H4 Power | Page 7 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The Power Of Now 4 Forex 14 replies

Imagine a FOREX TRADERS ASSOCIATION. Imagine the Power 14 replies

Knowledge is Power 5 replies

FLAG POWER 1 reply

Keeping Some Fire Power In Reserve 0 replies

Attachments: H4 Power
Exit Attachments

H4 Power

  • #121
  • Apr 16, 2013 4:34am Apr 16, 2013 4:34am
talked myself out of the EU trade... gotta remember to just play the numbers.... it's R/R not high win rate that makes this tick...
tradewith60
  • #122
  • Apr 16, 2013 5:12am Apr 16, 2013 5:12am
Hi 60min and everone,
I've been following this thread. It has a good concept. Thanks to 60min for sharing. Took some trades using this strategy today.
Attached Image (click to enlarge)
Click to Enlarge Name: H4 Power -4-16-2013 2-27-32 PM.png Size: 51 KB


H4 in EU and GU shows buy engulf (shown by the purple rounded rectangle)
Engulf happend in m15 in both pairs. I entered my orders after candle close.
EU #1 was triggered and stoped out. GU was not triggered and the order was deleted after observing the PA.
Engulf happened in both pairs @ #2. Orders where put in.
The orders were not triggered on the following candle but watching the PA , I kept my orders and they were triggered @ #3.
H4 is looking good, so I'll probably wait and trail the SLs behind last H4 low.
  • #123
  • Apr 16, 2013 5:27am Apr 16, 2013 5:27am
on GBPUSD. the last 4hr bar was an engulf bearish. the last 1hr bar was also an engulf bearish. so why didnt a sell trade work out ?


is it still a sell in your opinion ?

comments please.
  • #124
  • Apr 16, 2013 5:39am Apr 16, 2013 5:39am
here are the charts for GBPUSD. i have highlighted the h4 and h1 bars with the red vertical line.

as you can see both red engulfing bars. but a sell trade did not work out. what went wrong ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd-h4-alpari-uk-ltd (1).png Size: 164 KB
Click to Enlarge Name: gbpusd-h1-alpari-uk-ltd.png Size: 164 KB
  • #125
  • Apr 16, 2013 5:41am Apr 16, 2013 5:41am
Wouldn't meet my definition of engulfing.
  • #126
  • Apr 16, 2013 5:43am Apr 16, 2013 5:43am
Many thanks for your elaborated explanation.
I am trying to put things in order on my mind.

The trade must have room to run and ideally it have to bounce on a Weekly/daily Support/resistance.
I also found that patterns are much more effective if they develop during EU session or us.

.- Engulf bar or outside bar(means the same)
I see that you use also two bars engulfing. For the entry 15M chart, looking for a engulfing bar.
I have to add here that Breakout entry in my humble opinion it's safer. Ideally breakout and pullback, but you will miss many trades.

.- Pin bars
Entry?
I'll entry 50% on Fibs and 50% breakout

.- Inside bars
The entry on mother bar breakout.

Take Profit:
You recommend Trailing.
I'll place a 1/2 minimum, or take profit on S/R
  • #127
  • Apr 16, 2013 5:51am Apr 16, 2013 5:51am
Quoting Eiman
Hi 60min and everone, I've been following this thread. It has a good concept. Thanks to 60min for sharing. Took some trades using this strategy today. {image} H4 in EU and GU shows buy engulf (shown by the purple rounded rectangle) Engulf happend in m15 in both pairs. I entered my orders after candle close. EU #1 was triggered and stoped out. GU was not triggered and the order was deleted after observing the PA. Engulf happened in both pairs @ #2. Orders where put in. The orders were not triggered on the following candle but watching the PA , I...
nice, you have it sussed, keep doing that and you will make money...
tradewith60
  • #128
  • Apr 16, 2013 5:58am Apr 16, 2013 5:58am
Quoting Eiman
Hi 60min and everone, I've been following this thread. It has a good concept. Thanks to 60min for sharing. Took some trades using this strategy today. {image} H4 in EU and GU shows buy engulf (shown by the purple rounded rectangle) Engulf happend in m15 in both pairs. I entered my orders after candle close. EU #1 was triggered and stoped out. GU was not triggered and the order was deleted after observing the PA. PA , I kept my orders and they were triggered @ #3. H4 is looking good, so I'll probably wait and trail the SLs behind last H4 low.

''EU #1 was triggered and stoped out. '' - the candle your arrow is pointing at is reversal candle not an engulf. so why would you enter long there ? your long entry would have been a few candles back.


''Engulf happened in both pairs @ #2. Orders where put in. The orders were not triggered on the following candle'' - not too sure what you mean. at #2 it was an engulfing candle. so you would have entered long immediately at the opening of the next candle. so what do you mean when you say orders were put in ? and not triggered till #3 ?
  • #129
  • Apr 16, 2013 6:19am Apr 16, 2013 6:19am
Quoting whatfx
''EU #1 was triggered and stoped out. '' - the candle your arrow is pointing at is reversal candle not an engulf. so why would you enter long there ? your long entry would have been a few candles back.
Engulf happened on the previous candle. At #1 the order was triggered on EU.
Quote
''Engulf happened in both pairs @ #2. Orders where put in. The orders were not triggered on the following candle'' - not too sure what you mean. at #2 it was an engulfing candle. so you would have entered long immediately at the opening of the next candle. so what do you mean when you say orders were put in ? and not triggered till #3 ?
You can enter trades either by executing immediately after engulf happens or by entering orders above/below the high/low of the engulf candle. I prefer the latter approach. It seems to filter out some bad trades.
  • #130
  • Apr 16, 2013 6:40am Apr 16, 2013 6:40am
Quoting 60minuteman
nice, you have it sussed, keep doing that and you will make money...
Thanks 60min,
GU is looking good on H4 but it's not moving as I anticipated. Suppose the next H4 candle closes down but not so down to trigger the SL. Would you take the loss or would you let the trade go?
  • #131
  • Apr 16, 2013 6:46am Apr 16, 2013 6:46am
Quoting Eiman
Engulf happened on the previous candle. At #1 the order was triggered on EU. You can enter trades either by executing immediately after engulf happens or by entering orders above/below the high/low of the engulf candle. I prefer the latter approach. It seems to filter out some bad trades.

