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Trendline Scalping 4hr timeframe

  • #1,021
  • Sep 8, 2010 2:03pm Sep 8, 2010 2:03pm
Quoting lawgirl21
Yes, and the fact that a beautiful channel had formed..trading channel bounces is one of my favorite ways to trade. I actually was more confident that this was a winning trade than any other of my recent trades...just goes to show what the market can do and how being too confident can back fire.
Yeah, I hear ya.

You know, I was going to say that you may want to start considering having some fundamental bias to your trading decisions. For example, that NZD long you took probably should have been left alone due to economic factors.

I know a lot of people walk around here preaching that price is everything, and that nothing else matters... unfortunately they're wrong. You seem to have a good grasp on technicals. I bet if you polished up your fundamental understanding of the market you'd be a pretty sharp trader.

Not criticism, simply observation. I happen to think you're a gifted chartist, with discipline firmly in place. If you start trading the entire picture you could be a potential fund manager one of these days.

Best of luck,
MM
  • #1,022
  • Edited 5:34pm Sep 8, 2010 2:08pm | Edited 5:34pm
I'm at work so I don't have time to go through the charts but....

There's been a ton of trend lines we could have traded on the 4 hr chart this week. I've been going up in tf to be sure there isn't a daily trendline that is close...if so I consider the higher time frame. I've noticed the price goes thru to the next line more times then normal. Dave can correct me if I'm wrong. It hasn't been 8 out of 10 wins this week on the 4hr charts.

I'm not getting any trades on his software this week so I'm guessing there's a reason....I've seen a mess on the 4hr charts.

Here's an example happening right now. The top red line is the daily. The other is the 4 hr. It's okay on this chart but I've seen it go much more then 50 this week.

OTE=lawgirl21;4008407]I agree, PA is my main "indicator" also. Not exactly sure what you mean by major trend lines, unless you mean overall trend direction which I look to daily and weekly PA to determine. But, with Dave's method, we are confined to looking at the current week's H4 bars, so that, to me, doesn't allow for "major trend lines", except as I said above, for overall direction.

Several of my charts and trades were clearly channel bounce trading and I tried to make it clear that my way of trading channels was not clearly Dave's and that I would not post if there was an objection to it...but a couple of the pairs were in beautiful channels over the past 3 days and I could not pass them up. Only one of my posted trades (mostly channel bounce trades) has been a loser and that is probably because I did not watch it.

Thanks for your response. I enjoy talking trading. I thought maybe this thread had died and that I was talking to myself.[/quote]
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  • #1,023
  • Sep 8, 2010 2:17pm Sep 8, 2010 2:17pm
Quoting mr.marketz
Yeah, I hear ya.

You know, I was going to say that you may want to start considering having some fundamental bias to your trading decisions. For example, that NZD long you took probably should have been left alone due to economic factors.

I know a lot of people walk around here preaching that price is everything, and that nothing else matters... unfortunately they're wrong. You seem to have a good grasp on technicals. I bet if you polished up your fundamental understanding of the market you'd be a pretty sharp trader.

Not criticism, simply...
Thanks for your kind words, I do love charts. And thanks for the constructive criticism. I use to try to keep up with fundamentals but eventually decided that fundamentals were crippling me ...meaning I was getting "analysis paralysis", so I rarely pay attention anymore. Can you recommend a concise source for market outlook? Thanks again...I so enjoy trading ideas.
  • #1,024
  • Sep 8, 2010 2:37pm Sep 8, 2010 2:37pm
Quoting lawgirl21
Thanks for your kind words, I do love charts. And thanks for the constructive criticism. I use to try to keep up with fundamentals but eventually decided that fundamentals were crippling me ...meaning I was getting "analysis paralysis", so I rarely pay attention anymore. Can you recommend a concise source for market outlook? Thanks again...I so enjoy trading ideas.
Well, let's make this a little more interesting...

For one, there is no "concise source for market outlook"... which probably explains you getting "analysis paralysis".

Let's simplify...

