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H4 Power

  • #881
  • Jan 17, 2014 1:26pm Jan 17, 2014 1:26pm
Quoting 60minuteman
Put simply, nearly all trading system would make profit if you hold all your trades much longer. Entries and losers are mostly irrelevant if you make regular big wins. Obviously you want to be in a good location, like where a direction change (swing) occurs. (engulf?). If you do the test you will realize that the market continually gives you these wins if you just accept some losses along the way. I have not mentioned exits yet.... But the secret is to let the market decide when you should take profit and only close some of your positions.

60 minute man then my 1st point of view is right, correct?

JVBS
Work very hard until you get there (excuse my english)
  • #882
  • Jan 17, 2014 1:30pm Jan 17, 2014 1:30pm
Quoting lucariga
{quote} Ok, but please help me start... 1) when I add a 2nd position to a winning trade, should I have to move the 1st stop loss where the 2nd SL is placed? 2) When I have to exit all my winning trades? (if you can, give me an objective method, so I can apply it over and over without fear to make mistakes) I'm too newbie to understand when the market decides to close some of my position.... I'm sure I won't understand that moment
You can move the first to b.e if you like, pros and cons of doing it and not doing it. There is no right answer to this, it is your choice, test it and decide.

Try taking profit when price fails to make new swing hi/low??

Luca do the test it will help...
tradewith60
  • #883
  • Jan 17, 2014 1:33pm Jan 17, 2014 1:33pm
Quoting lucariga
{quote} Ok, but please help me start... 1) when I add a 2nd position to a winning trade, should I have to move the 1st stop loss where the 2nd SL is placed? 2) When I have to exit all my winning trades? (if you can, give me an objective method, so I can apply it over and over without fear to make mistakes) I'm too newbie to understand when the market decides to close some of my position.... I'm sure I won't understand that moment
If you go read James 16 thread, you'll notice many (including myself) trail the stop of all or part of their position behind what James calls PPZ: Price Pivot Zone. Basically support flip to resistance and vice versa. It ain't exactly 60's s&r but it's closely related:60 focuses on very recent bar highs lows and open close, while J16 is more about zones where a resistance is broken and turn into support.
Without entering into too much details, both take advantage of zones, prices at which there is a change in direction. Be it an engulfing, an OB, a pinbar, or just a location on which a touch trade can be taken.

Anyway. My point is the following: we can take advantage of these places where price turns to enter a trade but also to hide our stop losses.

Hope I made myself clear. I strongly advise to test it alongside with other entries and exits while playing around with forextester

Take care

EDIT: oh, btw, didn't take the time to post any trade I took this week, but damn 60 my man your stuff works really nicely I got thousand ideas I'll never have the time to test thanks buddy!
Slow & steady
  • #884
  • Jan 17, 2014 1:55pm Jan 17, 2014 1:55pm
Quoting 60minuteman
{quote} You can move the first to b.e if you like, pros and cons of doing it and not doing it. There is no right answer to this, it is your choice, test it and decide. Try taking profit when price fails to make new swing hi/low?? Luca do the test it will help...
  • #885
  • Jan 17, 2014 1:56pm Jan 17, 2014 1:56pm
Quoting patapouer
{quote} If you go read James 16 thread, you'll notice many (including myself) trail the stop of all or part of their position behind what James calls PPZ: Price Pivot Zone. Basically support flip to resistance and vice versa. It ain't exactly 60's s&r but it's closely related:60 focuses on very recent bar highs lows and open close, while J16 is more about zones where a resistance is broken and turn into support. Without entering into too much details, both take advantage of zones, prices at which there is a change in direction. Be it an engulfing,...
Thank you ... I'll post some tests as soon as i can
  • #886
  • Jan 18, 2014 11:48am Jan 18, 2014 11:48am
Ok 60, let's start do some test.

1st test is EURUSD 4H last 4 weeks of december. I've taken all the engulfing without move SL and I have TP only when it did fail to make higher high or lower low.

I have TP just 2 times on 4 weeks.

Any idea will be appreciated. Look mostly to Profit and loss probability and net profit.

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  • #887
  • Jan 19, 2014 3:57am Jan 19, 2014 3:57am
Hey 60, I want to start backtest another pair. Have you got any suggestion based on my 1st backtest on the post above?
  • #888
  • Jan 19, 2014 5:07am Jan 19, 2014 5:07am
Ok guys, this is the backtest of AUDUSD. Last 4 weeks of december.

Unfortunately same results as for EURUSD.

At this point I think I need some 60's advise.... expecially on exits.



