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4 Hour Strategy (MACD)

  • #8,801
  • Nov 27, 2007 4:34pm Nov 27, 2007 4:34pm
Thxs Eric and Scott(SL)...time to read another strategy---seems to be a good one,I see it being applied to equities(my main daytrading forte).
Sunil
  • #8,802
  • Nov 27, 2007 4:36pm Nov 27, 2007 4:36pm
neilzep - you're better off learning the system yourself then trying to follow someone else's calls. You also need to fit the system to your style. You might be more aggressive then another trader or more conservative, etc. That will affect your targets and/or possible stop losses.
  • #8,803
  • Nov 27, 2007 4:50pm Nov 27, 2007 4:50pm
Quoting neilzep
Thxs Eric and Scott(SL)...time to read another strategy---seems to be a good one,I see it being applied to equities(my main daytrading forte).
Sunil
There are a few here that make 'live calls' but because of work schedules, family schedules, life schedules, and if the redfish are on the flats schedules, they can be sporadic. But, 'we' try to be as timely as possible. There isn't a sign up with email to get the signal service..that's a full time job right there.

I tend to be really aggressive on the 1hr charts but the entries are because of what is happening on the 4hr charts. It 'feels' like more people are catching on to seeing the rhythm of the market and using the 4hr charts as a road map to the 1hr entries. This takes time and patience. It's a given that if you put the time into it and go back over the charts, 4hr and 1hr, there are enough set-ups for a few trades a week on a few pairs where there is no need for and EA. On the website under the Tools link there are a few .pdf files for historical charts. Print them out and make notes on them and you will 'see' what I am talking about...
  • #8,804
  • Nov 27, 2007 4:57pm Nov 27, 2007 4:57pm
Thxs for the advice guys,will do some reading and skim over the blog while looking at the charts. SO its more of a rhytum method/discretionary than being subjective for programming? I emailed pips ,see how he applies TS to MACD 4hr also.
  • #8,805
  • Nov 27, 2007 5:09pm Nov 27, 2007 5:09pm
Quoting trader_scott
shorted @ 1.4831

stop loss @ 1.4853

t1 @ 1.4805
t2 @ 1.4790

TC signal

Good luck.
Keep taking CT trades, I need more money
  • #8,806
  • Nov 27, 2007 5:26pm Nov 27, 2007 5:26pm
thank you. it traded down to 4818 so I moved my stop loss to 4838. only 7 pip risk right now.
  • #8,807
  • Nov 27, 2007 5:30pm Nov 27, 2007 5:30pm
just a heads up that usd/jpy has come near to the trend lines I drew on the weekly chart.
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  • #8,808
  • Nov 27, 2007 5:30pm Nov 27, 2007 5:30pm
Quoting neilzep
SO its more of a rhytum method/discretionary than being subjective for programming?
Yes: Because it's not like a moving average cross 'system'. Phillip stresses the use of trendlines and support and resistance areas for profit targets and entry areas. I've done some .mql coding, basic EA's, and I'm not sure how you can code a s/r line that is a week, three days, or two years old...When Phillip posts charts he'll have trendlines and s/r areas that can be ten years old but still play a role in the entry/exits. That's where the discretion part comes into play. Stick around and I'm sure you'll get the 'feel' for things...
  • #8,809
  • Nov 27, 2007 5:32pm Nov 27, 2007 5:32pm
Quoting trader_scott
just a heads up that usd/jpy has come near to the trend lines I drew on the weekly chart.
Thanks TS: Both the EU and UJ are testing the 21's on the 'other side'...time to watch and wait.
  • #8,810
  • Nov 27, 2007 5:53pm Nov 27, 2007 5:53pm
Quoting Palmer
Thanks TS: Both the EU and UJ are testing the 21's on the 'other side'...time to watch and wait.

I may hop on long if they pull back and not a huge bar and bounce the 21ma with the 8ma above the 21ma.
Keep taking CT trades, I need more money
  • #8,811
  • Nov 27, 2007 6:12pm Nov 27, 2007 6:12pm
Thxs Palmer,
you right the s and r's from previous moons would creat a chaos picture if plotted,if at possible to do that. Got to learn the fundamentals of the system and then I can add my 2 cent's worth.
SL,pulled out on previous 2 trades..stinko
  • #8,812
  • Nov 27, 2007 9:15pm Nov 27, 2007 9:15pm
I just closed out my usd/cad position at .9961 for a very small loss (-1 pip on one set and -7 pips on the other).

My stop on the eur/usd got hit for a small loss as well (-6 pips)

*I did make a whopping 18 pips on a 30 min usd/jpy trade I didn't have time to post.

I might have set the stop too tight on the usd/eur trade ..... time will tell.
  • #8,813
  • Edited Nov 28, 2007 1:09am Nov 27, 2007 10:12pm | Edited Nov 28, 2007 1:09am
Quoting trader_scott
I just closed out my usd/cad position at .9961 for a very small loss (-1 pip on one set and -7 pips on the other).
I'm still in on the Loonie. It has been drifting down during the 1900 and 2300 EST 4h for the past week. It had a big run and I am naively optimistic that it will retrace while I sleep. I will check in 4 hrs (or when my alert hits .9930) and act at that time. I really AM trying to stay out of these CT trades, but it's like Pips4's Heroin. I needed a fix.
Rick

