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Trading on H4 using Price Action

  • #81
  • Apr 13, 2021 12:30pm Apr 13, 2021 12:30pm
Quoting gabbie2010
Thanks for the efforts with the inclusion of some cryptocurrencies pairs I will download now and test
Welcome. Please be aware that the symbols on your charts must match the following for it to work. Unfortunately i could not get a Demo account at the broker you had mentioned earlier.

BTCUSD
LTCUSD
ETHUSD
  • #82
  • Apr 13, 2021 12:31pm Apr 13, 2021 12:31pm
I may have missed it in the thread but, how does your indicator decide the direction on the HTF's?
  • #83
  • Apr 13, 2021 12:40pm Apr 13, 2021 12:40pm
Quoting bojack34
I may have missed it in the thread but, how does your indicator decide the direction on the HTF's?
I manually analyze the PA on Multiple timeframes using MN, W1, D1, H4 charts and feed the indicator as variables for each Currency pair / Gold / 3 Cryptos. There is no automatic determination of the PA direction.
  • #84
  • Apr 13, 2021 2:08pm Apr 13, 2021 2:08pm
Quoting Smmtrader
{quote} I manually analyze the PA on Multiple timeframes using MN, W1, D1, H4 charts and feed the indicator as variables for each Currency pair / Gold / 3 Cryptos. There is no automatic determination of the PA direction.
Oh, ok. I keep seeing Buy and Sell signals in the top right corner of the indicator and I thought that the indicator did the calculations for those. So, you manually do you own calculations for each pair? Where do those signals on the indi come from?
  • #85
  • Apr 13, 2021 2:14pm Apr 13, 2021 2:14pm
Quoting bojack34
{quote} Oh, ok. I keep seeing Buy and Sell signals in the top right corner of the indicator and I thought that the indicator did the calculations for those. So, you manually do you own calculations for each pair? Where do those signals on the indi come from?
Yes. I manually do the calculations for each pair based on candle stick patterns, Trend lines, Demand / Supply zones etc.

The bar from which the arrows should show is determined manually by looking at TL breaks etc on H4. The arrow itself is drawn by the indicator by checking the size of the wick - this part needs a bit of fine-tuning though. The goal is to display the arrow when the body is good size and the top wick is none or tiny for a BUY side and bottom wick is none or tiny for the SELL side.

Hope this helps.
  • #86
  • Apr 13, 2021 3:51pm Apr 13, 2021 3:51pm
Quoting Smmtrader
{quote} Welcome. Please be aware that the symbols on your charts must match the following for it to work. Unfortunately i could not get a Demo account at the broker you had mentioned earlier. BTCUSD LTCUSD ETHUSD
Whilst I have not been trading these, I do have them up on my FXChoice MT4 charts, direction is black and no trade arrows yet.

Here's to a flat White
  • #87
  • Apr 13, 2021 4:53pm Apr 13, 2021 4:53pm
Quoting Coffeebuff
{quote} Whilst I have not been trading these, I do have them up on my FXChoice MT4 charts, direction is black and no trade arrows yet. Here's to a flat White
Are the symbols exactly as listed without any additional characters? Also, i cannot create a Demo account since they prohibited U.S. - I tried to create so that i can test and fix the issue if any - oh well !.

BTCUSD
LTCUSD
ETHUSD
  • #88
  • Apr 13, 2021 5:12pm Apr 13, 2021 5:12pm
Watching AUDJPY for a BUY (Need to see a clear break of TL, retrace and reject ... etc)

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The PA is a bit more clear on H1 at this point.
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  • #89
  • Apr 14, 2021 9:14am Apr 14, 2021 9:14am
AUDJPY BUY
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  • #90
  • Apr 14, 2021 10:00am Apr 14, 2021 10:00am
Quoting Smmtrader
AUDJPY BUY {image}
If you are long on AUDJPY, watch out for the supply zone the price is at now. Notice how quickly price dropped from the supply zone marked in yellow (earlier move). Price could go sideways or reverse from here. Please continue to watch the PA.

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  • #91
  • Edited 12:47pm Apr 14, 2021 11:03am | Edited 12:47pm
It is very important to know the demand / supply zones (especially the ones that are fresh and strong) as they can cause the price to reverse.

Before entering any trades, please draw the demand / supply zones on all the currency pairs you are trading and keep it ready for reference.
  • #92
  • Edited 2:12pm Apr 14, 2021 1:56pm | Edited 2:12pm
Simple way to identify fresh and strong demand and supply zones:

1. Minimize the charts completely (Can use H1, H4, D1 or W1 timeframes)

2. Visually check for areas from which price has moved quickly (downwards or upwards), without hesitation and mark those areas for future reference.

