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4 Hour Strategy (MACD)

  • #5,561
  • Jul 2, 2007 11:09pm Jul 2, 2007 11:09pm
Quoting LordElessar
Thanks Digital!

Well I didn't enter.
I am very sick... can't think very well hehe

I don't know. There few candles showing of indecision The Asian session are to slow til now.

Maybe I will regret don't enter in this pair...

Thanks!
Samuel
Hi Samuel,

Never regret not taking a trade! You may not make pips, but you didn't lose any either. If you are undecided or can't figure out what to do, stay out of the market until it becomes clear. Then pounce!

Nothing lost in Forex, is a great trade too! LOL!

Happy trading (and I hope you are feeling better!)

Pips

PS...this post was to help me too....I like to kick myself for not taking a good trade...especially when it was planned out in advance and I change my mind...but that is different than not knowing for sure how to enter and what direction....that is an emotional/discipline issue!
  • #5,562
  • Jul 3, 2007 1:16am Jul 3, 2007 1:16am
We have finished tapescripting Phillip's summery (13 lessons). I want to thank PIPS, NADIA and SHREEM for taking part in this project, you are great ! And of course Phillip, for producing all this. It's funny how I listened to his lessons again and again and found my recent mistakes. I've done the mistake and then Phillip says don't do this, you should have done that . So, when he says listen, and re-listen, don't take it lightly, because you'll find something useful every time you listen.
I have taken TC signal from 1H a bit late yesterday, but still looked nice. Was 17 pips up and then saw some people talking about reversal, got scared and closed my position. Can you imagine! I didn't even put it to b/e! I didn't trust my plan but someones words. And then I saw how the price went to my TP area and higher, could have easely taken +45. Ok, I treat it as a good lesson, first of all I've taken some pips, and then I must be more confident.
  • #5,563
  • Jul 3, 2007 1:51am Jul 3, 2007 1:51am
Hi Phillip
please I would like now your opinion for Eur/USD from today morning about 8 a.m. (GMT+2) ...is there some candle formation ( 1 and 4 hour graph) ...??? thank Peter
  • #5,564
  • Jul 3, 2007 4:11am Jul 3, 2007 4:11am
Quoting kuky969
Hi Phillip
please I would like now your opinion for Eur/USD from today morning about 8 a.m. (GMT+2) ...is there some candle formation ( 1 and 4 hour graph) ...??? thank Peter
This has allready happened but that is th way to determine it
The MACD gave nice RT with TP at 8EMA as that is the speed of the breakout. 18:25--R:R--OK.
  • #5,565
  • Jul 3, 2007 4:31am Jul 3, 2007 4:31am
Quoting Phillip Nel
This has allready happened but that is th way to determine it
The MACD gave nice RT with TP at 8EMA as that is the speed of the breakout. 18:25--R:R--OK.
It moved 20 pips into profit so im at break even from now on. could be just a trend continuation pattern?

D
  • #5,566
  • Jul 3, 2007 5:38am Jul 3, 2007 5:38am
hi there

I`ve made some calculations about pip values of different currency pairs. If you are interested in this, take a look.

can`t take my eyes of USD/JPY... I guess something gonna happen there

viu
Attached File(s)
File Type: zip pip values.zip   3 KB | 667 downloads
  • #5,567
  • Jul 3, 2007 6:00am Jul 3, 2007 6:00am
Hi Forum Readers,

I have been observing from a distance for quite a while and thought it was about time, that I dropped in and said , "Well done" , Its a credit to so many people to work in one direction , and so harmonously.

I must admit I have been following all of your successes, and losses , and been learning along the way.

I have sort of waivered a little from Phillips rules on the 4 Hour strategy, and have been trading a variation, Instead of only focusing on 2-3 pairs , I have been monitoring the whole 12 pairs.
What I have been doing is running the Macd coloured v104 indicator, which gives varied 15, 30, 45 lines on the Macd, to suit most pairs.
It averages the movement on the desired pair and gives a more averaged distancing between the lines.

I then set the Alert to email function to only send me RT,RB formations on any of the 12 pairs, then I have this forwarded to my mobile by SMS.

I then only take the most probable trades, with the most perfect formations and conditions.

I took 9 trades today between 8 am and 2 pm, so far 3 knocked out for Break even, and 6 set at break even S/L and a combined unrealised pip profit of close to 200 pips.

My humble thanks go out to you great bunch of people, and of course special thanks to Phillip for his unbridelled sence of sharing, his hard earned wisdom is surely appreciated.

