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4 Hour Strategy (MACD)

  • #7,361
  • Oct 10, 2007 8:49pm Oct 10, 2007 8:49pm
Hello there,

I'm totally new to this system. I'm not really sure am i doing the right thing. This is my order from the GBP/USD @ 10 Oct. Can anyone spot what i'm doing wrong? THanks for any advise.
Attached Image
  • #7,362
  • Edited 11:16pm Oct 10, 2007 11:00pm | Edited 11:16pm
Quoting savioursix
Hello there,

I'm totally new to this system. I'm not really sure am i doing the right thing. This is my order from the GBP/USD @ 10 Oct. Can anyone spot what i'm doing wrong? THanks for any advise.
Hi savioursix.

It's been a long time since I've posted on this thread.It's good to see so many people adding so much invaluable input to such a wonderful system. Thanks, Phillip and thanks to Palmer, Pips, and everyone else that contributes. The reason for this is that I've relocated from South Africa to North Africa over the past two months and haven't traded for about 2 and a half months now because of it. I PM'd Phillip before I left...anyways...to answer your question...
If you were using the MACD colour indicator from irusoh, you would've gotten into this trade one candle earlier, and you would've had the 8EMA as your first target and the 21EMA as your second ,depending on your R:R ratio, of course. You can get the MACD colour indicator by checking out Palmer's blog http://www.fxtradeblog.com. He explains how to download it, etc.

I know a lot of people on this thread take counter-trend trades and more power to them. I, for one, wait only for trades with the trend.
  • #7,363
  • Oct 10, 2007 11:39pm Oct 10, 2007 11:39pm
EurUsd.


07:30 TC bounce off 89. Has found supp on 89 previously. Nice pullback to 89 and move away. Long might be on. (Still on 89 so no real rhythm yet. Candles is showing emotions for a possible long)TP 1.61% of last move down at ± 1.4230. Just make sure conditions still apply when candle closes at 08:00



GbpUsd.

07:30 Still no rhythm


PS: Sorry for the cunfusion, this accout will be used to send Phil´s comments/opinions as often as possible, for the 8, 12 and 16h candle, but there is no guarantee for that.

This posts are NOT mentioned for any kind of trading advice, but just for educational purposes.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 19 KB
  • #7,364
  • Oct 11, 2007 12:23am Oct 11, 2007 12:23am
Quoting Doji Star
Hi savioursix.

It's been a long time since I've posted on this thread.It's good to see so many people adding so much invaluable input to such a wonderful system. Thanks, Phillip and thanks to Palmer, Pips, and everyone else that contributes. The reason for this is that I've relocated from South Africa to North Africa over the past two months and haven't traded for about 2 and a half months now because of it. I PM'd Phillip before I left...anyways...to answer your question...
If you were using the MACD colour indicator from irusoh, you would've gotten into this trade one candle earlier, and you would've had the 8EMA as your first target and the 21EMA as your second ,depending on your R:R ratio, of course. You can get the MACD colour indicator by checking out Palmer's blog http://www.fxtradeblog.com. He explains how to download it, etc.

I know a lot of people on this thread take counter-trend trades and more power to them. I, for one, wait only for trades with the trend.
Thanks for the reply. I'll look for the indicator. Guess it's a late trade. Still learning. =)
  • #7,365
  • Oct 11, 2007 12:53am Oct 11, 2007 12:53am
Quoting PhilsOpinion
EurUsd.


07:30 TC bounce off 89. Has found supp on 89 previously. Nice pullback to 89 and move away. Long might be on. (Still on 89 so no real rhythm yet. Candles is showing emotions for a possible long)TP 1.61% of last move down at ± 1.4230. Just make sure conditions still apply when candle closes at 08:00



GbpUsd.

07:30 Still no rhythm


PS: Sorry for the cunfusion, this accout will be used to send Phil´s comments/opinions as often as possible, for the 8, 12 and 16h candle, but there is no guarantee for that.

This posts are NOT mentioned for any kind of trading advice, but just for educational purposes.
Sorry, whould you tell me which time zone you used in the chart? GMT+4?

ren
  • #7,366
  • Oct 11, 2007 2:06am Oct 11, 2007 2:06am
Hello,
I draw fib from last move down in my chart but I don't see 1.61.Could somebody post a chart please to show how Phillip draw his Fib and why he chose 1.61 not any other numbers of Fib?

