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Trade What You See - Almost Naked Trading

  • #2,901
  • Nov 2, 2010 4:29pm Nov 2, 2010 4:29pm
What the...???

Quoting Scrutch
Yes and No .
The BO lines need to be drawn on the H1 chart using the body (Open / Close) of the candle, which looks like what you've done but I can't verify that, as the prices on my chart is different than yours. If your bottom line is the same value as the open of the first bar (bullish) and the upper line is the same value as the open of the fourth bar (bearish) then that's correct. Our peridod separators are totaly different, so we show different bars...

As for the entry...you want to move to the M15 chart to wait for the first closed...
Quoting FXMajors;???????
Scrutch or LG can you please let me know if I am doing this correctly?
Listen to the whispers.... You may learn something
  • #2,902
  • Nov 2, 2010 4:50pm Nov 2, 2010 4:50pm
Quoting Dl17
Good call
Pair please...so we don't have to look back..
  • #2,903
  • Nov 2, 2010 5:00pm Nov 2, 2010 5:00pm
Quoting Cencored
Hi Lawgirl. A general question that would interest me: Why is it that after a break of the first 4 hours of a new day, there is a high probability for a small trend to develop into the direction of that break? I would love to read some more about it; I think you mentioned that you did not exactly come up with the 1hr 4 candle BO system.

Also do you agree that some brokers are not suitable for that type of trading based on where their period separator line is? E.g. a gmt broker that I use would only confirm a BO exactly 4 1 hr candles after your...

I don't know of any research as to why this happens so often, but I believe it is the longer TFs that increase the probability of a break continuing in the same direction. PA momentum is really rather difficult to turn around when longer TFs are "with you".

I believe traders are using this BO system with many different brokers and trading day starts-- and with success. I would have to hear from them as to whether or not they are adjusting their 4 hours to match FXDD, but I don't think so. You will notice that the BOs usually occur some hours after the 4 candles are marked. This would allow for adjustments if they are necessary.
  • #2,904
  • Nov 2, 2010 5:01pm Nov 2, 2010 5:01pm
Quoting Scrutch
Yes and No .
The BO lines need to be drawn on the H1 chart using the body (Open / Close) of the candle, which looks like what you've done but I can't verify that, as the prices on my chart is different than yours. If your bottom line is the same value as the open of the first bar (bullish) and the upper line is the same value as the open of the fourth bar (bearish) then that's correct. Our peridod separators are totaly different, so we show different bars...

As for the entry...you want to move to the M15 chart to wait for the first closed...
Great responses, as usual..
  • #2,905
  • Nov 2, 2010 5:16pm Nov 2, 2010 5:16pm
Quoting lawgirl21
I don't know of any research as to why this happens so often, but I believe it is the longer TFs that increase the probability of a break continuing in the same direction....
Thanks for your reply, LG.
So was this just something you noticed after observing price behavior on h1 for a while?

I do adjust my candles of my GMT broker to be in line with the FXDD charts.
Trading Makes Money!
  • #2,906
  • Nov 2, 2010 5:29pm Nov 2, 2010 5:29pm
Quoting Cencored
Thanks for your reply, LG.
So was this just something you noticed after observing price behavior on h1 for a while?

I do adjust my candles of my GMT broker to be in line with the FXDD charts.
Can you go into more detail about how you adjust your candles? I think it would be very beneficial for others.
  • #2,907
  • Nov 2, 2010 5:30pm Nov 2, 2010 5:30pm
Quoting FXMajors
Here we go my trade setup from yesterday. LG or Scrutch correction or comments are greatly appreciated.
Looks to me like beer is on you! You really made some pips...
  • #2,908
  • Nov 2, 2010 5:32pm Nov 2, 2010 5:32pm
Quoting lawgirl21
Looks to me like beer is on you! You really made some pips...
Thanks to you LG Let me know where to deliver the keg.
  • #2,909
  • Nov 2, 2010 5:37pm Nov 2, 2010 5:37pm
I tried to find the earlier post by someone who mentioned the consolidation that is going on in pairs right now. Boy were they right! Remember we love consolidations because that means that sooner or later, that spring is going to be sprung in one direction or another. Here is a quick scan of some of the pairs that I am seeing in consolidation.

Add to it if you see something I missed.

