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Trading on H4 using Price Action

  • #21
  • Apr 11, 2021 11:34am Apr 11, 2021 11:34am
Quoting benpuzzy
{quote} Good work nrother, please can you make this indicator a MTF
Thanks, benpuzzy. Assuming MTF means - multiple time frames:

Just to explain a little more on how the indicator works internally -

The indicator is dependent on 95% manual input. Manual analysis on HTF (Monthly, Weekly, Daily) and then PA analysis on H4. As the price moves and candles close on H4, the analysis needs to be done manually every 4 - 8 hrs and the indicator needs to be updated to reflect the current PA.

The Arrows also start showing up as per the manual inputs only. The Indicator has been designed to work this way and also this thread is limited to taking the trades on H4 only.

If the indicator needs to show something of value in lower timeframes, then the analysis needs to be done manually on 26 currency pairs + XAUUSD and then updated every 1 - 2 candles on that timeframe. So - you can imagine how much more time consuming it can be and in some cases, it may not even be possible.
Imagine trying this on M5 or M15 and analyzing 27 charts and updating the indicator every 5 - 10 minutes or 15 - 30 minutes - not practical.

Due to this inherent design of the indicator it would work on H4 only.
  • #22
  • Apr 11, 2021 12:44pm Apr 11, 2021 12:44pm
Quoting Smmtrader
{quote} Hi Matteorossi, thanks for the request. I have updated the indicator to add XAUUSD and is uploaded to Post #1.
HI Smm, thanks for indicator, you're very kind! but I don't see arrows on XauUsd, H4. on other pairs, it works. Can you do something? thank you!
  • #23
  • Apr 11, 2021 12:50pm Apr 11, 2021 12:50pm
@Smmtrader can you please add crypto to use this indicator?
Many many thanks
  • #24
  • Apr 11, 2021 1:02pm Apr 11, 2021 1:02pm
Quoting JT96
@Smmtrader can you please add crypto to use this indicator? Many many thanks
JT96, Could you please let me know the symbols for Crypto available in MT4 that you are looking for (I have not traded Crypto before) ? If i can find them in MT4, i will try to add. Also, let me know which MT4 broker supports those Crypto symbols. Thanks.
  • #25
  • Apr 11, 2021 1:40pm Apr 11, 2021 1:40pm
Quoting Smmtrader
{quote} I have uploaded the latest indicator to Post # 1. Please check and let me know. Thank you.
It works perfectly. Best wishes! Green days!
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  • #26
  • Apr 11, 2021 3:04pm Apr 11, 2021 3:04pm
Quoting Matteorossi
{quote} HI Smm, thanks for indicator, you're very kind! but I don't see arrows on XauUsd, H4. on other pairs, it works. Can you do something? thank you!
Hi Matteorossi, You are welcome. The indicator is working fine - i just checked again. The arrows show only if both of the following match and are in same direction:

1. Main PA Direction
2. Intermediate PA Direction

For XAUUSD, at the moment, i had used "BUY" for Main PA Direction and "None" for Intermediate PA Direction. The price is at a fresh supply zone on H4 and i am waiting for confirmation before deciding the PA direction.

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The price also did a "crack and snap" / "false break out" at the fresh supply zone on H4. Usually an indication that price might go down. I will wait for PA confirmation before deciding either way.
  • #27
  • Apr 11, 2021 3:57pm Apr 11, 2021 3:57pm
Quoting Smmtrader
{quote} I have uploaded the latest indicator to Post # 1. Please check and let me know. Thank you.
Hello!
Is it possible that the 2 lines that indicate the direction (Main PA direction and Intermediate PA direction) can I configure their color, depending on buy or sell?
It would be more visible if the colors of the 2 lines can be changed automatically.
Thank you.
  • #28
  • Edited 5:19pm Apr 11, 2021 4:59pm | Edited 5:19pm
Hello Chess-Trader, Is the following good ? Or do you want to be able to choose the colors? Please let me know.

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  • #29
  • Apr 11, 2021 5:29pm Apr 11, 2021 5:29pm
Quoting Smmtrader
Hello Chess-Trader, Is the following good ? Or do you want to be able to choose the colors? Please let me know. {image} {image} {image} {image} {image} {image}
Please sir, why is our indicators not showing the BUY and SELL displayed on your charts.
Attached Image (click to enlarge)
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When you learn to adapt, you will be unbeatable........ "FX IS SWEET".
  • #30
  • Apr 11, 2021 5:32pm Apr 11, 2021 5:32pm
I am looking at the following for this week - (some are in progress). I will update the list if i find any additional signals.

