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H4 Power

  • #21
  • Apr 12, 2013 8:34pm Apr 12, 2013 8:34pm
how many pairs do you track 60MM?
  • #22
  • Apr 13, 2013 1:43am Apr 13, 2013 1:43am
Quoting 60minuteman
nice EJ has just been a dream since Christmas
Why do you hide your trade explorer?

Are the results of your trading not so good like the screenshots here?
  • #23
  • Apr 13, 2013 1:59am Apr 13, 2013 1:59am
Quoting biDc
how many pairs do you track 60MM?
just 4 at the moment, EU, EJ, BRENT, GOLD, usually find 1-2 trades a day on them.
tradewith60
  • #24
  • Apr 13, 2013 5:17am Apr 13, 2013 5:17am
Quoting 60minuteman
Hi Whatfx, nice to see you again... 1. Yes I do still trade buy sell line. Thats the good ol' 50sma on my chart... love it! 2. An engulfing bar just needs to engulf the previous open and close, If the high and low are engulfed we call that an outside bar. 3. Yes prior to the outside bar there was an inside bar set up to go short, but price never traded below the low to take the trade... For inside bar trades i am looking for the breakout. 4. Yes, thats why i circled 3 bars there was a short engulf trade which failed followed by a long engulf that...

yes, you are correct.

your stop is always at the opposite of the signal candle ? but what if the signal candle is too short ?

do you trail your TP ?
  • #25
  • Apr 13, 2013 5:21am Apr 13, 2013 5:21am
Quoting 60minuteman
EU examples from the last few weeks {image} {image}

NEVER TRADED 2 BAR ENGULF BEFORE. IS THAT NOT LEAST EFFECTIVE AS 1 BAR ENGULF AND MORE RISKY ?


THE FOURTH CIRCLE ON THE FIRST CHART. I WOULD NOT HAVE TAKEN THAT AS AN ENGULFING BAR BECAUSE THE PREVIOUS BAR HARDLY ANY BODY. WHAT IS THE MINIMUM BODY REQUIREMENT ?

  • #26
  • Apr 13, 2013 5:26am Apr 13, 2013 5:26am
Quoting whatfx
yes, you are correct. your stop is always at the opposite of the signal candle ? but what if the signal candle is too short ? do you trail your TP ?
My stop and entry technique depends on the circumstances, with trend? counter trend? big momentum etc, I will post live examples as they occur
tradewith60
  • #27
  • Apr 13, 2013 5:33am Apr 13, 2013 5:33am
Quoting whatfx
NEVER TRADED 2 BAR ENGULF BEFORE. IS THAT NOT LEAST EFFECTIVE AS 1 BAR ENGULF AND MORE RISKY ? THE FOURTH CIRCLE ON THE FIRST CHART. I WOULD NOT HAVE TAKEN THAT AS AN ENGULFING BAR BECAUSE THE PREVIOUS BAR HARDLY ANY BODY. WHAT IS THE MINIMUM BODY REQUIREMENT ?
The body size doesn't matter, really the engulf doesn't matter, here is the important part...

Price is moving up in a pattern of higher CLOSES.... then we switch and are now closing below the previous up bars OPEN.... The flow of money has changed direction.


In an uptrend on H4 all that is happening is each four hours there is a breakout of the previous bars range and a CLOSE above.
If at any point we have a breakout of the previous bars range and a CLOSE below then the trend has changed and here is our low risk, high probability price to enter the market.
tradewith60
  • #28
  • Apr 13, 2013 5:40am Apr 13, 2013 5:40am
Closing above and below s/r is the important part, not a perfect looking candle pattern
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2013-04-13 at 13.34.52.png Size: 60 KB
tradewith60
  • #29
  • Apr 13, 2013 10:30am Apr 13, 2013 10:30am
This is excellent, the talented traders who are posting PA strategies always seem to be referring to engulfings. I enjoy the whose in control perspective you are giving.

And it is highly laughable that someone is calling into question your trade explorer! If they did some research they would know you have posted screenshots of it before. Will follow, youre previous posts I have tracked show to me an authentic person and someone who really wants to provide a strong market grasp.
  • #30
  • Apr 13, 2013 5:45pm Apr 13, 2013 5:45pm
Quoting 60minuteman
Closing above and below s/r is the important part, not a perfect looking candle pattern {image}

where are your support and resistance on this chart that you mention ? i appreciate that price must close above / below the previous open, but surely engulf bar, inside/outside bars still matter ?
  • #31
  • Apr 13, 2013 6:20pm Apr 13, 2013 6:20pm
Quoting whatfx
where are your support and resistance on this chart that you mention ? i appreciate that price must close above / below the previous open, but surely engulf bar, inside/outside bars still matter ?
The open, close, high and low of a h4 bar is h4 s/r

Swing hi and swing lows that you see on h4 are higher tf s/r.

People often get them mixed up, they will look at a chart and say the h4 downtrend finished there and started trending up, so that low is h4 s/r, it's not, it will be a daily or a weekly s/r.

