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4 Hour Strategy (MACD)

  • #8,301
  • Nov 8, 2007 5:03pm Nov 8, 2007 5:03pm
Quoting ashes
Hello Palmer, unfortunately I'm not able to upload the charts. I don't know why. on the 1h I've drawn the trendline from the 7 nov 3:00 candle bottom up. it gets touched two times 8 nov 8:00 and 8 nov 20:00, all gmt+1. Greetings --- too bad I can't post my charts. does anybody have an idea why I can't upload the charts? or why I can't place breaking spaces in my post?

The manage attachments button isn't showing when you scroll down?
  • #8,302
  • Nov 8, 2007 5:11pm Nov 8, 2007 5:11pm
I have data with GFT back to 79, so I think it is a historical projection of the included currencies.
What I see with the Euro is that price is asending into the 1.4700 resistance area. I will look for a break out of either direction. Until then, I wait.
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  • #8,303
  • Edited 5:39pm Nov 8, 2007 5:14pm | Edited 5:39pm
I'm looking at pound at the moment, 50 min. to close the 4h candle in my charts, the lower high and divergence looks nice for a short, I would need the price to go up a little more to pick me up and comply with my SL parameter (no more than 40 pips) and then go to 21 ema.

What do you think?
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Ado Whether you believe you can do a thing or not, you are right.
  • #8,304
  • Nov 8, 2007 5:38pm Nov 8, 2007 5:38pm
Quoting Ado
I'm looking at pound at the moment, 50 min. to close the 4h candle in my charts, the double top and divergence looks nice for a short, I would need the price to go up a little more to pick me up and comply with my SL parameter (no more than 40 pips) and then go to 21 ema.

What do you think?
I see some SR from 2.1050-2.1070. For a short I would wait for price to break the .1050 area and then watch for a test from below of that area. Looking for it to become confirmed resistance on the 1hr. I need to add that this is not a MACD trade.
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  • #8,305
  • Nov 8, 2007 5:39pm Nov 8, 2007 5:39pm
Quoting Palmer
The manage attachments button isn't showing when you scroll down?
Now the "manage attatchments" button finally showed up again. So I can upload the charts.

Greetings
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  • #8,306
  • Nov 8, 2007 5:45pm Nov 8, 2007 5:45pm
Quoting HipsterPipster
I have data with GFT back to 79, so I think it is a historical projection of the included currencies.
What I see with the Euro is that price is asending into the 1.4700 resistance area. I will look for a break out of either direction. Until then, I wait.
Hi Hipster,
the ascending triangle would indicate a move to the top even more than a
symmetrical triangle, right? Sometimes I don't know if I should or should not
include the candle spikes into my trendline drawing.

anyway .. this is going to be interesting

Greetings
  • #8,307
  • Nov 8, 2007 5:56pm Nov 8, 2007 5:56pm
Quoting HipsterPipster
I see some SR from 2.1050-2.1070. For a short I would wait for price to break the .1050 area and then watch for a test from below of that area. Looking for it to become confirmed resistance on the 1hr. I need to add that this is not a MACD trade.
Guess you're right, there's the horizontal support zone and the ascending trendline in almost same place, better wait.
Ado Whether you believe you can do a thing or not, you are right.
  • #8,308
  • Nov 8, 2007 6:01pm Nov 8, 2007 6:01pm
Quoting ashes
Hi Hipster,
the ascending triangle would indicate a move to the top even more than a
symmetrical triangle, right? Sometimes I don't know if I should or should not
include the candle spikes into my trendline drawing.

anyway .. this is going to be interesting

Greetings
That is a good question. Symmetrical triangles are inside bars representing consolidation but not necesarily with a bias, barring the trend that it is in. To me, the formation does not indicate direction. You could think of price as a "price ball" that is bouncing back and forth, just losing momentum. I would say that generally speaking the ascending triange in an uptrend is biased for the continuation of that trend more than the symmetrical triangle. The upper horizontal line of that ascending triangle represents the current R or resitance area and price continually is testing it as price makes higher lows. Sooner or later that bouncing "price ball" will pound through that resitance area so to speak, though this is not garanteed of course. Probability wise, ascending will break up. Hope that wasn't more confusing. Dion
  • #8,309
  • Nov 8, 2007 6:08pm Nov 8, 2007 6:08pm
not confusing at all. Thank you for your explanation.

Greetings
  • #8,310
  • Nov 8, 2007 6:28pm Nov 8, 2007 6:28pm
Quoting ashes
not confusing at all. Thank you for your explanation.

