4 Hour Strategy (MACD)

Thanks ira, I'll put those on the site as well. I'm sure 'saka' appreciates it.

Closed out a few on the $Yen for 50 pips total..still holding a few.

Hi guys/gals,

Can someone please add me to skype. Skype name: wernbrenk.

Thanks

What do you think about shorting GBPJPY at this condition of the market? I think it will be really good position because of chart below! Look at that higher trendline wich was touched by price and then started pulling back to the second, lower trendline... It is risky countertrend trade so i think i will just not trade this one-) By the way MACD didn't yet signaled us about selling or buying this pair and because of this i think i posted this comment little bit earlier....

Hi

Although you don't have a MACD that tells you to pull the trigger I want to go back another step. What does these candles tell you? Countertrend trading is very risky. I've burnt my fingers many times before.

If I do countertrend it's normally after I saw a very strong candle formation and even then I still need confirmation i.t.o R:R and MACD.


Any commments?

Werner

EurUsd


08:00 Res against 89. Will wait for move away- Possible 1H entry. Anticipation is short


12:00 It went through 89. Still waiting for rhythm


16:00 Has pulled back to 89. Can consider long position >from 1H confirmation. 1H does not show nice smooth motion.




GbpUsd


There was nice morning star off the 89


08:00 Res against top TL. Wait for further confirmation.


12:00 Went through top res line off the 21. Wait for pullback to breakout level. 1H did not produced pullback.

16:00 Has pulled back to breakout level. 1H does not show nice smooth motion.

[quote=pips4uandme;1636754]Welcome all new 4 hour MACD traders!!!!

You have found the best thread on the web to teach you trading skills!! This methodology is a complete trading skillset and much info is covered throughout the thread. The system is easy once you "get-it." But, it isn't so easy to "get." Why? Because it incorporates more than just the MACD. This method forces you to look at Price Action -- Support and Resistance, Trendlines, Candle Patterns, etc. Also, it is a longer term strategy that utilizes discipline and patience. You most likely won't have a trade a day -- but you will have good results if you trade wisely. Example, I've had 2 trades from Friday until today and my pips for the month are +200 -- and I'd rather not give them back, so a good trade needs to morph before I enter. As usual, I'm getting off subject -- Yikes!

Where I'm going w/this post -- Please take the time to read through the whole thread! There is soooooooo much info here -- Even if the method doesn't speak to you, if you can take the skills taught here and apply them, you will be a good trader! (and really focus on learning market motion!!! and support and resistance!!!! after that you can decide what works for you best -- Market Rhythm and Support and Resistance trading will make you money!!!!

K... I'm done! Aren't you glad I'm back from vacation? hey....at least I'm not as grouchy as yesterday....right?

Wishing everyone to be the best trader they can possibly be,
Pips[/quot]

First all, I would like to thanks for the teacher in this thread to give all newbies a valuable information and answer our questions.

After read all post, it's hard to absorb all stuff in short time. From Phillip's lessons I did learned how to draw the Monthly or Weekly trendlines to give sense of strong resistance and support, and Daily or 4 Hr resistance and support lines to know current trend status and price action level. However I am so impressed all your posts and your insight to chart, and I save most of your important posts for me to study. Now I upload one of post in Title of " Palning a trade, Part 1 for Ira " in attachment, and I read many times again and again. I knew to find resistance and support level is so important for success, but I couldn't understand more details. Hope you don't mind to answer following questions for me:
1) What is your way to draw the resistance and support lines in Daily Chart as Phillip has showed his way in picture?
2) After drawing R/S lines, how do you note R/S levels in the chart? by Horizontal lines?
3) For additional R/S levels in daily chart, Inside Top and Inside Bottom, I read Tamkras's posts and I still don't know how to find them and how to use them. Please correct me if I undertans correctly. By checking daily chart, you look previous major High/Low of downtrend/uptrendand to find cosolidation Low/High from inside major High/ Low ( specificlly I don't know where it is ), then your draw horizontal lines at consolidation Low/High to serve them as R/S level for next major High/Lowof downtrend/uptrend.
4) Your charts always show me a lots of colorful lines, specially on the price level. I was wondering if you use daily, weekly or monthly pivots to make price levels have so many colorful highlights and serve as R/S too.

Sorry to ask you so many questions from your old post and I would like everybody to address your special way to define the resistance / support levels in daily and 4hr chart.

ren

now I try to upload attachment again

ren

Is this Phillip Neil. The one who started this thread?????? I think some may be getting this confused

Another test of the 21 on the 4hr with the entry on the 1hr perhaps? 89 looks like good support on the 1hr....'

Up to my neck in it at work, haven't been able to post to the blog.

Anyone hiring out there???

I do send someone my opinion around the close of candles at 8:00 12:00 and 16:00 GMT+1 .

He posted it as PhilsOpinion. If you see that it will be from me.
Thanks
Phillip

Info

Phillip,

Thank you for the "opinion posts" during the trading hours and whom ever is posting them - fari I think

Also many thanks for the continued wrap up postings. But most importantly thanks for the constant reminders to limit trades to those clear and strong signals. The constant reminders keep me grounded and focused. Please do not stop!

