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4 Hour Strategy (MACD)

  • #9,561
  • Dec 16, 2007 7:55pm Dec 16, 2007 7:55pm
my position was filled at 4380 as soon as the market opened, even though I was going to get out of it... but hey like you, my broker (FXCM) had it down to 4376, but my charts only show 4400. Oh well Im in the positive now, and Im gonna look for an exit at 4520, then look to sell around that area, just worried about the U.S. housing data that comes out on tuesday, its usually bad for the dollar.
Jeff
Quoting Foricks
I usually don't trade on Sunday either, but after Friday's major pipage, I expected at least a little pull back. My broker opened with a gap down about 20 pips and then down to the 1.4376 mark from 1.4420. Phillip said that the market usually has a habit of picking up the gap (danged bucket shops....). Long story long, I picked up 22 to the upside between 1730, EST and 1900 with a TP at 1.4420.
Not bad for a Sunday hangover. Still nursing the big head from our Christmas Boat Parade party last night (Florida West Coast). Plenty of Sea Rays with cheerleaders on board...wife included...

Lets get some more pips this week! Standing by for a TC later this evening or ma~nana.
Frick
  • #9,562
  • Dec 16, 2007 8:39pm Dec 16, 2007 8:39pm
Do you guys normally place your Fib Levels on the Daily charts?

Or do you normally use 4H, Weekly, Monthly, depends on something else?

Thanks for all the help!
  • #9,563
  • Dec 16, 2007 9:48pm Dec 16, 2007 9:48pm
I personally draw fib lines from the daily and weekly charts, and use them only to enter a trade that goes against the trend. or if im with the trend, that fib line is my exit. For TC trade entries, I use the 4 and 1 hour charts along with the other proper signals to enter my trades (MACD, and MA's) But I stress that the ONLY time I enter against the trend is at a major fib line, and its only for 50 to 100 pips, sometimes less.

Quoting unlv_tj
Do you guys normally place your Fib Levels on the Daily charts?

Or do you normally use 4H, Weekly, Monthly, depends on something else?

Thanks for all the help!
  • #9,564
  • Edited 1:08am Dec 17, 2007 12:38am | Edited 1:08am
Quoting bshadroo
hi phillip,pips4uandme,ira
the itresting question for me is how large do u trade?(10k , 1lot ,10lot ...)
but ofcourse u'll answer if u want and is here anybody trade more than 10lot for each trade?
thx
Hi Bshadroo. I have 5000 demo account and I risk only 3%, so depending on SL I open 0,20 - 0,50 lots, where is 1pip is 1$. I had micro real account, but it's sum didn't allow me to follow money managment - so it's gone now. Have decided not to open one more, I better collect some money untill I can open account and follow the rules of the money managment.
  • #9,565
  • Edited 4:51am Dec 17, 2007 2:11am | Edited 4:51am
It is a holiday today so I can trade live today.

Why did I decided to go for the breakout south. The breakout last week was major. You dont see EurUsd going 200pips without reason and the reason was short therefore I was favouring a further short move and was looking for any signs of emotions showing it and the oppertunity came in the 1H.
If it does not break the bottom TL. at least there were some pips to be made till there.

Entry 1.4416 ( I see that I was filled on 1.4414)
SL 1.4439
TP 1.4380 50% at bott TL and remainder at 25 trailing stop.

Edit 1
50% profit taken at 1.4380 and remainder on 25trailing stop

Edit 2
Stoploss fixed at 1.4403 to see if 1.4400 is going to hold. Will only put it on traling once the bottom TL is broken if it is going to happen.
1.4399 was reached so still save with SL

Edit 3
Stoploss set at 1.4380 to protect against pullback to TL

Edit 4
Price moved below 1.4350 so set trailingstop of 30 from the 1.4380level

Edit 5
Remainder closed at 1.4350

Total gain 34+64=48 on average
Attached Image (click to enlarge)
Click to Enlarge Name: 4 Hour Strategy.gif Size: 25 KB
  • #9,566
  • Dec 17, 2007 2:25am Dec 17, 2007 2:25am
Quoting Phillip Nel
Entry 1.4416
SL 1.4439
TP 1.4480 50% at bott TL and remainder at 25 trailing stop.

Edit 1
50% profit taken at 1.4480 and remainder on 25trailing stop
Good start of the week Phil ;-)
I watched this situation live but didn't take it because it is my first day with real money and I am not going to take H1 signals yet.

Have a nice week to you all.

---------
Michael
  • #9,567
  • Dec 17, 2007 2:47am Dec 17, 2007 2:47am
Quoting Michael81
Good start of the week Phil ;-)
I watched this situation live but didn't take it because it is my first day with real money and I am not going to take H1 signals yet.

Have a nice week to you all.

---------
Michael
Thanks and may you make a lot of pips in the future
  • #9,568
  • Dec 17, 2007 3:03am Dec 17, 2007 3:03am
Quoting Phillip Nel
Thanks and may you make a lot of pips in the future
Thanks a lot.

