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4 Hour Strategy (MACD)

  • #8,841
  • Nov 28, 2007 11:22am Nov 28, 2007 11:22am
Quoting wernbrenk
Hi,

I love this post. A while back I had to create a daily schedule for myself (I'm trading full-time from this month),because I would go crazy just watching the monitor. The other thing that I'm used to so much is time worked=money earned. In trading that's only half true. I needed to create the schedule to force myself not to stare at the monitor the whole day and 'see' trades that didn't exist. I still have to work at that, because I created a trade this afternoon, which went sour by the way.

Anyway, I'm going to simplify things to the point where I watch the market before the candle closes and ask myself one question: "Do I like what I see?". I believe that after all the backtesting etc. I have somehow hardcoded my favorite setups into my subconscious. From now on it almost becomes 2nd nature. Let's see if I'm right.....

Regards
Werner

That is true, I work maybe 30min a day at the most, I spend more time posting here then anything lol.
Keep taking CT trades, I need more money
  • #8,842
  • Nov 28, 2007 11:23am Nov 28, 2007 11:23am
  •  shauny
  • | Joined Jul 2007 | Status: Still learning and never gonna stop | 127 Posts
Quoting wernbrenk
Hi,

I love this post. A while back I had to create a daily schedule for myself (I'm trading full-time from this month),because I would go crazy just watching the monitor. The other thing that I'm used to so much is time worked=money earned. In trading that's only half true. I needed to create the schedule to force myself not to stare at the monitor the whole day and 'see' trades that didn't exist. I still have to work at that, because I created a trade this afternoon, which went sour by the way.

Anyway, I'm going to simplify things to the point where I watch the market before the candle closes and ask myself one question: "Do I like what I see?". I believe that after all the backtesting etc. I have somehow hardcoded my favorite setups into my subconscious. From now on it almost becomes 2nd nature. Let's see if I'm right.....

Regards
Werner
Hi werner!!

I used to think like you too.. I always stayed home and watch the monitor from day to night and realized actually I'm wasting alot of time. Many a times, good trades don't come too often when you eyeball the market. When I relaxed, take my time going out with my family or do the things I have to do other than trading, good trades tend to come along. This reduces stress as well like what Ryan has mentioned. And I have trade this system long enough to know some particular setups that are good to trade. Its like ah this setup again!!! Wooah, I'm gonna take it.. I used the 4hr and 1hr agressively since day 1, so I'm used to it. The 1hr helps me to make better decisions and better pricing, and the combination of the 4hr and 1hr gives me good setup that I love it so much when without it, I just cannot trade!!! ahaha..

For those who are new to this method, its very important to get a feel of the market.. As time goes by, everything is like so easy and clear for you. Do not rush trades, its only a matter of time you are gonna get bust!!

Happy Pipping guys!! Cheers!!
  • #8,843
  • Nov 28, 2007 12:25pm Nov 28, 2007 12:25pm
Quoting mike1349
Hi Palmer,
I sent you a PM .Would you please take a look at it when you get a chance.
Regards
Mike

mike: I got your PM...I'm just slammed at work right and I'm taking it home with me as well. Give me a few days to look around. and I'll get back with you. I'm up to my neck in things right now....
  • #8,844
  • Nov 28, 2007 1:10pm Nov 28, 2007 1:10pm
Quoting unlv_tj
Getting ready for a possible TC off the 21?
Glad I waited for the 4 hour bar to close. My lord.

Is anyone seeing any worth while trades today? Good lord the market the last two days has been EVERYWHERE but consistent.
  • #8,845
  • Edited Nov 29, 2007 8:57am Nov 28, 2007 1:13pm | Edited Nov 29, 2007 8:57am
Entry 2.0723 (Zero break as well as bounce off 89sma with tail on signal candle)
Stoploss 2.0685(Just below 8ema. I feel that with that tail the emotion is up therefore I havent put my stoploss below the candle low as the SL is to big then)
1st TP 2.0750
2nd TP 2.0850

Edit 1
2.0750 was reached. 50% closed on 2.0750 and remainder set at BE with 25 trailing stop as I go to bed now.

Edit 2
Alert told me 2.0800 was reached. As the price could not moved away upwards from the 89sma for some time now and has done it at last this might be a move upwards. I have therefore put my stoploss at 2.0760 and cancelled the trailing stop and will try to stay as long as possible with the remainder.

Edit 3
Due to fast upmove I might not exercise my 2nd TP. Will give it a chance to go to top TL

Edit 4
Stoploss was taken out at 2.0760.
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  • #8,846
  • Nov 28, 2007 1:31pm Nov 28, 2007 1:31pm
HOW DO I KEEP OVER LOOKING THESE THINGS!!!!



