H4 Power | Page 31 | 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

  • #601
  • Sep 5, 2013 8:27pm Sep 5, 2013 8:27pm
There are some criteria for my personal preference.

Basically, a bearish engulfing candle with high > previous candle high is a good criteria. Same with bullish engulfing candle with low < previous candle low. So it's more like Outside Bar than standard engulfing candle.

Another factor is, how price behave (2-3 candle) before engulfing candle. If it's pretty compressed then make an engulfing candle, it's a good sign. It tells that price struggle to move to the other side, but that effort failed & price close to the opposite side.
This is how it's looks like on the chart (taken from my H1 chart USDCAD trade).
Attached Image


I rarely trade 2 engulfing candle, there are more factor to consider to trade 2 engulfing candle (SR, momentum, market sentiment). Besides, 2 engulfing candle usually provide less reward, because price already move to certain distance from where price turn take place. I don't say it's not trade able, but it require more factor to make it a good setup.

Sorry for my bad English.

Regards Pipmunks.
  • #602
  • Sep 5, 2013 8:36pm Sep 5, 2013 8:36pm
Quoting pipmunks
There are some criteria for my personal preference. Basically, a bearish engulfing candle with high > previous candle high is a good criteria. Same with bullish engulfing candle with low < previous candle low. So it's more like Outside Bar than standard engulfing candle. Another factor is, how price behave (2-3 candle) before engulfing candle. If it's pretty compressed then make an engulfing candle, it's a good sign. It tells that price struggle to move to the other side, but that effort failed & price close to the opposite side. This is how it's...
Thank you Pipmunks.
MT4/MT5 EAs/Indicators/Alerts coder
  • #603
  • Sep 5, 2013 8:40pm Sep 5, 2013 8:40pm
Quoting FerruFx
{quote} Thank you Pipmunks.
Your welcome.
  • #604
  • Sep 5, 2013 9:13pm Sep 5, 2013 9:13pm
Hi pipmunks.

What pairs do you use or recommended? And how many pips you move to BE?

Sorry very bad english.
  • #605
  • Sep 5, 2013 10:14pm Sep 5, 2013 10:14pm
Quoting glory31
Hi pipmunks. What pairs do you use or recommended? And how many pips you move to BE? Sorry very bad english.
I trade almost all 28 pairs offered by my broker, majors & crosses. The important thing is not the pair, but the setup. Spread is not a problem to me, I'm using ECN broker. If your broker charge big spread on crosses, stick to the major pairs.
I usually move SL to BE if I see 2 consecutive impulsive wave (M15 chart) in my trade direction, this can vary from 20 - 40 pips or more.
  • #606
  • Sep 6, 2013 12:19am Sep 6, 2013 12:19am
Thanks pipmunks.. another question, the criteria you describe, you use it only on D1? Or both on H1 too for entry? And what about your stoploss?

Sorry if the question is not clear to you.
  • #607
  • Sep 6, 2013 12:41am Sep 6, 2013 12:41am
Setup appear on CHFJPY D1+H1 combo.
Short on break the bar low.
Attached Image (click to enlarge)
Click to Enlarge Name: 20130907 CHFJPY # 1.png Size: 18 KB
  • #608
  • Sep 6, 2013 2:04am Sep 6, 2013 2:04am
Hi everyone, nice work with the D1/H1 stuff Pipmunks, keeping the thread alive single handedly !!!!

Some advanced price action SR stuff here....

When we have a box of SR, let's say on daily TF, the strong SR is at the outer edges of the box, because to form the box price must of been ranging from high to low, and every time it got to the extreme it hit higher TF SR and got bounced back.

So if we then see price close inside that box (not get rejected by the stronger, higher TF SR at the extremities, it's a high probability we will continue to the bottom of the box.)

Here's the current Gold Daily chart, we knew we would go short to a weekly based on last weeks close, no we have pierced a box of SR...

Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2013-09-06 at 07.55.33.png Size: 92 KB
tradewith60
  • #609
  • Sep 6, 2013 2:21am Sep 6, 2013 2:21am
Watching this thread with interest, I need to trade more 4 Hours and find some good mini-trend days

How do you work out stop loss, and take profit targets, or just wing it and try to let them run?

Here is example of the way I plot Fibonacci and use an ADR indicator to show where price might go.

Thanks, E
Attached Image (click to enlarge)
Click to Enlarge Name: 06-09-2013 17-11-46.png Size: 50 KB
It takes a lot for me to IGNORE you, but you can try.
  • #610
  • Sep 6, 2013 2:28am Sep 6, 2013 2:28am
Anyone catch this setup ?
Attached Image

Please tell me anybody catch it . I miss it , while doing other stuff.
  • #611
  • Sep 6, 2013 2:34am Sep 6, 2013 2:34am
Quoting Erebus
Watching this thread with interest, I need to trade more 4 Hours and find some good mini-trend days How do you work out stop loss, and take profit targets, or just wing it and try to let them run? Here is example of the way I plot Fibonacci and use an ADR indicator to show where price might go. Thanks, E {image}
Hello E.
Stoploss placed above/below signal candle. For profit target, I usually aim for 1:2 half position and let the rest run to D1 support/resistance.
  • #612
  • Sep 6, 2013 2:52am Sep 6, 2013 2:52am
Quoting pipmunks
Setup appear on CHFJPY D1+H1 combo. Short on break the bar low. {image}
Update :
Set SL to BE after 2nd impulsive move (count from my entry).
Attached Image
  • #613
  • Sep 6, 2013 7:59am Sep 6, 2013 7:59am
I've done my USD/CHF analisys, but a few doubts

I've seen that last week engulfed UP, so I've marked all Monthly SR above last week high. (correct?)

