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H4 Power

  • #401
  • Apr 23, 2013 10:28am Apr 23, 2013 10:28am
Quoting LO-Trader
This is my inital post here. First of all a BIG thanks to 60minuteman for showing H4 power. I like the simplicity of system. I was so fustrated with my results. There was a nice oppurtunity in GJ today. {image} {image}
welcome LO... this gives good results for me and the bad days are never that bad...good luck with it
tradewith60
  • #402
  • Apr 23, 2013 10:41am Apr 23, 2013 10:41am
Quoting 60minuteman
{quote} welcome LO... this gives good results for me and the bad days are never that bad...good luck with it
It should be. You have designed it that way. TP is in higher time frame(H4) and SL is in lower time frame(M15).

Thanks,
LO-Trader
  • #403
  • Apr 23, 2013 11:09am Apr 23, 2013 11:09am
Quoting 60minuteman
not managed to catch the big R winner yet this week... its coming though. Im watching next h4 closes on EJ and BRENT

any reason for watching ej ? the last h4 candle could have been an engulf but unfortunately not. there could be a dip coming.

i closed my ej short earlier for around 170 pips. only one other trade now, audjpy long opened in the morning , presently +70 pips. looking to close it out,.

cant see any h4 engulfs on any pairs at the moment
  • #404
  • Apr 23, 2013 12:24pm Apr 23, 2013 12:24pm
60minuteman, thanks a lot for another great thread.

I know you are not so focused on win rate but there is something I want to contribute / put up for discussion.

I've noticed that (on EU at least anyway) the 4H engulfing bars that are rejected at the opposite end have a higher probability of producing winning trades.

For example, a bearish engulfing that also took out the high of the previous bar, seems (over last 18 months or so anyway) to have a higher probability than one that didn't (not that I am telling people not to take the ones that don't).

This ties in with your logic of failure setting a new daily S/R....

60minuteman, I was also wondering why you like Euro, Gold and Brent - is it because they like to move, or because you find their "personality" suits the engulfing style more?
  • #405
  • Apr 23, 2013 12:56pm Apr 23, 2013 12:56pm
Quoting lemna
60minuteman, thanks a lot for another great thread. I know you are not so focused on win rate but there is something I want to contribute / put up for discussion. I've noticed that (on EU at least anyway) the 4H engulfing bars that are rejected at the opposite end have a higher probability of producing winning trades. For example, a bearish engulfing that also took out the high of the previous bar, seems (over last 18 months or so anyway) to have a higher probability than one that didn't (not that I am telling people not to take the ones that don't)....
Hi Lemna... agree with you 100% an engulf that forms at a swing point is a higher probability trade,

1. it's at the higher TF s/r,

2. it has the greatest possible reward

3. it is coming off fresh supply or demand...

I'm often in a dilemma as to wether I should be selective or not, i'm undecided but I do instinctively look for them at the end of the swings...


With regards selecting pairs I wanted to have 1 of each, Euro, dollar,yen,commodity, futures... it's easy to remember where each pair is trend wise, I get enough entries to keep me interested and they all seem to give good R/R....
tradewith60
  • #406
  • Apr 23, 2013 2:51pm Apr 23, 2013 2:51pm
ok folks. just to let ya all know, a h4 bearish engulf has just formed on gbpusd ! for anyone who is trading this late......
  • #407
  • Apr 23, 2013 6:02pm Apr 23, 2013 6:02pm
Quoting lemna
I know you are not so focused on win rate but there is something I want to contribute / put up for discussion. I've noticed that (on EU at least anyway) the 4H engulfing bars that are rejected at the opposite end have a higher probability of producing winning trades.

Maybe I haven't been paying close enough attention, but I thought that is what all examining this approach were doing. It would seem an apparent swing high/low would be the proper place to initiate a trade........
  • #408
  • Apr 23, 2013 6:10pm Apr 23, 2013 6:10pm
GOLD H4 inside bar break +50
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2013-04-24 at 02.09.21.png Size: 22 KB
tradewith60
  • #409
  • Apr 23, 2013 6:30pm Apr 23, 2013 6:30pm
Quoting 60minuteman
GOLD H4 inside bar break +50 {image}
So you take trades even counter the D1/W1 last candle closed ... Right ?
MT4/MT5 EAs/Indicators/Alerts coder
  • #410
  • Apr 23, 2013 6:52pm Apr 23, 2013 6:52pm
Quoting FerruFx
{quote} So you take trades even counter the D1/W1 last candle closed ... Right ?
Hi Ferru... yeah I will take them but treat them as countertrend..

Obviously if the daily engulfed short I would be very wary, but we just had a hint that gold is at a top, may well break north again.

