4 Hour Strategy (MACD)

I think the TC on the EU is good. We may get an opportunity to acquire a position for the rate announcement (worked quite well last time).

The 1hr is forming a RT, waiting for a TC there to enter.

I am a little puzzled about r:r though. Have a res.line around 1.4460, but the SL should be at the last low, around 1.4375 (that is the 21 also). Not the best...

We'll see...

Robert

I took it at the close of the green MACD bar, I used MIG trader for charts same as Phillip.

Need the EUR to take out the high here.

Thanks!

Just a word here...

I've been experiencing "Attack of the 4 Timeframes" the last few days. I've been scalping a few off the 1/5min charts the last week or so and some of that mentality has made it's way over here to the 1hr/4hr charts. Things got a little melded together there and I was straying away from what this thread is all about. I got too caught up in what I was doing in the lower timeframes and it took over for a little while.

Thanks Phillip and Ryanmcd for 'reminding me' what this method is about.

hi Phillip and fellow traders,

as a newbie let me introduce myself. i am from south africa here in the small windy town of wolseley, have been in and out if equity trading for many years and am new to forextrading, so plse be patient.
to you Phillip Nel i salute you for what you are doing in this forum and the world of forex trading. you and your friends have put in so much hard work and time it is almost unbeleivable! your system is very very powerful!
To all fellow traders out there follow phillips system to the letter! make it part of your life and you WILL make money! there is no doubt about that!!
Phillip to you a quick question, are you trading your system live, if not why?

To all out there beleive in the 4hr MACD and you will be successful!!!

Yes I am trading it live but with very small funds(mini lots) with InterbankFx. Was live with a SA broker but that went bankcrupt. Got my money out luckily after a tipoff. I did not have internet access during working hours that is why live trading was difficult. Since beginning of October I can do live trades with very limited internet access but at least I can do live trades when the market is moving. +387pips so far for October2007

High on EUR gone, still long EUR short CHF. NOTE the last time the EUR was here was March 1995.

any comments about AUDUSD?

I am still working on the correlation between currencies. I know the simple stuff about oil and cad and gold and aud. Was really wanting to buy the euro but for some reason i "feel" like im gambling here. I dont like that feeling. With the interest rate and NFP coming out. I thought i would ask this question. What currency pairs are the least affected by what happens to the usd? Some yen or euro cross?.......Was going to look around for something "safer" to follow during high news times .........looking forward to your responses. Not that I want to trade these pairs but that i think i might get some insight to how the currencies are related by those of you with the time and experience behind you.....Is there a good pdf file on FF that may hold the answer?.........pipip Jimdandy

Dear all

Any comments on this situation .. if the present candle close as its and the macd stay .. it will form a double top as phillip explain before that the DB and DT formed at very strong R/S .. any comments ?

Take the "Feel" out of trading, there should be *0* feeling, do as the chart says and you will make money, I took the trade due to the setup and am up some money. Don't do as you feel, do as the chart says to do. Not trying to be a hard ass to people but I see why people are talking themselfs out of trade and then when they take one and lose it will be THIS SYSTEM DOES NOT WORK, well you missed the 5 winners in a row because you felt it was not going to work

Not a bad CT trade, but it is a higher risk then a trend trade.

Hello everyone, here is the written copy for today's daily wrap up, Oct 30th -2007. Thankyou.
Nadia.

Out of all my trades and flat +50 on both together, not going to take the CT trade on GBP because of the fed.

A few rants, thoughts, and what have you's...

The reason I've only been watching the $Yen and not taking any signals is because I see the MACD stuck in a range. It hasn't been above or below (a little) the .15 level for some time. For those that are still long, I'm pulling for you that the 115.00 level is broken and closed above and price heads to the 89 for your next target. I'll sit back and let that pair start to get some movement. Chart below..

For the EUR$, tomorrow is critical. The GDP and Fed 'talk'. This info is from the calendar. If we get a strong GDP = $ up, then what will the Fed do? There's talk of a definite .25 cut and a rumored (spin #) of a .50 cut. Spike down then spike up with the E$??? Sitting of the hands until things wash out themselves out....keeping the news trades and scalps to myself

Preview – First Report Card on Q3 Growth Could Diminish Recession Fears
Bond traders and financial media certainly appear to be a fickle bunch. In the 11th hour ahead of the much anticipated Fed decision, we are reminded of a timeless Herbert Hoover quote: “Please find me a one-armed economist so we will not always hear ‘On the other hand…’ ”. Indeed, popular sentiment over the next Fed move has been on a seesaw since the last surprising decision for a 50 point cut. The extremity of that move was suggestive of future rate cuts, which was subsequently negated by strong jobs and retail sales numbers that had the street screaming "One and Done!", which was subsequently negated by another round of multi-year low numbers from the housing sector that sparked a rumor of a definitive Fed cut while re-focusing the debate on 25 vs 50 basis points. Today’s WSJ article by media Fed watcher Ip implies that the debate will actually be about no cut vs 25bps, punishing the overextended treasury prices while lifting bench-mark yields further from the 4.30% cellar toward the 4.40% mark. The first of three (advance) readings for Q3 GDP is biased to substantiate a more patient Fed with a strong figure, and there are sufficient grounds to believe that the recession argument could be weakened in the short run with a stronger than forecasted 3.1% figure.

First, there was no noticeable deterioration in performance of the consumer sector that accounts for a good majority of the US economy. According to Briefing.com, a rebound in personal spending for Q3 is expected to be around 3.5% increase, which is a vast improvement from the 1.4% growth in Q2. If consumer resilience is substantiated, Q3 GDP stands to remain fairly robust.

Second, with the US trade deficit being an integral component of the GDP calculation, it is important to remember that the weak US Dollar has made US manufactured goods much more competitive abroad. As such, the noticeably diminished trade deficit and the strong export growth reported in recent months also support the argument of an upward GDP bias. And while this may be a backward looking assessment, a figure of 3.2% or stronger should resonate well with dollar bulls while detracting from the likelihood of a 25 vs 50 point rate cut for the Fed at this time.
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Gary Deduke

Good idea Palmer, sit tight man the market it not going anywhere. Tomorrow is high risk for me and I am done with trying to catch a move off the 5min lol. If you play tomorrow have fun, be safe, and make some cash

Wow the yens taking a dive this hour .......03:00 When my gut talks i listen. My gut has saved my butt on many occasion........If human intellect and not so common sense were not necessary to trade we would all just start an EA and go fishing this system is simple as far as the rules go easy to program an ea i would think. But thats not what makes it work......we do. Feelings and all...........Im with Phillip I'll take a seat and wait and watch the bigboys duke it out.....looks like audusd settin up for a tc.......we'll see......pipip......Jimdandy

Agreed. It's going to be fun to watch tomorrow. I plan on having a 'Dr.'s Appointment' tomorrow right around 12:30 or so....

Going to the doctor may be the better way to lose your money tomorrow......lol........I need to have my head examined too.......