I have just finished my third profit month in a row. According to the rules I opened only mini account and intend to open positions only after the best setups. Despite I had only 7 trades last 4 weeks only one of them was a failure.

I have learned a lot from you, thank you very much.

One of the biggest mistakes I made was a blind hope to close each week with a profit. That stopped me from taking some great transactions only because I was 2% ahead that week and I didn't want to put a risk on it. I would be much more profitable if I hadn't put this limit on myself.

---------
Michael
  • #9,569
  • Dec 17, 2007 3:36am Dec 17, 2007 3:36am
Quoting Michael81
Thanks a lot.

I have just finished my third profit month in a row. According to the rules I opened only mini account and intend to open positions only after the best setups. Despite I had only 7 trades last 4 weeks only one of them was a failure.

I have learned a lot from you, thank you very much.

One of the biggest mistakes I made was a blind hope to close each week with a profit. That stopped me from taking some great transactions only because I was 2% ahead that week and I didn't want to put a risk on it. I would be much more profitable if I hadn't put this limit on myself.

---------
Michael
We all want to make pips. The secret to stay in the long run is to have a good system and to manage the loss on every trade and the pips will come. As you progress the more risky trades will come as you climb higher and not being afraid of the heights as you know you can manage your loss to the limit you have set according to the system
  • #9,570
  • Dec 17, 2007 3:41am Dec 17, 2007 3:41am
Quoting Phillip Nel
It is a holiday today so I can trade live today.

Why did I decided to go for the breakout south. The breakout last week was major. You dont see EurUsd going 200pips without reason and the reason was short therefore I was favouring a further short move and was looking for any signs of emotions showing it and the oppertunity came in the 1H.
If it does not break the bottom TL. at least there were some pips to be made till there.

Entry 1.4416 ( I see that I was filled on 1.4414)
SL 1.4439
TP 1.4380 50% at bott TL and remainder at 25 trailing stop.

Edit 1
50% profit taken at 1.4380 and remainder on 25trailing stop

Edit 2
Stoploss fixed at 1.4403 to see if 1.4400 is going to hold. Will only put it on traling once the bottom TL is broken if it is going to happen.
1.4399 was reached so still save with SL
Hello,
here is my question.As you see in 4hr chart the MACD is green.So I was wondering is it right to enter with 1hr chart despite of green MACD in 4hr?

Thanks
Mike
Failure, is a wonderful teacher!
  • #9,571
  • Dec 17, 2007 4:12am Dec 17, 2007 4:12am
Quoting mike1349
Hello,
here is my question.As you see in 4hr chart the MACD is green.So I was wondering is it right to enter with 1hr chart despite of green MACD in 4hr?

Thanks
Mike
.
Attached Image (click to enlarge)
Click to Enlarge Name: 4 Hour Strategy.gif Size: 23 KB
Attached File(s)
File Type: zip EurUsd.zip   747 KB | 1,081 downloads
  • #9,572
  • Dec 17, 2007 4:54am Dec 17, 2007 4:54am
Info
Attached Image (click to enlarge)
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File Type: zip Market Motion.zip   738 KB | 1,581 downloads
  • #9,573
  • Dec 17, 2007 5:56am Dec 17, 2007 5:56am
Hi phillip ,
good to have you live here today so we an ask all our questions, hehehe. I missed the euro 1 hour entry on TC this morning.because of something called sleep we need once in a while, Now my candle closes in 8 minutes and i have a TC on 4 hours but MAcd is in higly over sold area. I am cautious about entring at this point especially because of the tail on the signal candle. what are your thoughts on it. Thanks.
Nadia.
Attached Image (click to enlarge)
Click to Enlarge Name: eu trade 4 hour macd over sold.jpg Size: 198 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #9,574
  • Edited 8:11am Dec 17, 2007 6:16am | Edited 8:11am
i did not enter on the trade option listed above because not comfortable , with the set up even though it is TC, but candle emotion with the tail and macd being in over sold area kept me out. les see how this develops.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #9,575
  • Dec 17, 2007 6:33am Dec 17, 2007 6:33am
Quoting BIL2205
i did not enter on the trade option listed above because not comfortable , with teh set up even though it is TC, but candle emotion with teh tail and macd being in over sold area kept me out. les see how this develops.

Hey Bil!

I'm a newbie , i'm trying to read all the 3d and putting pieces together..with a bit of difficult as english is not my mother tongue.

Can u help me in this? u mentioned tail of candle.. i read in the past about tails but i'm still not trhough about them.

Un upper long tail is it a good long signal or v.versa? and a lower one?

Thanx 4 ur answer and many thanks to Phil and to other guys who actively contribute to this 3d.

