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Trendline Scalping 4hr timeframe

  • #1,461
  • Sep 5, 2011 3:11am Sep 5, 2011 3:11am
eur/usd
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  • #1,462
  • Sep 5, 2011 6:21am Sep 5, 2011 6:21am
Quoting dddd
eur/usd
move to B/E.
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  • #1,463
  • Sep 5, 2011 6:44am Sep 5, 2011 6:44am
Quoting dddd
move to B/E.
1st price target reached: +37 pips.

2nd target = adr.
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  • #1,464
  • Sep 5, 2011 12:27pm Sep 5, 2011 12:27pm
Quoting dddd
1st price target reached: +37 pips.

2nd target = adr.
ADR of 100pips = 1.4060 for eur/usd. I LIKE 90% of daily adr for TP = 1.4070.

which makes +80 pips for me. entry was at 1.4150, sl = -19pips.= 1.4169.

1st pt = +37pips at 1.4112. 2nd pt = +80 pips. CHART ATTACHED:
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  • #1,465
  • Jun 4, 2015 1:32pm Jun 4, 2015 1:32pm
Why does a thread like this end and much lesser threads continue?

I have been trading very similarly to this for a quite a while now for 4-5 months and have found it very profitable. Never has a system offered me such great risk reward potential. I trade the 1 hour and look to catch the third tap of the trendline but with a tighter stop. If a trendline is going to be respected then there's no need for a large stop. 15 pips or so is fine.

Anyone looking to trade like this, i've learned to only trade the outer trendline. It might mean you miss some trades but it definitely keeps you out of bad trades more often than not.
  • #1,466
  • Jun 4, 2015 1:52pm Jun 4, 2015 1:52pm
Thanks Gareth. Why not breathe new life into the thread as it looks interesting. How many pairs do you trade and how many opportunities do you see daily? Subscribed.
  • #1,467
  • Jun 4, 2015 2:21pm Jun 4, 2015 2:21pm
Quoting spankworthy
Thanks Gareth. Why not breathe new life into the thread as it looks interesting. How many pairs do you trade and how many opportunities do you see daily? Subscribed.
I trade 13 pairs, basically any pair I consider to move normally with a low enough spread to trade them on the 1 hour chart.

Attached are just 3 pairs for today.

1st chart gbpusd (trendline drawn from 4 hour chart hence why it doesn't match the 1 hr low exactly)
2nd chart nzdusd
3rd chart usdcad

With a tight 10-15 pip stop 4:1 would have been so easy to achieve. I've switched from looking for a system with high win rate, to looking for a system with high risk reward. I'm hoping i've managed to find both.
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  • #1,468
  • Jun 5, 2015 6:09am Jun 5, 2015 6:09am
Thanks Gareth, I will start drawing TLs over the weekend and give it a try next week on the 1 hour charts. Do you ever place pending orders or do you check the charts every hour? Also, do you wait for the third touch candle to close after the bounce before you enter as confirmation? Thanks again and have a good weekend.
  • #1,469
  • Jun 8, 2015 4:07am Jun 8, 2015 4:07am
Great way to start the week, missed entry by a pip!
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  • #1,470
  • Jun 21, 2015 6:08pm Jun 21, 2015 6:08pm
Quoting Gareth22
Why does a thread like this end and much lesser threads continue? I have been trading very similarly to this for a quite a while now for 4-5 months and have found it very profitable. Never has a system offered me such great risk reward potential. I trade the 1 hour and look to catch the third tap of the trendline but with a tighter stop. If a trendline is going to be respected then there's no need for a large stop. 15 pips or so is fine. Anyone looking to trade like this, i've learned to only trade the outer trendline. It might mean you miss some...
What do you mean by the 'outer' trendline?

I have been experimenting with this method as well, with moderate success. I did about 30 trades, and maybe I just had a bad batch, but I there were not many trades that even went to test the last swing high, and I was only buying the 3rd touch of the trendline.

I'm buying with a limit order right on the trendline on the 3rd touch, and using a tight stop; but I'm trying to figure out some other filter to keep me out of my bad trades. I'm wondering if maybe I should only be buying if we are near to one of my MA for example (I usually use 20 and 60 SMAs.).