Still made a higher swing low on h4 and if this current h4 closes up then that top is looking shakey
tradewith60
  • #411
  • Apr 23, 2013 6:59pm Apr 23, 2013 6:59pm
Quoting 60minuteman
{quote} Hi Ferru... yeah I will take them but treat them as countertrend.. Obviously if the daily engulfed short I would be very wary, but we just had a hint that gold is at a top, may well break north again. Still made a higher swing low on h4 and if this current h4 closes up then that top is looking shakey
Ok thanks for clarification.
MT4/MT5 EAs/Indicators/Alerts coder
  • #412
  • Apr 23, 2013 9:24pm Apr 23, 2013 9:24pm
Quoting 60minuteman
{quote} ok.... it's a key element of s/r so I will try and make it clear... 1. If h4 is closing down below h4 s/r we know it will keep going until it hits a daily line (or higher) 2. then we have a h4 close up but not over the h4 s/r (not engulf long in fact an inside bar). So at this point the low of the h4 engulf is a possible daily s/r that is going to stop the move and turn it... 3. If it is the s/r that is going to stop the move, the bottom, then we wont trade lower than it... so we could trade the breakout short?... which is exactly what I...
i think my attempt on aud usd does give another good example to bemore patient so i would like to share here for everyone to learn from my mistake


Daily
Attached Image (click to enlarge)
Click to Enlarge Name: d1_s_r.png Size: 45 KB

H4
Attached Image (click to enlarge)
Click to Enlarge Name: h4_s_r.png Size: 51 KB

M15
Attached Image (click to enlarge)
Click to Enlarge Name: m_15_s_r.png Size: 36 KB


In the end i got stopped out as it was a bounce from the daily s/r.

I think the reason this trade failed because, I shouldnt take the line i drew for daily s/r as a line but it should be taken as a zone. I should wait for a clear invalidation of the daily s/r.

Cheers.
  • #413
  • Edited Apr 24, 2013 12:18am Apr 23, 2013 9:43pm | Edited Apr 24, 2013 12:18am
Quoting 60minuteman
GOLD H4 inside bar break +50 {image}
As i have not traded gold, I'm not so familiar with it. but it seems this strategy works well on gold too ^^

Attached Image (click to enlarge)
Click to Enlarge Name: gold_m15.png Size: 26 KB


Is that the inside bar in m15 you were talking about ?
  • #414
  • Apr 23, 2013 10:54pm Apr 23, 2013 10:54pm
Eur usd, looking really good for down movement. Still waiting for clear invalidation of daily s/r

Daily - clearly shown it has closed below the daily s/r.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_11.png Size: 44 KB


H4
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_h4111.png Size: 72 KB
  • #415
  • Apr 24, 2013 12:35am Apr 24, 2013 12:35am
60minuteman, please help. what sma you using? I se 4 ma s, but dont understud what numbers they have?
  • #416
  • Apr 24, 2013 12:54am Apr 24, 2013 12:54am
Eur yen,

Im waiting for a better confirmation candle for eur yen... looking to short it . counter trend.

Attached Image (click to enlarge)
Click to Enlarge Name: euryen.png Size: 33 KB
  • #417
  • Apr 24, 2013 12:55am Apr 24, 2013 12:55am
Quoting Jasper Ng
{quote} As i have not traded gold, I'm not so familiar with it. but it seems this strategy works well on gold too ^^ {image} Is that the inside bar in m15 you were talking about ?
It was just a breakout of the inside bar on H4
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2013-04-24 at 08.53.58.png Size: 27 KB
tradewith60
  • #418
  • Apr 24, 2013 12:56am Apr 24, 2013 12:56am
Quoting 60minuteman
GOLD H4 inside bar break +50 {image}
Hi 60minute,

I can see that your inside bar is also an inside bar of another bigger mother bar. Did you ignore the previous inside bar? can you make a comment on that, please.
thanks
Attached Image (click to enlarge)
Click to Enlarge Name: 12.JPG Size: 70 KB
  • #419
  • Apr 24, 2013 12:57am Apr 24, 2013 12:57am
Quoting Jasper Ng
Eur yen, Im waiting for a better confirmation candle for eur yen... looking to short it . counter trend. {image}
On my broker, the last H4 EJ was an outside bar ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #420
  • Apr 24, 2013 1:07am Apr 24, 2013 1:07am
Quoting relaxtrading
{quote} Hi 60minute, I can see that your inside bar is also an inside bar of another bigger mother bar. Did you ignore the previous inside bar? can you make a comment on that, please. thanks {image}
The previous inside bar never broke out the range of the mother candle.
tradewith60
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