4 Hour Strategy (MACD)

Hello everyone, i hope you all are pipping in one pair or another. I did couple of trades yesterday which i have mixed feelings for. I shorted euro and cable . for euro i took the TC signal from 1600 gmt close candle. I however checked my charts 1:30 hours late so it was a late entry. But still i entered. checked the cable and entered with one hour early entry. So far so good. Now usually i wait for a little retracement to open 2nd lots or open right away. However i got excited when price started falling and opened 2nd lots for both pairs. Let behold after i opened 2nd lots price started to retrace fast. I on the other hand was sweating faster since i have self graduated myself to half of a standard lot from mini. I know people dont really mention size of lots but for me i have slowly moved up so dont mind sharing YET !!!. So my secret Santa calmed me down a little bit( Thankyou). and price started to fall again. Over come with relief/ joy excitement or whatever u wanna call it i closed all 4 lots in profit but a lot earlier than i had planned for and shut down my computer.
So lesson learned ,only trade lots your heart can handle so you can focus on trade and not at the speed your account is vanising infront of you.
Price reached not only my target but way beyond it. So i left a lot of pips on the table.
Only positive lesson was that i am getting better at reading the market for entry . still need to work on exit . My trades were

Euro
1st lot mini Enter @1.3433/ TP @1.3390/ closed @1.3410(+23)
2nd lot half standard Enter @ 1.3425/ TP 1.3405/ closed@ 1.3412(+13)

Cable
1st lot mini enter @ 1.9878 /TP @ 1.9820/ closed @ 1.9844(+34)
2nd lot half standard @1.9861/ TP 1.9834/ closed @ 1.9843(+18)

Now even i made some pips, still not too proud of the way i executed it. but again i am still a NEWBIE
Thanks for listening.
Nadia.

hello again, is anyone else having problem signing into skype today.
thanks.
P.S good to see you again Donna. we were all getting worried here. Saw the GJ chart .WOW. Happy for you. take care.
Nadia.

Hi, Nadia. I have a constant problem with signing into skype.
BTW I think it's time for you to stop calling yourself a newbie, as you are doing great. As for me I had taken counter trend trade on EUR, yes, yes I know... I had some reasons, but the main reason I shouldn't have taken the trade is mentioned above. So it seems like I'm stuck at RB/RT and lost a counter trade friend. I'm very happy for you! Keep up doing great job!!!

Hi Nadia,
I wish ,I 'd have read your post earlier.I am trying to log in to skype for an hour.So it is their problem.
congrat for the trades.
Mike

Hi Gang!

Yep. Me too. I was just logging in here to see if anyone else was having trouble also.

Betsy

Thankyou guys for your support. Hi Ira, I was very tempted to go long on euro and cable. The only reason i did not was because the signal candle on my chart closed too close to 8ma for euro and had already touched it on cable with a tail.
Right now i think there is a tug of war going on between bulls and bears. Euro struggling to stay above the 1.3400 level and cable above 1.9800. macd has a higher low but with so many tails on recent candles i am staying out for now. A wise trader once said thats its harder to preserve your capital than to make it.So dont want to lose what i have made this week. I will let the price decide where it wants to go from here. and then enter.Both pairs have similar tails on daily charts through the 200 SMA. and that can act as support and be a turning point. I will be watching closely. Good luck to you all.
Nadia.

Excellent trades on the GBP and EUR....congrats! Yes price is currently supporting right on the 200SMA on the daily. I connected bottom channel support lines on the lows going back 2 years, Oct 13/06, Mar 10,06 and Feb 27,06 and todays low is right on the 200SMA. So, I agree I think today will be the key turning point. If price closes near to the open of day, we'll have a doji morning star type candle. Will be interesting to see if holds as support or breaks.

Nipper

Anyone enjoying the ride on the yen crosses??? Palmer??? Any idea how low it will go.

Hello Phillip. I want to thank you for all the hard work you've put into this thread. I've been trading this system exclusively for three weeks now and have done quite well with it. However, in doing autopsies on some of my losers, after reviewing the course materials, I realized that I made some serious mistakes in taking counter-trend trades targeting the 21EMA without proper S&R justification behind me. I believe that filtering these trades out in the future will only enhance my win percentage and overall success.

One question I have for you is that I've seen, as this thread has evolved, that peole are using the 1H chart to get an earlier entry signal in cases in which price is trending and pulls back to the 21EMA.

I wanted to ask you if, in your personal trading, you ever take trades based solely on what you're seeing on a chart, without a corresponding MACD entry signal.

For example, just today (Aug. 16), the USDCAD, in a strong uptrend, pulled back to the 365MA, which was just below the 21EMA and the 1.0700 figure.

Additionally, the USDCHF, also in a strong uptrend, pulled back to a triple convergence of the 21EMA, 365MA and the 50% fib retracement of the previous (smaller) up move.

In cases like the two I mentioned, would you ever go ahead and place a long trade, even though MACD is not giving a long entry signal on the 4-hour chart? I guess what I'm asking is whether or not having a 4H MACD signal is always a requirement for entering a trade in your system.

As I said, I know that people are often using the 1H chart for an earlier signal, but would you ever place a trade without a signal from either MACD time frame?

Thank you in advance for your time -- I really appreciate it!

dolar yen will reach 105 i guess!! next couple of week may be sooner if its continue that fast

Mr Nel this is my 4th month i start trading with ur strategy i did a good practice but still learning the mrket emotion every day, and today i discover ur 5 min intraday system and practice it as well with succsses ur a very good teacher ... when i dont have a trade with 4hour i am using 5 min only cable,euro,yen no more


my prays with ur brother philip wish he get well soon!!!

Answer to Pipslayer

You have analized those 2 pairs as reaching strong support which turn out to be 100% correct. I like to go to the 1H timeframe and if the next 1H candle is upwards anough to confirm the support I will enter. If you however comes to Support/Resistance that is confirmed by different indicators and TL and Fib and price level Etc!!!!!!!! you can enter purely on that without MACD signal as that does not happen every day. The advantage is that you can set your stop below Supp and it can be smaller than waiting for the MACD signal to finish on 4H. This is what i call "taking the odds on."
For new traders I will recommend to stick to MACD signal and when strong supp is reached you can change to 1H.

Thanks for all the PM's and messages I received with my brothers illness. I really appreciate it. He unfortunately passed away during the week. The funeral is tommorow, so I will only be back on Sunday.
Phillip

My deepest condolences to you and your family, Phillip.

I can only echo pipslayer - deepest condolences Philip.

So sorry Phillip.

Dear Phillip I present my sincere condolences to you and your family.

Dear Phillip.
I am so sorry for your loss. Please accept my most sincere condolences.
Nadia.

so sorry phillip

Phillip:

We're sorry for your loss Phillip. I'm not really sure if there is anything that we can do for you 'here'...but you and your family will be in our thoughts.

Taking a step back from the charts for a while. It's been one hell of a week, gotta let it all sink in....

Thanks again Phillip.