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4 Hour Strategy (MACD)

  • #7,921
  • Nov 1, 2007 1:25pm Nov 1, 2007 1:25pm
Quoting Ted1983
Maybe "con" is a bit of a strong word as I'm not qualified to comment on Williams personally. Also I Like Williams interpretation of the fractal and view of the market a chaotic entity, its just that what we are calling fractals are not in the Mandelbrot sense of the word (or so I thought). Maybe someone who knows some top end mathsy stuff could shed some light on this.
Your thinking too much Fractal = 5 bars on a stock chart, like your hand.
Keep taking CT trades, I need more money
  • #7,922
  • Edited 1:41pm Nov 1, 2007 1:38pm | Edited 1:41pm
Quoting Ryanmcd
Your thinking too much Fractal = 5 bars on a stock chart, like your hand.
You,re right.
And ya can get these swanky pictures of fractaliness on the interweb too.

Looks abit like a solar flare methinks.
Attached Image
  • #7,923
  • Nov 1, 2007 1:45pm Nov 1, 2007 1:45pm
Quoting Ted1983
You,re right.
And ya can get these swanky pictures of fractaliness on the interweb too.

Looks abit like a solar flare methinks.
The market is easy you can show a 6 year old Phillip's method and they will make more money then 90% of the people out there. Reason is they dont use emotions and trade what they see, once you add greed and fear people trade like crap.
Keep taking CT trades, I need more money
  • #7,924
  • Nov 1, 2007 2:02pm Nov 1, 2007 2:02pm
Wonderful answers on the fast moving markets guys! Smart people here!
Thanks so much.

Merritt
"The market pays you to be disciplined"
  • #7,925
  • Nov 1, 2007 2:07pm Nov 1, 2007 2:07pm
EUR and GBP printed a long on the 4hr.
Keep taking CT trades, I need more money
  • #7,926
  • Nov 1, 2007 4:36pm Nov 1, 2007 4:36pm
Written copy of this thread's mission statement.
Attached File(s)
File Type: doc Phillip Nel The Purpose of This Thread 31 Oct2007.doc   8 KB | 758 downloads
  • #7,927
  • Nov 1, 2007 5:04pm Nov 1, 2007 5:04pm
Thanks OldDog, BIL2205, and ira again for the text formats of Phillip's .mp3 files. I'm sure that your work is much appreciated for those traders that speak English as a second language. It's good to see people helping people.

An observation on the EUR$:

This is the daily chart. The indicator on the bottom is the basic, standard, whatever you want to call it MACD histogram and signal lines. The settings are the standard as well, 12,26,9. I believe Phillip said several days ago that this bull may be getting tired and needs a breather. Even though the 4hr is at the 21 right now and you 'should' be looking for a Tc signal...I'm just a little cautious here. The daily standard MACD is showing divergence along with the method's MACD. The method MACD is also showing a Rt as of yesterday. If we break below the 1.4400 area and close there on the daily, I'm thinking that the 89 might get hit on the downside which is also the bottom of the channel.

The 89 on the 4hr chart might get hit...not the 89 on the daily chart..needed to clarify that.

I'm going to be very cautious here about going long. The nonfarm payrolls number and unemployment rate comes out tomorrow. With the dollar getting hammered, factory orders were up because of exports. Could that mean better employment #'s = stronger dollar...regardless of the housing market right now.

Just thinking out loud...
Attached Image
  • #7,928
  • Nov 1, 2007 5:28pm Nov 1, 2007 5:28pm
Quoting Palmer
Take you time and it will happen.
Thanks for the advice and information. Looking at the charts tonight I have little gut feeling as to where things are going. With NFP tomorrow I think I will give it all a miss and just start studying the charts over the weekend.

Got to train the patient side of me!!

All the best,

Mister ED
  • #7,929
  • Nov 1, 2007 6:05pm Nov 1, 2007 6:05pm
Quoting Mister ED
This question is open to everyone

As a rough guide how long should you have been actively trading the 4 hour system before you start trying to add in the 1 hour variations?

Also how many trades do people make a week on the EURUSD and GBPUSD?

I realise these may be difficult to answer accurately but it is really to give me an idea of how many signals I could/should be looking at each week. I have been looking at the thread for several months and have really just decided that I need to do some in depth analysis to get to grips with things. I have tried to take the easy options before and it has not paid off. I guess it just has to come down to hard work.

