Thanks LG, although according to the system, the support line is one candle below yours (on the 4th H1 candle). However in reality, the support line is along all those lows from the previous few days.This trade is also a 3-tap h4 trade.
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Check out the monthly on the USDJPY. You have to go back to 95 to get a real support line. Right now this currency is playing the limbo: How LOW can you go?
Check out the monthly on the USDJPY. You have to go back to 95 to get a real support line. Right now this currency is playing the limbo: How LOW can you go?
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Don't know how low it 'can' go but I trade what i see, not what I feel.
is USDJPY too low? Perhaps, but I thought it was too low when BOJ intervened last time. I got my pips and am out, but I'd say if it hits 81, we may see BOJ do something about it, as was rumored.
No, FXW, this is not a BO. The H1 4 Candle BO involves the 4st 4 candles of your trading day. Look at your chart where the vertical dotted lines are drawn. Those first four candles are the ones where the highest high and the lowest low are marked. It is against these first four candles that BOs are measured.
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Ok I get it. Thanks. It is the first four candles... But can we enter later in the day if those levels are reached again and the indications are in the trend direction....
Yesterday I went long at 1.3965 with TP +20pips for a short trade (look where it went) and it did succeed ... was it correct or just a lucky shot....
Would point A be an entry point for H1 BO with SL B or Entry point B with SL C for a long position if RSI is in "12 to 3" in case of a BO as all trends are up direction.
Just a feeling guys! I feel an EA coming up soon about this system!! I wonder if I am becoming clairvoyant in my old age or I saw someone lurking around.
Ok I get it. Thanks. It is the first four candles... But can we enter later in the day if those levels are reached again and the indications are in the trend direction....
Yesterday I went long at 1.3965 with TP +20pips for a short trade (look where it went) and it did succeed ... was it correct or just a lucky shot....
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Yes, you enter at any time there is a valid BO. If later in the day you mean to re-enter a trade that you have already gotten out of..be careful, but I look for ways to re-enter in a good trend all the time.
Look at the posted charts for NZDUSD above, I was trying to find a re-entry there, but it never materialized. I'm glad I didn't just jump in because I would have lost money.
Here's how that chart looks now...never took off long again.
If the first 4 candles of the day has a wide range - would you still take the BO? Is there a max limit to the range before you would skip the trade?
I was thinking maybe 60% of ATR max before giving it a miss? Otherwise there may not be much meat left? What say you?
Thanks.
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A good question, liamonk. Usually the first four candles don't have that wide a range, but if one of the candles had a hugh spike up or down, I would probably skip it. Otherwise, there are generally at least 20 pips in most BOs. I try to be aware of levels above me and levels below me in a trade. "Know what's on top and what's on bottom." Don't try to measure it exactly, it will keep you frustrated.
Would point A be an entry point for H1 BO with SL B or Entry point B with SL C for a long position if RSI is in "12 to 3" in case of a BO as all trends are up direction.
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FXW---you don't have your first four candles marked here....you must do that!
Ji LG, can it be a valid setup on EJ? RSI diverence too right? Thanks
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No, you have gone back into last week to find taps. We are trading only the current week for H4 taps, except at the beginning of the trading week where we can reach back somewhat into the last week. Having period separators on your chart really helps to see this. Also, the pair is ranging now. See chart below.
Trade What You See - Almost Naked Trading
