H4 Power | Page 52 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The Power Of Now 4 Forex 14 replies

Imagine a FOREX TRADERS ASSOCIATION. Imagine the Power 14 replies

Knowledge is Power 5 replies

FLAG POWER 1 reply

Keeping Some Fire Power In Reserve 0 replies

Attachments: H4 Power
Exit Attachments

H4 Power

  • #1,021
  • Jul 22, 2014 11:16am Jul 22, 2014 11:16am
Quoting soniaFx
60minuteman, thank you very much for putting so much work into enlightening me with your great trading method... it's appreciated I'd like to ask you, or someone in the know, whether I need to have a broker account that allows hedging in order to be able to apply your technique of entering engulfs (buy or sell) and keeping the trades that have survived opened for as long as possible? Thanks
Hi Sonia, it really is down to your own personal preference. If I could only take trades in 1 direction then I would select the pairs with clear weekly trends and trade them only in that direction... but you really can make anything work, so make trading work for you!
tradewith60
  • #1,022
  • Jul 22, 2014 12:01pm Jul 22, 2014 12:01pm
Quoting 60minuteman
{quote} Hi Sonia, it really is down to your own personal preference. If I could only take trades in 1 direction then I would select the pairs with clear weekly trends and trade them only in that direction... but you really can make anything work, so make trading work for you!
I've just opened up a new MT4 demo account that allows hedging. I like the idea of closing quickly the trades that didn't go anywhere, and letting the opposite trades run for as long as they can.... all in a trending environment. As you mentioned, given enough time the runners will come up on top.
The problem is when to close the winners. A good resolve might be watching higher TFs for an engulfing candle in the opposite direction, hoping that the candle won't be eating into the profits by being too big.
  • #1,023
  • Jul 22, 2014 1:14pm Jul 22, 2014 1:14pm
Quoting soniaFx
{quote} I've just opened up a new MT4 demo account that allows hedging. I like the idea of closing quickly the trades that didn't go anywhere, and letting the opposite trades run for as long as they can.... all in a trending environment. As you mentioned, given enough time the runners will come up on top. The problem is when to close the winners. A good resolve might be watching higher TFs for an engulfing candle in the opposite direction, hoping that the candle won't be eating into the profits by being too big.

there really are only 2 options.

1.Trade for big RR, this technique ensures we profit because the few winners pay for all our small losses and some profit

2. use wide stops or no stops, have very high win percent but take a few large losses.

The worse thing to do is sit in the middle and try for high win rate and decent RR... intraday that is very very hard and requires some sort of super human feat of discipline, luck and skill.
tradewith60
  • #1,024
  • Jul 22, 2014 2:24pm Jul 22, 2014 2:24pm
Quoting 60minuteman
{quote} there really are only 2 options. 1.Trade for big RR, this technique ensures we profit because the few winners pay for all our small losses and some profit 2. use wide stops or no stops, have very high win percent but take a few large losses. The worse thing to do is sit in the middle and try for high win rate and decent RR... intraday that is very very hard and requires some sort of super human feat of discipline, luck and skill.
Option #1 has been a true eye opener for me, as I've always just concentrated on proper entries and so so RRs... I've never been able to make it work with predictable and consistent results. A good entry, no matter how beneficial, is not fundamentally important if you're in for a long haul... staying with the trade does the trick.
..And you're right about intraday trading, I've lost faith in my ability to secure 10 or 20 pips a day, every day!

I'll give your approach a try and I'll let you know how it went.

Thank you, 60minuteman, for your prompt and informative replies. It's good to know that you're always there when needed
  • #1,025
  • Jul 23, 2014 1:14am Jul 23, 2014 1:14am
4h engulfing on high volume sufficient to exit trade. if range holds will look to re enter on 4h engulf again
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 31 KB
  • #1,026
  • Jul 23, 2014 1:39am Jul 23, 2014 1:39am
Quoting totty23
4h engulfing on high volume sufficient to exit trade. if range holds will look to re enter on 4h engulf again {image}
ay last weeks low too, with a monthly engulf long... nice trade
tradewith60
  • #1,027
  • Jul 23, 2014 5:27am Jul 23, 2014 5:27am
Hey 60minuteman can u explain how to draw support n resistance in higher tfs.....ur website doesn't work so i am unable to unnderstand ur method.
can u post a pdf file completely explaing the method.

i really wish to learn ur method but stuck with sup n resist.
you are the creator of your own destiny-Shivyog
  • #1,028
  • Jul 23, 2014 6:08am Jul 23, 2014 6:08am
Quoting lsolanki
Hey 60minuteman can u explain how to draw support n resistance in higher tfs.....ur website doesn't work so i am unable to unnderstand ur method. can u post a pdf file completely explaing the method. i really wish to learn ur method but stuck with sup n resist.
I have never read anyone explaining how to interrupt support and resistance like 60minuteman did. The key is not to decide support and resistance in advance but to use it after they reacted to the price action. In this way price turns (of past), in the higher time frames are plotted and see if there is (U turn or if its broken) in the present. Then zoom to the lower time frame and enter.
  • #1,029
  • Jul 23, 2014 3:19pm Jul 23, 2014 3:19pm
tightened stop after 4h engulfing long, stopped me out and then plummeted. lesson learned.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 7 KB
  • #1,030
  • Jul 27, 2014 8:02pm Jul 27, 2014 8:02pm
60MM,

Have you removed your videos from this forum as well as from youtube? I am not able to view them anymore here and I can't find them on youtube anymore. That sucks because I was really learning a lot from you thru the videos as well as this thread.

