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H4 Power

  • #681
  • Oct 7, 2013 9:22am Oct 7, 2013 9:22am
Quoting anton609
{quote} hey pipmunks, thanx for the additional info. I've done some back testing just on the H4 charts of a few pairs (AUDUSD & EURUSD) and am struggling to see how it is a profitable strategy, as the ranging periods wipe out the profits of trending periods. Am i missing something, or should i be filtering out ranging periods ? I'm not even at the point of drilling down to M15 yet, so any help would be appreciated.
How do you backtest it? Do you enter only on H4 engulf without drill on M15 entry? If you enter a trade this way, you loose an edge, you SL will be larger than necessary. By entering on M15 your SL will be smaller & your profit will be greater. That will affect your overall R:R ratio. This is the crucial edge of this method/system.

I know there will be choppy period. You can try to filter it with 1-2-3 pattern or anything that suits you. If you filter trade, you'll take less setup & your hit rate will improve, that's your choice. As long as you keep the losses small & catch a few runner, you'll be profitable in the long run.
  • #682
  • Oct 22, 2013 1:32pm Oct 22, 2013 1:32pm
Quoting pipmunks
{quote} Dashboard would be a nice tool . But atm I don't have much time to make any program. Maybe on the next weekend or maybe FerruFx can help on this task. He's a great coder.
Hi guys,
There is a dashboard for engulfing candles (as well as inside bars and alternative signals) here:
http://www.forexfactory.com/showthread.php?t=351370
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #683
  • Oct 22, 2013 9:03pm Oct 22, 2013 9:03pm
Thx noodles.
Good Trading
  • #684
  • Nov 25, 2013 1:22pm Nov 25, 2013 1:22pm
I finished to read the whole topic

Thanks for your understanding 60m.


Do you still use this strategy?

I'm testing with 2 brokers with timezone GMT0 and GMT+2 and I have different results, but not much different


Anyone else using this strategy?
  • #685
  • Nov 25, 2013 2:32pm Nov 25, 2013 2:32pm
Quoting jedrula
I finished to read the whole topic Thanks for your understanding 60m. Do you still use this strategy? I'm testing with 2 brokers with timezone GMT0 and GMT+2 and I have different results, but not much different Anyone else using this strategy?
Jedrula - I use this strategy and it is one of the best out there. I don't come on here much anymore but I know the strategy and 60mm is a good teacher. He got a lot of his info from Steve Primo, which he mentioned in his other thread. Steve has a lot of videos you can look at for free. Anyway ----if you follow what 60mm tells you ---- This strategy is a
winner and you will make money. (Just my opinion)
  • #686
  • Nov 25, 2013 2:41pm Nov 25, 2013 2:41pm
Quoting tomthepoppop
{quote} Jedrula - I use this strategy and it is one of the best out there. I don't come on here much anymore but I know the strategy and 60mm is a good teacher. He got a lot of his info from Steve Primo, which he mentioned in his other thread. Steve has a lot of videos you can look at for free. Anyway ----if you follow what 60mm tells you ---- This strategy is a winner and you will make money. (Just my opinion)
Through

I Agree, both my accounts are going up: D

BIG THX to 60M
  • #687
  • Nov 25, 2013 6:09pm Nov 25, 2013 6:09pm
Quoting tomthepoppop
{quote} I use this strategy and it is one of the best out there.
I second that ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #688
  • Dec 23, 2013 4:09am Dec 23, 2013 4:09am
hello , I am a new hand. Who can tell me how should we analysis the A and B candles? Are they a part of inside bar or engulfed bar?
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  • #689
  • Edited 12:28pm Dec 23, 2013 12:16pm | Edited 12:28pm
Quoting FerruFx
{quote} I second that ...
Can't understand why this thread is not so much frequented.... In my opinion is a great system.

Hey guys, the most difficult part for me is the discretion in placing Supports and Resistance cause they are everywhere and is difficult to obtain a good R:R.
How did you solve this problem?

For example: This EUR/USD Daily candle engulfed down. What do you choose as target?
We need to watch at the Weekly chart and draw all S&R

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This is the Weekly chart with all the nearest S&R
Which one would you choose as target? How can we know if the daily engulfing candle has already hit a S/R?

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  • #690
  • Dec 23, 2013 12:48pm Dec 23, 2013 12:48pm
Quoting lucariga
{quote} Can't understand why this thread is not so much frequented.... In my opinion is a great system. Hey guys, the most difficult part for me is the discretion in placing Supports and Resistance cause they are everywhere and is difficult to obtain a good R:R. How did you solve this problem? For example: This EUR/USD Daily candle engulfed down. What do you choose as target? We need to watch at the Weekly chart and draw all S&R {image} This is the Weekly chart with all the nearest S&R Which one would you choose as target? How can we know if the...
Use context Lucariga...

