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4 Hour Strategy (MACD)

  • #7,641
  • Oct 24, 2007 3:56am Oct 24, 2007 3:56am
Hi
I took the following deal this morning and this was my analysis of the deal.
MACD-RT
Price action-found resistance on the daily TL
My plan was that it will come down to 21EMA and eventually to 89.
Entered-2.0475
SL-2.0519
TP1-2.0445
TP2-2.0424
When the TP1 was i adjusted my SL to +15 pips.
The price missed my TP2 by 1 or 2 pips.
But i was stopped at 2.0460
So in total i got 46 pips on 1 microlot.
I am still learning with microlots on my live account.
For the last three day i have done 3 deals and i have got a total of 114 pips on microlot.
Any comment is highly welcome.
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  • #7,642
  • Oct 24, 2007 5:56am Oct 24, 2007 5:56am
EurUsd.


08:00 Slight RT. 2 Red candles(small). Short to 89 with 1.4200 in the way. TP at 1.4205. Speed is on the 89(As discussed on thread last night). Has tested it few times already. Chance is good that it will go to test it according to market rhythm therefore the decision to go short.


12:00 TP at 1.4205 was hit for +45 pips




GbpUsd.


08:00 Wait. Possible pullback to 21 and breakout level. See 1H for possible entry when move away. RISKY

12:00 Pullback and move away did happen.
  • #7,643
  • Edited 7:04am Oct 24, 2007 6:49am | Edited 7:04am
Hello. phillip and all the respected members of this forum. i have a question, the hardest part of trading for me right now to deal with is to miss a good trade. Here is a clean chart for euro . i did not get a macd confirmation or small red candles to go short. there was a round top forming but with green candles and no confirmation so i let it go.The signal candle was too long to enter , maybe i could have enter in the motion with 1 hour. but just looking at 4 hour chart did i do the right thing, or did i miss something here. your comments are welcome.
Attached Image (click to enlarge)
Click to Enlarge Name: euro deal.jpg Size: 162 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #7,644
  • Oct 24, 2007 7:33am Oct 24, 2007 7:33am
Quoting BIL2205
Hello. phillip and all the respected members of this forum. i have a question, the hardest part of trading for me right now to deal with is to miss a good trade. Here is a clean chart for euro . i did not get a macd confirmation or small red candles to go short. there was a round top forming but with green candles and no confirmation so i let it go.The signal candle was too long to enter , maybe i could have enter in the motion with 1 hour. but just looking at 4 hour chart did i do the right thing, or did i miss something here. your comments are welcome.
Hello BIL2205,

last night I have seen setups on each major currency pair but I would have had to execute the deals round my sleeping time. So when I looked at all the charts this morning at 8:00 gmt I was swearing and at the same time keeping me away from entering any of the trades emotionally. To me it appeared as it was too late to enter at candle close 9:00 gmt.
Emotionally one dislikes missed trades. But if the train has left the station it is gone.

More opportunities to come.

Greetings
  • #7,645
  • Oct 24, 2007 7:39am Oct 24, 2007 7:39am
Quoting danielp
hy to all
first of all sorry for my bad written english.

i just wanted to ask you guys if there are other parities except EURGBP, GBPUSD and EURUSD where i can do my trades. i just ask beaucose i'm at the 6nd page of this thread with reading and till there i read only about those parities.

PS1: I'm demotrade this system.
PS2: greetings from romania to all of you.
Many other pairs are traded using the system. Choose your favorite and backtest to see how well it works. Some of the popular pairs are USD/CHF, AUD/CHF, and the yen pairs. Good job on reading from the beginning and demoing!!

Happy trades to you,
Pips
  • #7,646
  • Oct 24, 2007 7:41am Oct 24, 2007 7:41am
Edonya: That's a great start, nice trade.

Nadia: That might be setting up for a zero bounce on the MACD to re-enter a long...
  • #7,647
  • Oct 24, 2007 7:54am Oct 24, 2007 7:54am
Quoting BIL2205
Hello. phillip and all the respected members of this forum. i have a question, the hardest part of trading for me right now to deal with is to miss a good trade. Here is a clean chart for euro . i did not get a macd confirmation or small red candles to go short. there was a round top forming but with green candles and no confirmation so i let it go.The signal candle was too long to enter , maybe i could have enter in the motion with 1 hour. but just looking at 4 hour chart did i do the right thing, or did i miss something here. your comments are welcome.
Hi Nadia!

Your chart MACD looks very similar to mine 3 small bars and an aggressive turnaround. This def. wasn't a short signal for us. The only way you could have caught it was by looking at the hourly chart and taking the close of the 2AM EST candle (break of uptrend happened on 1AM doji, 2AM moved away from the 89. You were absolutely right w/your dec. from the 4 hour chart, so please stop kicking yourself for missing a move.

