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4 Hour Strategy (MACD)

  • #8,341
  • Nov 9, 2007 9:13am Nov 9, 2007 9:13am
support seems at pp 14670, think will go back up as it seems?

Quoting owkenobi
Since H4 and H1 EU timeframes doesn't suggest any clear rhythm, I switched to 30min TF. I think it shows a good rhythm and where the price is finding support (sma89).
  • #8,342
  • Nov 9, 2007 9:24am Nov 9, 2007 9:24am
  •  shauny
  • | Joined Jul 2007 | Status: Still learning and never gonna stop | 127 Posts
I took a quick short on the GU.

Reason: Price broke through 21ema, retraced, tested 21ema and move downwards..

TP could be 89sma but would be aiming around 2.0920 to take partial profit and breakeven, try letting the rest go to the 89sma, which is alot of pips..
  • #8,343
  • Nov 9, 2007 9:35am Nov 9, 2007 9:35am
Quoting adrianebn
support seems at pp 14670, think will go back up as it seems?
I think it's too early to take a position, for me at least.

I switched to 30min TF only to find that support but... I'm almost a beginner with Phillip system, still learning the "main" 4H method and taking only good setups on this TF (4H). Looking forward to learn Phillip 5min system... but I'm not in a hurry.
  • #8,344
  • Nov 9, 2007 9:38am Nov 9, 2007 9:38am
best thing do not rush into trades

i didnt enter the trade too as its a very uncertain day today and can wipe you out in no time!

Quoting owkenobi
I think it's too early to take a position, for me at least.

I switched to 30min TF only to find that support but... I'm almost a beginner with Phillip system, still learning the "main" 4H method and taking only good setups on this TF (4H). Looking forward to learn Phillip 5min system... but I'm not in a hurry.
  • #8,345
  • Nov 9, 2007 10:04am Nov 9, 2007 10:04am
Phillip can you please say what was the best way to trade this week E/U, especially from the 7th of November. I want to know your opinion, but if you haven't got time, please,feel free not to answer.
  • #8,346
  • Nov 9, 2007 10:16am Nov 9, 2007 10:16am
Quoting shauny
I took a quick short on the GU.

Reason: Price broke through 21ema, retraced, tested 21ema and move downwards..

TP could be 89sma but would be aiming around 2.0920 to take partial profit and breakeven, try letting the rest go to the 89sma, which is alot of pips..

That was a very good observation. If it was'nt this late on a Friday I would have been in as well.
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  • #8,347
  • Nov 9, 2007 10:55am Nov 9, 2007 10:55am
Quoting ira
Phillip can you please say what was the best way to trade this week E/U, especially from the 7th of November. I want to know your opinion, but if you haven't got time, please,feel free not to answer.
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File Type: zip EurUsd.zip   828 KB | 2,071 downloads
  • #8,348
  • Nov 9, 2007 11:28am Nov 9, 2007 11:28am
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  • #8,349
  • Nov 9, 2007 11:42am Nov 9, 2007 11:42am
  •  shauny
  • | Joined Jul 2007 | Status: Still learning and never gonna stop | 127 Posts
Quoting Phillip Nel
That was a very good observation. If it was'nt this late on a Friday I would have been in as well.
hey Philip, thanks for your comments. It is exactly what I was talking about. Glad that I thought and observed the same things as you. I closed 2 positions for 37pips and my last position was stopped out at 30 pips. Nice trading at the end of the week.
  • #8,350
  • Nov 9, 2007 11:56am Nov 9, 2007 11:56am
Quoting shauny
I took a quick short on the GU.

Reason: Price broke through 21ema, retraced, tested 21ema and move downwards..

TP could be 89sma but would be aiming around 2.0920 to take partial profit and breakeven, try letting the rest go to the 89sma, which is alot of pips..
Nice trade with the 1hr, good eye.

