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4H Breakout Strategy

  • #1
  • First Post: Edited 2:04pm Feb 20, 2020 12:42pm | Edited 2:04pm
Hi!

Just food for tought.
If you add indicator FirstHourHiLo v1.1 1.ex4 to the 4H chart and set the MarketOpenTime to 8
Attached Image

Then you can trade breakout High-Low of the candle.
Trade exit will be the Heiken Ashi color change.
Couple of examples:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 43 KB


Thanks,
SP
Attached File(s)
File Type: ex4 FirstHourHiLo v1.1 1.ex4   12 KB | 1,071 downloads
  • #2
  • Feb 20, 2020 2:01pm Feb 20, 2020 2:01pm
Scrolling EJ and GU back looks promising.
Maybe someone can make EA for better back testing.
When 08:00 4H candle is completed, then limit orders should be placed on this candle high-low.
If one order executes then another limit order should be removed.
Initial hard SL is 1,5 ATR(14). Trade is stopped out when Heiken Ashi goes to opposite color.
White candle closes sell, red one buy. Does not matter is it in profit or not.
It is good if there is a possibility to determine the begin hour of initial candle.

SP
  • #3
  • Feb 20, 2020 6:43pm Feb 20, 2020 6:43pm
Quoting SuperPip
Scrolling EJ and GU back looks promising. Maybe someone can make EA for better back testing. When 08:00 4H candle is completed, then limit orders should be placed on this candle high-low. If one order executes then another limit order should be removed. Initial hard SL is 1,5 ATR(14). Trade is stopped out when Heiken Ashi goes to opposite color. White candle closes sell, red one buy. Does not matter is it in profit or not. It is good if there is a possibility to determine the begin hour of initial candle. SP
very interesting, have u suggested pair? I see this system also for usdjpy
  • #4
  • Feb 20, 2020 11:43pm Feb 20, 2020 11:43pm
Interesting strategy,but why MarketOpenTime set to 8?
  • #5
  • Feb 21, 2020 1:42am Feb 21, 2020 1:42am
Quoting iefuzzer
Interesting strategy,but why MarketOpenTime set to 8?
It marks the candle for setting limit orders. 8 means 4H candle starting at 8AM GMT +2.
Most of brokers are GMT +2. This 4h candle opens 2 hours before London open and includes first two hours of London's volatility.
Next volatility period comes with New York open and gives momentum for the trade.

The main idea of this approach comes from next post: https://www.forexfactory.com/showthr...5#post12761055
and indicator is downloaded from here: https://www.forexfactory.com/showthr...3#post12761303
There is also thread with similar trading style: https://www.forexfactory.com/showthread.php?t=981779

SP
  • #6
  • Last Post: Feb 21, 2020 2:17am Feb 21, 2020 2:17am
Quoting SuperPip
{quote} It marks the candle for setting limit orders. 8 means 4H candle starting at 8AM GMT +2. Most of brokers are GMT +2. This 4h candle opens 2 hours before London open and includes first two hours of London's volatility. Next volatility period comes with New York open and gives momentum for the trade. The main idea of this approach comes from next post: https://www.forexfactory.com/showthr...5#post12761055 and indicator is downloaded from here: https://www.forexfactory.com/showthr...3#post12761303...
Thanks bro.
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