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H4 Power

  • #1,261
  • May 13, 2015 2:21am May 13, 2015 2:21am
Quoting Traderbry
{quote} 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?
correct..

DAILY ENGULF > GO TO WEEKLY SR
DAILY CLOSE UP NO ENGULF > GO TO NEXT DAILY SR
tradewith60
  • #1,262
  • May 13, 2015 6:50am May 13, 2015 6:50am
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
Hi 60min

I not sure if I understand the way you trade the Weekly engulfs. Would you be so nice to explain it?

That is what I understand, If you see a weekly engulf pattern, then you wait for a engulf in daily or 4h tf then you go in the direction of the weekly pattern. That means first Weekly engulf and then wait for the same pattern in daily or 4h.Am I right?

Thank you.
Enter Signature
  • #1,263
  • May 13, 2015 10:12am May 13, 2015 10:12am
Quoting Katfx
{quote} Hi 60min I not sure if I understand the way you trade the Weekly engulfs. Would you be so nice to explain it? That is what I understand, If you see a weekly engulf pattern, then you wait for a engulf in daily or 4h tf then you go in the direction of the weekly pattern. That means first Weekly engulf and then wait for the same pattern in daily or 4h.Am I right? Thank you.
It sounds like you've got it Katfx. If the Weekly engulf occurs in the trending direction of the pair, your chances of success will be that much better, because you will be rejoining the trend after a pullback/retrace...

Am I right 60?

Bry
  • #1,264
  • May 13, 2015 11:57am May 13, 2015 11:57am
Quoting Traderbry
{quote} It sounds like you've got it Katfx. If the Weekly engulf occurs in the trending direction of the pair, your chances of success will be that much better, because you will be rejoining the trend after a pullback/retrace... Am I right 60? Bry
definitely Bry, that is one application of these methods, and a good one... essentially it is multi TF SR and price action trading...
tradewith60
  • #1,265
  • May 13, 2015 11:58am May 13, 2015 11:58am
Quoting Katfx
{quote} Hi 60min I not sure if I understand the way you trade the Weekly engulfs. Would you be so nice to explain it? That is what I understand, If you see a weekly engulf pattern, then you wait for a engulf in daily or 4h tf then you go in the direction of the weekly pattern. That means first Weekly engulf and then wait for the same pattern in daily or 4h.Am I right? Thank you.
Kat this video will go over the basics

Inserted Video
tradewith60
  • #1,266
  • May 13, 2015 12:53pm May 13, 2015 12:53pm
Thank you 60min.
Enter Signature
  • #1,267
  • May 13, 2015 3:02pm May 13, 2015 3:02pm
I took a long of the daily SR on GU again today, missed my line by 11 pips and late on pulling the trigger too... result was good

M15 entry
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Daily SR - wednesdays high
Attached Image
tradewith60
  • #1,268
  • May 15, 2015 10:35am May 15, 2015 10:35am
GU long open, M15 engulf off the daily SR inline with the trend today...

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tradewith60
  • #1,269
  • May 15, 2015 6:53pm May 15, 2015 6:53pm
some GJ and UCAD analysis

Inserted Video
tradewith60
  • #1,270
  • May 16, 2015 7:28am May 16, 2015 7:28am
a nice video example of non-trending price action on GU from Friday posted on my facebook page https://www.facebook.com/flowtraders?ref=hl
tradewith60
  • #1,271
  • May 16, 2015 1:30pm May 16, 2015 1:30pm
EU next monthly level
Attached Image


Daily still trending up
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here's your daily level for the best vaalue entry long IF we get a retrace
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tradewith60
  • #1,272
  • May 16, 2015 2:50pm May 16, 2015 2:50pm
Thanks 60minuteman, I have spent all day reading this thread again and watching your videos, very informative, thanks for sharing.

I think I am slowly getting there with the S/R areas, what I am still a little unclear about is the entry method/s. Using the above charts as a example, we would be looking for entry using one of the lower time frames if and when we get a pullback to the daily line you have highlighted. I had assumed that you always use engulfing candles to enter, but one of your videos you appear to show a entry when there is no engulfing, just a cross below and then back above the S/R line.

