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4 Hour Strategy (MACD)

  • #8,441
  • Nov 13, 2007 3:18pm Nov 13, 2007 3:18pm
Quoting Ryanmcd
Great MP3 as always Phillip and thanks. I am look for a TC in about 8 hours on the EUR and maybe GBP but will have to wait and see. Stopped at cost on my short from this AM.
Ryan,

I being following this thread lately and following everyone's posts.

I am interested how you manage the CHF trade - can you share your entry, SL, etc - and what prompted the move to BE? One you entered the trade did you watch it once an hour or more often?

I am trying to learn how the successful ones manage the trade during non ideal conditions.

Thanks.
  • #8,442
  • Nov 13, 2007 4:10pm Nov 13, 2007 4:10pm
Hey guys, I know I didn't follow one rule. MACD didn't show any sign to get in the trade but I went ahead and took it. I was wondering what you guys thought. usd/jpy went down and tested 110. If you look at the weekly chart it did this around May of 06 and couldn't break this creating support. It hit that level and came back up on the 4 hour chart and I ended the trade yesterday. I'm positve 84 pips right now and is at the 21 ema. What do you guys think price is going?
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  • #8,443
  • Nov 13, 2007 4:23pm Nov 13, 2007 4:23pm
Hello everyone , here is a written copy of today's daily wrap up Nov 13th, thanks
Nadia.
Attached File(s)
File Type: doc Daily wap up nov 13th.doc   4 KB | 533 downloads
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #8,444
  • Nov 13, 2007 4:36pm Nov 13, 2007 4:36pm
Quoting maxster
Ryan,

I being following this thread lately and following everyone's posts.

I am interested how you manage the CHF trade - can you share your entry, SL, etc - and what prompted the move to BE? One you entered the trade did you watch it once an hour or more often?

I am trying to learn how the successful ones manage the trade during non ideal conditions.

Thanks.
Shorted @ 1.1261 stop was above the last high I think around 30 points or so, I put the stop @ cost when I was +20ish because it has been hanging around the 21 for a while and also when most of these work they just take off, after 3-4 hours and it started coming back up I knew I was going to get stopped out at cost and that's what happened. I guess after a while you get a feel for it, the dow was taking off, all the others where going against the US$ so most of the time they all move together in one way or another.
Keep taking CT trades, I need more money
  • #8,445
  • Nov 13, 2007 4:40pm Nov 13, 2007 4:40pm
Quoting FxTex
Hey guys, I know I didn't follow one rule. MACD didn't show any sign to get in the trade but I went ahead and took it. I was wondering what you guys thought. usd/jpy went down and tested 110. If you look at the weekly chart it did this around May of 06 and couldn't break this creating support. It hit that level and came back up on the 4 hour chart and I ended the trade yesterday. I'm positve 84 pips right now and is at the 21 ema. What do you guys think price is going?
Just have to wait and see, I would take some off the table put a stop @ cost and see what happens. Also taking a trade and knowing why you are doing it is okay, what I have seen MANY times is people start doing this and do okay a few trades, then one loses and that is when they throw all the rules out the windows and blow out a account. Take a trade every now and then if you have a good feeling for it, but make sure your not just making up things to get into a trade when the market is slow. I have been in 1 trade in about 4-5 days, even Phillip is trading a lot as of late. Also I like to pull 60-100 out of my trades also but it's just my style.
Keep taking CT trades, I need more money
  • #8,446
  • Nov 13, 2007 8:00pm Nov 13, 2007 8:00pm
Quoting Palmer
You are getting there...But, don't think about taking trades when the moving averages cross. That is a totally different approach to the method. The 8/21 more or less are used as a gauge for the rhythm of the market. IF the ma's cross, so be it, but let the price action flow with those ma's before a trade is executed.
So, if 21 is below 89 and finally the price starts moving up and closes above 21 but still below 89. We can see this in usd /NZD pair 4 hour chart.

In this case should we wait for price to clear 89 and 21 come back up above 89 to go long or we can go long already, given price closed above 21?