The one thing I have learnt is that price action is very, very important. Personally I find support/resistance a bit more difficult to assess and then to interpret. This system really semms to incorporate the majority of the components that are important in trading the forex market.

Looking forward to one day being able to post a trade with some form of logic behind it.

Mister ED
Hi Mister ED,

I see you have already gotten a few great answers from Palmer and Ryanmcd. Hope you don't mind if I add my thoughts to the ring but I'll talk Cable rather than Eur..& then give a lengthy idea of how to start practicing seeing S & R for cable (or any other pair really) & then discuss how to study via historical data (more info than you asked for but may benefit others):

From my experience, both live and through backtesting, Cable produces about 10 - 13 trades per month. Out of 13 trades, 2 are usually hit at BE, 1 at a loss and 10 profitable. The key is being able to hold on to the trades through the whippy action (The spikes you see and the "rolling, snake like price action). Another factor is being able to hold the position for an entire cycle (easier said than done), which leads to the whole adding to a position discussion (which I am not very good at).

You are on the right mental path by realizing that you have to learn to identify support and resistance levels by a means that suits (one that you can easily implement and analyze). & yes, this isn't as easy as it sounds. The good thing is all the hard work you put into learning to assess the market will come back to you in spades because you will know how to trade any market in any condition (and even better, learn when to stay out). The MA's give us a good indication of how the market is behaving and when we want to be in or out (that's another discussion).

Here are a few thoughts on S & R:

1. Start with the "big" picture and drill down (like a scientist classifying an organism..start with a quick visual of the whole animal and work down to looking at it's parts w/a microscope). Get a feel for cable (or any pair) by looking at the monthly, weekly and daily chart. Find a channel that price is running in and connect the highs. Keep this info on your chart (or on a chart you can easily reference and note the points...I also like to note the price level of the 8, 21 & 89 on these charts and keep them handy for my planning). Don't be stingy w/the amount of data.

2. Look at the daily chart and see what price is doing. Is it moving up, down or sideways. Do you see any patterns (flags, "W" or "H&S" forming? If so, connect the wicks to give you daily levels to plan from. I also note previous Swing Highs -- which also give me an Inside Top area to watch). Look at many years worth of data on this chart -- squish it together -- draw lines, then expand it out and look at the last few years -- then be more specific and look at the last 12 months of data.

3. Next, look at the 4 hour...don't be stingy on your data shown on the screen either -- try to keep at least 1 months data visible on your chart at all times. Start drawing lines from swing lows or swing highs and see what lines are acting as s or r. Play around w/them and look at what happens around those levels -- this is a good way to start developing an "eye" for what price is doing (Cable will "snake" in a channel for a while then will usually form another channel. Often times it snakes from 1 channel into another that has been established for awhile). Look for lines that price touches several times (again, you will see lines on cable that have acted as price points for several years -- just keep playing and noting what you see -- take that line and swing it to successive swings -- do you see anything interesting? This is just an excercise to get you use to seeing price behavior). Do you see area's where you can draw "aggressive-- steep lines and also more "conservative" gentle angled lines? What happens in these areas? Lastly, if you are using the one hour chart draw shorter term lines (maybe 4 weeks worth of info) connecting price points. Do you see where price angles up or down? Do you see spots after an angle that look flat? Draw a box around the flat areas and see what price does when it breaks & closes at these areas (this is also good to do on the 4 hour chart). Are there areas where you notice price seems to be flat pretty consistently (hint, look if price is swirling around one of the major MA's). Observe areas around the prior swing high and prior swing lows. What happens when swing highs are broken in an uptrend?

Now, go back in history, put at least a months data on your screen (4 hour chart), draw lines that you found interesting & suit your perspective of the market. Now, go forward 1 candle at a time and pretend this data is live. Look for places you would enter the market. Note your entry price, candle date and time, Identify your TP and SL. Place a horizontal line on your chart for TP and SL, continue to go forward and see which is hit first, looking at all the other elements along the way. Note pips gained or pips lost. Make detailed notes of what you see on the chart for these "pseudotrades." Look at the MA's, Your S & R and the MACD and candlestick patterns. Note everything that sticks out to you. Review your notes; do you notice things in common with most of your winning trades -- also notice how long each trade lasted (this will help give you staying power to let the trade develop). Just keep playing until you find yourself being able to "eyeball" a chart and automatically see areas of interest to your style.

This sounds like a lot of work, and it is. But, it actually is kind of fun once you start (OK not get together with your friends and family fun, more like completing a puzzle fun). The more time you can spend practicing, the better prepared you are for trading live. Just think of each closed candle as the decision point (like in your "pseudotrades").

