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4 Hour Strategy (MACD)

  • #10,901
  • Jan 29, 2008 10:56am Jan 29, 2008 10:56am
Quoting BIL2205
Closed my 2nd lot couple of pips loss. had a chance to BE but kept thinking. Need to be more decisive in my actions. Sill not bad . 1st lot made it worth taking.
Hi, congrats on your 1st lot!

I'm also trying to be more decisive and so my last 2 trades have been with VERY small amounts of money, sort of like demo trading but with real live cash. I have no problems with demo and paper trades but I get the jitters as soon as it's real dosh on the line! You have helped me enormously however, and it's because of you that I am still doing this at all! So, thank you, and enjoy the fruits of your 1st lot success!

Rebecca,x.
May all your pips grow into great big fruitful trees
  • #10,902
  • Jan 29, 2008 11:05am Jan 29, 2008 11:05am
Quoting bshadroo
hi
dont be sad my friend ,thats part of the game and..
please post your charts (if u want).i think there are more things to learn in not succesfull trades than right ones.
thx
Thank's bshadroo, appreciate your comment. A relief of your support How's your trade day going? Made any pips today?

Quoting BIL2205
This week is important as far as economic news for $USD so there will Volatility. i am not too much of an EEKONOMIST ( hehehe, courtesy palmer). my self. but there is some major news lined up. Again it is not as much as the news but how traders react to it.
My euro trade today was half baked. did not have all the ingredients.
Which pair did you trade.
It was GU short I took.
Yeah I do feel the Volatility going around, moreover, thursday's interest rate would be something. It's better for me to go away and let it flow to prevent more losses. I have to plan something to do on Thursday before I ride into more of these wild beasts.
  • #10,903
  • Jan 29, 2008 11:06am Jan 29, 2008 11:06am
Quoting Ryanmcd
Phillip's trade this AM was great, if I was up I was going to take it as well. The forex is very easy to trade compared to other markets such as the @ES I used to trade. If you lose a few who cares, if you follow the rules and DO NOT change them while in a trade you did fine. I have had run's where I had 6-8 losers in a row but my longest winning streak is 47 in a row so it happens. Keep confidence in your trades, follow your rules and let the trades come to you, and last but not least don’t stare at these charts all day because your mind will find a trade.
Thanks Ryan, this is exactly what I am trying to achieve. My aim is to be more like you, not actually you, but a better version of me that is inspired by you! Like I said, I also saw Philip's trade but talked myself out of it. I am definitely making it harder than it needs to be; I need to find that fine line between getting enough information to make a decision and having too much information that strangles a decision. I'm a work-in-progress! This system does work, it's me that fails!
May all your pips grow into great big fruitful trees
  • #10,904
  • Jan 29, 2008 11:07am Jan 29, 2008 11:07am
Quoting Bag Lady
Also 1.9900 happens to be resistance from 8 ema on weekly chart, which has held as resistance for 6 weeks now. So I would like to see that broken before I commit to a long on the G/U, as well as resolution of bearish divergence.

I think I'm maybe looking for reasons not to trade, a sort of in-built pain protection mechanism. I'm reading Mark Douglas 'Trading in the Zone' again, it's a great book and I'm seeing ghosts of myself on just about every page!! I'm actively working through my demons though and appreciate all the help and support here. I love Ryan for his no-nonsense, absolutely top notch advice! I also love, admire & respect all of you who put so much time and thought into this thread. You know who you are!

I am glad you like my posts Sometimes I get a little mad because I have been there and lost everyway one can. I bet I have close to 500 losses over the years. I have used the paid services, have the 100+ stock books, had a loser then I lost 90% of the time so whenever I was thinking to take a trade long I would get short. Still lost. I would take a trade and if stopped I would go the other way lost that way too. The key is when you lose to make sure you traded correctly. No matter how good the chart looks even if it's perfect you can and will still lose on some trades it's going to happen. The key for me was once I did not care if I had a winner or loser and when I was more excited when I managed a losing trade I knew I had made it as a pro-trader. Do I still get excited when I make a long run of trades? You bet but as time goes on it's really just a job but at this job you are 100% in control of your actions, there is no "Bad" market, there is no "Well the news got me" it is YOU and only you. People like to pass blame on others and have trouble of dealing with reactions for there actions. You will do fine, just put in the effort and learn from others. I look at stock books as too see what others had problems with and how they solved them, not how to make 10million a year. Also feel free to post any questions you have and I will do my best to help.
Keep taking CT trades, I need more money
  • #10,905
  • Jan 29, 2008 11:14am Jan 29, 2008 11:14am
Quoting Bag Lady
Thanks Ryan, this is exactly what I am trying to achieve. My aim is to be more like you, not actually you, but a better version of me that is inspired by you! Like I said, I also saw Philip's trade but talked myself out of it. I am definitely making it harder than it needs to be; I need to find that fine line between getting enough information to make a decision and having too much information that strangles a decision. I'm a work-in-progress! This system does work, it's me that fails!

