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4 Hour Strategy (MACD)

  • #5,041
  • Jun 12, 2007 3:29pm Jun 12, 2007 3:29pm
Quoting Richard7
I hope you don't mind my answering for Phillip, but it's called "5Min Intraday System" under Trading Systems. Sorry I don't know how to put the link in here. Phillip says it helps develop your patience, but it also consistently delivers short term gains.
Thanks Richard7.
  • #5,042
  • Jun 12, 2007 3:40pm Jun 12, 2007 3:40pm
Quoting ammar2000a70
Dear all

Pls would some body explain to me the round top/bottom should be taken only from line 15 or it can be taken from other lines (30,45) and which case is the most accurate.

Many thanks in advance

ammar
Hello ammar. Round top/bottom can be taken on any macd level. But you see RT/RBs are counter-trend trading so you have to be careful when taking them. In an uptrend you can take a round top if the price is meeting a resistance. Conversely in a downtrend you can take a round bottom if the price is meeting a support.

The macd levels (15,30,45), like Philip said are there just to give us an idea if the price in overbought/oversold. So don't deal too much with the macd levels. Once a signal is given by the macd, ask yourself where is the current price now in relation to the price action and location of your resistance & support lines.

Hope I was able to help you. Goodluck on your trades!
  • #5,043
  • Jun 12, 2007 4:20pm Jun 12, 2007 4:20pm
Quoting ira
Have closed my U/J trade at breakeven, was too tired to watch the price stucked for two days. Then listened to the Phillip's mp3, would have never figured out that it was a barrier since 1980! Thanks Phillip, learn something everyday.
Support and resistance is the key to trading. When price action is at KEY(Major) support and resistance levels and the MACD gives signal then the odds is in your favour to beat the market 7/10 times at least.

The UsdJpy was very bumpy the last 2 days. That is why I had a look as to why it does not get direction and saw that long term resistance.

EurUsd gave nice TC 8:00-12:00 candle with bottom TL profit target +40 pips and SL 28pips. Have just closed it for 38pips on 50%. SL set to +15 with remainder 50%. Want to go with the price should it goes beyond the TL.

Price are currently at 1.3300 level as well.
  • #5,044
  • Jun 12, 2007 4:27pm Jun 12, 2007 4:27pm
Hello phillip. I am very gald that u decided to stay with FF so we can eat out your brains with questions. :surprised !!!hehehe just kidding. YOU ARE THE BEST!!! . your recent Mp3 explained why my swissy trade went wrong bec like JPY there was a trend line from teh monthly chart where the price was shooting to and now has found support there.
My question is about divergence on macd. i have heard u talking about it. from what i undestood its when price is going up and MACD is going down there is divergance and vice versa.like on the swissy right now. So is this a sign that the rally is losing steam and a revarsal might be coming up. thankyou for your answer and patience.
Best Regards.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,045
  • Jun 12, 2007 4:40pm Jun 12, 2007 4:40pm
Quoting BIL2205
Hello phillip. I am very gald that u decided to stay with FF so we can eat out your brains with questions. :surprised !!!hehehe just kidding. YOU ARE THE BEST!!! . your recent Mp3 explained why my swissy trade went wrong bec like JPY there was a trend line from teh monthly chart where the price was shooting to and now has found support there.
My question is about divergence on macd. i have heard u talking about it. from what i undestood its when price is going up and MACD is going down there is divergance and vice versa.like on the swissy right now. So is this a sign that the rally is losing steam and a revarsal might be coming up. thankyou for your answer and patience.
Best Regards.

Exactly. This will occur when the price is running out of steam. Wait for MACD to give signal as well as candle emotion like spinners, doji, hammer, inverted hammer, tweezer top/bottom, morning/evening star etc!!!
  • #5,046
  • Jun 12, 2007 4:49pm Jun 12, 2007 4:49pm
Quoting BIL2205
Hello phillip. I am very gald that u decided to stay with FF so we can eat out your brains with questions. :surprised !!!hehehe just kidding. YOU ARE THE BEST!!! . your recent Mp3 explained why my swissy trade went wrong bec like JPY there was a trend line from teh monthly chart where the price was shooting to and now has found support there.
My question is about divergence on macd. i have heard u talking about it. from what i undestood its when price is going up and MACD is going down there is divergance and vice versa.like on the swissy right now. So is this a sign that the rally is losing steam and a revarsal might be coming up. thankyou for your answer and patience.
Best Regards.
That is how I see the 4Hour
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  • #5,047
  • Jun 12, 2007 4:54pm Jun 12, 2007 4:54pm
Hey folks....

