H4 Power

I just uploaded a new indicator for showing SR, particularly for the purpose of H4 Power trading. Its in my journal thread. Please let me know if you have any questions on that.

Thanks Pannet - I hadn't noticed the Crop option. I can't believe I missed it.

Ok - let's see how accurate my chart reading is. Hopefully, 60MM is still checking this thread (his baby) periodically and will critique it...


I am seeing the following as possible for this week:


AUDNZD ... Bounced from a resistance level last week, but the uptrend looks strong enough to continue. 1.0920 has been holding as support recently on the h4. An engulf could lead to a surge back up to and maybe thru 1.1047. From current price, the move back to 1.1047 would be 100+ pips. If price breaks the 1.1047 level, 1.1212 could be a target...

AUDUSD ... After touching the .9458 resistance level several times over the last few weeks, the weekly engulfed down last week. Price may retrace slightly to .9330 before we get an h4 engulf down; a resuming downmove could find support at .9207...

EURAUD ... The weekly engulfed Long last week. Price may retrace back to 1.4350 before continuing long toward 1.4541...

EURCAD ... The weekly engulfed Long last week. Price may retrace back to 1.4625 before continuing long toward 1.4719 or 1.4825...

EURJPY ... The weekly engulfed Long last week. Price may retrace back to 137.40 before continuing long toward 139.30...

Any thoughts to share??

Hi TB, im on holiday but I briefly scanned your ideas and you have good context -

Thanks 60 - it's good to know that I'm on the right track...

Enjoy your holiday! Next week will be my turn.

Hi,

Thanks for the great posts and detailed interpretation. I've read all pages. I tried to open 60MM's blog and video links, but they are protected. I didn't realise in previous posts any attention about protecting. Could anyone tell me how can i get the materials about s/r drawing and how can i watch the videos?

thx Dan

Monthly audusd, no daily or 4h entry, this 15min qualified. M retrace was a perfect 50%.....9231 is next up M candle, Aug '13

commodities audusd & usdcad, similar set ups on monthly (50% retrace) but trend is opposing usdcad short. audusd lower highs, lower lows.

s&p last week engulfed



finishing near lows last week no significant pull back for a 4h engulf entry short, look for this next week (grey box or close).

uj weekly tested grey box supply (previous weekly high)



as the weekly high was a perfect 50% retrace from the highs can you now look for a similar 4h/15min retrace and engulf for entry short on this 4h?

?

s&p:can H4 power work using low risk multiple attempts to enter into large time frame trade on a lower time frame using engulf method?
is a 15min engulf a reasonable risk to take to enter into a weekly short?
this is not at the preferred grey box

cl: 15min engulf, dash line is feb low

Hi pannet1 - 60 suggests pairing W with H4, and D with H1 - yet in your indi you have D1 and H4 together - can it be easily changed to show the pairings 60 uses?

Mike

It could be programmed that way but now its not like that. I will do so when I am free ( i am not full time trader anymore). Actually it is not exact interpretation of S/R like 60. There could be some other S/R which is important but were not turning points. In fact, I never knew the detail as 60 explained. (because it was in a video or I missed it completely).

What I did was for D1 support, i took the nearest lowest & highest (of bear close and bull open) from the two H4 candles (one bear and bull), that made the u turn. Vice versa for Resistance. We already have W1 S/R in the form of Daily Candle U turn. So basically, you need H4 candle S/R in the form of H1, U turns. IMHO, we would not need W1 turning points (MN1 S/R). H1 U turns should be easily visible and quite closer for us to target. Hope I have not confused you.

In short, indicator has H4 and D1 turning points which 60 calls D1 and W1 support and resistance. I think you got what I am saying. Attached AU, H4 chart, where H4 turning points are Dark Green and Magenta. D1 turning points are Yellow Green and Red.

s&p: retrace to weekly engulf

s&p: close of engulfed weekly candle now traded
15min chart:

totty23 - 60 trades Weekly with H4, so if a weekly has engulfed up, and an H4 has engulfed up, then you could then go down to H4/15, as he trades that too.
On the SP, monthly hasn't engulfed down

Weekly and Daily is just going up and up from the red support line, H4 is still engulfing up, as is H1. So taking an M15 short, to me is very high risk - personally I would wait a while and see if price confirms the reversal, or keep looking for areas to go long.
If the M15 does indeed come off, I would target these levels on the H4


Mike

Hi Mike, this was the original weekly that had engulfed.

http://www.forexfactory.com/attachme...1&d=1407983046

Looking back I see it is the low volume July 4 week, it also took 4 weeks for it to be engulfed so I certainly think there are better examples and trying to buck the trend always ends in tears, but h4 power can get you in a new trend very early. I'm trying to fit a bias to the chart more than likely. I also take your point that there was no supporting 4h engulf, although today it has produced one at that level.
I did attempt a trade after waiting for a 15min engulf and a retrace to enter, I think it adds some confirmation and provides a level to place a tight stop. 60m referred to multiple attempts but risk/reward after entering a weekly trade (and exiting on a weekly) is worth it.
Thanks for your input, definitely an error not to wait for the 4h engulf.

4h Friday 8/16