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4 Hour Strategy (MACD)

  • #5,681
  • Jul 9, 2007 5:22pm Jul 9, 2007 5:22pm
Clean your room up? What do you mean?

Anyone heard from Donna or Tamkras???
  • #5,682
  • Jul 10, 2007 1:34am Jul 10, 2007 1:34am
Thank you Phillip and thank you everybody.
Yesterday I got 4 gains in a row.
EUR/CHF +13.4
USD/JPY +13
USD/CAD +24.5
AUD/USD +12.5 right now.

Total 63.4 pips in a day.

I joust closed my positions a bit early because of I was scared. But 4 gains are 4 gains.
Great!
  • #5,683
  • Edited 3:50am Jul 10, 2007 3:05am | Edited 3:50am
Hi Phillip and all,

Greetings from Singapore!
Here is my interpretation for EUR/USD for today.
I hope to have inputs from fellow traders out there to sharpen my skills on technical analysis and using Phillip's 4hr MACD.

In summary,
> Long position @ 1.3614, based on candle stick, MACD reversal from zero
> Stop-Loss: 1.595 (Expect support at 1.3600)
> Target Price: 1.3652 (Weekly Resistance)

regards



Hit at GMT 0800 bar! Just the next bar after trading!
Phillip! Your strategy about Market Rhythm / Emotion really works!
Thank you for sharing!
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  • #5,684
  • Jul 10, 2007 6:10am Jul 10, 2007 6:10am
hello anyone looking at swissy for a possible break out of the triangle in the near future.what do you think will be the direction since the trend is short right now. all comments welcome.
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TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #5,685
  • Jul 10, 2007 6:46am Jul 10, 2007 6:46am
Hi Bil2205,

Yes I'm looking at Swissy, and yes I too i'm seeing a triangle.

The trend is down, according to the rules - or by just looking at it!

There was a TC on Macd, but a big down candle (8h-12h) and with big SL (60 pips) and Tp would be around 1,2100 (20 pips), i'm staying away...as usual...

No clue on the direction. I guess it will break down if eur also breaks above the recent (historical) highs. But I wouldn't be surprised on a move backwards (up on swissy and down on eur).

MD
  • #5,686
  • Jul 10, 2007 10:48am Jul 10, 2007 10:48am
Quoting Palmer
Clean your room up? What do you mean?

Anyone heard from Donna or Tamkras???
Hey, Palmer, I am still here. But I've been busy recently working with a nice group of fellow traders. We are all doing fine. Traded dollaryen recently in accordance with the plan. Price has stalled recently but here we go, we're on target. I provided many signs of the dollaryen reversal on FF MACD forum including a detailed analysis, so, hopefully, someone took the big opportunity. I do not forget this wonderful forum and will come from time to time with my thoughts. Good luck. Tamara
  • #5,687
  • Jul 10, 2007 11:12am Jul 10, 2007 11:12am
Quoting Palmer
Clean your room up? What do you mean?

Anyone heard from Donna or Tamkras???
yes,my room Palmer, your chart is perfect . Great post btw. Thanks
  • #5,688
  • Jul 10, 2007 11:31am Jul 10, 2007 11:31am
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  • #5,689
  • Jul 10, 2007 1:14pm Jul 10, 2007 1:14pm
Quoting Phillip Nel
If I could I will most definetley be able to support myself. I have old people that I am looking after and dont want to take the risk to go full time yet.
Phillip, I think it is great you are watching after your parents (of which I assume you are talking about). It’s understandable why you can’t trade full-time right now.

In the very first post of this thread, you said you would not go live until you found a system that works. So are you trading live now? If so, are you making good money for the limited amount of time that your are trading (since you are not trading full time yet)?

We all appreciate the help you are giving us here. Keep up the good work.
"Trading is a mental sport." - Ziad Masri
  • #5,690
  • Jul 10, 2007 1:30pm Jul 10, 2007 1:30pm
I am looking at my inlaws. I had some trouble with my brokers when I wanted to withdraw money. They had some cash problems. Luckily I got my money out except for $250. Currently exploring InterbankFx as possible broker. May be you people on this thread can give me some feedback on InterbankFx.

I am averaging 100-150 pips a month.
  • #5,691
  • Jul 10, 2007 1:47pm Jul 10, 2007 1:47pm
Quoting Phillip Nel
I am looking at my inlaws. I had some trouble with my brokers when I wanted to withdraw money. They had some cash problems. Luckily I got my money out except for $250. Currently exploring InterbankFx as possible broker. May be you people on this thread can give me some feedback on InterbankFx.

