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4 Hour Strategy (MACD)

  • #4,701
  • May 24, 2007 3:52am May 24, 2007 3:52am
Hi pips. Yes I factored my spread of 4 in. However I use finspreads, so it might have had different price slightly. I was aware of it cos that was my mistake with swissie the other day. My actually stop was 1.9902. Maybe I should have set it for 1.9906 as you said. I would need to look at my MT4 for exact figures, but you point is very good.

Anyway, my target was hit, as I just checked my account...+40pips...

That will be me till I get back from work now. Good Luck and thanks for the help/comments, I got no problem taking advice from anyone onboard so keep it coming. Actually do we normally mention our trades entries etc? Is that acceptable?

Cheers

Neil
  • #4,702
  • May 24, 2007 4:01am May 24, 2007 4:01am
Quoting ira
Thank you Phillip for explanation, still need a lot to learn from you and other wonderful members of this forum. If I didn't close my trade too early I would have taken my profit at 365MA. One more lesson for me to trust your system. Can you tell me please what Fib levels do you use after 100 as I have only 161?
I noticed Phillip had extensions of Fibanacci at 123%, 138%, 161%. Investopedia lists only 161, 261, and 423%. Check out http://www.investopedia.com/terms/f/...extensions.asp for a good referencing tool. I learned today that "J. Lo" is a technical analysis term...
  • #4,703
  • May 24, 2007 4:39am May 24, 2007 4:39am
Hey guys, hope u all are trading well and making lots of pips. Just wanted to share this website.especially for new comers like me. most of of u maybe already know about it. www.fxwords.com i am finding it very helpful in recognizing candle stick patterns. Lots of info there.
Good luck and happy trading.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #4,704
  • May 24, 2007 5:07am May 24, 2007 5:07am
Quoting neilbuc
Hi pips. Yes I factored my spread of 4 in. However I use finspreads, so it might have had different price slightly. I was aware of it cos that was my mistake with swissie the other day. My actually stop was 1.9902. Maybe I should have set it for 1.9906 as you said. I would need to look at my MT4 for exact figures, but you point is very good.

Anyway, my target was hit, as I just checked my account...+40pips...

That will be me till I get back from work now. Good Luck and thanks for the help/comments, I got no problem taking advice from anyone onboard so keep it coming. Actually do we normally mention our trades entries etc? Is that acceptable?

Cheers

Neil
Neilbuc,

You played that last trade on the G/U beautifully. Your limit order and T/P were almost perfect. 40 pips in an hour. I got in but only for 25 pips as I wasn't patient enough to wait for the price to retest the 200SMA. I learned a lesson and a new play from your nicely executed trade.

The 8EMA acted as beautiful support as it usually does when the 8EMA and 21EMA slopes are steep. Therefore with the CT trade the 8EMA was probably the best T/P level. 21EMA would have been ambitious. Anyway just my thoughts, still learning the motion and rhythm.

ljman
  • #4,705
  • May 24, 2007 5:40am May 24, 2007 5:40am
Quoting Foricks
I noticed Phillip had extensions of Fibanacci at 123%, 138%, 161%. Investopedia lists only 161, 261, and 423%. Check out http://www.investopedia.com/terms/f/...extensions.asp for a good referencing tool. I learned today that "J. Lo" is a technical analysis term...
Thank you a lot for help!!!
  • #4,706
  • May 24, 2007 5:44am May 24, 2007 5:44am
Quoting ljman
Neilbuc,

You played that last trade on the G/U beautifully. Your limit order and T/P were almost perfect. 40 pips in an hour. I got in but only for 25 pips as I wasn't patient enough to wait for the price to retest the 200SMA. I learned a lesson and a new play from your nicely executed trade.

The 8EMA acted as beautiful support as it usually does when the 8EMA and 21EMA slopes are steep. Therefore with the CT trade the 8EMA was probably the best T/P level. 21EMA would have been ambitious. Anyway just my thoughts, still learning the motion and rhythm.

ljman
Fully agree a perfect trade. I also entered after the candle has closed, didn't take my profit at 8MA and now will stay in pretending to be ambitious . Good job Neilbuc.
  • #4,707
  • May 24, 2007 5:52am May 24, 2007 5:52am
I am still in my GU short (-10 pips so far). After my rationale...and after reading PIPS and other people's posts I am starting to doubt if i did the right thing. Here is why:

That long bullish bar from yesterday broke the down trend since it formed a higher high than the previous high. That should have raised some concern as somebody wisely put it in this thread. My thought now is that I should have stayed out. But well....my trade is alive, and maybe the news will help. This is not good...because now i am relying on luck, not on my analysis.

