4 hour trading entry and exit almost to the pip

So, ever wondered what support does hold and what not? Would it be possible to set an entry and forget?

Here is my first thread I am starting and I am about to show you what to do and what NOT to do.
remember, there is no holy grail. All I can do is showing you my simple way of trading. All you need is patience and good money managment.
So here we go.

1) First of all, I want to tell you all that I don't care about news! Even if it is NFP or GDP or whatever. Price will always move with a reason what has been determined before the news comes out. Don't believe me? Ok check where the Euro is currently, or where the US$ is with all the money printing. See, it doesn't matter anymore. News is just an event that can speed up the price movement to the determined levels with shaking out as much as possible! Remember this.

2) It doesn't matter neither that it is asia trading so it is irrelevant because London didn't opened yet. Also another thing to debunk right now. I have seen big moves before during asian session. Remember, market NEVER sleeps! Not even in the weekend! FX is 24/7. Just for the public it is 24/5. But yes, market is ALWAYS moving.

Now, lets get going. I don't use any indicators, no volume no MA's. Simply a 4 hour chart and that's it! If you want to add Moving averages or whatever indicator just go ahead. I am just going to show you how to determin good entry points and exits.



Patience is really important. If you're a day trader then this system is probably nothing for you because we're trading off the four hour chart.
First of all I am going to show you a four hour chart of my EUR/USD as it is right now. I have drawn my support in it. There is no 100% winning system. You will fail once in a while but if you're determined and have patience, you will make much more with the winnings.

So those are my levels I watch currently with EUR/USD.

Now let's get to the important question. HOW TO DETERMIN ENTRY POINTS?

It is really just looking at the chart. If you look very good, you will see that I am setting my lines on the opens and close of the 4 hour candle. This is all you really need to know! Remember, Open and close!

EU is trending right now what is very good. Remember, it really needs big forces to change a trend. All you need now is to have good entry points.
When price is trending up in this example the white candles are the bull candles and the red candles are bear candles, we will always see a moment of pull back.
That's where you have to focus on. those pullbacks are important. No matter of the volume, if it is during news or during Asian sessions. Those pullbacks are the key for the right entry. I wouldn't buy Euro this high but would rather wait for the pull backs right on those green dotted lines. This is what you have to look for. The latest pull backs. So the close of the bull candle and the open of the bear candle. Just put a line there and see. In this example we can clearly see that Euro didn't even retested it. This means at in the future, these levels will be seen. The longer it takes the better it is as we would have some good targets in a bear market. So these 2 lines havn't been retested yet.

Now, let's look at the past what I mean to wait and to have some patience. In the chart below the EUR/USD 4 hour chart shows exactly what I mean where price go back to almost to the pip! If you don't trust the 4 hour? Go and switch to the 15 minute and check for clues that price is being supported. Find hammers, bull candle formations and so on.

More examples. Just think about it where to enter. Look back in time for your exits.

gr8!
more pls.

Looking back see where EUR/USD is at.

Just look.

So you are basicaly selling at touch of support and selling at touch of resistence? Or you entr after reverse pattern at these levels?

You're buying at support and selling at the touch of the resistance.

Very interested in learning more from this thread.

How do you monitor potential setups? Price alerts ? Pending Orders ? … or do you check the market every 4h and place your entry at close of candle ?

Dear All Masters,

I am following and glad to read more, proper set up and EA would be great in the future time.

Kind regaards
DenOzi

Thank you for sharing, I have some questions for clarify some points

1- You trade the breakout or the retesting or both?

2- can you show us what you have from losing trade too and how to decrease your loss?

3- is there any other confirmation you use, as example, checking the lower time frame before you enter the trade?

4- please show us example for your exit and trade management side

I wish you continue success

But how do you select "important" candles that need their open/close levels marked?

what are your recent entries?
Hope you can share.

Exactly what I was going to ask!

Interesting start to the thread.

I'm more curious about SL, when the entry is exactly on touched level without any confirmation. Many times these levels are broken quite a bit, before price retraces...

Well to me and I think to most readers here this stuff are not new. Candles will go back to their supply and demand zone, Breaking here and there, 2 taps at same leves and go away, testing here and there.

It's easy to looking back the chart and make a conclusion, but when you trade it in Live environment with real money that's a whole different story. Candles can tap a level 2 times , 3 times and keep doing it as long as they like or ignore those levels like there's nothing important there. Your Stop loss was the best entry of the week. Who knows? Old story. Tell me about it.

But If Mr. Thread Starter can really show how to trade it with more precision to the pip, I am at all eyes and ears.

Hutrader, are you still there?

Hey all,

Sorry for not replying but have been quite busy with projects.
I entered EU long around 1.3400. Small amount because the drop was pretty big today, however ... I entered long here for 3 reasons.

1: See chart to the left around support.
2: No follow up on the big drop.
3: Checked the volume. almost as much as the drop so there must have been buyers.

We'll see.

This weekend I will make a video. Hopefully Sunday.

Sorry for the chart but I'm not at home so.

Good morning all.

3420 minor resistance.

Suport in the 73 area.

Keeps stops 40 pips. Entry at support.
The dotted line is for future reference only!

Closed the long with minor loss.

Enjoy the weekend and good learning all.