Greetings
Your welcome, I should add that I established my upper horizontal line based on the majority of bar or candle tops and the nice even number of 1.4700. Human nature likes even numbers. Drawing that line is subjective so many people would have their own take.
  • #8,311
  • Nov 8, 2007 8:08pm Nov 8, 2007 8:08pm
[quote=unlv_tj;1706422]

but I am paper trading and I need something to keep my mind on the market today.
[quote]

^^^ Read this over and over and tell me what is wrong? How to fat people get fat? By eating, why do they start to eat a lot and what HABBITS do they form to stay fat? Right now you are forming LOSING habbits, it's your money but when the market it slow I walk away and I never look at charts live more then 2-3 min because the more you look the more chance you have of losing. My biggest gains are when I goto sleep and wake up in a winning trade
Keep taking CT trades, I need more money
  • #8,312
  • Nov 8, 2007 8:27pm Nov 8, 2007 8:27pm
Quoting HipsterPipster
Your welcome, I should add that I established my upper horizontal line based on the majority of bar or candle tops and the nice even number of 1.4700. Human nature likes even numbers. Drawing that line is subjective so many people would have their own take.
Hi Hipster!!

Where have you been hiding lately??? Good to see you around!

Happy trading,
Pips
  • #8,313
  • Nov 8, 2007 8:31pm Nov 8, 2007 8:31pm
About 5 pages back, there was a post about 17 pips or 170 pips depending on trade method.

Phillip has always advocated taking partial profit at various levels and giving yourself the opportunity to be involved in a breakout by moving to BE and letting the lot run (think this was the method you employed on the 170 pip trade). Again, this is something each and every individual must test and decide for themselves....but, personally, position for breakouts.

Happy Trading all!
Pips
  • #8,314
  • Nov 8, 2007 8:39pm Nov 8, 2007 8:39pm
Hi Phillip,

Thanks for the post re: the questions to ask yourself before trade entry. That was one of the best I've seen in a long time

Thanks again for all you do,
Pips
  • #8,315
  • Nov 8, 2007 8:47pm Nov 8, 2007 8:47pm
Quoting pips4uandme
About 5 pages back, there was a post about 17 pips or 170 pips depending on trade method.

Phillip has always advocated taking partial profit at various levels and giving yourself the opportunity to be involved in a breakout by moving to BE and letting the lot run (think this was the method you employed on the 170 pip trade). Again, this is something each and every individual must test and decide for themselves....but, personally, position for breakouts.

Happy Trading all!
Pips
Hey Pips, thanks for the welcome party. I have been here, there, and everywhere, and I am afraid will be leaving agian for about 3 weeks. Going for a bus ride across South America. I do like BE, but have also been trying to fine tune that as I have found it is too easy to botch your trade by getting too excited about moving the SL! Let it ride is nice too. This is what I have been up to lately as I try and forcast the USD/JPY market, with maybe some failed success. http://forexfactory.com/showthread.php?t=48794&page=14 . Blessings on you guys, Dion
  • #8,316
  • Nov 8, 2007 8:54pm Nov 8, 2007 8:54pm
[quote=Ryanmcd;1706891][quote=unlv_tj;1706422]

but I am paper trading and I need something to keep my mind on the market today.
Quote

^^^ Read this over and over and tell me what is wrong? How to fat people get fat? By eating, why do they start to eat a lot and what HABBITS do they form to stay fat? Right now you are forming LOSING habbits, it's your money but when the market it slow I walk away and I never look at charts live more then 2-3 min because the more you look the more chance you have of losing. My biggest gains are when I goto sleep and wake up in a winning trade

Ryan, you are correct, and I thought the same thing as soon as I typed it out.

I took the trade more to keep my mind in the market and keep more interest, but I am starting to form bad habits. Plus I need to stop wondering how I will emotionally re-act when real money is on the line.

I think I am going to set-up and account with Oanda (whom I paper trade with) in the near future. I will trade in micro-lots, so as to not blow my account out anytime fast.

I had planned on opening an account with $5,000. I have been saving for a while, so $5,000 is about perfect for how much I want to start with. Do you feel $5,000 is too large of an amount for a Market Maker?

Thanks for all your help!
  • #8,317
  • Nov 8, 2007 9:14pm Nov 8, 2007 9:14pm
[quote=unlv_tj;1706959][quote=Ryanmcd;1706891]
Quoting unlv_tj

but I am paper trading and I need something to keep my mind on the market today.


Ryan, you are correct, and I thought the same thing as soon as I typed it out.

