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4 Hour Strategy (MACD)

  • #11,101
  • Feb 1, 2008 12:40pm Feb 1, 2008 12:40pm

I will appreciate comment on the trade I took today.

I entered the trade purely on Daily Chart. GU gave a nice round top and closed with red MACD yesterday. The market open @ 1.9875 today and the high of previous candle was 1.9944. The previous day candle was a doji and found resistance on 55 sma. So I waited patiently again for a move near 55 sma and entered sell position @ 1.9934. According to the rule, if price move above 21, it will come back to it and move to 89. But sometimes, it may not reach there but get to 55 sma.

My stop loss was 1.9954 which is 10 pips above previous day high. (20pips risk).

I decided to close my position if I am not to far from entry point 5 minutes to the NFP news. I also decided to leave the position open if I am atleast 25 pips away in my favour from entry point.

When I saw the drop, I stayed in it and finally closed @ 1.9700.

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  • #11,102
  • Edited 1:17pm Feb 1, 2008 12:57pm | Edited 1:17pm
Quoting ejiexe

I will appreciate comment on the trade I took today.






I entered the trade purely on Daily Chart. GU gave a nice round top and closed with red MACD yesterday. The market open @ 1.9875 today and the high of previous candle was 1.9944. The previous day candle was a doji and found resistance on 55 sma. So I waited patiently again for a move near 55 sma and entered sell position @ 1.9934. According to the rule, if price move above 21, it will come back to it and move to 89. But sometimes, it may not reach there but get to 55 sma.


My stop loss was 1.9954 which is 10 pips above previous day high. (20pips risk).


I decided to close my position if I am not to far from entry point 5 minutes to the NFP news. I also decided to leave the position open if I am atleast 25 pips away in my favour from entry point.



When I saw the drop, I stayed in it and finally closed @ 1.9700.


Yesterday you said you where long? Also post where you get into the trade as well not just where you close it at realtime if you can like others do to help people show how and why you trade the 4hr. Also what does this have to do with the 4hr system? You show a daily chart and nothing about the 4hr???? Also the more I look the more I see BS, you got in 6 pips off the high with a 3-4 point spred so you shorted the TOP pip of the day, get real man dont post this crap.
Keep taking CT trades, I need more money
  • #11,103
  • Edited 1:11pm Feb 1, 2008 12:59pm | Edited 1:11pm
Quoting unlv_tj
Ryan, I saw you post last night that you were going to short the EURCHF. I was going to do the same, and held out due to not certain how this pair would react to all the darn news coming out today.

Looks like since the news was GBP and USD related, the EURCHF was not affected as much. I should have gone short, but I am learning.

Did you take the GBPUSD short based on the bounce off the top and hope to scalp some pips before news came out, or did you stay out all together due to the news?
No I did not take it, every trade I take I will post here real-time so there will be No bs about "I made 300 pips on a trade I got in yesterday but did not post" If I lose you will see it just as if I win. I HATE it when people just post a gain because I feel most of them are full of crap and all this does is make people that are trying to trade feel bad as if they missed something or it does not teach anyone anything about the market.


P.s. Yes I have posted a few gains in the past w/o showing where I got in and all that does it rub your ego. For now on I will post when I get in and when I get out.
Keep taking CT trades, I need more money
  • #11,104
  • Feb 1, 2008 1:23pm Feb 1, 2008 1:23pm
Ryan, I appreciate it.

So far I have almost only posted my losses here. I wanted to learn what I did wrong.

Overall, after 3 months of trading live, I am at about break even. Thanks to interest payments, I have made a little, LOL.

I will post both my winners and my losers here alike.
  • #11,105
  • Feb 1, 2008 1:31pm Feb 1, 2008 1:31pm
Quoting unlv_tj
Ryan, I appreciate it.

So far I have almost only posted my losses here. I wanted to learn what I did wrong.

Overall, after 3 months of trading live, I am at about break even. Thanks to interest payments, I have made a little, LOL.

