Is there a document that sumarize all this trend system?
Check this link out, pretty much all 500 pages here but more content
http://www.fxtradeblog.com/index.html
Keep taking CT trades, I need more money
- #7,981
- Nov 2, 2007 11:50am Nov 2, 2007 11:50am
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Check this link out, pretty much all 500 pages here but more content
http://www.fxtradeblog.com/index.html
- #7,983
- Nov 2, 2007 12:40pm Nov 2, 2007 12:40pm
Is there a document that sumarize all this trend system?
http://www.fxtradeblog.com/
Good Luck. A lot of members of this forums are willing to help, but you gotta do your homework. Good luck
Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
- #7,987
- Nov 2, 2007 10:11pm Nov 2, 2007 10:11pm
Hello all, just wanted to post another very nice exemple of a very profitable trend continuation (TC) in harmony with the current motion of the market with the USD/CAD yesterday on the Nonfarm Payroll day. The beauty of this trade is that it was already showing the direction of the market before the news. (some big players do really have an edge for the direction of the market
).
Price was in a confirmed downtrend (under 89SMA) and price retraced to the 21 EMA and then continue it current direction with a TC on MACD. We could have entered either on the 4H at 12:00 hours FXDD time or at the 10:00 hour candle on the 1H FXDD time as it was a retrace to the 89 SMA and amove away in the current direction with bounce through zero of the MACD confirming the downtrend.
Please see both charts
Another great example of the power of the TC on this 4H MACD of Phillip. Just need to create a trading plan and the discipline and patience to follow the plan and not chase every signal but only wait for the hight probability setup.
Sincerely
Shreem
).Price was in a confirmed downtrend (under 89SMA) and price retraced to the 21 EMA and then continue it current direction with a TC on MACD. We could have entered either on the 4H at 12:00 hours FXDD time or at the 10:00 hour candle on the 1H FXDD time as it was a retrace to the 89 SMA and amove away in the current direction with bounce through zero of the MACD confirming the downtrend.
Please see both charts
Another great example of the power of the TC on this 4H MACD of Phillip. Just need to create a trading plan and the discipline and patience to follow the plan and not chase every signal but only wait for the hight probability setup.
Sincerely
Shreem
- #7,988
- Nov 3, 2007 12:23am Nov 3, 2007 12:23am
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Wow, thank you to everyone posting in this thread, I learn so much everyday. I wish I had enough time here at work to keep up and add more, but there will be slow time here and there.
I took nearly the same trade as Phillip on the GBPUSD and made 40 Pips. I know the R:R was, but I am paper trading and wanted to test out a few things I had read here.
Very exciting.
I did come up with three questions, though not directly related to this thread:
#1) For US citizens, how do you go about your taxes on your earnings. I asked on the beginner forum, but did not get any good answers. Just some links to some confusing tax document. Did you form an LLC and go into business? Are you taxes at the same rate as a short term investment in stocks? I am curious so I know how much I am making AFTER taxes as well.
***** I setup a business years ago. Talk with a CPA, it maybe a few $100 but don't be like me and get a bill from the IRS asking for $215,000
#2) How are you able to trade while working. I think I can swing it, but it can be tough somedays. I guess at that point, I miss some trades. The GDPUSD and EURUSD are much more active in the morning. I am thinking about going to bed super early, getting up to workout earlier, and then looking over the markets before going into work. Is this what you do? Trade in the morning before work, then keep as close as possible an eye on the market?
Trade full-time.
#3) I think about money no-stop. Probably not healthy, but I will worry about that when I have enough to not depend on a job to survive. I work a full time job during the week programming computers. I work on the weekends at a bar. I am considering get a 2nd weekend job for Sundays to make a few extra bucks. Is there anything I can do trading wise to help benefit myself? Sundays I do nothing, and I just as well be working. If I can become a better trader on Sundays, I would rather do that. I have gone through all of Phillips documents two times, and planned to go over them again this weekend. I am almost considering loading up my weekend working, and quitting my full time job in a few years, so I can work like crazy on Fri, Sat, Sun, and have all Mon-Thur to trade.
**** If you worry and think about money non-stop you are going to fail. You have to change this mindset or you will not make it because your starting off with the wrong mindset. I tried to show 4 friends exactly what I do, they all failed and the 1st thing they said. "Wow this is easy, I can't wait until I get a Ferrari"
Thanks again!
