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Booker66 4hr strategy

  • #21
  • Edited 10:38am May 10, 2010 10:33am | Edited 10:38am
I entered USD/JPY based on retracement to previous level of support and approx 50% candle retracement.

Is the previous level of support too distant to be considered valid?
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  • #22
  • May 10, 2010 3:36pm May 10, 2010 3:36pm
thanks guys for all the questions .. to be honest i wasnt expecting any interest .. ill try to reply asap but the joys of fulltime employment and a demanding 4yr old are making my partime trading strategy a no time trading strategy at the present time ...

starting this thread has made me realise that everyone is looking at different styles of charts and what you see maybe is different from what i see .

bear with me and ill try to get across what i think is a sound strategy .. thanks .
  • #23
  • May 10, 2010 4:53pm May 10, 2010 4:53pm
hey chazbo .. thanks for the chart .
i didnt take this trade .. so this is in hindsight .. but this is how i saw it ...bearing in mind we have had a massive dive so not sure how much legs this would have .. but we have a nice green candle break up through the 20 ema and of the nearest resistance to the left at 92.86..
Then it stalled at the 76% retracement of the last major high and pulled back to touch 92.80 area again which coincided with the previous level of support you mentioned 92.81 on my chart ..

entry at 92.86
profit target 94.92 (or 93.94)on chart below .
risk 92.38 (48 pips )
will go into where set stop loss ..

break even level 93.31 ... 76% fibb . in this case .. are you still in the trade ?

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  • #24
  • May 10, 2010 5:20pm May 10, 2010 5:20pm
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.

yes i use whole candle for 50% retrace ..

up to 3 candles to trigger order .
  • #25
  • May 10, 2010 5:37pm May 10, 2010 5:37pm
I exited trade with a small profit. It was trading sideways at 76.4 level.
  • #26
  • May 10, 2010 6:12pm May 10, 2010 6:12pm
Quoting chazbo 3071
I exited trade with a small profit. It was trading sideways at 76.4 level.
yeh .. the 76% fibb generally provides some resistance .. thats why i use it as break even point most of the time .. be interesting to see if it breaks through or rebounds .
  • #27
  • May 10, 2010 8:49pm May 10, 2010 8:49pm
Quoting jcorp
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
same question here. any replies ?
  • #28
  • May 10, 2010 11:17pm May 10, 2010 11:17pm
EUR/JPY short with 50% candle retracement.
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  • #29
  • May 11, 2010 9:11am May 11, 2010 9:11am
Quoting 4Xfactor
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,
hi , theres some conditions that are unfavourable for this trading .. a volitile market with big whippy candles moving back and through the 20ema make finding a suitable entry with the right risk/reward a lot harder ..

i try to keep my risk to around 50 pips max .. so the bigger the candle the more the risk .. best type of trade is when markets are pottering a long ..with the moving averages quite close together .. then a nice break of the 20ema with the candle not to big for good r/r.. to signal a possible change of trend or trend continuation and wait for a possible pullback .

in the end your going lose some win some . its down to r/r again i suppose ..

looking at the areas you were talking about , there werent many qualifying trades i would have taken .. but there were pips available .. but thats easy to say in hindsight of course . all the best
  • #30
  • May 11, 2010 1:46pm May 11, 2010 1:46pm
[quote=chazbo 3071;3713904]EUR/JPY short with 50% candle retracement.[/quote

looked like a good entry ... what was the outcome chazbo .
  • #31
  • May 11, 2010 2:02pm May 11, 2010 2:02pm
Ok, thanks for your reply. I will review the system further.

Kind regards,


Quoting booker66
hi , theres some conditions that are unfavourable for this trading .. a volitile market with big whippy candles moving back and through the 20ema make finding a suitable entry with the right risk/reward...
  • #32
  • May 11, 2010 2:12pm May 11, 2010 2:12pm
thought this looked a good risk/reward entry ... although has rebounded a bit ... will have to see ...
entry 7190 off s/r level
stop at 7223 (33 pips)
profit target 7070(120 pips )and break even point at 62% retracement at 7155..

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  • #33
  • May 11, 2010 2:22pm May 11, 2010 2:22pm
[quote=booker66;3716052]
Quoting chazbo 3071
EUR/JPY short with 50% candle retracement.[/quote

looked like a good entry ... what was the outcome chazbo .
I exited at weekly pivot +156 pips
  • #34
  • May 12, 2010 7:36am May 12, 2010 7:36am
nice one ...
  • #35
  • May 12, 2010 7:40am May 12, 2010 7:40am
trade got to 87 pips profit ... then a massive pin bar turnaround .. broke even .

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  • #36
  • May 13, 2010 1:27pm May 13, 2010 1:27pm
hi, possible trade , price broken up through the 20ema ... 5ema about to cross .. price has pulled back to 50% of candle .. but i prefer s/r level 0.8543 for entry ... parabolic sar green .

have wait to see if it pullsback to entry point..?
risk 33pips
profit target s/r level 0.8643 ....100pips
break even...50% retrace 0.8596

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  • #37
  • May 13, 2010 2:44pm May 13, 2010 2:44pm
aud/jpy looks in a bit of a range ... looking at a possible move down to 82.00 if it break s the 83 level .....will wait for potential pullback to 83 ... if r/r set up ok .

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  • #38
  • May 14, 2010 7:22am May 14, 2010 7:22am
this is the kind of risk /reward trade i like ..

price moved up through 20ema... 5ema cross .. good rr candle not to big..parabolic sar green .. nice pullback to S/R .. THE PERFECT SET UP .

entry 1.0225
risk 22pips
profit target..1.0557(332 pips) would you have the bottle to hold it that long .. probably not .
break even 50% retrace 1.0333... could be a more realistic p/t ..

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  • #39
  • May 14, 2010 8:54am May 14, 2010 8:54am
Quoting booker66
hi, possible trade , price broken up through the 20ema ... 5ema about to cross .. price has pulled back to 50% of candle .. but i prefer s/r level 0.8543 for entry ... parabolic sar green .

have wait to see if it pullsback to entry point..?
risk 33pips
profit target s/r level 0.8643 ....100pips
break even...50% retrace 0.8596

Attachment
eventually pulled back but below the 20ema so not risking it ...

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  • #40
  • May 14, 2010 9:01am May 14, 2010 9:01am
Quoting booker66
aud/jpy looks in a bit of a range ... looking at a possible move down to 82.00 if it break s the 83 level .....will wait for potential pullback to 83 ... if r/r set up ok .

Attachment
broke down to the 82 but didnt take the trade as was asleep ... also in hindsight the entry looks a bit untidy ..

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