Have fun and trade well!

Pips
  • #7,930
  • Nov 1, 2007 6:20pm Nov 1, 2007 6:20pm
Phillip,

I have been reading through the many threads associated with your strategy and have been practicing your strategy for 2 weeks.

I have a couple of questions that I haven't clearly found answers too.

1) the 12 patterns are the filter and the rules to satisfy...correct?
2) the round bottom pattern and the pattern of the MACD turning towards the zero line and turning back are the only patterns that reference the horizontal lines...correct?

I am still reading threads, so you might have already answered this one, but I figured I would go ahead and ask.

I am really enjoying your strategy. Thanks for posting it. I look forward to trying it live after several more weeks of practice.

CLParks
  • #7,931
  • Nov 1, 2007 6:37pm Nov 1, 2007 6:37pm
Ted1983 posted a really nice post on adding to position which Phillip has already answered and is in perfect harmony w/Ryanmcd's pyramiding discussion to maximize profit while trading less (which is exactly the philosophy of the "old" position traders.

I truly think this (position building) is something that one tries to develop as they evolve on to the next level of trading. I'm not quite there yet....If anyone remembers through the thread, there was a time when I was trying to get there (and a few traders know that I really struggled with building positions and letting them run to maximize profits and failed mentally/psychologically). My account isn't big enough to be a position trader and I am still at a point where I need to lock in profits and can't risk a trade vaporizing into BE after a month or two. Personally, I can't handle it mentally -- even though it is the best way to maxamize profit without increasing risk. & Yes, someone can really get very wealthy very quickly by utilizing the strategy in a trending environment with the right stop loss -- and it is very obvious to see in hindsight and not so obvious when trying to employ it (anyone interested should read Steviet's journal -- he started off trend trading and made 1000's of pips w/in months, only to give them back and experience selfdoubt -- he has evolved into a shortterm trader who is consistently adding pips to the account -- and he has the most amazing positive attitude).

OK...what's my point? I really am only thinking out loud. My point is yes, 1 trade that continually adds going forward is def. the optimal trading strategy b/c you will really compound your gains. The drawbacks are the account size nec. to sustain the drawdown while waiting for the next leg to continue or the possibility of not getting any pips at all (for it to really work your stops have to stay back by about 500 to 1000 pips for longterm trading & a true position trader doesn't scale out only in). Lastly, the psychological stamina nec. for this trade style is almost superhuman in my book -- which probably goes to the rationale of the 2% rule -- 2% of traders have 90% of the gains (forget that whole 95% discussion -- it is designed to prevent our success, imho).

So, My utmost respect goes out to those who can build and hold positions (after my respect for Phillip, you guys come second). I truly have remarkable respect for you (this point needs to be reemphasized)!! Someday I wish to join your crowd. But for today, I must continue to look for the best trading opportunities and keep banking my pips consistently (a girl's gotta eat). Please, Please, Please -- post and update on your position building! We all need role models and I'd love to follow your progress as you build your wealth and positions!!!

Best to all,
Pips

PS. No matter what your trade style, the trade less make more statements are absolutely 100% true and we should all strive to achieve that status!
  • #7,932
  • Nov 1, 2007 7:52pm Nov 1, 2007 7:52pm
Quoting pips4uandme
Hi Mister ED,

I see you have already gotten a few great answers from Palmer and Ryanmcd. Hope you don't mind if I add my thoughts to the ring but I'll talk Cable rather than Eur..& then give a lengthy idea of how to start practicing seeing S & R for cable (or any other pair really) & then discuss how to study via historical data (more info than you asked for but may benefit others):

From my experience, both live and through backtesting, Cable produces about 10 - 13 trades per month. Out of 13 trades, 2 are usually hit at BE, 1 at a loss and 10 profitable. The key is being able to hold on to the trades through the whippy action (The spikes you see and the "rolling, snake like price action). Another factor is being able to hold the position for an entire cycle (easier said than done), which leads to the whole adding to a position discussion (which I am not very good at).

You are on the right mental path by realizing that you have to learn to identify support and resistance levels by a means that suits (one that you can easily implement and analyze). & yes, this isn't as easy as it sounds. The good thing is all the hard work you put into learning to assess the market will come back to you in spades because you will know how to trade any market in any condition (and even better, learn when to stay out). The MA's give us a good indication of how the market is behaving and when we want to be in or out (that's another discussion).

