Horizontal Line Psycho Trades

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dragon33
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Postby dragon33 » Wed Aug 26, 2009 4:03 pm

lukx wrote:I got nothing but loosers with trading horizontal lines here's for example one of the trades form today... Daily was green, H1 was green when I entered when it was cutting hz line... co all the rules were in place, but the price felt down hard like a rock! Image


Read the chart!

The overlays tell you what is going on. First you get the H1 momo up but there is no follow thru! The next two overlays tell you price is exhausted.
The highs are lower etc. The charts tell you a story start listening and reading. You can do it, everybody can. It just takes some time

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Postby DodgeV83 » Thu Aug 27, 2009 11:52 pm

lukx wrote:I got nothing but loosers with trading horizontal lines here's for example one of the trades form today... Daily was green, H1 was green when I entered when it was cutting hz line... co all the rules were in place, but the price felt down hard like a rock!


You shouldn't enter long here, because the Moving Average reached it's apex (a slope of 0) on the previous candle.

The previous candle actually crossed the MA (both the 50period MA and the 100period MA), signalling a downtown.

I marked in red where the trade should have happened...if a trade should have happened at all, considering there is no candle color change on the place I marked.


Image


Also, this strategy works best on a pair like the GBP/JPY that shows massive movement throughout the day.

I just did a screen capture of the movements on the 1 HR chart with the GBP/JPY and this is what I got, only trading on a candle color change.

Note: The red and green lines point to entries, the blue lines point to where the trade ended.


***EDIT*** I messed up the first blue line, but the rest look ok.

Image

jz166
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Postby jz166 » Wed Sep 02, 2009 3:21 am

I like this, good, simple and profitable.

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TheRumpledOne
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Postby TheRumpledOne » Wed Sep 02, 2009 5:46 pm

"I got nothing but loosers with trading horizontal lines here's for example one of the trades form today... Daily was green, H1 was green when I entered when it was cutting hz line... co all the rules were in place, but the price felt down hard like a rock! "

May I suggest you only go long at/near the daily low and only go short at/near the daily high. Make sure you follow the H1 candle color.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Postby razorboy » Wed Sep 02, 2009 7:15 pm

have you defined your edge and payoff ratio?


lukx wrote:I got nothing but loosers with trading horizontal lines here's for example one of the trades form today... Daily was green, H1 was green when I entered when it was cutting hz line... co all the rules were in place, but the price felt down hard like a rock! Image
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!

http://thejoshkerbelproject.com/

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TheRumpledOne
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Postby TheRumpledOne » Thu Sep 03, 2009 2:56 am

Image

You can use the high/low of previous H1 candles for breakouts.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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jz166
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Postby jz166 » Sun Sep 06, 2009 6:38 am

Avery, do you suggest we can buy/sell stop once the previous H1 high/low is broken for a quick buck or two?

Thanks!

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TheRumpledOne
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Postby TheRumpledOne » Sun Sep 06, 2009 4:21 pm

I enter at the line.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby jz166 » Sun Sep 06, 2009 6:14 pm

got you, thanks!

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Postby prochargedmopar » Sun Sep 06, 2009 7:47 pm

TheRumpledOne wrote:Image

You can use the high/low of previous H1 candles for breakouts.


TRO,
You are still the man dude.

You make things so simple it's crazy.

Nice chart and concept.
Look at all the "winners".

Thx.
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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