Attachments: Target trading with the Big boys on the 4 hour chart

Target trading with the Big boys on the 4 hour chart

#1
First Post: Nov 4, 2017 8:58am Nov 4, 2017 8:58am

Mtinifx
Joined Feb 2011 | Status: Trader | 6,018 Posts

Hi everyone

Well as promised here is the new thread

Firstly, if you really want to follow this thread you need to watch this video because otherwise you will not know what's going on

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#2
Edited 9:10am Nov 4, 2017 8:59am | Edited 9:10am

Mtinifx
Joined Feb 2011 | Status: Trader | 6,018 Posts

OK now we have that out the way, we can have a look at a few promising charts

Firstly I have to say that here we're not really interested here in any particular technical system like Bollinger bands, etc. Howver I do use a couple of key ema's on my chart which simply help me in finding nice set-ups

let's look at GBPAUD. As you can see, in banged against the first resistance level. However those who got in around 1.6950 - 1.7000 had blue sky right up to 1.7100

OK so we don't yet how far the BB's are going to pull it back so we have to leave GBPAUD for now, agreed?

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#3
Nov 4, 2017 9:16am Nov 4, 2017 9:16am

Mtinifx
Joined Feb 2011 | Status: Trader | 6,018 Posts

So shall we concentrate on finding good looking opportunities for next week?

Ok, so one nice one, IMHO, is GBPCAD. At the moment it's in a tight range after that big fall yesterday but if it shows signs of going up again next week, then there is some nice blue sky up to 1.6850. I would look for a candle to close above 1.6700 of course before entering.

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#4
Nov 4, 2017 9:21am Nov 4, 2017 9:21am

Mtinifx
Joined Feb 2011 | Status: Trader | 6,018 Posts

OK looking at EURUSD

Here I had to zoom right out - going back to July!

Nothing like support until 1.1520 area so we can look to sell no problem there!

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#5
Nov 4, 2017 9:46am Nov 4, 2017 9:46am

Oddbjorg
Joined Aug 2016 | Status: Trader | 1,724 Posts

Hello and congratulation with your new thread.
All the best.
Oddbjørg.

All the best to all of you. But don't follow me. I am a learner.

#6
Nov 4, 2017 12:24pm Nov 4, 2017 12:24pm

Mtinifx
Joined Feb 2011 | Status: Trader | 6,018 Posts

Quoting Oddbjorg

Disliked

Hello and congratulation with your new thread. All the best. Oddbjørg.

Ignored

Hi Oddbjorg

Thanks so much.

#7
Nov 4, 2017 1:06pm Nov 4, 2017 1:06pm

Malu
| Joined Sep 2017 | Status: Trader | 283 Posts

Well done and Good Luck for you thread.

After you posted that video in another thread I have to admit that it also had an impact on my way of trading. Since a few weeks I also try this way of target trading using 4h charts.
Especially for EURUSD I have the same target of close above 1,1500 like you. So seems we are drawing the S/L lines in the same way and found the same up- or downtrend in the past.
I understand what is mentioned in the video that it is the aim to go from one goal to the other. But I was always asking myself what would be a good way to identify that the trend is broken. E.g for the EU example: when would we be convinced that 1,1520 is not the target anymore as conditions have changed?

Also I would be interested whether you use 1h chart for your entry (I use it)?
Could you also explain more what the criteria for your entry is and how you set the SL? Would be interested as the ways between some target are really wide.

#8
Nov 4, 2017 1:33pm Nov 4, 2017 1:33pm

Mtinifx
Joined Feb 2011 | Status: Trader | 6,018 Posts

Quoting Malu

Disliked

Well done and Good Luck for you thread. After you posted that video in another thread I have to admit that it also had an impact on my way of trading. Since a few weeks I also try this way of target trading using 4h charts. Especially for EURUSD I have the same target of close above 1,1500 like you. So seems we are drawing the S/L lines in the same way and found the same up- or downtrend in the past. I understand what is mentioned in the video that it is the aim to go from one goal to the other. But I was always asking myself what would be...

Ignored

Hi Malu, thanks so much!

Yes I understand what you're saying. The criteria I use is simply whether price action is above or below the 200 ema. Agree with you about perhaps going down to the 1 hour or even 30 min chart to find the perfect entry point. I think that is very good idea.

I have to say that I very rarely trade EURUSD. If you take a look at that chart above one can see that EU price action does not respect our ema's whatsoever so it's not a good pair to trade as far as finding decent set-up areas.

Here is a good one to watch for next week, USDCAD. Looking good down to 1.2650 especially if it recovers a bit first up to the 1.2800 area. Although it is against the main trend which is up but I think it's going to continue down for a while.

