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4 Hour Strategy (MACD)

  • #10,801
  • Edited 8:32am Jan 28, 2008 8:26am | Edited 8:32am
Hello all, was also in for the Euro bounce of the 21 at 1.4723 and have close it at 1.4750 as this was near the nearest S/R line.

Being patient to only take high probability trade according to the motion of the market is really the way to go.

Great that a lot of people have taken it

Wishing you all a great trading day

Sincerely

Shreem

Edit: WoW! this thing still have power as I can see. Anyway, not being greedy is an important part of my trading discipline right now, so
  • #10,802
  • Jan 28, 2008 8:38am Jan 28, 2008 8:38am
Quoting shreem
Hello all, was also in for the Euro bounce of the 21 at 1.4723 and have close it at 1.4750 as this was near the nearest S/R line.

Being patient to only take high probability trade according to the motion of the market is really the way to go.

Great that a lot of people have taken it

Wishing you all a great trading day

Sincerely

Shreem

Edit: WoW! this thing still have power as I can see. Anyway, not being greedy is an important part of my trading discipline right now, so
I am still in it, want to see what happens at 65-70.
Keep taking CT trades, I need more money
  • #10,803
  • Jan 28, 2008 8:54am Jan 28, 2008 8:54am
nice going shreem:

I used an lower timeframe method looking for a retrace and got in at 4744.

The 4hr may hit a pause here as will the 1hr. If we can break this res area and close above, the next upside targetrmay be the top of the very new channel forming...Housing data coming up..
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  • #10,804
  • Jan 28, 2008 8:54am Jan 28, 2008 8:54am
Quoting Ryanmcd
I am still in it, want to see what happens at 65-70.
It is just looking better
  • #10,805
  • Edited 9:07am Jan 28, 2008 8:55am | Edited 9:07am
Quoting BIL2205
yes i just move my Stop. loss to BE as well,
EDIT. 1st lot closed at 30 pips.
2nd lot at BE . and let run.
Fast move so will keep an eye.
News in 5 minutes, set 2nd lot with a 35 trailing stop. First time using trailing stop. might get taken out during news because of volatility and spread widens,. lets see,.currently up 50pips. very tempted to close. BUT WANT TO STICK TO "PLAN". lets see.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #10,806
  • Jan 28, 2008 8:56am Jan 28, 2008 8:56am
Out + 53 eurusd @1.4782 not going to risk 50 on news.
Keep taking CT trades, I need more money
  • #10,807
  • Jan 28, 2008 8:57am Jan 28, 2008 8:57am
Quoting hijackxx
It is just looking better
I don't wannabe greedy.. Closed for 62pips. Ching ching $$$
Target is target, that is it, will be looking for more next time.. Happy pippin' to all of us.
  • #10,808
  • Jan 28, 2008 9:10am Jan 28, 2008 9:10am
Very well done to those that took the trades today.
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  • #10,809
  • Jan 28, 2008 9:13am Jan 28, 2008 9:13am
Thanks Phillip. and congrats to everyone who took this trade. Phillip what do u think of my trailing stop plan. I got 30 pips with my first lot,.
then put 2nd lot to BE, then moved it to 35 pips trailing stop., before news to give it a chance to run. My first time to plan a trade like this, i would appreciate your comments, Thanks,
Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #10,810
  • Jan 28, 2008 9:21am Jan 28, 2008 9:21am
Quoting BIL2205
Thanks Phillip. what do u think of my trailing stop plan. I got 30 pips with my first lot,.
then put 2nd lot to BE, then moved it to 35 pips trailing stop., before news to give it a chance to run. My first time to plan a trade like this, i would appreciate your comments, Thanks,
Nadia.
If you allready have pips in the bank with a portion closed you can make your trailing stop larger before news as to combat the more volatility as long as the trailing stop does not give you a negative. I have largen my trailing stop as well from 20 to 25 after I saw the movement going in my direction. I also took away my TP at 1.4765 but decided after all to close ± at that level.

I think I have closed to early. I should have used the 8ema as my trailing stop to really give it a chance. Will see what happens
  • #10,811
  • Jan 28, 2008 9:22am Jan 28, 2008 9:22am
Quoting Ryanmcd
Out + 53 eurusd @1.4782 not going to risk 50 on news.
Hello Rayanmcd, very nice trade with 53 pips. I see that a lot of you have make a lot of nice pips.

As for myslef, I am satisfied with 27 pips eventhought I could have taken a lot more.

But, greediness has been a bad habit on me lately, so I am sticking to my disciplined plan of not being greedy anymore.

Maybe, in the future, when I got another high probability setup is to open 2 lots instead of 1 and let the second run after taking profit for the first one after let say 25 pips and putting the second lot at breakeven and let it ride.

Phillip approach seems to be the right one to adopt in this regard.

Happy trading to all for this week

Sincerely

Shreem
  • #10,812
  • Jan 28, 2008 9:23am Jan 28, 2008 9:23am
Quoting BIL2205
News in 5 minutes, set 2nd lot with a 35 trailing stop. First time using trailing stop. might get taken out during news because of volatility and spread widens,. lets see,.currently up 50pips. very tempted to close. BUT WANT TO STICK TO "PLAN". lets see.