Keep taking CT trades, I need more money
- #7,989
- Nov 3, 2007 10:01am Nov 3, 2007 10:01am
- | Joined Apr 2005 | Status: Cruising The Outer Rim... | 2,175 Posts
- #7,990
- Nov 3, 2007 10:36am Nov 3, 2007 10:36am
- | Joined Apr 2005 | Status: Cruising The Outer Rim... | 2,175 Posts
- #7,991
- Nov 3, 2007 11:04am Nov 3, 2007 11:04am
Hello all, just wanted to post another very nice exemple of a very profitable trend continuation (TC) in harmony with the current motion of the market with the USD/CAD yesterday on the Nonfarm Payroll day. The beauty of this trade is that it was already showing the direction of the market before the news. (some big players do really have an edge for the direction of the market
Price was in a confirmed downtrend (under 89SMA) and price retraced to the 21 EMA and then continue it current direction with a TC on MACD. We could have entered either on the 4H at 12:00 hours FXDD time or at the 10:00 hour candle on the 1H FXDD time as it was a retrace to the 89 SMA and amove away in the current direction with bounce through zero of the MACD confirming the downtrend.
Please see both charts
Another great example of the power of the TC on this 4H MACD of Phillip. Just need to create a trading plan and the discipline and patience to follow the plan and not chase every signal but only wait for the hight probability setup.
Sincerely
Shreem
hindsight is great
why not showing the trades on the same pair from 2007-6-6 to 2007-6-28
and
- #7,992
- Nov 3, 2007 12:12pm Nov 3, 2007 12:12pm
hindsight is great
why not showing the trades on the same pair from 2007-6-6 to 2007-6-28
and
It is clear that when the market is trending, taking TC signals are the most easy ones to spot and are certainely the high probability's ones we are looking for.
However, the true beauty of the 4H MACD of Phillip is that even when the market is defined in a ranging condition (price going up and down around the 89 SMA), you can draw a channel (with trendlines) to define your resistance and support lines or boundaries areas and you are looking for trades around those trend lines or support and resistance areas.
I include a chart of the USD/CAD from beginning of June 2007 until end of June 2007 as you mentionned and you can see where I have put blue triangles showing possible trades and MACD confirmation signals, you can still have trade possibilities around the resistance and support trendlines.
Of course, these trades are not considered as high probability trades as when we are in a defined trending direction when we get TC but you can still make money with good RRR and only selecting the best ones according to your trading plans.
Also, when the market is in a range market and it is defined by a top trendline (resistance) and a down trendline (support), the different moving averages (89SMA, 21EMA and 8EMA in this exemple) plays a less important role in the sense that they are only telling us that there is no clear trend direction and that we need to trade accordingly.
Hope it helps
Sincerely
Shreem
- #7,993
- Nov 3, 2007 12:41pm Nov 3, 2007 12:41pm
- | Joined Apr 2007 | Status: Trader | 1,126 Posts
hi frends
i was tarding whith phillip's m5 sustem.its perfect.now i decide to start learning about this system .maybe i can do more longterm trades and can mix thease two systems.
thx for helping me in learning this system
i was tarding whith phillip's m5 sustem.its perfect.now i decide to start learning about this system .maybe i can do more longterm trades and can mix thease two systems.
thx for helping me in learning this system
- #7,994
- Nov 3, 2007 12:52pm Nov 3, 2007 12:52pm
Hello Bshadroo, welcome to this thread.
I am sure you will enjoy your experience here as this is a great community of people ready to share.
Just go to page 289 and listen and look at the 13 lessons that Phillip as put together to give a great overview of his method. After that, you can go to post 1 of the thread and download the PDF file to look at the different MACD signals.
Also, afterward, looking at the webpage of Palmer can help you a lot to deepen your understanging of the system.
Sincerely
Shreem
I am sure you will enjoy your experience here as this is a great community of people ready to share.
Just go to page 289 and listen and look at the 13 lessons that Phillip as put together to give a great overview of his method. After that, you can go to post 1 of the thread and download the PDF file to look at the different MACD signals.
Also, afterward, looking at the webpage of Palmer can help you a lot to deepen your understanging of the system.
Sincerely
Shreem
Hi unlv_tj!
I see Ryan has already given you a bit of advice and want to add just a bit re:tax issues. FIRST: A DISCLAIMER...THIS IS IN NO WAY INTENDED AS LEGAL ADVICE OR TAX ADVICE, I AM NOT QUALIFIED OR LICENSED IN ANY OF THESE FEILDS AND YOU SHOULD CONSULT WITH BOTH AN ATTORNEY AND AN ACCOUNTANT FOR PROPER LEGAL ADVICE.
OK, disclaimer done...Foreign Exchange is handled differently than stock gains (thank you hedge funds!) and you can take an election that gives you a blended rate on your gains (about 26%). The catch is that your losses aren't handled as generously -- so you want to make sure you are profitable. The IRS requires an individual to make this election prior to starting their trading career (and there are certain times where you can do it along the way -- like when you start a corporation). The major point that you will have to prove to the IRS as an individual is that you trade full time. Because of your incredible work ethic -- the IRS will probably not give you the full time status and would disallow the election. The drawback with setting up a corporation depends on what state you live in (for example, say you set up a corp in California -- even if you make $0, you have a minimum $800 tax liability each year, after year 1). The best thing you can do is consult with qualified accountants (best to find one w/a knowledge of foreign exchange) to see what is best suited to your situation.
