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Four Brothers Set Up


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  #41 (permalink)
 
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 mokodo 
Bridgwater, UK
 
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Hi pdhuey2000,

Very much enjoying your thread. I trade forex (10 pairs) and it's good to find someone else that does actively, most here on futures.io (formerly BMT) are in futures.

I have a (channel) breakout setup that has similarities with your four brothers. Do you have a time exit rule/guideline for holding a trade, or, as with your charts, is price the only determinate?

Thanks in advance.

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  #42 (permalink)
 pdhuey2000 
Atlanta, GA
 
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Pound stopped out.

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  #43 (permalink)
 pdhuey2000 
Atlanta, GA
 
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I thought I'd post this chart I was just looking at of the CADJPY.
Going left to right.
The first FB pattern is somewhat scattered, not tight across as much as I like, but it formed with 78.00 being the divider of the price action. The break came literally instantaneously at 8:30 - meaning those 10 green candles following the break happened in like 10 seconds and I am unfortunately not exaggerating. This is a big drawback to both range and renko. But even if we missed that breakout, and pouted, we can wipe the tears away and look for a retest, because surely if the rise is so sudden the sellers will come in eventually and usually harshly. (what we want) Well in this case it took several days but price did retest the FB pattern with the 00 level being apart of the pattern. The retest panned out, and even if you hadn't traded it as a retest a new FB pattern developed and was tradeable (speed wise) as it took about 18hours to develop. oh god. Price did retrace within a couple bars to the break out level of 78.30 sevel bars later and quickly made its wat to test the swing at 84. Price failed to reach the 79 level retracing back to 78.50 and now again is challenging at the 78.90 level. My thoughts are to trade the 50 level if we get back there hoping for a sustained move to and thru 79.00. I will trade half size at 50 with stops below 21, unitl further notice.

Please let me know if you have any questions.

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  #44 (permalink)
 
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 mokodo 
Bridgwater, UK
 
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Hi pdhuey2000,

Thanks for the PM convesation earlier, thought I would post this to the thread as it may be of benefit to others? I mentioned that I have a similar set-up and thought it may be good to compare to see if anything is useful to us or others.



Here's one from today. Charts show a set-up from USDCAD this afternoon. It is a breakout. Red lines 1,2,3 show stop, entry and target for a 1:1 risk:reward.

I use volatilty as well as price for this. The yellow block in panel 3 indicates ADX on the 30 minute timeseries is <12. Entry is on a break of the Swing 10 long or short within 20 bars (5 hours) of the yellow paint. I also look at the MACD hostrgram to confirm that price is really gone to sleep and is not too twitchy.

I wondered if you would see a four brother set-up at the same/similar time on this pair?

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  #45 (permalink)
 pdhuey2000 
Atlanta, GA
 
Experience: Intermediate
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Thanks for posting your chart, great trade.

I didn't see a four brothers per se, but clearly a fractal break on the 12renko. I haven't talked much about that yet but will in the future, I think. I stared at that trade for along time, but didn't pull the trigger, you did way to go!

I will post a chart later when I get back to my trading war room. lol.

thanks ! your contribution is much appreciated.

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  #46 (permalink)
 
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 websouth 
Perdido Beach, AL
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nice methodology...I don't use ninja anymore but when I did there was an indie called ADXVMA trade zones which would show the consolidation you are looking for pretty well. You might like it. It would probably be an elite section indie...




see picture here.




This version in the post would be for ninja 6.5

good luck.

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  #47 (permalink)
 pdhuey2000 
Atlanta, GA
 
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Finally I get my some pips this week - Price did not respond the way I had hoped with a pullback into the the 50 level, but there was a nice confluent support zone with computer identified Hidden Divergence. Clearly not a FB pattern as defined, but a nice congestion zone nontheless. This post is well after entry so haven't earned my chops yet with the board yet, so im trying to get better at posting as I enter, but truely Im trying to-



In around 06 on the cadjpy with 10 off and the second half off at 32

more posts to come today I hope.

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  #48 (permalink)
 pdhuey2000 
Atlanta, GA
 
Experience: Intermediate
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Here's a nice four bro's pattern.

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  #49 (permalink)
 pdhuey2000 
Atlanta, GA
 
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Here's a clear short on EJ, i am posting this chart as self punishment because this was a clear trade - don't need any brothers for this one.

My god. I need to wake up. I wish i didn't trade thru August thinking all the dyer warning about August trading would come true on every decision I made. baggage baggage baggage. Im a little hot at myself so im done trading today.

I will be looking at my charts tonight for any overnigjt 0 setups.

so heres the chart of the easy pickens trade on EJ. No excuses just missed it.

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  #50 (permalink)
 pdhuey2000 
Atlanta, GA
 
Experience: Intermediate
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Trading: Eur/usd
Posts: 66 since Jul 2012
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This is an interesting chart for sure.

Strarting left to right. Market declines from 9830 to 9650 abouts. Market retraces, bear flag clear, divergence, market resumes downward but doesent challenge the 50 level. Instead retests 9730-40 which is very close to our old friend 50% fib marker. Price again dives and this time does challenge the 50 level and is soundly rebuked. Overnight on 8/7 to 8/8 a Four Brothers pattern emerges and breaks out, but not without some pain/anxiety if you took it. Price again shoots for 9740 and is repelled again. It falls back to our 4b pattern which happens to be at the 9700 level, we get a nice immediate reaction to the upside and price finally crack 9740. IMO this price action has given the currency a recognizable structure that we can derive some logical points of entry. I am in favor of shorting the top of the structure at .9830 which is a handle above where price had trouble breaking thru. It's a previous swing point yet to be tested and makes for a nice butterfly. I will want to see a 4b pattern here and favor a break thru the low of the 4b, make sure we have another point of s/r like a previous h/l/o/c or a pivot, (weekly or daily)

What we have here I think is just a big old range. This level at 9830 would be pretty darn close to the weekly ATR as well.
unless this move has just been a devious way to run stops that were sitting above 9740. In that case perhaps we can look at shorting under 9750 hoping for a run down to 9700 and ultimately 9650.

chart posted. please post any comments or questions. Your support is much appreciated.

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