Try marking swing points on h4 chart then switch to a daily or weekly chart, see where those points are on the higher tf bars
tradewith60
  • #32
  • Apr 13, 2013 6:28pm Apr 13, 2013 6:28pm
here you go whatfx,

heres a h4 chart and i have marked the main swing points with a red line and a blue box.... what people would often wrongly call h4 s/r..

the second chart i have left the red lines in place and switched to the weekly chart... see the s/r now....?... so those swing points on h4 are really weekly s/r
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screen shot 2013-04-14 at 02.25.25.png Size: 35 KB
Click to Enlarge Name: Screen shot 2013-04-14 at 02.26.09.png Size: 10 KB
tradewith60
  • #33
  • Apr 14, 2013 4:29am Apr 14, 2013 4:29am
Quoting vamp
This is excellent, the talented traders who are posting PA strategies always seem to be referring to engulfings. I enjoy the whose in control perspective you are giving.
Quoting vamp
If they did some research they would know you have posted screenshots of it before. Will follow, youre previous posts I have tracked show to me an authentic person and someone who really wants to provide a strong market grasp.
Yeah, right!

60minuteman, could you please answer my question here:
http://www.forexfactory.com/showthre...79#post6602279
Gentlemen always play by the rules. If they can't, they change the rules.
  • #34
  • Apr 14, 2013 4:42am Apr 14, 2013 4:42am
ahhh the old ignore list is filling up nicely....

so far I am just showing how I read h4 price action to determine likely direction..

how to take profitable entries and exits based off that hasnt been covered.

This is just basic dow trend theory but looked at from a slightly different perspective that to me is easier to read.
tradewith60
  • #35
  • Apr 14, 2013 5:15am Apr 14, 2013 5:15am
If the last h4 bar closed down the next bar will most likely go down. (at least to the next h4 s/r, at least to the low of the previous bar.)

If the last h4 bar closed below h4 s/r, price will most likely continue down until the next daily s/r (unless the last h4 bar already hit a daily s/r in which case we COULD already be at the end of the h4 move)
tradewith60
  • #36
  • Apr 14, 2013 5:15am Apr 14, 2013 5:15am
Quoting 60minuteman
ahhh the old ignore list is filling up nicely.... so far I am just showing how I read h4 price action to determine likely direction.. how to take profitable entries and exits based off that hasnt been covered. This is just basic dow trend theory but looked at from a slightly different perspective that to me is easier to read.

thanks for replying to my questions.

do you trade inside/outside bars, engulf bars in a particular way, and are your entries based on the high lows of the signal bar or the open or close ?

the thread would have been better suited in the trading discussions forum, as it is not really a 'method' but rather discussions on price action. not sure why it got moved to here...

also, you may want to ban those who are on your ignore list. no need for cowboys to cause trouble here.
  • #37
  • Apr 14, 2013 5:15am Apr 14, 2013 5:15am
Quoting 60minuteman
I am looking for a change in control, I want to see the pattern of open and closes switch. Here's a h4 chart with just the opens and closes, see what always happens when direction changes with regards the pattern opens and closes are making...... A pin bar doesn't give you that information, it is just confirming the existence of s/r at a price.
Well... Imagine a pinbar on the top of an upwards move that closes below its open. On a lower timeframe, it would be that same engulf pattern, either across two or more bars - the price goes up, then goes back and ultimately closes below the starting point. So it is essentially the same price action.
  • #38
  • Apr 14, 2013 5:47am Apr 14, 2013 5:47am
Quoting Barbossa
Well... Imagine a pinbar on the top of an upwards move that closes below its open. On a lower timeframe, it would be that same engulf pattern, either across two or more bars - the price goes up, then goes back and ultimately closes below the starting point. So it is essentially the same price action.
yes I agree on the lower TF, but I am looking for the pattern of open and closes to change on the four hour timeframe and then take trades in that new direction to the daily and weekly s/r.

The exception being the inside bar which is more of a momentum break out trade.

That being said the pin bar is a totally tradable set up just not one I look at, but please feel free to post any as they come up
tradewith60
  • #39
  • Apr 14, 2013 8:34am Apr 14, 2013 8:34am
I guess there does need to be devil's advocate with many false claimers being on the forum from the past, but I do not see cruel intentions. I also wouldnt just throw live money around, 'system' seems reasonable to back test anyway.

60, how long have you traded this way, I see a change/evolution of your trading to an s/r cycle theory, but curious when the change took place.
  • #40
  • Apr 14, 2013 8:36am Apr 14, 2013 8:36am
Quoting whatfx
thanks for replying to my questions. do you trade inside/outside bars, engulf bars in a particular way, and are your entries based on the high lows of the signal bar or the open or close ? the thread would have been better suited in the trading discussions forum, as it is not really a 'method' but rather discussions on price action. not sure why it got moved to here... also, you may want to ban those who are on your ignore list. no need for cowboys to cause trouble here.
Hi Whatfx... I wanted to wait until we had some live set ups to explain entry techniques, but one I use the most often is:

I wait for the h4 engulf or outside bar to close, then I switch to m15 and trade the next m15 engulf/ouside bar, inside bar in that direction.

Here's the gold chart from last week with 2 entries, first chart showing the h4 set ups and the second 2 m15 entries.... This is how you can get the big reward trades without a perfect win rate.

The second entry went to a maximum 30R!!! (exceptional movement on gold friday, but big R/R available nonetheless)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: H4.png Size: 46 KB
Click to Enlarge Name: M151.png Size: 50 KB
Click to Enlarge Name: M152.png Size: 55 KB
tradewith60
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