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4 Hour Strategy (MACD)

  • #11,721
  • Feb 14, 2008 1:49pm Feb 14, 2008 1:49pm
any thoughts at gbp/usd right now? lets keep rock tho.
  • #11,722
  • Feb 14, 2008 1:52pm Feb 14, 2008 1:52pm
My EUR trade today - I've entered 30min after the opening of the candle because of my work commitments. Entry point would have been 1.4607. The large candle worried me and I've put my inital SL @ 1.4568 (below 21). Now I've moved my SL to 1.4629 for the night. You can see where my TP is.

My second trade this month - I am sure that is what you call patience!
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #11,723
  • Feb 14, 2008 2:15pm Feb 14, 2008 2:15pm
Quoting Golfer
My EUR trade today - I've entered 30min after the opening of the candle because of my work commitments. Entry point would have been 1.4607. The large candle worried me and I've put my inital SL @ 1.4568 (below 21). Now I've moved my SL to 1.4629 for the night. You can see where my TP is.

My second trade this month - I am sure that is what you call patience!

That is patience.
  • #11,724
  • Feb 14, 2008 2:19pm Feb 14, 2008 2:19pm
Quoting Phillip Nel
You are absolutely right. That is why anticipating according to the rules is so important and to trade only in that direction unless the market beggs you to trade the other way. But it has been difficult more in the sence of waiting for the right setup that satisfies the anticipated direction.

The more I trade the more I think it is human nature to counter trend trade. I think it's a mental thing where you see it but it seems to easy so your mind gives you something that you want to see, more of a challenge I think. Also I read somewhere years ago that once you start doing well the mind gets board and starts to savatage your trades to bring back the excitement you had during the losses.
Keep taking CT trades, I need more money
  • #11,725
  • Feb 14, 2008 2:20pm Feb 14, 2008 2:20pm
Quoting Golfer
My EUR trade today - I've entered 30min after the opening of the candle because of my work commitments. Entry point would have been 1.4607. The large candle worried me and I've put my inital SL @ 1.4568 (below 21). Now I've moved my SL to 1.4629 for the night. You can see where my TP is.

My second trade this month - I am sure that is what you call patience!

Nice job Golfer, I stayed out this week due to having strep throat and just did not feel well. I can still point out peoples screw up's though
Keep taking CT trades, I need more money
  • #11,726
  • Feb 14, 2008 2:31pm Feb 14, 2008 2:31pm
Quoting Ryanmcd
Nice job Golfer, I stayed out this week due to having strep throat and just did not feel well. I can still point out peoples screw up's though
Hi Ryan

All the best with the throat - I know the feeling.

Yes, being a lecturer is it very easy to point out the things being done wrongly and then we just tend to ignore the things being done correctly (maybe we think it should be like that and we don't re-visit our postive trades to see what we've done right).

I do see it on Phillip's 5min system as well - that is why people are not successful in forex trading (no patience and discpline). So easy to see what people are doing wrong - you need to have the discpline not to do it again. Even if the setup looks inviting.

Lukcily we do have Phillip to keep us on the right track - Tx Phillip for YOUR PATIENCE. At last it is paying off.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #11,727
  • Edited Feb 15, 2008 4:40am Feb 14, 2008 2:37pm | Edited Feb 15, 2008 4:40am
Hello everyone. I havent posted this week so far. I did not see any trade set ups on my platforms, so still waiting for a valid set up on my GMT platform.

Euro : did give TC with price closing above the 365 but the signal candle was huge so i waited for a retrace which did not happen . the next candle had a huge tail on top and the candle after that was a spinner so mixed emotion kept me out. Price is directed towards 89. BUT i did not get a nice set up for an entry so i did not force one. Price might retrace a litttle bit to 21 Ema or consolidate with 21 EMa catching up to it.before moving to 89. will wait for a clear direction.

GU : signal candle was huge closing right at the 89 so not really a trade there either. price might consolidate around here for a couple of candles considering the time of the day. A few small candles and couple of red bars on macd would be nice with 89 and 200 acting as support. a long set up from there on would be of interest. Will be watching out for that.

One more day in the week. You never know what tommorow might bring. Stick to the Rhythm and rules and you will be fine.

Nadia.
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TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #11,728
  • Feb 14, 2008 2:42pm Feb 14, 2008 2:42pm
Hello guys.

