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4 Hour Strategy (MACD)

  • #6,521
  • Aug 29, 2007 5:28am Aug 29, 2007 5:28am
Hi,

I am new to this thread and very interested in the topic. Indeed i have traded with a gain with the idea of this system.

Pls comment whether i am right or wrong in the current EUR level. It's seems the trendline will break through as MACD is turning green and there's a good support at 89 EMA and Fib level. Test 200 MA again?
Attached Image (click to enlarge)
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  • #6,522
  • Aug 29, 2007 7:06am Aug 29, 2007 7:06am
dondon:

It looks like you are GMT+2, I've got the same set-up working on the EUR$ as well. BUT, with the current candle and current price, if the candle were to close now based on the low, you would have to have at least about a 60 pip stop loss and the target 200 ma is about 50 pips away. That would be a large stop and the R:R isn't there. In these cases, if I still feel it's a good signla I may put in a limit order but one that's way down there like 30 pips or so. It may not get hit or I'll cancel the order if I see things changing. You've got the right idea but the candle range may be too high.

The $yen gave a nice counter trend trade to the upside. this pair made my week already and may just take it easy for the rest of the week....and work on the website some more.

Remember that Monday is a holiday in the states so Thurs and Friday may be a little thin if people start leaving for vacations early....
  • #6,523
  • Aug 29, 2007 7:07am Aug 29, 2007 7:07am
oh yeah...is it me or has the recent change here at the FF made charts look a little less clear when they are posted??? They look different for some reason.
  • #6,524
  • Edited 7:25am Aug 29, 2007 7:21am | Edited 7:25am
Palmer wrote:

"oh yeah...is it me or has the recent change here at the FF made charts look a little less clear when they are posted??? They look different for some reason."

Nah , its just you.

Hehehhe, just kidding , I thought Id put the 3 D glasses on by mistake.

Hey guys hows this for a ripper of a days trading, got signals on 11 of my 12 currencies, all accept Usd/Chf, which signaled very weakly last night 2.00am.

4 entered, 2.00pm, 7 entered 6.00pm, all closed by 9.00pm ,

Results:
1 break even.
2 manual close (didnt want to take any losses)
8 Tp's hit.

Gotta love that. Its made my week.

Marty.
  • #6,525
  • Aug 29, 2007 7:26am Aug 29, 2007 7:26am
Quoting Alex III
Dear sirs ! Can you translate this mp3 file In a text format...


I shall be very grateful..............
I will certainly do it but not tonight, as I have a birthday party , and there is a lot of work. All will be done by the end of this week, I'll post everything in one word document.
  • #6,526
  • Aug 29, 2007 7:37am Aug 29, 2007 7:37am
Quoting ira
I will certainly do it but not tonight, as I have a birthday party , and there is a lot of work. All will be done by the end of this week, I'll post everything in one word document.
Hi ira . it will be a lot of work, how about we split it. I will take the first 3 tracks and u can take the second half.Then you can compile in one word document if you want. Enjoy the birthday.!!!.

P.S.
OLD DOG i have been meaning to offer to type up daily wrap up by Phillip. So after this is done ,by next week i guess. i will Pm you when i can type up the wrap up, so there is no confusion . We all really appreciate the time and effort you put in.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #6,527
  • Aug 29, 2007 7:46am Aug 29, 2007 7:46am
For the brace sole I am. :-)
Entered: 114.40
Stop loss is at BE
Bounced off the 200 while sleeping, but I think may test again.
I may just let this one run to see what happens.
  • #6,528
  • Aug 29, 2007 7:53am Aug 29, 2007 7:53am
  •  shauny
  • | Joined Jul 2007 | Status: Still learning and never gonna stop | 127 Posts
Quoting dondon
Hi,

I am new to this thread and very interested in the topic. Indeed i have traded with a gain with the idea of this system.

Pls comment whether i am right or wrong in the current EUR level. It's seems the trendline will break through as MACD is turning green and there's a good support at 89 EMA and Fib level. Test 200 MA again?
Ur on the right track, but i think ur trendline is way too steep..
  • #6,529
  • Aug 29, 2007 8:09am Aug 29, 2007 8:09am
Quoting HipsterPipster
Other trade with MACD and price aciton.
Enter:1.1988
Let it ride, broke even + swap.
  • #6,530
  • Aug 29, 2007 8:31am Aug 29, 2007 8:31am
Thanks all.

I learn more about the system about the R:R ratio.
  • #6,531
  • Aug 29, 2007 8:34am Aug 29, 2007 8:34am
Quoting martaroony
Palmer wrote:

"oh yeah...is it me or has the recent change here at the FF made charts look a little less clear when they are posted??? They look different for some reason."

Nah , its just you.

Hehehhe, just kidding , I thought Id put the 3 D glasses on by mistake.

Hey guys hows this for a ripper of a days trading, got signals on 11 of my 12 currencies, all accept Usd/Chf, which signaled very weakly last night 2.00am.

4 entered, 2.00pm, 7 entered 6.00pm, all closed by 9.00pm ,

Results:
1 break even.
2 manual close (didnt want to take any losses)
8 Tp's hit.

Gotta love that. Its made my week.

Marty.
If it's just me then that might explain this rash I've got....nevermind...