I will post both my winners and my losers here alike.

Trading is not easy and I have been around forums about 7 years now, before this I lived at Avidtrader's chat. People would pop in all the time and post winners and I felt like I was a loser because I could not make a winning trade to save my life. All the posts just made me feel worse and like a looser. They never posted anything that would help just winners over and over AFTER the fact. I have now got trading down and will post both win losses and screw ups like not taking +40 last night on eurchf! Hay it happens. I don't want to bash these people but I also know how I used to feel when all I was watching was win win win and all I was doing was blowing out account after account. When I post I will add charts and do the best I can to post what I am thinking about the market and try my best to help. Also once I get into a trade I will try to stick around to help anyone else that has questions about why I got into what I did. This does take a lot of effort on my part but I really do love helping others. To me showing someone else how to trade and make money is better then me making the money now.
Keep taking CT trades, I need more money
  • #11,106
  • Feb 1, 2008 2:12pm Feb 1, 2008 2:12pm
Ryanmcd,
great post!
Thank you
  • #11,107
  • Feb 1, 2008 2:35pm Feb 1, 2008 2:35pm
Quoting Ryanmcd
Trading is not easy and I have been around forums about 7 years now, before this I lived at Avidtrader's chat. People would pop in all the time and post winners and I felt like I was a loser because I could not make a winning trade to save my life. All the posts just made me feel worse and like a looser. They never posted anything that would help just winners over and over AFTER the fact. I have now got trading down and will post both win losses and screw ups like not taking +40 last night on eurchf! Hay it happens. I don't want to bash these people but I also know how I used to feel when all I was watching was win win win and all I was doing was blowing out account after account. When I post I will add charts and do the best I can to post what I am thinking about the market and try my best to help. Also once I get into a trade I will try to stick around to help anyone else that has questions about why I got into what I did. This does take a lot of effort on my part but I really do love helping others. To me showing someone else how to trade and make money is better then me making the money now.

Hello Dear Ryanmcd, thank a lot for your posts and charts. I do know that it really take time a lot to post with charts. I really see that you have a sincere intention to help people around to succeed in this business.

As this forum is growing and growing, we really need to pay attention to what kind of posts we make. So, I do agree totally with Ryanmcd to encourage people to only post real trades (demo or live) with entry, stop loss, take profit and the reasonning for doing it and all directly linked with the 4H MACD.

That way, every people is helping everyone to learn and not losing time of others by saying "oh! i make 300 pips today" kind of post.

Dear Ryanmcd, this forum is really lucky to have you in as you are really a valuable trader. Thank a lot and deep gratitude for the time you share with us.

P.S. In fact, your posts and the dedication of Phillip and Palmer has make me return of this thread after a long absence of few months. This time, I will stick here also and become a proficient trader with this great method.

Sincerely

Shreem
  • #11,108
  • Feb 1, 2008 3:58pm Feb 1, 2008 3:58pm
Hi Ryan (and all) - my first post, & I'm not even sure that I'm doing this correctly...recently joined, and working my way through the posts..one thing I will definitely try and do when I think that I know enough about the system...to actually trade (after dummy trading) will be to post my opening trade and the reasons for it...and then the outcome and any lessons that I may learn..as well as asking for feedback...I have a lot to learn..and I'm looking forward to it..

Freddi

Quoting Ryanmcd
No I did not take it, every trade I take I will post here real-time so there will be No bs about "I made 300 pips on a trade I got in yesterday but did not post" If I lose you will see it just as if I win. I HATE it when people just post a gain because I feel most of them are full of crap and all this does is make people that are trying to trade feel bad as if they missed something or it does not teach anyone anything about the market.


