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4 Hour Strategy (MACD)

  • #30,641
  • Oct 3, 2019 2:38pm Oct 3, 2019 2:38pm
Quoting naustingfx
{quote} I have just put up my stop loss for the trades...I took 4 trades at a time. I hope to take partial profit and then trail profits to as long as possible based on my long term profit analysis strategy. {image}
Price moved in my direction to about 29+pips and reversed and stopped me out, then the anticipated move came few candles later and I was not involved as I took trades in other pairs; yeah
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  • #30,642
  • Oct 3, 2019 2:51pm Oct 3, 2019 2:51pm
Happy New Month to Everyone!
I missed that nice trade on the EUR/AUD pair, and this one consoled me.

CAD/JPY: October 2nd,2019
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  • #30,643
  • Oct 3, 2019 3:04pm Oct 3, 2019 3:04pm
EurJpy Trade: 3rd October, 2019
This is where I am currently, and still holding, I came back after few hours and am watching how things are playing out, I hope to allow trades to run unless anything otherwise happen before bed time
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  • #30,644
  • Oct 3, 2019 3:14pm Oct 3, 2019 3:14pm
Quoting naustingfx
EurJpy Trade: 3rd October, 2019 This is where I am currently, and still holding, I came back after few hours and am watching how things are playing out, I hope to allow trades to run unless anything otherwise happen before bed time {image} {image}
Update
Movement seem sluggish, I do not really know why, but I also think tomorrow upcoming new events may have a hand in all the sluggish movement, seems traders are waiting to see what the new have tomorrow before they can get involved, I am planning on taking partial profits and to let the remaining positions run
Attached Image(s) (click to enlarge)
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  • #30,645
  • Oct 3, 2019 3:22pm Oct 3, 2019 3:22pm
Quoting Cheeseburger
Market Rhythm PB to 8/21, Move to 1515.00 Gold +136 Adjusted SL before news release to give the trade some room {image} {image}
Nice trade, I was actually watching to take it, but due to my broker 4hr candle showed up a little different way from the way your chart looks, so I did not consider it a trading opportunity, so I got involved in another pair which was very nice, thanks for posting;
  • #30,646
  • Oct 4, 2019 12:48am Oct 4, 2019 12:48am
Quoting naustingfx
{quote} Price moved in my direction to about 29+pips and reversed and stopped me out, then the anticipated move came few candles later and I was not involved as I took trades in other pairs; yeah {image}
Hi Nausteng

When you posted about this trade, EURAUD, I was already in it and it turned out really well in the end for me.

Market Rhythm
Break 21, PB, Move to '50/200

EURAUD + 70
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  • #30,647
  • Oct 4, 2019 12:51am Oct 4, 2019 12:51am
Market Rhythm
Break 21, PB, Move to '00

GBPNZD +90
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  • #30,648
  • Oct 4, 2019 1:02am Oct 4, 2019 1:02am
Quoting naustingfx
{quote} Nice trade, I was actually watching to take it, but due to my broker 4hr candle showed up a little different way from the way your chart looks, so I did not consider it a trading opportunity, so I got involved in another pair which was very nice, thanks for posting;
If you are awake by now, there's an upcoming opportunity for gold.

Make your due analysis and if you see it the same way too, maybe you can have a jump on it to the top...

Again, it could workout or maybe not as it is currently pulling back to 21....lets wait and see

PS...you'll have to be a bit quick with your analysis, unless you've seen it already, which i think u probably have given your expertise
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  • #30,649
  • Oct 4, 2019 1:17am Oct 4, 2019 1:17am
Quoting Cheeseburger
{quote} If you are awake by now, there's an upcoming opportunity for gold. Make your due analysis and if you see it the same way too, maybe you can have a jump on it to the top... Again, it could workout or maybe not as it is currently pulling back to 21....lets wait and see PS...you'll have to be a bit quick with your analysis, unless you've seen it already, which i think u probably have given your expertise {image}
Yeah! I am awake, this is my active trading period, doing analysis already, I am still in that EurJpy pair, I have taken some nice profits few hours ago, and I am allowing the remaining to run, I hope to move my stop loss to BE aswell
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  • #30,650
  • Oct 4, 2019 1:41am Oct 4, 2019 1:41am
Quoting naustingfx
Happy New Month to Everyone! I missed that nice trade on the EUR/AUD pair, and this one consoled me. CAD/JPY: October 2nd,2019 {image} {image}
As you took this trade, i was looking at CHFJPY, missed it at the PB turn around and watched plummet to my set target of 107.00 (+-150 pips). Definitely, there was a spanner missing from my toolbox to get the job done, however, since then I've corrected the oversight and that's how i managed to get good entries on most of the trades that followed thereafter.

