Here’s a hourly chart of GU that I’m watching. Price has pulled back to a support area…Lime green line (a previous swing resistance point that was recently broken) and 38% fib retrace of the PDR (previous daily range) top yellow line. I’m waiting for a bullish candle pattern to complete …
At the end of the hour, a bullish engulfing pattern formed. I’m not happy that the volume is lower, but still testing how it plays in if at all.
Now I switch to the 5 min chart.
Now I’m waiting for a bullish candle pattern on the 5 min chart in the 38-62% fib pullback area of the hourly bullish engulfing candle from my previous post.
Ok, a bullish engulfing candle formed on the 5m about 40 minutes, or 8 bars, later at the 62% fib area which also happens to be where the pink downtrendline turned from resistance to support - signal candle. Again I would’ve like to have seen higher volume on the signal candle…but this is the Asian session…lol.
I opened a buy order at 1.6426, stop at 1.6416…10 pips. Now I sit back and let my order management EA take over, or for the stop to get hit…
3 1/2 hours later, price moved enough in profit to move stop to breakeven, and close half the trade at 25 pips. 
Now I just let it run, but will place a profit target at the PDH…previous daily high…which is about 50 pips total, however, chances of getting stopped out now are higher. …yup, stop hit while typing this.
2 High impact news reports were schedule to be released 5 hours after I opened the trade. Risky but thought I could at least get the result I did. The forecasts didn’t seem good for the GBP so that could account for the low pip range (40ish) compared to some other pairs…like AU at 64 pips during the same time. Price has returned to my entry area again and if the same setup occurs again, it would usually be ok to try again. However, there is still another hour until news time, so I think I’m done for tonight…and I’m ok with that
I have updated/revised my Post #4 that describes my method.
This has been a good week…ending on a positive note. 6 trades, all winners. I have again adjusted my strategy to make it a little more simpler…at least I think it did 
Shown below are 4 of the trades since each pair had 2 each. (I’ll update my pip profit later today as I have to go for now and fighting to get my pics up took longer than I thought)
I’m looking at areas of supply (overbought) and demand (oversold) areas where price leaves an area of consolidation in a rather dramatic way in the past. I also look for other confluences like candle patterns (pinbars, engulfing etc), pivots, fibs and prior S&R points like prior daily, weekly & monthly highs & lows to have occurred in these areas. Not necessarily looking for big bounces…15-30 pips or more if timing is right, but since I’m in the Asian session, I don’t expect a lot.
First is AUDUSD. To the left are 2 demand (oversold) areas…circled in yellow…and I waited until price returned to them to look for a buy bounce. It’s hard now to show what all other confluences where there like pivots since mine are daily and change daily. The 2 yellow circles on the right are the 2 long trades.
2nd is USDCAD where price is at the top of a range in the supply (overbought) and placed short orders. Three times price bounced down from there and the 2nd and 3rd bounce circled in yellow were the 2 trades.
Edit:
With the last USDCAD trade still fresh in my mind I wanted to note the other contributing factors (confluences) for taking a short: the presence of a rather large pinbar in the supply zone…sellers overcoming buyers…with a higher volume reading, a weekly high, and the daily range had been exceeded as well.
in the first pic, you said the two yellow circles on the right are longs? the last one looks good but the one before it looks like price went down from there but you said they were all winners? Did you have some big drawdown on that one and close it out when price got back up to that level ?
Welcome back, don’t see you around much!
Hey Talon…I’ve been around…just didn’t have much to say lately and my other life was a bit busy lately too…(I’m now editor of our boating squadron’s newsletter among other things )
Yes that first AUDUSD trade doesn’t look like much does it…well turns out it wasn’t really now that I look at it closer. :8:
I have a couple of scripts to open trades so I can give them a “magic” number for my trade manager EA to identify them and move my stop to B/E automatically. However, I’ve had some “issues” and the script was set to open 1 standard lot instead of 1 mini lot for some reason. Therefore, the profit was actually only 2 pips not 20 …ooops. It was more, but I closed it when I did because I could see, or “feel”, it wasn’t going to work ;). Not a good example after all, but the setup reasoning was still just as good. Even the price was at a psych number being 1.0400. They just don’t always work out.
You can check my MT4pips log file by clicking on the little robo guy under my screen name. I’m going to try to recap each week like this for the next little while. Nice to see you’re still hanging around
So according to my MT4pips log, this week I actually had 9 trades (not counting the closed pending orders), of which 8 were winners, and a total of +186.3 pips. Not a bad (re)start :).
Homework for this weekend is to map the supply & demand zones on my charts for next week.
I was wondering about that trade, makes sense now. looks like you have pretty good results so far.
Another good week. 4 trades all winners, totaling 60 pips. Not much happening tonight with the holiday tomorrow so I’m done.