Now that we have jumped ahead
, the next thing you should focus on is being a profitable trader. The way to do that is focus on being a good trader w/the foundation skills in place. It is ironic, but true, that focusing on becoming the best trader you can be brings pips to the account. Use your Sunday's to plan the trades you would like to take during the week. Plan for a short and a long scenario on the pairs you follow. Also, use the time to practice your skills on historical data and to review any trades taken during the week prior. Use your demo account to see how using limit entry orders works for you -- you may find that you can place your trades ahead of time and wait for them to trigger w/out having to watch the market 24/7 -- based on your plan and macd direction.
Many of us spend a lot of time in front of the computer watching the "noise" of the market. If you are trading strictly from the 4 hour chart, you shouldn't have to do this. You should be able to check in on your trades and manage positions a couple of times a day (easier said than done -- and if you are newer to the market, watching live is a good way to get a feel for price movements -- observation time is good for learning as long as you aren't trading the noise).
I don't know what time zone you are in....can I assume you are west coast b/c of unlv? Or am I completely off base that you are somewhere around Las Vegas? The west coast time zone is brutal for live trading (imho)...The market moves (generally) between 11PM and 3AM, takes a break until 4AM then starts to move from 4AM until 8AMish (quiet from 11:30 - noon) then may or may not make moves through the afternoon (depends on stock market & fed days). Depending on when you get up for your day job would dictate when you would want to watch live -- also, what times your candle closes could give you some indication. The devil really is in the details, eh?. If I had a 9-5 job and wanted to watch the market "action" I would do as you are thinking...bed at 8PM up at 3AMish w/alarms set to price action points on my laptop next to the bed -- or I'd strictly trade on 4 hour signals where I wouldn't have to watch the market all the time looking for best entry/exit point -- everything would be preplanned along w/trailing stops and solid TP's (and my stops would move in blocks -- so I'd have to make sure my broker moved stops at intervals instead of with each pip moved in my direction). PALMER is a good example of a trader who monitors trades from work and is successful w/it (think he could be a "workaholic" like you -- still can't figure out how he finds the time to do all he does -- and if he found the no sleep superpower, please share...hehe).
Sooooo...the point is, use your time to learn how to trade well using whatever time you have available. Focus on the "long term" strategy where you don't have to pin-point your entry and micro-manage your trade. Stay away from "Scalping." Watch the 4 hour charts and ignore the 1 hour. Get plenty of sleep (it keeps us sharp and allows us to make good decisions), and keep up your excercise plan (that oxygen to our brains also helps us make good decisons). Become a harmonic trader (everything in balance), then teach me the skills!
Lastly, (& I don't know how old you are, so you may or may not get this reference)...Do you ever feel like the skit on In Living Color w/the people who had 16 jobs? (Insert happy icon here...I had too many in the post...this comment was meant to be lighthearted).
Wishing you happiness in your trading career!
Pips
I see Ryan has already given you a bit of advice and want to add just a bit re:tax issues. FIRST: A DISCLAIMER...THIS IS IN NO WAY INTENDED AS LEGAL ADVICE OR TAX ADVICE, I AM NOT QUALIFIED OR LICENSED IN ANY OF THESE FEILDS AND YOU SHOULD CONSULT WITH BOTH AN ATTORNEY AND AN ACCOUNTANT FOR PROPER LEGAL ADVICE.
OK, disclaimer done...Foreign Exchange is handled differently than stock gains (thank you hedge funds!
) and you can take an election that gives you a blended rate on your gains (about 26%). The catch is that your losses aren't handled as generously -- so you want to make sure you are profitable. The IRS requires an individual to make this election prior to starting their trading career (and there are certain times where you can do it along the way -- like when you start a corporation). The major point that you will have to prove to the IRS as an individual is that you trade full time. Because of your incredible work ethic -- the IRS will probably not give you the full time status and would disallow the election. The drawback with setting up a corporation depends on what state you live in (for example, say you set up a corp in California -- even if you make $0, you have a minimum $800 tax liability each year, after year 1). The best thing you can do is consult with qualified accountants (best to find one w/a knowledge of foreign exchange) to see what is best suited to your situation.Now that we have jumped ahead
, the next thing you should focus on is being a profitable trader. The way to do that is focus on being a good trader w/the foundation skills in place. It is ironic, but true, that focusing on becoming the best trader you can be brings pips to the account. Use your Sunday's to plan the trades you would like to take during the week. Plan for a short and a long scenario on the pairs you follow. Also, use the time to practice your skills on historical data and to review any trades taken during the week prior. Use your demo account to see how using limit entry orders works for you -- you may find that you can place your trades ahead of time and wait for them to trigger w/out having to watch the market 24/7 -- based on your plan and macd direction.Many of us spend a lot of time in front of the computer watching the "noise" of the market. If you are trading strictly from the 4 hour chart, you shouldn't have to do this. You should be able to check in on your trades and manage positions a couple of times a day (easier said than done -- and if you are newer to the market, watching live is a good way to get a feel for price movements -- observation time is good for learning as long as you aren't trading the noise).
