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4 Hour Strategy (MACD)

  • #12,121
  • Feb 22, 2008 8:16am Feb 22, 2008 8:16am
Quoting Golfer
Hi Ira

I was waiting for a TC on the 4h when I saw the move. I went to the 1h and saw that beautiful TC already formed. So I missed it and I don't believe in "late entries". So I'll give this one a miss.

I am also no yet comfortable with the 1H - still finding my way. But I think this one was a beauty.

(Luckily I made 10pips on Cable using Phillip's 5min system)

Great one!!!!!! and go for it.
Well, I managed to screw up this setup . Price didn't go 5 pips to my TP, so my first and second lot was closed at b/e, but I got greedy and opened one more with small SL and got stopped at -25. Sooooo, Phillip I hear you voice, it's important how you manage your trades, "I will never let 25 pips gain to become a loss" . Really true, manage I my trade properly I would have pips in the pocket.
I'm really mad with myself as it was emotionall trading and I really hate it. Good lesson. Have a nice weekend everyone !
  • #12,122
  • Feb 22, 2008 8:33am Feb 22, 2008 8:33am
Quoting ira
Well, I managed to screw up this setup . Price didn't go 5 pips to my TP, so my first and second lot was closed at b/e, but I got greedy and opened one more with small SL and got stopped at -25. Sooooo, Phillip I hear you voice, it's important how you manage your trades, "I will never let 25 pips gain to become a loss" . Really true, manage I my trade properly I would have pips in the pocket.
I'm really mad with myself as it was emotionall trading and I really hate it. Good lesson. Have a nice weekend everyone !
I have to learn that lesson from time to time also. It's easy to see what you want to see.
Have a good weekend.
  • #12,123
  • Feb 22, 2008 8:40am Feb 22, 2008 8:40am
smnitro:

Yes, I see the same resistance point as well for the EU. Time will tell.

Did you get the indicator?
Attached Image
  • #12,124
  • Feb 22, 2008 8:59am Feb 22, 2008 8:59am
Quoting Palmer
smnitro:

Yes, I see the same resistance point as well for the EU. Time will tell.

Did you get the indicator?
Thanks Buddy
  • #12,125
  • Feb 22, 2008 9:08am Feb 22, 2008 9:08am
Look at this daily chart. It looks like its gonna go to the previous high price level 1.4900+ and find resistance at the daily trend line. My gues is it will turn around once it hit the price level 1.49+. I wil just wait and see how it plays.
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Never enter a Trade without a STOP LOSS
  • #12,126
  • Feb 22, 2008 9:16am Feb 22, 2008 9:16am
I tweaked the MACDv102 indicator to work with decimal pricing. I'll put it on the website and you can PM me if you need it also...
  • #12,127
  • Edited 10:23am Feb 22, 2008 10:01am | Edited 10:23am
Quoting rc2008
Look at this daily chart. It looks like its gonna go to the previous high price level 1.4900+ and find resistance at the daily trend line. My gues is it will turn around once it hit the price level 1.49+. I wil just wait and see how it plays.
I have to agree to the point where you said price would turn around as soon as it finds the daily trend, but I, too, respectively have to disagree on the TL you drawn there. I have my TL untouched since the second previous top, and it is based on 4hr, where price failed to break the channel, with the body stayed inside the channel, and tails were created outside the channel (pic i have shows daily though, can't see candlesticks if it was 4hr and zoomed out). As you can see price did touch the TL just now and suddenly it then turned around as fast as it could.
With the addition of philip star there, MAYBE now is the time for price to go bearish again, whereas the wedgy channel is.

EDIT: Or maybe it is retracing down to go back up again, going out of the wedgy channel..
If it is, I don't think it has the steam now.

My 2 cents, and this has nothing to do with 4hr macd, yet.
Have a nice happy weekend everyone
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  • #12,128
  • Feb 22, 2008 10:12am Feb 22, 2008 10:12am
I think I agree with you hihajack. Looks like it found resistance earlier (price level around 1.4800 - 1.4850). It is forming a bearish scenerio. Now this is just me, my prediction is that it may not do much as we are going to close very close for the weekend.

