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4 Hour Strategy (MACD)

  • #4,361
  • May 13, 2007 8:18pm May 13, 2007 8:18pm
Phillip,

I know i am another voice in the chorus of admirers. What i admire most of you is not your system, as good as it is. What is amazing is what everybody is saying: the unselfish, generous way in which you share your knowledge and experience. The dedication that you show to your method and to make sure that we all get it. The way in which you accept the contributions from others, your willingness to share and receive.
I come from the land of the scheptics. I belong to the tribe that does not trust easily. That always suspects that behind every generous act there is a hidden agenda. Unfortunately, during my lifetime, i have been proven right more than wrong. And that is specially true in this Forex jungle where you find so many individuals trying to ripp you off.
You Mr. Phillip belong to a very unique species. And your example has impacted me in ways you will not believe. i have become more open and generous, willing to give without expecting something in return.
So Phillip, thank you again: for this system, for your time, for being an example.
  • #4,362
  • May 13, 2007 9:06pm May 13, 2007 9:06pm
Dear Phillip

I would like to join everyone else in thanking you for your amazing generosity. You are an example to us all as far as trading and behaviour to your fellow man/woman.
Your example shows that there is more to being a successful trader than just pressing buttons. It is also about the correct psychological approach.
Having backtested the 4 hour system and also the daily system I am constantly surprised at the strike rate that is obtained.
This thread has given me confidence to trade in the future and I hope that I can also add some support to the other subscribers in the future.

All the best for the future,

Eamon
  • #4,363
  • May 13, 2007 9:24pm May 13, 2007 9:24pm
Phillip you are the man!, it is incredible how you spend part of your time teaching us so many things to improve our trades.
Just right now I going to start to study the new uploads.
Have good pips and success.
  • #4,364
  • May 13, 2007 9:40pm May 13, 2007 9:40pm
Interestingly enough, an initial glance at history seems to indicate that EURGBP has very nice movement, as I see lots of RB and RT on the MACD. Anyone else care to take a look?

EDIT: note that you need to use settings other than 15/30/45 on your MACD because of the small pip movements (but they're worth a LOT!!). If you have the latest version that I edited, it will nicely display lines at 7/14/21 automatically (or similar) and you can see the nice formations.
  • #4,365
  • May 13, 2007 10:07pm May 13, 2007 10:07pm
Phillip, the exercises PDF is awesome. It gives insight on a trade-by-trade basis! When I make my first 100,000USD , I'm taking you on a cruise! :-D
  • #4,366
  • May 13, 2007 11:05pm May 13, 2007 11:05pm
Phillip,
Thank you for your dedication to this awesome strategem. I just started reading the thread last week and was not going to post a comment before reading all of them, but, like most of the assigned reading I had in High School, I jumped ahead to the end to find out how it ends. You truly are an upstanding individual to provide a system and forum like this. I hope to pay it forward with humble contributions in the near future.
I completed the Peter Bain educational discs earlier this year and see where your system works hand-in-glove with his. I look for confluences of S/R lines in defining the exit points after confirming the entry signals. Posted 2 out of 3 hits last week as a result with crazy-low R:R percentages including a nice 31 pips on a reversal of the EU. I could not have done it without you and your fine system.
All of the Best to You.
  • #4,367
  • May 13, 2007 11:21pm May 13, 2007 11:21pm
Just a quick comment to you.
I use the FF news along with Blumberg articles to trade into the numbers. By using Phillip's method, for example, last week some news that should have been negative for the USD came out AND the EU 4 hr macd gave a signal of a bullish run. By buying into the news at 4 am with the assumed directional impact, the 8:30am news helped the market move aggressively in my favor. The expression "buy the rumor, sell the news" can work well here. The big dawgs already know what the news is before it hits the street
confirm

BTW, I firmly believe you CAN be a millionaire by 2012. I have a spreadsheet that allows me to enter R:R percentage, accuracy of trading, and number of trades per week. By securing 20 pips per day,10 trades per week and risking <1.5% of capital, your goal is possible to turn $2000 to 1,000,000. R:R of 40% and accuracy of 60% is required. The main issue is to incrementally increase the number of lots based on account size. Put me down for Sept 25th, 2011.
Good Luck.
  • #4,368
  • May 14, 2007 12:19am May 14, 2007 12:19am
Quoting Foricks
Just a quick comment to you.
I use the FF news along with Blumberg articles to trade into the numbers. By using Phillip's method, for example, last week some news that should have been negative for the USD came out AND the EU 4 hr macd gave a signal of a bullish run. By buying into the news at 4 am with the assumed directional impact, the 8:30am news helped the market move aggressively in my favor. The expression "buy the rumor, sell the news" can work well here. The big dawgs already know what the news is before it hits the street
confirm

BTW, I firmly believe you CAN be a millionaire by 2012. I have a spreadsheet that allows me to enter R:R percentage, accuracy of trading, and number of trades per week. By securing 20 pips per day,10 trades per week and risking <1.5% of capital, your goal is possible to turn $2000 to 1,000,000. R:R of 40% and accuracy of 60% is required. The main issue is to incrementally increase the number of lots based on account size. Put me down for Sept 25th, 2011.
Good Luck.
Foricks, thanks for the news info--from now on I'm sticking to the signals, and paying a bit less attention to the news! :-)

And thanks for the financial boost! I have done similar calculations and come to the same conclusion. Not always being right, risking relatively little money at any time, and still being a millionaire in 5 years? Good plan huh??! :-) In all reality, it is possible. People attain financial freedom by trading smart. I think there are far too many "realists" and too few big thinkers and action takers out there. I've already done so much in a positive way in my life in the last two or three years, largely due to giving my all towards a goal, and I've reached nearly every goal I've set out to do this way. Forex is now my (financial) goal. Thanks again for the encouragement!
  • #4,369
  • May 14, 2007 2:07am May 14, 2007 2:07am
You and your work is simply outstanding! Wish you all the best and can't wait to meet you in person some day.

