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4 Hour Strategy (MACD)

  • #9,141
  • Dec 5, 2007 9:32pm Dec 5, 2007 9:32pm
Well, I took the MACD RB signal given on the GBPUSD at the 9 PM CST 4 hour bar.

Risky with the news coming out of the bank tomorrow, but I will keep a close eye, and I only bought 5,000 units (.50 cents a pip) so my risk (stop loss) is less than 2%.

I got in at 2.089. Stop loss at 2.035. 1st Target price of 2.033.
  • #9,142
  • Dec 5, 2007 10:18pm Dec 5, 2007 10:18pm
just playin with ya.........this is a 2 hr chart.........hehe...pipip...jimdandy
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  • #9,143
  • Dec 5, 2007 10:29pm Dec 5, 2007 10:29pm
Quoting Foricks
Attachment
Saka,
I think I have posted this in the past somewhere. Here is a spreadsheet that lets me enter the high, low, open and close (OHLC) for the day (Yellow cells). I also calculate Pivots based on weekly OHLC updating at midnight EST. Below that on the spreadsheet, it defines the central pivot point, S1, S2, R1, R2, and midpoints between them. I use these Pivots to set TPs and Stops. Typically, you will find hesitations and resistances as price action approaches these numbers. Right now, the EU is sitting on the R2 (freaky, eh?)
Take a look at it and let me know if you want me to walk you through it.
Frick
Thanks for you answering, I have seen the sheet, and still feel puzzle about how to use it
Plan your trades and trade your plans
  • #9,144
  • Dec 5, 2007 10:35pm Dec 5, 2007 10:35pm
Quoting trader_scott
I forgot who or where I saw this posted, but here is a file for the metaeditor to create a custom pivot indicator.
Good, it's very useful thank you
Plan your trades and trade your plans
  • #9,145
  • Dec 5, 2007 11:43pm Dec 5, 2007 11:43pm
Quoting unlv_tj
Well, I took the MACD RB signal given on the GBPUSD at the 9 PM CST 4 hour bar.

Risky with the news coming out of the bank tomorrow, but I will keep a close eye, and I only bought 5,000 units (.50 cents a pip) so my risk (stop loss) is less than 2%.

I got in at 2.089. Stop loss at 2.035. 1st Target price of 2.033.

I am in with ya.
Keep taking CT trades, I need more money
  • #9,146
  • Dec 6, 2007 12:12am Dec 6, 2007 12:12am
Hi all

Eur try to form RB or turned to TC .. but as we casee the long tail and some traders buying from the bottom so can we use the 1H to enter within this candle .. your advise is apreciated

Ammar
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  • #9,147
  • Dec 6, 2007 1:02am Dec 6, 2007 1:02am
Quoting owkenobi
Hello,
I want to share this spreadsheet which I'm using to properly size the lot amount per order, given the SL in pips, the account balance and the "risk factor".
I know this is not strictly connected with Phillip's method, but I think and found that this thread is not only about a single technique but much more a complete forex/trading course, involving the rhythm, the MACD, candlesticks patterns, market psychology ecc. ecc.
So I decided to "give back" to this admirable thread and wonderful people and share a tool to easily get a correct money management, one of the most important thing to make trading a business.
Hi,

thanks for sharing your spreadsheet - really simple and thats it!
For those who play other crosses than USD here is my position calculator. If you have account denominated in other currency than USD all you have to do is update data in upper left corner. Hope you will find it usefull.

Michael
Attached File(s)
File Type: xls Position Calculator.xls   52 KB | 2,203 downloads
  • #9,148
  • Dec 6, 2007 1:30am Dec 6, 2007 1:30am
Its TC on 1H ..
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  • #9,149
  • Dec 6, 2007 3:28am Dec 6, 2007 3:28am
Quoting smnitro1
Great sheet..nice and simple
Thanks
It's a pleasure!

Quoting Michael81
Hi,
thanks for sharing your spreadsheet - really simple and thats it!
For those who play other crosses than USD here is my position calculator. If you have account denominated in other currency than USD all you have to do is update data in upper left corner. Hope you will find it usefull.

Michael
Thank you Michael. I like your spreadsheet.
  • #9,150
  • Dec 6, 2007 7:33am Dec 6, 2007 7:33am
Euro bank did not close. Anyone taking the EURUSD if it holds up on the MACD long signal?
  • #9,151
  • Dec 6, 2007 8:39am Dec 6, 2007 8:39am
Quoting unlv_tj
Euro bank did not close. Anyone taking the EURUSD if it holds up on the MACD long signal?

lol what way, right now I do not see a long or a short. I did get stopped out last night @ cost on that gbp, lol CT trade gets me again
Keep taking CT trades, I need more money
  • #9,152
  • Dec 6, 2007 9:01am Dec 6, 2007 9:01am
Quoting Ryanmcd
lol what way, right now I do not see a long or a short. I did get stopped out last night @ cost on that gbp, lol CT trade gets me again
Ryan - I think he was talking about a CT signal on the eur/usd. Which, it's moved so far now it is not worth it in my opinion.