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  • #889
  • Jan 19, 2014 6:20am Jan 19, 2014 6:20am
Quoting lucariga
Ok guys, this is the backtest of AUDUSD. Last 4 weeks of december. Unfortunately same results as for EURUSD. At this point I think I need some 60's advise.... expecially on exits. {image}
"If you took all these trades and held them until a trend develops what would your results be like?

Compare lots of different 4 week periods, see how much bigger the good weeks are than the bad weeks?"
tradewith60
  • #890
  • Jan 19, 2014 6:26am Jan 19, 2014 6:26am
If your usual risk is 20-50 pips then you have a valid entry thats 150 pips risk, why would you take it unless you had some sort of proof the rewards are going to be 3-5 times the usual reward?

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tradewith60
  • #891
  • Jan 19, 2014 8:14am Jan 19, 2014 8:14am
Quoting 60minuteman
If your usual risk is 20-50 pips then you have a valid entry thats 150 pips risk, why would you take it unless you had some sort of proof the rewards are going to be 3-5 times the usual reward? {image} {image}
Ok, some doubt:

1) Why did you TP b and c at piont 2 but you didn't TP for a and b at point 1?
2) Why did you TP a at point 3?

Sorry for the questions but I love ur teachings and I want to put as much effort as I can to master it, cause IMO, your systems are the way to go on this businness.
Thanks a lot for ur effort
  • #892
  • Jan 19, 2014 9:14am Jan 19, 2014 9:14am
Quoting lucariga
{quote} Ok, some doubt: 1) Why did you TP b and c at piont 2 but you didn't TP for a and b at point 1? 2) Why did you TP a at point 3? Sorry for the questions but I love ur teachings and I want to put as much effort as I can to master it, cause IMO, your systems are the way to go on this businness. Thanks a lot for ur effort

1) Why did you TP b and c at piont 2 but you didn't TP for a and b at point 1? double bottom?


2) Why did you TP a at point 3? You hold A because the downtrend may resume, but at point 3 we now have 2 longs and a higher high swing...
tradewith60
  • #893
  • Jan 19, 2014 10:51pm Jan 19, 2014 10:51pm
Hi 60,

there is something interesting about your quote :

Quote
1. If price closes over s/r on its own timeframe then it will continue to the next higher TF SR

This is the same for every TF...

H1 ENGULF - TO H4 S/R
H4 ENGULF - DAILY S/R
DAILY ENGULF - WEEKLY S/R

The only time this can fail is if the engulf bar has already hit the higher tf s/r...

I really want to learn more about this, but sometimes I still confuse how to determine the higher TF S/R

please check the chart GBP CHF daily and weekly..
in daily TF we have engulf bar up... so I check the higher TF -
in weekly TF, I try to draw the S/R - but I'm not sure... if the orange line is the S/R, it does mean that the price already hit the weekly S/R ??

regards
Yos
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  • #894
  • Jan 20, 2014 3:22am Jan 20, 2014 3:22am
Quoting jooshset
Hi 60, there is something interesting about your quote : {quote} I really want to learn more about this, but sometimes I still confuse how to determine the higher TF S/R please check the chart GBP CHF daily and weekly.. in daily TF we have engulf bar up... so I check the higher TF - in weekly TF, I try to draw the S/R - but I'm not sure... if the orange line is the S/R, it does mean that the price already hit the weekly S/R ?? regards Yos {image} {image}
Hi yos,

yes price has already hit a weekly SR, but for now, daily still closed up... so it is indicating up to the next weekly SR... \of course this will not always work, so that's why you go to a lower TF to enter to get the bigger RR based on that higher TF context.
tradewith60
  • #895
  • Jan 22, 2014 6:49pm Jan 22, 2014 6:49pm
Hi there,

Few things on the way:

GBPAUD
Weekly engulf strongly + close above 1.87 RN / HHR (previous weekly H at 1.8695)
Entry on H4 engulf, TP at D1/W HHR for 1R. Second half trailed. Objective would be by 1.93 (previous Monthly weak level) or 2.0 VBRN and MN level, but it's quite ambitious...
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EURCAD
Pseudo touch trade (really can"t call it like that with such a huge SL, but it was a try...)
Entry on retest of 1.48 RN / W1/D1 level / 50% retracement.
Price went a bit deeper, that's OK.
One entry on the break of the W1 candle, TP1 below the W1/D1 res by 1.4950-1.4980. Another entry at the close of a 2-bar engulf, TP1 at 1R.
This one broke damn hard

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AUDUSD
W1 BEOB, break of 0.8850 W1/MN support.
One entry at the break of a D1 engulf, TP1 at 1R, second half trailed. Ambitious target would be next monthly support by 0.8450
Second entry at the break of the BEOB, not triggered yet. TP1 at 1R, second TP as for previous position.
Price retested 0.8850, which is a W1/D1 level as well as the BEOB 50% ret, so everything is ok so far

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Right now, I must admit that I'm quite impressed by the results. I still have to refine entries, and to really assess my MM and whether my targets are realistic, but sounds really good I'll let you know!