P.s. Yes I have posted a few gains in the past w/o showing where I got in and all that does it rub your ego. For now on I will post when I get in and when I get out.
  • #11,109
  • Feb 1, 2008 4:23pm Feb 1, 2008 4:23pm
Quoting freddi
Hi Ryan (and all) - my first post, & I'm not even sure that I'm doing this correctly...recently joined, and working my way through the posts..one thing I will definitely try and do when I think that I know enough about the system...to actually trade (after dummy trading) will be to post my opening trade and the reasons for it...and then the outcome and any lessons that I may learn..as well as asking for feedback...I have a lot to learn..and I'm looking forward to it..

Freddi

Hello Freddi, welcome to the thread. You will find it a very fascinating and rewarding experience if you take the time to learn it well. There is a great community of traders wanting to help each others on this forum, so this a good place to be.

Please take all the time necessary to digest all the posts of Phillip, his MP3, charts. They are true gold. Also, the differents posts of Palmer, Raynmacd and others.


Again, welcome and hope you will enjoy your learning.

Sincerely

Shreem
  • #11,110
  • Feb 2, 2008 9:36am Feb 2, 2008 9:36am
Quote
Hello Freddi, welcome to the thread. You will find it a very fascinating and rewarding experience if you take the time to learn it well. There is a great community of traders wanting to help each others on this forum, so this a good place to be.

Please take all the time necessary to digest all the posts of Phillip, his MP3, charts. They are true gold. Also, the differents posts of Palmer, Raynmacd and others.


Again, welcome and hope you will enjoy your learning.

Sincerely

Shreem

Shreem thankyou for that welcome i am new here in this forum too! and looking forward to this system....i have a qs though, Phillip says this startgey works on the 4H chart...will it work on the 1H chart too? actually my trading system works in the 1H chart and this MACD startgey should look very good when combined with my system, so is it appliacle only in the 4H chart? or is there someway to amend it just a bit to suit the 1H chart?

i apolgize if this has already been discuued i am in the process of going through the loooong post...read 20 so far, another 81-82 to go

regards,
Ghous

oh and ps ps for those of you who would like to know i am currently working with the CF system (corn flower system)...and let me say a few words on why i want to embrace this system..

even the CF system and it's maker (lever 70) agrees with the fact that identifying the market trends (like higher low's lower highs etc!) are all important indicators that you need to use to "assist" yourself with the CF system, ater looking at this PHillip's genius i figured out the modified MACD and Phillip's startegies should very well serve this purpose of mine...
I believe . . .
  • #11,111
  • Feb 2, 2008 11:47am Feb 2, 2008 11:47am
Quoting ghous
Shreem thankyou for that welcome i am new here in this forum too! and looking forward to this system....i have a qs though, Phillip says this startgey works on the 4H chart...will it work on the 1H chart too? actually my trading system works in the 1H chart and this MACD startgey should look very good when combined with my system, so is it appliacle only in the 4H chart? or is there someway to amend it just a bit to suit the 1H chart?

i apolgize if this has already been discuued i am in the process of going through the loooong post...read 20 so far, another 81-82 to go

regards,
Ghous

oh and ps ps for those of you who would like to know i am currently working with the CF system (corn flower system)...and let me say a few words on why i want to embrace this system..

even the CF system and it's maker (lever 70) agrees with the fact that identifying the market trends (like higher low's lower highs etc!) are all important indicators that you need to use to "assist" yourself with the CF system, ater looking at this PHillip's genius i figured out the modified MACD and Phillip's startegies should very well serve this purpose of mine...

Hello Ghous, welcome to the thread. About your question. Being new to the forum, I do not suggest you to use it on the 1 hour time frame. Eventhough this strategy is also used on the 1 H to enter earlier, it is not suited at all when you begin learning this method as 1 h price action can be to much "noisy" at times.

So, I would humbly recommend you to stick to learning the 4H system perfectly and only when you can master it completely, can you think to add the 1H dimension to it.

The Cornflower system is also a good one's but maybe not a good idea to mix them if you want to learn the 4H strategy of Phillip. Certainely not in the beginning.

BTW, this thread is really dedicated to Phillip 4H system, so please stay focus on discussion on the 4H method.

