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Trendline Scalping 4hr timeframe

  • #1,041
  • Sep 9, 2010 9:39am Sep 9, 2010 9:39am
Quoting cugir321
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.
I stayed out of that trade, but enjoyed following it. Are in in anything now?
  • #1,042
  • Edited 5:33pm Sep 9, 2010 5:23pm | Edited 5:33pm
it's 6:21pm eastern....E/J has tapped 3 times going up. Looks like a double bottom type. It's only about 10 pips off the line.

Got in a little late but....pfg best showed a little different chart then IBFX. PFG showed the three taps.
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  • #1,043
  • Sep 9, 2010 7:21pm Sep 9, 2010 7:21pm
Took 18 pips x 2 units on E/J....got in late so didn't go for max on my live account. I'll run my demo a bit more.
  • #1,044
  • Edited 9:08pm Sep 9, 2010 7:42pm | Edited 9:08pm
Lawgirl,

It just dawned on me. Correct me if I'm wrong. You're trading the channels with 3 bumps of the main trendlines and triple bumps of the lines between the main top and bottom line. Hummm...sounds very powerful. How's your win ratio?

Like this chart on 4hr???

Also here's a 1 hr chart of the same thing. Holy moly...this looks powerful. Using the channel and intermediate trend lines it makes the main trades longer. Using the third tap on the intermediate line gives me the ability to stay in about 20 pips longer....after starting the trade at the third tap of the top main trendline. (on 1 hr chart)

I noticed something very interesting on the 1 hr chart. The last little tail (on the third chart) had three taps on a little trendline going to the bottom main channel line. This said that the price was going to fall below the bottom main channel line....and it did. Notice it...I will pay attention to this from now on before entering...on the 1 hr chart.

Quoting lawgirl21
I stayed out of that trade, but enjoyed following it. Are in in anything now?
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  • #1,045
  • Sep 9, 2010 8:38pm Sep 9, 2010 8:38pm
Quoting david486
hows everyones week, had a couple of bullish setups accross the pairs but nothing hit for the thrid line. would of been good if it did they all boomed.

as for sms alerts i will start adding the code to my server
You are so kind to us David.

Thank you for your help so far.

I don't know how we can return our favors to you? hic
All that we are is the result of what we have thought.Buddha
  • #1,046
  • Sep 10, 2010 8:46am Sep 10, 2010 8:46am
Quoting cugir321
Lawgirl,

It just dawned on me. Correct me if I'm wrong. You're trading the channels with 3 bumps of the main trendlines and triple bumps of the lines between the main top and bottom line. Hummm...sounds very powerful. How's your win ratio?

Like this chart on 4hr???

Also here's a 1 hr chart of the same thing. Holy moly...this looks powerful. Using the channel and intermediate trend lines it makes the main trades longer. Using the third tap on the intermediate line gives me the ability to stay in about 20 pips longer....after starting the trade...
Sorry for the late response, I was out for the day.

I like your H4 EU chart and would have been ready to go long once PA tapped the bottom line for that third time.

You are right about my channel trading. I would add, I only trade pairs that I can confirm direction on the weekly, daily, and H4 charts. I don't care what H1 is doing as long as the other three are in the same direction. I use RSI to do this. That way I always know if a potential channel trade is a trend or countertrend trade. I do a quick scan of about 12 pairs and eliminate all that direction does not confirm on the 3 TFs. This generally leaves me with about 3 pairs. Then I watch.
  • #1,047
  • Edited 4:24pm Sep 10, 2010 4:14pm | Edited 4:24pm
I've been trading the channels and triangles the same way.....Seems to work well. `Counter trend is were I usually lose money. I'm cutting counter trade out completely. I'm going thru all the pairs also....I get about the same...2-4 pairs to trade. It is amazing how the triple tap on a trend line is such a fine indicator of the coming payoff.

The one thing I liked about the 1 hr chart (as a last check before entering...I always use 4hr or better for everything else) was that just before it came to the bottom channel line it triple tapped a small trendline on the 1 hr chart. It didn't show on the 4hr. It told me it was going to go thru the line and it did. I'd rather wait until it recrosses back up over the bottom channel before I enter just in case it decides to keep going. We've all seen it keep falling when all indicators said it should rise......for a long time.

The direction thing makes sense. So your not taking counter trades at all? Are you winning better then 10% of your account / month?


Quoting lawgirl21
Sorry for the late response, I was out for the day.

I like your H4 EU chart and would have been ready to go long once PA tapped the bottom line for that third time.

You are right about my channel trading. I would add, I only trade pairs that I can confirm direction on the weekly, daily, and H4 charts. I don't care what H1 is doing as long as the other three are in the same direction. I use RSI to do this. That way I always know if a potential channel trade is a trend or countertrend trade. I do a quick scan of about 12 pairs and eliminate all...
  • #1,048
  • Sep 10, 2010 4:55pm Sep 10, 2010 4:55pm
As per using a quick peek at the 1 hour chart (looking for a 3 tap trendline) before the final 3rd tap of the 4 hr trendline.....

If I can identify that the price will fall through the bottom channel then I get two advantages. If you truely believe the trade will be good.....

1. I can reduce my stop loss. I still calculate 50 pips from the original entry point but I can figure it will drop 20-50 pips. When I see bull price action on a lower tf chart then I can enter yet still keep the original stop loss. It reduces potential loss a lot.