Trade update, 0200 EST
Closed at .9934, the Pivot Point, for some minor pippage and 3 hours sleep.
London Open expect a TC on the CAD. Confirmation around 0300 bar or .9950, TP at 1.0020?
  • #8,814
  • Nov 27, 2007 10:33pm Nov 27, 2007 10:33pm
Quoting Foricks
I'm still in on the Loonie. It has been drifting down during the 1900 and 2300 EST 4h for the past week. It had a big run and I am naively optimistic that it will retrace while I sleep. I will check in 4 hrs (or when my alert hits .9930) and act at that time. I really AM trying to stay out of these CT trades, but it's like Pips4's Heroin. I needed a fix.
Rick


I seem to be the lone dissenter on the CT trades, but I'm a fan when the price action confirms...Not taking every one, but waiting for specific actions to play then pounce! There are quite a few pips to be made every once in a while when all elements look right to me....& when I can get a good entry price w/tight stop (now, heroin...that's a whole other kettle of fish...eyeyayai!!).
  • #8,815
  • Nov 27, 2007 10:41pm Nov 27, 2007 10:41pm
Quoting Palmer
Yes: Because it's not like a moving average cross 'system'. Phillip stresses the use of trendlines and support and resistance areas for profit targets and entry areas. I've done some .mql coding, basic EA's, and I'm not sure how you can code a s/r line that is a week, three days, or two years old...When Phillip posts charts he'll have trendlines and s/r areas that can be ten years old but still play a role in the entry/exits. That's where the discretion part comes into play. Stick around and I'm sure you'll get the 'feel' for things...
Palmer summed up a PM I just sent out w/this post. Just as an FYI (and any trader who has interacted w/me knows this well)....I am a purely manual trader. I like to analyze the charts and plot scenarios, so discretionary trading suits me well! I do not use EA's, even my MACD isn't the indicator used by most (I eyeball a good old fashioned indicator so that I really have to LOOK at it). Orders are executed manually w/me inputting the info for a limit order or at market. The only electronic element utilized is the alarm function -- this way I can see what is going on at specific price points deemed important by my analysis. Personally, I believe in trading methods, not systems (just me) and think the key to trading profits lies within the confines of our own skulls rather than a black box. I will bend over backwards to help you become the best chart reader/discretionary trader possible.

Wishing you all happiness and trading profits,
Pips
  • #8,816
  • Nov 27, 2007 10:58pm Nov 27, 2007 10:58pm
Last post for tonight...

I use 1 hour charts to help me confirm my entry -- I started using them from day 1 in conjunction w/the 4 hour (even before Phillip posted the info). Why did I do this? 1. We all have different candle times, and my charts are EXTREMELY different than Phillips (the 1 hour helped me "normalize" my charts during the learning of the method-- also, during the summer months (DST), my candles close at a horrible time relating to the news releases, which I felt was a disadvantage to getting into a move before it was over. 2. Using the 1 hour chart helps me pinpoint a better entry for the majority of my lots (if I'm scaling in negatively, I want to know if price is moving against me to begin with and maybe I should wait to enter w/a limit. 3. The 1 hour charts help me "see" what is going on in the market -- Helps me "define" my market environment a bit better...they are especially useful for those "important" areas where I'm waiting for the market to show me what it has in store (i.e. when price is "swirling" around the 200/89 on the 4 hour).

Some trades are strict 4 hour -- many are hybrids. The 1 hour entry has to be studied and learned and used in HARMONY with the 4 hour. This doesn't mean I'm newspicking nickles (just the opposite actually -- usually, entering at a better price and limiting risk or waiting for the market to show us it's hand). I am respectful of your style, please be respectful of mine.....& if you are interested in studying the harmony on the 1 hour charts...watch them live, side by side w/the 4 hour for a few months....& don't forget to print out the charts Palmer has so selflessly supplied on his website for you to study! While there, don't forget to click on an ad or two....it helps keep the site up.

Happy trading everyone!

Pips
  • #8,817
  • Nov 28, 2007 1:26am Nov 28, 2007 1:26am
I took short @ 2.0695 at the point of the arrow and have my stop loss @ 2.0720. I don't know why I was taken out of the trade. The price turn back at 2.0717 on Northfinance platform and turn back at 2.0716 on MIG. Which can of game is this?
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THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #8,818
  • Nov 28, 2007 1:26am Nov 28, 2007 1:26am
Quoting pips4uandme


I seem to be the lone dissenter on the CT trades, but I'm a fan when the price action confirms...Not taking every one, but waiting for specific actions to play then pounce! There are quite a few pips to be made every once in a while when all elements look right to me....& when I can get a good entry price w/tight stop (now, heroin...that's a whole other kettle of fish...eyeyayai!!).
Pips, I consider you our in house psychologist, (or pipsologist to steal a phrase). You constantly and unabashedly describe the emotions that we feel during a trade - fear and greed to name two. Thank you for helping me to come to terms with them. So why do you feel that am I so drawn to the CT vs TC? As a kid (to get all Freud on you) I went to every party in town because I didn't want to miss anything. This may be the same emotions here. I'll get up off of your couch now, but would love to know your thoughts.

Ryan, Phillip, et. al., feel free to chime in.

Thanks,
Rick
  • #8,819
  • Nov 28, 2007 4:00am Nov 28, 2007 4:00am
hello every one just check out my target i just apply my wave count on this system one plz check this one because i think this is possible as elliot wave may be i right this time
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  • #8,820
  • Nov 28, 2007 4:43am Nov 28, 2007 4:43am
Hello,

>>>EURUSD<<<

I think 1,4720/30 is a good entry point if this level will act as a resistance.
It's SMA89-H4 level and EMA21-D1 is very close (1,4695).
It is also the november 7th to 19th resistance level... probably support now.


So... now I'll wait for a MACD/Rhythm signal to go long.

See you.
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