Later on, when you master it, you can think about creating another thread mixing these 2 methods if is your intention.

Thank for your understanding and wishing a great success with this method.

It is really worth if you take the time to learn it.

Sincerely

Shreem
  • #11,112
  • Feb 3, 2008 8:09am Feb 3, 2008 8:09am
Dam it! i must say this sistem rock! the more and more i practice the better i get, i've learned very good when enter and exit even with 1h implements, unfortunatly still didn't learned when to stay out!! so 50% of my job is done.
About staing out... how to avoid bad signal? i think i've understood well the market rithim and so that should tell me when to stay out, but i still didn't get it... maybe it's just an experience matter, or maybe because backtesting doesn't tell you when news comes out and the rhitim gets broken... what you think about? any advice? (for sure looking at the forum live will give great help)
  • #11,113
  • Feb 3, 2008 8:41am Feb 3, 2008 8:41am
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Attached File(s)
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  • #11,114
  • Feb 3, 2008 8:55am Feb 3, 2008 8:55am
Well just had my reply! listening to the phil's wrapups will tell you what to do... so thanks again.
  • #11,115
  • Feb 3, 2008 10:07am Feb 3, 2008 10:07am
Quoting Beman
Dam it! i must say this sistem rock! the more and more i practice the better i get, i've learned very good when enter and exit even with 1h implements, unfortunatly still didn't learned when to stay out!! so 50% of my job is done.
About staing out... how to avoid bad signal? i think i've understood well the market rithim and so that should tell me when to stay out, but i still didn't get it... maybe it's just an experience matter, or maybe because backtesting doesn't tell you when news comes out and the rhitim gets broken... what you think about? any advice? (for sure looking at the forum live will give great help)

All of this has been replyed to about 10+ times, please go back and read this thread. If you really want ot be a trader and make as much money as you want you can spend the 10 hours of your time to read through all the pages. I have and most here that are trading well have also.
Keep taking CT trades, I need more money
  • #11,116
  • Feb 3, 2008 10:41am Feb 3, 2008 10:41am
Thanks for the advice Ryan and for sure you are right, but believe me i've listened all the mp3 and all the pdf, and i've read more than 300 pages (so i agree with you that i have to read all the thread, but i've already spended much much more than 10 hours) but already didn't find a real answer, i've found many answer close to my question but never satisfied me at all, but probably i didn't read well or not enough.
But as already said i agree with you, so i'll formulate my question just when i'll be sure that i can't find the answer on the thread. This will be better for all of us and for the newcoming people.
So, sorry for my pedantic and useless question! just try to understand me i've started trading 6 monthes ago, studing forex and university everyday for 16 hours a day sometimes even 18!!! (i'm not kidding) and my results were always losing trades (just demo) but now i've started to earn something, even on different timeframes, it's like a dream! but my excitment could be negative for the thread i understand that! so i promise you'll hear me again just to say good things.
Happy trading everyone.
Beman
  • #11,117
  • Feb 3, 2008 12:33pm Feb 3, 2008 12:33pm
Quoting Beman
Dam it! i must say this sistem rock! the more and more i practice the better i get, i've learned very good when enter and exit even with 1h implements, unfortunatly still didn't learned when to stay out!! so 50% of my job is done.
About staing out... how to avoid bad signal? i think i've understood well the market rithim and so that should tell me when to stay out, but i still didn't get it... maybe it's just an experience matter, or maybe because backtesting doesn't tell you when news comes out and the rhitim gets broken... what you think about? any advice? (for sure looking at the forum live will give great help)