Happy Remembrance Day!
This week was a bit more challenging. 7 trades, 3 losers, 4 winners, total +.8 pips…basically breakeven. Had lots of pending orders get cancelled due to price just not revisiting those areas I marked. Mid week I moved down to the 5 & 15m charts to try to apply the principles there as well, but not enough results to judge by so will try again next week.
Last week I think maybe I overtraded a bit with 14 trades…8 winners/6 losers, +45 pips. The last trade I had was a pending order that triggered Thurs night while I was away from the computer for some CFL Grey Cup Festivities, and by the time I resurfaced to check, the markets had closed and I was down like 1 pip. So come Sunday afternoon when the markets opened, luckily(?) it had gapped in my favor which pretty much gave my profit for last week, which otherwise would have been break even or even a small loss.
So now another week, let’s see what happens this time.
With Friday’s high impact news releases coming out, and that I have to go out and decorate our boat tonight, my trading is done for this week. Managed 4 trades, 3 winners, 1 loser, +41.9 pips. Happy with that
This weekend will try to post my charts with the supply & demand zone areas marked for next week, although they don’t change much from week to week unless they get used.
Just realized November is over…where does the time go! Total pips for the month came in at +239.3 vs -9.9 for October. What a difference changing to supply & demand concepts made! I don’t expect to take December too seriously but it’s still good for practice.
Here’s some screen shots of my charts with the areas of supply & demand, as I see them, marked in gray shades on the 4hr charts. I used 4hr charts because they give a broader view of these areas above and below current price, without being too broad…(at least as far as this broad is concerned anyways…lol.)
I keep watch over 8 pairs but I didn’t want to post all the charts or it would be too large a post, so I just picked a couple.
So when price finally gets to one of these areas, and there is a confluence of other factors such as fibs, pivots, and other S&R levels, then I’ll look to take a fade (countertrend) trade. Now if an area of supply turns to demand, and vice versa, I may also look to fade the retest of that area, so it’s with the trend.
EURUSD
USDCHF
Here’s AUDJPY that I’ve set a pending short order at 80.50…upper horizontal green line. It would be the 2nd touch at this level but it could be good for a range play back down to the lower horizontal red line…up to 150ish pips.
Price ends in 50, it’s the R2, 162% extension of yesterdays range, and was last weeks high. AUDUSD is highly correlated with the same factors except for the ending numbers in the price, but will keep an eye on it too.
Seems the markets are dwindling down with the holiday season upon us. Thought I’d post my EA that moves my stops to breakeven, and optionally closes part of an order at a key pip goal. Try on demo first and let me know if there are any problems with it. I find it so handy 
Actually, for the partial closing of orders, you have to open them with a script first because it sets a magic number that the EA uses. The scripts go in your scripts folder. Then you can set hotkeys like Alt B for buy orders and Alt S for sell orders.
e-Trailing.zip (4.42 KB)
Open Order Scripts.zip (4.05 KB)
Let’s see if this works. A long order AUDJPY at 79.00. On the 15m chart, this is the bottom of the range of my last chart where the red line is. Stop is just below the grey area, at the weekly pivot, or 20 pips. Target it the PDL, 50 pips. The ADR has been exceeded but no other apparent confluences aside from the tweezer bottoms where it was rejected at this price area last time.
It almost worked, but I got stopped out at breakeven. I also had a long on AUDUSD at 1.0155 and it got stopped out at breakeven too …both just before I got home on my lunch break. Since price was still in my entry areas…demand zones…I decided to re-enter. Came home after work just now and my AUDUSD had again stopped out at BE but the AJ one was still going. I should still be in it, but closed out for +12ish pips.
Stop were set to BE on each trade when 20 pips was reached…had I set a t/p for that, I would have been up +80! On the other hand, being that the pairs are so highly correlated, it was actually like doubling up on lot size, and my risk…risky. Therefore I’d really only be up +40. Shoulda woulda coulda, but didn’t. Just keeping track anyways 
Now to scan the charts to see if price is coming to any other areas I have marked…
Somethings better than nothing or a loss I say. Put on 6 trades: 1 loser, 3 BEs and 2 winners, totalling +15.4 pips. Done for this week…onto the next
Thanks for sharing these. I don’t execute trades with MT4 (I might start to, though); I use it solely for charting and analysis. I’m just a tad hesitant to swap trading platforms entirely since I’m accustomed to the one I’m using now. This EA makes me lean a bit more towards trying out the platform’s trade execution feature.
By the way, great thread you have here. I’ve been checking it out every now and then. GL and congrats on ending the week positive.
I’ve been meaning to say the same thing! I’m learning a lot from your posts & appreciate you taking the time & effort to share.
