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Trendline Scalping 4hr timeframe

  • #1,221
  • Sep 17, 2010 9:33am Sep 17, 2010 9:33am
Quoting lawgirl21
Just entered GU long. It is trading perfect channel. Monthly, weekly, and daily are all long.

got stopped out
  • #1,222
  • Sep 17, 2010 9:37am Sep 17, 2010 9:37am
Quoting vijidas
hello lawgirl,

could you please tell me how do you determine weekly, daily, 4h trend direction. Could you post some example charts for us please?

I'm not seeing the same trend direction as you. Do you use any indicators which tells you the trend direction for weekly, daily and 4h or just by looking at the price? Please let me know.

thanks
viji
I use a very simple RSI (3) indicator + PA. I will try to post.

Look at these EURUSD charts...weekly, daily, H4. Look at the RSI indicator. You can see that the indicator does not confirm direction on these 3 TFs. I prefer all three to confirm direction, but depending on PA may enter a trade anyway. Hope this helps.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusdwkly.gif Size: 14 KB
Click to Enlarge Name: eurusddaily.gif Size: 15 KB
Click to Enlarge Name: eurusdh4.gif Size: 14 KB
  • #1,223
  • Sep 17, 2010 9:43am Sep 17, 2010 9:43am
Quoting lawgirl21
I use a very simple RSI (3) indicator + PA. I will try to post.

Look at these EURUSD charts...weekly, daily, H4. Look at the RSI indicator. You can see that the indicator does not confirm direction on these 3 TFs. I prefer all three to confirm direction, but depending on PA may enter a trade anyway. Hope this helps.
Thanks. That really helps. I was looking at your previous posts for the past few weeks and I just noticed an indicator at the bottom (looks like RSI) of your charts but it says WOW:Long and sometimes WOW:Short. Is this a custom indicator you wrote yourself based on Rsi? Sorry to ask too many questions. I was just curious.

thanks
viji
  • #1,224
  • Sep 17, 2010 9:55am Sep 17, 2010 9:55am
Quoting vijidas
Thanks. That really helps. I was looking at your previous posts for the past few weeks and I just noticed an indicator at the bottom (looks like RSI) of your charts but it says WOW:Long and sometimes WOW:Short. Is this a custom indicator you wrote yourself based on Rsi? Sorry to ask too many questions. I was just curious.

thanks
viji
You are very observant. I have tried not to have that indicator showing, as I it is a custom RSI indicator that I paid someone for so it belongs to him, but I have forgotten to minimise it sometimes. The RSI (3) that I posted is the same, except it does not say "long" or "short"

Reading the RSI, think of a clock face...pointing between 12:00 and 2:00 -- Long; pointing between 4:00 and 6:00 -- Short.
  • #1,225
  • Sep 17, 2010 11:37am Sep 17, 2010 11:37am
Quoting lawgirl21
You are very observant. I have tried not to have that indicator showing, as I it is a custom RSI indicator that I paid someone for so it belongs to him, but I have forgotten to minimise it sometimes. The RSI (3) that I posted is the same, except it does not say "long" or "short"

Reading the RSI, think of a clock face...pointing between 12:00 and 2:00 -- Long; pointing between 4:00 and 6:00 -- Short.
Cheers, thanks lawgirl.
  • #1,226
  • Sep 18, 2010 11:17pm Sep 18, 2010 11:17pm
Quoting lawgirl21
You are forgetting a fundamental rule! Only trade the current week. It is really not important for the 3 tap system what previous weeks have done. You are making this far too complicated.
I'm curious where the one week rule comes from. In the very first post on this thread, David shows three trades with the system. Unless I'm misreading the charts in that post, in the first trade the third tap comes after a weekend has passed. In the third trade (second trade, second chart) it looks like there is over two weeks between L1 and the third tap.

Was there some development I'm missing? Please forgive me if there is an obvious answer to this concern. I'm just trying to get a firm handle on the mechanics of this technique.
  • #1,227
  • Sep 19, 2010 12:54am Sep 19, 2010 12:54am
one of the rules i remember is the next tab must be more than 4 or 8 hours..it shouldnt be too close..
  • #1,228
  • Sep 19, 2010 12:55am Sep 19, 2010 12:55am
by the way anyone trading this fulltime, full income?
  • #1,229
  • Sep 19, 2010 2:08am Sep 19, 2010 2:08am
You will be soon!

Quoting juzgood1978
by the way anyone trading this fulltime, full income?
  • #1,230
  • Sep 19, 2010 2:22am Sep 19, 2010 2:22am
Nobody is paying attention to this thread anymore.