Here are a few thoughts on S & R:

1. Start with the "big" picture and drill down (like a scientist classifying an organism..start with a quick visual of the whole animal and work down to looking at it's parts w/a microscope). Get a feel for cable (or any pair) by looking at the monthly, weekly and daily chart. Find a channel that price is running in and connect the highs. Keep this info on your chart (or on a chart you can easily reference and note the points...I also like to note the price level of the 8, 21 & 89 on these charts and keep them handy for my planning). Don't be stingy w/the amount of data.

2. Look at the daily chart and see what price is doing. Is it moving up, down or sideways. Do you see any patterns (flags, "W" or "H&S" forming? If so, connect the wicks to give you daily levels to plan from. I also note previous Swing Highs -- which also give me an Inside Top area to watch). Look at many years worth of data on this chart -- squish it together -- draw lines, then expand it out and look at the last few years -- then be more specific and look at the last 12 months of data.

3. Next, look at the 4 hour...don't be stingy on your data shown on the screen either -- try to keep at least 1 months data visible on your chart at all times. Start drawing lines from swing lows or swing highs and see what lines are acting as s or r. Play around w/them and look at what happens around those levels -- this is a good way to start developing an "eye" for what price is doing (Cable will "snake" in a channel for a while then will usually form another channel. Often times it snakes from 1 channel into another that has been established for awhile). Look for lines that price touches several times (again, you will see lines on cable that have acted as price points for several years -- just keep playing and noting what you see -- take that line and swing it to successive swings -- do you see anything interesting? This is just an excercise to get you use to seeing price behavior). Do you see area's where you can draw "aggressive-- steep lines and also more "conservative" gentle angled lines? What happens in these areas? Lastly, if you are using the one hour chart draw shorter term lines (maybe 4 weeks worth of info) connecting price points. Do you see where price angles up or down? Do you see spots after an angle that look flat? Draw a box around the flat areas and see what price does when it breaks & closes at these areas (this is also good to do on the 4 hour chart). Are there areas where you notice price seems to be flat pretty consistently (hint, look if price is swirling around one of the major MA's). Observe areas around the prior swing high and prior swing lows. What happens when swing highs are broken in an uptrend?

Now, go back in history, put at least a months data on your screen (4 hour chart), draw lines that you found interesting & suit your perspective of the market. Now, go forward 1 candle at a time and pretend this data is live. Look for places you would enter the market. Note your entry price, candle date and time, Identify your TP and SL. Place a horizontal line on your chart for TP and SL, continue to go forward and see which is hit first, looking at all the other elements along the way. Note pips gained or pips lost. Make detailed notes of what you see on the chart for these "pseudotrades." Look at the MA's, Your S & R and the MACD and candlestick patterns. Note everything that sticks out to you. Review your notes; do you notice things in common with most of your winning trades -- also notice how long each trade lasted (this will help give you staying power to let the trade develop). Just keep playing until you find yourself being able to "eyeball" a chart and automatically see areas of interest to your style.

This sounds like a lot of work, and it is. But, it actually is kind of fun once you start (OK not get together with your friends and family fun, more like completing a puzzle fun). The more time you can spend practicing, the better prepared you are for trading live. Just think of each closed candle as the decision point (like in your "pseudotrades").

Have fun and trade well!

Pips
Thanks Pips, Palmer, Ryanmcd and of course Phillip.

That is the first step on the longest march taken. Now for step two!

Mister ED
  • #7,933
  • Nov 1, 2007 9:17pm Nov 1, 2007 9:17pm
Quoting pips4uandme
Ted1983 posted a really nice post on adding to position which Phillip has already answered and is in perfect harmony w/Ryanmcd's pyramiding discussion to maximize profit while trading less (which is exactly the philosophy of the "old" position traders.

I truly think this (position building) is something that one tries to develop as they evolve on to the next level of trading. I'm not quite there yet....If anyone remembers through the thread, there was a time when I was trying to get there (and a few traders know that I really struggled with building positions and letting them run to maximize profits and failed mentally/psychologically). My account isn't big enough to be a position trader and I am still at a point where I need to lock in profits and can't risk a trade vaporizing into BE after a month or two. Personally, I can't handle it mentally -- even though it is the best way to maxamize profit without increasing risk. & Yes, someone can really get very wealthy very quickly by utilizing the strategy in a trending environment with the right stop loss -- and it is very obvious to see in hindsight and not so obvious when trying to employ it (anyone interested should read Steviet's journal -- he started off trend trading and made 1000's of pips w/in months, only to give them back and experience selfdoubt -- he has evolved into a shortterm trader who is consistently adding pips to the account -- and he has the most amazing positive attitude).

