If this will hold for another hour.....a nice tc before the Non Farm Payroll.
Attached Image (click to enlarge)
I went short EurUsd. Hanging man and shooting star off 21ema on 4H.
Early on 1H after strong 1H candle
Entry 1.4606
Stoploss 1.4644
1st TP 1.4540
?
Info
.And as for 200, it has already been broken, so it doesn't act as support, I see.
Hi Delta!
Thought you said you have just started demo trading?
Also, it is really interesting to note that price has followed the same daily pattern as the decline after the 8/07 rally -- today corresponded w/8/13 (i think).
I too thought that price would retest the 89 before continuing downward -- but if it really is playing out like before, we won't see that -- just straight to the 200 (and we do have different fundies now). I'm just going to plan around what the MACD says.
Shoot...as always, way to long a post. Just wanted to say how impressed I was with your daily observation!! Great Job!!!!
& welcome to the greatest trading community ever
Thanks pips4uandme for your good words.
I was reading this thread 2 or 3 month ago, but because of studying I had no time to trade. I started trading demo this month because there is a students contest in our country. I'm from Poland, so my english may not be perfect. Sorry for that. Hope you understand.
This contest is 4 weeks long. I wanted to use 4h MACD strategy, and started to play. But I made some stupid mistakes and after 5 days my wallet is the same as at the beginning. From the daily results I see that some people made about 100%, so now I think I don't have chances only using 4h strategy. 300 pips per month won't be enough. Today I want to take a position at Nonfarm Employment Change data. Hoping to earn 50 pips or more. Depands on differences between the predictions.
After the contest I'm going to trade only 4h MACD strategy.
Sorry for a little offtopic, but I'm new on the forum and wanted to introduce myself.
From this chart gbp/usd I showed yesterday now I see that two last candles suggest that the price touched SMA200 daily and will go in bullish direction. That is my opinion.
- #9,212
- Edited 7:45am Dec 7, 2007 7:18am | Edited 7:45am
- Joined Oct 2007 | Status: follow momentum. | 1,202 Posts
- #9,213
- Edited 7:59am Dec 7, 2007 7:48am | Edited 7:59am
Hello everyone, been a while since i posted . i took the euro short TC this morning . 0400 candle confirmed with a close below 200 sma. so i enter 1 lot at 1.4605 and second lot at a retrace at 1.4618. stop loss was above 21 EMa at 1.4655 and take profit was 1.4545. But this is how managed the trade. Price started to move in the opposite direction and i wanted to be out of the trade before the news. Price never really touched my stop loss but came very close to it quite a few times. But time was also getting close to news. so i close 1 lot at 1.4631 and second at 1.4629. the trade was in a loss but since i split my position in two .my average loss was 21.50 pips. price did not come down to my entry point so there could not have been a break even trade. Well now wait for next set up. Trade well.
Nadia.
P.S Forex factory not letting me post a chart, will try later
Nadia.
P.S Forex factory not letting me post a chart, will try later
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
- #9,214
- Dec 7, 2007 7:56am Dec 7, 2007 7:56am
- | Commercial User | Joined Nov 2006 | 2,223 Posts
Thanks Phillip, I've got it now. You may open the deal before or after NFP or rates news, but you usually don't stay in during the release with this strategy. I think you always did that, I just misunderstood before, I thought we are not taking deals these days at all
And as for 200, it has already been broken, so it doesn't act as support, I see.
Phillip
From the daily results I see that some people made about 100%, so now I think I don't have chances only using 4h strategy. 300 pips per month won't be enough. Today I want to take a position at Nonfarm Employment Change data. Hoping to earn 50 pips or more. Depands on differences between the predictions.
After the contest I'm going to trade only 4h MACD strategy.
Sorry for a little offtopic, but I'm new on the forum and wanted to introduce myself.
From this chart gbp/usd I showed yesterday now I see that two last candles suggest that the price touched SMA200 daily and will go in bullish direction. That is my opinion.
If I understand well you are partecipating in a trading contest, that's so cool...
Regarding the issue of the "others" who made 100% in a few days, in my opinion it is very easy that they will loose 150% in a few hours. My advice for whatever you are doing is that 300 pips average per month are more then enough, I would sign a 10year contract for that!