Do what works. Look at it....if it works ...do it.

Take the time to go through the charts and back test it.

It works...believe me. don't get super hung up on rules. three taps...if you are afraid to try it...just do the major trend lines....big long pretty trend lines.

Quoting duffypratt
I'm curious where the one week rule comes from. In the very first post on this thread, David shows three trades with the system. Unless I'm misreading the charts in that post, in the first trade the third tap comes after a weekend has passed. In the third trade (second trade, second chart) it looks like there is over two weeks between L1 and the third tap.

Was there some development I'm missing? Please forgive me if there is an obvious answer to this concern. I'm just trying to get a firm handle on the mechanics of this technique.
  • #1,231
  • Sep 19, 2010 8:33am Sep 19, 2010 8:33am
Quoting cugir321
Nobody is paying attention to this thread anymore.

Do what works. Look at it....if it works ...do it.

Take the time to go through the charts and back test it.

It works...believe me. don't get super hung up on rules. three taps...if you are afraid to try it...just do the major trend lines....big long pretty trend lines.
Drvmarch asked a question about a possible trade setup. Lawgirl answered that it did not follow the rules. Drvmarch then thanked Lawgirl for educating him on the rules of this system. That's all fine. But I was curious about the one week rule, because it seems to have creeped into this system, and I can't figure out where.

It's clear that there was no such one week rule at the beginning of this thread. Two out of the three examples that David gives to explain the system violate a one week rule. But there also seems to be a clear sentiment that there should be a one week rule. Lawgirl says so. Moreover, Steve Hopwood seems to be incorporating it into his bot for this system.

So, I'm wondering where it came from and what was the basis for it. If this thread is the wrong place to ask for details about David's Trendline 4H Scalping method, then please accept my apologies.
  • #1,232
  • Sep 19, 2010 10:04am Sep 19, 2010 10:04am
Quoting duffypratt
I'm curious where the one week rule comes from. In the very first post on this thread, David shows three trades with the system. Unless I'm misreading the charts in that post, in the first trade the third tap comes after a weekend has passed. In the third trade (second trade, second chart) it looks like there is over two weeks between L1 and the third tap.

Was there some development I'm missing? Please forgive me if there is an obvious answer to this concern. I'm just trying to get a firm handle on the mechanics of this technique.

I have re-read the first 10 pages and you are so right..I can't find a reference to the week rule. I don't know if that rule was relaxed, or if I made it up! If I have confused or mislead anyone for saying this (more than once) I sincerely apologize. It is a rule I follow for entering trades, but not for garnering overall trend, however, so I may have added it subconsciously to Dave's rules. Again, I apologize to Dave and anyone I may have confused.
  • #1,233
  • Sep 19, 2010 10:11am Sep 19, 2010 10:11am
Quoting lawgirl21
I have re-read the first 10 pages and you are so right..I can't find a reference to the week rule. I don't know if that rule was relaxed, or if I made it up! If I have confused or mislead anyone for saying this (more than once) I sincerely apologize. It is a rule I follow for entering trades, but not for garnering overall trend, however, so I may have added it subconsciously to Dave's rules. Again, I apologize to Dave and anyone I may have confused.
Hello lawgirl21, don't worry you are right, it is in the thread somewhere
  • #1,234
  • Sep 19, 2010 10:25am Sep 19, 2010 10:25am
Quoting duffypratt
I'm curious where the one week rule comes from. In the very first post on this thread, David shows three trades with the system. Unless I'm misreading the charts in that post, in the first trade the third tap comes after a weekend has passed. In the third trade (second trade, second chart) it looks like there is over two weeks between L1 and the third tap.

Was there some development I'm missing? Please forgive me if there is an obvious answer to this concern. I'm just trying to get a firm handle on the mechanics of this technique.
hello duffypratt, see page 41 from post 606.
  • #1,235
  • Sep 19, 2010 10:35am Sep 19, 2010 10:35am
Quoting lawgirl21
I have re-read the first 10 pages and you are so right..I can't find a reference to the week rule. I don't know if that rule was relaxed, or if I made it up! If I have confused or mislead anyone for saying this (more than once) I sincerely apologize. It is a rule I follow for entering trades, but not for garnering overall trend, however, so I may have added it subconsciously to Dave's rules. Again, I apologize to Dave and anyone I may have confused.
Re-reading the thread, I think its pretty easy to see how someone might think this was a rule. It seems to have creeped in, I think as a kind of accepted misunderstanding. And it's an interesting (at least to me) study in Internet "telephone."