2. Also I can get a few more pips on the trade by entering below the trendline.

Last night E/U dropped about 25 pips below the trendline entry point before it reversed and went up.
  • #1,049
  • Sep 10, 2010 5:09pm Sep 10, 2010 5:09pm
Quoting cugir321
I've been trading the channels and triangles the same way.....Seems to work well. `Counter trend is were I usually lose money. I'm cutting counter trade out completely. I'm going thru all the pairs also....I get about the same...2-4 pairs to trade. It is amazing how the triple tap on a trend line is such a fine indicator of the coming payoff.

The one thing I liked about the 1 hr chart (as a last check before entering...I always use 4hr or better for everything else) was that just before it came to the bottom channel line it triple tapped a small...
Yes, I do countertrend trades... really I would call them re-trace or pullback trades..within the overall trend. I just don't expect as much from them as I might a full blown trend trade so my TPs are lower. (tell me if this doesn't make sense).

I have not wanted to talk about using the H1 charts too much, as this is not what this thread was set up to study, but I believe you are correct in stating that confirmation on the H1 makes for a more powerful trade. I got my last winning trade of the week this morning shorting GJ, entering on the third tap of the H1 chart.



My goal is to average $500 per day, 4 days per week. I am hitting that average. I do trade other systems though.
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  • #1,050
  • Sep 10, 2010 5:18pm Sep 10, 2010 5:18pm
What other systems are you using? I'm using some of nanning bob's and some of the TDI stuff.

I can tell you're a die hard....only the die hards are here on a friday night.
  • #1,051
  • Sep 10, 2010 5:22pm Sep 10, 2010 5:22pm
Quoting cugir321
What other systems are you using? I'm using some of nanning bob's and some of the TDI stuff.
I am going to PM you.
  • #1,052
  • Sep 11, 2010 9:31am Sep 11, 2010 9:31am
I can tell you're a die hard....only the die hards are here on a friday night.[/quote]

It's sad, isn't it....
  • #1,053
  • Sep 11, 2010 5:54pm Sep 11, 2010 5:54pm
A good week for me trading David's method - or my understanding of it anyhow.

Mostly, I trade nanningbob's V5 method. If you are fully confident with trading David's system here, then visit http://www.forexfactory.com/showthread.php?t=246113 to read about his system. It is a retrace, or 'counter-trend' system and both methods complement one another beautifully.

Since 2nd August, I have painlessly increased the balance of my account by 19.17%. Roughly 20% of this profit I generated using David's trading system. This is in two weeks of live-trading it and only looking at the 4 majors + GJ charts - remarkable.

What I am finding is that Bob's method generates lots of trades that hit their breakeven regularly. David's method generates trades far more likely to carry on to their +50 tp.

Lovely stuff David. Thanks.

  • #1,054
  • Sep 11, 2010 6:24pm Sep 11, 2010 6:24pm
These are the two systems I am studying now as well. Using both on demo until I feel completely confident I know what I am doing. I have 2 systems I am using live right now that are doing quite well, but think these could be as good or even better.
  • #1,055
  • Sep 12, 2010 12:44am Sep 12, 2010 12:44am
LG,

how do you exit a trade?do you absolutely wait for sl or tp to be hit without intervention? or close trades early? i am assuming your sl and tp are 50 points on all pairs.

Quoting lawgirl21
Yes, I do countertrend trades... really I would call them re-trace or pullback trades..within the overall trend. I just don't expect as much from them as I might a...
  • #1,056
  • Sep 12, 2010 4:51am Sep 12, 2010 4:51am
also, does anyone have any indicator for the weekly period separator on h4.
  • #1,057
  • Sep 12, 2010 7:26am Sep 12, 2010 7:26am
Quoting SteveHopwood
A good week for me trading David's method - or my understanding of it anyhow.

Mostly, I trade nanningbob's V5 method. If you are fully confident with trading David's system here, then visit http://www.forexfactory.com/showthread.php?t=246113 to read about his system. It is a retrace, or 'counter-trend' system and both methods complement one another beautifully.

Since 2nd August, I have painlessly increased the balance of my account by 19.17%. Roughly 20% of this profit I generated using David's trading system. This is in two weeks of...
excellent work steve, i appreciate the feedback + the fact you are successful with my method. great to see. are you using your ea for the entries or manually entering?
  • #1,058
  • Sep 12, 2010 8:51am Sep 12, 2010 8:51am
Quoting coolshades
also, does anyone have any indicator for the weekly period separator on h4.
With an open chart go to "Charts" --> "Properties" --> "Common" --> and check "Show period separaors" That's all you need.
  • #1,059
  • Sep 12, 2010 8:54am Sep 12, 2010 8:54am
Quoting coolshades
LG,

how do you exit a trade?do you absolutely wait for sl or tp to be hit without intervention? or close trades early? i am assuming your sl and tp are 50 points on all pairs.

I do not use an absolute SL or TP level unless I am going to sleep or will be away for hours, then I will use the 50 pips SL/TP. Otherwise I generally use support/resistence levels.
  • #1,060
  • Sep 12, 2010 9:51am Sep 12, 2010 9:51am
Are we missing good trades by not analysing what I call bridge candles and PA. Take a look at these wonderful trades the past 2 weeks on GJ alone. First for almost 500 pips, second for over 200.
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