BUY: CADJPY, AUDNZD, GBPAUD, GBPJPY, GBPUSD
SELL: EURCAD, NZDCAD

As always, please check the RED news and watch out for market volatility on the currency pairs you decide to trade.

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  • #31
  • Apr 11, 2021 5:38pm Apr 11, 2021 5:38pm
Quoting benpuzzy
{quote} Please sir, why is our indicators not showing the BUY and SELL displayed on your charts. {image}
Hi,
At the moment, arrows do not show on GBPUSD yet - even at my end. A Marubozu like candle needs to form. Also, please refer to the 5 questions on each chart. for GBPUSD, Trend line needs to break on H4 and then price needs to close above the previous leg and close into the previous range.

It is up to you how you would like to trade but the above stated will likely result in higher probability trades.

Also please download the latest indicator from Post # 1 and reload the template on the charts.

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  • #32
  • Apr 11, 2021 5:43pm Apr 11, 2021 5:43pm
Quoting Smmtrader
{quote} Hi Matteorossi, You are welcome. The indicator is working fine - i just checked again. The arrows show only if both of the following match and are in same direction: 1. Main PA Direction 2. Intermediate PA Direction For XAUUSD, at the moment, i had used "BUY" for Main PA Direction and "None" for Intermediate PA Direction. The price is at a fresh supply zone on H4 and i am waiting for confirmation before deciding the PA direction. {image} The price also did a "crack and snap" / "false break out" at the fresh supply zone on H4. Usually an...
If you would like to choose when the arrows should appear
Only "Main PA Direction" is taken into consideration ( BUY or SELL) Choose value = 1
Only "Intermediate PA Direction" is taken into consideration ( BUY or SELL) Choose value = 2
Both "Main PA Direction" and "Intermediate PA Direction" are taken into consideration (both have same value - BUY or SELL) Choose value = 3

For Higher probability trades, it is better to take trades in the direction of the higher time frame. But with this change, the trader can decide when the arrow should appear.

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This should help. It is recommended to use "3" as the value (which is the default).
  • #33
  • Apr 11, 2021 5:46pm Apr 11, 2021 5:46pm
The indicator is updated and the latest is uploaded to Post #1. If you are using the indicator, please download from Post # 1 and refresh at your end.

Green pips!
  • #34
  • Apr 11, 2021 10:08pm Apr 11, 2021 10:08pm
Quoting Smmtrader
{quote} JT96, Could you please let me know the symbols for Crypto available in MT4 that you are looking for (I have not traded Crypto before) ? If i can find them in MT4, i will try to add. Also, let me know which MT4 broker supports those Crypto symbols. Thanks.
Dear Sir
Im using Pepperstone and the crypto symbol are as below
1. Bitcoin
2. Ethereum
3. litecoin
4. Dash

Many thanks and green pips to everyone in this thread. Cheers
  • #35
  • Apr 12, 2021 12:37am Apr 12, 2021 12:37am
Quoting Smmtrader
Hello Chess-Trader, Is the following good ? Or do you want to be able to choose the colors? Please let me know. {image} {image} {image} {image} {image} {image}
These colors are good, but because I use a different background, it may not be enough. So if possible, I would prefer to be able to customize them myself.
Super indicator!
  • #36
  • Apr 12, 2021 2:27am Apr 12, 2021 2:27am
Okay, thanks for clarification and the modification to indicator. you are also a good programmer! happy trading to all with SMM system
  • #37
  • Apr 12, 2021 4:22am Apr 12, 2021 4:22am
GBPJPY buy activated, i dont know why my chart is not displaying the buy and sell write-up.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH4.png Size: 50 KB
When you learn to adapt, you will be unbeatable........ "FX IS SWEET".
  • #38
  • Apr 12, 2021 8:39am Apr 12, 2021 8:39am
Quoting benpuzzy
GBPJPY buy activated, i dont know why my chart is not displaying the buy and sell write-up. {image}
Which broker do you use? I may need to download their MT4, create a demo account and test it out to understand the issue. Thanks.
  • #39
  • Apr 12, 2021 8:51am Apr 12, 2021 8:51am
Quoting Chess-Trader
{quote} These colors are good, but because I use a different background, it may not be enough. So if possible, I would prefer to be able to customize them myself. Super indicator!
Thank you for the kind words. I will make the update and let you know.
  • #40
  • Apr 12, 2021 8:52am Apr 12, 2021 8:52am
Quoting Matteorossi
Okay, thanks for clarification and the modification to indicator. you are also a good programmer! happy trading to all with SMM system
Thank you for the kind words.
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