Trading Daily High/Low breakouts inline with Weekly & Monthly Candles

[erebus]

@erebus
I missed something on your explanation.

1. Is the breakout only traded, if the previous daily candle is in the opposite direction of the monthly and weekly candles?
Example:
Previous Month: bearish; Previous Week: bearish;
Monday:
- bullish --> trade breakout on Tuesday
- bearish --> don't trade breakout on Tuesday
?

2. is only a breakout of the Monday candle going to be traded?
Example (assuming that only the breakout of an opposite daily candle is traded):
Previous Month: bearish; Previous Week: bearish;
Monday: bearish - no trade;
Tuesday: bearish - no trade;
Wednesday: bullish - trade breakout on Thursday;

1. YES - except on Monday, don't trade Friday candle no matter of direction

2. NO - in Post 1 it says "Don't trade Mondays"

It's so simple, are you trying to complicate it like TFG?

Both higher timeframe must be the same trend e.g. UP or DOWN - how easy is that? Click 2 charts, so it can trade yes or no

Then, on trading chart, wait for pullback / retracement: set entry 20 below on Daily chart (you can try smaller 3 timeframe to your own theory)

Don't trade Monday - do you need more chart pictures to help?

Right now there is no entry because of market consolidation; it worked great in the big trend of 2014, early 2015 apparently

 

[erebus]

Now I see where you might be confused by the ADD ON trades shown on the chart

They are extra possible positions but only after the original breakout has occurred

There must be a valid retracement and breakout entry first

Then you can add on any extra position to your trading plan / risk management

 

[TheForexGuy]

It's hard to get a feel for it this trading week, we don't exactly have the free flowing price action we need to see this work. Markets are churned up mostly.

 

[hafizhanif84]

May i make a suggestion regarding mtf indi in bottom window..instead of we use normal candle, why not we use HA for trend direction

 

[TheForexGuy]

May i make a suggestion regarding mtf indi in bottom window..instead of we use normal candle, why not we use HA for trend direction

Because that's a completely different approach to the system here. Heiekn Ashi candles are generated a whole new way and you don't need them to determine trend direction.

It's possible to have them in the indicator, but it would be an unnecessary variable to what we're trying to do here.

 

[TheForexGuy]

It's so simple, are you trying to complicate it like TFG?

 

[JCSavard]

Here are the 16 pairs I'm watching for Daily trades, alerts for GBP-JPY and GBP-USD

View attachment 1430
The columns are Month, Week direction; and then Mon Tue Wed Thu

with your chart, you do not have a pullback day, apart from the the fact Month & Week do not match

Here are the 16 pairs I'm watching for Daily trades, alerts for GBP-JPY and GBP-USD

View attachment 1430
The columns are Month, Week direction; and then Mon Tue Wed Thu

with your chart, you do not have a pullback day, apart from the the fact Month & Week do not match

Hi erebus,
Where can we (or I) can find that indicator? I don't find anything on google.
Thank
JC

 

[JCSavard]

Just to clarify, the stevehopwoodforex forum is so big that it's not easy to find the version you are using. If you could share your configuration, it would be appreciated.
JC (from Canada)

 

[erebus]

It the i - Trade-04-Dashboard at

http://www.stevehopwoodforex.com/phpBB3/viewtopic.php?f=91&t=4047&start=340#p110928

 

[tjenarvi]

thanks for the indicator sharing.
I agree, it's so simple, no need to complicate

 

[sa4xtrader]

Gents how do I get hold of the Dashboard indicator.

 

[JmD]

I hope tfg can make a better pip cruiser dashboard

 

[JmD]

Erebus,Can you please upload an attachment of the pipcruiser dashboard indicator, Many Thanx my friend

 

[erebus]

Erebus,Can you please upload an attachment of the pipcruiser dashboard indicator, Many Thanx my friend

I have a new computer and not using that dashboard anymore.

You can try the Steve Hopwood forum as you will get any recent updates over there.

 

[pmull]

I have a new computer and not using that dashboard anymore.

You can try the Steve Hopwood forum as you will get any recent updates over there.

are you still trading this system? how has it been with brexit

 

[erebus]

Nah, sort of lost track of this method...........

 

[leenazen]

Thanx

 

[erebus]

But here's one to watch this week, June was definitely down month, last week was down and this week ??? perhaps retracement and continuation ??? might catch a few pips or not

I'll run thru the others quickly and see what I can see

 

[erebus]

Here is a set up but can dare trade after the BREXIT impulsive move?

Month down, last week down, consolidation, retracement ends with great reversal bar!

Does price action work? Let's sell and confirm!