Good call Phillip!
  • #8,847
  • Nov 28, 2007 1:37pm Nov 28, 2007 1:37pm
followed you on your second TP of 2.085, 25 pips!(std lot) thxs !,bailed at 2.079...thxs Phil...hang in there UNLV,its tough in the beginning,I am mostly a equities trader.trying forex for a second time, staying away from gbp/jpy..too chaotic!
  • #8,848
  • Nov 28, 2007 1:42pm Nov 28, 2007 1:42pm
Here we go...

When price broke down below the 21 on the 4hr and made it to the 89, it stopped right there. On to the 1hr for a bull candle and re-entry. Moving these to way past break even. Up about 250pips on this entry. I've got but stops above the 1..4880 area but those may get deleted in the event that turns out again to be major resistance where it's barely broken and heads back down. This was purely an entry on the 4hr bounce off the 89. I'm not posting this to frustrate people. I'm posting this to 'help you believe' in the method...I've been with this method since almost day 1, following just the EU and $Y. Patience and learning pay$...+ 300 pips now.

Thanks Phillip, you made my month!!!
Attached Image
  • #8,849
  • Nov 28, 2007 1:45pm Nov 28, 2007 1:45pm
Quoting Palmer
Here we go...

When price broke down below the 21 on the 4hr and made it to the 89, it stopped right there. On to the 1hr for a bull candle and re-entry. Moving these to way past break even. Up about 250pips on this entry. I've got but stops above the 1..4880 area but those may get deleted in the event that turns out again to be major resistance where it's barely broken and heads back down. This was purely an entry on the 4hr bounce off the 89. I'm not posting this to frustrate people. I'm posting this to 'help you believe' in the method...I've been with this method since almost day 1, following just the EU and $Y. Patience and learning pay$...+ 300 pips now.

Thanks Phillip, you made my month!!!
My pleasure. i can see you enjoy it.
  • #8,850
  • Nov 28, 2007 1:49pm Nov 28, 2007 1:49pm
Quoting Phillip Nel
My pleasure. i can see you enjoy it.
Yes indeed....Drinks on me my friend.
  • #8,851
  • Edited 2:16pm Nov 28, 2007 2:03pm | Edited 2:16pm
I have not shown you people how my screen looks like. This is all I have on my screen. If you look at to many pairs you miss oppertunities. Look how the 1H supported the 4H confirming the move on the GbpUsd

The UsdJpy has also given a TC and morning star to at least the 89sma
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  • #8,852
  • Nov 28, 2007 2:06pm Nov 28, 2007 2:06pm
Quoting Palmer
Here we go...

When price broke down below the 21 on the 4hr and made it to the 89, it stopped right there. On to the 1hr for a bull candle and re-entry. Moving these to way past break even. Up about 250pips on this entry. I've got but stops above the 1..4880 area but those may get deleted in the event that turns out again to be major resistance where it's barely broken and heads back down. This was purely an entry on the 4hr bounce off the 89. I'm not posting this to frustrate people. I'm posting this to 'help you believe' in the method...I've been with this method since almost day 1, following just the EU and $Y. Patience and learning pay$...+ 300 pips now.

Thanks Phillip, you made my month!!!
I believe in this method and the tutorial, Thank you very much Philip!
And I have my 72 pips locked in on the EU bounce of the 89.
  • #8,853
  • Nov 28, 2007 3:20pm Nov 28, 2007 3:20pm
Phillip

Many thanks for your excellent thread and your many hours of sharing with us your method.

Regarding the 6 charts on one screen, I have found that when I do it, it does shrew my indicators differently than when its only one big chart on the screen. Therefor I cannot get so many small charts on one screen.

Have you perhaps seen any of that misrepresentation of the indicator when you make the screenshots so small ?
  • #8,854
  • Nov 28, 2007 3:37pm Nov 28, 2007 3:37pm
Quoting ejiexe
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?
Hi ejiexe,

This may have been answered already....

You forgot to account for the difference between the bid and ask. Since you sold a lot, price on the chart retraced to 2.0717 and if you have 3 pip spread you are hit. Don't forget to convert when figuring out your trade & add a few pips for extra wiggle room. Sorry you got hit, but it was a legit hit.
  • #8,855
  • Nov 28, 2007 3:57pm Nov 28, 2007 3:57pm
Quoting Foricks
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
Hi Rick! Dr. Pips Here...and thank you for the compliment (I'm very into the psychology and mental aspect of trading)....ahem, that was a compliment, right?

I think you are right....we are afraid to miss a move b/c we are afraid of being left out of the action (for an odd reason, it is almost more painful to miss moves then to lose pips...doesn't make any sense and it is deadly...maybe it has to do with our expectations re:the market -- and our dreams of a big hit? Maybe it is we are bored and just looking to be in the market b/c we have to do something. Most jobs require a lot of busy work -- trading is different, but our life experience doesn't sync up with the trading reality. So, we look for "action", things to do...and end up in a not so great trade that gives us lots of things to do (worry, stress, fret, scream, cry).