Have a nice weekend.
Never enter a Trade without a STOP LOSS
  • #12,129
  • Feb 22, 2008 11:15am Feb 22, 2008 11:15am
Yup, 4900 is the next target to the upside. I'm still long from 4653, using the 21 as the s/l. EU still toying with the top of the channel on a Friday afternoon sooo...done for the week.

Have a good weekend everyone...
  • #12,130
  • Feb 22, 2008 12:19pm Feb 22, 2008 12:19pm
Written copy of Daily Wrap Up for 22Feb2008 for those who have difficulty understanding spoken English.
Attached File(s)
File Type: doc PhillipNel Daily WrapUp 22Feb2008.doc   7 KB | 478 downloads
  • #12,131
  • Feb 22, 2008 1:55pm Feb 22, 2008 1:55pm
Going long on NZDJPY, TC signal is given on 4 and 1 hour as well as bottom of TL... ONly negative is that its a friday, and the spread is a killer.
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  • #12,132
  • Feb 22, 2008 2:53pm Feb 22, 2008 2:53pm
For those reading my posts and not getting my main point on price movement but instead think I am posting about fibs - you are not getting what I am trying to deliver - and I apologize for not being able to express myself clearly for you to get a moment of enlightment.

What I am trying to get across is how price moves with corrective and trending cycles and how it relates to Phillip's trending rhythm - just the pullback to 8 21 rhythm not other rhythms that Phillip teach as well.

Here is the EUR again - it is still stuck in a corrective movement after that false break.

I will continue to monitor each corrective swing at each bounce and to qualify it for entry.

I will no longer be looking for longs if a 1H bar closes below 1.4750 - and may shift to looking for shorts using the same minor swing entry strategy.

By looking at price movement this way you will not be fighting the trend and only going with the flow.

I will stop taking up so much space on the thread as I have posted most of the info already. But please do study it as it has change my trading completely.

Have a good weekend.
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  • #12,133
  • Feb 22, 2008 5:41pm Feb 22, 2008 5:41pm
Thank you, maxter for your contributions, this is all very enlighting, I have read all your posts and hope to see more of them.
Regards
Alex
  • #12,134
  • Feb 22, 2008 6:09pm Feb 22, 2008 6:09pm
Quoting maxster
For those reading my posts and not getting my main point on price movement but instead think I am posting about fibs - you are not getting what I am trying to deliver - and I apologize for not being able to express myself clearly for you to get a moment of enlightment.

What I am trying to get across is how price moves with corrective and trending cycles and how it relates to Phillip's trending rhythm - just the pullback to 8 21 rhythm not other rhythms that Phillip teach as well.

Here is the EUR again - it is still stuck in a corrective movement after that false break.

I will continue to monitor each corrective swing at each bounce and to qualify it for entry.

I will no longer be looking for longs if a 1H bar closes below 1.4750 - and may shift to looking for shorts using the same minor swing entry strategy.

By looking at price movement this way you will not be fighting the trend and only going with the flow.

I will stop taking up so much space on the thread as I have posted most of the info already. But please do study it as it has change my trading completely.

Have a good weekend.

Those 1st 2 bars are "pin" bars, just reading up on price action on the James16 stuff. I will be back in a week or two.
Keep taking CT trades, I need more money
  • #12,135
  • Feb 22, 2008 7:07pm Feb 22, 2008 7:07pm
Hi all,
Good weekend morning/noon/evening! Sorry for another question. I always have so many questions.
I saw that so many traders(Phillip, maxster, Ryanmcd, Palmer, Joseph, and so many experienced traders) mentioned the price action which is very important.
Before I have read some posts in the james16 well known price action charts thread. My understanding is the price action is very similar with the candlestick formations in the critical S/R area. For example, in above post Ryanmcd mentioned "pin bar", which was also the candlestick pattern tweezer top/bottom, am I wrong?
Phillip or other traders have learned the Price Action, could you help clarify the difference between Price Action and candlestick pattern, or confirm they are the same thing? Maybe many guys have the same question as me.
Look forward to your insightful thought.

