4 Hour Strategy (MACD)

Quoting Phillip Nel

Disliked

Thanks for the feedback. It helps when it comes from someone else. The new ones to forex trading might suffer a bit to get the whole concept, but once you have it, you will only benefit.
Thanks Richard

Ignored

Quoting Richard7

Disliked

At the request of a more experienced member of this forum, I am going to give some periodic updates regarding my study of the thread and aaaaaalllllllllllll of it's material.

First let me say that I am an experienced forex trader, mostly news and short term trading (scalping). Although somewhat successful, I was looking for more of a swing type method to compliment my existing strategies, and here I am. One thing I really like about this style is the fact that I can use my existing skills and add them to what is taught here. I don't have to 'forget what you've learned before and do it our way' and only take the signal when the XYZ indicator crosses the time warp thingy(!!!). This system is based primarily on price action, and although indicator based systems are doomed to fail sooner or later, price action will be around as long as you have fingers to type in the orders.

So, having said that, my report this week is that I have reached page 288, post #4306 in my read through of the thread. This is so massive now that a systematic approach must be taken, and I have decided to read it all first, noting what I consider to be the important posts or documents to go over again later, then review those after I'm done. By the way, the read through isn't a cursory skim of everything; I am listening to every mp3 and reading all documents attached as well as every post, so this is taking quite some time. While doing this, I read the latest posts just to keep up, and oh yeah, since a good part of my living comes from trading, I'm actually spending some time doing that too. Very little in the way of 4H trading, just my usual stuff for now. So my study time is somewhat limited by that and also by those three little boys running around here. Yes, I have a life, just another reason to learn this style and unchain myself from the computer.

When I finish the read through, I will begin backtesting in earnest to get a firm handle on how price interacts with the moving averages and MACD signals, and I will go back and study the 'important' material that I have noted. When I have done that, I will be ready to trade this.

This post is quite long I know, but it's my hope that this will be helpful and an encouragement to those who come across this method, like what they see, but don't know what to do or wonder if the time commitment is worth it. It is worth it. If you are a new trader, there are no shorcuts, you must go through it all and learn it. If you have some experience but it hasn't come together and stayed together, here's the glue, apply it liberally.


Thanks and I hope this is helpful to some one,
Richard

Ignored

Quoting Ryanmcd

Disliked

True as everyone is looking for a when this and this happens trade, it's not like that and never will be. You have to use your brain and learn and keep cool. Also Phillip did you close that trade out?

Ignored

Quoting Phillip Nel

Disliked

EurUsd. Yes I did close at 1.3650. Could not follow it down to 200SMA as I was at work and no internet. Hope you got some pips to. My broadband is down so I am on mobil and very slow.

Ignored

Quoting Ryanmcd

Disliked

Not sure what to do here so I am going to stay out. It looks like it's getting pushed up by the tails but the trend on the 89 says down 200 says up. Getting mixed signals. Anyone care to add anything? If I had a gun to my head I would say a low risk long.

Ignored

Quoting BIL2205

Disliked

Hello everyone. I took this trade last night for a euro short. ...but when i wake up now at 4 am. i see a spinner and a higher low on macd. so i decided to close at -4. not Because of panic but i had in mind that if by 4am profit target not hit then close trade as close to my open price as possible.Also bec interest rate statement coming out.

Ignored

Quoting zunk

Disliked

Thanks for showing me what I did wrong. My next step will definitely be reading those lessons. I suppose I will find the other ones while crawling the thread!

I got to go to the bed now, I will read what you've replyed with again and probably get what you're saying even better!


Those lessons should really be added to the first page! I think a moderator will change the First Page for you Phillip Nel, if you ask =)

Thanks again OldDog

Ignored

Quoting OldDog

Disliked

For those who haven't come across it yet or have overlooked it, I recommend downloading Phillip's "Exercise for MACD," on page 10, post 143. I've printed it out and keep it at the table where I eat so that I can go over it from time to time.

Ignored