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Attachments: H4 Power
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H4 Power

Quoting pipmunks
{quote} Hi kapy, thank you for your feedback. For me the last weekly candle is not an engulf. It just a bearish inside bar, closed below previous candle open. I marked 3 previous engulfing candle with arrow for reference. So, in my opinion weekly still engulf north. {image}

Hi pipmunks,

Ahh now I see what you mean. We have a bit different assumption what engulf is. Here you can see my example. Red arrows = engulf candles, blue arrows = outside candle (these can have even more power).
Attached Image

But doesn't matter how we call them, important is what we look for = momentum.

It's pity that your entry didn't survive. Move on.

Kapy,
Quoting kapybara
{quote} Hi pipmunks, Ahh now I see what you mean. We have a bit different assumption what engulf is. Here you can see my example. Red arrows = engulf candles, blue arrows = outside candle (these can have even more power). {image} But doesn't matter how we call them, important is what we look for = momentum. It's pity that your entry didn't survive. Move on. Kapy,

Yeah, too bad it didn't survive AUD RBA Cash rate today. Market want to move to the other direction .
Anyway, I agree with you, every trader may have slight different criteria & it's not a big problem.
Gold W1/H4.
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First share in the thread

Just like pipmunks I had positions in EUR/AUD ( And even AUD/USD too correlated so dropping it ) but closed at break-even.

My Other positions still open are in XAU/USD and GBP/USD. They are survivors from yesterday. Today i got up too late for 2 engulfings on both pairs but both would have died

There are 2 engulfings forming right now on both pairs, and I will take them even if they are against my open positions ... We want to catch the big move. But main problem is knowing when the main move is over and it's time to close, still struggling with that
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Don’t ever let someone tell you that you can’t do something.
Hi Pipmunks,


How do you pick up the pair to trade, do you have any preference to which combination signals you prefer to monitor (W1/H4, D1/H1 etc..)
Do you enter in the direction of the higher time frame reversal/engulfing ?

Do you put your SL at the top/bottom of the entry bar?

You would guys be interested in a skype group ?

Thanks

Gerry
Quoting biker883
Hi Pipmunks, How do you pick up the pair to trade, do you have any preference to which combination signals you prefer to monitor (W1/H4, D1/H1 etc..) Do you enter in the direction of the higher time frame reversal/engulfing ? Do you put your SL at the top/bottom of the entry bar? You would guys be interested in a skype group ? Thanks Gerry

Hi Gerry. My bread & butter setup is M15/H4/W1. Usually I scan all of my pair (28+Gold) every 4 hours. If I found a good H4 engulfing candle align with W1 direction, usually I just trade it from H4 timeframe. If H4 contradict with W1, I drill down to M15 to find better entry. D1/H1 or H1/M5 setup is just bonus for me.
Traditionally, I usually place my SL at the bottom/top of signal bar. But for some occasion, I cheat by place SL just 50% or 78% of signal bar height. You can do this if you watch correlation between pair. If the pair is combination of strongest currency vs weakest currency atm, I can employ this SL placement, because the move will be explosive & fast. I don't encourage this style of SL placement if you don't know what you're doing.

Sorry Gerry, I don't use Skype.
remember to focus on your risk/reward, your true edge is the exit, entries should just be seen as small risk probes in the direction price is hinting, over time nearly all simple pattern entries end up as 50/50 trades.... It's the management of the position that will make the real difference, when the market moves, participate and hold them as long as you can.

16R GJ yesterday, market decided to move, I participated. Gold gave about the same.... plenty of free trades now available to me.

