4 Hour Strategy (MACD)

Hi,

from my point of view one could go short in Loonie.

Price went through MA80, broke a daily Trendline and the MACD gives a round top.
Action: Short
TP: between EMA8 and EMA21=> 55 pips
SL: 35 pips
MACD: Round top
Price movement: Price above MA80 and is going to EMA21 in normal
conditions.

Yes I took this trade (USD/CAD) but it's a dodgy one because yesterday's upward move was the biggest it has made for some time. It may have been too far too fast and if so, all well and good for this trade, but pretty much everything is struggling against the dollar at the moment. Who know's why?

You mention the fact that it broke through daily trendline resistance but what does that say if done convincingly?

As I speak my trade is 20 pips adrift and I'm thinking of closing it. In any case, I have made my pips for the week. This was just a play. Small lots. Just can't seem to keep away.

Price is above 200SMA. It made long tail below 200 and then closed above it. Current candle has found support on 200SMA. Bit risky I would say.
Phillip

Here is one more beauty of Market Rhythm on EUR/USD - price went through 89MA, tested 21 and went down as it was planned . Look at the beautiful RT the price has formed. Yes, I didn't wait for the 4h candle to close too and took it earlier with 1h conformation. Nadia, it looks like we think in one way . Great!!! So, we were at our best this week.
Have nice weekend everybody. I will be absent next week, so work good .

Info

Hi,

I just listened to '1 Hour Strategy.mp3'. A pdf is mentioned. I was not able to find it in the overview of the attachments. Could someone please point me to to it, or post the pdf again.

Thanks,

FP

Hello dear Phillip! Thanks you for your works, your system is fine............
I read all documents on your system in current of 2 months, my favourite pair GBP/JPY....., but with this system there there are greater stops, I have decided to try on 15 min, look that, for two days than 900 pips more.......

Mega thanks OLDDOG (for copy wordpad mp3)

Sorry for my bad english

Alex III

Zip file

Here you are, Alex III, and enjoy.

Hi Nipper,

Well, this is not the correct pdf I think, because Phill mentions circles etc. to point to certain levels.

Thanks anyway.

Anyone else got an idea?

FP

Thanks OLDDOG !!!


Try GPP/JPY for 15 min

OK, I think I know the one now it's post 4063. It's actually a .jpg (not .pdf) that was posted in relation to the mp3

Here's the .jpg

Thank you Nipper. That will be the one.

FP

Hi Alex III & All,

This is a pair I do the same w/using 30 min & 15 min charts w/4 Hour. Have found it to be a very good follower of the market rhythm and very profitable (especially when "heroin" is running fast!!)...(If you've been following the thread, you will remember I call this pair heroin b/c it is so addictive...makes you feel either extremely euphoric or depressed, etc.). I do not recommend this pair or style for anyone who has not practiced it first! G/J moves fast and you can lose quite a bit quickly....and it can take away your trader's confidence if you don't trade it well.

I didn't trade lastnight b/c I'm trying something new...if I make X amount of pips during the week...Take Friday off...boy, of all the day's to start this routine!! Looks like everything went into free fall last night and tons of pips were to be had!! Oh well, I skimmed a couple of hundred off of G/J on thursday afternoon -- just wish I'd left the shorts open (I have a psychological issue with G/J...I will not leave the trade station while trading it (it is impossible for me mentally to trade that pair w/out being there physically)--oh well, I can't complain...oh that old greed, eh? ....

just to explain (this is a method of staying pips positive and ending week on positive note)...if you are up X amount of pips per your goal/plans....why trade Friday? Why risk giving them back and having to keep a position open over the weekend? Especially if you live in a time zone that keeps you up all night? Will have to see if this method works well...you may still find me scalping a few at 5am...? Just my thoughts...but PST is difficult timezone to trade in and maintain a semblance of a normal social life, so taking Friday off is a way of getting to see & play in the daylight a bit earlier....If anyone else trades from this time zone, I'd really be interested in knowing how you manage your time to include normality (please PM me, I don't know if there is a better way, but I'd like to know how others handle it)..thanks..

& If Kappa is reading this....remember your post re:carry trades & how we wouldn't see a drop in G/U until yen pairs unwound? Looks like we are seeing your analysis now! Wow!! Is the world totally Risk Adverse right now??

Hope you all have a great weekend!!!! Time to go play (wow, and I got to sleep last night!! hmmm...worth the trade off?...must learn to use the alarms like Palmer does!)....Nadia/Ira...Nice Job on your +40!! Have fun and be safe next week.

Lastly...Thanks Richard7 for the nice words in yesterday's post...& Yes, I remember the sensitivity training ...Oh..You are soooo bad!! Both you and Palmer are very funny guys and make me laugh while reading. Thanks for that!! Only thing better than Pips in the bank is laughter while trading!

Happy Days All!! See you guys next week.

Pips

PS... O'Zeeke...You are not allowed to answer my time management post b/c I don't see how you are even getting 1 hour of sleep!! My goodness!!! & you are always so "with it."....You are truly amazing! Take it you are very good at setting and walking away? Do you spend time watching market live each day too? Guess You'll have to answer some of my questions...if you feel like it! Yikes!!

I haven't said this for a long time....& it is always in my mind ( I even write in my journal after a good four hour trade plan has been executed and closed....

"Thank you, Phillip!!" Thank you for teaching Market Motion!!! Thank you!!!!

Have a happy weekend!! Hope your camping trip was amazing!!!!!

(here is a stupid question from someone who has never been to Africa....Do you have to be extremely careful of Lions when camping??)....I've done a lot of camping...but only have to contend w/Bears and our Mountain Lions (which are usually people scared)...and snakes sometimes....Ours is easy -- camping in Africa sounds scary!! Sorry....I'm a girl....what do you expect?

Thanks again for everything!!!!! You amaze me!!

Pips

Is this not Just EW stuff or 3 drives to a top or bottom?

http://www.wavechart.com/elliott_wave_definitions.htm

Tell me if these trend lines I put on the chart are good or not please.

I'm not an elliot wave chart person...so, I only know the very basics...

But, I don't think the three little sisters are really an elliot wave pattern....b/c they are short term, nesting w/out valley's. Think it is just a way to easily recognize a pattern that has a probable outcome within the leg or wave...Like in the encyclopedia of chart patterns...each pattern could theoretically be counted in the wave cycle, but the pattern "predicts" or leads one to anticipate a certain directional outcome before the wave completes or after it. So.....the "three little sisters" are a method of visually classifying a pattern...they are akin to thee inside top pattern....deformed head and sholders....etc....

Welcome to the forum....seen many nice posts by you lately!

Wishing you many happy trades,

Pips

Hi Ryanmcd,

Your lines look like great short term support and resistance lines. Trendlines encompass a longer time frame and include all price action. This was a discussion on the forum about 2 months ago (?). To have your line more conservative for a break...some would prefer to use the lowest wick on July 25 to connect w/the wick you started from... Using the A-B-C connect A-C pattern (I think) you might have referred to earlier in the thread.


Have a great weekend!

Time to go play now!!!
Pips

HI ALCASTRO!!!!! I see you on the forum!!! Where is your crystal ball?????



I'll delete this post later.....so it doesn't clutter the forum