Now for the kick -- don't let missing a move get to you! You didn't have a good signal (my Macd was climbing and never hit greater than .0010)....Even though the trend may be weakening (gosh, I've forgotten how to spell the last few days), we did not have a good reason to countertrend trade per our charts. With the differences in times, sometimes we get signals that Phillip doesn't and vice versa...it all works out in the end....You need to stop moping over missing pips. We will always miss pips -- the sooner you accept this mantra, "not every move is mine," the better off you willl be. This is as important as being able to accept a loss and move on. (in empathy, I do understand the frustration of missing moves and don't understand why they can be more painful than actually losing pips...especially when you have a trade planned for a week, walk away for a couple of hours, come back and viola..the trade has played! This doesn't seem to be your scenario...you didn't have a plan to short because you didn't have the indication from your chart). I'm trying to sound stern...did it work? Now smile...and don't force a trade today -- this market is choppy and volatile and kind of ugly (watch the shorter term charts if you must trade).

Best to you...oh...and before I forget...great job on focusing on your trading! That is so important!! K...all done...have a beautiful day..

Donna
  • #7,648
  • Oct 24, 2007 7:58am Oct 24, 2007 7:58am
Hello all. I'd just like to bring up the action thats happening on the CAD right now, look at all those spindly candles failing to break above 700. I'm not planning on trading it at the moment but what do you guys think of the action. It looks like a maybe but if you drop down to the hourly there's a lot of congestion which would create difficulty in defining a target area.
Look how support appears to have become resistance.
  • #7,649
  • Oct 24, 2007 7:58am Oct 24, 2007 7:58am
In fact it seems to be breaking down as I speak.
  • #7,650
  • Oct 24, 2007 7:58am Oct 24, 2007 7:58am
Quoting ashes
Hello BIL2205,


Emotionally one dislikes missed trades. But if the train has left the station it is gone.

More opportunities to come.

Greetings
Nicely said, Ashes!! Great way to remember not to chase a trade or you may get hit by the next train pulling into the station!
  • #7,651
  • Oct 24, 2007 8:05am Oct 24, 2007 8:05am
Quoting Edonya
Hi
I took the following deal this morning and this was my analysis of the deal.
MACD-RT
Price action-found resistance on the daily TL
My plan was that it will come down to 21EMA and eventually to 89.
Entered-2.0475
SL-2.0519
TP1-2.0445
TP2-2.0424
When the TP1 was i adjusted my SL to +15 pips.
The price missed my TP2 by 1 or 2 pips.
But i was stopped at 2.0460
So in total i got 46 pips on 1 microlot.
I am still learning with microlots on my live account.
For the last three day i have done 3 deals and i have got a total of 114 pips on microlot.
Any comment is highly welcome.
Nicely done! I too was short based on the RT and the range of the market -- but bailed out before my TP hit b/c of price bounce at 2.0470 (I got in a bit earlier to at 2.0492, so I was happy to get out of this choppy market with a profit -- I also think Cable wants to fly up to 2.0600 sometime very very very soon& was extremely nervous being short today...did you notice price bounced on the daily 21?

Again, Nice job (did you see how nicely the candles were rounding too w/that round top?)...

Happy trading!
Pips
  • #7,652
  • Oct 24, 2007 8:20am Oct 24, 2007 8:20am
Quoting Ted1983
Hello all. I'd just like to bring up the action thats happening on the CAD right now, look at all those spindly candles failing to break above 700. I'm not planning on trading it at the moment but what do you guys think of the action. It looks like a maybe but if you drop down to the hourly there's a lot of congestion which would create difficulty in defining a target area.
Look how support appears to have become resistance.
Yeah...that pair makes me sea-sick! I would wait for it to break the congestion area, or give a solid TC down....as for target area, why not just connect the lows for the downtrend for a hypothetical trendline or if playing on market motion target the recent low? I don't trade this pair, so don't have a solid idea for you...dang, I hate 30 year records (actually, has CAD ever been stronger than USD before?).