Okay go back to paper trading, by reading this confidence is the issue and that can be fixed by paper trading. You have to take the trades on paper. If you can do well on paper and not with real money the problem is emotion. Don't feel bad I have gone back to paper as well when I was having hard times, to me paper helps me trust in myself again.
Keep taking CT trades, I need more money
  • #10,906
  • Jan 29, 2008 11:22am Jan 29, 2008 11:22am
Thanks again Ryan, I'm nearly there with accepting loss. I know I'll never move on if I can't, and practising strict MM with real cash is getting me there. It is such a different psychological ball game to demo trading, but I find it's the best way for me to learn. I'm even actually starting to enjoy this again...

Just read your post above, confidence is definitely the issue! I have paper traded quite a bit in the last couple of months and that is why I know the system works, but as soon as the money comes into play I get the collywobbles again. I've found by keeping the numbers small but everything else to the system, i.e. R:R, SL placement, etc., I don't get quite so scared by the figures turning red when the trades are going against me. This is where I would allow the trade to breathe on paper but bail when it was cash! I've still got a way to go, but I'm getting there pip by pip!
May all your pips grow into great big fruitful trees
  • #10,907
  • Jan 29, 2008 11:24am Jan 29, 2008 11:24am
I have found with going through the past couple years of charts that price usually bounce from 8EMA on fast moving conditions - usually after breakouts.

So I don't trust the 1H TC entries when price is near the end of a run like EUR currently - however if 4H gave a TC off the 8EMA I would take it if rr is right. Another clue that 1H TC may be unreliable is a double top formation and the retrace taking too long. These clues tell me to expect price to come down to the 21EMA and take TC from there.
  • #10,908
  • Jan 29, 2008 11:24am Jan 29, 2008 11:24am
[quote=hijackxx;1825852]Thank's bshadroo, appreciate your comment. A relief of your support How's your trade day going? Made any pips today?
hijackxx:
well.. i took 20pips in eurusd short(it missed my 35 pips take profit order just by 3 pips and closed it by 20pips manually(4770 to 4750))
and.. i think i missed a usdchf long trade wich u can see the related post a few pages ago because of my boss saying:"how long u wanna sit behind that computer" at work.
  • #10,909
  • Jan 29, 2008 11:27am Jan 29, 2008 11:27am
Quoting maxster
I have found with going through the past couple years of charts that price usually bounce from 8EMA on fast moving conditions - usually after breakouts.

So I don't trust the 1H TC entries when price is near the end of a run like EUR currently - however if 4H gave a TC off the 8EMA I would take it if rr is right. Another clue that 1H TC may be unreliable is a double top formation and the retrace taking too long. These clues tell me to expect price to come down to the 21EMA and take TC from there.

Good eye!!! Go back and check the charts I posted last night. You will see I posted that when price is trending the 8/21 hits are gold. Nice job again.
Keep taking CT trades, I need more money
  • #10,910
  • Jan 29, 2008 11:30am Jan 29, 2008 11:30am
Quoting maxster
I have found with going through the past couple years of charts that price usually bounce from 8EMA on fast moving conditions - usually after breakouts.

So I don't trust the 1H TC entries when price is near the end of a run like EUR currently - however if 4H gave a TC off the 8EMA I would take it if rr is right. Another clue that 1H TC may be unreliable is a double top formation and the retrace taking too long. These clues tell me to expect price to come down to the 21EMA and take TC from there.
That is a good observation
  • #10,911
  • Jan 29, 2008 11:31am Jan 29, 2008 11:31am
Quoting Bag Lady
Thanks again Ryan, I'm nearly there with accepting loss. I know I'll never move on if I can't, and practising strict MM with real cash is getting me there. It is such a different psychological ball game to demo trading, but I find it's the best way for me to learn. I'm even actually starting to enjoy this again...

Just read your post above, confidence is definitely the issue! I have paper traded quite a bit in the last couple of months and that is why I know the system works, but as soon as the money comes into play I get the collywobbles again. I've found by keeping the numbers small but everything else to the system, i.e. R:R, SL placement, etc., I don't get quite so scared by the figures turning red when the trades are going against me. This is where I would allow the trade to breathe on paper but bail when it was cash! I've still got a way to go, but I'm getting there pip by pip!

It just takes time and lots of trades, stick with it
Keep taking CT trades, I need more money
  • #10,912
  • Jan 29, 2008 11:47am Jan 29, 2008 11:47am
Been very busy at work, but I have followed the markets pretty closely.

I see a lot of activity here. Ryan, your post on how you know you would make it as a professional trader once you had the emotions to be excited to manage a loss is golden advice. After reading "Trading In The Zone" by Mark Douglas, I realized that losing should be more fun than winning. Winning is taking what the market gives you, losing is showing that you did lose what you planned to risk, and that you got out successfully without losing more.