If you could take a look at eur/jpy 1H.

If price stay at about 158,1 - 158,2 than we will have buy signal on the next candle.

Am I correct ?
4X is the biggest casino in the world...Open 24h Monday to Friday.
  • #11,729
  • Feb 14, 2008 2:42pm Feb 14, 2008 2:42pm
Quoting Ryanmcd
The more I trade the more I think it is human nature to counter trend trade. I think it's a mental thing where you see it but it seems to easy so your mind gives you something that you want to see, more of a challenge I think. Also I read somewhere years ago that once you start doing well the mind gets board and starts to savatage your trades to bring back the excitement you had during the losses.
True, i think it is part of human nature to kinda go agianst what is being told them to do . ( in this case what the charts are telling us). I have a history of counter trends and looking for trades just because i wanted to trade and make pips. Now i wait for setup that are in accordance with the rules and rhythem and are within my money management . No WHAT / IF and BUTS. Because after all said and done it is my money i am trading with , I have no one else to blame. i hope the new comers will take this seriously.
Pip well and plenty.
Nadia

Ryan: i hope u feel better soon.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #11,730
  • Feb 14, 2008 2:43pm Feb 14, 2008 2:43pm
Quoting Golfer
Hi Ryan

All the best with the throat - I know the feeling.

Yes, being a lecturer is it very easy to point out the things being done wrongly and then we just tend to ignore the things being done correctly (maybe we think it should be like that and we don't re-visit our postive trades to see what we've done right).

I do see it on Phillip's 5min system as well - that is why people are not successful in forex trading (no patience and discpline). So easy to see what people are doing wrong - you need to have the discpline not to do it again. Even if the setup looks inviting.

Lukcily we do have Phillip to keep us on the right track - Tx Phillip for YOUR PATIENCE. At last it is paying off.

Phillip is top's. My mentor who has been trading 20+ years is like Phillip a lot and also worth 10's of millions. Phillip will be the same in time I have no doubt. It really takes a LOT to put your trades out on the line REAL TIME, I still have a hard time posting my trades realtime because to me it really ties myself to them. If the people who are here had a clue how good this thread really is they would spend 8 hours a day reading and learning this system 100% and ask questions. Phillip may not be here in 1-2 years who knows but this really is a once in a lifetime you will have someone who is willing to help people make it in the market.
Keep taking CT trades, I need more money
  • #11,731
  • Feb 14, 2008 2:51pm Feb 14, 2008 2:51pm
Quoting BIL2205

GU : signal candle was huge closing right at the 89 so not really a trade there either. price might consolidate around here for a couple of candles considering the time of the day. A few small candles and couple of red bars on macd would be nice with 89 and 200 acting as support. a long set up from there on would be of interest. Will be watching out for that.

One more day in the week. You never know what tommorow might bring. Stick to teh Rhythm and rules and you will be fine.

Nadia.

Thanks, just a quick newbie question does the 365MA line stands for the overbought and oversold limit? i know most of you are sick of having newbies asking thoses question but im reading the thread for over 1 1/2 month and im still lost about the 365 line
  • #11,732
  • Feb 14, 2008 2:55pm Feb 14, 2008 2:55pm
Quoting wardog
Thanks, just a quick newbie question does the 365MA line stands for the overbought and oversold limit? i know most of you are sick of having newbies asking thoses question but im reading the thread for over 1 1/2 month and im still lost about the 365 line

It's just more of a resistance point, or at least that is what I use it for. The way I read these charts is 89, 200, 365 are support / resistance lines or a feel for where the market is, bullish / bearish. The real MA's that I trade off of are the 8/21MA's and nothing else. If the 89MA is 20 points from where I want to get in will I think the trade? Sure, but I am aware that if it does stall I will get out and if it goes through it I will get back in. Just as Phillip did today. If I get out of a trade I can get back in in 10min or 4 hours or never, Better safe with +20 then to lose it.
Keep taking CT trades, I need more money
  • #11,733
  • Edited 3:05pm Feb 14, 2008 3:02pm | Edited 3:05pm
Quoting wardog
Thanks, just a quick newbie question does the 365MA line stands for the overbought and oversold limit? i know most of you are sick of having newbies asking thoses question but im reading the thread for over 1 1/2 month and im still lost about the 365 line
Hi, has anyone heard the phrase " Honesty is the Best Policy" .... so Honestly i am not so sure about the 365 MA. !!!. But i think it is basically for support resistance and profit targets and that is what i use it for.

