Sorry to hear that, but we all learn from our mistakes.
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DislikedIn forex trading it is important to have the larger time frame in mind.
How do you trade this for a short term trader looking for 40-100 pips per trade? Wait for the current HR candle to close if the next candle open above 1.53800, the retrace is confirmed. Follow the candle and take your pips.
Another way to trade this is, since the daily chart shows that the fall is still on, wait for the current reverse to end and follow the next bear candle. Either way you will get your pips. The advantage you have with H4 is that you are guaranteed enough...Ignored
DislikedHello Articulate,
It is 9.50 pm Eastern time, I believe US/CAD 4 hr is about ready for a short. Will you please confirm?
Also how many pips can I expect and will you please let me have your rules for a trade.
Thank you.Ignored
DislikedFew days ago long EUD/JPY at 108.20 when H4 RSI at 30 level with a SL at 105.96, however the SL was hit. Does this always happen?? I thought H4 RSI at 30 level is a very high probability trade??
The other question is when H4 RSI at 30 level, you said use M15 as entry. If M15 RSI level is at 50, shall i wait until it reaches 30 level or just place the long entry right away??
Thank you.Ignored
DislikedFew days ago long EUD/JPY at 108.20 when H4 RSI at 30 level with a SL at 105.96, however the SL was hit. Does this always happen?? I thought H4 RSI at 30 level is a very high probability trade??
The other question is when H4 RSI at 30 level, you said use M15 as entry. If M15 RSI level is at 50, shall i wait until it reaches 30 level or just place the long entry right away??
Thank you.Ignored
DislikedYour main objective should be fund preservation
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Wrong. Your main objective is to make money. You don't trade to not lose.Ignored
DislikedAs you rightly observed, H4 gave a sell signal yesterday which yielded about 100 pips. It remained valid for the next 16 hours or so, before turning back to the exact spot where the signal was given. You are begining to understand the technique of 4H. H4 is back in the sell zone at the time of writing, monitor it and pull the trigger and you will never get it wrong.
Hello Articulate,
Thank you for your encouraging words. I am beginning to feel more comfortable with the 4 hr trading and having sucess too - note only when I confirm 4 hr with...Ignored
DislikedLet me make explain the strategy serially:
1. The fact that H4 RSI is on 30 level is not a signal to trade.
2. Wait for the next reversal candle on H4 Chart.
3.When you see the reversal candle on H4, go down to M15 to follow a reversal candle...Ignored
DislikedReversal candle on H4...can you please elaborate? As each candle will take 4 hours to complete...how to know whether it's a reversal candle?? When it's a reversal candle..the RSI may not be at 30 level...so how? Some candle might spike up before it turns to the other direction...alsoIgnored
DislikedHello Articulate,
We discussed this one two days ago, I believe the descent ( long term ) has begun as you stated at the time.Ignored
DislikedLong Term
Do you still use RSI for your weekly and monthly trades?? What do you mean place a trade based on the direction of the candle? Can you please elaborate. How come the target profit for weekly is lower than daily?? I thought longer period should have bigger target profit!.
[b]3 days into a new month..that means you will place a monthly position on 3rd of Sep. Can you share and give some example on this long term trade? Do you place your weekly on monday itself? or wait until the RSI hits 70 or 30 level?..Will appreciate...Ignored