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  • #17,921
  • Oct 6, 2011 8:24am Oct 6, 2011 8:24am
It's the first four hour candle based on your broker time.

Quoting Delite
Hello

I really like the simplicity of the H1 BO strategy, but have one simple question.

LG's original post says you box the bodies of the first four hour candles of the trading day. Does that mean from midnight GMT? Or from when London opens? Or Tokyo?

Sorry to sound so dim, and I hope someone can help!
  • #17,922
  • Oct 6, 2011 8:32am Oct 6, 2011 8:32am
Very crazy market this am, lots of high impact news. I took these 2 trades, Cable is a winner, the Loonie whipsawed me... still ok for the day... I'll probably stay out until the dust settles, very volatile...

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  • #17,923
  • Oct 6, 2011 8:56am Oct 6, 2011 8:56am
I shorted EU right now at 1.3338.
Reason:
- original RSI direction
- 50% retracement to Pinbar on H4
  • #17,924
  • Oct 6, 2011 8:56am Oct 6, 2011 8:56am
Quoting AndreasF
It's the first four hour candle based on your broker time.
This is the bit that I struggle to get my head around. Surely this is the same as saying: "pick any four hourly candles and work with that!"

I know that sounds a little facetious but going with whenever your broker opens, I feel, gives the whole strategy less credence.

I know many people have used this system to varying degrees since the thread started (and the likes of Andreas, pippete and others have taken on the baton at the moment) but has there been any rigourous testing/comparison of which market open gives the best (most consistent) results for 4C 1H BO?
  • #17,925
  • Oct 6, 2011 9:07am Oct 6, 2011 9:07am
I avoid taking H1 BO before London opens.
It happens quite often that you get BO setups late Asian session and than after London open price simple shoots in the opposite direction


Quoting jdg199
This is the bit that I struggle to get my head around. Surely this is the same as saying: "pick any four hourly candles and work with that!"

I know that sounds a little facetious but going with whenever your broker opens, I feel, gives the whole strategy less credence.

I know many people have used this system to varying degrees since the thread started (and the likes of Andreas, pippete and others have taken on the baton at the moment) but has there been any rigourous testing/comparison of which market open gives the best (most consistent)...
  • #17,926
  • Oct 6, 2011 9:42am Oct 6, 2011 9:42am
Quoting jdg199
This is the bit that I struggle to get my head around. Surely this is the same as saying: "pick any four hourly candles and work with that!"

I know that sounds a little facetious but going with whenever your broker opens, I feel, gives the whole strategy less credence.

I know many people have used this system to varying degrees since the thread started (and the likes of Andreas, pippete and others have taken on the baton at the moment) but has there been any rigourous testing/comparison of which market open gives the best (most consistent)...
I agree with Andreas, London session has a tendency to mess things up a lot, I do take Asian BOs often, but only with the best setups, and small TPs only (20 pips) for the same reason, it might appear as a BO during Asia, then London open turns it around.
I wish I lived in Europe so I can be awake during London, but I do wake up often at London open, scan charts quickly and if I see a setup or BO right at the early session I enter.

With the candles, I don't know of anyone doing testing on what broker open is most profitable, as per LG, it doesn't matter, but it's not completely arbitrary, because most brokers open during Asian session, which is nap time for the market for the most part, and the first 4 candles do in a way mark a consolidation period.
This has been forward tested for over a yr now, just read thru the thread...
I wondered about the same thing too. but there is something about the daily open and the daily high/low (these are roughly the levels that are marked by the first 4 candles) that make them good S/R levels. Any other thoughts?
  • #17,927
  • Oct 6, 2011 9:57am Oct 6, 2011 9:57am
Quoting AndreasF
I shorted EU right now at 1.3338.
Reason:
- original RSI direction
- 50% retracement to Pinbar on H4
Ouch,... I hope you had a tight SL... Crazy moves today...
But tomorrow will be even crazier with NFP.. I'm staying away from the market... Hope you got out early...
  • #17,928
  • Oct 6, 2011 10:02am Oct 6, 2011 10:02am
thanks guys!
  • #17,929
  • Oct 6, 2011 10:38am Oct 6, 2011 10:38am
Quoting pippete
Ouch,... I hope you had a tight SL... Crazy moves today...
But tomorrow will be even crazier with NFP.. I'm staying away from the market... Hope you got out early...
1% loss -that happens 40% of the time
NFP tomorrow, yes I most likely also will take the day off..

Take care, Pete
  • #17,930
  • Oct 6, 2011 10:42am Oct 6, 2011 10:42am
Quoting AndreasF
1% loss -that happens 40% of the time
NFP tomorrow, yes I most likely also will take the day off..

Take care, Pete
Yes, weird day today. I made 1 (one) nice pip today after all said and done
Good MM, Andreas. Many pips to ya
  • #17,931
  • Oct 6, 2011 12:13pm Oct 6, 2011 12:13pm
Quoting digf
maudur
Thank you I didn't realise that all I had to do was drag the document to experts/indicators folder.

digf,

it seems, that you have a connection/link configured, which opens *.MQ4 like *.DOC (or DOCX) by the application Word. You may delete this in the file-explorer (look for registered filetypes, option | may be other words, because my operating system isn't english).

josch
trading is war - life is simple
  • #17,932
  • Edited 6:39pm Oct 6, 2011 2:19pm | Edited 6:39pm
Quoting Delite
Hello

I really like the simplicity of the H1 BO strategy, but have one simple question.

