I very rarely enter into 1hr trades, but last night I made one and I thought I would post it because it will highlight a high probability intraday trade.
As we often say one of the biggest edges we can have on intraday charts is the trend and more often than not this is not used.
The pair was the USDCAD and price had moved down solidly on the daily chart and broken a key daily level. Price on the daily chart had started moving higher on the daily chart at the time and back into this key level that was already marked so it was just a matter of like we always talk about in here of simply just looking at an already marked level for price action.
The 1hr chart fired off a very solid BEEB that was large and obvious at the logical level and within the trend on the 1hr chart.
your lucky this never broke so you never would have been entered into the trade.
We need out engulfing bars to be engulfing and sticking out. You will notice this was still inside the previous housing candle (the previous bullish candle). Engulfing bars should be large and commanding showing that they have taken complete control of the market and are about to send it one way or another. This was stuck inside a much bigger candle and was just a small consolidation candle that was getting ready for whichever way the next push came.
Are you marking your levels on the daily chart? and then using these same levels on the 4hr chart? I get the feeling you are marking levels on the 4hr chart…?
Safe trading,
Johnathon[/QUOTE]
Thanks for your explanation. Yes I was too lucky this time. Your feeling is absolutely right, I mark the level on timeframe and trade the exact same timeframe. If I mark daily I trade daily, I mark 4H and I trade 4h.
I SHOULD ALWAYS TRADE WITH THE TREND, ALWAYS TRADE WITH THE TREND!! (GOT IT)
It’s not a high probability trade and as you always say these are the types of setups that keep traders from being consistently profitable. I’ll work at trading that way.
[QUOTE=“Forex School Online;508462”]I very rarely enter into 1hr trades, but last night I made one and I thought I would post it because it will highlight a high probability intraday trade.
As we often say one of the biggest edges we can have on intraday charts is the trend and more often than not this is not used.
The pair was the USDCAD and price had moved down solidly on the daily chart and broken a key daily level. Price on the daily chart had started moving higher on the daily chart at the time and back into this key level that was already marked so it was just a matter of like we always talk about in here of simply just looking at an already marked level for price action.
The 1hr chart fired off a very solid BEEB that was large and obvious at the logical level and within the trend on the 1hr chart.
Your in the trade now so you may as well play it as best you can and it may very well work out! It is a bearish pin bar after all, just remember next time that the overall contect and the price action story is far more important than the last one candle.
Yes weekly price action is very much on the cards as a matter of fact if you look back a few weeks on your chart you will see a very solid BEEB at a swing high that worked out great and sent price to exactly where we thought it would into the logical swing low support area to where we now have this bounce higher and this BUEB.
This is a BUEB, but for me the worry is you see the upper wick and it is showing the the bears have come in. You have your resistance marked there and if we were to g long we would be entering long at this resistance area where we see a lot of candle highs and previous resistance…
I would entering long on the high of this engulfing bar. But the worry thing is, since the wick of the bar is rejecting the resistance area, I worry it will be a reversal there. Hopefully today will close with more power towards bullish
on daily TF there was a BUEB juz beneath it at support. Could work but certainly a pass for me (remember high probability trade means a good PA happens in a major zone with a proper swing H/L and also with the absence of other PA or factors that could harm your trade’s edge)
In my opinion, A++ PA set up with High RRR(e.g. 1:1 ,2:1) is very rare. Probably just one since i started with this method these two months.
What im thinking is that maybe limit ur RRR to 0.6:1 and above, so that within 3 trades, 2 successful trade and 1 failed trade still earn you money provided that you are taking the A++ trades or the most Break Even.
I forgot to ask you if price moves lower how do you plan to manage? It has now moved lower into the area I highlighted I would begin to look for long trades on the 4hr chart with the trend? But I mean to ask you that if price does move lower or continues to move lower how to you plan to manage this one?
Since I was trading against an uptrend I took full profit at the first support area and I’m now looking to go long at the break of the pin if a pin bar forms.
Hi, my name is Alex, i read this thread with a lot of interest, started learning price action and i think it it the easiest and most afective way of making some pips:).
Question: what do you think about H4 PB on gold, is it a good trade?
[QUOTE=“sarbualex;508693”]Hi, my name is Alex, i read this thread with a lot of interest, started learning price action and i think it it the easiest and most afective way of making some pips:).
Question: what do you think about H4 PB on gold, is it a good trade?[/QUOTE]
Welcome!
PB you are mentioning on gold has not opened and closed within the previous candle. According to rules in this thread it’s not valid.
(remember high probability trade means a good PA happens in a major zone with a proper swing H/L and also with the absence of other PA or factors that could harm your trade’s edge)
