Menu

Options

Bookmark Thread

First Page First Unread Last Page Last Post

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

sitting out until after the election...
tradewith60
Gu daily / levels to look for longs tomorrow
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-05-08 at 00.06.11.png Size: 16 KB
tradewith60
Gu daily sr
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-05-11 at 17.48.17.png Size: 16 KB


m15 engulf
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-05-11 at 17.47.30.png Size: 141 KB
tradewith60
tomorrows daily SR for GU longs
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-05-11 at 21.39.28.png Size: 32 KB


this is the next monthly SR, I'll eat Paddy Ashdowns hat if we don't hit it
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-05-11 at 21.40.34.png Size: 26 KB
tradewith60
Nice thread ...Like the simplicity in trading.
here is the analysis video I did yesterday which explains how I got direction and entry levels

Inserted Video
tradewith60
Quoting mr crown
Nice thread ...Like the simplicity in trading.
cheers Mr Crown, welcome
tradewith60
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
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
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
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-05-12 at 10.07.43.png Size: 25 KB
tradewith60
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
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-05-12 at 11.13.17.png Size: 20 KB


Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-05-12 at 11.13.34.png Size: 19 KB
tradewith60
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
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...

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 25 KB


Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 30 KB
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
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.
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
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!
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.
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
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?
0 traders viewing now