LG's original post says you box the bodies of the first four hour candles of the trading day. Does that mean from midnight GMT? Or from when London opens? Or Tokyo?

Sorry to sound so dim, and I hope someone can help!
Hello Delite,

LG's broker uses American EST which means that their day starts at 05:00 London time which just happens to be 3 hours before London open so the original 4 hour breakout strategy is based on the build-up to London open. If you adjusted your channel indicator to start at 05:00 London time you would be on the same strategy as LG who has confirmed, as have several others, that London open gives some very good moves.

Having said that, any period of consolidation, such as a build up to a major news release, may be traded in exactly the same way; look for at least 4 hour bars stuck within a channel and confirm a break-out on a lower time frame, ideally in the direction of the dominant trend.

Hope this helps.
TTFN Merlyn
  • #17,933
  • Oct 7, 2011 5:48am Oct 7, 2011 5:48am
Hey there all,

I wish to all our jewish friends who will soon start Yom Kipur: "Gmar Hatima Tova" - "גמר חתימה טובה" & a great new year - "שנה טובה".
  • #17,934
  • Oct 7, 2011 6:30am Oct 7, 2011 6:30am
Quoting josch
digf,

it seems, that you have a connection/link configured, which opens *.MQ4 like *.DOC (or DOCX) by the application Word. You may delete this in the file-explorer (look for registered filetypes, option | may be other words, because my operating system isn't english).

josch
Thanks josch
  • #17,935
  • Oct 10, 2011 3:29am Oct 10, 2011 3:29am
First trade this week.
H1 Pinbar, RSI up and with trend.
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  • #17,936
  • Oct 12, 2011 2:58am Oct 12, 2011 2:58am
First 3-tap trade this week.
PA signal was the H4 Pinbar off daily support.

RR 1:2
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  • #17,937
  • Edited 8:33am Oct 12, 2011 7:32am | Edited 8:33am
Quoting AndreasF
First 3-tap trade this week.
PA signal was the H4 Pinbar off daily support. RR 1:2
Andreas,

nice move as you expected - wtg!

I'm wondering, if 'Scrutch's Dashboard' was tested http://www.forexfactory.com/showthre...49#post4872449. It was mentioned once and I didn't see any further comments about, if I remember correctly.

The idea was to weighten the RSI Trend Display with a procentual number to avoid, that you'll get immediately a colour at start of timeframe, which is subject to change often (e.g. less reliability of a weekly trend starting monday).

I just checked it and it seems logical to me. Any reason not to use this modification?


josch
trading is war - life is simple
  • #17,938
  • Oct 12, 2011 8:59am Oct 12, 2011 8:59am
The current RSI indi works fine for me so I don't want to change anything

From what I have seen we get less fakeouts if
- we try to get into the trade at the beginnng of a fresh new hour instead at the end of H1
- I try to avoid trading the first H1 candle once a new H4 candled forms.

Those 'rules' combined with PA kept me out of many losers.

Cheers
Andreas





Quoting josch
I'm wondering, if 'Scrutch's Dashboard' was tested http://www.forexfactory.com/showthre...49#post4872449. It was mentioned once and I didn't see any further comments about, if I remember correctly.

The idea was to weighten the RSI Trend Display with a procentual number to avoid, that you'll get immediately a colour at start of timeframe, which is subject to change often (e.g. less reliability of a weekly trend starting monday).

I just checked it and it seems logical to me. Any reason not to use this modification?


josch...
  • #17,939
  • Oct 12, 2011 9:04am Oct 12, 2011 9:04am
Quoting AndreasF
The current RSI indi works fine for me so I don't want to change anything ... From what I have seen we get less fakeouts if
- we try to get into the trade at the beginnng of a fresh new hour instead at the end of H1
- I try to avoid trading the first H1 candle once a new H4 candled forms.
Those 'rules' combined with PA kept me out of many losers.
Cheers
Andreas
Andreas,

thank you, appreciate your the inside-info!

josch
trading is war - life is simple
  • #17,940
  • Oct 12, 2011 10:39am Oct 12, 2011 10:39am
[quote=Forex37;5002656]What happened to the 3Taps H4 part of this thread? Orphaned? Not working anymore?

Not on topic , but the import of this subject transcends any single topic line. Forex37, I read your comment on this elsewhere and I wanted to clarify if a trader can lose more than his account because I hear continued contention on this topic. According to FX SOL and PFG, and no doubt others, - IF PRICE GAPS THROUGH YOUR STOPS AND MARGINS, YOU CAN FALL INTO DEBIT AND YOUR BROKER CAN ISSUE A DEMAND PAYMENT. I hear "never happened before". Sure, but given the state of global disequilibrium in the political arena, if you don't shelter large positions on the other side, (with a different account now), you could be toast. Even then a wild whip could nail you twice!

So again, How does OANDA differ from all the other brokerages, as you stated. So does OANDA eat the limit up/down minefield? Because someone has to. If not, and most importantly - is this in writing??

Thanks so much for indulging folks. I hope many will find the answer enlightening.

P
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