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Booker66 4hr strategy

  • #1
  • First Post: Edited Jul 25, 2022 8:36am May 9, 2010 11:28am | Edited Jul 25, 2022 8:36am
morning .
  • #2
  • May 9, 2010 11:43am May 9, 2010 11:43am
have been bullied off the computer by a 4 yr old ..... will post some charts asap .....
  • #3
  • May 9, 2010 2:20pm May 9, 2010 2:20pm
ill put charts up of past trading opps( as examples ) and potential trades as they crop up ... entry point / profit target and risk ...and result of course ... live by the sword ... die by the sword

will explain strategy as we go on if any interest ...
trades i got on ...gbp/usd short .
entry 1.5269..
risk....1.5323 ( 53pips )
profit target ..1.5124 (145 pips ) ... move stop to break even at 76% retrace at 1.5188..

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd4hr.gif Size: 37 KB
  • #4
  • May 9, 2010 2:26pm May 9, 2010 2:26pm
nice result ...hit profit target ... wish i had the bottle to hold the trade ..

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd2.gif Size: 37 KB
  • #5
  • May 9, 2010 2:32pm May 9, 2010 2:32pm
Looks interesting, Booker.
What is your strategy?
Thanks
  • #6
  • May 9, 2010 2:32pm May 9, 2010 2:32pm
Send that four year old to his/her room, and post the charts!
  • #7
  • May 9, 2010 2:42pm May 9, 2010 2:42pm
Quoting Dreamliner
Send that four year old to his/her room, and post the charts!
hes in the bath !!
  • #8
  • May 9, 2010 4:21pm May 9, 2010 4:21pm
the moving averages are...
20ema
5 ema ( optional .. but looks nice when they cross !)
parabolic sar .. settings 0.01/ 0.1/ 0.094..

idea..
buy when candle crosses up through 20 ema ...and 20 ema turning upwards .. nice if you get 5ema crossing up through the 20 aswell ..
parabolic sar to confirm move also (example on chart below )

entry ..
i like to wait for a pullback to the nearest support / resistance area or to a 50% retracement of the candle crossing above the 20 ema..as long as the entry is above ....or level with the 20 ema ( not below ).

sell ..when candle crosses down through 20 ema .. with 20ema turning down.. 5 ema cross down / parabolic sar to confirm .
entry .. pullback to s/r or 50% retrace of candle .. like it if those two levels are close together ! (but not above the 20 ema )..

example below ..



.
  • #9
  • May 9, 2010 4:35pm May 9, 2010 4:35pm
heres some recent trades .. with potential pips profit .. obvously didnt max out those pips but took a fair share ...

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf3.gif Size: 52 KB
  • #10
  • May 9, 2010 4:49pm May 9, 2010 4:49pm
same chart as above with result of last trade ( got out well before the top level) .... nice with the trend trades .. this pattern repeats itself a lot .. you dont win them all and dont always get a pullback so miss potential moves but the risk /reward is consistant and suits my part -time trading style as you can set the entry point and let the trade come to you ...

will put more info about managing the trade later if anyone interested .cheers...


Attached Image (click to enlarge)
Click to Enlarge Name: usdchf2.gif Size: 38 KB
  • #11
  • May 9, 2010 5:01pm May 9, 2010 5:01pm
I like your colored EMAs. Could you post the indicator? I had em long time ago but inadvertantly deleted them. Thanx in advance.
  • #12
  • May 9, 2010 5:13pm May 9, 2010 5:13pm
Quoting Flamenco143
I like your colored EMAs. Could you post the indicator? I had em long time ago but inadvertantly deleted them. Thanx in advance.
hi flamenco ... cant help you with that ..the ema colours were just an option on the software i use , not an uploaded indicator .
  • #13
  • May 9, 2010 7:08pm May 9, 2010 7:08pm
Please continue with how you manage these trades.
  • #14
  • Edited 11:08pm May 9, 2010 7:43pm | Edited 11:08pm
Here is an ma that you can customize.
Attached File(s)
File Type: mq4 FXprime-V2-Final.mq4   10 KB | 812 downloads
File Type: ex4 FXprime-V2-Final.ex4   11 KB | 785 downloads
  • #15
  • May 9, 2010 7:52pm May 9, 2010 7:52pm
here ya go
Attached File(s)
File Type: mq4 MA_in_Color.mq4   4 KB | 696 downloads
  • #16
  • May 9, 2010 7:58pm May 9, 2010 7:58pm
Are you setting limit orders for entries?

Would a touch on 5 EMA or 20 EMA be considered for entry?

Thanks
  • #17
  • May 9, 2010 8:39pm May 9, 2010 8:39pm
Anyone have a parabolic SAR for MT4 with the third parameter variable. The 2 that I have only allow me to change the first 2, not the .094
  • #18
  • May 10, 2010 7:47am May 10, 2010 7:47am
Quoting booker66
same chart as above with result of last trade ( got out well before the top level) .... nice with the trend trades .. this pattern repeats itself a lot .. you dont win them all and dont always get a pullback so miss potential moves but the risk /reward is consistant and suits my part -time trading style as you can set the entry point and let the trade come to you ...

will put more info about managing the trade later if anyone interested .cheers...


Attachment
Hi,

Very interested in this method. I was wondering what would happen during periods like 16th March to 24th (approx) or 26th to 30th March or 4th to 6th March or 1st to 2nd March etc.

Do you move stops to breakeven quickly to avoid losses in such cases, or are they filtered somehow.

Kind regards,
  • #19
  • May 10, 2010 8:35am May 10, 2010 8:35am
Quoting chazbo 3071
Are you setting limit orders for entries?

Would a touch on 5 EMA or 20 EMA be considered for entry?

Thanks
hello chazbo ..

yes i guess there limit orders .. at my spreadbet firm they dont call them that , its just an order ....above or below .

i think a lot of people trade off pullbacks to emas ... but i personally prefer a pullback to s/r areas as its a more solid level where price has reacted before ... i like the 50% retracement of the candle aswell... if they all coincide then great .

in the end if its going to be pullback ..its going to find somewhere to pullback to ... im just finding areas where theres a chance it might stop and reverse whilst keeping the risk as low as possible ....
  • #20
  • Edited 10:16am May 10, 2010 10:06am | Edited 10:16am
Quoting booker66
hello chazbo ..

yes i guess there limit orders .. at my spreadbet firm they dont call them that , its just an order ....above or below .

i think a lot of people trade off pullbacks to emas ... but i personally prefer a pullback to s/r areas as its a more solid level where price has reacted before ... i like the 50% retracement of the candle aswell... if they all coincide then great .

[b]in the end if its going to be pullback ..its going to find somewhere to pullback to ... im just finding areas where theres a chance it might...
Thanks for your response, Booker.

When using 50% candle retracement, are you using the overall length of candle (wick to wick) or just the body of the candle?

Also, if the next candle does not trigger your entry order, do you remove the order or do you allow subsequent candles to trigger order?

I trade the H4 charts and am very interested in learning to enter on pullbacks to improve RRR.

Thanks
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