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4 Hour Strategy (MACD)

  • #4,901
  • Jun 5, 2007 7:23am Jun 5, 2007 7:23am
Now that my SL is hit i think i know why i should not have taken this trade. Remember the golden rule.

If the price is around the 8MA , which in this case it was , that means the speed is too fast, so counter trend trade is out.

any opinions???
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #4,902
  • Jun 5, 2007 7:52am Jun 5, 2007 7:52am
Quoting BIL2205
Now that my SL is hit i think i know why i should not have taken this trade. Remember the golden rule.

If the price is around the 8MA , which in this case it was , that means the speed is too fast, so counter trend trade is out.

any opinions???
MACD gave a very nice round top and i also took it. There was even a resistance line drawn from 15th of May to 23rd of May. I guess it was just one of those bad ones. Although I agree with you about the speed. Luckily I cut my losses before my stop loss was hit and saved 10 pips. Let's keep on learning!
  • #4,903
  • Jun 5, 2007 8:08am Jun 5, 2007 8:08am
Quoting taunted
hello i want toask bout my trade

i entered this trade look at yellow arrow, as a CT, according to my tech analysis, there was tail candle, and the macd was confirmed with RT,

and i got my SL hit

is there any advice for me bout this trade,

i realize that this system not 100% winner, i just want to know how u ppl would react to this price action thank u before

I think there's nothing wrong with your analysis... If it was me I would also have taken the trade and would target atleast the 8ema. I guess the only reason that it did not happen is because of the strong market trend that is happening right now.

As I have said before in the forum, I am concentrating on the E/U for the meantime. Cable is tough for me as I have no luxury of risking high stop losses.

Don't fret. It's okay. Tomorrow is another day! God bless!
  • #4,904
  • Jun 5, 2007 8:50am Jun 5, 2007 8:50am
Hi there,

I took the trade before heading out for work. i did get stopped out.

However I went in with just 1mini lot and a tight SL (15p) as i felt its a high risk trade.

Here my break dwn on my rationaale for the trade:

1) a high risk trade >> strong momentum as price is far away from the MAs thus i only willing to keep a min. risk for this one
2) Mcad signal
3) Possible Trendline bounce

cheers


Quoting taunted
hello i want toask bout my trade

i entered this trade look at yellow arrow, as a CT, according to my tech analysis, there was tail candle, and the macd was confirmed with RT,

and i got my SL hit

is there any advice for me bout this trade,

i realize that this system not 100% winner, i just want to know how u ppl would react to this price action thank u before
  • #4,905
  • Jun 5, 2007 9:19am Jun 5, 2007 9:19am
I agree with ellipses, the only thing that was against short trading was a strong momentum up, the price was way too higher 8 ema, everything else was perfect. Can anybody else give all things against this trade, I can see only one: strong momentum up.
  • #4,906
  • Jun 5, 2007 10:11am Jun 5, 2007 10:11am
Hi Guys'

Newbie here. Interested in this system but cannot seem to figure out how to set up the horizontal level(0.0015etc) lines on the graph on Meta4(nebie to that also!) Would be very grateful if someone could please advise me how to do this, even though I suspect it is glaringly obvious!
PA is where its at!!
  • #4,907
  • Jun 5, 2007 10:18am Jun 5, 2007 10:18am
Quoting bertie123
Hi Guys'

Newbie here. Interested in this system but cannot seem to figure out how to set up the horizontal level(0.0015etc) lines on the graph on Meta4(nebie to that also!) Would be very grateful if someone could please advise me how to do this, even though I suspect it is glaringly obvious!
I don't use MT4, but I do know that the following was made for it:

http://www.forexfactory.com/showthread.php?t=20349
  • #4,908
  • Jun 5, 2007 11:00am Jun 5, 2007 11:00am
Quoting bertie123
Hi Guys'

Newbie here. Interested in this system but cannot seem to figure out how to set up the horizontal level(0.0015etc) lines on the graph on Meta4(nebie to that also!) Would be very grateful if someone could please advise me how to do this, even though I suspect it is glaringly obvious!
Look for horizontal line icon(down part of tool bar 4th icon),click over it and then use holding click to set it in MACD or anywhere.
Or insert+line+horizontal
P.S:You are welcome!
  • #4,909
  • Jun 5, 2007 11:08am Jun 5, 2007 11:08am
Sorry I run out of time.
Attached File(s)
File Type: pdf Daily Wrapup 5June2007.pdf   175 KB | 1,736 downloads
File Type: zip Daily Wrapup 5June2007.zip   849 KB | 2,222 downloads
  • #4,910
  • Jun 5, 2007 11:22am Jun 5, 2007 11:22am
Info
Attached File(s)
File Type: zip Not to be wiped out early.zip   832 KB | 4,375 downloads
  • #4,911
  • Edited 11:37am Jun 5, 2007 11:23am | Edited 11:37am
Thankyou Phillip for explaining the Gbp/Usd trade in detail. i learned something very imp today to not risk a counter trend trade after a strong break out.Also i agree with you that its ok in the begining to take profits early and be happy with it until i am more experienced. Bec if i dont know what i am doing i might even lose the pips i made.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #4,912
  • Jun 5, 2007 1:30pm Jun 5, 2007 1:30pm
just finished read the daily wrapup , thank u phillip for the wrapup it shed some light for me

ill stay away from the counter trade for the time being until i'm more experience

thanks again to phillip and all of u in this forum
still in learning curve
  • #4,913
  • Jun 5, 2007 1:59pm Jun 5, 2007 1:59pm
I have been lurking about for some time now and am totally amazed at how helpful everyone here has been. I am very new to this market and have been reading as much as I possibly can on this forum. I have a family member who has been trading 4x for a couple years now. After going through some hard times with it, she is now living off of the income. This is a full time job for her.