Thanks
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #8,447
  • Edited 6:52am Nov 14, 2007 12:52am | Edited 6:52am
Quoting FxTex
Hey guys, I know I didn't follow one rule. MACD didn't show any sign to get in the trade but I went ahead and took it. I was wondering what you guys thought. usd/jpy went down and tested 110. If you look at the weekly chart it did this around May of 06 and couldn't break this creating support. It hit that level and came back up on the 4 hour chart and I ended the trade yesterday. I'm positve 84 pips right now and is at the 21 ema. What do you guys think price is going?
I saw that too but I was not at home to trade it ,maybe in next.
But I expected a long move based in weekly support I wait for a good signal now with possible TP at 112.65 (former support).
Have nice pips everyone!
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  • #8,448
  • Nov 14, 2007 1:09am Nov 14, 2007 1:09am
Quoting FxTex
Hey guys, I know I didn't follow one rule. MACD didn't show any sign to get in the trade but I went ahead and took it. I was wondering what you guys thought. usd/jpy went down and tested 110. If you look at the weekly chart it did this around May of 06 and couldn't break this creating support. It hit that level and came back up on the 4 hour chart and I ended the trade yesterday. I'm positve 84 pips right now and is at the 21 ema. What do you guys think price is going?

Hi FxTex,

I'm waiting for the USDJPY to give the same setup as it did on 29/10 8:00 to 30/10 8:00 (GMT). Price broke through the 21, retraced to the 21 and then continued to the 89. This is a relatively strong setup on the USDJPY.

Let's wait and see.

Regards
Werner
Phil419
  • #8,449
  • Edited 4:13am Nov 14, 2007 4:02am | Edited 4:13am
Hi,

there is a good way to learn the market rhythm and to learn the rules and
backtest at the same time.

I do it with the strategy tester of mt4. Just choose a timeframe and a
dateperiod, then the currency pair and then one of the default ea's. Go on
Visual and let it run by every tick. A chart window appears where you can
load your template in, whith the ma's and the macd. You can vary the
speed while you write down your trades on an exel sheet for example.

I actually write down how the market moves like "price has crossed the 89
may come back to 21 ... etc" and then enter the virtual trades with
horizontal lines and of course write them down also.

I think it's a good way to backtest the system and learn the market rhythm.
The advantage of using the strategy tester is that you can't easily scroll
the charts, so you in a way are almost trading in the past as if being live .
however the process can be accelerated a little.


Greetings
  • #8,450
  • Nov 14, 2007 4:45am Nov 14, 2007 4:45am
Quoting ashes
Hi,

there is a good way to learn the market rhythm and to learn the rules and
backtest at the same time.

I do it with the strategy tester of mt4. Just choose a timeframe and a
dateperiod, then the currency pair and then one of the default ea's. Go on
Visual and let it run by every tick. A chart window appears where you can
load your template in, whith the ma's and the macd. You can vary the
speed while you write down your trades on an exel sheet for example.

I actually write down how the market moves like "price has crossed the 89
may come back to 21 ... etc" and then enter the virtual trades with
horizontal lines and of course write them down also.

I think it's a good way to backtest the system and learn the market rhythm.
The advantage of using the strategy tester is that you can't easily scroll
the charts, so you in a way are almost trading in the past as if being live .
however the process can be accelerated a little.


Greetings
Top Idea Ash,

I was only just testing with the F12 option this after noon with a friend of mine ,and we both agreed that its only 80% accurate doing this form of testing ,as we cant see whether our SL or BE or Tp in some cases was hit in which sequence. So its hard to use this method accurately.
However you have come up with a great idea , Ill be sure to give it a go .

Thanks Mate. marty.
  • #8,451
  • Nov 14, 2007 7:26am Nov 14, 2007 7:26am
Quoting ashes
Hi,

there is a good way to learn the market rhythm and to learn the rules and
backtest at the same time.

I do it with the strategy tester of mt4. Just choose a timeframe and a
dateperiod, then the currency pair and then one of the default ea's. Go on
Visual and let it run by every tick. A chart window appears where you can
load your template in, whith the ma's and the macd. You can vary the
speed while you write down your trades on an exel sheet for example.

I actually write down how the market moves like "price has crossed the 89
may come back to 21 ... etc" and then enter the virtual trades with
horizontal lines and of course write them down also.

I think it's a good way to backtest the system and learn the market rhythm.
The advantage of using the strategy tester is that you can't easily scroll
the charts, so you in a way are almost trading in the past as if being live .
however the process can be accelerated a little.


Greetings
Great idea!

Question: Can I enter demo trades as well, or do I have to draw markers on my charts?? I'm just worried that I do enter a trade and then it's on mt live account.

Regards
Werner
Phil419
  • #8,452
  • Nov 14, 2007 7:53am Nov 14, 2007 7:53am
Quoting ashes
Hi,

there is a good way to learn the market rhythm and to learn the rules and
backtest at the same time.

I do it with the strategy tester of mt4. Just choose a timeframe and a
dateperiod, then the currency pair and then one of the default ea's. Go on
Visual and let it run by every tick. A chart window appears where you can
load your template in, whith the ma's and the macd. You can vary the
speed while you write down your trades on an exel sheet for example.

