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Weekly/h4 trend trading - flow

  • #141
  • Apr 16, 2014 10:20am Apr 16, 2014 10:20am
Quoting lucariga
{quote} Did you take also the 1st green candle of the week? Doesn't seem bad as RRR
yes Luca I did
tradewith60
  • #142
  • Apr 16, 2014 10:54am Apr 16, 2014 10:54am
I'm long SP500since the big dip, seems to be working pretty well so far.
  • #143
  • Apr 16, 2014 11:03am Apr 16, 2014 11:03am
Quoting o990l6mh
I'm long SP500since the big dip, seems to be working pretty well so far.
thought you had gone on holiday

edit: nice buy on the sp... mine was below my trend ma... then I got spiked out... Im back in on a dip today
tradewith60
  • #144
  • Edited 6:03pm Apr 16, 2014 5:29pm | Edited 6:03pm
Hi .. I will post here two entries in GBP / USD H4, excuses not to go into details, but my English is not good, then you guys translate gets even more confusing, please look at the image that is worth a thousand words.
1 TP I hung out with + 65 Pips
2 TP I latched the SL on 0/0, leaving Mr. Market decides what to do.
60 MinuteMan if you have time you can give a comment regarding this entry?

Attached Image (click to enlarge)
Click to Enlarge Name: 004 GBPUSD H 4.png Size: 23 KB


Thank you,
JVBS
Work very hard until you get there (excuse my english)
  • #145
  • Apr 16, 2014 5:58pm Apr 16, 2014 5:58pm
Hi .. I have over these two entries in EUR / GBP H 4, excuses not to go into details, but my English is not good, then you guys translate gets even more confusing, please look at the image that is worth a thousand words.
1 TP is in the 70 + Pips
2 TP let Mr. Market decide what you want to do.
60 MinuteMan if you have time you can give a comment regarding this entry?

Attached Image (click to enlarge)
Click to Enlarge Name: 005 EURGBP H 4.png Size: 14 KB


Thank you,
JVBS
Work very hard until you get there (excuse my english)
  • #146
  • Apr 16, 2014 6:32pm Apr 16, 2014 6:32pm
Quoting jvbs
Hi .. I have over these two entries in EUR / GBP H 4, excuses not to go into details, but my English is not good, then you guys translate gets even more confusing, please look at the image that is worth a thousand words. 1 TP is in the 70 + Pips 2 TP let Mr. Market decide what you want to do. 60 MinuteMan if you have time you can give a comment regarding this entry? {image} Thank you, JVBS
Ola JV...

they are entries I would of taken.
tradewith60
  • #147
  • Apr 16, 2014 6:47pm Apr 16, 2014 6:47pm
"they are entries I would of taken." 60MM ... Hi, I do not understand your phrase you can put the phrase in another way? To see if I can understand.
thank you very much
JVBS
PS: I really want to be able to do this method of trading.
Work very hard until you get there (excuse my english)
  • #148
  • Apr 16, 2014 6:59pm Apr 16, 2014 6:59pm
That anger, I walked five years studying the French language. By choice and in to follow other friends. thrown away study time! Now I realized my mistake, could have studied English for five years, so only studied three years of English language, understand a bit, but needed more!
Sorry for my outburst.
JVBS
Work very hard until you get there (excuse my english)
  • #149
  • Apr 16, 2014 7:03pm Apr 16, 2014 7:03pm
Quoting jvbs
"they are entries I would of taken." 60MM ... Hi, I do not understand your phrase you can put the phrase in another way? To see if I can understand. thank you very much JVBS PS: I really want to be able to do this method of trading.
Hi JV...