Bry
  • #1,031
  • Jul 28, 2014 1:06am Jul 28, 2014 1:06am
I second that sentiment Traderbry.

The videos by 60minuteman were top class, and it's a real shame that he has removed them, both from this forum, and Youtube.

A valuable resource that is now unfortunately gone.

If you read this 60minuteman, it would be really great if you could make them available somewhere again.


Regards,

Steve (UK)
"Never interrupt your enemy when he is making a mistake" Napoleon Bonaparte
  • #1,032
  • Jul 28, 2014 7:50am Jul 28, 2014 7:50am
60MM,

Regardless of the status of your videos, I am extremely grateful for this thread and the information you consistently took time to share with everyone here. I truly believe my trading will continue to benefit and evolve as a result of this thread. I sincerely thank you for giving of your time, attention and understanding to those of us who value it and weren't able to attain this information any other way.

Hopefully, you still view posts on this thread and will keep chiming in with your wisdom. Sometimes you reply to my PMs and sometimes you don't, haha - nevertheless, I am grateful for the foundation you have given to my trading thru this thread.

Bry
  • #1,033
  • Jul 28, 2014 8:07am Jul 28, 2014 8:07am
Quoting Traderbry
60MM, Regardless of the status of your videos, I am extremely grateful for this thread and the information you consistently took time to share with everyone here. I truly believe my trading will continue to benefit and evolve as a result of this thread. I sincerely thank you for giving of your time, attention and understanding to those of us who value it and weren't able to attain this information any other way. Hopefully, you still view posts on this thread and will keep chiming in with your wisdom. Sometimes you reply to my PMs and sometimes you...
If I am not wrong I think he made them commercial.
  • #1,034
  • Edited 8:55am Jul 28, 2014 8:17am | Edited 8:55am
I am long on EJ. Believe EJ made a monthly low last week and cant say because we have another 3 days to go.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 50 KB
  • #1,035
  • Jul 28, 2014 9:51am Jul 28, 2014 9:51am
Quoting pannet1
I am long on EJ. Believe EJ made a monthly low last week and cant say because we have another 3 days to go. {image}
absent W engulfing still, plus the demand below the Feb lows from Nov is tempting, probably accumulated enough orders to dip in by now also and probably further. watch any opposing 4h engulfing as an exit maybe. better more conforming set ups are available, oil!
This cl daily dipped back into strong demand today giving a 4h opportunity with 15min set up embedded, retrace was too shallow to get in but may still give an opportunity today to get into a trend.
GU at last has a W engulf.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 7 KB
Click to Enlarge Name: Screenshot2.png Size: 5 KB
  • #1,036
  • Jul 28, 2014 9:55am Jul 28, 2014 9:55am
Quoting pannet1
{quote} If I am not wrong I think he made them commercial.
Have you seen them in the commecial section, Pannet? I don't see anything started by 60MM in the commercial section?

Bry
  • #1,037
  • Jul 28, 2014 11:12am Jul 28, 2014 11:12am
Quoting Traderbry
{quote} Have you seen them in the commecial section, Pannet? I don't see anything started by 60MM in the commercial section? Bry
Nope Traderbry,

I was following a link which he posted several months before. Can't remember in which thread, and when I visited it recently, it said members only.
  • #1,038
  • Jul 28, 2014 11:14am Jul 28, 2014 11:14am
Quoting totty23
{quote} absent W engulfing still, plus the demand below the Feb lows from Nov is tempting, probably accumulated enough orders to dip in by now also and probably further. watch any opposing 4h engulfing as an exit maybe. better more conforming set ups are available, oil! This cl daily dipped back into strong demand today giving a 4h opportunity with 15min set up embedded, retrace was too shallow to get in but may still give an opportunity today to get into a trend. GU at last has a W engulf. {image} {image}
Hi totty23, I am ready to get the opposite train once available and then come out of this position at breakeven.

Any currency combined with GBP never worked for me. May be because of my broker or I did not have the appetite to take that much amount of risk.
  • #1,039
  • Jul 28, 2014 1:06pm Jul 28, 2014 1:06pm
Hi all,

Am on the try of the H4 engulf entry this week to see if my weekly target of 100 pips net would be achievable with high probability. Yes, this is about of double of the 00 method.

My entry today would have been short on GA @1.80719 and 20 pips net, which is my TP for a position, was achieved.

Wanted to participate in the discussion to share. Green pips to all,
T.
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-07-29 04_49_08-xxxxx44376_ Excel Markets - Metatrader - GBPAUD.,H4.png Size: 34 KB
  • #1,040
  • Jul 29, 2014 2:27pm Jul 29, 2014 2:27pm
Went long on usdcad for 47 pips today; will attach a screen shot when I can. I feel like I can just scan for h4 engulfs, check the context via higher tf's and enter on the m15 to improve my RR - and not be so susceptible to analysis paralysis. Sure letting the trade run for a potential huge extended move is doable, but that's an improvement that I can strive for somewhere down the line. I can grow my account well by choosing acceptable TP areas as price action indicates...
0 traders viewing now