Thanks to all involved, Regards Marty.
  • #5,568
  • Jul 3, 2007 7:41am Jul 3, 2007 7:41am
Quoting pips4uandme
Hi Samuel,

Never regret not taking a trade! You may not make pips, but you didn't lose any either. If you are undecided or can't figure out what to do, stay out of the market until it becomes clear. Then pounce!

Nothing lost in Forex, is a great trade too! LOL!

Happy trading (and I hope you are feeling better!)

Pips

PS...this post was to help me too....I like to kick myself for not taking a good trade...especially when it was planned out in advance and I change my mind...but that is different than not knowing for sure how to enter and what direction....that is an emotional/discipline issue!
Hello Pips!
You are right my friend. But now, I am not regrat about not enter in the trade

Well, I am still learning this world of Forex and it's very good to talk with people like you, that have a lot of experience! And sure tha we learn together

I have to lose the fear that I have sometimes. This thing disturb me.

Thanks!
  • #5,569
  • Jul 3, 2007 8:50am Jul 3, 2007 8:50am
Quoting LordElessar
Hello Pips!
You are right my friend. But now, I am not regrat about not enter in the trade

Well, I am still learning this world of Forex and it's very good to talk with people like you, that have a lot of experience! And sure tha we learn together

I have to lose the fear that I have sometimes. This thing disturb me.

Thanks!
Dont worry you are not alone. I am gg to do what the senior traders suggested. write dwn my thoughts and i see how the price pans out esp gg into the 1hr.

Previously i only analysed the charts over the wkend and the direction/trades i planned to take (4hrs only).
  • #5,570
  • Edited 9:22am Jul 3, 2007 8:57am | Edited 9:22am
Hello,

I came across to this thread six months ago and just couldn't hold on to follow it. For the past three months, I have been learning the rhythm of the forex movement from a teacher who has studied the Chinese stock market for around six years. ( I am from China). It is surprising that the method I am studying is very simular to the one developed here, but this one is with more precise risk management and better technology. I like your passion for development a better skill and the way you all are devoted to this thread and the atmosphere created by the people here around

To enchance my understanding of this methodology and with a desire to combine this method into my trading strategy, I started to read from the very beginning and take notes on each figure and have benefited a lot.

Many thanks go to Phillip, Pips, Digital and Palmer and rest of you all.
  • #5,571
  • Jul 3, 2007 9:26am Jul 3, 2007 9:26am
EURUSD stopped out at +1 pip.

Lets see if a TC signal is given and where price may be at that time.

-D-
  • #5,572
  • Jul 3, 2007 10:15am Jul 3, 2007 10:15am
Thanks to Digitaldean, Doji Star, and Pips4uandme for your very helpful suggestions regarding successful backtesting of this system. I'm using all to assist me with this. And thanks to everyone who posts their trades, tips, indicators, etc. I hope I can be as helpful some day.

By the way, I have noticed that some of the best traders of this method are women. No offense to us men, but it seems they are able to 'see past the numbers' and enter the flow of the market more easily. I am a somewhat experienced trader (3 years) but for the first time I am beginning to understand the importance of the rhythm of the market flow, mostly because Phillip has emphasized it heavily, but also because of the helpful posts of Pips4uandme and Tamkras.

Maybe I need some sensitivity training......http://www.forexfactory.com/images/icons/icon12.gif


Richard
  • #5,573
  • Jul 3, 2007 10:34am Jul 3, 2007 10:34am

hey phillip nel and everyone in forex factory,

thanks for sharing your system , phillip!
i'm pretty new to forex and reading quite a lot of books at the same time working on systems to familiarise myself.

Found your system to simple to understand and use. Today is the first time i actually used your system. You've got a huge following going on here...i have to admit...i've not read every single post..but i probably will...

And here's the trade i did earlier using your system. If you guys don't mind , could you give some feedback over the trade and offer some opinions and tips on this?

USD/CAD
Long I was watching all the other pairs but none gave a good entry sign except the USD/CAD. I'm basically not confident about the rest as my chart reading skills are pretty much zilch. Anyway, i saw entry when the MACD formed a higher low .

I went in @ 1.0572 with 3 lots. Set stop loss at support of 1.0527 (roughly 50 pips). First target profit level 1.0603 (21EMA) , target profit 2 @ 1.0663 (89EMA) and lastly TP 3 @ resistance of 1.0746.

Ok. After about 2 1/2 hours , TP 1 has been hit and I closed another position @ 1.0620. I know this is against the rule but somehow i realized my profit targets are a little too high ? (is there some sort of way to count the TPs?) i changed my final TP down to 1.0663 from 1.0746.