As you noted, it was clearly not a rule at the beginning of the thread. Comments 50, 74, 76, 77, 78, 81, 88, 133, and 139 all have set-ups that jump a weekend. There are also a number of set-ups that jump weekends that David specifically confirmed: those are on comments (31,35) (89,90) (139, 144). On top of that, in comment 247, Dave showed a setup spanning from July 7 to July 20. And the very first trade on the shared Neural Network spanned a weekend (comment 380). It's very clear that there was no such rule at the outset.

Then, around comments 602-609, there was some confusion about a restart from the beginning of the week on the Neural Network. David had just added extra pairs to the NN, and he restarted the system from scratch to avoid some confusion. It looks like the restart of the automated system also occurred in subsequent weeks, but I'm not as sure about that.

In post 692, David comments that, as usual, there were no good trades in the early week. He thought about taking a trade that had its set-up starting from the last week, but decided to give it a miss. In post 843, Astral notes that with the Neural Network, nothing much happens during a week until maybe Wednesday or so. These comments lead me to believe that the automated system, for convenience or technical reasons, limited its time frame to a weekly basis. This would serve to cut down the number of valid trades, including eliminating many if not most of the set-ups shown in the very early pages of this thread.

At comment 890, John19 says that sticking to the current week is a rule. This is the first time anyone says that its a rule. Precap2 questioned whether this was part of the original plan at 895. But there was a minor bit of scuffling/flaming going on at that time, and no-one ever answered Precap2. The next time the "rule" got mentioned was by you, and its now easy to see how this might develop.

Now here's a question for you, Lawgirl. Around comment 1028, both you and Cugir321 took a trade based on this third tap idea. The first leg of the trade looks to be on Aug 3, and the third tap was on Sept 6. This was part of a chart where you got two trades, one from the bull line, and the other from the bear. How does this trade square with your own rule?

By the way, I don't have any opinion about whether the one week rule is a good thing or not. I'm just trying to understand what I've been reading and learn as much as I can from other people's experience.
  • #1,236
  • Sep 19, 2010 11:02am Sep 19, 2010 11:02am
Quoting driftwood
Hello lawgirl21, don't worry you are right, it is in the thread somewhere
Thanks so much, DW. I thought maybe I was losing it! I feel much better.
  • #1,237
  • Sep 19, 2010 11:13am Sep 19, 2010 11:13am
Quoting lawgirl21
Thanks so much, DW. I thought maybe I was losing it! I feel much better.
hello lawgirl21, happy to help. Like u and cugir321 do we can trade as david showed but as well not always to be blind from bigger trendlines briges and channels cos pips are pips
  • #1,238
  • Sep 19, 2010 11:24am Sep 19, 2010 11:24am
Quoting lawgirl21
I have re-read the first 10 pages and you are so right..I can't find a reference to the week rule. I don't know if that rule was relaxed, or if I made it up! If I have confused or mislead anyone for saying this (more than once) I sincerely apologize. It is a rule I follow for entering trades, but not for garnering overall trend, however, so I may have added it subconsciously to Dave's rules. Again, I apologize to Dave and anyone I may have confused.
lawgirl, no need to apologise. you shared with us all a method that works for you and most importantly something that is very profitable. Its up to each individual traders to decide what they want to do.

I think lack of understanding and fear of losing makes a trader worry about the rules. Once they understand how this works then every trader will create their own rules. The method is trendline bounce and there are loads of chart with examples. That's what matters the most.
  • #1,239
  • Sep 19, 2010 2:24pm Sep 19, 2010 2:24pm
"Now here's a question for you, Lawgirl. Around comment 1028, both you and Cugir321 took a trade based on this third tap idea. The first leg of the trade looks to be on Aug 3, and the third tap was on Sept 6. This was part of a chart where you got two trades, one from the bull line, and the other from the bear. How does this trade square with your own rule? "


Wow! You have done a great job of analysing the thread posts. I looked back at that NZDUSD trade and my chart was the standard H4 chart with trading short on the 3 tap. I was trading bounces, or the triangle, or channel...whatever you want to call it. That is one of my favorite ways to trade.

I believe Cugir321 was posting the daily chart to show the long term trend confirmation with the H4 chart, but he probably entered from the H4 chart.
  • #1,240
  • Sep 19, 2010 3:36pm Sep 19, 2010 3:36pm
Quoting lawgirl21
My goal is to average $500 per day, 4 days per week. I am hitting that average. I do trade other systems though.
What's your average lot size on a trade? How many trades are you willing to keep open at once? And what percentage of your account are you willing to risk on any single trade? I'm always interested to hear how other people handle money management, and almost no one on this thread has addressed how much to risk on these trades.
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