I like your entries.... If I was trading GU and EG I would have taken the same trades.
tradewith60
  • #150
  • Apr 16, 2014 9:33pm Apr 16, 2014 9:33pm
Hello 60 & others, my apologies for not introducing myself earlier; I was in a hurry. I've been trading forex a couple months after a good chunk of years trading stocks intraday by price action. I have read, enjoyed, and learned a great deal from your H4 power thread, and your inputs on the millipede thread. At least for me, price action is the truth in the market; your strategies are logical and make a lot of sense to me, and you present them in a clear and encouraging way.

When trading in the past I have typically entered on engulfing/dominant bars on a lower time frame to try and nail the higher time frame turnaround. I generally found this signal to be much more reliable when the volume of traders was high. My methods are not religiously scientific; however, I have also noticed new highs/lows made on low volume are often temporary and asking to be broken through.

I haven't seen much mention of using knowledge of trade volume to help with forex (mid-long term trend trading). I do see people trying to trade times like London open and close, or London/US overlap. These are typically high volume periods, so it makes sense that price-action-trade-signals may be more significant/reliable during these times. I'm West Coast US, so figuring out when I can trade with a job & family is challenging.

This is my actual question -- Do you stick to trading certain times(busy or not), or ever considering volume data?

Thank you for this thread; even if there is no time to discuss my divergence, I am very happy to have found your writings!
It's all in the hips and nips.
  • #151
  • Apr 17, 2014 4:02am Apr 17, 2014 4:02am
Quoting danielJackso
Hello 60 & others, my apologies for not introducing myself earlier; I was in a hurry. I've been trading forex a couple months after a good chunk of years trading stocks intraday by price action. I have read, enjoyed, and learned a great deal from your H4 power thread, and your inputs on the millipede thread. At least for me, price action is the truth in the market; your strategies are logical and make a lot of sense to me, and you present them in a clear and encouraging way. When trading in the past I have typically entered on engulfing/dominant...
Hi Daniel, welcome...

lots of stuff to talk about in that.... In all honesty I know nothing about volume.

In answer to your question, I am not concerned with times of day I am concerned with price. I want to find the lowest price that week and buy (in an uptrend). Using H4 means you can reduce the time you need to watch for that to occur. (I have an alert that informs me when an extreme has been made and then a close opposite to it.)

I accept my entry method has no edge at all, I accept I will have many failed attempts. But, sooner or later price has to make a low(or high), the probabilities are that price will also make a sustained move in one direction, if I am participating in those moves my profits will eventually be much greater than those losses. If I select a group of pairs that are more prone to trending (in the current market conditions) and not heavily correlated, I spread my risk. That is my edge.

As im sure you're aware, there is nothing new in this, it's just the tried and tested trend trading... wait for a trend, buy the dips... I have just created some structure to make it more mechanical for me and less decisions to make.

With your limited time I think it is ideal for you - have a look how often a NEW high of low of the week is actually made - what timeframe you enter on is irrelevant really - If you do miss it, take the next highest high or lowest low -
tradewith60
  • #152
  • Apr 17, 2014 8:49am Apr 17, 2014 8:49am
60,

are you still in the GJ-- going to hold it until Friday, or are you going to wait for some other technical reason to sell?
(I took the GU, not as nice of a move, but still some nice pips.)
  • #153
  • Apr 17, 2014 9:08am Apr 17, 2014 9:08am
Quoting acbrasil
60, are you still in the GJ-- going to hold it until Friday, or are you going to wait for some other technical reason to sell? (I took the GU, not as nice of a move, but still some nice pips.)
definitely staying in -
tradewith60
  • #154
  • Apr 17, 2014 12:55pm Apr 17, 2014 12:55pm
Awesome, thank you for your explanation and reiteration of your ideas!

Quoting 60minuteman
{quote} Using H4 means you can reduce the time you need to watch for that to occur. (I have an alert that informs me when an extreme has been made and then a close opposite to it.)-
That's a practical idea; I will have to figure something like that out. If you set the the alert up for both directions you'd be aware of when the trend is possibly turning, so you can consider exiting your shorter term half position.