I'm on travel next week until Thursday. Been slammed all week with that normal day job thing and haven't had much time the past few days to 'contribute', just too busy.....
  • #8,351
  • Nov 9, 2007 12:26pm Nov 9, 2007 12:26pm
  •  shauny
  • | Joined Jul 2007 | Status: Still learning and never gonna stop | 127 Posts
Quoting Palmer
Nice trade with the 1hr, good eye.

I'm on travel next week until Thursday. Been slammed all week with that normal day job thing and haven't had much time the past few days to 'contribute', just too busy.....
hey.. I will be touring around greece, so don't really think I can monitor as often as I can when I'm at hm. But I will take some time to check the charts on how the market progresses. I think you deserve a some time off from work.. hee.. I think many people made pips as well. so let's hope next week will have more pips for us!!
  • #8,352
  • Nov 9, 2007 12:38pm Nov 9, 2007 12:38pm
Phillip, thank you for the great information, it is greatly appreciated.
  • #8,353
  • Edited 1:25pm Nov 9, 2007 1:24pm | Edited 1:25pm
Dear Phillip, thank you for such quick and complete answer!
Don't know why, but I have been out of focus this week, no losses though. I hope next week will be better.
Have a good weekend everyone! And many, many pips to you next week!

Hey Shauny and Palmer have a good trip!
  • #8,354
  • Nov 9, 2007 1:31pm Nov 9, 2007 1:31pm
For those who have difficulty with spoken English. Refer to Post 8348 for PDF chart.

Topics: EURUSD, GBPUSD, USDCAD -- demo vs. live trading in developing bad habits -- planning your trades to avoid bad habits.
Attached File(s)
File Type: doc Phillip Nel EURUSD Post8348 Page557 9Nov2007.doc   7 KB | 746 downloads
  • #8,355
  • Nov 9, 2007 2:19pm Nov 9, 2007 2:19pm
Quoting ira
Dear Phillip, thank you for such quick and complete answer!
Don't know why, but I have been out of focus this week, no losses though. I hope next week will be better.
Have a good weekend everyone! And many, many pips to you next week!

Hey Shauny and Palmer have a good trip!
Ira
You will find that you get those times where youre judgement just is not there. Just do some backtesting candle by candle(F12) till you get the feeling again. Go through the rhythm and motion as well as rules again. It helps me
Thanks and many pips to you as well
Phillip
  • #8,356
  • Nov 9, 2007 3:16pm Nov 9, 2007 3:16pm
Quoting Phillip Nel
That is where I would have made 2 trades both with pips in the bag. Both TC trades according to the rule that the price might be on its way to the 89 so I was only looking for long trades.


Dont know why im having such a hard time wrapping my brain around this issue.........I dont understand something apparently..... I thought that the trend direction was determined by the 89 which is in a down trend..... So I thought that a Long order would be a countertrend trade. Not a trend continuation trade........ A long would definitely be in agreement with the Rythym...rule........Maybe its a rc....ryhthym continuation...LOL....... is the term trend continuation derived by the chart 89 trend continuation or by the macd bars continuing? ..........Ive got something learned wrong that i need to correct pronto............pipip........Good Weekend to alll. Jimdandy........
  • #8,357
  • Nov 9, 2007 3:21pm Nov 9, 2007 3:21pm
Hi all, does anyone feel that the gbp/jpy is too volatile to trade with this system? Any experience from those that trade this pair? Thank you...Joe
  • #8,358
  • Nov 10, 2007 12:08am Nov 10, 2007 12:08am
Quoting Phillip Nel
Info

Hello Dear Phillip, just wanted to tell you my deep gratitude for your great MP3 on "planning your trade". That is very well thought and expressed. Your way of teaching is really amazing and so much clear.

That is effectively a very good exercise to write down the reasons why we do take a trade, be it a TC or a RT or RB. Especially when we go against the trade.

This week has also been great for me, 128 pips on EUR/USD and USD/CAD.

Re-reading all the thread (still at page 178) and looking every day at the new posts, help me so much by reinforcing my knowledge of the method.

So happy to feel that this method is really starting to be part of myself in the way I trade.