Countertrend trades are also easier for us to spot visually. They are always present on the charts -- and we can always come up with a rational response that justifies the trade (usually price is too high, too low, and my personal favorite...the "Market is Due for a correction" (most expensive phrase for trader's and if you find yourself using this justifier, Do Not Take The Trade!). Remember, in a trending market, the highest high is higher than you think possible (vice versa for downward trend). The only justifier to a CT is price action itself -- anything else is an illusion.

K, I've been up for a long time taking care of a sick family member, so I appologize for the ramblings & hope they make some sense:.

Happy trading,
Pips
  • #8,856
  • Nov 28, 2007 4:25pm Nov 28, 2007 4:25pm
Quoting Palmer
The EU and $Y put in some nice moves with the closes on the 'other side of the 21'...too bad that this human requires sleep every once in a while. But, the thing about it is, is, there will be another entry point some time in the future.

Never chase a market.
Thank you for the great advice, as always!
  • #8,857
  • Edited 4:46pm Nov 28, 2007 4:34pm | Edited 4:46pm
Quoting unlv_tj
I got up at 5 AM CST (the time of a 4 hour bar close) to watch the market. I am going to keep doing this. I can't stand being poor any longer.

I didn't take a trade though. I did not believe the move the EURUSD made was within the rules. I almost took the trade, and had I taken it, I would have made 25 pips.

Did I f' up? Or was this trade (the long on the EURUSD from this morning) not within the rules?

DAMNIT!!!!

I have missed FAR more trades than I have made.
Yes, you have the every move is mine mentality....Looks like a lot of us missed the moves today by sleeping or other obligations (weird). Remember, you only need a few good trades each month to make money. Once you realize it is impossible to catch every move, the happier you will be! (but getting up early is a must if you are to trade live, or stay up late). Even then, you will not catch every move...we do need balance and sleep. This market can consume you. The schedule post by Werner was excellent! Take it to heart and make trading hours and also think about what Ryanmcd said, checking the charts at 4 hour intervals -- do the candles match your plan that was fleshed out ahead of time? If so, make trade...if not sleep. Much easier said than done! Also, spend your time learning the rhythm of the market -- it will allow you to anticipate bounces -- like Palmer's E/U trade posted earlier.

Wishing you the best of luck (and begging you to think about balance before you establish crazy habits like not sleeping for 36 hours, catch 4 then repeat).
  • #8,858
  • Nov 28, 2007 4:46pm Nov 28, 2007 4:46pm
Thank you Pips.

I just started trading with live money last week, and so far I am ahead. I am complaining about things that in the big picture are just part of learning, and I am so far learning very cheaply.

I am planning on getting up at 5 AM to catch that 4 hour bar, and then making sure to be at work by 9 AM to catch that 4 hour bar. I am dedicated, but I keep over looking things.

No reason for me to miss the GBPUSD move today. Right off the 89, and even Phillip posted it and I felt the move might be over. The EURUSD I do not believe looking back I could see happening, nor see where it would end up at

I did stay out of a possible TC trade on the USDCAD that fell apart and would have lost me money. By waiting for the 4 hour bar to close I saved myself a lot of pain. So I can pat myself on the back for that.

Thank you!
  • #8,859
  • Nov 28, 2007 4:53pm Nov 28, 2007 4:53pm
Quoting unlv_tj
Thank you Pips.

I just started trading with live money last week, and so far I am ahead. I am complaining about things that in the big picture are just part of learning, and I am so far learning very cheaply.

I am planning on getting up at 5 AM to catch that 4 hour bar, and then making sure to be at work by 9 AM to catch that 4 hour bar. I am dedicated, but I keep over looking things.

No reason for me to miss the GBPUSD move today. Right off the 89, and even Phillip posted it and I felt the move might be over. The EURUSD I do not believe looking back I could see happening, nor see where it would end up at

I did stay out of a possible TC trade on the USDCAD that fell apart and would have lost me money. By waiting for the 4 hour bar to close I saved myself a lot of pain. So I can pat myself on the back for that.

Thank you!
Great post! Learning to trade is super difficult because of our human emotions! The money thing makes everything freaky -- and takes all of our sanity away. Overlooking is normal part of the learning phase. Just keep studying and practicing w/historical data and eventually things will click into place. Always wait for your bar to close -- no matter what time frame you are using (if you are waiting from confirmation from 1 hour, wait for that candle to close w/proper signal or wait for the full 4 hour bar to close). You may miss a few moves (and curse yourself for it), but you will also save yourself much grief (which you will forget and only remember the times you missed the move -- LOL!). You are doing a great job! Keep it up and you may be able to quit one of your 16 jobs before you know it.

Off to take my 4 hour nap (hehe)....

Best,
pips
  • #8,860
  • Nov 28, 2007 5:06pm Nov 28, 2007 5:06pm
Hi everyone and thanks phillip for your time, does anyone see the possible opportunity to go short with yen a nice RT is finishing and the signal can be done in any time, suggestions????
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