H4 Setup 1 and Monarch Hunt

[SprayPlaster]

Trade 19

Pair: EURUSD H4
Entry: Cherry
Exit: TP at 2R and SL to BE at 1:1
Result: 2R
Disciplinary Score : DS 1 (17/19)
Pre-trade comments: Clear 3 and 4 followed by monarch cherry. H1 also shows a nice setup structure. There's also confluence from eWH trendline. News is coming soon but I feel like it's worth the risk on H4 and it's not really part of my plan (unless I'm doing lower timeframes)
Post-trade comments: One more till batch is complete! Not gonna rush it and still gonna be picky with my entries =D.

[immy]

Trade 17

Pair: AUDUSD H4
Entry: Cherry
Exit: TP at 2R and SL to BE at 1:1
Result: -1R
Disciplinary Score : DS 1 (15/17)
Pre-trade comments: Clear 3 and 4 followed by monarch hunt.
Post-trade comments: -

Techincally this was not ideal Hunt signal. Yes it was valid but it had a few problems.
Firstly the range of wave 4 sideways was not broken Price did go down strongly but pulled up hitting the previous lows.
We like to trade Hunt on an open gator and this was ok but if you catch the ones which has cleared levels to hte left, possibly clearing levels and then forms a cherry at the retest of hte level. those are stronger and have better chances of success. its still a dS1 though.
you took EUR/USD h4 that was a good example of what i'm trying to say

[SprayPlaster]

Techincally this was not ideal Hunt signal. Yes it was valid but it had a few problems.
Firstly the range of wave 4 sideways was not broken Price did go down strongly but pulled up hitting the previous lows.
We like to trade Hunt on an open gator and this was ok but if you catch the ones which has cleared levels to hte left, possibly clearing levels and then forms a cherry at the retest of hte level. those are stronger and have better chances of success. its still a dS1 though.
you took EUR/USD h4 that was a good example of what i'm trying to say

At first I was confused when seeing the picture but then I realised you're commenting on my AU trade haha. Yeah, that wasn't the best trade, I think I got too impatient after more than two weeks without a trade so I just took it even though it barely fits my rules. Thank you for the tips Immy.

[SprayPlaster]

Trade 20

Pair: GBPUSD H4
Entry: Seed
Exit: TP at 2R and SL to BE at 1:1
Result: BE
Disciplinary Score : DS 1 (17/19)
Pre-trade comments: Not so clear 3 and 4 followed by monarch seed. H1 also shows a nice setup structure. Bouncing off the green line and the level to the left as confluence.
Post-trade comments: Honestly, I'm not too pleased with how the wave looks, it can be better, but it fits my rules.

[SprayPlaster]

Just finished tallying up the result of the batch. Thinking of adding more pairs as 9 pairs on H4 feels a bit slow. I will update later once I decided on which pairs to add. I'm also thinking of removing the limit on how many trades I should be in at a time as in H4, valid trade signals (for setup 1 and monarch hunt) only come every 2-3 weeks, so I don't think the limit is necessary for the time being.

[Jasmien]

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???)

Immy's suggestion (above in bold) is what I do everytime )

[SprayPlaster]

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???)

Immy's suggestion (above in bold) is what I do everytime )

Yeah, that was a valuable tip, helped me filter some lower quality signals ^^

[SprayPlaster]

START OF BATCH 2

[SprayPlaster]

Trade 1

Pair: NZDUSD H4
Entry: Seed
Exit: TP at 2R and SL to BE at 1:1
Result: BE
Disciplinary Score : DS 1 (1/1)
Pre-trade comments: Clear 3 and 4 followed by a nice small monarch seed.
Post-trade comments: Got taken out before it hits TP. Next.

[SprayPlaster]

Trade 2

Pair: EURAUD H4
Entry: Seed
Exit: TP at 2R and SL to BE at 1:1
Result: -1R
Disciplinary Score : DS 0 (1/2)
Pre-trade comments: While it's technically a monarch due to the signal appearing after the first peak, this isn't really the typical monarch I would wanna take as price has been going up really strongly the past few days so there's a possibility of a rubber band effect. However there's a couple of confluences that made me go for it anyway: Signal is also a pin bar that's bouncing off BRN and green gator, and H1 has a nice looking Setup 1.
Post-trade comments: -