Very nice job, next stop is around .4830
Keep taking CT trades, I need more money
  • #10,813
  • Jan 28, 2008 9:24am Jan 28, 2008 9:24am
Glad to see everyone was waiting to pounce on that tc in the EurUsd.......everyone but me that is.........thats right ME!...after posting the whole scenario and all those charts and telling everyone to be watching for the tc.........I WENT TO SLEEP!!.........I live in the same time zone as Palmer........Palmer we have to work out a deal........I stay up one night and call you when you need to be woken up for a trade........and the next night its your turn to stay up......LOL.......anyway congrats to all that caught it......pipip.........Jimdandy.......

gone for rest of the day.......
  • #10,814
  • Jan 28, 2008 9:25am Jan 28, 2008 9:25am
Quoting shreem
Hello Rayanmcd, very nice trade with 53 pips. I see that a lot of you have make a lot of nice pips.

As for myslef, I am satisfied with 27 pips eventhought I could have taken a lot more.

But, greediness has been a bad habit on me lately, so I am sticking to my disciplined plan of not being greedy anymore.

Maybe, in the future, when I got another high probability setup is to open 2 lots instead of 1 and let the second run after taking profit for the first one after let say 25 pips and putting the second lot at breakeven and let it ride.

Phillip approach seems to be the right one to adopt in this regard.

Happy trading to all for this week

Sincerely

Shreem

The only problem with closing 1/2 @ 25 is that if you close out at 25 and 50 it's 37.5 and if your stop is 50 points you R:R is not that great. This is okay if you are like Phillip and win 95%
Keep taking CT trades, I need more money
  • #10,815
  • Jan 28, 2008 9:29am Jan 28, 2008 9:29am
i putted an order at 1.6185 after h4 close for a possible retrace(because of large signal candle),it comes near it but didnt hitt my order
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  • #10,816
  • Jan 28, 2008 9:29am Jan 28, 2008 9:29am
Quoting Ryanmcd
The only problem with closing 1/2 @ 25 is that if you close out at 25 and 50 it's 37.5 and if your stop is 50 points you R:R is not that great. This is okay if you are like Phillip and win 95%

Great point Ryanmcd, you are right. Need to be careful about R:R. So, even more good reason to only take TC and very high probability setup according to the motion and rhymth of the market.

Thank for the tip.

Sincerely

Shreem
  • #10,817
  • Jan 28, 2008 9:33am Jan 28, 2008 9:33am
Hello everyone,

Nice to see everybody profiting on the Euro trade. I missed the one but managed to bag 57 pips on the Yen last night.
As with everything at the moment it seems to be ranging somewhat.
I really like the "cleaness" at the top of the channel though and think more short setups could be looming over the next few days.

Regards,


Ed.
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  • #10,818
  • Jan 28, 2008 9:49am Jan 28, 2008 9:49am
I see many people made some pips today, me too .
Well, in the morning I took G/U VA for short, as I saw 200 and TL as a strong resistance. I didn't like the SL, so I took only one lot. I think I was later than Phillip, as it started to move against me soon after I opened the trade, didn't have a chance for b/e. Took loss - 52.

At 8 o'clock I had signal on E/U, but I didn't take it, as my candle closed very close to 89 and not above 1.4700 level. But, when I saw the retracment to 1.4700 on the 1 hour and bulish candles up I took it too.

Entry at 1.4720, 1st lot was closed +30, and the second at 1.4780 +60. It really looks like it will go up further, but I followed my plan, as I see very strong resistance at 1.4780, it's daily IT low.

Well done for all of us!
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  • #10,819
  • Jan 28, 2008 10:31am Jan 28, 2008 10:31am
Quoting Phillip Nel
Very well done to those that took the trades today.
i have a question and please answer .its very important for me.
i see u take 19.5 profit in gbpusd trade but if your stop loss was hitted you were loose 100(50*2).
what kind of money management is this?your risk: reward is not ok!!!
befor u take the position , everything is ok ,but when u close ur trade befor ur takeprofit(earlier than your plan) then its not a good r:r rate.
this time worked , but what happend if the other trade goes against u form the begining? then ur -100sl will hitted!!
thx for answering in advance
  • #10,820
  • Jan 28, 2008 10:32am Jan 28, 2008 10:32am
Quoting bshadroo
i putted an order at 1.6185 after h4 close for a possible retrace(because of large signal candle),it comes near it but didnt hitt my order
Ordering a pending trade is a good way of us to get into a trade with smaller amount of SL, and if it does get touched, and then goes into our favour, would make a wider pips to be taken.
And as it is for me personally, I don't really like pending order because in my time of experience, my pending order doesn't get touched oftenly because I can't predict where would it reverse just like your trade there, bshadroo. If I see a large candle with huge movement taken by 1 bar, then for me, I'll sit on the sideline and have my patience mode switched on to wait for another possible trade I could take later on. OR, I will come back later on and see if there is a possible trade I can catch up with the 1hour chart manually.
I prefer to take my trade in the opening of a candle even it gets into some negative 15-25ish then it turns around and then goes into my favour.
I don't really trade TC because I don't feel that confident to trade them. I'm not taking risk when I don't have the confidence and if I do get confused, I bail out of a trade. I'm being really cautious when there is a large movement just passed through 1 candle.
And bshradoo, forex is not going anywhere, it'll stay there for a long time, patience, and we'll ride into more of this beasts later on..
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