H4 Setup 1 and Monarch Hunt

Start a Trading Journal - Start Posting Your T20 Trades Here.
Tips for First Post: Start with personal introduction, share your story, your future plans.
Use Template Prodvided for Recording Trades.
Post Reply
User avatar
immy
Founder
Founder
Posts: 9654
Joined: 22 Nov 2010, 16:46
14

Re: H4 Setup 1 and Monarch Hunt

Unread post by immy »

Hi
well done on not taking this signal.

i don't know why you posted only a part of the chart. but i'll comment anyway. i'm sure you looked at the overal chart. but going by what I see,
the fact that you've only posted part of the picture leads me to believe that your view is very zoomed in and narrow.
2017-08-22_12-58-43.png
moreover, to further check if the Hunt signal is tradeable you can check the h1 cahrt if there is a nice looking Setup 1 pattern. (no necessarily the dot setup but the Setup 1 pattern... hope you know what is the S1 pattern???)
You do not have the required permissions to view the files attached to this post.
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1 :nerd

The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".

I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.

My Deathbed Advice "5:1 Reward to Risk Ratio".

Yo, banana boy! 🍌
SprayPlaster
Free Member
Free Member
Posts: 152
Joined: 29 Mar 2016, 02:45
9

Re: H4 Setup 1 and Monarch Hunt

Unread post by SprayPlaster »

immy wrote:Hi
well done on not taking this signal.

i don't know why you posted only a part of the chart. but i'll comment anyway. i'm sure you looked at the overal chart. but going by what I see,
the fact that you've only posted part of the picture leads me to believe that your view is very zoomed in and narrow.
Ahh, normally I have a wider view when trading, but when making the screenshot for the journal I had half of my screen for paint and the other half for mt4 :oops:
immy wrote: moreover, to further check if the Hunt signal is tradeable you can check the h1 cahrt if there is a nice looking Setup 1 pattern. (no necessarily the dot setup but the Setup 1 pattern... hope you know what is the S1 pattern???)
Oh yes, I forgot to mention that I didn't like the pattern on H1 as well.

Thank you very much for your comment Immy, I really appreciate it, that picture you posted really put things into better perspective for me ^:)^
SprayPlaster
Free Member
Free Member
Posts: 152
Joined: 29 Mar 2016, 02:45
9

Re: H4 Setup 1 and Monarch Hunt

Unread post by SprayPlaster »

Trade 2

Pair: GBPUSD H4
Entry: Cherry
Exit: TP at 2R and SL to BE at 1:1
Result: -1R
Disciplinary Score : DS 1 (2/2)
Pre-trade comments: Valid hunt signal. Saw a completed downwards w5 before this move, so was thinking of jumping into an early trend upwards. Going down to H1, it also shows an apple setup (w4). While not part of my plan, eWH also shows that the cherry signal is bouncing off the trendline and green gator line.
Post-trade comments: -

Trade 3

Pair: GBPUSD H4
Entry: Cherry
Exit: TP at 2R and SL to BE at 1:1
Result: -1R
Disciplinary Score : DS 1 (3/3)
Pre-trade comments: Second and final attempt following the previous entry. Not part of my plan, but the signal is also a nice looking pinbar bouncing off the S/R level to the left as well as 38% fib retracement.
Post-trade comments: -
You do not have the required permissions to view the files attached to this post.
User avatar
immy
Founder
Founder
Posts: 9654
Joined: 22 Nov 2010, 16:46
14

Re: H4 Setup 1 and Monarch Hunt

Unread post by immy »

Hey
If you were to ask me, I'll give you ds0 on both of these trades...

Trade into and within clear Wave 5 situations .. pure and simple...
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1 :nerd

The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".

I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.

My Deathbed Advice "5:1 Reward to Risk Ratio".

Yo, banana boy! 🍌
User avatar
immy
Founder
Founder
Posts: 9654
Joined: 22 Nov 2010, 16:46
14

Re: H4 Setup 1 and Monarch Hunt

Unread post by immy »

moreover, the second cherry, price broke below the cherry low before going up so this cherry signal was invalidated before entry. the seed entry was a a signal created by midnight 4 hrs of nothingness. you'll almost always see seeds on those bars on pairs that dont move within asian session. The 4.00 bar for GU is one i'd not always take but if it was kiwi, au, yen then probably yes... most important thing is Trade the wave structure using simple ewave analysing... keep working towards tz1 ... which TZ1 were you working towards? ahem read my signature ...

cheers
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1 :nerd

The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".

