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H4 Power

  • #141
  • Apr 16, 2013 7:46am Apr 16, 2013 7:46am
Quoting 60minuteman
yeah loved that thread, excellent trader
I think you can apply that concept to your trading style.
1. Take a valid setup.
2. Let it run for a while.
3. BE the trade.
4. Forget the trade.
5. Trade until no more free margin

What do you think? Have you considered it?

...

Just had a look at sek & nok ... the spread is too big ... How much is your spread on these pairs?
  • #142
  • Apr 16, 2013 8:03am Apr 16, 2013 8:03am
Quoting 60minuteman
textbook H4 power trading... well done, and nice R/R
Thank you

Quote
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
I really like the way you look at S/R and how you anticipate the moves. I will take a deep look when I have the time.
...
My broker does not have the monthly chart
  • #143
  • Apr 16, 2013 8:17am Apr 16, 2013 8:17am
Quoting Eiman
Thank you I really like the way you look at S/R and how you anticipate the moves. I will take a deep look when I have the time. ... My broker does not have the monthly chart
first chart is EU weekly, second is monthly with next s/r
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tradewith60
  • #144
  • Apr 16, 2013 8:20am Apr 16, 2013 8:20am
Quoting Eiman
I think you can apply that concept to your trading style. 1. Take a valid setup. 2. Let it run for a while. 3. BE the trade. 4. Forget the trade. 5. Trade until no more free margin What do you think? Have you considered it? ... Just had a look at sek & nok ... the spread is too big ... How much is your spread on these pairs?
yeah it's completely valid, and im 99% sure it would work.... maybe I will get to that stage eventually, knowing what we know about s/r and p.a there's no reason why we should ever be completely out of the market, we should always have a position in one direction if not both...
tradewith60
  • #145
  • Apr 16, 2013 11:08am Apr 16, 2013 11:08am
USD/NOK H4 engulf and M15 engulf combo, seems there was an earlier h4 signal right up on weekly s/r, but I will have a play with this anyway
Attached Image(s) (click to enlarge)
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tradewith60
  • #146
  • Apr 16, 2013 11:19am Apr 16, 2013 11:19am
Quoting 60minuteman
USD/NOK H4 engulf and M15 engulf combo, seems there was an earlier h4 signal right up on weekly s/r, but I will have a play with this anyway {image} {image}

the earlier h4 engulf would have resulted in a stopout.

current m15 engulf is right onto a minor support area. you sure this is a good place to short ?
  • #147
  • Apr 16, 2013 11:28am Apr 16, 2013 11:28am
Quoting whatfx
the earlier h4 engulf would have resulted in a stopout. current m15 engulf is right onto a minor support area. you sure this is a good place to short ?
no stop out whatfx, once h4 closed down you would of switched to m15 for your entry and got in right at the tip top...

see m15 chart, red line is h4 close
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tradewith60
  • #148
  • Apr 16, 2013 5:04pm Apr 16, 2013 5:04pm
is there a bearish engulf on eurgbp, or am i mistaken...
  • #149
  • Apr 16, 2013 10:27pm Apr 16, 2013 10:27pm
great thread!

Just a silly question,

once the 4H signal candle is confirmed, the last 15m candle of the signal 4H can be used in conjunction with next 15m candle of next 4H for entry? or i have to wait for 2 15m candles in the next 4H? i am a bit confused here.
  • #150
  • Apr 17, 2013 12:04am Apr 17, 2013 12:04am
Update...
Attached Image (click to enlarge)
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Both trades turned out pretty well. Both SLs are at BE.
EU is looking very good. No sign of reversal. And also the trade stands greatly in the weekly chart. It's sitting on the current weeks wick
GU is also looking good. But not as good as EU. Also I don't like how H4 is looking in GU. I've seen this before. It might just turn around and head south. But I'm taking the risk and holding on to the trade. The GU position also stands on the Weekly wick.
My plan for the week is to:
* Take longs and hold on to them for no more than 2-3 H4 candles
* Take shorts and hedge the current positions.

@60min
How did your USD/NOK trade turn out?
  • #151
  • Apr 17, 2013 2:58am Apr 17, 2013 2:58am
Attached Image (click to enlarge)
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time to look for a short?
  • #152
  • Apr 17, 2013 3:53am Apr 17, 2013 3:53am
Quoting zxdtrader
great thread! Just a silly question, once the 4H signal candle is confirmed, the last 15m candle of the signal 4H can be used in conjunction with next 15m candle of next 4H for entry? or i have to wait for 2 15m candles in the next 4H? i am a bit confused here.
yeah can happen, if H4 is clear about where the big money wants to go and you like the set up on m15, go for it.

I have tried to set the strategy up so a mediocre win rate will still see decent consistent profits, the m15 entries should give really nice average R/R (3-1 or more really, on average.) therefore we don't need to agonize to much over entries, it's just a numbers game and a little practice and skill to stay in the big trades for as long as possible.

Try noting all possible entries for a week on the pair you like to trade, see what your average R return would be... this will help answer any questions,
tradewith60
  • #153
  • Apr 17, 2013 3:58am Apr 17, 2013 3:58am
Quoting Eiman
Update... @60min How did your USD/NOK trade turn out?
got out for a small profit 77 and 102 when h4 closed against me... looks to be setting up again..

EU looking nice mate
tradewith60
  • #154
  • Apr 17, 2013 4:13am Apr 17, 2013 4:13am
cool thread i just hope i will be consistent and demo enough before going live thenx 60minuteman ....just curious where did u get the name ...lol i thot it shd be 4hman
1 great problem i have had in chasing the fx dream is trying to get a perfect looking pattern but now uve come to answer that question thenx again
thankyou gregwilson
  • #155
  • Apr 17, 2013 4:23am Apr 17, 2013 4:23am
Quoting 60minuteman
got out for a small profit 77 and 102 when h4 closed against me... looks to be setting up again.. EU looking nice mate
yeah EU is looking good. GU was taken out @ BE.
I got too confident from yesterday's trades and took some sloppy positions both in EU and GU today
But I'm still in the positive side for the week because of the EU position.
  • #156
  • Apr 17, 2013 4:25am Apr 17, 2013 4:25am
Quoting njokie
cool thread i just hope i will be consistent and demo enough before going live thenx 60minuteman ....just curious where did u get the name ...lol i thot it shd be 4hman 1 great problem i have had in chasing the fx dream is trying to get a perfect looking pattern but now uve come to answer that question thenx again
welcome njokie... dont worry about losers or perfect patterns, they're just anomalies when they do happen... all we want is to hit 50% and let those run for more than 2R... law of averages will mean that you have some trades that just explode to 10R and beyond, and there is our edge. JUST A NUMBERS GAME

https://itunes.apple.com/gb/artist/6...an/id107478375
tradewith60
  • #157
  • Apr 17, 2013 4:46am Apr 17, 2013 4:46am
BRENT futures, weak h4 set up but with trend, missed first m15 engulf right at h4 close, had a go at the second +40 so far
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tradewith60
  • #158
  • Apr 17, 2013 4:51am Apr 17, 2013 4:51am
watching how the 4h e/u will close down so we can look for a short in 15min....this is so interesting....
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thankyou gregwilson
  • #159
  • Apr 17, 2013 4:57am Apr 17, 2013 4:57am
thank you 60minuteman!

yes, i agree it's a numbers game, probability game.

just that to take small losses sometimes is frustrating.
  • #160
  • Apr 17, 2013 4:57am Apr 17, 2013 4:57am
no setup has formed in 15min yet,60minuteminuteman is the setup in 4h valid?
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thankyou gregwilson
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