I was out of town all last week and missed that slide on the EURO$ and I was in hunting mode late Sunday evening and went against my own rules. I was looking at currencies outside of the EURO$ and the Yen that I am more familiar with or have had better 'results' with, and of course I paid the price. I was looking for entries that I knew were crap and was throwing in some 'ifs' 'ands' or 'buts' that didn't mean a freakin' thing. Basically, I forced it. I wasn't looking for what I should have been looking for and neglected to look further into the overall price action (Donna you there?) and flow of the current market. So, to make up for it the EURO$ let me enter on the Tc to the downside this morning so I'm back to the plus side...barely. Somebody, anybody please send me back to my room, that I still haven't cleaned, without any dinner this evening...
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  • #5,048
  • Edited 2:37am Jun 13, 2007 1:53am | Edited 2:37am
Deal all,
does this look like good sign of EURUSD wanting to go up?
Reasons:
1. MACD divergence with price (price makes lower low, MACD higher low)
2. We are sort-of at the bottom of channel.
3. Round figure 1.3300 was not so far broken with close of the candle below it.
4. Similar situation on USDCHF, which usually acts as a mirror of EURUSD.

SL could be somewhere around 1.3271.
PTs along the way on 9EMA, 21EMA and then we'll see.

Thanks for your opinions.
Endy

UPDATE: it took only 2 hours to invalidate this setup. I guess it is always better to dance with trend rather than against it.
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  • #5,049
  • Jun 13, 2007 4:11am Jun 13, 2007 4:11am
phillip , i am just a newbie lookin through this forum for 2 months. not active writin posts but i am active reader. i have been experienced in stock markets for 6 years and forex newbie for 6 months.

dont know if u care but not to lose the semi professional spirit of this forum, i will be glad if you just stay here and do not be active on d..fx forums.

because in my experience, too much information, too much experienced analysts, too much commercial guys, just ruin your way of thinkin. for the last word, its always better to Keep it Simple, Straightforward.

just an opinion!
  • #5,050
  • Jun 13, 2007 4:56am Jun 13, 2007 4:56am
Hi Phillip,

I was a member of d...fx forums for a lot of time. There was a very lovely time & a lot valuable traders. I never forgot Nightcat, ForexGirl, John_Fx, DutchTrader, Jac144, JohnM, Bulldog, Vudragon and ….. They (d...fx) must pay a lot to return that time , but it is not possible any more.
I see the stile of those great traders on some other forums & some of them use other nicks now. That is just my opinion.
The decision is yours. You spend so much effort to build that lovely tread.

In any way GL & GT to you
Val144 (Ice)
It’s just emotions & money
  • #5,051
  • Jun 13, 2007 5:37am Jun 13, 2007 5:37am
Hi all,

I wonder if you wouldn't giving me a bit of advice. I am very new to forex, learning as fast as I can but still not rich in technical skills. I am wondering whether this method would be suitable for someone like me to trade. It seems a very good simple method but I would appreciate an opinion from someone with more experience than me.

Thanks
  • #5,052
  • Jun 13, 2007 5:48am Jun 13, 2007 5:48am
Phillip,
Congrats on being recognized as a developer of a killer system by DailyFX. Your hard work is definitely paying off. For selfish reasons, I hope that you either stay with FF or start an independent service (you've earned it). Your dedication to the cause and patience with us newbies is rare in this cut-throat business. Best wishes in whatever you choose to do, but know that everyone of us who have spent time on this thread is better off for having access to your insight. Thank you.
  • #5,053
  • Jun 13, 2007 6:00am Jun 13, 2007 6:00am
Quoting bundubill
Hi all,

I wonder if you wouldn't giving me a bit of advice. I am very new to forex, learning as fast as I can but still not rich in technical skills. I am wondering whether this method would be suitable for someone like me to trade. It seems a very good simple method but I would appreciate an opinion from someone with more experience than me.

Thanks
Bundubill,

Your quote gave me my chuckle for the day...

As for your question, Phillip's system is outstanding, but he will be the first to point out that this is just the launching point. To be successful, one has to have predetermined stops and profit points. Many fundamentals can be learned from the internet. I have been studying the Peter Bain system for about 6 months and am able to keep up with the concepts. It was great for fundamental concepts. Babypips.com also is excellent for newbies. My advice is to dedicate 3-4 hrs per day learning basic concepts through a similar source, read all 5000+ threads of this, listen to every pearl of wisdom out of Phillip's (and Donna, and Tam, et. al.) and hang on for the ride...This is by far the best site for learning that I have found and the members are kind and caring.
  • #5,054
  • Jun 13, 2007 6:15am Jun 13, 2007 6:15am
Hi bundubill

If you start and read all Phillip’s posts on that tread & did a paper trade on one pair for last 6-9 months,
You can go alive in less then 60 days and not lose money. Just find a broker that offer micro account and start with some hundred bugs not more.
Never risk more then 4-5% from you account in a single trade. Never does more one trade at a time before you earn first 1000 pips.

I wish you good luck and profitable time.
Val144

Quoting bundubill
Hi all,

I wonder if you wouldn't giving me a bit of advice. I am very new to forex, learning as fast as I can but still not rich in technical skills. I am wondering whether this method would be suitable for someone like me to trade. It seems a very good simple method but I would appreciate an opinion from someone with more experience than me.

Thanks
It’s just emotions & money
  • #5,055
  • Jun 13, 2007 6:44am Jun 13, 2007 6:44am
Quoting Foricks
Bundubill,

Your quote gave me my chuckle for the day...