Overall, pips earned
lot 1 = +31 pips
lot 2 = +48 pips total 79 pips. and one not closed.

please love your feedback on how i went on that trade.

some questions?
1. is this method somewhat a little discretionary at times? ie we go against the trend but we just read what the MACD patterns?

2. 5 MAs ...actually are the MAs a profit target point? and in the manual it there is something about 89EMA and 21EMA price crossing and pullback. Could someone explain this further?

3. Indicator settings? For MACD and MAs do we use Closing? Opening? High? Low? Weighted Avg? I used closing for mine.

4.Timeframe limitations? Philip mentioned times of 1700, 2100 and 0100 (GMT +2) is that a personal choice or it is a rule of the system? The trade above was about 1500 (GMT +2)

All your feedbacks and opinions are kindly appreciated. Thank you in advance.

Happy trading Mike from KL

Attached File(s)
File Type: doc USDCADmacdsys3jul.doc   39 KB | 715 downloads
  • #5,574
  • Jul 3, 2007 10:38am Jul 3, 2007 10:38am
Ohh yes!

At 0:00 EST there was a very god signal in USD/CAD.

A very good higher low. But i did not entered. It was a mistake cause, it moved 80 pips :/

Well. Next time I enter.
  • #5,575
  • Edited 11:16am Jul 3, 2007 10:48am | Edited 11:16am
Hello everyone. Its nice to see a lot new people posting on this forum.More people to hear my blabbering !!!!!. YOu guys have found the best place to learn. and teach at the same time. learn by your mistakes and teach others by them too!!! . hopefully there will be more learning and less mistakes.Anyways( u see what i mean by blabbering) .Sorry guys not much sleep today.

Euro seems to be playing around a little bit. taking a breather after a long run. the daily pivot at 1.3595 turned out to be a strong support also current candle sitting at 8ma also acting as support. However there is a trend line from recent candles at 1.3630 . Price did break the steep upward channel making room for more rythem and flow , rather than a steep up move. Also a morning star in the making. And candles show the emotion of the market. Let them all be your guide. the candles/ MA/ macd and help you make a wise decision. figure out your odds and R:R before u pull the trigger.
Good luck.
Nadia.

Please share your take on Euro. thanks
Attached Image (click to enlarge)
Click to Enlarge Name: euro.jpg Size: 55 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,576
  • Jul 3, 2007 11:43am Jul 3, 2007 11:43am
Quoting Richard7
Thanks to Digitaldean, Doji Star, and Pips4uandme for your very helpful suggestions regarding successful backtesting of this system. I'm using all to assist me with this. And thanks to everyone who posts their trades, tips, indicators, etc. I hope I can be as helpful some day.

By the way, I have noticed that some of the best traders of this method are women. No offense to us men, but it seems they are able to 'see past the numbers' and enter the flow of the market more easily. I am a somewhat experienced trader (3 years) but for the first time I am beginning to understand the importance of the rhythm of the market flow, mostly because Phillip has emphasized it heavily, but also because of the helpful posts of Pips4uandme and Tamkras.

Maybe I need some sensitivity training......http://www.forexfactory.com/images/icons/icon12.gif


Richard
....sensitivity training!! . Hey...I think we are just good at analyzing the market and seeing what is there! Remember, I lose money when I use my intuitive abilities (hehe). Maybe we plan well too, eh?

I too am surprised at the number of women traders on this forum, as I have always been amazed how few of us are represented in the trading ranks.

Palmer really has the motion down too...and he's a he... ...O'zeeke too....

Have a great 4th all USA people!!! Everyone else, happy trading!!!!

Talk to you later,
Pips
  • #5,577
  • Jul 3, 2007 11:55am Jul 3, 2007 11:55am
Info
Attached File(s)
File Type: zip Daily Wrapup 03July2007.zip   751 KB | 1,264 downloads
  • #5,578
  • Jul 3, 2007 11:57am Jul 3, 2007 11:57am
Quoting mikewong

hey phillip nel and everyone in forex factory,




thanks for sharing your system , phillip!
i'm pretty new to forex and reading quite a lot of books at the same time working on systems to familiarise myself.


Found your system to simple to understand and use. Today is the first time i actually used your system. You've got a huge following going on here...i have to admit...i've not read every single post..but i probably will...


And here's the trade i did earlier using your system. If you guys don't mind , could you give some feedback over the trade and offer some opinions and tips on this?


USD/CAD
Long I was watching all the other pairs but none gave a good entry sign except the USD/CAD. I'm basically not confident about the rest as my chart reading skills are pretty much zilch. Anyway, i saw entry when the MACD formed a higher low .