on m15 eu, there were 3 englulfs prior to the entry. why didnt you enter there ?

on gu m15, did you open two longs, one at #1 and #2, and leave both running ?


maybe it is a better idea to enter on a pullback following the h4 engulf. something to think about.

i personally would not enter on m15 unless it is in line with h1, following a h4 engulf. i would also base my entries after analysing all three m15 m5 and m1 charts. even if m15 did show an engulf i would wait until both m5 and m1 are in agreement.
  • #132
  • Apr 16, 2013 7:01am Apr 16, 2013 7:01am
Quoting whatfx
on m15 eu, there were 3 englulfs prior to the entry. why didnt you enter there ?
Because the H4 engulf did not happen until two-three candles prior to #1. (remember H4 close differs in different brokers)

Quote
on gu m15, did you open two longs, one at #1 and #2, and leave both running ?

No. GU was not triggered on #1 because price did not go high enough. I set my entry to high + 2 pips.

Quote
maybe it is a better idea to enter on a pullback following the h4 engulf. something to think about.


i personally would not enter on m15 unless it is in line with h1, following a h4 engulf. i would also base my entries after analysing all three m15 m5 and m1 charts. even if m15 did show an engulf i would wait until both m5 and m1 are in agreement.

Go through the charts and apply your rules and compare it to 60min rules. Analyze which is best for you. Let us know your results. Good luck.
  • #133
  • Apr 16, 2013 7:02am Apr 16, 2013 7:02am
Quoting Eiman
Thanks 60min, GU is looking good on H4 but it's not moving as I anticipated. Suppose the next H4 candle closes down but not so down to trigger the SL. Would you take the loss or would you let the trade go?
Its a hard one to answer, sometimes closing is a good idea, sometimes letting the trade run sl or tp is a good idea, maybe the best thing is for each trader to decide what he prefers and then be consistent with that.

On H4 letting my trades run longer is what makes the most difference to my results, I find myself wishing I had stayed in more often than wishing I had closed....
tradewith60
  • #134
  • Apr 16, 2013 7:21am Apr 16, 2013 7:21am
Quoting 60minuteman
Its a hard one to answer, sometimes closing is a good idea, sometimes letting the trade run sl or tp is a good idea, maybe the best thing is for each trader to decide what he prefers and then be consistent with that.


Quote
On H4 letting my trades run longer is what makes the most difference to my results, I find myself wishing I had stayed in more often than wishing I had closed....
That's interesting
...
Have you read the following thread?
Building an equity millipede

It has many things to ponder about. I think you will like the concept.
  • #135
  • Apr 16, 2013 7:24am Apr 16, 2013 7:24am
@Eiman.... Eu worked out sweet, kicking myself

also left a perfectly valid set up on usd/sek, just added sek and nok, like their h4 price action
tradewith60
  • #136
  • Apr 16, 2013 7:30am Apr 16, 2013 7:30am
Update...
Attached Image (click to enlarge)
Click to Enlarge Name: H4 Power- 4-16-2013 4-54-05 PM.png Size: 36 KB


Both pairs are looking good. EU is in the Weekly S/R zone. One could take profit right now. But looking at the weekly chart ...
Attached Image


I think I'll BE the trade after H4 close and keep it and see what happens.
As for GU I'll probably trail the stop below H4 Low until stopped.
  • #137
  • Apr 16, 2013 7:34am Apr 16, 2013 7:34am
Quoting Eiman
That's interesting ... Have you read the following thread? Building an equity millipede It has many things to ponder about. I think you will like the concept.
yeah loved that thread, excellent trader
tradewith60
  • #138
  • Apr 16, 2013 7:37am Apr 16, 2013 7:37am
Quoting 60minuteman
@Eiman.... Eu worked out sweet, kicking myself also left a perfectly valid set up on usd/sek, just added sek and nok, like their h4 price action

Why didn't you take the EU setup? Was it not valid on your charts?
sek & nok ... I'll take a look
  • #139
  • Apr 16, 2013 7:40am Apr 16, 2013 7:40am
Quoting Eiman
Why didn't you take the EU setup? Was it not valid on your charts? sek & nok ... I'll take a look
just failure to execute, let a little fear of losing creep in
tradewith60
  • #140
  • Apr 16, 2013 7:43am Apr 16, 2013 7:43am
Quoting Eiman
Update... {image} Both pairs are looking good. EU is in the Weekly S/R zone. One could take profit right now. But looking at the weekly chart ... {image} I think I'll BE the trade after H4 close and keep it and see what happens. As for GU I'll probably trail the stop below H4 Low until stopped.
textbook H4 power trading... well done, and nice R/R

EU I would just take a peek at monthly, if weekly is closing over weekly s/r (engulfing) it will be a monthly line that stops it. well worth just dropping a monthly line on the next monthly high/low/ open/close and then watch p.a there
tradewith60
0 traders viewing now