With deep apprecitation,

Betsy

appreciation - Sorry for the awful typo I do know how to spell.

Betsy

After read all post, it's hard to absorb all stuff in short time. From Phillip's lessons I did learned how to draw the Monthly or Weekly trendlines to give sense of strong resistance and support, and Daily or 4 Hr resistance and support lines to know current trend status and price action level. However I am so impressed all your posts and your insight to chart, and I save most of your important posts for me to study. Now I upload one of post in Title of " Palning a trade, Part 1 for Ira " in attachment, and I read many times again and again. I knew to find resistance and support level is so important for success, but I couldn't understand more details. Hope you don't mind to answer following questions for me:
1) What is your way to draw the resistance and support lines in Daily Chart as Phillip has showed his way in picture?
2) After drawing R/S lines, how do you note R/S levels in the chart? by Horizontal lines?
3) For additional R/S levels in daily chart, Inside Top and Inside Bottom, I read Tamkras's posts and I still don't know how to find them and how to use them. Please correct me if I undertans correctly. By checking daily chart, you look previous major High/Low of downtrend/uptrendand to find cosolidation Low/High from inside major High/ Low ( specificlly I don't know where it is ), then your draw horizontal lines at consolidation Low/High to serve them as R/S level for next major High/Lowof downtrend/uptrend.
4) Your charts always show me a lots of colorful lines, specially on the price level. I was wondering if you use daily, weekly or monthly pivots to make price levels have so many colorful highlights and serve as R/S too.

Sorry to ask you so many questions from your old post and I would like everybody to address your special way to define the resistance / support levels in daily and 4hr chart.

ren[/quote]

Hi Ren!

First, Don't expect to absorb all the info in a short amount of time and be able to trade brilliantly at first. Trading is a lot of practice and screen time. You are doing a great job by studying diligently!!! Continue to study hard and practice your skills by backtesting and forward testing. Deepest respect for everyone who is working towards the goal of being a profitable trader!

I am a bit pressed for time at the moment -- so I'm going to answer briefly your questions, and will try to post more info later, OK?

1. Yes, I now dry my Daily, Weekly, Monthly TRENDLINES the way Phillip illustrates. They include all the price action. I make a distinction now (thanks to Phillip and the Forum members) between Trendlines and S & R lines. Support and Resistance lines contain most of the price action and are drawn by how my eye see's the market from lots of practice -- will try to describe in more detail later.

2. Those colorful lines you see on my charts are my S & R lines. Horizontal lines (usually blue)are previous Inside Top areas and I use them frequently for entering market w/break or rejection of level. I do not use Pivots or Fibs (I may take a quick look at Fib every now and then though -- usually when trade isn't doing what I want - LOL!). Red lines are support and resistance lines -- I use channels and slanted lines & update as needed but keep on charts for very very long time (some of the lines you see are old lines coming back into play). My daily lines are drawn from candle patterns that are important. I also keep lines on my chart for a very long time, especially on the 4 hour chart -- and I have at least 1.5 months of data displayed -- and look over a longer period when making trade decisions.

3. Inside Top pattern is the "rounding" you see around swing lows and swing highs (usually). I use these areas as s & r (I use IT a lot, not so much Inside Bottom). Think I have posted examples somewhat recently w/them. Will try to post better explaination later.

Hope these answers helped clarify a little bit.

Pips

Thank you, Old Dog.

There was a good portion of luck included also.

Greetings

Hello everybody.


Could there be a chance for the usd/jpy to drop?

I see that the ema365 resistance has been tested for several times
without serious breaktrough.

Actually usd/jpy is inbetween ema8 and ema21

Could it mean that if ema21 will have been tested as resistance in near future
usd/jpy would drop down to sma89?

macd actually doesn't show a clear pattern.

I'm not going to enter any trade on this currency pair now. I'm asking these questions to get more understanding of how the 4hmacd system works.


Greetings

Hmmmmm...on my $Yen I've got the 365 acting as support??? Not sure why that is. I got in on the bounce off the 21, again, just saw that there are 3 news announcement coming out in about 5 minutes. Still wondering why our ma's are different.....

There is now some candlestick info on the website from Phillip. Select the method link, then click on the lesson link, scroll down and you will see the candlestick icon to download the .mp3 file and .gif candlestick info....

Euro might be getting back in rhythm again according to the rules. here is a clean chart just to focus on teh motion of market in relation to moving averages. Price brok above 89. went back to test it and has closed above it . Now according to ruled when price breaks 89 it comes to 21 EMA or 8 EMA depending on speeding. Now Price may have stalled due to the time of day( currently 1 am GMT) but the Moving averages are moving up to the price. I am waiting for a nice bounce up with a trend continuation . may be couple of small candles later . Only time will tell.
Nadia.

@Palmer and Ashes

Our MA is not different, I have 365 on U/J as a support as well.
If I see Ashes' chart, it seems that the MA is not in the right position, and looking at ashes' thread, 365 supposed to be Simple Moving Average, not EMA, and 21 should be Exponential, and not SMA.

Just to clarify =)

Have a good pips everyone !