Regards
Mike
Attached Image (click to enlarge)
Click to Enlarge Name: eur.gif Size: 20 KB
Failure, is a wonderful teacher!
  • #7,367
  • Oct 11, 2007 2:49am Oct 11, 2007 2:49am
ira Thank you very much, this is a great job. I have translated Philip's PDF into Chinese. I think I will have some new work to do
Plan your trades and trade your plans
  • #7,368
  • Oct 11, 2007 2:54am Oct 11, 2007 2:54am
Quoting Palmer
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....
Amazing stuff! Thank you Palmer & Phillip.

I also did some improvements to the indicator.
Now it's possible to control almost everything.

I hope you like it!
Attached File(s)
File Type: ex4 4h_MACD_FX_Strategy.ex4   7 KB | 841 downloads
File Type: mq4 4h_MACD_FX_Strategy.mq4   7 KB | 972 downloads
  • #7,369
  • Edited 6:47am Oct 11, 2007 3:03am | Edited 6:47am
Hello,

this is my trade for today:


11 oct 07

10:56 gmt

usd/chf

4h candle has closed with huge red bar

currency pair has left 8ema and 21ema and will possibly head down to 89sma

macd came up do the 0 line and then went down again, a short signal to me


short 1,1779

sl 1,1814 (atr 29 + 20%) -35

tp 1,1747 (89sma) + 32 [trade A]


I'll get the sl breakeven when achieving +15 pips


12:19 gmt

doesn't look good, the trade is at -19 pips right now

on the 1h chart the 200sma has been holding as support.

I should have consulted the 1h chart before entering the trade

now I hope it finds resistance at the 1h 8ema


12:36 gmt

I have opened another position

4h chart

short 1,1798

sl 1,1855 (200sma) -57

tp 1,1670 50 pips above last low (1,1620) +128 [trade B]

I will trail the sl for this one in 25 pip steps.


I'm actually risking -92 pips to earn +160 pips


13:43

the news have taken [trade A] out. - 35 pips


14:34

the setup of [trade A] was wrong. on the 1h chart the 200sma has been valuable support.
unfortunately I did not look into the 1h chart.

I hope that [trade B] will work out. on the daily chart we have a round top which could indicate
a mid term short.



what do you think about this setup?

Greetings
  • #7,370
  • Oct 11, 2007 3:07am Oct 11, 2007 3:07am
Quoting mike1349
Hello,
I draw fib from last move down in my chart but I don't see 1.61.Could somebody post a chart please to show how Phillip draw his Fib and why he chose 1.61 not any other numbers of Fib?

Regards
Mike
This is my chart...
Attached Image (click to enlarge)
Click to Enlarge Name: eu_h4.gif Size: 24 KB
  • #7,371
  • Oct 11, 2007 3:43am Oct 11, 2007 3:43am
EurUsd. Hope you are in. No change in plans. See 08:00 commentary



GbpUsd. To uncertain. I like that tail down. Watch next candle.
  • #7,372
  • Oct 11, 2007 5:07am Oct 11, 2007 5:07am
owkenobi:

Thanks, I'll check the indicator out this evening...

The $Yen gave two nice 4hr bounces off the 21 this week.
75 pips for the week locked in, trailing one more position...
Attached Image
  • #7,373
  • Oct 11, 2007 6:27am Oct 11, 2007 6:27am
  •  shauny
  • | Joined Jul 2007 | Status: Still learning and never gonna stop | 127 Posts
Quoting benniardi
@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 !
Hi, if i'm not wrong the 365 is a EMA not SMA, there's a little of confusion around here.. My 365ema is acting as support on the u/j. It is also stated 365ema on phil's system. Please double check your ma's to avoid wrong chartings..
  • #7,374
  • Oct 11, 2007 6:36am Oct 11, 2007 6:36am
For those of us trading the daily charts, the million $ question is how far will Cable fall before continuing it's climb upwards? The 400-460 is proving a bridge too far at the moment. I myself got duped by the Monday candle's long tail on the daily.Seemed the perfect retracement entry.I didn't factor in the housing news,though. So I was'chasing tail' quite literally ...but this morning's weak housing news out of the UK is being blamed for the sudden downturn.Any thoughts?
Attached Image (click to enlarge)
Click to Enlarge Name: cable 11-10- 2007.gif Size: 35 KB
  • #7,375
  • Oct 11, 2007 6:57am Oct 11, 2007 6:57am
Hi , here is the written copy of the daily wrap up for OCT 10th.Thanks,
Nadia.
Attached File(s)
File Type: doc Daily wrap up OCT 10th.doc   5 KB | 497 downloads
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #7,376
  • Oct 11, 2007 7:02am Oct 11, 2007 7:02am
Quoting shauny
Hi, if i'm not wrong the 365 is a EMA not SMA, there's a little of confusion around here.. My 365ema is acting as support on the u/j. It is also stated 365ema on phil's system. Please double check your ma's to avoid wrong chartings..
Hello Shauny,

