Weekly/h4 trend trading - flow

Gotcha. Thanks. Now I understand. I look forward to seeing how your trades work out.
Keep up the good work!


how do you find the low of the week?

go to lower TF (h4 or h1)

wait for it to make a low, wait for it to turn around and close up, buy the breakout - repeat until you have the low (opposites for short trend)

I will be test driving the system on Gold.

Please don't get mad about my first entry on the chart, having not respected the rules - I just wanted to get the feeling and find out the margin size. The TP is also tentative and your MM will be applied. This is ExcelMarkets demo 1:400, pro server (ECN + commission). Will be entering the 2nd trade at the weekly bottom. I have placed a pending buy limit order to move up/down as I see the price movements. The MA on chart is SMA25 and I also have RSI(20) with red horizontal line drawn at 50% level - this may help locate the dips but let's see. Wish me luck. Thanks,

Hello and thank you for your insights so far; I have learned a ton from reading your writing. Here a trade I just took AUS/CAD; I hope it is appropriate and helpful to post it for commentary here. Please tell me if it looks stupid, or has the right idea

Here are 15m h3, and w1 (h3 closed last hour for me).


The final chart is where I'm looking at going long on eur/usd. (the orange X)

Truly, thank you for everything!

60mm, thanks for your Post 116. I was a little confused about your money management, but the top chart explains it beautifully. I took a long trade last Thursday in AUD/USD, which was soon stopped out. I have just re-entered the pair. Fingers crossed.

too this one. Looked at daily, 4 hr, and then took it off the 30 min candle. I hope it works out.

Hey 60

Good to see you back posting again. Good luck with your new thread!



TSD

Is there any video? I don't want to miss it at all

Great work as usual 60

I got out of my trade for a small profit.
I see that this requires A LOT of practice to be able to hold for 5000 pips!

Hi 60minuteman,

You have closed all EA positions, and as far as I understand you will be re-entering short.

I had a mixed feeling to short now (yesterday), as it seems the trend isn't fresh, continued for several weeks now and may die out soon. The reason behind my feeling is that on the weekly the down slope seems to be slowing down, perhaps due to nearing the resistance level, while on the daily price has crossed the 100 ema on Mar 24 and is still comfortably under the umbrella of the ma.

Reality was, if entered on H4 yesterday the gain would have been about 100 pips - wow.

Would appreciate your comments here including why you would still favor to short. And perhaps how far you would go that direction. Finally if things went against, how you would take care of your positions.

Thank you,

Hello, I discovered this thread on the weekend and did a lot of testing and I found that it was near impossible to blow the account, albiet there were periods of no growth, but that has more to do with pair selection than anything. I found 60minuteman has been able to communicate his own style of the Equity Millipede. This has resonated well with me and I will look to participate and learn.

@toppo_qqq I had a look at your words and your chart and I think it might help if you just participate and you won't even have time for feelings when you're managing dozens of positions. Throughout 60minuteman and Pip_easy posts you will see them reiterate the power of participation. In fact you will find it a common theme with successful traders that the major mistakes they make, if ever, is when they try and out guess the market by thinking or expecting it to do something at any given moment usually results in less than ideal trading.

So in regards to your charting, comments and the method described throughout this thread, 100 missed-out pips seems like pocket change compared to what is actually achievable. i.e. 4-5+ positions running at 300+ pips each over a 1-2 month period.

I drew some obvious S/R on your weekly chart. You still have to find your own approach with entries and profit expectation but there are many ways one can trade the chart. The profit potential still looks good for the downside given S/R 1 had been broken in recent weeks, with a potential target for diversification at S/R 2 and full closure at S/R 3.
Options:
1. Keep trying shorts to try and catch the weekly high and run it down to S/R 2 or S/R 3
2a. Wait for a pullback to S/R 1 and start placing positions to catch the weekly high to run it down to S/R 2 or S/R 3
2b. Build long positions from current price diversify at S/R 1 (but this goes against the rules prescribed in this thread)
3. Wait for a smaller pull back on the daily identifying minor S/R and build your short position down to S/R 2 or S/R 3.

Purple lines indicate untouched candle highs which you could have built shorts on if you were biased short weeks ago! This is exciting stuff really

@satch... great post Sir.

@Toppo, Satch is correct, I am making no presumptions about the future movement, I am just playing the probabilities that sooner or later pairs will move in one direction for a sustained period, the wins from those periods will make me my profits.

Hey 60,

1) so you trade with 600 EMA on 4H chart most of the time right?

2) With the 600 EMA on 4H we don't need to switch throug timeframes to see the trend direction, above UPTREND, below DOWNTREND, right?

3) Do you enter right at the high/low of the candle or you use a couple of pips of buffer on 4H?

4) Do you use a fixed lot size or a fixed % of equity for your MM?

Thanks

StachB, thanks for your comments and suggestions.

It really enlightens for me the meaning of the term "participation" that has been reiterated in this thread but only vague for me. It's obviously due to the fact that I haven't read other relevant threads that I had lightly peeped but not really followed through. Having only traded short term methods, I need a fresh mind set to cope with this system. Technical bits, I will apply what I have experienced and worked well so far. Hope to see more posts of you here, StrchB and thanks again very much.

60minuteman, thanks to you too for your comments.

I realize more that it's a long term process that requires patience and the outcome will not be known for weeks to come. Your input will always be appreciated to keep my mind staying and moving in the right direction. Thanks,

Im long on GJ... entry was messy, got spiked out and then re-entered.

Great thread 60 min
GJ looks good for long term trades in the "near future"
The daily has been ranging the last few months resulting in the weekly price action forming a triangular pattern - price being near the apex - so it is probably near breakout and "should" result in continuation of the weekly uptrend
The monthly also supports long trades. It shows the recent price action on the weekly/daily etc as a few months of consolidation in a strong up trend
The odds are that long trades are the go for some time to come
Having said that - there is strong S/R around the 180 level (look at monthly chart)
This is just my opinion, hope the market agrees
Peter

Hi Peter, welcome here...

yeah it's a tough time to start building some positions, but that's just the market doing it's thing.

Those that persevere and can wait will get paid sooner or later.

Seem's anyone posting about trend trading get's stick on this forum now, that's why i put this thread in the dark corner that is the journal forum.

As for the technicals... I agree, as long as there are no surprises with economics we're set for more longs. Ofcourse, whatever way it goes I will just follow along and let the probabilities and sound money management pay me...

Hey 60,
Are you still trading just this pairs?
How did you choose em?

I'm following you since H4 power and I love your systems and your approach
Maybe you missed also those questions of a few posts above:

1) so you trade with 600 EMA on 4H chart most of the time right?

2) With the 600 EMA on 4H we don't need to switch throug timeframes to see the trend direction, above UPTREND, below DOWNTREND, right?

3) Do you enter right at the high/low of the candle or you use a couple of pips of buffer on 4H?

4) Do you use a fixed lot size or a fixed % of equity for your MM?





Thanks

Hi Luca. Nice to see you here.

I picked the pairs because they trend well and they are not heavily correlated.

Yes the 600ema on H4 means I do not need to look at daily for trend.

I have no strict rule for how I enter, just that it must be from an extreme - the high or low of the week.

I use a fixed trade amount in £ not in pips or %

took a short on EA H4 - trend short - high of the week

Did you take also the 1st green candle of the week? Doesn't seem bad as RRR