Excellent videos Phillip. Thank you so much for all you have done.
Really appreciate the amount of work you put out for everyone here. I'm still paper trading, and slowly going through from the first post trying to absorb all the material there. But I notice that you're putting out a new series of videos. Does it overwrite the methodology on the first page? Should I focus more on the post that happens around 2012 till now?
Love that 50pips per month framework. It seems to be more efficient for someone working full time, only able to trade once a day for 2-3 hours.
Waiting for your next video with much anticipation. Thanks.
Hi Phillip (the best teacher I've ever had!!!)
I'm from Stellenbosch and watched your videos. Noticed you said something about it being difficult getting money into South Africa. I haven't opened a live account yet but plan on opening one with OANDA(UK). Any advise?
And one more question: I work till 17:00 so at the moment I'm trying your 5M and 4H strategies and will also just play the 17:00 21:00 and 1:00 cande for the 4H strategy. So just to add on to Charles' question above... Would it also be a good idea regarding the 5M strategy to start from the beginning and work through the whole thread or where would the best place be to start?
Thanks a lot
I dont realy know Oanda but the problem on my side is to get the money through my bank. The withdrawal have to go through the exchange part and it get stuck their and so on.
I include the link to the 5min strategy that I trade between 17:00 and 19:00 GMT+2 time. Work through the last 30 live trades as well as the other educational videos that goes with it right in the beginning.
BUT PLEASE DONT DISCUSS THE 5Min ON THIS THREAD. RATHER DO IT PRIVATE. THANKS
Where do you place these files? Indicator folder? How do you use it? Sorry for the questions. Thank you.
If anyone else is able to respond, it would also be appreciated. Thank you.
You place the script in the MT4 folder/ EXPERT/ SCRIPTS
eg. C:/ Program Files/ Metatrader/ Experts/ Scripts
I have been away for quite some time, I am now short on AUDUSD.-a nice oportunity-Still in.
EDIT SL moved to 1.03283
closed trade with gain.-I guess the ride is not quit done yet.be looking for another entry. :-)
I took this trade on 15 April, Monday.
Entry time 0800hr
Exit time 1220hr
Entry price 1.5312
Stop Loss 1.5340
Target Profit 1.5266
Trade type: Sell
The profit target is not set on 89ma on the 4hr but 89ma on the daily chart. In the end I lost the trade, 34pips. But as you can see, the price did (almost) touch the target profit price on the third bar after entry. I was cut off from the trade on the second bar after entry. What went wrong? Is it the Stop Loss? Should I set it higher? Or should I not trade this at all?
As Cable and EURUSD signals are not as clear as I wish them to be, NZDUSD shows promise for its strong pattern:
Here I'm using Phil's strategy and stacking it on the H4, daily and weekly timeframes. Very good and clean signal here!
CADCHF has had it's opportunities that are yet to be realized:
And AUDNZD is looking like a TR, good opportunity to start buying it if it does not break 1.22 this week:
There is my view:
Your entry should not be on the movement of the price going to the 21ema but when the price is moved away from it, but going in the direction of your trade; sometime the market is showing prudent evidence of acting sooner and kind of safer market's demonstration that you can go on acting sooner. But the idea is to stick to the rules. Your entry should have been at the close red candle next (right) from your proposed entry.
Give a bit of space for your SL: the market sometime is telling you so by showing you the market action before your entry. In this case it did: look at that long tail expressed by people two candles back, before your entry. That candle is the expression of people, telling me that there are sellers, strong sellers at the top of that tail, they not only did fight to get the price down, but they succeed! It shows respect, so my SL should be in this case above that tail.
The idea of a SL for me is the protection of money and at the same time it is at a place where the market could move safely without having my position being hit. I like making my point understandable by using comparison sometime:
I love eating eggs in the morning. But I hate picking them from the box they are in, it's too tight!
No enough room for my fingers to grab them safely! Am I the only one having that kind of situation? - In an "adjusted" world, made exclusively for me, chickens would get rectangular eggs only! Or at least, they would have 3 holes carved it them, just like when I go bowling! Same thing with parking: when there is just not enough room to park the car, it is frustrating! I know there is room for the car but not enough room to move it there! Ha!
ATR set at 1 would give about 80 pips candle average or " car length" while your entry candle is about 40 pips and adding your SL about 30 pips, that gives about 70 pips space so the possibility of being hit was very high, which indeed occurred.
Seeing the "room" needed for your SL, meditation about the will of "parking" the position in the market would then suggest reflection.
I hope that it could help you in your trading decisions.
Have a nice day,
Any comments welcome,
Thank for your comment. I think I understand your points. I guess if the SL is at the candle you mention, this trade would not have been possible since SL and profit raition is is 1:1.
Ignore my message to your reply.
Yes I agree I have made a late entry. I expect my entry to be (right) next to the entry i have taken. To make the entry at the point (red candle) you mention, is that very high risk? Bcos the price could bounce off the zero line (going upwards instead of downwards). Am I correct to say that?
thanks a lot
Please go to this link for all your 5min needs.
what just came up to my mind Is the ATR. why? because ATR gives an average of price movement during one average candle. So the "risk" is just above that level.If ATR is 80 pips, the risk is a bit higher then that, maybe 10 more pips, about 90 pips. ATR is also a gage: if it is an average, then if you are right in your decision, then the market, if it keeps its average, then the next 80 pips is likely coming in your favour.
Now, getting back to your question: is it a high risk?
Price could go another 80 pips in your favour!
So the risk is based on your tolerance. Tolerance! Hum!
Tolerance goes with the gage (ATR) and mostly with the confidence you are attributing to the strategy. If you trust the strategy, if you read the market (rhythm), divergence etc, you will find “room to park” your trade properly because reading the market and the strategy will work hand in hand, confirming you are doing the right move.
The action of the macd will be then “acting” as confirmation to your action.
1 5min off the zone.tpl
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