It is experience, It does not matter how smart you are or how much you have read the next step is looking in the mirror and knowing the only person you are trading against is YOURSELF. There is no way to know if you are going to win or lose, if it was that easy there would be systems out that made you 100's of millions but there is not. I know some people that got it in 3-4 years like myself and can make as much as they wish. I also know people that have been trading for 15+ years have a Dr in math from MIT and can NOT get it. The cold hard truth is some people will never get trading and they may spend 20+ years trying to get it. Others get it and do well. Also I printed every day from 1991 out in 2001 and read every chart on a 3min chart. I did spend 18 hours a day for 4 years with someone who had 20+ years of making millions a year in the market so I could not of had a better mentor to help me and I STILL LOST FOR YEARS! I really think if you are cut out to trade you can trade any system and make money, I know this 4hr is not the 1st or only setup I have traded and made money with I have used about 4-5 now on all different times and made money. The biggest thing I see is most people who come into the market are the top 5% of the smartest people, they have mastered the job they have and are looking to beat the market. Well the market does not care if you are a Dr or if you have 100 million in the bank it will make you 100% responsible of your actions. Also people who blame the market on a bad trade will never make it. You have winners and losers and the market / friend / post here can NOT be the blame of a loss or gain.
Keep taking CT trades, I need more money
  • #11,118
  • Feb 3, 2008 12:48pm Feb 3, 2008 12:48pm
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  • #11,119
  • Feb 3, 2008 1:35pm Feb 3, 2008 1:35pm
Quoting Phillip Nel
Info
Thanks Phil for your efforts.
  • #11,120
  • Feb 3, 2008 1:54pm Feb 3, 2008 1:54pm
Quoting ejiexe

I will appreciate comment on the trade I took today.




I entered the trade purely on Daily Chart. GU gave a nice round top and closed with red MACD yesterday. The market open @ 1.9875 today and the high of previous candle was 1.9944. The previous day candle was a doji and found resistance on 55 sma. So I waited patiently again for a move near 55 sma and entered sell position @ 1.9934. According to the rule, if price move above 21, it will come back to it and move to 89. But sometimes, it may not reach there but get to 55 sma.


My stop loss was 1.9954 which is 10 pips above previous day high. (20pips risk).


I decided to close my position if I am not to far from entry point 5 minutes to the NFP news. I also decided to leave the position open if I am atleast 25 pips away in my favour from entry point.



When I saw the drop, I stayed in it and finally closed @ 1.9700.

Looks like a good trade, ejiexe. You entered short on Friday at 1.9934. The 55 ema was at 1.9917, and the high on Friday was at 1.9939 by my charts. Price had tested that area on the daily for several days. I had a four hour horizontal line at 1.9935 that had been tested several times in December as both support and resistance. You were fortunate enough to enter so close to the high of the day, the kind of trade that makes one feel tremendous, and you wanted to share that feeling, I think. You followed the four hour rules of price action with the moving averages, only using them on the daily instead. With a twenty pip risk above the previous day's high, you had excellent R:R., and there was reason to think that GBPUSD might be due for a correction down because it had reacted bearishly to the Wednesday FOMC rate cut, unlike the EURUSD. I fully believe that you took the trade that you said you did and that you followed the rules according to your understanding of them. It seems that you were in control of yourself and not being controlled by your emotions. You waited for the right moment, and you entered, something we are all striving to do.
The focus of this thread, however, is the four hour system. Whatever time frames we study, we still base our entries and exits on the four hour chart with help from the one hour for early entries, at times. Our stops and our take profits are usually based on the four hour chart. The system has been shown to work on other time frames, but, then, you must stick to that time frame. A shorter time frame calls for a smaller profit because the price range is usually narrower. A larger time frame, like the daily chart trade you made, usually calls for a much larger stop loss than you placed because the range is much greater, and the possibilities of price moving to take a small stop out are greater than in the four hour. So, it sounds like you did very well in planning your trade, paying good attention to price action and R:R, but we try to keep the focus of this thread on learning the four hour method.
Good luck to you! Hope you post some four hour trades. I think you will be a great addition to our thread. --Tony --By the way, I wanted to mention that, although Phillip has introduced the 55 ema as a way to stay in a trade longer by placing your stop above or below it, I don't believe we use it, officially, in any other ways.
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