200 sma can act as a very strong support or resistance.and is used for Profit target aswell.

89 MA is the back bone and tends to set the Mode . above it Bullish , Below it bearish.

8 and 21 are your best friends so you might want to stick with them for most of your trades.

All moving averages act as support , resistance , direction , stop loss placement and of course profit target.

Hope this helped.
Phillip please correct me if something does not look right.
Thanks,
Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #11,734
  • Feb 14, 2008 3:07pm Feb 14, 2008 3:07pm
You must have the wrong thread, as we trade on the 4 hr

Seriously, on the 4Hr, looks like a possible TC (about 33 pips short, and 3 hrs from my bar closing). Ask me again at 7PM EST....

Finding nice support on the 200SMA (on the 4HR)....

Be careful on the yen pairs, they are acting a little strange. Could be a little of a global sell off overnight with the US equity markets getting hit.... Be sure of the move up and protect any profits/prevent losses...



Quoting pipsy_2
Hello guys.

If you could take a look at eur/jpy 1H.

If price stay at about 158,1 - 158,2 than we will have buy signal on the next candle.

Am I correct ?
  • #11,735
  • Feb 14, 2008 3:14pm Feb 14, 2008 3:14pm
GBPUSD = May have a TC setting up
EURUSD = Pullback to 8ma and green MACD will get me long
USDJPY = Kind of a mess, I do not like the tails or the way it moved sideways, Looks like it may selloff
EURJPY = right at 200ma, if it crosses the 200ma I will get long.
USDCHF = Mess
USDCAD = Mess
EURCHF = Failed the 200ma
Keep taking CT trades, I need more money
  • #11,736
  • Feb 14, 2008 3:40pm Feb 14, 2008 3:40pm
Quoting EricthePip
You must have the wrong thread, as we trade on the 4 hr
LOL, you would have thought from the thread's title huh.
  • #11,737
  • Feb 14, 2008 3:51pm Feb 14, 2008 3:51pm
Quoting Ryanmcd
GBPUSD = May have a TC setting up
EURUSD = Pullback to 8ma and green MACD will get me long
USDJPY = Kind of a mess, I do not like the tails or the way it moved sideways, Looks like it may selloff
Doesnt the USD/JPY has a perfect setup right now for a bearish ?
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  • #11,738
  • Feb 14, 2008 3:59pm Feb 14, 2008 3:59pm
Quoting wardog
Doesnt the USD/JPY has a perfect setup right now for a bearish ?
Well if it is bouncing off that MA in your graph, id wait for the MACd to give a signal and you got a buy signal right there my friend
  • #11,739
  • Feb 14, 2008 4:23pm Feb 14, 2008 4:23pm
Kind of messed up in my opinion as well. As you can see from the chart, been trading sideways for quite a while, then a fake out to the high side today. Pair may have broke higher with the equity markets (rally last 3 days or so), which had a big reversal day (US Equities).

My MACD shows a round top down, CT, but the 200 in looming just below. No real direction for my $$$$...


Quoting Rusty_forexman
Well if it is bouncing off that MA in your graph, id wait for the MACd to give a signal and you got a buy signal right there my friend
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  • #11,740
  • Feb 14, 2008 4:28pm Feb 14, 2008 4:28pm
Quoting wardog
Thanks, just a quick newbie question does the 365MA line stands for the overbought and oversold limit? i know most of you are sick of having newbies asking thoses question but im reading the thread for over 1 1/2 month and im still lost about the 365 line
You've pretty much gotten your answer from Ryan and Nadia, but here's a quote from a copy Nadia made of Phillip's mp3 on Rhythm Cycle. You can find the complete work on page 482, post 7222, and Phillip's chart and mp3 are in the post just above Nadia's. Here's the quote:

You can see the 365 there. Between those two the 200 and the 89 at that specific point and price ignores it because it is not very important. The 365 is important when price moves away from the known moving averages like the 8, 21, 89 and 200, when price moves away from them , the 365 starts to play a role. When there is no other moving averages close to that.
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