AUDUSD H1
GBPUSD H4 for the past 13 candles!
USDCAD H1
GBPJPY H4
EURUSD H1
  • #2,910
  • Nov 2, 2010 5:37pm Nov 2, 2010 5:37pm
Sure LG, but there is not much to it. I simply mark the 4 candles before, so with my GMT broker the 4th candle is the one on the period separator.
Trading Makes Money!
  • #2,911
  • Nov 2, 2010 5:53pm Nov 2, 2010 5:53pm
Quoting Cencored
Sure LG, but there is not much to it. I simply mark the 4 candles before, so with my GMT broker the 4th candle is the one on the period separator.
So your broker's start is 3 candles before FXDD's 1st candle? So, you are still the first 4 H1 candles of your brokers new day?
  • #2,912
  • Nov 2, 2010 5:56pm Nov 2, 2010 5:56pm
What do you think about NZD - USD. I see a possible break out and would enter long.
Attached Image (click to enlarge)
Click to Enlarge Name: NZD-USD - H1.jpg Size: 36 KB
  • #2,913
  • Nov 2, 2010 5:58pm Nov 2, 2010 5:58pm
Quoting MikeNYC
What do you think about NZD - USD. I see a possible break out and would enter long.
Yes, I started to put it on my list..definitely a watch, but be open about the direction for now.
  • #2,914
  • Nov 2, 2010 6:06pm Nov 2, 2010 6:06pm
Quoting lawgirl21
Yes, I started to put it on my list..definitely a watch, but be open about the direction for now.
good point. I am not sure if I would go short. I never feel comfortable trading against the trend.
  • #2,915
  • Nov 2, 2010 6:06pm Nov 2, 2010 6:06pm
Quoting lawgirl21
So your broker's start is 3 candles before FXDD's 1st candle? So, you are still the first 4 H1 candles of your brokers new day?
Yes my broker has another 2 candles to go until the period separator, so it's 3 candles before FXDD, that's correct. I generally prefer GMT charts but on the h1 tf all charts should look relatively similar no matter which broker.
The period separator is a good guideline, but since most moves either start in Asian session or at or before London session, ppl should check which 4 candles they draw there S/R lines at. Volume increases dramatically at the opening of a new market, be it Asia, London or US. This is when most of the break outs happen.
A little bit of backtesting should point out to anyone where to draw those lines.

Since before the start of the Asian session (and often in the Asian session as well), we have the lowest volume of the whole day, it makes sense to draw your S/R lines at 4 candles in the Asian session.
I don't know exactly how to quantify it any better, which is why I was asking you, how you learned about this h1 BO system so that I can read up on it, where this "phenomenon" comes from and thus give a better idea of where ppl should draw there S/R lines depending on their broker etc...

Hope this all makes sense
Trading Makes Money!
  • #2,916
  • Edited 6:32pm Nov 2, 2010 6:18pm | Edited 6:32pm
2 taps formed on USDCHF, waithing for a third one, so i will let a Buy EA to do the job ,with tight stoploss i am off to sleep , happy piping people
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 26 KB
Help to be helped.
  • #2,917
  • Nov 2, 2010 6:18pm Nov 2, 2010 6:18pm
Cencored,

The H1-4C-BO trade as LG explained in a prior post takes place a lot of the time a few (sometimes a lot) of bars after the open. As far the correct broker time for the first bar, this has been under discussion for years. I use a cycle program for trading futures and the data needs to be between NewYork open and NewYork close. I've tried other data and it is dose not produce the desired results. If you want to ask me why...I have no idea, but I no longer use any other time frame for this data.

Quoting Cencored
Hi Lawgirl. A general question that would interest me: Why is it that after a break of the first 4 hours of a new day, there is a high probability for a small trend to develop into the direction of that break? I would love to read some more about it; I think you mentioned that you did not exactly come up with the 1hr 4 candle BO system.

Also do you agree that some brokers are not suitable for that type of trading based on where their period separator line is? E.g. a gmt broker that I use would only confirm a BO exactly 4 1 hr candles after your...
Listen to the whispers.... You may learn something
  • #2,918
  • Nov 2, 2010 6:48pm Nov 2, 2010 6:48pm
Quoting Cencored
Yes my broker has another 2 candles to go until the period separator, so it's 3 candles before FXDD, that's correct. I generally prefer GMT charts but on the h1 tf all charts should look relatively similar no matter which broker.
The period separator is a good guideline, but since most moves either start in Asian session or at or before London session, ppl should check which 4 candles they draw there S/R lines at. Volume increases dramatically at the opening of a new market, be it Asia, London or US. This is when most of the break outs happen.
A...
Yes it certainly does and thanks so much. I don't think it can be explained any better. I gave up trying to understand the GMT offsets and market timing long ago, so I'm glad you and Scrutch can explain it.
  • #2,919
  • Nov 2, 2010 7:03pm Nov 2, 2010 7:03pm
Quoting Lazar83
2 taps formed on USDCHF, waithing for a third one, so i will let a Buy EA to do the job ,with tight stoploss i am off to sleep , happy piping people

Lazar...how do I get a hold of that indicator you use that shows the other time frames?

Can you post it?


Thanks
  • #2,920
  • Nov 2, 2010 7:09pm Nov 2, 2010 7:09pm
Does anyone know how to create an alert for when the price on a chart crosses a certain level eg for when we await BO to occur?
Just trade the pullback you idiot!
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