I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.

My Deathbed Advice "5:1 Reward to Risk Ratio".

Yo, banana boy! 🍌
SprayPlaster
Free Member
Free Member
Posts: 152
Joined: 29 Mar 2016, 02:45
9

Re: H4 Setup 1 and Monarch Hunt

Unread post by SprayPlaster »

immy wrote:Hey
If you were to ask me, I'll give you ds0 on both of these trades...
Aight, will change my scores accordingly.
immy wrote:Hey
Trade into and within clear Wave 5 situations .. pure and simple...
Okay, will change my plan right away, currently my plan was just to take the signals after the first peak of a fresh ZL cross. Which on hindsight probably isn't smart...
immy wrote:moreover, the second cherry, price broke below the cherry low before going up so this cherry signal was invalidated before entry. the seed entry was a a signal created by midnight 4 hrs of nothingness. you'll almost always see seeds on those bars on pairs that dont move within asian session. The 4.00 bar for GU is one i'd not always take but if it was kiwi, au, yen then probably yes... most important thing is Trade the wave structure using simple ewave analysing... keep working towards tz1 ... which TZ1 were you working towards? ahem read my signature ...

cheers
.
Thanks Immy. Do you recommend me to ignore signals that are outside the London/NY time for non-Asian pairs?

Thanks again for your input, much appreciated as always /bow
User avatar
immy
Founder
Founder
Posts: 9654
Joined: 22 Nov 2010, 16:46
14

Re: H4 Setup 1 and Monarch Hunt

Unread post by immy »

The only thing that makes sense to me is trade when there is the possibility of something about to happen or happening already. As long as I'm aware the money that makes the market move resides on the west side of the globe. I don't care how much money India or china has, if its not going into the forex market its not of use to me. having said that, occasionally things happen on the yen pairs and those can be considered. also on Au and Kiwi but most of htem are news related and can be planned. If trade H1 and below you need to select a pair that is relevant for that session. Using FFactory.com's rolling session time app you can find out which sessions are active. personally I don't trade the crosses except EJ and GJ ... and I believe 6 pairs on h1 are more than enough to extract a decent amount of profit from the market.

remember forex is NOT an exchange. The market does not move only because of TRADING. So its makes huge sense to know when are the PEOPLE awake
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1 :nerd

The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".

I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.

My Deathbed Advice "5:1 Reward to Risk Ratio".

Yo, banana boy! 🍌
SprayPlaster
Free Member
Free Member
Posts: 152
Joined: 29 Mar 2016, 02:45
9

Re: H4 Setup 1 and Monarch Hunt

Unread post by SprayPlaster »

Nicely put Immy, will definitely do that if I ever trade the lower timeframes again.

Trade 4

Pair: USDCAD H4
Entry: SEED
Exit: TP at 2R and SL to BE at 1:1
Result: BE
Disciplinary Score : DS 1 (2/4)
Pre-trade comments: Nice breakout from range and saw a great setup on H1. Canceled my PO on the first seed when I saw the smaller seed right after it. 6 pips seed on H4? Yes, please!
Post-trade comments: Missed TP by a fraction of a pip and got stopped out at BE before price move nearly 9R away. Oh well.
You do not have the required permissions to view the files attached to this post.
User avatar
immy
Founder
Founder
Posts: 9654
Joined: 22 Nov 2010, 16:46
14

Re: H4 Setup 1 and Monarch Hunt

Unread post by immy »

I can see you are still in the zone of "price moved this much, BE was this that, and missed TP by that that" ... forget that ... is this a DS1? the objective is, did you follow your entry rules? YES, did you follow your Exit rules ,that is did you follow your trade management plan? YES ... WOOHOOO YES YES YES .. this is an excellent trade. job done... well done ... everybody dance
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1 :nerd

The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".

I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.

My Deathbed Advice "5:1 Reward to Risk Ratio".

Yo, banana boy! 🍌
SprayPlaster
Free Member
Free Member
Posts: 152
Joined: 29 Mar 2016, 02:45
9

Re: H4 Setup 1 and Monarch Hunt

Unread post by SprayPlaster »

You're right Immy, I should just focus on trying to trade my plan and forget about the results for now.
Post Reply