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Simple 4H System

  • #41
  • Apr 6, 2011 3:09am Apr 6, 2011 3:09am
I entered a short position yesterday on USDCAD
Entry was at the close of the candle before the crossover
Market price 0.9652

s/l is 41 pips at .9693 this is the last swing high and is also behind a line of resistance. (a support which became resistance)

Target is 300 pips or hit manual trailing stop loss.

http://www.forexfactory.com/attachme...1&d=1302076875
  • #42
  • Apr 6, 2011 5:22am Apr 6, 2011 5:22am
Thanks for your response. Will wait for your modifications.

Quoting Jcpfx
Hi Mark,

I have done some minor back testing on the Daily charts, and seems that it could work well, but haven't really done enough testing to say for sure.

I am currently in the process of making some modifications to this, so I have no open trades right now. I will hopefully post my modifications before the end of the week.

Best,

JCPFX
  • #43
  • Apr 6, 2011 12:25pm Apr 6, 2011 12:25pm
Quoting froggus
I entered a short position yesterday on USDCAD
Entry was at the close of the candle before the crossover
Market price 0.9652

s/l is 41 pips at .9693 this is the last swing high and is also behind a line of resistance. (a support which became resistance)

Target is 300 pips or hit manual trailing stop loss.

http://www.forexfactory.com/attachme...1&d=1302076875
Hi Froggus,

Nice entry. Keep in mind the TP of 300 is from the initial crossover entry when all 3 EMAs first crossed. I've posted a chart below that should help. This being said, this is still a great trade in my opinion, looks like price already likely reached the point where it will be a win either way for you, or worse case scenario, break even.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_4H.jpg Size: 311 KB
  • #44
  • Apr 6, 2011 1:00pm Apr 6, 2011 1:00pm
I realize I haven't been actively calling or placing these entries, but here's a look at a recent chart and how entries could have been placed and managed.
Attached Image (click to enlarge)
Click to Enlarge Name: EU_4h_1.jpg Size: 282 KB
  • #45
  • Apr 6, 2011 1:17pm Apr 6, 2011 1:17pm
Quoting Jcpfx
I realize I haven't been actively calling or placing these entries, but here's a look at a recent chart and how entries could have been placed and managed.
Nice system. I use something similar in addition to my Gann system. Was following your trades on the EU during the consolidation period (where you had 5 losses) and just add that you do not need any filter but to understand a little fundies if you intend to trade consistently the 4hours and longer TF. Euro interest rate speculative hike (that would be tommorow) and better US fundies led to the consolidation as the market was undecided were to go next. Now its all about the carry trade on the yen pairs where your system is a big winner in the trend that has developed.

So in my opinion Long term chart traders must have a basic understanding of what is happening to the currency they trade
LISTEN TO MR FUNDAMENTAL AND MR TECHNICAL
  • #46
  • Apr 6, 2011 2:06pm Apr 6, 2011 2:06pm
Quoting okehiedon
Nice system. I use something similar in addition to my Gann system. Was following your trades on the EU during the consolidation period (where you had 5 losses) and just add that you do not need any filter but to understand a little fundies if you intend to trade consistently the 4hours and longer TF. Euro interest rate speculative hike (that would be tommorow) and better US fundies led to the consolidation as the market was undecided were to go next....
Hello Okehiedon,

Thank you for your input. I will take your point into consideration. I have tried incorporating Fundamentals into my trading in the past, and found myself struggling as I strive to wrap my brain around even the basics.

You are likely correct that filtering this system is not necessary. Overtime, the losses do not matter if consistency remains as long as trends continue to occur, but minimizing those losses, whether it be through Fundamentals or some other filter would greatly improve the level of confidence going forward.
  • #47
  • Apr 6, 2011 2:17pm Apr 6, 2011 2:17pm
thanks jcpfx,

I will move the stop loss to breakeven before overnight asian session and see what happens.

The 300 tp is a fairly arbitrary target. I don't expect to get the full 300 pip move on this pair. I will most likely move it to the nearest line of support as it approaches.