I don't understand why my ema365 is different.
I know, you're using the VT-Trader also.
On my chart it is acting as resistance. I have attatched
the configuration window.
Do you see a mistake that I might have made?

Thank you
Attached Images
  • #7,377
  • Oct 11, 2007 7:04am Oct 11, 2007 7:04am
Quoting ashes
Hello,

this is my trade for today:


11 oct 07

10:56 gmt

usd/chf

4h candle has closed with huge red bar

currency pair has left 8ema and 21ema and will possibly head down to 89sma

macd came up do the 0 line and then went down again, a short signal to me


short 1,1779

sl 1,1814 (atr 29 + 20%) -35

tp 1,1747 (89sma) + 32 [trade A]


I'll get the sl breakeven when achieving +15 pips


12:19 gmt

doesn't look good, the trade is at -19 pips right now

on the 1h chart the 200sma has been holding as support.

I should have consulted the 1h chart before entering the trade

now I hope it finds resistance at the 1h 8ema


12:36 gmt

I have opened another position

4h chart

short 1,1798

sl 1,1855 (200sma) -57

tp 1,1670 50 pips above last low (1,1620) +128 [trade B]

I will trail the sl for this one in 25 pip steps.


I'm actually risking -92 pips to earn +160 pips


13:43

the news have taken [trade A] out. - 35 pips


14:34

the setup of [trade A] was wrong. on the 1h chart the 200sma has been valuable support.
unfortunately I did not look into the 1h chart.

I hope that [trade B] will work out. on the daily chart we have a round top which could indicate
a mid term short.



what do you think about this setup?

Greetings
>Hi
I saw the same setup in USDCHF with MACD coming back to 0 and then turning down again, but based on my time and TS8 bars my entryprice would have been 1,1820 at 11:00CET, so i would still be in the market targeting the SMA89
  • #7,378
  • Oct 11, 2007 7:08am Oct 11, 2007 7:08am
Quoting RemingtonTJ
>Hi
I saw the same setup in USDCHF with MACD coming back to 0 and then turning down again, but based on my time and TS8 bars my entryprice would have been 1,1820 at 11:00CET, so i would still be in the market targeting the SMA89
Hi RemingtonTJ,

I understand, I should have entered this trade earlier.
Thank you for your comment.

Greetings
  • #7,379
  • Oct 11, 2007 7:22am Oct 11, 2007 7:22am
EurUsd.


08:00 TC bounce off 89. Has found supp on 89 previously. Nice pullback to 89 and move away. Long might be on. (Still on 89 so no real rhythm yet. Candles is showing emotions for a possible long)TP 1.61% of last move down at ± 1.4230.




I am prepared to keep stoploss in place(not moving to BE) until price have moved definitely in rhythm or proved otherwise then I will consider closing the deal.




12:00 Still in deal. Still according to plan.


16:00 Stoploss has hold the downmove. Set stoploss to 1.4145 below 8EMA






GbpUsd.


08:00 Still no rhythm


12:00 Tail down. Uncertainty. Watch next candle.

16:00 Still uncertain
  • #7,380
  • Oct 11, 2007 7:30am Oct 11, 2007 7:30am
Quoting Palmer
owkenobi:

Thanks, I'll check the indicator out this evening...

The $Yen gave two nice 4hr bounces off the 21 this week.
75 pips for the week locked in, trailing one more position...
Pls what was your stop loss when you entered this trade. I also took it but i was stop out before my tp reached. the r:r would have been bad where i intend putting my stop.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
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