Would you mind clarifying the exact entry method/s you recommend please.

Thanks

Steve
  • #1,273
  • May 16, 2015 4:30pm May 16, 2015 4:30pm
Quoting Encantador
Thanks 60minuteman, I have spent all day reading this thread again and watching your videos, very informative, thanks for sharing. I think I am slowly getting there with the S/R areas, what I am still a little unclear about is the entry method/s. Using the above charts as a example, we would be looking for entry using one of the lower time frames if and when we get a pullback to the daily line you have highlighted. I had assumed that you always use engulfing candles to enter, but one of your videos you appear to show a entry when there is no engulfing,...
Hi Encantador, I did wait for M15 to turn and engulf on this Gu trade... here's the chart:
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I can not really say which entry method works best, sometimes I will wait for engulf, sometimes just a close in the direction and then a breakout... sometimes just a hit of the SR line.... If you can read the higher TF trend well (using the ideas in this thread) and wait for price to retrace to the line, then the exact entry method will not make much difference to your results. It is perhaps a good idea though to choose 1 and then be consistent. GU daily and weekly trend are clearly up for now, so everytime we pulled back to the daily SR I knew I was going to enter, then I just used my judgement when to actually pull the trigger.
tradewith60
  • #1,274
  • May 16, 2015 5:47pm May 16, 2015 5:47pm
Thanks for the reply.

You mention waiting until the 15 min chart turned and engulf, by engulf, do you mean the 4 bullish candles it took to reach higher than the last bearish candle? I have only ever thought of a engulfing pattern being two candles with one engulfing the other, one bearish and one bullish. If this is what you mean, does it matter how many candles it takes?

Did you also wait for the price to break the S/R line before entering?

Thanks

Steve
  • #1,275
  • May 16, 2015 6:06pm May 16, 2015 6:06pm
Quoting Encantador
Thanks for the reply. You mention waiting until the 15 min chart turned and engulf, by engulf, do you mean the 4 bullish candles it took to reach higher than the last bearish candle? I have only ever thought of a engulfing pattern being two candles with one engulfing the other, one bearish and one bullish. If this is what you mean, does it matter how many candles it takes? Did you also wait for the price to break the S/R line before entering? Thanks Steve
the video at post 1265 explains the engulf, sometimes it may take more than 1 bar....

The SR lines are just areas to look for entries -
tradewith60
  • #1,276
  • May 18, 2015 6:20am May 18, 2015 6:20am
Long EJ, daily trend up, retrace to daily SR
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tradewith60
  • #1,277
  • May 18, 2015 7:53am May 18, 2015 7:53am
Thanks 60minuteman, will be interested in watching this.

I assume it has now triggered. Do you set out a TP area before you enter or just watch and decide later?

I have a monthly resistance line at 136.662 (if I have got it right), would that be a concern/target?

Thanks

Steve
  • #1,278
  • May 18, 2015 8:02am May 18, 2015 8:02am
Quoting Encantador
Thanks 60minuteman, will be interested in watching this. I assume it has now triggered. Do you set out a TP area before you enter or just watch and decide later? I have a monthly resistance line at 136.662 (if I have got it right), would that be a concern/target? Thanks Steve
here's the analysis I did for the Daily Traders program last night, you can see the lines to trade for entry and TP

Inserted Video
tradewith60
  • #1,279
  • May 22, 2015 10:27am May 22, 2015 10:27am
EJ daily down trend, M15 engulf at daily SR

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tradewith60
  • #1,280
  • Edited 10:49am May 23, 2015 4:57am | Edited 10:49am
I have posted a new video on my facebook take from the daily trader program I work for now, it really is an excellent service if you like to trade SR and price action, there are daily videos from me and two other traders... here is a sample..

https://www.facebook.com/flowtraders...type=2&theater
tradewith60
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