable's exploded into today bulling through Asian session. I'm still long from yesterday which could well turn into the low of the week, I took another short hedge at 8:00pm UK time which went for a small loss. But I think this is one of those times when you wouldn't have predicted this rise. You never really know what's going to happen.

This is the beauty of this method you're always there taking advantage!
  • #167
  • Sep 8, 2015 1:37am Sep 8, 2015 1:37am
Quoting rover99x
Well Cable's exploded into today bulling through Asian session. I'm still long from yesterday which could well turn into the low of the week, I took another short hedge at 8:00pm UK time which went for a small loss. But I think this is one of those times when you wouldn't have predicted this rise. You never really know what's going to happen. This is the beauty of this method you're always there taking advantage!
yep you nailed that one T....
tradewith60
  • #168
  • Sep 8, 2015 1:38am Sep 8, 2015 1:38am
my EU hedge was resolved with a -32 on the short and a +55 for the long... I love it when they do that... onwards!

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-09-08 at 07.37.47.png Size: 20 KB
tradewith60
  • #169
  • Sep 8, 2015 1:44am Sep 8, 2015 1:44am
Let's propose I start to trade today.
Blue box - Asia session
#1 candle - FO
#2 candle - LO (just one more candle from Europe session)
So, do I have to:
a. buy at the breakout of #1
or
b. wait for new daily high (after #1, #2...)
?

Thank you!
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 26 KB
Just an opinion. Based on research
  • #170
  • Edited 2:21am Sep 8, 2015 2:01am | Edited 2:21am
Quoting since80808
Let's propose I start to trade today. Blue box - Asia session #1 candle - FO #2 candle - LO (just one more candle from Europe session) So, do I have to: a. buy at the breakout of #1 or b. wait for new daily high (after #1, #2...) ? Thank you! {image}
Hi s8... let us take a step back and consider a few things...

the reason human beings find trading so difficult is because of how we make decisions in uncertain environments - even with a winning strategy we find it nearly impossible to let the odds play out, we break or change the rules before the strategy has time to become profitable. Our gut instinct is to focus on the elements that have the least effect on overall profitability - (it's because they are the times when we feel the most fear so they get subconsciously tagged as important)

So we need to consider how the strategy feels and how we cope with our weaknesses when we consider our trading strategy, elements of the strategy should be put in place not only to make profit but to reduce our errors. The notion to keep our strategies simple is not because it is more likely to pick the best trades, it is because we're less likely to cock it up then! - I prefer to call this structure, a simple structure to follow each day that we can believe in and that will make profit if we let it play out over enough trades consistently...

So, the true answer to your question is A and B, they're both right, so pick the one that will work best for you, pick the one you can believe in and stick with - (if you wanted to follow my strategy strictly I wait for an extreme and a reversal before I take the first trade, but that is for structure as much as anything)
tradewith60
  • #171
  • Sep 8, 2015 2:11am Sep 8, 2015 2:11am
Haha 60 I fully intended to ride GU long on 4hr yesterday for 200 pips - though closed out when you did last night, following the herd hehe!
  • #172
  • Sep 8, 2015 2:16am Sep 8, 2015 2:16am
Quoting studio1
Haha 60 I fully intended to ride GU long on 4hr yesterday for 200 pips - though closed out when you did last night, following the herd hehe!
I refer the gentleman to the post I made a few moments ago -

those judgement call's are a bitch eh!
tradewith60
  • #173
  • Sep 8, 2015 2:26am Sep 8, 2015 2:26am
Quoting 60minuteman
follow my strategy strictly I wait for an extreme and a reversal
That's one! Thank you
Just an opinion. Based on research
  • #174
  • Sep 8, 2015 2:28am Sep 8, 2015 2:28am
Hi 60MM,
Love this methodology. Seems to be less subjective, and more mechanical in the execution stages, which is a massive help on my own psychology. Thanks for sharing & helping, guys.
One quick question I have: do you do anything fancy with stops? So like yesterday's LoD reversal entry, obviously stop below the LoD, but then do you just leave it or take a view on it once and hour etc maybe move to bottom of previous bar etc or have you found in the long run it makes no difference - only psychological...?
  • #175
  • Sep 8, 2015 2:31am Sep 8, 2015 2:31am
anybody else do this?:

"I hope it doesn't close down here, because the rules will say short and I really don't like the look of a short here!"

pretty much go through that sort of mental rubbish on every entry, of course now I take the trade whereas in the past I used to leave them... then similar rubbish once you're in the trade, and then again when you want to exit. Once you learn to self examine these thoughts based on feelings and not just act them out, then you're pretty much there - my opinion but I would be surprised if there is anyone here who doesn't relate to this.

This is why I think it is so important to completely reduce discretion on entries and have some clear exit rules.... the more complex the method the more your brain is going to be doing cartwheels and the more mistakes and errors you are going to make
tradewith60
  • #176
  • Sep 8, 2015 2:36am Sep 8, 2015 2:36am
Quoting gearys
Hi 60MM, Love this methodology. Seems to be less subjective, and more mechanical in the execution stages, which is a massive help on my own psychology. Thanks for sharing & helping, guys. One quick question I have: do you do anything fancy with stops? So like yesterday's LoD reversal entry, obviously stop below the LoD, but then do you just leave it or take a view on it once and hour etc maybe move to bottom of previous bar etc or have you found in the long run it makes no difference - only psychological...?
you're a daily trader subscriber are you not Geary? (if so pm me your email)

I am selling this method so I only wanted to show the entry and logic here...
tradewith60
  • #177
  • Sep 8, 2015 2:38am Sep 8, 2015 2:38am
EU broke down nicely - now just need to sit and watch what price does next...

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-09-08 at 08.37.07.png Size: 24 KB
tradewith60
  • #178
  • Sep 8, 2015 2:55am Sep 8, 2015 2:55am
As the US is back today looks like there's some USD buying
  • #179
  • Sep 8, 2015 2:59am Sep 8, 2015 2:59am
I'm experimenting using this method on Oil and Gold (this is the trouble when you've got 50 odd minutes to kill between bars lol)
  • #180
  • Sep 8, 2015 3:03am Sep 8, 2015 3:03am
Quoting rover99x
I'm experimenting using this method on Oil and Gold (this is the trouble when you've got 50 odd minutes to kill between bars lol)
oil and gold both have that required volatility - will work well

p.s go for a walk
tradewith60
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