Good luck!
- #9,217
- Edited 9:04am Dec 7, 2007 8:47am | Edited 9:04am
Hello everyone. ( again) 
. Well some of u already know me but a lot of newcomers dont. I have been following Phillip's 4 hour system for a while now . But recently i was taking sometime off from the forum and chat room to focus within. you could call it soul searching i guess. After quite a few frustrating months of not GETTING IT i think i am finally on the right track, If u bear with me for a few minutes i would like to write down a few thoughts.
When the more experienced traders would give an advice i would think in a Positive way that it is easy for them to say something because they have been doing it for so many years, BUT the reason they were saying it WAS BECAUSE THEY HAVE BEEN trading for a certain amount of time. Sounds simple enough eh? it is not. I have come to discover that only you yourself can develop yourself as a trader. no amount of signals and systems can do it for you. Only thing you need is a system that suits you, a good support system( positive mentoring from fellow traders) and IRON STRONG DICIPLINE. and of course time and effort.
Dont get lost in the crowd. Make your own limits and rules for trading ( not system rules)AND STICK TO THEM.
For the last couple of weeks a lot of things that i have read and heard about trading were clear to me.
If i dont see a trade i dont try to make one happen.
The market is ever flowing , when i see an opportunity staring at me , I do not hesitate to take it.
I can take a loss pretty well , like the one on euro today. It was a Valid set up but it just did not work out as anticiapted.I dont get frustrated and upset because i only risk what i can afford to risk.
The market does not owe me anything. But i owe it Respect because it is my source of income.
I cannot predict the next candle i can only anticipate in advance and when the opportunity shows it self then trade IN THE MOMENT. what are the charts showing me NOW .
Dont try to be like a trader who is doing well , be successfull in your own way.
It will all come to u in good time , Never underestimate or put yourself down because some else made 600 pips in 2 weeks, If you are hardworking, persistant and learn with an open mind your time will come too.
This post is not directed to any one in particular but are my own stages that i am going through. i have to train my self first before i can call my self a trader, there is only so many times that i an get lucky but then it will come down to how i manage my business. and still be profitable 10 or 15 or 20 years from now. Money management is the Holy Grail of forex.
Leave your ego at the door . its not about , " see i was right. look a pair did exactly as i said. Wow i am so good" was cable or euro listening to your thoughts when you made that prediction. i dont think so . I think one of Phillip's greatest quality of many that he has is Humility. he gets praised everyday but still he is the same as he was on his first post. ( so is his system).
Anyways. i hope i made some sense. I know this thread is for the 4 hour system but i think Phillip will not mind something that can help to develop as a trader as well. I wish u all the best . trade well.
Nadia.
. Well some of u already know me but a lot of newcomers dont. I have been following Phillip's 4 hour system for a while now . But recently i was taking sometime off from the forum and chat room to focus within. you could call it soul searching i guess. After quite a few frustrating months of not GETTING IT i think i am finally on the right track, If u bear with me for a few minutes i would like to write down a few thoughts. When the more experienced traders would give an advice i would think in a Positive way that it is easy for them to say something because they have been doing it for so many years, BUT the reason they were saying it WAS BECAUSE THEY HAVE BEEN trading for a certain amount of time. Sounds simple enough eh? it is not. I have come to discover that only you yourself can develop yourself as a trader. no amount of signals and systems can do it for you. Only thing you need is a system that suits you, a good support system( positive mentoring from fellow traders) and IRON STRONG DICIPLINE. and of course time and effort.
Dont get lost in the crowd. Make your own limits and rules for trading ( not system rules)AND STICK TO THEM.
For the last couple of weeks a lot of things that i have read and heard about trading were clear to me.
If i dont see a trade i dont try to make one happen.
The market is ever flowing , when i see an opportunity staring at me , I do not hesitate to take it.
I can take a loss pretty well , like the one on euro today. It was a Valid set up but it just did not work out as anticiapted.I dont get frustrated and upset because i only risk what i can afford to risk.
The market does not owe me anything. But i owe it Respect because it is my source of income.