If anyone else has any ideas on some way to filter out additional bad trades I would like to hear it, and also what seem to be the best targets? Like I said, I was not having much luck with price even making it up to the last swing high (for longs), so targeting that wasn't working and I was not getting many trades at 2:1, 3:1, or 4:1 Reward/Risk. But maybe I was just on an unlucky streak.
  • #1,471
  • Jun 22, 2015 3:08am Jun 22, 2015 3:08am
Quoting Gareth22
Great way to start the week, missed entry by a pip! {image}
Gareth, TP you put on a level?
Greed causes poverty
  • #1,472
  • Jun 22, 2015 4:04am Jun 22, 2015 4:04am
Quoting phoenixfire
{quote} What do you mean by the 'outer' trendline? I have been experimenting with this method as well, with moderate success. I did about 30 trades, and maybe I just had a bad batch, but I there were not many trades that even went to test the last swing high, and I was only buying the 3rd touch of the trendline. I'm buying with a limit order right on the trendline on the 3rd touch, and using a tight stop; but I'm trying to figure out some other filter to keep me out of my bad trades. I'm wondering if maybe I should only be buying if we are near...
It's entered off the minor round number, it's also at the 0.618 retracement of the move down (I only bother with 0.618 retracements). It's been hit a few times so lets see, I'm at breakeven so I don't particularly mind.

Sometimes I look at lower timeframes for confirmation if i'm at my computer and there was a good 5 minute pin bar rejecting it (or at least the minor level..)

In hindsight the trendline would have been better connecting the previous major high but in hindsight everything looks better and you can match everything perfectly, this is what I saw so this is what I traded when the chart was blank to the right...
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  • #1,473
  • Jun 22, 2015 5:01am Jun 22, 2015 5:01am
Its not easy to sell when the chart has been going up with no confirmation, but i'ts the only way i've found to have a method with a decent chance of hitting 3:1.
  • #1,474
  • Jun 22, 2015 6:27am Jun 22, 2015 6:27am
Another trade as per my rules, it might not work but I don't expect them all to. That's my winners are generally 3:1.

Off the 140.000 level so gives some confluence to the trade.

Will stop trading for the day after this one..

Just to add that I trade the 1 hour charts..
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  • #1,475
  • Jun 22, 2015 7:56am Jun 22, 2015 7:56am
Quoting Gareth22
Another trade as per my rules, it might not work but I don't expect them all to. That's my winners are generally 3:1. Off the 140.000 level so gives some confluence to the trade. Will stop trading for the day after this one.. Just to add that I trade the 1 hour charts.. {image}
Decided to close it at 2:1, so adding the usdcad and 2 audusd trades (one worked and one didnt) means I had another good day.
  • #1,476
  • Jun 22, 2015 8:10am Jun 22, 2015 8:10am
Quoting Gareth22
{quote} Decided to close it at 2:1, so adding the usdcad and 2 audusd trades (one worked and one didnt) means I had another good day.
Not bad for monday
Greed causes poverty
  • #1,477
  • Aug 13, 2015 4:25am Aug 13, 2015 4:25am
Quoting Gareth22
{quote} I trade 13 pairs, basically any pair I consider to move normally with a low enough spread to trade them on the 1 hour chart. Attached are just 3 pairs for today. 1st chart gbpusd (trendline drawn from 4 hour chart hence why it doesn't match the 1 hr low exactly) 2nd chart nzdusd 3rd chart usdcad With a tight 10-15 pip stop 4:1 would have been so easy to achieve. I've switched from looking for a system with high win rate, to looking for a system with high risk reward. I'm hoping i've managed to find both. {image} {image}...
High win rate? Would that be the old Jankone thread on 5 and 15 minutes ? It still works well for a patient trader albeit maybe less pips per trade. than your 4hour/One hourly approach.
every Saint has a past. Every Sinner has a Future
  • #1,478
  • Aug 17, 2015 2:31pm Aug 17, 2015 2:31pm
Quoting turnip15
{quote} High win rate? Would that be the old Jankone thread on 5 and 15 minutes ? It still works well for a patient trader albeit maybe less pips per trade. than your 4hour/One hourly approach.
The 5min Ryanmcd method is still my go to method, I just find it interesting searching for alternative ways of trading. The 1 hour method doesn't really take up too much time and I like the high r:r aspect. I wish Ryan would come back and post. He was one of not many I trusted on here and I have no doubt that he's still trading the eurusd exactly as he taught here, seeing if it's making higher highs etc and trust trading dips in the trend...

Out of interest, how do you trade turnip? I often come across you on threads similar to what I like as well...

EDIT: I just looked at your profile and saw how you trade, no worries in explaining it here...
  • #1,479
  • Oct 18, 2016 7:30am Oct 18, 2016 7:30am
it is really great knowdledge.
hope it will continue.

it is also can be use in Daily TF?
thankQ
Let Market Tell You
  • #1,480
  • Jul 16, 2021 10:39pm Jul 16, 2021 10:39pm
Yesterday trade
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