3. When price reaches those, observe the PA and this can help in:

a. Deciding to exit / stay in / scale out the positions
b. Trade the reversal from that point ( Use "false breakout" or "crack and snap" method )

Minimized chart ( H1 )
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Visually identify, add the lines and draw the zones
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  • #93
  • Apr 16, 2021 10:46am Apr 16, 2021 10:46am
Does anyone find this approach profitable? If you would like to make changes to the indicator on an ongoing basis and use it, I can explain where to make the changes and use it.

If you prefer to analyze the markets manually and have any questions, let me know. I can try to clarify.
  • #94
  • Apr 16, 2021 11:26am Apr 16, 2021 11:26am
Quoting Smmtrader
Does anyone find this approach profitable? If you would like to make changes to the indicator on an ongoing basis and use it, I can explain where to make the changes and use it. If you prefer to analyze the markets manually and have any questions, let me know. I can try to clarify.
That is exactly what i wanted to ask because from your approach, we need to be changing the indicator on a daily basis if you can make one indicator that will do the work for a very long time.
When you learn to adapt, you will be unbeatable........ "FX IS SWEET".
  • #95
  • Apr 16, 2021 11:41am Apr 16, 2021 11:41am
Quoting benpuzzy
{quote} That is exactly what i wanted to ask because from your approach, we need to be changing the indicator on a daily basis if you can make one indicator that will do the work for a very long time.
If we need to have the indicator work for a long time without changes, then the HTF would need to be Monthly and Intermediate TF needs to be Weekly. . In this scenario, the indicator can be updated once a week. The trading TF would be Weekly and not H4.

Any thoughts?
  • #96
  • Apr 16, 2021 1:34pm Apr 16, 2021 1:34pm
Quoting Smmtrader
{quote} Are the symbols exactly as listed without any additional characters? Also, i cannot create a Demo account since they prohibited U.S. - I tried to create so that i can test and fix the issue if any - oh well !. BTCUSD LTCUSD ETHUSD
Try Fpmarkets Demo they have the three of them.
  • #97
  • Apr 17, 2021 12:47am Apr 17, 2021 12:47am
Quoting Smmtrader
{quote} If we need to have the indicator work for a long time without changes, then the HTF would need to be Monthly and Intermediate TF needs to be Weekly. . In this scenario, the indicator can be updated once a week. The trading TF would be Weekly and not H4. Any thoughts?
I would suggest you look at getting the indi to import settings (pairs to trade , trend status, timeframes used) from a text file so that users are able to specify which pairs are traded and set the other info. themselves each week/month as required. Otherwise you risk making a lot of work for yourself.
Regards, Paul.
  • #98
  • Apr 17, 2021 10:18am Apr 17, 2021 10:18am
Quoting pah
{quote} I would suggest you look at getting the indi to import settings (pairs to trade , trend status, timeframes used) from a text file so that users are able to specify which pairs are traded and set the other info. themselves each week/month as required. Otherwise you risk making a lot of work for yourself. Regards, Paul.
Thanks, Paul. The changes are actually simple. The actual challenge is the frequency with which the changes need to be made.

Open the indicator in MQL4 editor
Analyze the main PA direction on Weekly / Daily and update the value for the first variable pointed to by the arrow
Analyze the intermediate PA direction on H4 and update the value for the second variable pointed to by the arrow
Identify the bar which broke the main TL on H4 and update the timestamp for the third variable pointed to by the arrow
Click Compile in the MQL4 editor.
That is it.

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  • #99
  • Apr 17, 2021 1:11pm Apr 17, 2021 1:11pm
Quoting Smmtrader
{quote} Thanks, Paul. The changes are actually simple. The actual challenge is the frequency with which the changes need to be made. Open the indicator in MQL4 editor Analyze the main PA direction on Weekly / Daily and update the value for the first variable pointed to by the arrow Analyze the intermediate PA direction on H4 and update the value for the second variable pointed to by the arrow Identify the bar which broke the main TL on H4 and update the timestamp for the third variable pointed to by the arrow Click Compile in the MQL4 editor. That...
i thought indicators where supposed to do your calculations for you. Seems awfully inconvenient to have to do all of that manually.
  • #100
  • Last Post: Edited 3:30pm Apr 25, 2021 2:55pm | Edited 3:30pm
Discontinuing this thread as this requires high maintenance / updating the indicator every 4 to 8 hours. The Price Action principles definitely work and are very valuable (If you choose to use a manual approach to trading this system)

I will focus on other approaches / experiments in other threads.
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