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H4 Power

  • #1,241
  • May 7, 2015 11:29am May 7, 2015 11:29am
sitting out until after the election...
tradewith60
  • #1,242
  • May 7, 2015 6:07pm May 7, 2015 6:07pm
Gu daily / levels to look for longs tomorrow
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tradewith60
  • #1,243
  • May 11, 2015 11:49am May 11, 2015 11:49am
Gu daily sr
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m15 engulf
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tradewith60
  • #1,244
  • May 11, 2015 3:42pm May 11, 2015 3:42pm
tomorrows daily SR for GU longs
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this is the next monthly SR, I'll eat Paddy Ashdowns hat if we don't hit it
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tradewith60
  • #1,245
  • May 11, 2015 3:58pm May 11, 2015 3:58pm
Nice thread ...Like the simplicity in trading.
  • #1,246
  • May 11, 2015 4:07pm May 11, 2015 4:07pm
here is the analysis video I did yesterday which explains how I got direction and entry levels

Inserted Video
tradewith60
  • #1,247
  • May 11, 2015 4:09pm May 11, 2015 4:09pm
Quoting mr crown
Nice thread ...Like the simplicity in trading.
cheers Mr Crown, welcome
tradewith60
  • #1,248
  • May 11, 2015 9:32pm May 11, 2015 9:32pm
thanks for the video, 60. I have a question: I've always been confused about where the Daily candle fits in when reading likely movement and determining potential trades. Identifying likely direction and S/R on the Weekly and again on the H4 for entries are clear to me. Can you explain how the Daily is used with those two?

My apologies for the remedial question, but I have been of the belief all this time that it is either Weekly/H4 or Daily/H1.


Bry
  • #1,249
  • May 12, 2015 2:06am May 12, 2015 2:06am
Quoting Traderbry
thanks for the video, 60. I have a question: I've always been confused about where the Daily candle fits in when reading likely movement and determining potential trades. Identifying likely direction and S/R on the Weekly and again on the H4 for entries are clear to me. Can you explain how the Daily is used with those two? My apologies for the remedial question, but I have been of the belief all this time that it is either Weekly/H4 or Daily/H1. Bry
Hi TB, it really is down to the individual what combination of TF we use to build the context, obviously the more timeframes we use the more pieces of the picture we have, but more information does not always mean better results - in fact the brain can only take so much information in and still make good decisions, after that it starts to discount new information anyway...

When a daily bar closes short or long the chance of the next bar closing short or long is around 50%, so we know this alone will struggle to make profit. But, if we know this day is 50% chance of closing long and we use, say M15 to enter into that possible move, we then have a chance of winning more when we are right, and we are going to be right about half the time! - that is the essence of what we are doing.

Add to that the fact we can pick, fairly simply, the points on the chart where that daily move will start and there is our edge - we can also use the same techniques to pick places to exit...

So we can pick the TF that we want to trade, TF's to suit us, and then build our ruleset from there...

if you tell me yours (TF's) I will help make a few variations you might like
tradewith60
  • #1,250
  • May 12, 2015 4:09am May 12, 2015 4:09am
Quoting 60minuteman
tomorrows daily SR for GU longs {image} this is the next monthly SR, I'll eat Paddy Ashdowns hat if we don't hit it {image}

GU levels were good, went long on M15, hit target 1 for +91 pips, might hold for that monthly level
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tradewith60
  • #1,251
  • May 12, 2015 5:14am May 12, 2015 5:14am
Pick a daily or a weekly chart that is trending - this is the easiest technical you can use to give SR trading a slight edge...

Doesn't need to be clever -

GOLD and GU daily charts
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tradewith60
  • #1,252
  • May 12, 2015 8:30am May 12, 2015 8:30am
Quoting 60minuteman
{quote} Hi TB, it really is down to the individual what combination of TF we use to build the context, obviously the more timeframes we use the more pieces of the picture we have, but more information does not always mean better results - in fact the brain can only take so much information in and still make good decisions, after that it starts to discount new information anyway... When a daily bar closes short or long the chance of the next bar closing short or long is around 50%, so we know this alone will struggle to make profit. But, if we know...
Hey 60M,

Thanks for the explanation; your comment about 50% and entering into that possible move really helps to clear some things up for me. As far as my TFs, I prefer Weekly/H4, but if I could use Daily/H1, I would. My problem with using H1 is that many of the H1 moves begin in the 2a-4a hours for me (in the central US); and since I work full-time, I need my sleep, haha. So, the Weekly/H4 is more convenient for me.

Bry
  • #1,253
  • May 12, 2015 8:35am May 12, 2015 8:35am
GpdCad 194 pips.

After seeing bullish engulf on Weekly, I entered on H4 engulf (white arrow) and rode the move to an SR level for a nice win...

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  • #1,254
  • May 12, 2015 10:14am May 12, 2015 10:14am
Quoting Traderbry
GpdCad 194 pips. After seeing bullish engulf on Weekly, I entered on H4 engulf (white arrow) and rode the move to an SR level for a nice win... {image} {image}
very nice... picking a strong pair really helps... pick the trends
tradewith60
  • #1,255
  • May 12, 2015 1:18pm May 12, 2015 1:18pm
Quoting 60minuteman
{quote} very nice... picking a strong pair really helps... pick the trends
Thanks 60M ,


Any helpful variations that you could think of will be greatly appreciated.

Bry.
  • #1,256
  • May 12, 2015 4:58pm May 12, 2015 4:58pm
Quoting Traderbry
{quote} Thanks 60M , Any helpful variations that you could think of will be greatly appreciated. Bry.
either get good at picking the best trends - OR... just trade the weekly engulfs, it's a very reliable pattern on the higher TF... but it's most reliable for 1/1 so you need to play the H4 entries to get your RR up... similar to what you are already doing
tradewith60
  • #1,257
  • May 12, 2015 5:46pm May 12, 2015 5:46pm
Quoting 60minuteman
{quote} either get good at picking the best trends - OR... just trade the weekly engulfs, it's a very reliable pattern on the higher TF... but it's most reliable for 1/1 so you need to play the H4 entries to get your RR up... similar to what you are already doing
Thanks 60!
  • #1,258
  • May 12, 2015 5:49pm May 12, 2015 5:49pm
hey 60M,

When the Daily closes down - but does not engulf the prior day, we should look at the H1 or m15 for a retrace and engulf down, then enter with TP at the low of the Daily candle. Agree?

Im just testing my understanding of your post #1249.
  • #1,259
  • May 12, 2015 6:27pm May 12, 2015 6:27pm
Quoting Traderbry
hey 60M, When the Daily closes down - but does not engulf the prior day, we should look at the H1 or m15 for a retrace and engulf down, then enter with TP at the low of the Daily candle. Agree? Im just testing my understanding of your post #1249.
if there is no engulf (so the trend has not changed) then we look for the same TF SR as the target... so if daily closes down but no engulf, it will go to the next daily SR (same TF) use a H1 or M15 entry.... sidenote... if you're counter trend expect very deep retraces.
tradewith60
  • #1,260
  • May 12, 2015 7:23pm May 12, 2015 7:23pm
Quoting 60minuteman
{quote} if there is no engulf (so the trend has not changed) then we look for the same TF SR as the target... so if daily closes down but no engulf, it will go to the next daily SR (same TF) use a H1 or M15 entry.... sidenote... if you're counter trend expect very deep retraces.
From your previous posts, in this scenario, the same TF SR would be the low of the prior Daily candle that didn't engulf, right?
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