I actually write down how the market moves like "price has crossed the 89
may come back to 21 ... etc" and then enter the virtual trades with
horizontal lines and of course write them down also.

I think it's a good way to backtest the system and learn the market rhythm.
The advantage of using the strategy tester is that you can't easily scroll
the charts, so you in a way are almost trading in the past as if being live .
however the process can be accelerated a little.


Greetings
Great Post, Ashes! Practice is the best way to become confident and familiar w/planning a trade!

If you can't tell if your profit target was hit because stop and target are both in the same candle, err on the side of caution and write it as a losing trade. This gives you a more conservative (and maybe accurate) expectancy. Also, if this scenario presents itself frequently, adapt your stop (change it a bit) so you have a little breathing room. (This part in response to Martaroony's post).

Again, great job!! I have the highest admiration for traders who do the hard work nec. to become great!!

Happy trading,
Pips
  • #8,453
  • Edited 12:02pm Nov 14, 2007 8:06am | Edited 12:02pm
Quoting wernbrenk
Great idea!

Question: Can I enter demo trades as well, or do I have to draw markers on my charts?? I'm just worried that I do enter a trade and then it's on mt live account.

Regards
Werner
Hi Werner,

you can't enter trades when running the strategy tester. I usally set
horzontal lines at entry, sl and tp and then I write the values down.
when the price hits any of these points I write it down accordingly.


Greetings
  • #8,454
  • Edited 8:58am Nov 14, 2007 8:46am | Edited 8:58am
Just came home. My e-mails did not reach the forum today as I think that Fari was not available today to put it up for me. Thanks to him for doing it for me.

GbpUsd
12:00 Stoploss are to big so I will enter on a bit of retrace. Has bounce off top res with tail. Move was fast so I will enter on close of candle
Edit 1
Set to BE after 40pips. Will take partial profit after 60pips.
Edit 2
Take 50% after 60 pips set remainder at SL 2.0690(±30 away from price action)
Edit 3
Remainder was closed at 2.0690

  • #8,455
  • Nov 14, 2007 9:57am Nov 14, 2007 9:57am
Quoting Phillip Nel
Just came home. My e-mails did not reach the forum today as I think that Fari was not available today to put it up for me. Thanks to him for doing it for me.
Hi Phil,

as far as I know he is off till monday.
  • #8,456
  • Nov 14, 2007 10:11am Nov 14, 2007 10:11am
Hi,

The 4H macd has shown a VT on the 4H chart. How to decide where to enter to short?

Any help will be appreciated.

James
  • #8,457
  • Nov 14, 2007 10:33am Nov 14, 2007 10:33am
Hi every body. Does somebody know if the Phillip´s 13 lessons have been writing down for people who do not speak English?

What a great system. Thanks to Phillip and other persons with so generous contributions to this tread.

Best Regards
  • #8,458
  • Nov 14, 2007 10:48am Nov 14, 2007 10:48am
Quoting Forex4H
Hi,

The 4H macd has shown a VT on the 4H chart. How to decide where to enter to short?

Any help will be appreciated.

James
I don't know if this is correct, please anyone feel free to correct the advice I give, but I am waiting on Oanda to get back to me, and I am doing my best to stay in the markets.

The bar that is forming the VT has not closed on my version of MT (GMT). So really the VT has not been formed (though it looks very possible).

The target is probably the 21 EMA, which is around 35 pips away. The stop loss of the recent high of 1.4728 is around 50 pips away. So your RRR is not good on this trade.

You could wait to see if it retraces back up to around 1.4690 or so, and then go short, which would make your RRR much more manageable.

But I am thinking this will only come down to around the 8 EMA, and then bounce back off. I don't know why I feel this, and I would not trade it unless it sets up with confirmation on the MACD.

I personally would not take this trade.

Once again, I am new here.
  • #8,459
  • Nov 14, 2007 11:31am Nov 14, 2007 11:31am
Quoting Forex4H
Hi,

The 4H macd has shown a VT on the 4H chart. How to decide where to enter to short?

Any help will be appreciated.

James

The bar is not closed so no. Also it's getting close to the 21ma and the trend is up. I will be looking to get long off a bounce of the 21ma.
Keep taking CT trades, I need more money
  • #8,460
  • Nov 14, 2007 11:50am Nov 14, 2007 11:50am
Quoting Dibanos
Hi every body. Does somebody know if the Phillip´s 13 lessons have been writing down for people who do not speak English?

What a great system. Thanks to Phillip and other persons with so generous contributions to this tread.

Best Regards
Please check the page and post number at the bottom of my post, and you will find it all there. Good luck,
Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
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