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4 Hour Strategy (MACD)

  • #7,701
  • Oct 25, 2007 1:03pm Oct 25, 2007 1:03pm
Phil posted his daily strategy the same trade I took today.

Exciting for me, than you Phil!
  • #7,702
  • Oct 25, 2007 2:16pm Oct 25, 2007 2:16pm
I never trade this pair but I just saw something. Is the speed changing or not. Price has tested the 89 after a long time.
Only time will tell.
Phillip
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  • #7,703
  • Oct 25, 2007 3:37pm Oct 25, 2007 3:37pm
Phillip, What is your goal for profits? I see most of your trades you take 35-60ish. I seem to be holding out a lot, I did get a 110 and a 90 but it seems the norm is about 40-50. I was +80 on the JPY but held out for more and got stopped at cost. Any hints for taking profits?
Keep taking CT trades, I need more money
  • #7,704
  • Oct 25, 2007 3:45pm Oct 25, 2007 3:45pm
Here is a written copy of the daily wrapup for the 25th of October for those who have problems in understanding the spoken English.
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File Type: doc wrapup for the 25th October.doc   28 KB | 507 downloads
  • #7,705
  • Oct 25, 2007 8:15pm Oct 25, 2007 8:15pm
Ryanmcd:

I was thinking of that today. I've had several trades where I've exited one target at 20 or so, then 40 or so...but when you hit the 50, 60 area the market seems to take a break. This is where I've left one at b/e that was up 50 or 60 only to see it come all the way back down to get stopped out for 0 pips...except for those last to weeks in Aug through the first half of Sept, things just kept running. Anyway, 50 to 60 seems like the max before there is a pause and return. I'm speaking for the EURUSD here. The other pairs may be a little different. That's just what I've been seeing lately. So, I'm planning on tightening things up when the pips start hitting that + 50 area from now on.

Just my 2 cents...
  • #7,706
  • Oct 25, 2007 8:40pm Oct 25, 2007 8:40pm
Looks like usd /yen might be getting ready for a break out of the triangle UP. macd has a higher low . could use 1 hour or 30 minutes chart to see break out , retrace, test of the trend line and enter on move away. i will be watching, if i can stay up.Good luck.
Nadia.
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TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #7,707
  • Edited Oct 26, 2007 12:05am Oct 25, 2007 11:41pm | Edited Oct 26, 2007 12:05am
For those that trade it. audjpy is testing the 89. Looking for move down away...........always.......wait for the candle to finish......... May as well post some charts.......as you can see in chart one. Were testing 89 and the 61.8 fib level. If it retraces lower it has the 8ema,21ema and the 103.00 level to cross. If it makes it thru the traffic. The 38.2 looks like a previous area of support. And also the 200 and 365 ma's are down there waiting. So lets watch and wait.....wait.......wait......wait .....you can see on the 30 min how the pinbars have formed ..........but wait on the 4 hour candle and macd confirmation........wait .....wait.......thats the hardest thing about trading........pipip........Jimdandy
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  • #7,708
  • Oct 25, 2007 11:57pm Oct 25, 2007 11:57pm
Good share late at night fellas. If only I could find a way to not have to sleep.

I paper traded short the EURUSD based on a bounce off of what appeared resistence. I was not certain, but I wanted to track this trade to see where it goes. With real money, I might still have taken this trade. Thus I have a lot to learn before I trade with real money.
  • #7,709
  • Edited 1:19am Oct 26, 2007 1:09am | Edited 1:19am
Was wondering what program you were using that allowed you to put that inset of the 4hr in the 1 hr chart. That is a nice feature to use. Saves alot of scrolling up and down between two charts.....Very useful as a teaching tool.......how'd ya do it?........pipip........Jimdandy.
p.s. If someone would post some skype info i'd much appreciate it. My skype name is MississippyJim if someone could ad me into the group........
  • #7,710
  • Oct 26, 2007 3:00am Oct 26, 2007 3:00am
Quoting ekling
Did anyone take the short on the USD/CAD yesterday? I took it and made some pips. Once again i used the 1 hour to enter. On the 1 hour chart a triangle pattern was formed. I was expecting a TC or ZB on the 4 hour chart so i went short when the breakout occured on the 1 hour chart. I took one lot of at my first profit target and set the other lot to BE. My BE lot was stopped out but a total profit of 40 pips was the result..
I took that also at 0.9684 entry. SL was at 0.9732, TP1 at the higher low of these down moves at approx. 0.9635. it got hit so I removed half from the table, but the other got stoped out at BE. So it was about 40 to me as well.

