Hi,
is there a document where the theory is all explained?
I couldn't have understood a lot reading the first messages....
is there a document where the theory is all explained?
I couldn't have understood a lot reading the first messages....
Thanks. I was still novice with the timing issue(not that I am en expert now) but that was on my computor time 1hour later due to DST. This past monday the candle time still shows 08:00 on my platform but it is actually 1H later than the previous week. My platform is GMT+2
LOL! Phillip sure was a wise "novice"!!
& Nadia -- Love your avatar! & Palmer -- med. rare it is!!
Hi,
is there a document where the theory is all explained?
I couldn't have understood a lot reading the first messages....
Welcome to the method!
Phillip has posted some lessons in mp3 format on page 289 (I think). Palmer has also put lots of relevent info on (the mp3's and written transcripts done by Bil2205, Ira & Old Dog) the 4 hour website -- the link is on his signature line (I'm drawing a mental blank at the proper address right now think it is fxtraderblog.com but double check his signature line
). Then, when you have time (and if you think you need some advice on basic trading skills and the method), go through the thread and peruse old posts. Happy trading!
Pips
- #7,968
- Nov 2, 2007 8:07am Nov 2, 2007 8:07am
hello just wanted to add to the TC back testing, If u also keep in mind the time of the TC candle/ macd signal according to your platform, it will give you an insight as to which were more profitbale , For Me on GMT platform and on EURO only 0400 and 0800 candles were the most relaible. As they developed into a profitable trade.I was surprised to see that MOST of the TC were on those times only as well. Very few on 1200 or 1600 and rarely the 2000 candle. Now i am in the process of developing my own trading plan as far is what do i expect from myself as a trader. Its like putting pieces of a puzzle together. One by one it is coming together. if u try to solve it too quickly u will only get more frustrated. But with patience you can reach your goals and once your puzzle is complete then it might start to come naturally to u. And then when u look back from where u started to where u have reached you can be proud of yourself. Some might roll thier eyes at my post. But this is just my progress as a trader and i have no regrets to share it here.
That was my friday speech.!!!, have a great weekend everyone.
Nadia.
That was my friday speech.
!!!, have a great weekend everyone.Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
hello just wanted to add to the TC back testing, If u also keep in mind the time of the TC candle/ macd signal according to your platform, it will give you an insight as to which were more profitbale , For Me on GMT platform and on EURO only 0400 and 0800 candles were the most relaible. As they developed into a profitable trade.I was surprised to see that MOST of the TC were on those times only as well. Very few on 1200 or 1600 and rarely the 2000 candle. Now i am in the process of developing my own trading plan as far is what do i expect from myself as a trader. Its like putting pieces of a puzzle together. One by one it is coming together. if u try to solve it too quickly u will only get more frustrated. But with patience you can reach your goals and once your puzzle is complete then it might start to come naturally to u. And then when u look back from where u started to where u have reached you can be proud of yourself. Some might roll thier eyes at my post. But this is just my progress as a trader and i have no regrets to share it here.
That was my friday speech.
Nadia.
. Off of work now...time to check the steaks! LOL.
See you guys next week!
Pips
Here is the trade I took. Please critique.
Thanks
Took trade at long 1.4448 of of zero bounce/tc
set profit target at 1.4486
entered because had a 21 bounce and then macd conf of zb/tc
because of news coming out early took profits early and got out
Congrats on the profitable trade! I'm going to critique (because you ask
and I'm going to compliment and give you somethings to think about -- OK? -- realize it is only my opinion and my thoughts and in no way reflects on your trade style).1. Good job taking the bounce off the MA on E/U. The pair has been trending wildly upwards and you were following market motion. This is a great entry based solely on market rhythm!
2. You don't state where your stop is for this trade. I'm going to guess you put your stop below 1.4400 which means your r:r wasn't very good -- you risked 48 pips to make 38. Now if I'm mistaken, and you put your stop just below 1.4420 then I retract this statement and say the r:r was good and the trade was valid for you.
3. It looks like your TP was a few pips below the prior high which was a logical place. However, If news wasn't coming out, would you have closed 1 lot and moved to BE here anticipating a new high might form if 1.4488 was broken?