Ahhhh..the wisdom that hindsight gives!!! Still a long way to become a PEM eh PIPS?
  • #4,708
  • May 24, 2007 5:53am May 24, 2007 5:53am
Thanks guys. I have to remember to be as emotionless as possible when I do good, else I feel you can get carried away with the excitement. To me its all about disipline and having a plan/strat. There is no room for emotion in trading IMHO.

Still its a bonus when you get one as good as that. I was even on my bike cycling to work when it hit the T/P!!!!

I am so glad that Phillip has spent time sharing his strategy. He must be due a heck of alot of free drinks arround the world now.
  • #4,709
  • May 24, 2007 5:58am May 24, 2007 5:58am
HI guys . anyone looking at the EUR USD , possible RB.
TP at 21MA . Its a counter trend trade but since the price found support at 365MA It could work out.
My trade from post number #4688 for eur usd TC with bounce of zero worked out fine ( only on demo though. ). i am really learning a lot from all your posts. Good luck!!!
P.S congrats NEILBUC on your trade. You are right on about free drinks for Phillip!!!!!
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #4,710
  • May 24, 2007 6:14am May 24, 2007 6:14am
Quoting alcastro
I am still in my GU short (-10 pips so far). After my rationale...and after reading PIPS and other people's posts I am starting to doubt if i did the right thing. Here is why:

That long bullish bar from yesterday broke the down trend since it formed a higher high than the previous high. That should have raised some concern as somebody wisely put it in this thread. My thought now is that I should have stayed out. But well....my trade is alive, and maybe the news will help. This is not good...because now i am relying on luck, not on my analysis.

Ahhhh..the wisdom that hindsight gives!!! Still a long way to become a PEM eh PIPS?
Hi Alcastro, i did the same trade as you but i set TP at the 38.2%fib which was about at the 89SMA. i wake up to see it moving away from the 8EMA up so i closed it for 8 pips+. i didnot think of that higher high either but i got luckey becuase the dog woke me up.hope the news goes your way.(i think the dog is a better trader than me)
  • #4,711
  • May 24, 2007 6:37am May 24, 2007 6:37am
Saw the RT and took it and got out at the 8EMA with about 15PIPS. If you look at the overall trend on the daily chart and in comparison, I think we could see a break up again to the 2.0015 TL. Any thoughts?
  • #4,712
  • May 24, 2007 6:57am May 24, 2007 6:57am
I 'normally' don't trade the cable because of its wild mood swings and the 4 pip spread but the rt lined up with the channel so I got in early evening yesterday. I hit the sack and set an audible alert about 20 pips away and it wakee wakee me at about 3am right around the 8ema. So I bailed with my 20 pips. No positions open right now, red flag eco news due in about 30 mins, next candle closes in about an hour...only time will tell. It's been a good week with Phill's MACD magic, about 80 pips in the bank.

Trade well.
Attached Image
  • #4,713
  • May 24, 2007 7:11am May 24, 2007 7:11am
Quoting neilbuc
Hi pips. Yes I factored my spread of 4 in. However I use finspreads, so it might have had different price slightly. I was aware of it cos that was my mistake with swissie the other day. My actually stop was 1.9902. Maybe I should have set it for 1.9906 as you said. I would need to look at my MT4 for exact figures, but you point is very good.

Anyway, my target was hit, as I just checked my account...+40pips...

That will be me till I get back from work now. Good Luck and thanks for the help/comments, I got no problem taking advice from anyone onboard so keep it coming. Actually do we normally mention our trades entries etc? Is that acceptable?

Cheers

Neil
Nice Job!!!!

I don't see anything wrong w/mentioning tradess (I use to do it for an "accountability" to keep me from trading erratically). Don't know how others feel, but I think it is a good way to get feedback and keep you from overtrading (I don't like to critique other's analysis too much, because we all see the market differently and should follow our analysis. I've always maintained that someone can go short, while another goes long and both traders can make money. It all comes down to stops, tp area and trade management). I stopped posting my live trades right after entry b/c I didn't want people placing the trades blindly based on my take on the market -- didn't want to be responsible for others losses ).

