The Market pays you to be disciplined
I also used similar method, draw line or square on H4 then used H1 for entry. I also found that drawing using candle open and close price is somehow more accurate than high/low, with exception: if the tail is a bit longer I use the middle price or by looking at H1 for more precise placement by drawing on H4 then go to H1 and readjust the line/square.
The difference is that I won't just enter at the touch of those line. If the momentum is big, a long candle on H1 or M15, the chances that those level won't hold is bigger so I will wait for a shorter level or wait for the next level. I also found that the triangle area of top/bottom pose as strong support and demand area which often holds. I feel more comfortable to enter at those area, and often used them as target. Look at the chart to identify the "triangle area" I mentioned, I drew squares at those "triangle". Btw, the yellow line is drawn on D1 you could ignore it as this discussion is about H4 TF.
Blue arrow is short entry, red arrow is short entry, and red cross is an international humanitarian organization(LOL!). Stars are my target.
I know that I missed many good entry by not entering trade at long candle. But if the trade is against me, at least the price will move slowly and I could cut the position with smaller loss. If you enter on a long candle, it is often if you are wrong the prices move FAST against you!
PS: If you enter a good supply/demand or support/resistance level or whatever. The price should move fast in your favor as supply or demand pushed it, if its linger too long in those area it is an indication that those supply/demand area are weak. If this the case run fast, LOL! Do not be wish washy if this is the situation, your risk will increase as the trade is against you or the price just stay there.
Disclosure: I do not trade on H4, but mainly(almost always actually, LOL) at H1, but I do looking for supply/demand area in H4 TF. The chart shows how I trade, not how the thread starter trades. I just give my opinion and propose a way to refine the method presented as it is similar to mine. In no way I do compare the two method as every method has its own edge and weakness. Traders should use the method that he/she comfortable with, but should seek his/her own way and improve it by for example evaluating and or adapting portion of information avaliable such as presented here by the TS and other member who replied. TS and other member could not held responsible if the result is behind the reader expectation.
The difference is that I won't just enter at the touch of those line. If the momentum is big, a long candle on H1 or M15, the chances that those level won't hold is bigger so I will wait for a shorter level or wait for the next level. I also found that the triangle area of top/bottom pose as strong support and demand area which often holds. I feel more comfortable to enter at those area, and often used them as target. Look at the chart to identify the "triangle area" I mentioned, I drew squares at those "triangle". Btw, the yellow line is drawn on D1 you could ignore it as this discussion is about H4 TF.
Blue arrow is short entry, red arrow is short entry, and red cross is an international humanitarian organization(LOL!). Stars are my target.
I know that I missed many good entry by not entering trade at long candle. But if the trade is against me, at least the price will move slowly and I could cut the position with smaller loss. If you enter on a long candle, it is often if you are wrong the prices move FAST against you!
PS: If you enter a good supply/demand or support/resistance level or whatever. The price should move fast in your favor as supply or demand pushed it, if its linger too long in those area it is an indication that those supply/demand area are weak. If this the case run fast, LOL! Do not be wish washy if this is the situation, your risk will increase as the trade is against you or the price just stay there.
Disclosure: I do not trade on H4, but mainly(almost always actually, LOL) at H1, but I do looking for supply/demand area in H4 TF. The chart shows how I trade, not how the thread starter trades. I just give my opinion and propose a way to refine the method presented as it is similar to mine. In no way I do compare the two method as every method has its own edge and weakness. Traders should use the method that he/she comfortable with, but should seek his/her own way and improve it by for example evaluating and or adapting portion of information avaliable such as presented here by the TS and other member who replied. TS and other member could not held responsible if the result is behind the reader expectation.
