Attachments: H4 Power

H4 Power

#581
Edited 12:15pm Aug 30, 2013 10:37am | Edited 12:15pm

pipmunks
| Joined Oct 2010 | Status: Breaking my comfort zone | 371 Posts

EURCHF short.

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Name: EURCHF H4 M15.png
Size: 18 KB

Update :

Attached Image

#582
Aug 30, 2013 12:51pm Aug 30, 2013 12:51pm

david1234
| Joined Apr 2013 | Status: Trader | 233 Posts

Quoting pipmunks

Disliked

GBPUSD trade. M15 entry from 4H engulf. {image}

Ignored

nice win on GU!
i was waiting to short at a high price but missed ur entry

#583
Sep 1, 2013 8:54am Sep 1, 2013 8:54am

60minuteman
| Commercial User | Joined Feb 2012 | 3,770 Posts

To really understand this process and style of trading you need to learn a different understanding of SR.

We make an assumption about a price being SR on a particular timeframe, but that is only confirmed when price reacts to it. So if I say the 1.300 on EU is daily SR and it fails to turn H4 then it is not.... In other words when we see a h4 engulf THAT IS DAILY SR.... when we see weekly engulf, that is monthly SR....

Just because price turned in the past does not make it SR now....only when current price turns can we make that confirmation, prior to that it is an assumption (or should that be presumption? not sure?) because it was in the past...

1.Mark your presumed SR levels.
2.Wait for price action to confirm or invalidate those levels.
3.Trade to the next presumed levels.

Obviously all we have to go on are the confirmed levels in the past, but we should always be watching the current price action too, so if you suddenly get a large h4 engulf, price action is telling you of a daily SR level you have failed to notice....

Price action and support and resistance are all you need but you must use them in unison, they are the two parts of the equation that will tell you where price is most likely to go.

tradewith60

#584
Sep 1, 2013 9:02am Sep 1, 2013 9:02am

60minuteman
| Commercial User | Joined Feb 2012 | 3,770 Posts

GOLD WEEKLY WAS IN AN UPTREND AFTER A WEEKLY ENGULF, WE KNEW IT WOULD GO TO A MONTHLY SR

GOLD WEEKLY UPTREND
http://clip2net.com/clip/m106901/thu...-clip-11kb.png

SO WE COULD OF MADE A PRESUMPTION ABOUT THIS MONTHLY SR'S BEING THE LIKELY STOPPING POINTS
http://clip2net.com/clip/m106901/thu...-clip-15kb.png

WHEN WE HIT THAT MONTHLY SR IT HAS MADE DAILY TURN AND ENGULF, SO WE CAN PRESUME THAT IS HAS AT LEAST THE POWER OF WEEKLY SR AND THERE FORE DAILY WILL GO DOWN TO WEEKLY SR
http://clip2net.com/clip/m106901/thu...4-clip-7kb.png

NOW IF WEEKLY ENGULFS DOWN THEN WE CAN CONFIRM IT IS THAT MONTHLY SR AND WE CAN THEN SHORT TO MONTHLY SR BELOW
BUT AS YOU CAN SEE, FOR NOW, WEEKLY HAS ONLY CLOSED DOWN AND NO ENGULF
http://clip2net.com/clip/m106901/thu...7-clip-6kb.png

THAT IS THE PROCESS WE USE.... SIMPLE AND VERY NEAT!

tradewith60

#585
Edited 2:08am Sep 2, 2013 1:31am | Edited 2:08am

pipmunks
| Joined Oct 2010 | Status: Breaking my comfort zone | 371 Posts

USDCAD short.

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Name: USDCAD 20130902 #1.png
Size: 21 KB

Update :
Stopped out. Oh well, slow Monday

#586
Sep 2, 2013 1:53am Sep 2, 2013 1:53am

Tebriz
| Joined Jul 2013 | Status: Trader | 12 Posts

Quoting 60minuteman

Disliked

To really understand this process and style of trading you need to learn a different understanding of SR. We make an assumption about a price being SR on a particular timeframe, but that is only confirmed when price reacts to it. So if I say the 1.300 on EU is daily SR and it fails to turn H4 then it is not.... In other words when we see a h4 engulf THAT IS DAILY SR.... when we see weekly engulf, that is monthly SR.... Just because price turned in the past does not make it SR now....only when current price turns can we make that confirmation, prior...

Ignored

What is presumed SR? How can we define this levels?

#587
Sep 2, 2013 1:55am Sep 2, 2013 1:55am

FerruFx
Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now

Quoting Tebriz

Disliked

{quote} What is presumed SR? How can we define this levels?

Ignored

Well explained in the thread ... Did you read it ?

MT4/MT5 EAs/Indicators/Alerts coder

#588
Sep 2, 2013 2:01am Sep 2, 2013 2:01am

Tebriz
| Joined Jul 2013 | Status: Trader | 12 Posts

Quoting FerruFx

Disliked

{quote} Well explained in the thread ... Did you read it ?

Ignored

He said that
"To really understand this process and style of trading you need to learn a different understanding of SR."
And what is " different understanding of SR"?

#589
Sep 2, 2013 2:07am Sep 2, 2013 2:07am

FerruFx
Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now

Quoting Tebriz

Disliked

{quote} He said that "To really understand this process and style of trading you need to learn a different understanding of SR." And what is " different understanding of SR"?

Ignored

The thread is exactly about 2 things: engulfing pattern (price action) and SR ("real" support and resistance).

Read the whole thread and you will understand. You can't start using the method by just reading the last posts.

MT4/MT5 EAs/Indicators/Alerts coder

#590
Sep 2, 2013 6:20am Sep 2, 2013 6:20am

juicyt
| Commercial User | Joined May 2008 | 480 Posts

Hi 60minuteman (and others)

Can this system/method etc be used on higher time frames? Personally I can't trade lower time frames (15min charts for entry) but when looking over the charts can't really figure out if it would be as good looking at 4hr charts for entries and moving up time frames to suit. Then again, I am not very good at this method so that would explain why I am not seeing it.

Jt

"Even if you fall down face first, you still went forward."

#591
Sep 2, 2013 7:07am Sep 2, 2013 7:07am

FerruFx
Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now

Quoting juicyt

Disliked

Hi 60minuteman (and others) Can this system/method etc be used on higher time frames? Personally I can't trade lower time frames (15min charts for entry) but when looking over the charts can't really figure out if it would be as good looking at 4hr charts for entries and moving up time frames to suit. Then again, I am not very good at this method so that would explain why I am not seeing it. Jt

Ignored

It works on any TFs ... and in my opinion, even better on higher TFs.

MT4/MT5 EAs/Indicators/Alerts coder

#592
Sep 2, 2013 9:14am Sep 2, 2013 9:14am

60minuteman
| Commercial User | Joined Feb 2012 | 3,770 Posts

Quoting FerruFx

Disliked

{quote} It works on any TFs ... and in my opinion, even better on higher TFs.

Ignored

Hi Juicy... Ferru is correct this works on any timeframes.

Because of the market structure price has to engulf when it changes direction, we are using those changes in direction as locations to enter and exit the market.

I trade weekly direction/context on H4 all the time, if I have a few hours around London Open/NY open I can go down to H1 and trade that within the daily context, It is totally flexible.

tradewith60