Hello @Jahruhay
Yes, I do just use the 4H chart for a foundation of my analysis - I don;t go any lower for analysis.
This above quote made me smile, it’s my own thoughts exactly!
Manxx - you’ll never escape oil - it’s in your blood (well I hope it’s not literally in your blood, that would be kinda bad…but i’ll take your Samsung S10 should the worst happen)
I don’t disagree with this and what’s most annoying is that I watching a trade based on statistical evidence cost me money - I had several opportunities to close this little sh!t out today at breakeven.
This is indeed the dilemma with this kind of trading set up - its a real sit on hands situation!
But this kind of approach is built on a statistical model that anticipates, accommodates and accounts for losses within its overall structure, and so this trade is not in any way a “failure”, it is routine - besides, is it not still live?
It is also mentionable that your choice of stop level here again appears extremely accurate. It has so far avoided being accidently randomly hit by being too close and yet has also survived the downdraft in the wake of the Euro down move (which also seems to indicate GBP’s underlying optimism pending some kind of good news factor).
I guess this is a somewhat unusual situation where the trade is stuck in a rangy area for some days, but it occured to me, do you actually have any kind of time factor in your method? I note that you close any unfilled orders on Thursdays, but do you have any kind of time-based or performance-based exit criteria?
For example, failure to make a new high towards target by midweek, etc or raise stop to B/E when price reaches 0.5 of target? These are just illustrations of what I mean, certainly not suggestions!!
The dilemma here is that the method itself is specifically designed to bypass the personal discretionary element and yet, occasionally, the discretion is so “obvious” that it is almost impossible not to interfere - but by doing so, the entire statistical basis of the method collapses.
But this is just one trade……
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GBPUSD 4hour
Feel free to use a simpler method that works, it will help you with true market direction…
Yep… Just some friendly banter between two people that have the same underlying goal 
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haha, touché @Trendswithbenefits 
I certainly deserved that one!
I’ve literally just posted on that thread that you linked - I’m honestly curious on how it can be used as a filter.
Week 11 of 52 - Trade Levels
GBP.USD - This week I’m looking for either a long at 1.2989 or a short at 1.3242. This would be an OCO set-up where one cancels the other upon being triggered. In both instances I will be using a 60pip stop and a 120pip TP based on the ATR which dictates this. The position size will be 0.32 std lots which represents a 2% risk of account.
EUR.USD - This week i’m looking for a short at 1.1272 with a 40pip stop and a 80pip TP based on the ATR which again dictates this. The position size will be 0.47 std lots which represents a 2% risk of account.
Here is the screenshot visually showing the levels that i’m looking at this week
Let’s hope this week at the very least covers the loss that was encountered last week - as always these trades are listed here before they are taken and not in hindsight - it’s a wonderful skill to have when you can look back on charts and say "this would have worked "
Update - GBP.USD Triggered
Not the strongest start to a long position, but it’s in profit for now nonetheless. If we can stay above the 1.300 handle then it should be alright for now. This trade will be switched to risk off at midnight tonight where the SL will be moved to the entry price.
Another well-placed entry level! 
It seems that, although you do not base trade decisions on fundamentals, you actually have a Brexit vote trade here, as that will most probably resolve the outcome of this trade one way or the other from here! - unless, of course, it hits target already today, since it is on the way there.
Well done so far…!
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Thanks @anon46773462,
Can’t complain thus far - it’s a pretty looking 4H candle. Funny how a systematic approach can often line up to the market, even with all this news playing havoc. It certainly makes up for last week… but the fat lady has not yet sung!
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Update: GBP.USD Trade - TP level reached
- 126pips / +4.12% gain
We also took a gain of 1.63% today in the discretionary account.
March Summary month to date:
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Congratulations on a very professional trade setup! Very impressive selection of levels - and direction, of course!
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Looks good - The TP was two tenths of a pip below what is the daily high so far, so pretty damn accurate thus far (it’s already retraced 18 pips from the high)
Should have kept it open, ha
Oh well, never mind - try to do better next time!!! 
There, you see? That’s how markets keep us in line when we forget to be humble before the Price Master!! 
Once again, well done! It is always so satisfying to see a weekly trade come home already on Monday!
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Ha, yes indeed - getting sick of not picking absolute tops and bottoms
Quite right, it’s not often that it happens - although what’s interesting is that weekly trades which are triggered on a Monday have an overwhelmingly higher probability of achieving the TP, and in a much shorter time frame - the later you move into the week for a trade entry and the odds diminish ( I don’t even bother with Fridays if the signal is not triggered)
I’ve looked into this, it’s a constant variable that happens month in month out - I can only put it down to being aligned with the market at the right time.
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Funny I was looking at a possible long GBP/USD when I woke up in the morning and was too sluggishly lazy with my morning routine and then I see GBP just having an onslaught against CAD, USD, JPY and I’m like well there goes a easy setup for the week. Good stuff though!!
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Yea, it was initially a very early trade - think I opened it manually at about 1am this morning UK time.
However I was eying up the low of Friday 22nd February for quite some time and took the chance prior any confirmation being given. As Manxx mentioned previously, the boot up the butt in GBP was helped by Brexit news / rumors too.
A good combination of news and a sound technical level.
If we look at the daily chart then there is an overwhelmingly strong bull signal forming
Not surprising either as currently 72% of traders / speculators are net Short GBP.USD - they may well get burnt and i’d expect that position sizing skew to become more extreme as we progress with the week.
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Truth mate. Great observation on your end and shoutout to your Babypips spotlight - I think it was a breathe of fresh air calling out the mates with all these astronomical returns with nothing to show for it.
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Update EUR.USD - Trade Triggered
What a move - talk about manipulation when London and New York are closed 
@anon46773462 could this be the perfect entry, ha!.. probably not, only one tenth of a pip below the high
However, this level, like the GU trade was called over the weekend…it has to have some merit
@BaconSandwich
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Hah! 
You remind me of the bears up here in the North (the real ones, not the traders!). They are just waking up from their winter hibernation and they are very hungry and can really catch what feeds them!
That is an interesting observation, I haven’t really personally studied that aspect in any concrete terms but I have an intuitive feel along the same lines, which was why I was wondering earlier:
But I cannot help a slight feeling of sadness right now. This is perhaps one of the most promising threads to appear here on BP for a long time, if not ever, but we all know what happens to the good threads when the pip vultures awaken - and your results this week are loud enough to start doing just that…so I will be retiring to the spectators’ gallery…
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Well done that was a truly great trade.
I hope that sterling’s reaction indicates that the Brexit deal will get parliamentary approval before the 29th.
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