I went in @ 1.0572 with 3 lots. Set stop loss at support of 1.0527 (roughly 50 pips). First target profit level 1.0603 (21EMA) , target profit 2 @ 1.0663 (89EMA) and lastly TP 3 @ resistance of 1.0746.


Ok. After about 2 1/2 hours , TP 1 has been hit and I closed another position @ 1.0620. I know this is against the rule but somehow i realized my profit targets are a little too high ? (is there some sort of way to count the TPs?) i changed my final TP down to 1.0663 from 1.0746.


Overall, pips earned
lot 1 = +31 pips
lot 2 = +48 pips total 79 pips. and one not closed.


please love your feedback on how i went on that trade.


some questions?
1. is this method somewhat a little discretionary at times? ie we go against the trend but we just read what the MACD patterns?


2. 5 MAs ...actually are the MAs a profit target point? and in the manual it there is something about 89EMA and 21EMA price crossing and pullback. Could someone explain this further?


3. Indicator settings? For MACD and MAs do we use Closing? Opening? High? Low? Weighted Avg? I used closing for mine.


4.Timeframe limitations? Philip mentioned times of 1700, 2100 and 0100 (GMT +2) is that a personal choice or it is a rule of the system? The trade above was about 1500 (GMT +2)


All your feedbacks and opinions are kindly appreciated. Thank you in advance.



Happy trading Mike from KL

Hi Mike,

This post is deadly serious!! You must read the forum and practice before trading live! Your trade on CAD was GREAT! & you did a really nice job with it....Congrats on the pips!

This method is always discretionary. You need to analyze the chart using your perfered method of finding S & R. Also, identification of TL....

When counter-trend trading (i.e. going long on cad)....you want to be less aggressive w/your initial profit targets and protect profit early (have you moved your last position to break even?)....You seem to have a good understanding of the market rhythm....That is AWESOME!!!!
Once you have protected profit, or moved to BE, you have positioned yourself for a further move or break out.

The settings are applied to close and the initial times were when Philip traded b/c of his schedule.

OK....I really want to encourage you to continue trading, but you absolutely have to demo trade first. Please tell me I have misread the post, and you are demo trading. You need to figure out how you will determine your support/resistance zones; How you will place your stops (which must be outside of support rather than on support). Your support lines/resistance lines will provide you with TP's in addition to the MA's. Some traders use pivots, Inside tops, fibs, etc. You have to figure out what works for you. We also analyze the emotion in the market via candlesticks. Look at price movement and then confirm w/the MACD. PLEASE read through the thread to get a feel for the system, listening to all of Phillips MP3's posted on pages 289 and 290.

USD/CAD is difficult to trade b/c it will give you a really nice RB only to turn into a TC around the 0800 GMT candle. I call it the fakey....and CAD is great at it!! Looks like a double bottom has formed, and price very well could be going to the 89....especially w/Canada's Independence day over the weekend and ours tomorrow ....the volume is thin in trading....

Hope this post is helpful to you....You really did great!! Please take your time and practice trading before using real money. It seems very easy....but it is amazing how fast one can blow through their first account.

Wishing you all the best in your trading education,

Pips
  • #5,579
  • Jul 3, 2007 12:11pm Jul 3, 2007 12:11pm
Quoting pips4uandme
....sensitivity training!! . Hey...I think we are just good at analyzing the market and seeing what is there! Remember, I lose money when I use my intuitive abilities (hehe). Maybe we plan well too, eh?

I too am surprised at the number of women traders on this forum, as I have always been amazed how few of us are represented in the trading ranks.

Palmer really has the motion down too...and he's a he... ...O'zeeke too....

Have a great 4th all USA people!!! Everyone else, happy trading!!!!

Talk to you later,
Pips
No slight intended toward your obviously superior analytical skill! The point of course, is that trading is a lot more than plugging a formula into the computer. How do I know? Been there done that.

By the way, you are right; Palmer, O'Zeeke, and others are catching the motion of the market nicely. Even that Richard7 guy managed to catch pips on the EU both north and south in the last 24 hours. There's hope for us all. Now let's all hold hands and sing....


R
  • #5,580
  • Jul 3, 2007 12:20pm Jul 3, 2007 12:20pm
Hi Phillip,

I'm new to this thread, so I haven't read the entire thing yet, but I would like to know... do you trade full-time? If not, then COULD you go full-time and support yourself on your trading if you wanted to?
"Trading is a mental sport." - Ziad Masri
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