I am averaging 100-150 pips a month.
I don't know InterbankFX but I like AC Markets, Oanda and FXCM (Despite some bad opinions at this page)
Best wishes Phillip with your new broker!
  • #5,692
  • Jul 10, 2007 1:51pm Jul 10, 2007 1:51pm
interbankfx is ok,, regulated under NFA,,but they have some issue with spread,,sometimes the spreads get bigger when the news came,, or hectic time
  • #5,693
  • Jul 10, 2007 2:20pm Jul 10, 2007 2:20pm
Quoting Phillip Nel
I am looking at my inlaws. I had some trouble with my brokers when I wanted to withdraw money. They had some cash problems. Luckily I got my money out except for $250. Currently exploring InterbankFx as possible broker. May be you people on this thread can give me some feedback on InterbankFx.

I am averaging 100-150 pips a month.
I think that finding an honest broker with all the good conditions is quiet difficult and depends on the person preferences. I dealt with many brokers and have many live accounts.

I think that the one that has the best policy and honest features is Oanda. Cause you can start with any amount of money, one of the smallest spread in the market (Would widen a lot during news release but just for few seconds), continues interest while up to the second while you hold your trades, you can trade any amount you want and many other options. They have an excellent reutation in the market.

Interbank is good enough, with the option to fill your account with your CC (8$ charges).

FXCM has lot of bad feedbacks. They have many changes in their policy so they may be better now. You can fill your account with a CC for no charges, good live support, but beware some odd spikes ( I suffered few hundreds $ losses from a spike none of other live brokers had once!)

For bigger accounts, you can check with Dukascopy or MB trading, they have a good reputation.

I can advise yoiu to check feedbacks at forexbastards. It may help you take a good decision.

Wish a happy trading,

Hani
  • #5,694
  • Jul 10, 2007 2:31pm Jul 10, 2007 2:31pm
Quoting Phillip Nel
I am looking at my inlaws. I had some trouble with my brokers when I wanted to withdraw money. They had some cash problems. Luckily I got my money out except for $250. Currently exploring InterbankFx as possible broker. May be you people on this thread can give me some feedback on InterbankFx.

I am averaging 100-150 pips a month.
Ok I did not read well the request and gave a general answer.

My experience with InterbankFX is that they are honest but they had many fault they did with me in 2006. Many server down and some unexplained spikes but they fixed all affected accounts later on. They changed later their policy to non dealing desk and upgraded their servers so they are down less frequently.

They have a changing spread when the market is volatile, and in general their spread is not the most competitive one.

They are creating a reward card that would give you back some of the spread, and a CC for withdrawal (Only available to US for now) and that may be interesting and incentive me to trade back with them when these feature would be available for all.

You may try them with a small amount to test their service (Starting with 500$ and they provide micro lots to trade)

Hope this will help,

Hani
  • #5,695
  • Jul 10, 2007 3:57pm Jul 10, 2007 3:57pm
Hi Phillip,

Interbankfx:
I can only confirm what has been said here: they seem to be ok (for a broker i mean...), they have credit card funding which is very rapid (you can setup an account and fund it in 24h), but they widen the spread during news releases. As far as SL hunting spikes...i've not seen that much, but i wouldn't be 100% sure. And, of course, they have a MT4 platform

Other brokers:
For those that do not require MT4, I was recommended interactivebrokers (I am not a customer of theirs). Browsing their site, I understood they have small spreads, but they charge a comission per trade (2.5 USD minimum), but if the spread charge is larger than that, then it is only the spread. And if one trades full lots that minimum never applies, I believe. The downside is that they seem to require a minimum of 25000USD account for FX. But you can trade all sort of financial instruments from the same account.

Regards

MD
  • #5,696
  • Jul 10, 2007 4:41pm Jul 10, 2007 4:41pm
Quoting Phillip Nel
I am looking at my inlaws. I had some trouble with my brokers when I wanted to withdraw money. They had some cash problems. Luckily I got my money out except for $250. Currently exploring InterbankFx as possible broker. May be you people on this thread can give me some feedback on InterbankFx.

I am averaging 100-150 pips a month.
Hi Phillip,Thank you again for all that you do to help us be better traders. I have had a few bad experiences(one too many) with FXCM so i switched to interbankfx, no problems except as was mentioned wherenthey increace spreads when there is news approaching. Thanks for the week advance that you did, you sure called the $jpy right, went way past the 200. I made a few pips. Good luck
  • #5,697
  • Jul 10, 2007 6:33pm Jul 10, 2007 6:33pm
Quoting Phillip Nel
I am looking at my inlaws. I had some trouble with my brokers when I wanted to withdraw money. They had some cash problems. Luckily I got my money out except for $250. Currently exploring InterbankFx as possible broker. May be you people on this thread can give me some feedback on InterbankFx.

I am averaging 100-150 pips a month.
I don't know if anyone has tried Northfinance? Is it a good broker as well?
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #5,698
  • Jul 10, 2007 7:50pm Jul 10, 2007 7:50pm
Quoting deforexit
Just a question: if you are into a trade (for example EUR/USD) do you enter an other trend (for example USD/CHF), after a MACD signal obviously?
Today I was EUR/USD long (for a "trend continous") and USD/CHF short (for a "Zero bounce") and I had been stopped two times. Total -92 pips!!!
Thank you for answer
Hi deforexit,

Don't know if this has been answered already (I'm making my way through the older posts that I hadn't read yet while on my mini-holiday from the market)....