Pips
  • #4,714
  • Edited 7:58am May 24, 2007 7:18am | Edited 7:58am
Quoting Foricks
I noticed Phillip had extensions of Fibanacci at 123%, 138%, 161%. Investopedia lists only 161, 261, and 423%. Check out http://www.investopedia.com/terms/f/...extensions.asp for a good referencing tool. I learned today that "J. Lo" is a technical analysis term...
Nice job on doing research on investopedia. They have lots of good info for us to learn from!

Be careful using such aggressive fibs (they are for the long term stock investor...maybe long term currency too). 1.23, 1.382, 1.619 and 1.750 are pretty common extension numbers used to project profit areas for the shorter term trader (think about trying to capture a 400% move that's asking for a lot, unless you are getting in a trend really early and thinking long term -- or the originanal move is really small).
You can add the levels to your Fib; mine gets changed under preferences when I right click on the tool...don't know how MT4 works.

Now I have to go look up "J. Lo"....LOL!....does it have to do w/an ascending scallop pattern? Support area?

Happy trading!
  • #4,715
  • May 24, 2007 7:56am May 24, 2007 7:56am
Quoting alcastro
I am still in my GU short (-10 pips so far). After my rationale...and after reading PIPS and other people's posts I am starting to doubt if i did the right thing. Here is why:

That long bullish bar from yesterday broke the down trend since it formed a higher high than the previous high. That should have raised some concern as somebody wisely put it in this thread. My thought now is that I should have stayed out. But well....my trade is alive, and maybe the news will help. This is not good...because now i am relying on luck, not on my analysis.

Ahhhh..the wisdom that hindsight gives!!! Still a long way to become a PEM eh PIPS?
Hi Alcastro,

MACD is still giving a short signal. You need to trust your rationale for entering the trade. (& I'm sure your stop is tight and r:r is good!) Price still hasn't retested the 21 yet....which is in confluence w/a support line...& it hasn't even retested 89 yet....If the market is finding it's rhythm, price should retest the area before moving upwards (and yes Ryan, I do think that we will see a retest of the 2.0010 area sometime in the near future -- when I don't know).

My reasons for being flat are because price is scrunched between the 200 and the 8 w/89 not too far away (as is a support zone). And price has formed a flag formation after that bullish candle yesterday. Also, we saw price bounce from an IT L earlier tonight (the L is at 1.9842 -- a few pips above the 8 EMA and where price bounced). I want the market to show me what it has in store before I risk my pips. .....most of the time, I'm pretty cautious. & we have a long weekend coming up...which means traders are already getting lazy...

Hope your TP was hit in the last dip.....

pips



Pips
  • #4,716
  • May 24, 2007 9:55am May 24, 2007 9:55am
Quoting Palmer
I 'normally' don't trade the cable because of its wild mood swings and the 4 pip spread but the rt lined up with the channel so I got in early evening yesterday. I hit the sack and set an audible alert about 20 pips away and it wakee wakee me at about 3am right around the 8ema. So I bailed with my 20 pips. No positions open right now, red flag eco news due in about 30 mins, next candle closes in about an hour...only time will tell. It's been a good week with Phill's MACD magic, about 80 pips in the bank.

Trade well.
Like you I took just 14 pips on GU short last night. Another 21 pips after GU hit 89MA.Monday's lovely EU break off zero afforded me 34 pips( I closed prematurely) so a good week ends with 69 pips.
.Big GBP news tomorrow,so I suggest watching it on the GU.This might mean I don't trade 2moro,unless definite signal in trend direction.
Wishing you many pips.
  • #4,717
  • May 24, 2007 10:21am May 24, 2007 10:21am
Same to you Doji.

I take what the market gives me....
  • #4,718
  • May 24, 2007 10:34am May 24, 2007 10:34am
My Fib settings is

-200,-161,-138,-121, 0,25,38,61,75,100, 121,138,161,200
Attached File(s)
File Type: zip Daily Wrapup 24May2007.zip   840 KB | 1,474 downloads
  • #4,719
  • May 24, 2007 10:58am May 24, 2007 10:58am
Thanks Phil.

Today for me:

GJ: [email protected] for (+49 pips)
GU: [email protected] (+2 pips ) and again [email protected] AND waiting for TP at 1.9831 .. SL at BE.
USD Est Non Mortuus
  • #4,720
  • May 24, 2007 11:45am May 24, 2007 11:45am
Quoting alcastro
I have a limit order to go short on the GU.
Why?
RT on MACD.
PinBar two candles ago.
My order is below a TL.
GU is in a a downtrend since some days ago.
My TP is right above the 21MA. Just in case it decides to bounce from it.

I am going to bed.
Can you pleas tell us what is your stop loss is?
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
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