DislikedWhat happened to the 3Taps H4 part of this thread? Orphaned? Not working anymore?
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Trade What You See - Almost Naked Trading
- #17,882
- Sep 30, 2011 11:21am Sep 30, 2011 11:21am
Hi pipete
This is great work on the BO trades...
Im new to this thread and would very much like to read up over the weekend..Ive been going through the thread read about 100 pages or so, The first part of the thread seems to concentrate on the three taps, but im would like to read up on the BO but cant seem to find the rules for it as yet..Can you guide to where they are in the thread,..
Have a great weekend..
This is great work on the BO trades...
Im new to this thread and would very much like to read up over the weekend..Ive been going through the thread read about 100 pages or so, The first part of the thread seems to concentrate on the three taps, but im would like to read up on the BO but cant seem to find the rules for it as yet..Can you guide to where they are in the thread,..
Have a great weekend..
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
Hi pipete
This is great work on the BO trades...
Im new to this thread and would very much like to read up over the weekend..Ive been going through the thread read about 100 pages or so, The first part of the thread seems to concentrate on the three taps, but im would like to read up on the BO but cant seem to find the rules for it as yet..Can you guide to where they are in the thread,..
Have a great weekend..
2. The H1 4 Candle Breakout Trade (H1 4C BO)
I have added a new trade set-up to the 3 tap trade discussed above. It works hand and hand with the 3 tap trade.
Often we can see PA going in one direction and want to get in, but need a logical way to do it. Certainly 3 tap is one way, but what if you do not see a good 3 tap set-up on the H4 chart? Then move to the H1 chart and take a look.
The H1 4 candle breakout set-up:
A. This is a price action (PA) trade and the weekly RSI direction does not need to match the direction of the trade. Because this is considered a "fast" trade...meaning over in a few hours at the longest...only the H4 and H1 candles need to confirm direction, but they will do that if PA moves in the desired direction.
B. You will be looking at the bodies of the first four H1 candles of a new trading day...disregard the tails (wicks)....whenever that is for you. That is one reason period seperators need to be placed on the chart.
C. Place horizontal lines at the highest high of these four candles' bodies (not including the tails, if any) and the lowest low of these four candles' bodies, again, disregard the tails. These lines are really just R/S lines.
D. Wait for a breakout in the direction of the bias. I sometimes place a pending order below/above a R/S line before I go to bed.
E. Enter from the M15 chart, when at least one candle has completely cleared the R/S line in the desired direction. The entry takes discretion, as the quality of the candles is important to observe.
NOTE: You can set this up several hours after the fourth candle that you are observing. For example: My first four candles are from 2:00 pm - 6:00 pm. I may not get to the set-up until 8 or 9 p.m. That is ok, in fact, that gives time to observe PA. Do verify the directional bias again, however.
