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Trendline Scalping 4hr timeframe

  • #661
  • Aug 5, 2010 5:27am Aug 5, 2010 5:27am
Quoting david486
guys new trade setups for the following pairs nn updated sorry i dont have time for screenshots.
gbp/jpy
eur/jpy
usd/chf
aud/usd
all short positions
please take note of news, will not be trading 1hr before or after for all pairs.

also not that leg2(l2) has to close as a leg

These are trades against the daily trend (Countertrend)...
eTrader,
  • #662
  • Aug 5, 2010 5:39am Aug 5, 2010 5:39am
Quoting Precap2
I think the OP stated from the beginning that the time lapse from the first touch to the second should not be less than 8hrs. The two consecutive touch cannot be that much unless candle is daily.
thanks precap

That is how I understood it originally but thought sometyhing must have changes as the chart in mention is a 4H.
Speaking of 4H charts could someone please post the 4h for Davids pairs just mentioned because how you can get a short on the AUD/USD from a trend line is nothing like what I can get on my charts. I found out IG markets run BST (British Summer Time) and not GMT over 7 months of the year which means 4H charts are different to every other provider who doesn't run on BST. Do all other providers run to GMT do you guys know?
  • #663
  • Aug 5, 2010 5:39am Aug 5, 2010 5:39am
Quoting eTrader
These are trades against the daily trend (Countertrend)...
eTrader,
lol well dont trade them etrader.

im out of gy 41pips! aussie is still running and euro was a no trade
  • #664
  • Edited 6:21am Aug 5, 2010 5:46am | Edited 6:21am
Quoting john19r
lol well dont trade them etrader.

im out of gy 41pips! aussie is still running and euro was a no trade

guys i have exited early for +33 pips for the gbp(closed ealry due to news coming out shortly) i have also closed my aud trade for +5 pips .

etrader this is 4hr method mainly. not daily though i do line up 4hr with daily to confirm trends that happen in the 4hr peroid.
  • #665
  • Aug 5, 2010 7:38am Aug 5, 2010 7:38am
Quoting debono
Speaking of 4H charts could someone please post the 4h for Davids pairs just mentioned because how you can get a short on the AUD/USD from a trend line is nothing like what I can get on my charts. I found out IG markets run BST (British Summer Time) and not GMT over 7 months of the year which means 4H charts are different to every other provider who doesn't run on BST. Do all other providers run to GMT do you guys know?
Hi debono.
Let me try to resolve some of the confusion. It is normal that every broker has slightly different signals/charts. We have to deal with that in these forums.
Bigger visual differences (candle shape) can also occur easily, as brokers can have different starting hours, or other open/close prices for each candle. Normally highs/lows you want to identify at a defined time are approximately the same at most times - but candles might still look different.
What I want to say is, independent from your brokers price feed, you should still be able to idnetify the highs or lows which David uses as leg "startpoints".

But the problem here is something different. David creates many Trendlines based on quite inconspicuous candle appearances. For this method, david also looks against the dominating maintrend, i.e. smaller retraces (like the one seen on AUDUSD on H4 currently). On H4, the small tips of the candles' shadows are enough for DAvid to use it as a leg for the trendline drawing. One can more easily identify the swings of the main-trend retrace on smaller timeframes, like on my attached screenshot from M30. But David draws trendlines based on H4.
Also, the same happens when you might think it is only the 2nd touch of the trendline. If you zoom in enough, you will see it touched as a leg2, then retraced maybe 10-20 pips, then touched the TL again (leg3). Not so clear to see on H4, though,..
I asked David how reliable he feels them to be, compared to big retraces one would identify easily on H4, like real swings over several H4 candles.
He answered he sees them as reliable as the kind of retraces which he e.g. showed in his 1st post #1.

Hope this helps.
Lowen

AUDUSD H4
Attached Image

Enter Short exactly on number 3, as price touches the TL, coming from below..

AUDUSD M30
Attached Image

(the next high after the initial "1" is not counted, as it is less than 8hours from high1)

(these are FXPro charts (GMT+2))
  • #666
  • Aug 5, 2010 8:18am Aug 5, 2010 8:18am
aud/usd closed for 30+ pips. 71+pips total this week. nice
  • #667
  • Aug 5, 2010 8:42am Aug 5, 2010 8:42am
Quoting david486
ummm what is this and why did you post it on this thread?

guys tps hit for both trades gbp/jpy and aud/usd eur/jpy was a no trade.

i didnt hold because of news. around 37+pips in total for me all who trades well done. ill hopefully have autotrade enabled next week for all pairs and ill upp a new vid on how to use this feature properly.

im calling it a day if i see anything significantly before the nfp release tomorrow i will update the nn though if i dont thats a week for me.
I got GJ but only + 5pip my TS was too tight, worried about the news.
  • #668
  • Aug 5, 2010 9:38am Aug 5, 2010 9:38am
Hi David I read the entire thread and I have traded similar to this for 3 years and I will join in to help make this a great thread.Thanks for all your time given to help others. I don't use the script but only trade it manually and always go to smaller time frame for confirmation. It's more accurate but you will miss some trades. Anyway thanks to David and all who help here. Always patient MR D.
Jesus my Lord
  • #669
  • Aug 5, 2010 10:38am Aug 5, 2010 10:38am
Could this be a potential trade?