Started thinking...again

There's a lot of new faces here and it got me thinking about the 4 hour timeframe. When I started with Forex I was making trades on the 15 min timeframe so things happened quick. That was mostly during the London Open which was very very early for me. I have a normal day job and the early morning hours were taking their toll on me so I had to give up trading the LO. Soooo, I experimented for a while after work looking at system threads for longer term stuff in addition to working with my own ideas until Phillip's method came along, thanks again. I still make trades outside of Phiillip's teachings but the idea I'm trying to get at is trading the 4hr timeframe. 4 hours is a long time in the FX market and it takes some getting use to. When you have an entry on a 4 hour candle there is a lot of room there for your position to be in the money, then show a loss, then back in the money.....It's very tempting to exit a position within the same 4hr candle you got in on before the 'official' targets are hit. Now, there's nothing saying you can't exit when you are pip positive at any time. It's your money anyway right? But, it's a lot easier to watch a 5 or 15 min candle open and close and move your way versus watching a 4 hr candle. Phillip's method is a longer timeframe method and it takes some getting use to if you are just starting out. Let your entry runnnnn and let the trade play itself out. Trust the entry and try not to stay glued to the charts even though it's a 4hr candle. Think about it, the next higher timeframe is the daily and that comes into play with this method also. To get your feet wet, trade multiple lots, mini's or micros and when your in the money on a position, exit one of the positions to 'get your fix' and just let the other one run to see what happens. Let the trade play itself out. It's a lot easier to feel the rhythm when your running with the trade.

Trade well.
  • #6,532
  • Aug 29, 2007 8:46am Aug 29, 2007 8:46am
Very well said Palmer.I also have a problem with letting my trades run and am very quick to take profit.
I would like to add that we are ( and this is from personal experience) are very quick to take partail profits. Nothing wrong with that , as long as it was part of your plan or if the trade scenario starts to change. BUT a lesson learned for me was

EVER HEARD OF PARTIAL LOSS!!!!!!!!(this me talkning to myself)

For my recent cable loss, i had multiple tiny lots open but failed to close couple of them when trade started to go the other way. Even if i so blindly believed that price would turn around i should have closed couple of lots and let 1 run to see how stupid i can get. . Yeah now am rolling on the floor yesterday i was quite different!!! . So if taking a partial profit and run is important in certain situations, so should be taking a smaller loss and really run.
Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #6,533
  • Aug 29, 2007 8:55am Aug 29, 2007 8:55am
Quoting ira
I will certainly do it but not tonight, as I have a birthday party , and there is a lot of work. All will be done by the end of this week, I'll post everything in one word document.

IRINA many thanks
  • #6,534
  • Aug 29, 2007 8:56am Aug 29, 2007 8:56am
Quoting HipsterPipster
For the brace sole I am. :-)
Entered: 114.40
Stop loss is at BE
Bounced off the 200 while sleeping, but I think may test again.
I may just let this one run to see what happens.
Ok, for clarification, and so I pay attention to what chart I am on, bounced off the 200 on the one hour, or is testing the 21 on 4h.
  • #6,535
  • Aug 29, 2007 9:02am Aug 29, 2007 9:02am
Quoting BIL2205
Hi ira . it will be a lot of work, how about we split it. I will take the first 3 tracks and u can take the second half.Then you can compile in one word document if you want. Enjoy the birthday.!!!.

P.S.
OLD DOG i have been meaning to offer to type up daily wrap up by Phillip. So after this is done ,by next week i guess. i will Pm you when i can type up the wrap up, so there is no confusion . We all really appreciate the time and effort you put in.
Nadia, thank you. You all are so nice! I'm just not into the trading this week, and with all those pips! Oh well, but my point is, unless you've already started, I will take this long one, and you and Ira can take up the slack. If you agree, let me know, and PM Ira for me to let her know also. I'll start on it as soon as I hear from you.
  • #6,536
  • Aug 29, 2007 9:12am Aug 29, 2007 9:12am
Thanks Phillip for recent files.
I realize that I close my positions when I could wait for more profits.
I need more practice to get that skill.
Have nice pips everyone.
  • #6,537
  • Aug 29, 2007 9:16am Aug 29, 2007 9:16am
Hello,
If anybody needs the Aug mp3 file in 1 piece could send me his/her email and I'll forward it to you.

Mike
Failure, is a wonderful teacher!
  • #6,538
  • Edited 9:24am Aug 29, 2007 9:16am | Edited 9:24am
Quoting pips4uandme
Nadia!

We've all done it! It's a right of passage!...the most important part is your last sentence! Remember it!!

You know my story...After trading live for 5 months, I blew 50% of my account on 1 trade (yup E/U)....I watched it plummet and I had like 10 mini lots on....kept thinking....E/U always comes back...it is a pokey ranging curse word. Well it fell over a hundred pips and hit a TL that if it broke would have taken the beast to the center of hell where it belonged ....so, I closed...only to watch the pair turn right where I closed, bounced happily back up those hundred or so pips...and go right to my TP...which was only 20 pips from where I entered!! I moped for a few weeks...kicked myself...and then paid a mentor to help me correct my evil ways. (and I still did a few really bad moves for another 6 months...talk about thick headed!).

& as to knowing good money management....yup we all know the rhetoric...but it isn't always easy to follow. Don't be fooled, we all screw up! The only important thing is surving to trade another day!

Best to you & thanks for sharing!

Donna
Thanks for the uplift, Pips and Nadia! I needed it!
  • #6,539
  • Aug 29, 2007 9:24am Aug 29, 2007 9:24am
Quoting HipsterPipster
For the brace sole I am. :-)
Entered: 114.40
Stop loss is at BE
Bounced off the 200 while sleeping, but I think may test again.
I may just let this one run to see what happens.

Another nice one, my friend, the brave sole! . Looks like you are +50 so far!! AWESOME!
  • #6,540
  • Aug 29, 2007 9:41am Aug 29, 2007 9:41am
Dear phillip

Many thanks for the Mp3 and pdf with the explanation .. its very useful .. wishing you good health and good trade

Ammar
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