I took the trade more to keep my mind in the market and keep more interest, but I am starting to form bad habits. Plus I need to stop wondering how I will emotionally re-act when real money is on the line.

I think I am going to set-up and account with Oanda (whom I paper trade with) in the near future. I will trade in micro-lots, so as to not blow my account out anytime fast.

I had planned on opening an account with $5,000. I have been saving for a while, so $5,000 is about perfect for how much I want to start with. Do you feel $5,000 is too large of an amount for a Market Maker?

Thanks for all your help!
Hey Unlv, first of all keep up the good work. You are pushing forward and I know you have learned alot. Regarding a live account. Some say to demo trade your strategy for at least 3 profitable months. Others say trade live as soon as possible as to get a feel for real money and your emotions. What ever you do, I would suggest risking a small amount and then build yourself up to a comfortable risk%. You can always risk more. Some only trade with 1/2-1% as their normal risk %. This may be a good place to start, and remember your success is not necesarily the $ profit, but rather how you master your emotions and your trades. Others may disagree and say you are wasting your time making pennies, but hey, in the end it is your money. Good trading, Dion
  • #8,318
  • Nov 8, 2007 9:25pm Nov 8, 2007 9:25pm
[quote=HipsterPipster;1706986][quote=unlv_tj;1706959]
Quoting Ryanmcd
Hey Unlv, first of all keep up the good work. You are pushing forward and I know you have learned alot. Regarding a live account. Some say to demo trade your strategy for at least 3 profitable months. Others say trade live as soon as possible as to get a feel for real money and your emotions. What ever you do, I would suggest risking a small amount and then build yourself up to a comfortable risk%. You can always risk more. Some only trade with 1/2-1% as their normal risk %. This may be a good place to start, and remember your success is not necesarily the $ profit, but rather how you master your emotions and your trades. Others may disagree and say you are wasting your time making pennies, but hey, in the end it is your money. Good trading, Dion
Thank you for your kind words. I am very motivated by the fun I have in trading and also in the fun I have on this thread. I hope to become good enough to truly give back to this thread.

I plan to risk at the most 2% per trade, I am just not certain if Marker Maker (Oanda in my case) would be the best option for an account of $5,000 or if I need to go to an full broker.
  • #8,319
  • Nov 8, 2007 9:36pm Nov 8, 2007 9:36pm
[quote=unlv_tj;1706996][quote=HipsterPipster;1706986]
Quoting unlv_tj

Thank you for your kind words. I am very motivated by the fun I have in trading and also in the fun I have on this thread. I hope to become good enough to truly give back to this thread.

I plan to risk at the most 2% per trade, I am just not certain if Marker Maker (Oanda in my case) would be the best option for an account of $5,000 or if I need to go to an full broker.
I have not worked with Oanda, but have heard good things for small accounts, and I think they will even pay you swap on an account of this size. You will definately be able to keep to 2% risk and still have breathing room with Oanda. IMHO, I would personally suggest risking less until you feel confident and are actually pulling off profitable trades. Many of us are not beyond being motivated to mess with our trade when we consider the amount on the line, I know I am still growing in this area. Dion
  • #8,320
  • Nov 8, 2007 10:37pm Nov 8, 2007 10:37pm
Hi Ryanmcd,

I deleted my post re: studying the market vs. developing bad trades. I was mistaken in my assumption that it was education of market movements rather than bad habit development.

To the Forum:

Don't look for a trade everyday. Watch and study, but be patient for the good setups -- they come frequently enough. Use down time to backtest, look at charts and study technique. If your "addicted" to trading -- invest in forex tester and do simulated trades (and see how good you are at recognizing setups in a "live" trading environment.

To unlv_tj:

Don't set up your first account with all your total trading money! This is suicide, as you will be tempted to let bad trades "ride" b/c the money is in the account or to overtrade. You most likely won't make the wisest decisons either in the beginning. Take $1000.00 and trade micromini's at Oanda -- put the remainder in an interest bearing account somewhere until you are ready to up the ante. This is your first live account and real money that you worked hard for is at stake. Believe me when I say, You will want as much money as possible later on when you have the skills to be consistently profitable. Also -- for some odd reason, demo accounts execute much better than live acccounts -- and you will most likely need time to acclimate (sp?) to the nuances. After you are super skilled, I wouldn't worry about $5K w/Oanda -- wouldn't worry about $200K either -- they are well capitalized.

Best to all,
Pips

Hey Hipster -- Have the greatest time ever on the S.A. bus ride!! I'm super jealous -- Are you going to Peru??? Really Really Jealous!!
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