From what I have experienced so far with this approach I am going with this.
It can work very well, It might be a very good semi scalping method.
Can't just enter blindly following 4 hr recommendation.
I have been experimenting using 4 hr & 1 hr or 30 min tf and really going with the shorter TF's entering and taking what it gives over a short period of time .
Looking at the 4 hr recommendation then going to a 1 hr or 30 min to see if the timing is there for an immediate upward move. I want to find pairs that are beginning to or in a cycle moving with the 4 hr.
Much of the time the lower TF's are against the 4 hr and I want to stay out of those situations.
The drawdowns that can arise by leaving the trade on for hours to me are simply unacceptable which do happen as the timing of the 4 hr is just not good enough to avoid the DD's. (10 pairs down 50 pips per pair adds up fast)
Case in point. at the top of the previous hour made about 300 pips in 10 minutes on 10 pair. Closed out re opened 4 pair & made 95 pips in less than 10 min.
now 17 minutes into the next hour it would all be gone and in negative territory big time.
There are times to be in and times to be on the sideline.
Choose you spots.
My advise, use the 4hr / Daily to decide when it is time to be looking to be in the market, enter in trending times, stay out in chop.
Look at the longer terms and trade the pair(s) that are trending, stay away from the pairs that are in chop.
I want to make money, not trade a lot.
It can work very well, It might be a very good semi scalping method.
Can't just enter blindly following 4 hr recommendation.
I have been experimenting using 4 hr & 1 hr or 30 min tf and really going with the shorter TF's entering and taking what it gives over a short period of time .
Looking at the 4 hr recommendation then going to a 1 hr or 30 min to see if the timing is there for an immediate upward move. I want to find pairs that are beginning to or in a cycle moving with the 4 hr.
Much of the time the lower TF's are against the 4 hr and I want to stay out of those situations.
The drawdowns that can arise by leaving the trade on for hours to me are simply unacceptable which do happen as the timing of the 4 hr is just not good enough to avoid the DD's. (10 pairs down 50 pips per pair adds up fast)
Case in point. at the top of the previous hour made about 300 pips in 10 minutes on 10 pair. Closed out re opened 4 pair & made 95 pips in less than 10 min.
now 17 minutes into the next hour it would all be gone and in negative territory big time.
There are times to be in and times to be on the sideline.
Choose you spots.
My advise, use the 4hr / Daily to decide when it is time to be looking to be in the market, enter in trending times, stay out in chop.
Look at the longer terms and trade the pair(s) that are trending, stay away from the pairs that are in chop.
I want to make money, not trade a lot.