I cannot predict the next candle i can only anticipate in advance and when the opportunity shows it self then trade IN THE MOMENT. what are the charts showing me NOW .
Dont try to be like a trader who is doing well , be successfull in your own way.
It will all come to u in good time , Never underestimate or put yourself down because some else made 600 pips in 2 weeks, If you are hardworking, persistant and learn with an open mind your time will come too.
This post is not directed to any one in particular but are my own stages that i am going through. i have to train my self first before i can call my self a trader, there is only so many times that i an get lucky but then it will come down to how i manage my business. and still be profitable 10 or 15 or 20 years from now. Money management is the Holy Grail of forex.
Leave your ego at the door . its not about , " see i was right. look a pair did exactly as i said. Wow i am so good" was cable or euro listening to your thoughts when you made that prediction. i dont think so . I think one of Phillip's greatest quality of many that he has is Humility. he gets praised everyday but still he is the same as he was on his first post. ( so is his system
). Anyways. i hope i made some sense. I know this thread is for the 4 hour system but i think Phillip will not mind something that can help to develop as a trader as well. I wish u all the best . trade well.
Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
Hi Delta,
If I understand well you are partecipating in a trading contest, that's so cool...
Regarding the issue of the "others" who made 100% in a few days, in my opinion it is very easy that they will loose 150% in a few hours. My advice for whatever you are doing is that 300 pips average per month are more then enough, I would sign a 10year contract for that!
Good luck!
I agree, 300 pips per month is very good amount, but when taking part in a 4 weeks contest it will be not enough. I counted that I could make with these 300 pips about 60-70%.
Hmm, i also agree that they can lose everything, but my opinion is that when many people are taking part in contest some of them can win having only luck. They will open a position and forget about it for few days and then some of them will have 100% or more profit.
Hello everyone. ( again)
When the more experienced traders would give an advice i would think in a Positive way that it is easy for them to say something because they have been doing it for so many years, BUT the reason they were saying it WAS BECAUSE THEY HAVE BEEN trading for a certain amount of time. Sounds simple enough eh? it is not. I have come to discover that only you yourself can develop yourself as a trader. no amount of signals and systems can do it for you. Only thing you need is a system that suits you, a good support system( positive mentoring from fellow traders) and IRON STRONG DICIPLINE. and of course time and effort.
Dont get lost in the crowd. Make your own limits and rules for trading ( not system rules)AND STICK TO THEM.
For the last couple of weeks a lot of things that i have read and heard about trading were clear to me.
If i dont see a trade i dont try to make one happen.
The market is ever flowing , when i see an opportunity staring at me , I do not hesitate to take it.
I can take a loss pretty well , like the one on euro today. It was a Valid set up but it just did not work out as anticiapted.I dont get frustrated and upset because i only risk what i can afford to risk.
The market does not owe me anything. But i owe it Respect because it is my source of income.
I cannot predict the next candle i can only anticipate in advance and when the opportunity shows it self then trade IN THE MOMENT. what are the charts showing me NOW .
Dont try to be like a trader who is doing well , be successfull in your own way.
It will all come to u in good time , Never underestimate or put yourself down because some else made 600 pips in 2 weeks, If you are hardworking, persistant and learn with an open mind your time will come too.
This post is not directed to any one in particular but are my own stages that i am going through. i have to train my self first before i can call my self a trader, there is only so many times that i an get lucky but then it will come down to how i manage my business. and still be profitable 10 or 15 or 20 years from now. Money management is the Holy Grail of forex.
Leave your ego at the door . its not about , " see i was right. look a pair did exactly as i said. Wow i am so good" was cable or euro listening to your thoughts when you made that prediction. i dont think so . I think one of Phillip's greatest quality of many that he has is Humility. he gets praised everyday but still he is the same as he was on his first post. ( so is his system
Anyways. i hope i made some sense. I know this thread is for the 4 hour system but i think Phillip will not mind something that can help to develop as a trader as well. I wish u all the best . trade well.
Nadia.
Great post, Nadia! You have shared invaluable insight -- Thank You!(I wanted a clapping emoticon -- but we don't have one). Have a good weekend!