I will keep the thread updated as the trade progresses.
  • #48
  • Apr 7, 2011 4:47am Apr 7, 2011 4:47am
A retracement occured during the overnight Asian session which also presented an opportunity to enter another short at .9623 but I wasn't available to take it.

http://www.forexfactory.com/attachme...1&d=1302169622
  • #49
  • Apr 10, 2011 9:31pm Apr 10, 2011 9:31pm
Here's a quick update on the 4H chart.
Attached Image (click to enlarge)
Click to Enlarge Name: 031011_4H.jpg Size: 198 KB
  • #50
  • Apr 12, 2011 4:26am Apr 12, 2011 4:26am
MA crossed back over giving me a signal to exit.
I closed the trade at .9569 for 83 pips
This was a very slow moving pair and was range bound for days so was glad to get out. A week for 83 pips isn't fantastic but this strategy favors pairs that stay in a slow steady trend.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad_ma short120411a.gif Size: 32 KB
  • #51
  • Apr 12, 2011 9:49am Apr 12, 2011 9:49am
Nice job Froggus! 83 pips is great as far as I'm concerned.
  • #52
  • Apr 12, 2011 1:50pm Apr 12, 2011 1:50pm
Thanks JC how are your studies coming along?
  • #53
  • Apr 12, 2011 4:21pm Apr 12, 2011 4:21pm
Quoting froggus
Thanks JC how are your studies coming along?
Going well, taking my time, I don't want to throw just anything into the mix, as I want to make sure it's truly an improvement. I am finding that most attempted additions to this tend to take away profits in the long run, and by long run I mean at least a year. It may be that this is just fine the way it is. I am continuing to trade it as planned, while working on additional systems to add to my arsenal.
  • #54
  • Apr 13, 2011 3:02am Apr 13, 2011 3:02am
Thank you JC for your trading systems.
  • #55
  • Apr 14, 2011 1:20am Apr 14, 2011 1:20am
I have follow your method, Here I have attached screen shot,

Please can you give more details, then we can easily understand

Thank you

bye
ajentha
Attached File(s)
File Type: doc JCPtechnique.doc   92 KB | 422 downloads
  • #56
  • Apr 14, 2011 9:22am Apr 14, 2011 9:22am
Quoting ajentha
I have follow your method, Here I have attached screen shot,

Please can you give more details, then we can easily understand

Thank you

bye
ajentha
Hi Ajentha,

I will be posting a current chart a bit later today or tomorrow, as I am now waiting for a signal of reversal or continuation.

Please feel free to ask if you have any specific questions.

JCPFX
  • #57
  • Apr 15, 2011 1:42am Apr 15, 2011 1:42am
Hi JC,

Regarding the additional entries, do you enter on the retrace, or on the trend? Thanks in advance!
Blessings

Tony Costa
  • #58
  • Apr 15, 2011 9:24am Apr 15, 2011 9:24am
Quoting costa
Hi JC,

Regarding the additional entries, do you enter on the retrace, or on the trend? Thanks in advance!
Blessings

Tony Costa
Hi Tony,

I enter when price has slightly retraced between the 7/14 EMAs. This is a bit discretionary as I am not always around to manually place the entry. I prefer to wait for PA on the 15M chart, but if I can't, I will place a limit order around the 14 EMA, depending on where the closest SR level is.

Currently, I am just waiting, as price recently reached the +300 mark from my initial entry awhile back and all positions were closed. If price breaks upward or downward, I will wait for space between the 7/14 EMAs, then place my entry on the pullback to the EMAs. The 30 EMA must be below the 7/14 to go long and above to go short.

I hope this answers your question?
  • #59
  • Apr 15, 2011 1:19pm Apr 15, 2011 1:19pm
Hi JCP

Thanks for the answear...since the EUR/USD has been choppy, have you considered other pairs?

Blessings
Tony Costa
  • #60
  • Apr 15, 2011 1:43pm Apr 15, 2011 1:43pm
Quoting costa
Hi JCP

Thanks for the answear...since the EUR/USD has been choppy, have you considered other pairs?

Blessings
Tony Costa
I haven't been trading any other pairs with this particular strategy, but it would certainly work with any other pair as long as it's trending.

I am currently trading 2 other systems in addition to this one, so I really haven't had the time or resources to add another pair.

I've also done some testing on Daily and Weekly charts and it seems that with some patience, those would also work very well.

I hope your trading goes well,

Best,
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