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


Now I'm looking for a long engulfing on Daily chart and monday engulfed up, so pending order above high of monday's candle.
Where i have to place my TP?
SR are so clustered.... The 1st is only 1.5 pips apart and the 2nd is 17 pips apart.

Attached Image (click to enlarge)
Click to Enlarge Name: usdchfd.png Size: 42 KB


Hey guys, I'm on the right track?
  • #614
  • Sep 6, 2013 8:24am Sep 6, 2013 8:24am
Quoting lucariga
I've done my USD/CHF analisys, but a few doubts I've seen that last week engulfed UP, so I've marked all Monthly SR above last week high. (correct?) {image} Now I'm looking for a long engulfing on Daily chart and monday engulfed up, so pending order above high of monday's candle. Where i have to place my TP? SR are so clustered.... The 1st is only 1.5 pips apart and the 2nd is 17 pips apart. {image} Hey guys, I'm on the right track?
Hello lucariga.
You're on right about picking Weekly direction & Daily direction. But if you based your trade on Daily candle, you can drill down to H1 to fine tune your entry, so your SL will be smaller, rather than place pending order above the D1 candle bias. It'll improve your R:R.

Yeah sometimes I worry when there's trade setup too close to opposing SR area, will I take it or leave it?
Some tips from me, do not take setup that too close to SR area, especially when it occurred on Monday or Tuesday, market usually do not have strong movement to break those SR area.

Meanwhile, for the SR area drawing, perhaps 60minuteman can explain in more detail.
  • #615
  • Sep 6, 2013 9:02am Sep 6, 2013 9:02am
Quoting pipmunks
{quote} Hello lucariga. You're on right about picking Weekly direction & Daily direction. But if you based your trade on Daily candle, you can drill down to H1 to fine tune your entry, so your SL will be smaller, rather than place pending order above the D1 candle bias. It'll improve your R:R. Yeah sometimes I worry when there's trade setup too close to opposing SR area, will I take it or leave it? Some tips from me, do not take setup that too close to SR area, especially when it occurred on Monday or Tuesday, market usually do not have strong movement...

Unfotunately, due to my 9-5 job, I can't trade less than Daily (until I'll be rich.... hahaha), So I trade Monthly-Daily.
Is it correct?

Let's wait for 60's drawing analysis
  • #616
  • Sep 6, 2013 10:31am Sep 6, 2013 10:31am
Another question for you guys...
This is USDJPY Monthly chart. As you can see after an UP candle the price in the next candle went down apparently without reach any Monthly (nor Yearly) SR.
How can this happen?
Maybe because the UP candle already hit the Monthly SR?
Is there a method to recognise a candle that already hit his own TF SR and the prices will turn downside?


Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY.png Size: 37 KB


Hope to be clear
  • #617
  • Sep 6, 2013 6:02pm Sep 6, 2013 6:02pm
Quoting lucariga
Another question for you guys... This is USDJPY Monthly chart. As you can see after an UP candle the price in the next candle went down apparently without reach any Monthly (nor Yearly) SR. How can this happen? Maybe because the UP candle already hit the Monthly SR? Is there a method to recognise a candle that already hit his own TF SR and the prices will turn downside? {image} Hope to be clear

Hi Luca, you would of had clues on the lower tf's, daily, weekly
tradewith60
  • #618
  • Sep 7, 2013 8:00am Sep 7, 2013 8:00am
Quoting 60minuteman
{quote} Hi Luca, you would of had clues on the lower tf's, daily, weekly

Maybe, but I can't already find it... Anyway, I think the rule is:

UP last candle --> UP this candle at LEAST till same TF SR

It's easyer to me to stick with rules, but how can you manage this situation in relation to that basic rule?

Based on the rules, If I had traded, I surely have traded LONG that month.....

Thanks again 60 for your patience and time
  • #619
  • Sep 7, 2013 8:05am Sep 7, 2013 8:05am
Quoting lucariga
Anyway, I think the rule is: UP last candle --> UP this candle at LEAST till same TF SR
Yes.

You can also add: if last candle is up and engulfing, up to at least untill next higher TF S/R.
MT4/MT5 EAs/Indicators/Alerts coder
  • #620
  • Sep 7, 2013 8:11am Sep 7, 2013 8:11am
Quoting FerruFx
{quote} Yes. You can also add: if last candle is up and engulfing, up to at least untill next higher TF S/R.
Thx ferrufx,

Ok,at least I'm sure to have understood the rules (with my poor english)....
so what you think about my example above?
0 traders viewing now