Trading is a progressive business, it takes time, patience, discipline and perseverance. Nothing else helps, other than spending enough time in front of the screen (even though my eye sight has suffered a lot from it). It took me 3 years to finally see it, and one day it just popped.

I'm neither no expert, nor do i will i claim to have my approach on lock down, but everyday I am getting better and better than the trader I was 3 years ago.


Thanks a million to Naustengfx and Jonnypip...i studied all your posts on a daily basis since 2016 and i cannot stress enough how invaluable they have been in turning me into the trader i am today...you guys are awesome.

Most importantly, a heap of gratitude to Phillip Nel for this platform, for the basic rules set out to make trading much much easy and for allowing people like me to meet and interact with other brilliant traders from all over the world

Cheeseburger
  • #30,651
  • Oct 4, 2019 1:42am Oct 4, 2019 1:42am
Quoting Cheeseburger
{quote} If you are awake by now, there's an upcoming opportunity for gold. Make your due analysis and if you see it the same way too, maybe you can have a jump on it to the top... Again, it could workout or maybe not as it is currently pulling back to 21....lets wait and see PS...you'll have to be a bit quick with your analysis, unless you've seen it already, which i think u probably have given your expertise {image}
TRADING IS PROBABILITY:
You can see my chart below, the move you took previously in the Gold pair was within the pink box, and was excellent; but currently I will not take further long trade on this pair; Yes! it can still go up, but like I said, trading is probability in the sense that at any given point or level, the trader should be able to calculate the probability to success and failure, so what I do is this; since there are a lot of pairs to trade in forex, I only go for trades that have higher probability of success, and I leave those ones with low probability of success...I am trading live, all the trades I have been posting are purely trades I take on my live account, so as part of my rules of discipline, I only take what I call "perfect" trades...then if I scan the market and did not find my perfect trades, then I can begin to go to lower time frame like 1min, 5min, 15min to do some scalping based upon certain defined rules; for example, I can go to small time frames to scalp the Gold pair you suggested, then if I get something on small time frame I will take partial profits and let others run into the 1hr, 4hr, etc for higher profits... I hope my explanations makes sense to you? And thank you for alerting me, you are great!
Attached Image (click to enlarge)
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  • #30,652
  • Oct 4, 2019 1:46am Oct 4, 2019 1:46am
Quoting Cheeseburger
{quote} As you took this trade, i was looking at CHFJPY, missed it at the PB turn around and watched plummet to my set target of 107.00 (+-150 pips). Definitely, there was a spanner missing from my toolbox to get the job done, however, since then I've corrected the oversight and that's how i managed to get good entries on most of the trades that followed thereafter. Trading is a progressive business, it takes time, patience, discipline and perseverance. Nothing else helps, other than spending enough time in front of the screen (even though my eye...
Your words are very nourishing!
Well said; we were helped to help!
For sure! Phillip is a gem!
Regards!
  • #30,653
  • Oct 4, 2019 2:01am Oct 4, 2019 2:01am
Quoting naustingfx
{quote} Yeah! I am awake, this is my active trading period, doing analysis already, I am still in that EurJpy pair, I have taken some nice profits few hours ago, and I am allowing the remaining to run, I hope to move my stop loss to BE aswell {image}

I noticed how strong EUR has been the entire week, this is why any price action involving EUR for a sell will drag their way to their target until EUR begins to loose strength. I see from your chart that EURJPY has been dropping in a depressed motion. To confirm that EUR is very strong, my EURAUD counter trend moved in a similar fatigued way.

Im currently long on EURCHF which has been doing very well, currently it is 100 pips up already...another confirmation of the EUR strength
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  • #30,654
  • Oct 4, 2019 2:03am Oct 4, 2019 2:03am
Quoting naustingfx
{quote} TRADING IS PROBABILITY: You can see my chart below, the move you took previously in the Gold pair was within the pink box, and was excellent; but currently I will not take further long trade on this pair; Yes! it can still go up, but like I said, trading is probability in the sense that at any given point or level, the trader should be able to calculate the probability to success and failure, so what I do is this; since there are a lot of pairs to trade in forex, I only go for trades that have higher probability of success, and I leave those...
Scalping:
I hope this explains further what I mean;
Attached Image (click to enlarge)
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  • #30,655
  • Oct 4, 2019 2:49am Oct 4, 2019 2:49am
Quoting naustingfx
{quote} TRADING IS PROBABILITY: You can see my chart below, the move you took previously in the Gold pair was within the pink box, and was excellent; but currently I will not take further long trade on this pair; Yes! it can still go up, but like I said, trading is probability in the sense that at any given point or level, the trader should be able to calculate the probability to success and failure, so what I do is this; since there are a lot of pairs to trade in forex, I only go for trades that have higher probability of success, and I leave those...