OK...what's my point? I really am only thinking out loud. My point is yes, 1 trade that continually adds going forward is def. the optimal trading strategy b/c you will really compound your gains. The drawbacks are the account size nec. to sustain the drawdown while waiting for the next leg to continue or the possibility of not getting any pips at all (for it to really work your stops have to stay back by about 500 to 1000 pips for longterm trading & a true position trader doesn't scale out only in). Lastly, the psychological stamina nec. for this trade style is almost superhuman in my book -- which probably goes to the rationale of the 2% rule -- 2% of traders have 90% of the gains (forget that whole 95% discussion -- it is designed to prevent our success, imho).

So, My utmost respect goes out to those who can build and hold positions (after my respect for Phillip, you guys come second). I truly have remarkable respect for you (this point needs to be reemphasized)!! Someday I wish to join your crowd. But for today, I must continue to look for the best trading opportunities and keep banking my pips consistently (a girl's gotta eat). Please, Please, Please -- post and update on your position building! We all need role models and I'd love to follow your progress as you build your wealth and positions!!!

Best to all,
Pips

PS. No matter what your trade style, the trade less make more statements are absolutely 100% true and we should all strive to achieve that status!

I have done the building into positions in the past when I traded the 3min, I added with the 1min. I will start posting it up. When I did it with the S&P I added 5-10 contracts each time in CT trades. Again this is like trading all over again, same song, different instrument. So I may start off a little rough but I am sure I will be fine in the long run I will start Monday posting what I see, the only problem is I dont want to clog up this thread. Should I do 1 post and edit it or just start a thread or somthing. Also the only thing I dislike about posting trades is it ties you to it even more mentaly, when I trade most of the time even my wife does not know what I am doing because being wrong sucks, but being wrong with 100's of people know it sucks more lol
Keep taking CT trades, I need more money
  • #7,934
  • Nov 1, 2007 11:00pm Nov 1, 2007 11:00pm
Is any one considering taking a ZB/TC on eur/usd at the moment,?
  • #7,935
  • Nov 1, 2007 11:54pm Nov 1, 2007 11:54pm
Quoting martaroony
Is any one considering taking a ZB/TC on eur/usd at the moment,?
Hi, according to my chart at the moment you left this message, although the price has bounced from the 21 MA, and the MACD is rising, but MACD is still below 0. Can we consider this a TC signal? Or do we need to wait until the MACD rise pass 0 at the next H4 bar before we jump in?

Anyone who know the answer please kindly share. I am new to this system. Thanks in advance!
  • #7,936
  • Nov 2, 2007 2:14am Nov 2, 2007 2:14am
Quoting Ryanmcd
I have done the building into positions in the past when I traded the 3min, I added with the 1min. I will start posting it up. When I did it with the S&P I added 5-10 contracts each time in CT trades. Again this is like trading all over again, same song, different instrument. So I may start off a little rough but I am sure I will be fine in the long run I will start Monday posting what I see, the only problem is I dont want to clog up this thread. Should I do 1 post and edit it or just start a thread or somthing. Also the only thing I dislike about posting trades is it ties you to it even more mentaly, when I trade most of the time even my wife does not know what I am doing because being wrong sucks, but being wrong with 100's of people know it sucks more lol
Hi
I don't think we must use this thread for those type of trading as it is a different and risky type of approach which can cost a new person coming in his whole account when trying it. The purpose of this thread is to give the newcomer tools to be able to practice live without being wiped out and learning solid basic trading skills and survive to carry one and steady building a healthy account. That is why there is constantly take profit targets and closing of positions. If one has to much at stake and it start losing the emotions fails to close the position and it changes to hope that it will recover and hope is not a strategy.
Feel free to start a new thread and give your inputs there. The more experience traders will follow it I am sure.

Regarding your inputs as to the 4Hour system please carry on as it can be valuable to the people on this thread
Thanks
Phillip
  • #7,937
  • Nov 2, 2007 2:14am Nov 2, 2007 2:14am
For those people who want to take E/U long, few posts back Palmer has given a warning - there is a divergency on the daily. Plus today is NFP, and Phillip advised not to trade this news and Interest Rates on the 4H. You can pick up some pips on a shorter time strategy, for example Phillip's 5 minute.
Although the MACD usually supports the direction of the news, but the spike can easily take your SL.
  • #7,938
  • Edited 5:15am Nov 2, 2007 2:22am | Edited 5:15am
I went long on EurUsd.