As for your question, Phillip's system is outstanding, but he will be the first to point out that this is just the launching point. To be successful, one has to have predetermined stops and profit points. Many fundamentals can be learned from the internet. I have been studying the Peter Bain system for about 6 months and am able to keep up with the concepts. It was great for fundamental concepts. Babypips.com also is excellent for newbies. My advice is to dedicate 3-4 hrs per day learning basic concepts through a similar source, read all 5000+ threads of this, listen to every pearl of wisdom out of Phillip's (and Donna, and Tam, et. al.) and hang on for the ride...This is by far the best site for learning that I have found and the members are kind and caring.
Thanks Foricks I'm pleased I put a smile on tour face and very grateful for the thoughtful and comprehensive reply.

Good luck
  • #5,056
  • Jun 13, 2007 6:49am Jun 13, 2007 6:49am
Quoting Val144
Hi bundubill

If you start and read all Phillip’s posts on that tread & did a paper trade on one pair for last 6-9 months,
You can go alive in less then 60 days and not lose money. Just find a broker that offer micro account and start with some hundred bugs not more.
Never risk more then 4-5% from you account in a single trade. Never does more one trade at a time before you earn first 1000 pips.

I wish you good luck and profitable time.
Val144
Thanks Val. I've already discovered that this is a very friendly thread. I really appreciate your advice which I intend to follow in pusuit of those 'first 1000pips'

Good luck
  • #5,057
  • Jun 13, 2007 8:26am Jun 13, 2007 8:26am
Quoting Foricks
Bundubill,

Your quote gave me my chuckle for the day...

As for your question, Phillip's system is outstanding, but he will be the first to point out that this is just the launching point. To be successful, one has to have predetermined stops and profit points. Many fundamentals can be learned from the internet. I have been studying the Peter Bain system for about 6 months and am able to keep up with the concepts. It was great for fundamental concepts. Babypips.com also is excellent for newbies. My advice is to dedicate 3-4 hrs per day learning basic concepts through a similar source, read all 5000+ threads of this, listen to every pearl of wisdom out of Phillip's (and Donna, and Tam, et. al.) and hang on for the ride...This is by far the best site for learning that I have found and the members are kind and caring.
Excellent site! I went to school there .
  • #5,058
  • Edited 8:58am Jun 13, 2007 8:51am | Edited 8:58am
Hi Bundubill....

I love your tag line!

This is a general post to all the newbies who are trying to figure out what to focus on in their early education. This is only my opinion from my experience, and I'm sure some will disagree....

In the beginning of your forex education, focus on technical analysis. Learn the basics. Forget about fundamentals. Don't overwhelm yourself. Fundamentals are really not important to us as daytraders/swing traders. We use the charts to determine when to enter, when to exit and where to place stops. Fundamentals will only lead you to question the timing of your entry.

Once you really understand technicals and have mastered your trading strategy, then focus on the fundamentals if you are so inclined. It leads to fascinating conversations that will bore your friends and family more than you will ever know . Also, realize in Forex, the only thing that really matters is interest rates...everything relates to how will this piece of data influence interest rates and bond yields. That's it. But it will take you years of dedicated study to put the pieces together (and that is a waste of valuable brain cells that could be used to learning how to trade). Honestly, I have only lost pips when I consider fundamentals before placing a trade...know why? Because I'm guessing the numbers and the reaction and hoping that my "prediction" is accurate. If I look at a chart, and place the trade based on price action, I usually make pips. Look more, think less.... If I had it to do all over again, I wouldn't have tried to learn both at the same time (it really is overwhelming and leads to more frustration early on).

Just my 2 cents,
Pips
  • #5,059
  • Jun 13, 2007 8:56am Jun 13, 2007 8:56am
Quoting Phillip Nel
Exactly. This will occur when the price is running out of steam. Wait for MACD to give signal as well as candle emotion like spinners, doji, hammer, inverted hammer, tweezer top/bottom, morning/evening star etc!!!
This is extremely important when trading divergence. Just wanted everyone to read it again....Wait for confirmation of price failure (don't just trade the divergence: during a trend, divergence can last a very very very long time.) Pay attention to Divergence, Plan how to trade it, & take action when the signs present themselves via MKT. RHYTHM and Price action.

Time to stop being annoying...

Have a great day everyone!! Enjoy the beautiful day/evening!!!

Pips
  • #5,060
  • Jun 13, 2007 9:11am Jun 13, 2007 9:11am
Quoting pips4uandme
This is extremely important when trading divergence. Just wanted everyone to read it again....Wait for confirmation of price failure (don't just trade the divergence: during a trend, divergence can last a very very very long time.) Pay attention to Divergence, Plan how to trade it, & take action when the signs present themselves via MKT. RHYTHM and Price action.

Time to stop being annoying...

Have a great day everyone!! Enjoy the beautiful day/evening!!!

Pips
Thanks again, Pips, i always learn from you(so does my dog). You opened my eyes to this divergence concept, just look at the usd/chf. what do you think? (Trendlines may not be right)
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