After talking with her about it I decided to look into it and here I am. Now she spent alot of money on her system and it has worked out for her. But even with the high dollar system, she lost alot of money at first. From what I have read, a person can get just as much knowledge and success from forums just like this and not spend alot of money to learn.

I have looked at many strategies throughout this forum but have been focusing on Phillips 4 hr MACD for the past several weeks. I would like to thank Phillip and all the other folks in this thread for all the work that has been done to this point. I find myself learning a little bit more every day and hope this thread will continue for a long time to come.

I am trading on a demo account and think that I just now have enough of an understanding of Phillip's system to really start trying it out.

Sorry for the long post, but just wanted to introduce myself and become part of the group.

Larry
  • #4,914
  • Jun 5, 2007 2:03pm Jun 5, 2007 2:03pm
thanks again to phillip and all of u in this forum
  • #4,915
  • Jun 5, 2007 2:26pm Jun 5, 2007 2:26pm
Recently I have switched to FXDD to get my MT4 signals. They are using GMT +3 on their server which is the same as the time on my location. I am finding it hard to get into the GMT +2 time signals because of my location and work. That is why sometimes I get a signal an hour earlier and sometimes a hour late.

This is the main reason why I can't participate too often on the discussions, but, I am constantly following through the thread.

As always, I adore you all you people in the thread for all your kindness! Thanks!
  • #4,916
  • Jun 5, 2007 2:49pm Jun 5, 2007 2:49pm
Ok good people of this forum. ive decided to practice my counter trend trades on my demo for a while. So here is the position on EUR / USD, very similar to the GBP except that it has found resistance on 200 MA . also the long tail pointed by the arrow shows selling pressure from top ( am i right about the tail asessment??). Now if the price comes off of 200 and if a round top is confirmed when my candle closes, it would be a short trade.with first TP at 8 ma and 2nd TP at 21 MA and Sl at the upper TL by the arrow.

AHA. just noticed something .The red spinner ( last candle on the chart). like phillip said in his daily wrap up for GBP that if a spinner forms after such strong uptrend it usually means a TC. this will be interesting to watch and learn.

i know phillip has encouraged us to do TC only for newcomers but i thought why not practice the counter trend on demo while waiting for the TC signal.
Your helpful suggestions and opinions will be appreciated. Thankyou.
Attached Image (click to enlarge)
Click to Enlarge Name: eur.jpg Size: 61 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #4,917
  • Jun 5, 2007 3:06pm Jun 5, 2007 3:06pm
Quoting BIL2205
Ok good people of this forum. ive decided to practice my counter trend trades on my demo for a while. So here is the position on EUR / USD, very similar to the GBP except that it has found resistance on 200 MA . also the long tail pointed by the arrow shows selling pressure from top ( am i right about the tail asessment??). Now if the price comes off of 200 and if a round top is confirmed when my candle closes, it would be a short trade.with first TP at 8 ma and 2nd TP at 21 MA and Sl at the upper TL by the arrow.

AHA. just noticed something .The red spinner ( last candle on the chart). like phillip said in his daily wrap up for GBP that if a spinner forms after such strong uptrend it usually means a TC. this will be interesting to watch and learn.

i know phillip has encouraged us to do TC only for newcomers but i thought why not practice the counter trend on demo while waiting for the TC signal.
Your helpful suggestions and opinions will be appreciated. Thankyou.

No problem as 200SMA can be great resistance. Just work out your Risk:reward ratio to the 21EMA and it must be 1:1 and better.
  • #4,918
  • Jun 5, 2007 4:22pm Jun 5, 2007 4:22pm
Hello Dear Phillip, just want to thank you for your excellent explanation on money management. You really make it a good point to adhere, especially when new to forex, to a strick money management and not trying to go for the home run. I have made that mistake and blow my first account 8 months ago.

As we all know, in Forex, the name of the game is survival and steady growth of our account with patience and discipline.

I really find your statement very accurate and everybody should really keep that principle in mind.

Thank you very much again for all the time that you take to help us all.

shreem
  • #4,919
  • Jun 5, 2007 4:28pm Jun 5, 2007 4:28pm
great thread!

I have some questions.

1. the last bar on the macd is currently fluctuating beween red and green: wait for the close right on the sell signal for the rounded top formation.

2. this trade seems like a good risk to reward ratio based on how close the 200 ma is, stop would be ideal above the spike high, which is in line with less that 50 pips for example.

HOWEVER,

I have noticed on the daily chart a couple of things:

1. There is a bullish outside bar = against 4 hour signal.
2. The linear regression channel has been broken indicating a possible new trend on the same chart = taking trade on 4 hour chart is against daily trend = possibly risky.

My dilemma:

Is the trade a good set-up based on the fact that we have a good RR, and there is a possibility of a retest of the resistance of the channel before a continuation back up, which would give us our target profit area of roughly 3481 (the top of the channel in line with the 21 ma. see charts attached. I will add more comments if I missed them. Thank you for your guidance.

p.s. also, the daily macd chart is showing a flip over to positive territory.
and, the price has recently came off the 89 ma.

interpretation: be patient and wait for the break of the 200 ma, the retest, then the trade long, signaled by the 4 hour chart when the macd gives the signal.

any thoughts?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: june5 1.jpg Size: 77 KB
Click to Enlarge Name: june 5.2.jpg Size: 74 KB
  • #4,920
  • Jun 5, 2007 4:33pm Jun 5, 2007 4:33pm
this is why one would wait for the close, correct?
Attached Image (click to enlarge)
Click to Enlarge Name: june 5.3.jpg Size: 77 KB
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