See if you can figure out which country is the current global leader in economic growth and prosperity by simply doing some good old fashioned Google searches.
  • #1,025
  • Sep 8, 2010 2:57pm Sep 8, 2010 2:57pm
Quoting lawgirl21
Thanks for your kind words, I do love charts. And thanks for the constructive criticism. I use to try to keep up with fundamentals but eventually decided that fundamentals were crippling me ...meaning I was getting "analysis paralysis", so I rarely pay attention anymore. Can you recommend a concise source for market outlook? Thanks again...I so enjoy trading ideas.
hello lawgirl21, i like http://www.forexlive.com/category/all
  • #1,026
  • Sep 8, 2010 4:20pm Sep 8, 2010 4:20pm
Quoting driftwood
hello lawgirl21, i like http://www.forexlive.com/category/all
Thanks DW, that's what I mean when I say concise. I will bookmark it.
  • #1,027
  • Sep 8, 2010 6:09pm Sep 8, 2010 6:09pm
This is my second trade today on this pair. First long - +26 pips. Time will tell what the short will do.
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  • #1,028
  • Edited 6:28pm Sep 8, 2010 6:21pm | Edited 6:28pm
I took that one too....I went in a little later. After the the second reversal candle on the 4hr. The big triangle on the daily looks nice.

Quoting lawgirl21
This is my second trade today on this pair. First long - +26 pips. Time will tell what the short will do.
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  • #1,029
  • Sep 8, 2010 7:02pm Sep 8, 2010 7:02pm
Quoting cugir321
I took that one too....I went in a little later. After the the second reversal candle on the 4hr. The big triangle on the daily looks nice.
I'm glad to have company! It will be fun to see what happens.
  • #1,030
  • Sep 8, 2010 7:38pm Sep 8, 2010 7:38pm
Anyone watching this pair?
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  • #1,031
  • Sep 8, 2010 10:52pm Sep 8, 2010 10:52pm
CAD/ JPY - This is worth watching. (this is a 1 hr chart) I just took it off the main trend line for 40 pips. It's been bouncing off it for a while. There's one coming down worth watching. It may be a big drop when it breaks the 38.2 fib. It didn't get it's 3rd tap yet. Look at it on the daily. A nice big triangle if you want to do the bouncy woncy.
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  • #1,032
  • Sep 8, 2010 11:11pm Sep 8, 2010 11:11pm
Quoting cugir321
CAD/ JPY - This is worth watching. (this is a 1 hr chart) I just took it off the main trend line for 40 pips. It's been bouncing off it for a while. There's one coming down worth watching. It may be a big drop when it breaks the 38.2 fib. It didn't get it's 3rd tap yet. Look at it on the daily. A nice big triangle if you want to do the bouncy woncy.

I've never traded that pair. Will look at it. Thanks
  • #1,033
  • Sep 8, 2010 11:19pm Sep 8, 2010 11:19pm
cugir, did you catch the trade going up? Nice job....
  • #1,034
  • Sep 8, 2010 11:21pm Sep 8, 2010 11:21pm
Quoting lawgirl21
cugir, did you catch the trade going up? Nice job....
Meant to post chart.
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  • #1,035
  • Sep 9, 2010 3:26am Sep 9, 2010 3:26am
guys new gy long trade for tonight, i have disabled the autoexecute function due to the news coming out. rules are the same. no trading 1hr before or after news(if news had 0 impact thats the exception)
  • #1,036
  • Sep 9, 2010 3:45am Sep 9, 2010 3:45am
David

How many setups do you get on this system a week. How are you getting on with the sms sigals? What about the USD/CHF setup at the moment
  • #1,037
  • Sep 9, 2010 5:26am Sep 9, 2010 5:26am
Quoting david486
guys new gy long trade for tonight, i have disabled the autoexecute function due to the news coming out. rules are the same. no trading 1hr before or after news(if news had 0 impact thats the exception)
hello david, my nn only shows ej no trades and au no trades.
  • #1,038
  • Sep 9, 2010 8:38am Sep 9, 2010 8:38am
apologies about the trade not updating in the nn, i forgot to press update..
  • #1,039
  • Sep 9, 2010 9:23am Sep 9, 2010 9:23am
No I went with the down trend and went off the main trend line...it wasn't beautiful taps but it's been falling of the line for a week and was a good trade for 40 pips. I was waiting for the one falling to tap the 3rd time...it did but broke thru, back up towards the main trend line....another good example of a break thru towards the master trend line.

Quoting lawgirl21
cugir, did you catch the trade going up? Nice job....
  • #1,040
  • Sep 9, 2010 9:37am Sep 9, 2010 9:37am
Quoting lawgirl21
This is my second trade today on this pair. First long - +26 pips. Time will tell what the short will do.
Got out with +13 pips.
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