New weekly lows and highs in a trending market tend to be limited to few it seems from the little I've checked into it, but I will look deeper. That would only be a few alerts a week, which sounds nice.

Quoting 60minuteman
{quote} I accept my entry method has no edge at all, I accept I will have many failed attempts. But, sooner or later price has to make a low(or high), the probabilities are that price will also make a sustained move in one direction, if I am participating in those moves my profits will eventually be much greater than those losses. If I select a group of pairs that are more prone to trending (in the current market conditions) and not heavily correlated, I spread my risk. That is my edge. As im sure you're aware, there is nothing new in this, it's...
Sounds like your take is that any more reduction of our participation would be counterproductive. It's not worth risking missing out on a big win to save a stopped out on entry several times. If this risk seems too large, perhaps our position size is too big? If we believe in our plan, that the winners will overcome the losers, then it seems we really must filter out trades very sparingly.

I've been long on AUS/CAD and EUR/JPY, pretty similar to two of your choices. It seems like there are "zones" in forex; North America, Euro, Oceania, Asia? I haven't tried gold yet. I'm trying to match up weak and strong, but it is a little tricky. Trading stocks would be quite interesting if you could trade a pair such as Yahoo/Google. I like this aspect of Forex.

I'm going to keep an eye on volume to see if I can apply anything I've learned the past, but for now I will enter as often as the market allows under your basic outline. Perhaps it will help boost my confidence when making exits.

Thank you again!
It's all in the hips and nips.
  • #155
  • Apr 17, 2014 3:45pm Apr 17, 2014 3:45pm
Quoting 60minuteman
{quote} thought you had gone on holiday edit: nice buy on the sp... mine was below my trend ma... then I got spiked out... Im back in on a dip today
No holiday until in May... just been busy trying to set up a a market scanner to make life easier. I'm going with ProRealTime it seems, best I can find.
  • #156
  • Apr 17, 2014 4:12pm Apr 17, 2014 4:12pm
Hi 60,

Just curious, what is it about Weekly Bars that is so unique - is it that the trend in general shows itself to hold - and that price tends to move in one direction for the week - so not so many wicks on bars?
  • #157
  • Apr 17, 2014 5:43pm Apr 17, 2014 5:43pm
Quoting studio1
Hi 60, Just curious, what is it about Weekly Bars that is so unique - is it that the trend in general shows itself to hold - and that price tends to move in one direction for the week - so not so many wicks on bars?
Weekly bars are the only bars with a real close, everything else just rolls over.
tradewith60
  • #158
  • Apr 17, 2014 6:57pm Apr 17, 2014 6:57pm
Quoting 60minuteman
{quote} Hi JV... I like your entries.... If I was trading GU and EG I would have taken the same trades.
Hi 60MM ... So I understood the phrase. good to see that you also would take the trades like me.
The two trades are going well,
EUR / GBP. Entry + 40 pips 1st and 2nd also with + 40 Pips
GBP / USD - 1st entry TP reached at + 70 pips. 2nd entry, Mr. Market is going to decide what to do.
thank you very much
JVBS
Work very hard until you get there (excuse my english)
  • #159
  • Apr 21, 2014 2:13am Apr 21, 2014 2:13am
Hi 60MM
Thank you for sharing this strategy
Im looking forward to following this system and have read the thread a couple of times.
Just a quick question, do you have a limit to how many times you re enter a double position in one week if your stopped out?
Thanks
Jay
  • #160
  • Apr 21, 2014 3:36am Apr 21, 2014 3:36am
Quoting hungry pips
Hi 60MM Thank you for sharing this strategy Im looking forward to following this system and have read the thread a couple of times. Just a quick question, do you have a limit to how many times you re enter a double position in one week if your stopped out? Thanks Jay
Hi Hungry, initially I looked at it, then I decided it doesn't really happen often, 3 or 4 seems common for bad weeks.

You could do that but I think it's a rule I would ignore anyway, so no real point.
tradewith60
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