Support on Supline 5 times
Zero bounce
1Hour has given engulfing candle off the 89SMA(Added later when I looked at 1H)

Entry @ 1.4453
SL @ 1.4416
TP 1 @ 1.4490 (1.4500 is strong resistance.) Will give TP2 chance to upper Res line

BE @ 1.4475 ( I will watch closely for a sudden turnaround as we are at strong resistant levels at overbought levels. 1.4500 Is strong resistance. Stop hunting might be on the cards. Will close position the moment there is a change in direction below 1.4440.)

Edit 1.
1.4470 was reached 5 short of BE. Will watch this level as it might be RES.
I am at home so can watch this trade live

Edit 2
Price got stuck against Daily R1

Edit 3
1.4473 was reached above R1 so set position to BE. 2Pips short of 1.4475 but to me that is OK

Edit 4
Price is staying around 1.4470. I have decided to take 50% profit @ 1.4468 giving me +15pips on 50% and I have set the rest to SL 1.4438 so that the average of the 2 gives me breakeven. If price retrace to the 1.4453 which was a mini breakout level then my second 50% have a chance should it bounce off 1.4453. I then have the oppertunity to add the 50% again should it bounce

Edit 5
Price is now staying just above 1.4470 above the Daily R1(1.4467) trying to establish a support which looks good for our 1.4490 first profit target.

Edit 6
Looks like R1 has been broken down so 1.4453 might be tested.

Edit 7
This thing is jumping up and down around R1. I am going to sit and wait till it is running.

Edit 8
Price has reached 1.4487(3 short of 1.4490 for me OK to go BE). Set remainder to BE at 1.4453

Edit 9
We had a fatal accident on the mine. have to go to work to prepare plans for Mine Inspector.
Close position @ 1.4476
Attached Image (click to enlarge)
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  • #7,939
  • Nov 2, 2007 3:15am Nov 2, 2007 3:15am
Quoting Ryanmcd
I have done the building into positions in the past when I traded the 3min, I added with the 1min. I will start posting it up. When I did it with the S&P I added 5-10 contracts each time in CT trades. Again this is like trading all over again, same song, different instrument. So I may start off a little rough but I am sure I will be fine in the long run I will start Monday posting what I see, the only problem is I dont want to clog up this thread. Should I do 1 post and edit it or just start a thread or somthing. Also the only thing I dislike about posting trades is it ties you to it even more mentaly, when I trade most of the time even my wife does not know what I am doing because being wrong sucks, but being wrong with 100's of people know it sucks more lol
Hi Ryanmcd,

LOL! If you feel up to it, a section under journals would be best. This is an area where many traders keep a running record of their trades, style and mental outlook. Many loyal FF members follow specific threads. Let us know if you decide to start one and what its title will be. Remember too, there is a huge leap in time from building positions from 3 min chart to 4 hour (but you know that already). Lastly, you will develop quite a bit of readers who will really look to model your style if you decide to start a trade journal and your wife will have access too! (LOL!!!!). (hey, it's OK to be wrong as long as you make more pips when you are right than you lose being wrong -- we are only human -- unless you found Alcastro's crystal ball (hehe).

Best,
Pips
  • #7,940
  • Nov 2, 2007 3:21am Nov 2, 2007 3:21am
Quoting Phillip Nel
I went long on EurUsd.



Edit 1.
1.4470 was reached 5 short of BE. Will watch this level as it might be RES.
I am at home so can watch this trade live

Edit 4
Price is staying around 1.4470. I have decided to take 50% profit @ 1.4468 giving me +15pips on 50% and I have set the rest to SL 1.4438 so that the average of the 2 gives me breakeven. If price retrace to the 1.4453 which was a mini breakout level then my second 50% have a chance should it bounce off 1.4453. I then have the oppertunity to add the 50% again should it bounce

Edit 5
Price is now staying just above 1.4470 above the Daily R1(1.4467) trying to establish a support which looks good for our 1.4490 first profit target.
Hi Phillip!

Congrats on the pip banking!!! What a great way to end the week....Just wanted to say how glad I am to have you live on NFP Friday!!! May you bank many more pips w/your short term strategies after the release!!

Happy & Profitable Trading

Pips
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