I don't know what time zone you are in....can I assume you are west coast b/c of unlv? Or am I completely off base that you are somewhere around Las Vegas? The west coast time zone is brutal for live trading (imho)...The market moves (generally) between 11PM and 3AM, takes a break until 4AM then starts to move from 4AM until 8AMish (quiet from 11:30 - noon) then may or may not make moves through the afternoon (depends on stock market & fed days). Depending on when you get up for your day job would dictate when you would want to watch live -- also, what times your candle closes could give you some indication. The devil really is in the details, eh?
. If I had a 9-5 job and wanted to watch the market "action" I would do as you are thinking...bed at 8PM up at 3AMish w/alarms set to price action points on my laptop next to the bed -- or I'd strictly trade on 4 hour signals where I wouldn't have to watch the market all the time looking for best entry/exit point -- everything would be preplanned along w/trailing stops and solid TP's (and my stops would move in blocks -- so I'd have to make sure my broker moved stops at intervals instead of with each pip moved in my direction). PALMER is a good example of a trader who monitors trades from work and is successful w/it (think he could be a "workaholic" like you -- still can't figure out how he finds the time to do all he does -- and if he found the no sleep superpower, please share...hehe).Sooooo...the point is, use your time to learn how to trade well using whatever time you have available. Focus on the "long term" strategy where you don't have to pin-point your entry and micro-manage your trade. Stay away from "Scalping." Watch the 4 hour charts and ignore the 1 hour. Get plenty of sleep (it keeps us sharp and allows us to make good decisions), and keep up your excercise plan (that oxygen to our brains also helps us make good decisons). Become a harmonic trader (everything in balance), then teach me the skills
!Lastly, (& I don't know how old you are, so you may or may not get this reference)...Do you ever feel like the skit on In Living Color w/the people who had 16 jobs? (Insert happy icon here...I had too many in the post...this comment was meant to be lighthearted).
Wishing you happiness in your trading career!
Pips
- #7,998
- Nov 3, 2007 4:14pm Nov 3, 2007 4:14pm
Hello Pips, thank you very much for the nice comment. It is my pleasure to share some nice exemples of great setups as it help us reinforce how to look for the best probability setups.
I do really believe that it is through a sincere spirit of sharing that we can grow together as a community to become more experienced traders as we can learn from the strenghs and weakness of everyone else.
Pips, thank for your great posts that you share with us so often.
Great trading for the next week to come and may all of you enjoy the success that this method gives when one is patient enough to learn it and integrate its core components.
Sincerely
Shreem
I do really believe that it is through a sincere spirit of sharing that we can grow together as a community to become more experienced traders as we can learn from the strenghs and weakness of everyone else.
Pips, thank for your great posts that you share with us so often.
Great trading for the next week to come and may all of you enjoy the success that this method gives when one is patient enough to learn it and integrate its core components.
Sincerely
Shreem
- #7,999
- Nov 3, 2007 4:20pm Nov 3, 2007 4:20pm
Hello all, just wanted to post another very nice exemple of a very profitable trend continuation (TC) in harmony with the current motion of the market with the USD/CAD yesterday on the Nonfarm Payroll day. The beauty of this trade is that it was already showing the direction of the market before the news. (some big players do really have an edge for the direction of the market
Price was in a confirmed downtrend (under 89SMA) and price retraced to the 21 EMA and then continue it current direction with a TC on MACD. We could have entered either on the 4H at 12:00 hours FXDD time or at the 10:00 hour candle on the 1H FXDD time as it was a retrace to the 89 SMA and amove away in the current direction with bounce through zero of the MACD confirming the downtrend.
Please see both charts
Another great example of the power of the TC on this 4H MACD of Phillip. Just need to create a trading plan and the discipline and patience to follow the plan and not chase every signal but only wait for the hight probability setup.
Sincerely
Shreem
Wishing a great pip next week for everyone!!
- #8,000
- Nov 3, 2007 4:33pm Nov 3, 2007 4:33pm
Yeah, I was riding the CAD going down for 100 pips!
Wishing a great pip next week for everyone!!
Sincerely
Shreem