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4 hour trading entry and exit almost to the pip

  • #21
  • Feb 9, 2013 7:24am Feb 9, 2013 7:24am
[quote=hutrader;6413991]So those are my levels I watch currently with EUR/USD.

Now let's get to the important question. HOW TO DETERMIN ENTRY POINTS?

It is really just looking at the chart. If you look very good, you will see that I am setting my lines on the opens and close of the 4 hour candle. This is all you really need to know! Remember, Open and close!

hi hutrader,
i didnt understand exactly where you put your lines,at open and close of every candle or at close of bull candle and open of bear candle or at close of bull candle in an uptrend and vice versa or....
but these are my "lines"...
...last week sold at 3523 and closed at 3403...i say we will see 3283 before 3523...
so next week i would sell again at 3403/43 or even 3483 if it gets there...
Attached Image (click to enlarge)
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Money is made by sitting, not trading. Jesse L. Livermore
  • #22
  • Feb 13, 2013 4:36pm Feb 13, 2013 4:36pm
Currently EUR/USD is trapped between 1.3507 and 1.3402 ( Give or take 2 to 3 pips )

If any of these levels give away than we can expect the following.

IF 3507 gives away then the bulltrend will most likely continnue and could go all the way up to 1.40+

IF 1.3402 gives away, I see 1.3282 followed by 1.3125.
  • #23
  • Feb 13, 2013 4:53pm Feb 13, 2013 4:53pm
I will initiate a long @ 1.3404 with a 40 to 50 pip stop. if we close below I close and will take a short @ market.
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  • #24
  • Feb 13, 2013 4:54pm Feb 13, 2013 4:54pm
Hello hutrader.

Sorry my ignorance, but where is the description of the trading system?!
Or is this a journal?!

Thank you.
Never laugh at anyone's dreams. "Dalai Lama"
  • #25
  • Feb 13, 2013 5:07pm Feb 13, 2013 5:07pm
[quote=sam69;6432590]
Quoting hutrader
So those are my levels I watch currently with EUR/USD.

Now let's get to the important question. HOW TO DETERMIN ENTRY POINTS?

It is really just looking at the chart. If you look very good, you will see that I am setting my lines on the opens and close of the 4 hour candle. This is all you really need to know! Remember, Open and close!

hi hutrader,
i didnt understand exactly where you put your lines,at open and close of every candle or at close of bull candle and open of bear candle or at close of bull...
Well, if you go to netdania you can also check the 8 hour chart but let's keep it at 4 for now.
I've added my own lines. Am at work so no sophisticated drawing software.
Use the last swings tops as support and bottoms as resistance.
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  • #26
  • Feb 13, 2013 5:24pm Feb 13, 2013 5:24pm
Quoting dalaipip
Hello hutrader.

Sorry my ignorance, but where is the description of the trading system?!
Or is this a journal?!

Thank you.
On the first page. It's ok to ask.

The really easiest way is to watch the 8 hour chart first and then break it down to 4. Let me show you below.

At image one I have an 8 hour chart. Where A is you see B testing it. That is what it is really doing.

At Image 2: I take a 4 hour chart and see if price closes BELOW the last swing. Because on Imae 2 at point A you see tha last swing and that is where you go long to go with the trend. However, I closed my long with a minor loss because price closed BELOW it.

Now you just do it the other way around and you will get your KEY support and Resistance. That's all. I use this only on EU.
Attached Image(s) (click to enlarge)
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  • #27
  • Feb 13, 2013 5:35pm Feb 13, 2013 5:35pm
Thanks for your quick reply, but in your first post you wrote that:

... "Now, lets get going. I don't use any indicators, no volume no MA's. Simply a 4 hour chart and that's it! If you want to add Moving averages or whatever indicator just go ahead. I am just going to show you how to determin good entry points and exits." ...
Never laugh at anyone's dreams. "Dalai Lama"
  • #28
  • Feb 13, 2013 5:43pm Feb 13, 2013 5:43pm
Quoting dalaipip
Thanks for your quick reply, but in your first post you wrote that:

... "Now, lets get going. I don't use any indicators, no volume no MA's. Simply a 4 hour chart and that's it! If you want to add Moving averages or whatever indicator just go ahead. I am just going to show you how to determin good entry points and exits." ...
Exactly, because that is the best. I just found that the 8 hour gives a bigger picture. but the 4 is still the best without indicators or what so ever fancy stuff that makes it more complicated. Price will always go to it's support and resistance. You know, many people fail because of 3 things.