And I took today's TC too for about 35 pips from 0.9655 on half and on BE the other half (reason was that the price was beautifully turning down, and it failed to spike up through the upper res. line. Our triangle is intact and we are moving rapidly to its lower end). Counting on today's CAD news to push the lower barrier through. And if not, well no harm done.

Robert
Enter Signature
  • #7,711
  • Edited 5:03am Oct 26, 2007 4:53am | Edited 5:03am
Quoting pips4uandme
Hi JimDandy!

I quoted your post b/c I want to reference your chart that you use for it (the 1 hour divergence setup)...Are you looking at bullish divergence with your line? If so, there is a serious problem with it that you need to correct. The starting point on the MACD absolutely has to line up with the candle you start your support/resistance line from. By eyeballing your chart, it doesn't appear to be divergent on this time frame and area.

Happy Pipping to you!
Pips

Hey Guys and Gals,

I have a question relating to a post made several pages back .

Ive heard people talking about Divergence /Convergence with different Indicators and price action , and well what im a bit confused about is which term relates to which situation.

In this post from Pips , which refers to post #7688, she talks about a divergence to the price action which from what I can see the two lines drawn by Jim Dandy were facing inwards ,which unless Im wrong, I took it that to lines coming closer would be convergence .
And that Divergence, would be lines moving away from each other.??

Ive heard this discription before by other posters , and wondered whether there is more to the analysis, to arrive at this,other than the obvious.

Love the thread, Marty.
  • #7,712
  • Oct 26, 2007 7:00am Oct 26, 2007 7:00am
Tell me someone else took that little divergence setup on gbpusd. got my 40 pips at the 21!

whats next, bounce back up to the 8 maybe and then some more down?

thanks phil and company
  • #7,713
  • Oct 26, 2007 7:08am Oct 26, 2007 7:08am
lets try this picture posting thing

actually i guess my trendline should be on top of the candles but its the same line
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  • #7,714
  • Edited 7:21am Oct 26, 2007 7:09am | Edited 7:21am
Quoting martaroony
Hey Guys and Gals,

I have a question relating to a post made several pages back .

Ive heard people talking about Divergence /Convergence with different Indicators and price action , and well what im a bit confused about is which term relates to which situation.

In this post from Pips , which refers to post #7688, she talks about a divergence to the price action which from what I can see the two lines drawn by Jim Dandy were facing inwards ,which unless Im wrong, I took it that to lines coming closer would be convergence .
And that Divergence, would be lines moving away from each other.??

Ive heard this discription before by other posters , and wondered whether there is more to the analysis, to arrive at this,other than the obvious.

Love the thread, Marty.
Hi Marty!

Great question!

Divergence is a term that indicates the direction of price is opposite of the direction of the indicator (usually an oscillator). Example, price is making a higher high and the support line is up, but the MACD makes a lower high and when you connect the bar that corresponds to the first candle in your support line to the current candle, the angle of the line is down. This is a sign that a trend could be weakening or getting ready for a retracement.

Convergence, Used in the sense of the MACD has to do with MA's coming together (imho). Think when we use it in the forum, we are talking about the MA's starting to narrow and come into one another. Think we use it in the same sense as confluence. Don't think we ever use the term Divergence in relation to the MA's moving away b/c it is a technical term that is specific to relationship between price and oscillator peaks/troughs.