Okay, I have only taken two trades this week. I shorted the USDCHF for 20 pips (I was asleep when the TP hit, but I would not have gotten much more out of it). I went long on the EURCHF, but due to indecision on the 4 hour (back to back stars), I felt it was best to get out when the getting was good. I got out with a 2 pip gain. Had I held on I would have made 50 pips, my stop loss was not hit. But that is fine, I will learn. I was up, the chart showed indecision, I got out. But I should have realized my stop loss was not hit, and I was willing to risk that much.

I did not take the EURUSD everyone here took yesterday. I felt the set-up with the MA's was too messy. I missed out on a solid trade, but I think I would pass on this trade again. With the 8, 21 and 89 all converging and the MACD signal giving on a short bar in the middle of a box region, I have been burned taking these before. But cheers to those who stuck by the plan and took the trade. My hats off to you.

I almost scalped the GBPUSD for 20 pips (the very trade Phillp took), but I passed due to recent resistence and the MACD not being deep (close to 0).

Outside of this, I have not seen many good trades so far this week.

The USDCAD gave a nice TC short, but it was against the 365 MA, so I passed on this one as well.

I am excited about the rest of the week. I believe some good trades will set up.
  • #10,913
  • Jan 29, 2008 11:47am Jan 29, 2008 11:47am
Quoting Phillip Nel
That is a good observation
Agree, fast moving conditions always happan when price bounces of 8sma but we are usually not easy to ride it on. Palmer's blade runner is used for 4h, but I remember JimDandy had said that it is better to be used at daily chart, a good idea. I just think that maybe we could find something more valuable if we use 4h strategy on larger TF
Plan your trades and trade your plans
  • #10,914
  • Jan 29, 2008 11:53am Jan 29, 2008 11:53am
Quoting Bag Lady
Thanks again Ryan, I'm nearly there with accepting loss. I know I'll never move on if I can't, and practising strict MM with real cash is getting me there. It is such a different psychological ball game to demo trading, but I find it's the best way for me to learn. I'm even actually starting to enjoy this again...

Just read your post above, confidence is definitely the issue! I have paper traded quite a bit in the last couple of months and that is why I know the system works, but as soon as the money comes into play I get the collywobbles again. I've found by keeping the numbers small but everything else to the system, i.e. R:R, SL placement, etc., I don't get quite so scared by the figures turning red when the trades are going against me. This is where I would allow the trade to breathe on paper but bail when it was cash! I've still got a way to go, but I'm getting there pip by pip!

Listen to Denise Shull - her audio has helped point me in the right direction regarding emotions. Google her name she has a few free audios around the net.

Start here:
http://www.cme.com/edu/events/od/peakperformance.html
  • #10,915
  • Jan 29, 2008 12:04pm Jan 29, 2008 12:04pm
Info
Attached File(s)
File Type: zip Daily Wrapup 29 Jan2008.zip   824 KB | 887 downloads
  • #10,916
  • Jan 29, 2008 12:12pm Jan 29, 2008 12:12pm
Quoting bshadroo

well.. i took 20pips in eurusd short(it missed my 35 pips take profit order just by 3 pips and closed it by 20pips manually(4770 to 4750))
and.. i think i missed a usdchf long trade wich u can see the related post a few pages ago because of my boss saying:"how long u wanna sit behind that computer" at work.
Lol.. So you found your resistance which is your boss. I found mine earlier which was my GF .
  • #10,917
  • Jan 29, 2008 12:38pm Jan 29, 2008 12:38pm
Quoting Phillip Nel
Info
Thank's for the wrapup, phil.
  • #10,918
  • Jan 29, 2008 12:46pm Jan 29, 2008 12:46pm
Quoting Ryanmcd
Phillip's trade this AM was great, if I was up I was going to take it as well. The forex is very easy to trade compared to other markets such as the @ES I used to trade. If you lose a few who cares, if you follow the rules and DO NOT change them while in a trade you did fine. I have had run's where I had 6-8 losers in a row but my longest winning streak is 47 in a row so it happens. Keep confidence in your trades, follow your rules and let the trades come to you, and last but not least don’t stare at these charts all day because your mind will find a trade.
Ryan,

I have to say, you are a true inspiration. Your cool confidence and biting honesty keeps me focused on the ultimate goal of financial freedom. You walk the talk and prove that Phillip's system works. Thank you for your advice and for keeping us all focused on THE RULES.

Rick
  • #10,919
  • Jan 29, 2008 12:59pm Jan 29, 2008 12:59pm
Quoting Phillip Nel
Info
hi
thx for that.thx for answering the retracement subject in it.
  • #10,920
  • Jan 29, 2008 1:33pm Jan 29, 2008 1:33pm
Quoting maxster
I have found with going through the past couple years of charts that price usually bounce from 8EMA on fast moving conditions - usually after breakouts.

Hmmmm....BladeRunner....
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