60man, thank you for that
Slow & steady
  • #896
  • Edited 7:16pm Jan 22, 2014 6:59pm | Edited 7:16pm
Quoting patapouer
Hi there, Few things on the way: GBPAUD Weekly engulf strongly + close above 1.87 RN / HHR (previous weekly H at 1.8695) Entry on H4 engulf, TP at D1/W HHR for 1R. Second half trailed. Objective would be by 1.93 (previous Monthly weak level) or 2.0 VBRN and MN level, but it's quite ambitious... {image}{image}{image}{image} EURCAD Pseudo touch trade (really can"t call it like that with such a huge SL, but it was a try...) Entry on retest of 1.48 RN / W1/D1 level / 50% retracement. Price went a bit deeper, that's OK. One entry on the break of the...
Hi Pat,

nice stuff, you're getting context and picking good entries... I would of held that GA, H4 hit the SR and still closed up, thats your clue to stay in.

personally I think you will really struggle to make money with the tight money management, you need to let the trades run...
tradewith60
  • #897
  • Jan 22, 2014 11:30pm Jan 22, 2014 11:30pm
Quoting 60minuteman
{quote} Hi Pat, nice stuff, you're getting context and picking good entries....
Thanks
I like the ideas of picking entries at key levels and in the direction of the trend

Quoting 60minuteman
{quote} I would of held that GA, H4 hit the SR and still closed up, thats your clue to stay in. .
Well, I do intend to.
When you say "hit SR and still closed up" , you mean the SR didn't hold as price could brak through and close above, don't you?
I guess there are different ways of saying the same thing, but just to be sure )

Quoting 60minuteman
{quote} personally I think you will really struggle to make money with the tight money management, you need to let the trades run...
that made me laugh
Make money? my demo is 10% up this week, 75% of which due to this method (demo cause I first test ideas for 2-3 months on demo before going live)
tight MM? I didn't touch my SL! well - almost

Seriously, what MM would you advise?
I've seen you M15 trailing SL method, but I can't monitor my trades all day long. Trailing behind H4 is doable.
If I recall correctly , you also mentioned trailing SL behind S/R - or do I mix things up with J16's way??

I usually move my stop rapidly at be, and then trail it behind SR levels.
Here, I moved my SL when price reached the higher TF S/R.
Does it make any sense? you would advise me to let trades breath deeply and devello further before moving my SL? (again low win rate, high rr)

Thanks again
Slow & steady
  • #898
  • Jan 23, 2014 2:16am Jan 23, 2014 2:16am
Hi 60,
Did you not see my reply in in your PM?

Thanks
  • #899
  • Jan 23, 2014 2:51am Jan 23, 2014 2:51am
Hello everyone, i'm back again .
It's good to see there's still active discussion on this great thread.

Here's one of my best trade for this week.
AUDCHF. Triple Combo. W1 + H4 + M15 all in one direction.
Managed to get SL at 17 pips. Right now this position sit at 11x pips . Decide to hold it until next week. The only downside of this trade is the swap, it's negative for sell trade.
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  • #900
  • Jan 23, 2014 12:34pm Jan 23, 2014 12:34pm
Quoting patapouer
{quote} Thanks I like the ideas of picking entries at key levels and in the direction of the trend {quote} Well, I do intend to. When you say "hit SR and still closed up" , you mean the SR didn't hold as price could brak through and close above, don't you? I guess there are different ways of saying the same thing, but just to be sure ) {quote} that made me laugh Make money? my demo is 10% up this week, 75% of which due to this method (demo cause I first test ideas for 2-3 months on demo before going live) tight MM? I didn't touch my SL!...

Hi Pat,

I really dislike closing half at 1/1, you may make it work for certain periods but long term it will restrict profit. It's a strategy purely born out of fear and emotion (imho)

Im not even keen on the trailing stops so much anymore.

I am just suggesting looking at much bigger RR, give it sone study and see how you feel.

Good luck and well done on the week !
tradewith60
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