BeTrue's Journal

Hi Everyone,

I mainly only trade 4 hour charts, checking them at 10 am, 2 pm and 6 pm (UK time)

I like to keep things very simple. Unless the market is ranging (like it was today) I will only take trades with the trend.

I watch about 19 charts so this allows me to find at least a few trades a week with a trend in place (even if just for the next 4 hour candle)

Charts posted will be from my demo account as my live account doesn't have the correct time zone I want i.e. New York close

Many thanks for viewing my Journal, comments welcome.

Today's trades;

Don't normally have two trades in a day so it turned out to be a good day.

EurUsd market has been ranging for the last few days and it left a good solid pinbar off the range bottom. Straightforward signal.

GbpUsd market has been in an uptrend since the start of Feb (not that I take the long term picture in that much) I'm really just more focused on the next 1 or 2 candles. The big engulfing candle led traders short then had a very strong finish.

1:1 achieved on both candles.

Price moved much quicker than I expected, perhaps news related i'm not sure.

Anyway, it was a ranging market and it produced a pin bar off a double bottom. Obvious signal.

1:1 Achieved.

I only target 1:1 because it means I can just set and forget it and not worry about moving stops etc

Don't normally wake up for 6 am candle but recently there's been quite a few signals at that time.

I was tempted to long the euro with 15sl 15 tp but there's not enough of a signal there for me.

Everyone have a good day's trading!

BeTrue

Should have trusted my instinct!

AUDJPY

Only just made it, but the signal was clear.
Would have got in the candle before had I been up, there are enough charts with low spreads to only take trend continuation trades.

This stuff works.

BeTrue

Could have stayed in longer, but 1:1 target met.

Clear rejection of Moving averages, with the overall trend.

Thought process is pretty clear:

 

1. Scan multiple pairs on 4 hour charts
2. Wait for a trend to take shape (even just a very short term trend)
3. Wait for a pullback to EMAs (10 & 21)
4. Wait for price to reject EMA
5. Enter on continuation

Safe trading

BeTrue

Lets see what happens...

Stop to breakeven,

Feel free to comment or ask any questions..

I like to keep it simple and just wait for the really high probability setups.

Sticking to one time frame alleviates any negative thoughts coming in, for me at least.

Exited position, price was stalling too much at area of support..

Hi BeTrue

Very nice trade today

Just came across your journal, this is exactly the type of trading style I am interested in. I've had a couple of years with various systems and indicators and have concluded that price action seems to be the best solution.

I can manage the H4 around my day job, although ultimately my goal id to be a full time trader ( sooner rather that later would be nice LOL).

Hope you keep posting your trades and would appreciate and advice you have to offer
regards

Martin

Hi BeTrue

Did you manage to take any trades today?

Hi Martin,

Didn't take any trades on Friday, I went away for a long weekend

I'll be sure to post any trades I take from now on, hopefully they can help.

The main thing is just to be patient, it's ok waiting a few days for a setup sometimes the market is just like that. If you monitor enough pairs there will be a few no brainer trades that have a good probability of winning.

I've attached a picture highlighting my ideal setup. Last weeks charts look so simple, but the trick is to catch them live.

Regards

USDCAD 4H

I won't be entering this trade because price has to break the 1.28 level and it's at strong monthly resistance levels.

This setup may well work out, but when there's hesistation like that it's best to be safe.

Anyone have a different view?

Good day today,

For me the most important thing is staying out of bad trades...As you can see from my earlier posts I was tempted to enter usdcad but didn't due to a couple of problems nearby, this saved me from a losing trade.

Losing trades are inevitable, however:

 

1. Look at NZD pairs today (when I took the trade at 1pm uk time) they were all gaining in strength. You could have taken exactly the same trade on NZDJPY. Also, AUDNZD was going down, indicating NZD strength. I don't need a currency strength meter to tell me this, it's clear from the charts.
2. The EURCAD had plenty of room to go up, it isn't at extreme highs like USDCAD.

The best thing about this...i'm trading the 4 hour charts, I can sign on half an hour before and have time to go through all of these factors. Short term trading is stressful and for me, doesn't allow myself the time to properly analyse the charts.