{quote} I dont see setup {image}
"bad trades at times do happen even when the set up are good"
- #221
- Oct 12, 2018 2:26am Oct 12, 2018 2:26am
- Joined Mar 2015 | Status: Trader | 1,885 Posts
- #224
- Oct 12, 2018 2:52am Oct 12, 2018 2:52am
Hello all,
Trading with candle patterns on the H4 chart is HIGHLY broker-dependent.
If you think about it, the HOURLY chart is identical for everyone around the world as the hour changes at exactly the same time everywhere. Likewise the WEEKLY is identical.
The problem comes with the H4 and the DAILY. Depending on your broker's "GMT Offset" you will see radically different shapes of candles, because the DAY and H4 bar changes at different times for different brokers.
Personally, I only use a broker with a GMT+2 offset. Because the FX markets are open 10pm Sunday to 10pm Friday (UK time) then a GMT+2 broker will give you precisely 5 daily candles per week - without the silly pesky little "Sunday candle" which doesn't mean anything. Likewise, you will get precisely 30 4-hour candles.
Any other broker offset will mean that your candles are closing at hours between my 4-hour intervals and so your candle shapes will be different.
When looking for Inside/Outside bars this can make a HUGE difference
Good trading and best wishes to all,
OD
.
Trading with candle patterns on the H4 chart is HIGHLY broker-dependent.
If you think about it, the HOURLY chart is identical for everyone around the world as the hour changes at exactly the same time everywhere. Likewise the WEEKLY is identical.
The problem comes with the H4 and the DAILY. Depending on your broker's "GMT Offset" you will see radically different shapes of candles, because the DAY and H4 bar changes at different times for different brokers.
Personally, I only use a broker with a GMT+2 offset. Because the FX markets are open 10pm Sunday to 10pm Friday (UK time) then a GMT+2 broker will give you precisely 5 daily candles per week - without the silly pesky little "Sunday candle" which doesn't mean anything. Likewise, you will get precisely 30 4-hour candles.
Any other broker offset will mean that your candles are closing at hours between my 4-hour intervals and so your candle shapes will be different.
When looking for Inside/Outside bars this can make a HUGE difference
Good trading and best wishes to all,
OD
.
- #240
- Oct 12, 2018 4:10am Oct 12, 2018 4:10am
Please dont just follow engulf blindly. I would recommend to study how to read price action. Although I only got 1 year plus experience, I have trained to read many charts for the past one year. Bc under my previous mentor apprentice, I am needed to analyse one chart every day. So I trained to look chart v fast. I have helped him to do free analysis on his web for almost 6months everyday last year. I think that is the only thing i benefit. However he did not teach me how to read price action. I took effort to research online and study myself....
Good strategy you got here. thanks a lot, i backtested it and it has been very promising so far.
Now that you say dont follow engulf blindly, what are the other things that you consider beside the engulfing?
Consolidation is one thing for sure i guess.
What about S/R? How much S/R effects your decision?
Do you look at higher TF trends or anything else?
Anyway, I took a trade on EURJPY just now. what do you think?
One more question,
Do you add wriggle room to your SL? If yes, how many pips would you recommend?
Thanks
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