Maybe at the tea party that some people on the thread brought up recently. I just want to express my support to the idea of having an event like that. Let's keep it alive and get back to it after everyone has earned enough pips to cover all the expenses involved.
  • #4,370
  • Edited 3:12am May 14, 2007 3:05am | Edited 3:12am
Josh, wasn't sure exactly what you mean by the 15/30/45 setting? That macd setting is for the 1hr or 4hr, and is that part of phill's method? Because I thought it was 5,13,1 ?
Anyhow, for eur/gbp, which timeframe are you looking at?



** Never mind I see you mean the lines for the levels and not the settings of the Macd..
  • #4,371
  • May 14, 2007 3:25am May 14, 2007 3:25am
Anyone seeing a top happening at the Eur/gbp? GBP ppi coming out in 15 min.. Price coming close to previous highs at 6835 level and a doji formed and macd looking bearish..close to weekly highs as well..
  • #4,372
  • May 14, 2007 5:50am May 14, 2007 5:50am
I have been studying this method the past 2 weeks and i must say its a lot of information to digest.Well done to you Phillip for sharing this method, and most particular for the way you are sharing.

This will be my first attempt and i need to ask yhe more experienced traders to tell me if i am on the right track.

My analysis

1.Price below 89 therefore bearish
2. Price bouncing off 21 EMA as well as stong resistance also below 200 EMA
3.Posible SL above resistance with TP just above support trendline
4. RR > 1

Trade is on if
1 Price closes below Resistance line
2. No long wick
3. Macd still give bearish signal
4 RR stil > 1
  • #4,373
  • May 14, 2007 5:52am May 14, 2007 5:52am
forgot to attach chart
Attached Image
  • #4,374
  • May 14, 2007 5:55am May 14, 2007 5:55am
Quoting pips4uandme
Hi DGC,

Good point about the simplicity...this is my thought....

Look back long term on cable...it is notorious for traveling in channels....and it is notorious for returning to old TL. Take your TL tool (I don't use MT4 so I'm assuming your charts are the same as mine as far as functunality). Go to an area where you see a swing low...draw a line that captures 3 touch points and see where it goes for current price. Now your virtual line down to the next swing low...see what price does. Do the same with highs. Do you notice Cable drops in and out of the same areas? It is kind of scary.

The Inside Top concept is basically, take a swing high...draw a horizontal line through the low of the swing are (the "round top")...see what price does in this area over time? It often coincides w/TL and Fibs (I don't use fibs anymore b/c of this)...and they hold.

Also, when I draw TL's I want to see as much price action contained w/in my lines and will almost always have outlier data (a section where price pierces)...the logic behind that is...I'd rather catch 3 or 4 turns than just 1 and I don't believe in over-optimizing historical data. TL's are a simple concept, but not so simple to do (that's where intuition is important...seeing and feeling price action w/out rationalizing it).

If you are trading a shorter time frame (say, 1 hour or less), an aggressive TL is fine w/current price action...a longer term trade needs a longer term view and it is really important to go back and look at the charts and their patterns (especially w/cable....it looks all jagged and as if it has random nature, but it follows it's old lines).

You'll figure out what is best for you. What is good for one trader doesn't always work for another. In anycase....You did a great job last week on your 3 trades and on your review of the one that got stopped.

Wishing you happy trades in the coming week!

Pips
Hi pips4uandme,

Thanks for your input. I have attached a chart drawing the trendlines like the way you would. Would you be kind enough to see if I have got it right, specially the inside top line. Thanks.
Attached Image
AFTAB Time Will Tell & Price Will Show
  • #4,375
  • May 14, 2007 7:13am May 14, 2007 7:13am
Hey guys can anyone post the colored MACD attatchment so i can download it or tell me on whic post number i can find it . Thankyou.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #4,376
  • May 14, 2007 7:26am May 14, 2007 7:26am
Another quick question about the setup, On the EMA and SMA do we leave the shift level zero????? Thanks.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #4,377
  • May 14, 2007 7:31am May 14, 2007 7:31am
Quoting BIL2205
Hey guys can anyone post the colored MACD attatchment so i can download it or tell me on whic post number i can find it . Thankyou.
Here is the link - http://www.forexfactory.com/showthread.php?t=20349
AFTAB Time Will Tell & Price Will Show
  • #4,378
  • May 14, 2007 7:40am May 14, 2007 7:40am
Thanks Aftab !!!! do u have an answer to my other question about the EMA and SMA shift level t be set at zero or some other number, thanks again
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #4,379
  • May 14, 2007 8:40am May 14, 2007 8:40am
Quoting BIL2205
Thanks Aftab !!!! do u have an answer to my other question about the EMA and SMA shift level t be set at zero or some other number, thanks again
The shift is zero.
  • #4,380
  • May 14, 2007 9:06am May 14, 2007 9:06am
Thanks for your Answer Josh
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
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