Happy trading,
Pips
  • #7,653
  • Oct 24, 2007 8:37am Oct 24, 2007 8:37am
Hello here is the written copy of the daily wrap up for OCT 23rd.
Nadia.
Attached File(s)
File Type: doc Daily wrap up october 23rd.doc   6 KB | 458 downloads
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #7,654
  • Oct 24, 2007 8:41am Oct 24, 2007 8:41am
Thanks to Ashes , pips and palmer for replying to my post. I knew i had done the right thing by skipping the trade because I DID NOT SEE THE SET UP ON MY PLATFORM. But i guess we all need a little lecture from PIPS once in a while. hehehe , just kidding Donna, its awesome to have you back after a short break.
Best regards,
Nadia
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #7,655
  • Oct 24, 2007 8:43am Oct 24, 2007 8:43am
Hi everyone, i'm very new to this forum and has been following this thread and very interested. i've started to use the system and it works very good.

i have one question though that i hope somebody will be kind to tell me bout MT4. is there a way to change the time for the charts so that it follows my computer's clock? i live in indonesia which is gmt +7 (not good with counting the time difference). i always get confused if i check the time of the charts compared to my actual time.

thank u very much
  • #7,656
  • Oct 24, 2007 8:50am Oct 24, 2007 8:50am
Hello to all, I have shorted the usd/jpy last night with a nice profit of 40 pips. The trade was made for the folowing reasons:

- I was anticipating a TC downward

- There was repetitive failed attempts to close above the 21 EMA or above the 115.00 round number or price barrier.

- Price is well below the 89SMA, so according to the motion of the market, we are in a downtrend.

so, for all these reasons, I got short at 114.63 (after 3 pips spread) with stop loss at 115.13 and TP at 114.23.

Eventhough there was not already an entry signal according the 4H MACD, by looking at the candles formations (lot of up-shadows), and haviong the IH MACD going below the 0 level, make me made the trade.

Sincerely

Shreem
  • #7,657
  • Oct 24, 2007 9:22am Oct 24, 2007 9:22am
Phillip and others,

I am looking for critique. I traded usd/jpy last night. Here is my annalysis.

price had hit 21 and was moving away according to rules for market rythem.
the macd did a small break through then reversed. I waited for 4hr to close with red bar to confirm revesal.

Entered 114.55
Target 114.25 +30
stop loss 114.85 r:r 1to1

entered 4 mini lots
closed 2 at + +15 then moved other two to break even. wanted free ride since I had to go to bed.

2 lots target profit hit at 114.25 made my 30 pips

I will try to attach chart I am not sure if i am doing that right. Thanks for critique.
Attached Image (click to enlarge)
Click to Enlarge Name: usd-jpy.gif Size: 36 KB
  • #7,658
  • Oct 24, 2007 9:23am Oct 24, 2007 9:23am
Quoting shreem
Hello to all, I have shorted the usd/jpy last night with a nice profit of 40 pips. The trade was made for the folowing reasons:

- I was anticipating a TC downward

- There was repetitive failed attempts to close above the 21 EMA or above the 115.00 round number or price barrier.

- Price is well below the 89SMA, so according to the motion of the market, we are in a downtrend.

so, for all these reasons, I got short at 114.63 (after 3 pips spread) with stop loss at 115.13 and TP at 114.23.

Eventhough there was not already an entry signal according the 4H MACD, by looking at the candles formations (lot of up-shadows), and haviong the IH MACD going below the 0 level, make me made the trade.

Sincerely

Shreem
Nice work Shreem!! I pretty much took the same trade... Heres a picture of the trade. Price just reached my PT and got 50 pips in my pocket.
Attached Image (click to enlarge)
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  • #7,659
  • Oct 24, 2007 9:30am Oct 24, 2007 9:30am
Quoting JimTatum
Phillip and others,

I am looking for critique. I traded usd/jpy last night. Here is my annalysis.

price had hit 21 and was moving away according to rules for market rythem.
the macd did a small break through then reversed. I waited for 4hr to close with red bar to confirm revesal.

Entered 114.55
Target 114.25 +30
stop loss 114.85 r:r 1to1

entered 4 mini lots
closed 2 at + +15 then moved other two to break even. wanted free ride since I had to go to bed.

2 lots target profit hit at 114.25 made my 30 pips

I will try to attach chart I am not sure if i am doing that right. Thanks for critique.
Good job tatum. As you see above this post, i took the same trade. But i didnt use the same SL or PT. I see your SL is below recent high candles and also below psychological level of 115.00, what made you choose your SL and PT? Happy trading!
  • #7,660
  • Oct 24, 2007 9:40am Oct 24, 2007 9:40am
Hello PhilsOpinion,
I would like for you to post your chart upon which you based your trade. I had no RT on my chart because my charts are gmt+2. I never got a RT signal until the 8:00 candle closed at 12:00 By then your deal was done. Way to go.....I did a usdjpy trade instead at that time which I will post later..Here is the way my eurusd chart looked. Really appreciate you posting your trades, I just need the visual aid to compare with my chart...thanks........pipip........Jimdandy.
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