P.S. if anyone would answer to my question 'ill be grateful anyway
  • #9,576
  • Dec 17, 2007 6:51am Dec 17, 2007 6:51am
Trendlines of past plays a roll even today. Red trendline bottom from Dec2005
Attached Image (click to enlarge)
Click to Enlarge Name: 4 Hour Strategy.gif Size: 46 KB
  • #9,577
  • Dec 17, 2007 8:03am Dec 17, 2007 8:03am
Quoting Phillip Nel
It is a holiday today so I can trade live today.

Why did I decided to go for the breakout south. The breakout last week was major. You dont see EurUsd going 200pips without reason and the reason was short therefore I was favouring a further short move and was looking for any signs of emotions showing it and the oppertunity came in the 1H.
If it does not break the bottom TL. at least there were some pips to be made till there.

Entry 1.4416 ( I see that I was filled on 1.4414)
SL 1.4439
TP 1.4380 50% at bott TL and remainder at 25 trailing stop.

Edit 1
50% profit taken at 1.4380 and remainder on 25trailing stop

Edit 2
Stoploss fixed at 1.4403 to see if 1.4400 is going to hold. Will only put it on traling once the bottom TL is broken if it is going to happen.
1.4399 was reached so still save with SL

Edit 3
Stoploss set at 1.4380 to protect against pullback to TL

Edit 4
Price moved below 1.4350 so set trailingstop of 30 from the 1.4380level

Edit 5
Remainder closed at 1.4350

Total gain 34+64=48 on average
Grabbed this one as well, my data source had a great looking inverted hammer (on the 1HR)... Woke to an alarm I had set for a down move. Short at 2:57AM EST, 1.4417, fell out of the gate, moved SL to BE at 25Pips, TP1:40, TP2:80 (with alarm to adjust stop for on remaining, as I enter is 3's), moved SL down to 1.4365 (thought support may become resistance), hit SL on third piece. Average = 57 pips...
Attached Image
  • #9,578
  • Edited 8:06am Dec 17, 2007 8:04am | Edited 8:06am
Quoting corvogrigio
Hey Bil!

I'm a newbie , i'm trying to read all the 3d and putting pieces together..with a bit of difficult as english is not my mother tongue.

Can u help me in this? u mentioned tail of candle.. i read in the past about tails but i'm still not trhough about them.

Un upper long tail is it a good long signal or v.versa? and a lower one?

Thanx 4 ur answer and many thanks to Phil and to other guys who actively contribute to this 3d.

P.S. if anyone would answer to my question 'ill be grateful anyway
Hey corvorigio. welcome to the thread, i will try to answer to your question the best i can but everyone is welcome to chip in

The tails on candles basically signify the emotion of the candle in relation to price. if there is a candle on bottom it menas people are buying from the bottom, so if i am looking to go short. the tail is a warning sign for me, Now before making my decision i will take into consideration where the price is in relation to the moving averages , what is the recent motion and emotion of the market etc etc. the tail on the candle shows you the most recent action or emotion of the market. if u go through all the lessons by phillip there is mention of tails and how they " ACT AS BEACONS".

Now if you are looking to fo short and the most recent candle has a tail upwards that is a sign that their is selling pressure, or the feild has been cleared or the stops have been taken out so you are ok to go short. But there are a combination of things that have to come together in order to put up a trade, the candle emotion is just one of them, I hope this answer your question. I would recommend if you have not already done it to please go through the lessons by phillip , there are MP3 and pdf files for your convenience, the post number is posted at bottom of my post. also Please visit Palmer's website. A wealth of information there. Trade well.
Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #9,579
  • Dec 17, 2007 8:09am Dec 17, 2007 8:09am
Quoting EricthePip
Grabbed this one as well, my data source had a great looking inverted hammer (on the 1HR)... Woke to an alarm I had set for a down move. Short at 2:57AM EST, 1.4417, fell out of the gate, moved SL to BE at 25Pips, TP1:40, TP2:80 (with alarm to adjust stop for on remaining, as I enter is 3's), moved SL down to 1.4365 (thought support may become resistance), hit SL on third piece. Average = 57 pips...
Awesome!!!
Can u believe i woke up at 2 am but then fell asleep agian and missed this beauty of a trade. Oh well,. next set up please.
Congrats!!!
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #9,580
  • Dec 17, 2007 8:14am Dec 17, 2007 8:14am
Quoting corvogrigio
Hey Bil!

I'm a newbie , i'm trying to read all the 3d and putting pieces together..with a bit of difficult as english is not my mother tongue.

Can u help me in this? u mentioned tail of candle.. i read in the past about tails but i'm still not trhough about them.

Un upper long tail is it a good long signal or v.versa? and a lower one?

Thanx 4 ur answer and many thanks to Phil and to other guys who actively contribute to this 3d.

P.S. if anyone would answer to my question 'ill be grateful anyway
It would be wise for you to study some basic candle formations. Simply "google" candlestick forex and read up. Candles show emotion, which is the cause for market motion.
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