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#9
Nov 5, 2017 12:09am Nov 5, 2017 12:09am

rayandi
| Joined Oct 2013 | Status: Trader | 26 Posts

Hi JMTINI
thanks for your thread. What ema are you using - 1 is 200 what are the others

#10
Nov 5, 2017 12:51am Nov 5, 2017 12:51am

Mtinifx
Joined Feb 2011 | Status: Trader | 6,018 Posts

Quoting rayandi

Disliked

Hi JMTINI thanks for your thread. What ema are you using - 1 is 200 what are the others

Ignored

Hi rayandi

They are the 24 ema and the 12 ema. You can of course use bollinger bands but I prefer the ema lines

I've added weekly period separators on the chart below. I think it's quite useful to see the general trend for the whole week which one can do on the 4 hr chart.

GBPCHF - seems to be in limbo after all the fun last week but I'm inclined to think that it's probably going up again as it formed a new cluster of support around 1.3050 in which case we're going back up to 1.3120. Still I would advise waiting until it breaks out firmly one way or the other.

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#11
Nov 5, 2017 1:43am Nov 5, 2017 1:43am

joyride
| Joined Nov 2011 | Status: Trader | 70 Posts

Nice thread, Jmtini. Will follow closely!
I am also looking for entries on GBPCAD and USDCAD, let's see how the week unfolds.

whether you think you can or can't either way you are right

#12
Nov 5, 2017 1:47am Nov 5, 2017 1:47am

rayandi
| Joined Oct 2013 | Status: Trader | 26 Posts

thanks jmtini

#13
Edited 3:04am Nov 5, 2017 2:38am | Edited 3:04am

Mtinifx
Joined Feb 2011 | Status: Trader | 6,018 Posts

Quoting joyride

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Nice thread, Jmtini. Will follow closely! I am also looking for entries on GBPCAD and USDCAD, let's see how the week unfolds.

Ignored

Thanks joyride.

Yes I think the CAD pairs look the most promising seeing as there is a lot of "empty space" above or below so we can set a healthy target.

I would like to relook at GBPAUD and say that if GBP is weak tomorrow, it could be a nice bet back down to the 1.6900 area

Everyone do feel free to post your own H4 (4hr chart) prognosis on any trading pair you like. If you post a chart then only 4 hr chart please!

ONLY CONSTRUCTIVE AND OBJECTIVE POSTS ON THIS THREAD PLEASE . THAT'S ALL I ASK. THANK YOU

JM

#14
Nov 5, 2017 2:56am Nov 5, 2017 2:56am

tiborf71
Joined Apr 2011 | Status: survivor | 4,131 Posts

I think cad, it will weaken.
I hope so.

#15
Nov 5, 2017 8:26am Nov 5, 2017 8:26am

Mtinifx
Joined Feb 2011 | Status: Trader | 6,018 Posts

Quoting tiborf71

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I think cad, it will weaken. I hope so.

Ignored

Yes it would be nice - EURCAD has to be brought into the equation if EUR is strong tomorrow (and who knows it might be!) 1.4850 is now a resistance but if it breaks through that area then there's some nice empty space!

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#16
Nov 5, 2017 10:07am Nov 5, 2017 10:07am

stevepatt
Joined Dec 2010 | Status: Never Stop Learning | 7,328 Posts

Quoting jmtini

Disliked

{quote} Yes it would be nice - EURCAD has to be brought into the equation if EUR is strong tomorrow (and who knows it might be!) 1.4850 is now a resistance but if it breaks through that area then there's some nice empty space! {image}

Ignored

Hi JM,

I think by restricting charts to H4 you are missing the bigger picture...

There is a good chance Price will go up from where it is but the Bigger Picture is Bearish.

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#17
Edited 11:28pm Nov 5, 2017 12:21pm | Edited 11:28pm

sangra28
| Commercial User | Joined Feb 2016 | 295 Posts

Trade for week- buy soon

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FUNDEDNEXT STEP-1 (MODEL-1&3) Return Today: na

#18
Nov 5, 2017 12:27pm Nov 5, 2017 12:27pm

Mtinifx
Joined Feb 2011 | Status: Trader | 6,018 Posts

Quoting stevepatt

Disliked

{quote} Hi JM, I think by restricting charts to H4 you are missing the bigger picture... There is a good chance Price will go up from where it is but the Bigger Picture is Bearish. {image}

Ignored

Hi stevepatt

Thanks for your input. However please note that this is a 4 hour chart system and strategy. Yes the big picture is important. At the moment the EURCAD top is around 1.5200 and the bottom around 1.3800 . That's about 1400 pips but few are trading that it one go! In fact we still don't know if 1.5200 is indeed the top as EURCAD is in an uptrend that has not yet been broken. What we are looking at here are intraday targets on the 4hr chart. Those targets are usually identified as certain clusters - if you watched the video in the first post you will know what I'm talking about. So we identify those targets and gun for them if we see that the smart money is heading in that direction. As I said in my post above, I would only look at buying EURCAD if EUR turns strong and CAD is weak. It's just an option depending what the situation is over the next day or two.

Lastly, by zooming out our 4hr chart, one can actually get a good idea of the general trend as we can look at price action since the middle of June (see below)

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