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tradewith60
Quoting Armacom
First share in the thread Just like pipmunks I had positions in EUR/AUD ( And even AUD/USD too correlated so dropping it ) but closed at break-even. My Other positions still open are in XAU/USD and GBP/USD. They are survivors from yesterday. Today i got up too late for 2 engulfings on both pairs but both would have died There are 2 engulfings forming right now on both pairs, and I will take them even if they are against my open positions ... We want to catch the big move. But main problem is knowing when the main move is over and...
nice stuff Arma.... learning how to diversify is for sure the hardest bit... I will try and post some more examples, still really learning that skill myself
tradewith60
Quoting pipmunks
Gold W1/H4. {image}
My initial position stopped after got to positive territory for about $7. Stopped out by by massive stop sweep on Gold.
Still bearish on Gold because W1 Bearish Engulf still intact. Manage to enter at better price at fresh H4 supply (maybe this is out of this thread discussion).
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Click to Enlarge Name: 2014-02-05 XAUUSD.png Size: 21 KB
Quoting pipmunks
{quote} My initial position stopped after got to positive territory for about $7. Stopped out by by massive stop sweep on Gold. Still bearish on Gold because W1 Bearish Engulf still intact. Manage to enter at better price at fresh H4 supply (maybe this is out of this thread discussion). {image}
people can call it H4 supply, but if it's turning H4 then we consider it must come from higher TF, to me it's a clear tap on the weekly SR.

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tradewith60
Hi 60minman, Just wondering how you handle the news. please give me your insites on your system and trading the news
Thanks for a great system
Live today like theres no tomorrow-- Prioritize like you will die today
Quoting 60minuteman
{quote} people can call it H4 supply, but if it's turning H4 then we consider it must come from higher TF, to me it's a clear tap on the weekly SR. {image}
yes man, the week before last week defines a weekly range market for now, 1231 ~ 1272.

gold is ranging between 1180 and 1423 monthly range, still more upside to come in my opinion.
60,

i've been reading a lot of your posts on this thread and others you've started and you make this game sound so straight forward. I think in reality, for me at least, it wasn't so clear because I didn't know what to expect. I expect winners in forex to win, when in actual fact they don't, they lose. It's just that their winning trades are much greater than their losing trades and so can afford to lose on more occasions than they win. I now just need to get my head around that fact and stop trying to be a winner all the time. Thank you.

Lee
Quoting L33
60, i've been reading a lot of your posts on this thread and others you've started and you make this game sound so straight forward. I think in reality, for me at least, it wasn't so clear because I didn't know what to expect. I expect winners in forex to win, when in actual fact they don't, they lose. It's just that their winning trades are much greater than their losing trades and so can afford to lose on more occasions than they win. I now just need to get my head around that fact and stop trying to be a winner all the time. Thank you. Lee
nice post Lee, I think you have made a giant step there to being in profit.
tradewith60
Quoting 60minuteman
Brent futures overnight short and h4 engulf this morning, weekloy s/r for target {image}
Hello, 60 minuteman, may I confirm that, you are using h4 chart to interpret the price action and then make entry on the same h4 chart.... is that correct? thank you..
May I also know what ma you are using....int the blue lines.... it sma 50 , H and L or closed, please help, thanky you...happy trading...bye
Quoting francis3388
{quote} Hello, 60 minuteman, may I confirm that, you are using h4 chart to interpret the price action and then make entry on the same h4 chart.... is that correct? thank you.. May I also know what ma you are using....int the blue lines.... it sma 50 , H and L or closed, please help, thanky you...happy trading...bye
50sma and 50lwma both set to close.

H4 power is a little mis-leading as it implies that it's specific to h4 timeframe, the important part is to use a higher timeframe close to give direction and then a lower timeframe used to enter in that direction on a retrace.
tradewith60
thanks for your explanation/advioce. That meas, we can use a weekly tf to analyse/give direction, the, use m30 as entry to match the same direction. Then , as for exit, we use M30 or W1 as basis for exit, please advise. TQ
Evening All,

The pics attached are from Gold about an hour ago... H4 has engulfed and hit the next daily R so i would not have traded the 15 min engulf marked by the arrow (thanks for Sentry Pipmunks) in the 2nd pic.

My question is, if the daily R hadn't been hit would the m15 engulf been taken with only a couple of hours NY session left? Are there any times that trades wouldn't be taken?

Many thanks in advance

F4P
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Took the attached GJ trade today, H4 engulfed long off a weekly level, waited for a pullback and got a 2 bar engulf on m15 for entry, exit at the next Daily R for 3R.

happy both with the entry and exit although i know that i need to hold onto these for longer...

any comments, good or bad appreciated....

cheers
F4P
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very likely next week GBP/USD, gold will roar!
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