After a couple months of studying it back and forth, I really begin to "feel" it.

For any new people who come new to the thread, I can tell you that if you really stick to this method and learn it "by heart" as Phillip is saying, you will certainely make a success of it. It do takes a lot of dedication to learn it and feel it, but it is really worth it.

Great week-end to all and great trades for the week coming

Sincerely

Shreem
  • #8,359
  • Nov 10, 2007 12:10pm Nov 10, 2007 12:10pm
  •  shauny
  • | Joined Jul 2007 | Status: Still learning and never gonna stop | 127 Posts
Quoting JimDandy
Dont know why im having such a hard time wrapping my brain around this issue.........I dont understand something apparently..... I thought that the trend direction was determined by the 89 which is in a down trend..... So I thought that a Long order would be a countertrend trade. Not a trend continuation trade........ A long would definitely be in agreement with the Rythym...rule........Maybe its a rc....ryhthym continuation...LOL....... is the term trend continuation derived by the chart 89 trend continuation or by the macd bars continuing? ..........Ive got something learned wrong that i need to correct pronto............pipip........Good Weekend to alll. Jimdandy........
Hi.. You are correct, the trend is determined by 89sma. Let's say a down scenario. We should be shorting, if we long it would be mean countertrend trades. But when price crossed above 21ema, pullback and moved away, it is in the rhythm of the market to go back to the 89sma. So technically speaking, this is not really a countertrend trade but following the rhythm of the market to get back to its "central point".
  • #8,360
  • Edited 12:22pm Nov 10, 2007 12:12pm | Edited 12:22pm
Quoting jcarrier
Hi all, does anyone feel that the gbp/jpy is too volatile to trade with this system? Any experience from those that trade this pair? Thank you...Joe
Yes, I am still here, had trouble with my visa, will be fixing it Monday. Jcarrier, I love the geppy, it is a beast with nasty teeth and a soft belly. Here are a couple of signals I think one could have traded. The part is getting your SL and TP correct as to not get bit by the spikes. I also like BE very much with this pair for obvious reasons. Don't blink!
A few trades:
1. Short on a Macd TC, price action would have helped you here, nice shooting star. I would have established my SL above the shooting star high. SL-236.70 area, Entry-234.50 area ,TP-229.50 area established by previous 4hr support. R:R- 220:500 You may have considered being more agresive with a smaller SL and establishing BE quickly.
2. Nice Macd RT for a short. Much smaller SL of around 233.50-70 area. Entry 233.00 area. TP 231.50 area to the 200 and 89 or further to 229.75 price support area. 50-70- (180-200) or 325.
3. Short on Macd RT, could have been stopped out unless you established 100 SL as there are not any nearby resistence areas. Entry-239, SL-240, TP-237.50 or previous resitence turned support. 100:150 and one may have considered not taking this trade with this setup, or with a smaller SL would have been stopped out for loss.
4.This is the better trade IMHO because of the downtrend that price is in. Short on the Macd with some nice price action of a shooting star. Price has broken the uptrend, and now has a failed attempt at penetrating the prevous support around 236.30/365 MA, turned resistance. SL-236.50 area, Entry-235.40 area, TP- 234.50/365 MA would not have been the best, but letting it run to 231.75 area would have been great. 150:300-365. Some would have let this trade pass with price being between the 365 and 200 MAs. Being that price was starting the 4 hr downtrend would have motivated me to look for price to go through the 200. This trade on the 1hr. would have been very nice.
I would do your own back and demo testing with this pair to get a feel for its movement. Watch it until you can feel its movement and consider working with the 1hr as to get into the trade before it is half over. Remeber that current price of GBP/JPY=USD/JPY*GBP/USD. So, sometimes I will actually take a trade on the GBP/JPY based on movement of the other pairs.
With all this said, I wan't to say that I am not a pro and still do lots of demo, so please take my post with a grain of salt so to speak. I have also found that GBP/JPY works well around S/R areas.
Note: The sell on the chart is not related to any of these highlighted trades.
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