Disclaimer: Trade at your own risk.
Attached Image
  • #670
  • Aug 5, 2010 8:11pm Aug 5, 2010 8:11pm
"Hi debono.
Let me try to resolve some of the confusion. It is normal that every broker has slightly different signals/charts. We have to deal with that in these forums.
Bigger visual differences (candle shape) can also occur easily, as brokers can have different starting hours, or other open/close prices for each candle. Normally highs/lows you want to identify at a defined time are approximately the same at most times - but candles might still look different.
What I want to say is, independent from your brokers price feed, you should still be able to idnetify the highs or lows which David uses as leg "startpoints"."

Many thanks Lowen for yout post.

I have been trading FX for a couple of years and have only just discovered this re different open/close times for different brokers ergo different candles.
I must say that this has some rather large implications in my mind as BST and GMT being one hour different has a pretty significant effect on all candles greater that 1H including daily.
We are not trading off pretty pictures and coloured lines, we are trading off the recording of crowd behaviour and re ocurring behaviour based on what we perceive the crowd to see ie bounce off 3rd hot of established trend line. If we all see some thing different ie different highs and lows then this to me seems a falsehood as far as trading off charts.
It is not so much as a forum issue as it is an accuracy issue for mine.
I am told that the pro's trade off mainly 4H and daily with some use of the 1H.
Not sure how true that is but is it is then collectively we are all only redaing the same charts at time frames from 1 hour and less. Definately puts a different perspective on things for me and thanks once again for your insightful post
  • #671
  • Aug 5, 2010 8:28pm Aug 5, 2010 8:28pm
Quoting Mr D.
Hi David I read the entire thread and I have traded similar to this for 3 years and I will join in to help make this a great thread.Thanks for all your time given to help others. I don't use the script but only trade it manually and always go to smaller time frame for confirmation. It's more accurate but you will miss some trades. Anyway thanks to David and all who help here. Always patient MR D.
hey mr d i have only been trading this method for the time dave has had it here on ff. i have achieved great success in the time i have done so. i have gone from fail to success(lets hope it stays that way lol).
how successful have you been in trading this method or similar for 3 years?
  • #672
  • Aug 5, 2010 11:49pm Aug 5, 2010 11:49pm
guys usd/chf trade short sell. see nn for details.
remember stay out around news and especially nfp
  • #673
  • Aug 6, 2010 4:49am Aug 6, 2010 4:49am
Quoting david486
guys usd/chf trade short sell. see nn for details.
remember stay out around news and especially nfp
Can you imagine a newbie disagreeing with the boss? I beg to disagree and hope to be pardoned. Let's see how this plays out though. It's the market for us all.
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 12 KB
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #674
  • Aug 6, 2010 5:35am Aug 6, 2010 5:35am
Quoting Precap2
Can you imagine a newbie disagreeing with the boss? I beg to disagree and hope to be pardoned. Let's see how this plays out though. It's the market for us all.
hehe how did it play out precap? i got my 30+ everyone else make on this usd/chf?
  • #675
  • Aug 6, 2010 6:00pm Aug 6, 2010 6:00pm
Hi, guys!

Are all these AUD long trades right? Did anyone take them?
What would we do in the case where we have two "opposed trendlines" nearby?

Thanks!
Jed

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.png Size: 136 KB
  • #676
  • Aug 6, 2010 7:01pm Aug 6, 2010 7:01pm
Quoting jedlanca
Hi, guys!

Are all these AUD long trades right? Did anyone take them?
What would we do in the case where we have two "opposed trendlines" nearby?

Thanks!
Jed

Attachment
yes they are right, i took them. decent trades
  • #677
  • Aug 7, 2010 2:20am Aug 7, 2010 2:20am
David486

Nice simple system you have here, congratulations.


You may find the Sweetspots Gold round number indicator I modified useful, to show where the third leg may have good support, without putting lines all over the screen.


The indicator puts Round numbers only on the right hand side of the screen.
Change the shift lines number to make the lines longer or shorter.

Hope you guys find this useful.
Attached Image (click to enlarge)
Click to Enlarge Name: pic.gif Size: 24 KB
Attached File(s)
File Type: mq4 SweetSpots GOLD modification.mq4   4 KB | 481 downloads
  • #678
  • Aug 7, 2010 3:27am Aug 7, 2010 3:27am
Hi thanks for that but it doesn't semm to open.. cheers
  • #679
  • Aug 7, 2010 3:59am Aug 7, 2010 3:59am
Quoting Froggy10
Hi thanks for that but it doesn't semm to open.. cheers
You mean the Round Number indicator?

No one else seems to have had this problem.


You have to download it, then drop it into the Experts/ Indicator folder of your MT4 then close it down and restart MT4 before you add it to your chart, as with all MT4 indicators.
  • #680
  • Aug 7, 2010 4:25am Aug 7, 2010 4:25am
ok thank you very much.. i didn't close it down.. i'll do it now.. cheers
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