Unlv - The way to play the eur/usd would've been to try to anticipate the CT on the 4 hr. by using the 30 min chart. It's easy to say that now after the fact though.
  • #9,153
  • Dec 6, 2007 9:06am Dec 6, 2007 9:06am
A heads up for the CT traders out there. Usd/jpy 4 hr macd is diverging
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  • #9,154
  • Dec 6, 2007 9:10am Dec 6, 2007 9:10am
I got stopped out on the GBPUSD last night as well. So far I am getting my ass kicked, no ifs, ands or buts about it.

Not sure if anyone sees any trades or not, but right now I am too shaky to get into the market. I see a MACD signal on the EURUSD, but I agree the bar is too big. And then a CT MACD signal on the CADUSD. But where is it going?

Tough work.
  • #9,155
  • Dec 6, 2007 9:22am Dec 6, 2007 9:22am
unlv -

Here is my 4 hour chart of the CAD. My chart actually shows a TC signal last bar but I was looking for it to trade by the 21. I passed on the signal. I may take a TC trade off the 1 hour if CAD trades into my trend line and 4 hr 21 ma.
Attached Image (click to enlarge)
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  • #9,156
  • Dec 6, 2007 9:29am Dec 6, 2007 9:29am
What about a trade on usd/jpy long. Has a tc on macd bounced off 8
  • #9,157
  • Dec 6, 2007 9:47am Dec 6, 2007 9:47am
Quoting JimTatum
What about a trade on usd/jpy long. Has a tc on macd bounced off 8

right now is trying to break the mid term bearish channel the 200 sma it seems to be the next step for it, with the announcement of bush, I expect to go long with it, it already bounced on the 8, maybe... maybe not...more opinions?
posible entrance: 110.26
first take profit:

Update it made it, good call to go long
  • #9,158
  • Dec 6, 2007 9:54am Dec 6, 2007 9:54am
Quoting JimTatum
What about a trade on usd/jpy long. Has a tc on macd bounced off 8
Missed that one off the 8MA.... Afraid of overhead resistance (and R1 at 111.28). UNLV, as a newbie myself, I'm concentrating on TC's only, as my first two demo trades were counter trend (both losers)... My biz plans are to trade TC's only in demo, then add them (CT's) only after a few month's success at TC's. Additionally CT's will be traded at a much smaller lot(s), 20% of the TC allocation...
  • #9,159
  • Dec 6, 2007 9:55am Dec 6, 2007 9:55am
Quoting unlv_tj
I got stopped out on the GBPUSD last night as well. So far I am getting my ass kicked, no ifs, ands or buts about it.

Not sure if anyone sees any trades or not, but right now I am too shaky to get into the market. I see a MACD signal on the EURUSD, but I agree the bar is too big. And then a CT MACD signal on the CADUSD. But where is it going?

Tough work.

Its much easier if you plan your trades, follow your plan and stop chasing every signal.

This is the last time I'll post so harshly (after that your sucess is up to you) -- You have to learn the market. Study is important. Have you been drawing trendlines? Are you observing price action? That RB on G/U was clearly consolidation before rate decision (and you could have been absolutely killed w/that long if the market hadn't already anticipated it) -- the cut was a "surprise." and the market can run hundreds of pips in minutes and your stop will most likely be slipped. Now, you would have been very clever if you had bought the bounce at the longterm trendline after the rate decision -- did you notice that it had longterm support at 2.0173ish? This would have also been in sync. w/the current MACD direction. No matter what it is very foolish to have an open trade hours before a rate decision.

Forex can smash your dreams faster than you can say What happened? It can brutalize your spirit. It can also reward you handsomely for developing a strategy/battle plan and following it. The less you trade, the more you make. I said this before, and it is the last time....You have to practice trading historical data. You have to see what works and what doesn't and what your expectency is. You absolutely have to learn what tools you like to use to do your analysis! Many have come into this biz and not lasted because they didn't do the basic excercises which would allow them to understand the playing field. Don't be one of them! Once you develop a "trader's eye," then you may take some short-cuts and some shorter term trades. Before then, you will only kill off your account and your enthusiasm. Many great traders on this forum have honed their skills for years and can tell you it took much longer than they ever expected -- I am one of them (trader who thought the market could be mastered in a month only to find it took me 1.5 years before I was consistently profitable)!

OK. That's the end of the lecture. Hopefully it didn't go in one ear and out the other. Some day, when you are ready, you will have the thought to do the homework and it will be an "AHA" moment -- and you will start to papertrade historical data and practice your skills (heck, even those who trade for a living alot time each week to test). Until then, may Lady Luck be in your corner. Stop the madness (the habits you develop now are the ones that will be the hardest to break 2 years from now).


Best,
Pips
  • #9,160
  • Dec 6, 2007 9:59am Dec 6, 2007 9:59am
Quoting JimTatum
What about a trade on usd/jpy long. Has a tc on macd bounced off 8

I saw that (but already had two open trades)...but, like a silly girl I did place a limit at 110.65 (13 pips below where I saw the trade, LOL!) -- it didn't trigger, so I guess the other 2 were all I was meant to manage today. Nice Trade JimTatum! May this one go go go!!!!
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