4. Again, I'm guessing no BE price was in the plan? (Yikes, I can't remember if the doji a few candles prior is on your chart -- know it is on mine. If it is on your's the high of the doji would have been where I moved this trade to BE and took 1 lot off (it's high is about 10 pips below your TP).
5. I like that you considered NFP
6. Lastly, I'm guessing you planned your TP based on the assumption that the trend may be getting ready to take a break due to the divergence seen on the MACD? If so, nice conservative planning! If not, still nice
Overall, this trade was really nicely done by you (do you have an aggressive support line drawn and noted somewhere? Is price still above this line? Just a strange thought in my head -- saw your channel, but don't recall seeing a current line acting as a guide -- and I might want to look at that with the length of divergence we are seeing on the chart -- just a personal thing I'd want to see b/c I'm starting to think the pair needs a breather sometime soon.)
Good Job & Happy Trading!
Pips
- #7,976
- Nov 2, 2007 8:56am Nov 2, 2007 8:56am
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Keep taking CT trades, I need more money
- #7,978
- Edited 9:47am Nov 2, 2007 9:40am | Edited 9:47am
Hello Phillip, great post on the way to take TC signals. Very enlightening. That is very true, on a 4H timframe signal, even a ranging market can give strong signals and lot of pips.
Right now, I am trying to only look to take TC signals. Either from a round bottom in the direction of the trend or turnaround from zero on the MACD.
The bounce from the 21 EMA on the 4H which correspond to the bounce of the 89 SMA on the 1 hour is really the best one when we have an established trend.
A great trade was earlier this morning, the bounce from the 21 EMA on 4H and a TC on MACD from the bounce from zero and entry at the 08:00 Mig time. Nice trade setup which show the strenght of TC signals.
Great week-end to all
Sincerely
Shreem
Right now, I am trying to only look to take TC signals. Either from a round bottom in the direction of the trend or turnaround from zero on the MACD.
The bounce from the 21 EMA on the 4H which correspond to the bounce of the 89 SMA on the 1 hour is really the best one when we have an established trend.
A great trade was earlier this morning, the bounce from the 21 EMA on 4H and a TC on MACD from the bounce from zero and entry at the 08:00 Mig time. Nice trade setup which show the strenght of TC signals.
Great week-end to all
Sincerely
Shreem
- #7,979
- Nov 2, 2007 10:07am Nov 2, 2007 10:07am
Hi JimTatum!
FIRST OF ALL THANKS FOR THE CRITIQUE
Congrats on the profitable trade! I'm going to critique (because you ask
1. Good job taking the bounce off the MA on E/U. The pair has been trending wildly upwards and you were following market motion. This is a great entry based solely on market rhythm!
2. You don't state where your stop is for this trade. I'm going to guess you put your stop below 1.4400 which means your r:r wasn't very good -- you risked 48 pips to make 38. Now if I'm mistaken, and you put your stop just below 1.4420 then I retract this statement and say the r:r was good and the trade was valid for you.
YOU ARE RIGHT I HAD STOP BELOW 4400 NOT GOOD R:R WILL WATCH THAT NEXT TIME
3. It looks like your TP was a few pips below the prior high which was a logical place. However, If news wasn't coming out, would you have closed 1 lot and moved to BE here anticipating a new high might form if 1.4488 was broken?
4. Again, I'm guessing no BE price was in the plan? (Yikes, I can't remember if the doji a few candles prior is on your chart -- know it is on mine. If it is on your's the high of the doji would have been where I moved this trade to BE and took 1 lot off (it's high is about 10 pips below your TP).YES BREAK EVEN WAS IN PLAN. BUT DUE TO NFP I JUST WANTED A QUICK TRADE AND GET OUT
5. I like that you considered NFP
6. Lastly, I'm guessing you planned your TP based on the assumption that the trend may be getting ready to take a break due to the divergence seen on the MACD? If so, nice conservative planning! If not, still nice
Overall, this trade was really nicely done by you (do you have an aggressive support line drawn and noted somewhere? Is price still above this line? Just a strange thought in my head -- saw your channel, but don't recall seeing a current line acting as a guide -- and I might want to look at that with the length of divergence we are seeing on the chart -- just a personal thing I'd want to see b/c I'm starting to think the pair needs a breather sometime soon.)
Good Job & Happy Trading!
Pips