If weekly trend is long and you get a daily engulf short... safe tp will be next weekly SR.

Then react... watch price at the SR, if you blast straight through, you're going to the next.

With time and practice you will be able to make better judgements based on momentum and your analysis of the higher tf's.

There's nearly always a reaction at higher tf sr even if it is just a retrace.

If you wish to trade for the bigger RR trades then you need to take entries inline with the higher TF context.
tradewith60
  • #691
  • Dec 23, 2013 5:52pm Dec 23, 2013 5:52pm
Quoting lucariga
{quote}Hey guys, the most difficult part for me is the discretion in placing Supports and Resistance cause they are everywhere and is difficult to obtain a good R:R. How did you solve this problem?
You are not deciding for the R:R. The SR tell you if there will be enough room for a good (potential) RR. Then you can decide if the RR is good enough for you to enter or not.
MT4/MT5 EAs/Indicators/Alerts coder
  • #692
  • Dec 24, 2013 8:20am Dec 24, 2013 8:20am
Yes the H4 trading system is very good and also i am like this system for doing trade.The H4 trading system is also good for doing scalping.
  • #693
  • Dec 31, 2013 4:47pm Dec 31, 2013 4:47pm
Nice thread here. Hope 60minuteman keeps it going.
  • #694
  • Jan 1, 2014 8:03am Jan 1, 2014 8:03am
Quoting Winston Reed
Nice thread here. Hope 60minuteman keeps it going.
Thankyou Winston,

I am working on some techniques to use H4 power as entries into position trading, which was the original idea, but I fell into the traders trap of trying to avoid losses and have a high win rate, my focus is much more on holding the entries that survive all week and longer for 10/1 - 20/1 returns.. I will make some new posts soon...
tradewith60
  • #695
  • Jan 1, 2014 3:43pm Jan 1, 2014 3:43pm
Quoting 60minuteman
{quote} Thankyou Winston, I am working on some techniques to use H4 power as entries into position trading, which was the original idea, but I fell into the traders trap of trying to avoid losses and have a high win rate, my focus is much more on holding the entries that survive all week and longer for 10/1 - 20/1 returns.. I will make some new posts soon...

60minuteman - Fantastic thread that you have going here. Looking forward to what you have in store, regarding your longer holding posts.

Good stuff! Keep it up buddy!

M.P.
"Never interrupt your enemy when he is making a mistake" Napoleon Bonaparte
  • #696
  • Jan 2, 2014 7:49am Jan 2, 2014 7:49am
Nice to hear 60minuteman. I'm practicing choosing the best "higher-time-frame" s/r levels as targets for the "lower-time-frame" engulfs. A little tricky but I can see it is crucial. I'm used to traditional s/r rather than single candle s/r.
Cheers and Happy New Year
  • #697
  • Jan 2, 2014 7:56am Jan 2, 2014 7:56am
This looks like it was a valid trade. Much easier to spot in real time than go back in time. Very nice.
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  • #698
  • Jan 2, 2014 10:35am Jan 2, 2014 10:35am
Quoting Winston Reed
This looks like it was a valid trade. Much easier to spot in real time than go back in time. Very nice. {image} {image}
Hi Winston, yes, nice short set up on GU today also. Cheap entry and big RR
tradewith60
  • #699
  • Jan 2, 2014 10:39am Jan 2, 2014 10:39am
Nice thread. I trade H4 exclusively too. Please keep it going.
  • #700
  • Jan 2, 2014 11:11am Jan 2, 2014 11:11am
nice to see continued interest here, i'm working on a few simple ideas that use h4 and m15 for building positions that last for a month and longer.

The original idea was for getting great RR, but I lost the way somewhere and started taking 3/1 exits or even less sometimes, more recently I have gone back to the risk reward/win rate scenario and have seen massive missed potential using these type of entries.

I have been taking h4/m15 entries in the direction of weekly trends and stacking the orders, the win rate will suck, but if you can get 3-5 entries surviving for a week or two you can quickly rack up 1000 pip wins.

It seems like everyone is obsessing about 60% win rate and 2/1 RR, on paper it seems like a simple way to make money, but the reality is that most people are not, so consider flipping the script, allow your win rate to drop below 50% and hold your winners for much longer, see if it improves your results..
tradewith60
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