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4 Hour Strategy (MACD)

  • #5,241
  • Jun 19, 2007 2:03pm Jun 19, 2007 2:03pm
Can someone please help me with my analysis of this 4 hour euro chart.

I see the following:

1. MACD - above water line and resting below the 0.0015 marker. Looking at it I think it has met resistance and is going to come down towards the W/L.

2. A T/L crosses thru the 89MA and the candle is sitting below the 89 MA and the T/L - I interpret this to be support

3. Todays high is in the 1.3432 area and the candles are resting below T/L

I would really appreciate if someone could please comment my analysis.

Thanks
Lynn
Attached Image
  • #5,242
  • Jun 19, 2007 2:18pm Jun 19, 2007 2:18pm
Hi guys and gals,

I'm posting a planning worksheet that I use to help me think in advance what my trades will look like. I keep the plan in place until the conditions specified are no longer valid.

The sheet helps me from overtrading and from trading on the fly. It may or may not be useful to you as I don't use fibs or pivots....but it may help you discover a method of planning in advance, tracking and reviewing your trades.

Hope it is helpful in sparking ways to keep track of your entry/exit methods. In addition to the worksheet, I keep a journal for each of the pairs that I trade. I note the market conditions in regular intervals to keep a pulse on the rhythm and to reassess my plans that are waiting to be executed

Best,
Pips
Attached File(s)
File Type: doc TRADE PLANNING WORKSHEET.doc   32 KB | 1,382 downloads
  • #5,243
  • Jun 19, 2007 2:30pm Jun 19, 2007 2:30pm
Quoting pips4uandme
Hi guys and gals,

I'm posting a planning worksheet that I use to help me think in advance what my trades will look like. I keep the plan in place until the conditions specified are no longer valid.

The sheet helps me from overtrading and from trading on the fly. It may or may not be useful to you as I don't use fibs or pivots....but it may help you discover a method of planning in advance, tracking and reviewing your trades.

Hope it is helpful in sparking ways to keep track of your entry/exit methods. In addition to the worksheet, I keep a journal for each of the pairs that I trade. I note the market conditions in regular intervals to keep a pulse on the rhythm and to reassess my plans that are waiting to be executed

Best,
Pips

Pips,

excellent document. No wonder you are eating pips like crazy every single week!!!!
  • #5,244
  • Jun 19, 2007 3:01pm Jun 19, 2007 3:01pm
Getting in on the 1hr chart in the 4hr direction:

I got in this trade earlier today an I'm up about 25 or so pips right now...

The 4hr is trending up well and was heading towards the bottom of the current price channel.

The 1hr hour was showing the the same price pattern. Once the MACD gave the green I jumped on in; the vertical line.

As you can see on the 4hr chart the entry, the vertical line, is in the middle of that 4h candle where the 1hr told me to get in (early) before that 4hr candle closed for a Tc signal.

Just stealing a few from the big boys in an otherwise quiet day...
Attached Images
  • #5,245
  • Jun 19, 2007 3:08pm Jun 19, 2007 3:08pm
Lynn:

I see the EUOR$ as 'stuck'....

Three MA's are converging and the price is still hanging around the 50% Fibo #. Since the fundamentals drive the markets, or that's what 'they' say and there is no big eco news this whole week for the USD, and the good ol' stock market has been flat today and yesterday....I see no gas for the EURO$. I'm on the sidelines until things start moving again. I just don't see any fuel for this fire....
Attached Image
  • #5,246
  • Jun 19, 2007 3:31pm Jun 19, 2007 3:31pm
Quoting pips4uandme
Hi guys and gals,

I'm posting a planning worksheet that I use to help me think in advance what my trades will look like. I keep the plan in place until the conditions specified are no longer valid.

The sheet helps me from overtrading and from trading on the fly. It may or may not be useful to you as I don't use fibs or pivots....but it may help you discover a method of planning in advance, tracking and reviewing your trades.

Hope it is helpful in sparking ways to keep track of your entry/exit methods. In addition to the worksheet, I keep a journal for each of the pairs that I trade. I note the market conditions in regular intervals to keep a pulse on the rhythm and to reassess my plans that are waiting to be executed

Best,
Pips
Hi Pips, this looks like just what the doctor ordered, i tend to jump a little too quick and jump out too quick too. Writing out the plan will be like what helped Palmer with his review, instead of just eyeballing it like i doe now.
Thank you Pips!
  • #5,247
  • Jun 19, 2007 3:50pm Jun 19, 2007 3:50pm
Yea, but thats the nicest looking Morning star I have seen in a long time.

Jim
  • #5,248
  • Jun 19, 2007 4:03pm Jun 19, 2007 4:03pm
Quoting hard1head1
Yea, but thats the nicest looking Morning star I have seen in a long time.