Hope this post helped clarify the terms. Have a happy Friday and a great weekend! Just closed my last trade for the week and am ready for a brief nap. Talk to you later,

Pips

For the uptrend, you would connect the highs (resistance line) w/MACD....In downtrend you connect the lows (support line).
  • #7,715
  • Oct 26, 2007 7:16am Oct 26, 2007 7:16am
Quoting gillean
Tell me someone else took that little divergence setup on gbpusd. got my 40 pips at the 21!

whats next, bounce back up to the 8 maybe and then some more down?

thanks phil and company
Yes, this was nice...I'm done for the day...not pushing this one again, even though it could go back and retest the Daily 21, former Resistance area. Could also jump back to the 2.0565ish area. The pair is only going to continue to jump around based on E/U and G/J....and w/Friday...will wait for Monday to decide how to play (the trend is in buying mood...and MA's are nicely spaced...maybe wait for a good buying oppurtunity around the Fed Meeting. Glad we made some pips on this trade...Was another good week, eh?

Best,
Pips
  • #7,716
  • Oct 26, 2007 7:19am Oct 26, 2007 7:19am
Hey pips!!! What's happening???

Is it me or are there new faces showing up every week? That's actually a good thing. Some of you may not be aware about the website for Phillip's method. Lots of extra 'stuff' there. I update it every weekend as time permits.....Trade well.
  • #7,717
  • Oct 26, 2007 7:29am Oct 26, 2007 7:29am
Quoting Palmer
Hey pips!!! What's happening???

Is it me or are there new faces showing up every week? That's actually a good thing. Some of you may not be aware about the website for Phillip's method. Lots of extra 'stuff' there. I update it every weekend as time permits.....Trade well.
Hi Palmer!!

Hey, Thanks for posting all that information on the website (I did some clicking the other night)! Hope people are taking advantage of the charts you posted (the 1 hr and 4 hr) and studying the relationship. How awesome to have all that in 1 easy to access place! You Rock!!!!! Hope you had a very profitable week (ps...heard a 1.4400 exotic expires on E/U on Monday). Have a great weekend! I'm heading back to bed for a few hours....

Pips
  • #7,718
  • Oct 26, 2007 7:30am Oct 26, 2007 7:30am
thanks palmer i'll take a gander
  • #7,719
  • Oct 26, 2007 8:08am Oct 26, 2007 8:08am
pips:

I took today off and stole some on the 1min on the EURUSD during the London Open. Nut much noise yet today. Thanks for the clicks.!

Nadia:

Watching the $Yen as well...that thing is asleep. Waiting...

JimDandy:

Nice charts. Not sure what tool Phillip uses to get the chart insert there. Ther e is a free screen capture utility called ScreenHunter5.0 from WisdomSoft. It lets you grab any image. You can then import those images into a paint/draw program and then grab that image to make a new image. I use if from time to time. For instance, there was another UFO sighting the other night in Gulf Breeze...It was a close encounter of the third kind. Someone snapped a photo of the alien so I used ScreenHunter to cut/paste the picture...here 'it' is. The alien stated it came from the Planet Britneyjackassia...scarey stuff man.
Attached Image
  • #7,720
  • Oct 26, 2007 8:34am Oct 26, 2007 8:34am
I have a program called Screenshot that I can use but dont know how to insert the shot onto another chart. Will have to play with that.......In regard to my post about the audjpy........the best advice in the whole post was ........wait for the 4hr candle to close and and macd signal........here is the audjpy this morning. I'll think i will give that advice every post. Then Maybe i'll start adhering to it better......
Now that the audjpy has crossed the 89 It will have to come back to it before ascending further according to rules. Unless very bullish it may only pull back to 21 or very very bullish,,,,,,,,the 8ema......I had to chuckle at my wife. I've been trying to teach her this system and when i told her this little rule. She said "Oh its like in baseball" ......I said uh....... what? She said "You know in baseball.......the runner always has to come back and touch the base before he can run to the next one......." :-).......

Lets see what else is going on this morning......Eurusd making new highs... but some divergence on 1 hr chart.....Gbpusd giving signal to sell on 4hr but not sure about that long tail.....I'll wait although i'll probably regret it....Swissy (UsdChf) working on a RB (Round Bottom) and on the yen the 21 ema is still holding.......UsdCad giving a long signal but im to chicken to take it.........And Hey......Its Friday........a good day to lose money........Good weekend to all........Pipip...........Jimdandy

p.s. I knew it ......gbpusd already down 20 pips........but HEY.......WAIT FOR THE CANDLE TO CLOSE!
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