Like all your explanations iv read from all your previous posts, this too makes perfect sense...I understand what you mean by scalping from lower time frame into H1/H4. However, that's an approach i'm not familiar with yet (scalping) since iv only concentrated on getting H4 and H1 trades with high probability correctly.

I have the same trend line drawn on Daily chart and i noticed that previous day candle didnt close anywhere near or close to the trendline, thereby allowing room for another opportunity to that level again (this probable assumption is based purely on lessons i got from back testing, which i should also stress that the body doesnt always close on or near the trendline).

Having said that, H1 tickout my criteria box for trend continuation...again this may not materialise, but based on the room available to 1520 (where day trendline is) and H1 confirming a trend continuation...this seems more likely to push upwards to that level. My only thing rattling my nerves is NFP ahead, which could spoil everything or otherwise.

However, Nausteng, let me also stress that i'm still in my learning stages, so i highly value you insight and have jotted points you made in my trading journal to review with my approach.

I've also bought gold since i got confirmation on lower time frames and i think our entries are a tad bit similar, i have mine at 1508.63....currently this is how my H1 chart looks...
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  • #30,656
  • Oct 4, 2019 3:05am Oct 4, 2019 3:05am
Quoting Cheeseburger
{quote} Like all your explanations iv read from all your previous posts, this too makes perfect sense...I understand what you mean by scalping from lower time frame into H1/H4. However, that's an approach i'm not familiar with yet (scalping) since iv only concentrated on getting H4 and H1 trades with high probability correctly. I have the same trend line drawn on Daily chart and i noticed that previous day candle didnt close anywhere near or close to the trendline, thereby allowing room for another opportunity to that level again (this probable...
Well said!
Wish you well, as we all know that positive hard work pays off at the end
Regards
  • #30,657
  • Oct 4, 2019 4:26am Oct 4, 2019 4:26am
Quoting naustingfx
{quote} Scalping: I hope this explains further what I mean; {image}
Update:
I just posted this to explain, but I have closed it to round about BE, there is a whole lot to scalping, not as simple as my chart looks, the foundation of it is more broad...Today is Non Farm news and other red boxed there in the news calendar, I may not sit to what things live as I have other commitments; I have also set stop loss to about BE for the Eur/Jpy trade I had taken and explained earlier; so that's it;
Happy trading to all
  • #30,658
  • Oct 4, 2019 7:50am Oct 4, 2019 7:50am
Quoting Cheeseburger
{quote} Like all your explanations iv read from all your previous posts, this too makes perfect sense...I understand what you mean by scalping from lower time frame into H1/H4. However, that's an approach i'm not familiar with yet (scalping) since iv only concentrated on getting H4 and H1 trades with high probability correctly. I have the same trend line drawn on Daily chart and i noticed that previous day candle didnt close anywhere near or close to the trendline, thereby allowing room for another opportunity to that level again (this probable...
Didn't workout

Gold -25

Although, this might be a PB from higher timeframes...I'll have my eyes set on it next week to see if it will (a) PB and continue upwards or (b) if this may be the beginning of a new direction...only time will tell
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  • #30,659
  • Oct 5, 2019 5:56am Oct 5, 2019 5:56am
Quoting Cheeseburger
{quote} I noticed how strong EUR has been the entire week, this is why any price action involving EUR for a sell will drag their way to their target until EUR begins to loose strength. I see from your chart that EURJPY has been dropping in a depressed motion. To confirm that EUR is very strong, my EURAUD counter trend moved in a similar fatigued way. Im currently long on EURCHF which has been doing very well, currently it is 100 pips up already...another confirmation of the EUR strength {image}
To those that are interested...

I have learnt an important lesson from this trade about taking partial profits along the way.

I should have opened 2 trades at the beginning of the trade;
(i) 1st TP at H4 365 (for a 100 pips), and
(ii) 2nd TP at 1.1100 (for +-230 pips)...which i still see this trade continuing to that level, to which i still need to adjust my TP. However, the market may decide otherwise next week, I'll wait it out and see what happens

Another lesson learned...
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  • #30,660
  • Edited 11:28am Oct 7, 2019 10:31am | Edited 11:28am
4 Hour MACD PAttern...
Divergence + Lower High


Gold +132
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