Jim
CRAZY EURO !!! MAKE UP YOUR MIND !!!! DIVERGENCE- MA MERGING- MORNING STAR RISING !!!!
sorry guys , had to let it out
happy pipping
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,249
  • Jun 19, 2007 4:22pm Jun 19, 2007 4:22pm
Quoting hard1head1
Yea, but thats the nicest looking Morning star I have seen in a long time.

Jim
So how will you trade it?
  • #5,250
  • Jun 19, 2007 4:48pm Jun 19, 2007 4:48pm
BIL2205 - who the hell is Wallace D. Wattles

Is he made up?
  • #5,251
  • Jun 19, 2007 5:35pm Jun 19, 2007 5:35pm
Quoting Rusty_forexman
BIL2205 - who the hell is Wallace D. Wattles

Is he made up?
He wrote the book " The science of getting rich" on which the bestseller "The secret " is based.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,252
  • Edited 8:12pm Jun 19, 2007 8:10pm | Edited 8:12pm
could someone please direct me to the page with the macd indicator which has different colors. thanks in advance
  • #5,253
  • Jun 19, 2007 8:31pm Jun 19, 2007 8:31pm
Quoting BIL2205
He wrote the book " The science of getting rich" on which the bestseller "The secret " is based.
oh ok sweet
  • #5,254
  • Jun 19, 2007 8:38pm Jun 19, 2007 8:38pm
Hey Rusty Forexman,

Either you're slingin' crack-rock, or you've got a wicked jump-shot. Nobody wants to work for it anymore.



That's aweful....but funny....& do you live in my city?

How'd you ever come up w/that very memorable tag-line?
  • #5,255
  • Jun 19, 2007 9:07pm Jun 19, 2007 9:07pm
Quoting pips4uandme
Hey Rusty Forexman,

Either you're slingin' crack-rock, or you've got a wicked jump-shot. Nobody wants to work for it anymore.



That's aweful....but funny....& do you live in my city?

How'd you ever come up w/that very memorable tag-line?
Its from the movie boiler room - and it instantly struck a chord with me, cause no one does want to work for it anymore! including me.

Im from the Gold Coast in Australia, formerly from Sydney.
  • #5,256
  • Jun 20, 2007 12:14am Jun 20, 2007 12:14am
Hey Guys,

Im from Goldy to, R/Bay to be exact.

Where you @ Rusty ?

Marty.
  • #5,257
  • Jun 20, 2007 4:22am Jun 20, 2007 4:22am
I would greatly appreciate if someone could please look at my chart and tell me if I have the support and resistance drawn at the right areas. This is the euro, daily chart.

Thanks
Lynn
Attached Image
  • #5,258
  • Jun 20, 2007 4:33am Jun 20, 2007 4:33am
Quoting pips4uandme
Hi Ira,

I saw a post earlier saying you were going to "shut-up" until you traded better....

Please do not silence yourself. Nothing is more frustrating than learning to trade!!! Remember the market is surrounded by uncertainty, not complexity, and every trade entered has an uncertain outcome. Just continue to do your analysis and remember what the good set-ups look like. Wait for the good, high probability trades and enter knowing that the odds are in your favor (not a guaranteed win, but more likely to give you results). You are doing excellently (is that a word? )....just don't give up....ever!! Keep practicing and don't add extra indicators onto your chart....just concentrate on support and resistance for now....

& with that, I'll "shut-up."

May the day be shining brightly for you,
Donna
Dear friends, I'm not at a single thought have doubts in Phillip's strategy, I think it's the BEST!!! All I need is more practice, and then I know pips will flow into my account like Amazon river! I just don't want my wrong opinion to influence someones decision. I keep working and backtesting. In my backtesting I had only 4-6 deals in a month, why do I always forget about it and want to trade evryday? For this reason it is very good to use Phillip's 5min strategy, as it gives a chance to trade every day while waiting for proper set-up on 4h.
I am with you friends!
  • #5,259
  • Jun 20, 2007 4:35am Jun 20, 2007 4:35am
Quoting martaroony
Hey Guys,

Im from Goldy to, R/Bay to be exact.

Where you @ Rusty ?

Marty.
crap it is a small world

Paradise waters
  • #5,260
  • Jun 20, 2007 5:16am Jun 20, 2007 5:16am
Hello Pip and everyone,

Attached is the trading plan I filled out, I would greatly appreciate if you can comment on my analysis.

Thanks
Lynn
Attached File(s)
File Type: doc Euro 6-20TRADPLANNINGWORKSHEET-PIP.doc   38 KB | 821 downloads
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