1: Wrong entries. they run after the market because they don't dare to step in when price drops dramaticly because of news or what so ever. To be honest, I think news just speeds up the price movement to get fast to it's support and to scare the shit out of people. So even if I see an outside bar I ignore those. Trend don't change just like that. That needs real big money to do that.

2: Because of 1, people jump in to late and take to much risk for few pips.

3: Over leveraging/ money managment.
  • #29
  • Feb 13, 2013 5:50pm Feb 13, 2013 5:50pm
Ok i understand. Good luck to your journal.
Never laugh at anyone's dreams. "Dalai Lama"
  • #30
  • Feb 14, 2013 4:26pm Feb 14, 2013 4:26pm
good night ... I'm following this forum and I think the system S / R is very reliable.
When are marked S / R on H4 time frame, are great references for making trades in H1 and M15.
Of course, the market always goes where he wants, rule I learned is to never chase the price, let the market always give us referrals you want to go.
I hope this forum will continue to discuss this topic and others more experienced leave here even more content.
I hope you understand my English, my language is not English.
Work very hard until you get there (excuse my english)
  • #31
  • Feb 14, 2013 4:41pm Feb 14, 2013 4:41pm
As you can imagine, not all support holds and we saw a clean break this morning during Europe and immidiatly retested the break and down it went.

A was the candle that broke support, B retested it and got rejected pretty hard. So for those who went long, could have closed out manually with a small 20 pip loss and take the short side. I managed to trade s small 60 pips out of it - the 20 pip loss I closed manually once we broke trough the support...

The black lines would be the resistances now. ( from 1.3372 to 1.3380 )
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  • #32
  • Feb 14, 2013 4:56pm Feb 14, 2013 4:56pm
Here the clean chart with the bigger picture

Levels for tomorrow.

Resistances.
1:3437 and 1:3380 and 1.3362

Support:

1.3311
1.3277 <------ This is key support to keep the bullish momentum somehow. If this fails, that'd be bad.
1.3128
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  • #33
  • Feb 15, 2013 5:55am Feb 15, 2013 5:55am
1.3311 tought to break it seems. let's see.
  • #34
  • Feb 15, 2013 6:07am Feb 15, 2013 6:07am
Just bought small position into EURCHF.
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  • #35
  • Feb 16, 2013 8:47am Feb 16, 2013 8:47am
Posted a small youtube video.

Inserted Video
  • #36
  • Feb 16, 2013 9:27am Feb 16, 2013 9:27am
Your supports and resistances for Monday to the pip. Can try a 20 pip stop.

Support.

1.3307
1.3273
1.3123
1.3083

Resistance.

1.3381
1.3438 <----- Curious over here.
1.3521
1.3639
  • #37
  • Feb 16, 2013 10:37am Feb 16, 2013 10:37am
Am Newbie here, and wanting to learn about fx.

As compared to stocks, note that fx traders mostly use 4H charts, as compared to 1/3/5/10/15/30/60M charts for intraday, or D/W/M otherwise for positional. So wondering what is the significance of 4H timeframe, vs. other timeframes used by stock traders.

Look forward to hearing from experienced traders.

Thanks.
  • #38
  • Feb 17, 2013 4:18am Feb 17, 2013 4:18am
Quoting SunTsu
Am Newbie here, and wanting to learn about fx.

As compared to stocks, note that fx traders mostly use 4H charts, as compared to 1/3/5/10/15/30/60M charts for intraday, or D/W/M otherwise for positional. So wondering what is the significance of 4H timeframe, vs. other timeframes used by stock traders.

Look forward to hearing from experienced traders.

Thanks.
Some trade from 1 hour or 15 minutes or even 5 or 1 minutes. that all depends the way you like to trade. I prefer bigger timeframe because you can spot the entry and exit levels better.
  • #39
  • Feb 19, 2013 2:44pm Feb 19, 2013 2:44pm
Today I took an EURJPY trade to the long side.
Now back in EURUSD. looking for the 3435~3440 area.
Attached Image (click to enlarge)
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  • #40
  • Feb 19, 2013 3:06pm Feb 19, 2013 3:06pm
Here one other thing I like to trade. Those big candles and the follow up.
My EURJPY trade from Today.

at Candle 1 we can clearly see a buying frenzy going on.
Candle 2: buying stopped.
Candle 3: Buying started again.

Now since we have a first bottom created by Candle 2 and 3, we have a confirmed retest of the important bottom with candle 4 and followup.

At point 5 we get another successful test.

Like I said, I rather buy low and sell high than running after the price.
Attached Image (click to enlarge)
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