You are doubling up your risk when you trade opposite directions of E/U and U/C...they are very closely negatively coorelated (even though the pip movement amounts aren't 1:1 and the pip values are different too). Personally, I think you are better off focusing your attention on E/U or Swissy. Then maximize your trade in that 1 pair instead of spreading your risk between 2. It's easier to manage 1 open trade than multiples, and it is psychologically easier to take a loss on 1 currency pair than 2. Just my opinion....(which is Not to trade both @ the same time in different directions; choose 1 and focus on it).

Happy trading,
Pips
  • #5,699
  • Jul 10, 2007 7:59pm Jul 10, 2007 7:59pm
Quoting mikewong
hey man,

thanks for the great encouragement and feedback.

are you kidding me? trading live with real money...it's just over a month since i've 'gone' into forex. been demoing for almost a month and learnt really serious lessons ...2 margin calls, putting trades without stoploss, impatience, emotional ....you know all the psychology stuff...

yeah i wasn't sure about the rest of the pairs...none gave signal when i was analysing the live charts earlier...only USD/CAD...all 3 lots have been closed...1st was auto - 1st TP, 2nd was the highest ...somehow i just thought it wouldnt hit the 2nd TP (too high) and lastly the 3rd , i changed my stop loss higher and managed another 20 odd pips...

i liked this system as it proved easy to understand and execute...only thing that it has many discretionary add-ons...like fibs, channels etc...which i want to understand them one by one...taking a step by step learn and demo trade at the same time. well for at least 6 months and until i have at least understood and practiced proper money mgmt , discipline and techniques b4 going in micro.

i'll definitely post 'live demo' trades as n when i spot one and hope to learn from experienced traders like you and phillip. actually i seriously want to learn! i'm sure many others here are great...will get to know each and everyone at a time.

hey but thanks a lot for the encouragement and advise...really appreciate it! cheers.

Be happy trading!
Mike

p.s by the way, what's TL, TC and RB?
Hi Mike!

Thanks for giving me an answer that makes me smile! Glad you are approaching this the right way and not risking your hard earned money until you have the basics mastered!!

TL = Trendline
TC = Trend Continuation (MACD signal)
RB = Round Bottom (MACD signal)

Also:

To Ira, Ellipses, Bil2205 MD27, Mister Ed, Digital Dean:

This is to commend you all on the posts regarding the frustrations of trading and the evolution of trader's psychology! What great posts!! You would be hard pressed not to find a trader who hasn't gone through exactly the same emotions and frustrations! Funny how similar the path to trading well is! & it is so interesting how the journey to obtain technical prowess teaches us about ourselves as people. The growth of self occurs in conjunction with the growth of trading ability. Truly an amazing journey of self-discovery along with the means of self-reliance. & the best part, is the journey to self doesn't end. The market continually makes you look within yourself to see your strengths and weaknessess and (hopefully) makes you a stronger, kinder, more patient and disciplined person.

Thanks for sharing your feelings and discoveries! You guys are all on the path to greatness!!
  • #5,700
  • Jul 10, 2007 8:06pm Jul 10, 2007 8:06pm
Quoting Palmer
I'm not sure why these thoughts occur to me after a post and have to post again 5 minutes later but, either way...

This all has to do with being in touch with the market, the rhythm. I've been picking off pips left and right from the USDJPY the past few weeks because this is the pair that I have been focused on for the past several weeks. It's 'usually' the EUR$ or $Yen. For some reason, I just haven't been 'comfortable' with the EUR$ regardless of the signals the charts were showing. I took a 1 hour Tc from the EUR$ last week and it promptly handed me a loss. I went back over the chart and for some reason I don't even see the signal that got me in in the first place. I'm still learning the 1 hour charts so that's my excuse I guess. The 15min charts and pivots are from another method but when I feel like that the charts are stagnant, if I can get 20 then I'm fine with that. Right now I'm only looking at charts when the hour bar is close to closing. I just don't 'feel it' right now. I'm not even sure what the take home message is with this post...maybe if you aren't in touch with the rhythm then walk away for a while. Basing an entry purely on technicals is only part of the method...OK, the 'sermon' is over.
Hi Palmer!

What a great take home message!! I'm so w/you...If you don't feel it, don't trade it! If you even have the slightest "forced" feeling...walk away...or can't figure out your move...wait a bit! I find that I trade really well when I'm in harmony with myself (everything seems easy, not tired, not having to trade)...but when I feel "icky", or grouchy, tired or stressed, my trades stink! Think I morph trade signals and levels to reflect the poor state of mind and choose unwisely. The market shows you what you want it to...but a stinking thinking attitude leads to stinking trades! Just my take....
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