Regards
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #12,136
  • Edited 10:40pm Feb 22, 2008 8:17pm | Edited 10:40pm
Quoting aihua5
Hi all,
Good weekend morning/noon/evening! Sorry for another question. I always have so many questions.
I saw that so many traders(Phillip, maxster, Ryanmcd, Palmer, Joseph, and so many experienced traders) mentioned the price action which is very important.
Before I have read some posts in the james16 well known price action charts thread. My understanding is the price action is very similar with the candlestick formations in the critical S/R area. For example, in above post Ryanmcd mentioned "pin bar", which was also the candlestick pattern tweezer top/bottom, am I wrong?
Phillip or other traders have learned the Price Action, could you help clarify the difference between Price Action and candlestick pattern, or confirm they are the same thing? Maybe many guys have the same question as me.
Look forward to your insightful thought.

Regards
Aihua
First of all - I am far from an experienced trader - but doing this full time almost 2 years - and staring at charts 8 to 10 hours a day.

Price action is a lot of things but to me candle pattern, pin bar, price pattern all mean the same thing. If you just watch what price does around S/R levels on the charts you will know what patterns to look for - the most important action around S/R levels for me is the bounce because I am a pullback trend trader. I have enclosed the section of my trading plan that briefly provide a visual remindar for myself what the bounce looks like.

To me these patterns are simple to see & very obvious but seeing the price movement of corrective to trending to corrective cycle is far more important.

Ryan - I briefly looked at that thread long time ago and really liked it I have to go through some of it again - but I stop reading it after endless pages were about the pin bar. This pin bar is same as Phillips tail, morning/evening star, etc - which by itself like most price patterns is 50/50 - it has to be combined with S/R and price movement - to create that deadly combination.

And Ryan has just without knowing shown us another key trait of a successful trader - constant continuation of learning and training.
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  • #12,137
  • Feb 22, 2008 9:35pm Feb 22, 2008 9:35pm
Quoting aihua5
Hi all,
Good weekend morning/noon/evening! Sorry for another question. I always have so many questions.
I saw that so many traders(Phillip, maxster, Ryanmcd, Palmer, Joseph, and so many experienced traders) mentioned the price action which is very important.
Before I have read some posts in the james16 well known price action charts thread. My understanding is the price action is very similar with the candlestick formations in the critical S/R area. For example, in above post Ryanmcd mentioned "pin bar", which was also the candlestick pattern tweezer top/bottom, am I wrong?


Phillip or other traders have learned the Price Action, could you help clarify the difference between Price Action and candlestick pattern, or confirm they are the same thing? Maybe many guys have the same question as me.
Look forward to your insightful thought.

Regards
Aihua
The tweezer top/bottom 1st bar consists of a long body candle.
2nd bar consists of a short body candle that has a high equal to the prior day's high.

A Pin bar is almost what Phillip calls a tail, but the difference is that a pin bar has a long nose and small body closer to the high or low of the bar( not in the middle because it will be a neutral bar).

Very important , to be a potential tradable pin the head or body must be within the previous bar. The best pins are the ones that occur at swing high or lows.

The way to play them is when price moves a few pips over the high or low of the pin. But I like to take them when they are at a confluence level of fibs sup/res line, MA.

As far as price action I look mostly at pin bars inside bars, outside bars and only when they are at a confluence level of fibs sup/res line, MA.

Well I hope this helps a little.

Sorry for stepping out of the thread subject, just wanted to expand on the pin, price action subject. May be a more experienced trader can explain it better.

Between the 4hr MACD, price action and pins I have done very good trades. You just need patience for the best set ups and then pull the trigger.

Special thanks to Phillip
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The more obstacles I overcome the better man I become.
  • #12,138
  • Feb 23, 2008 12:10am Feb 23, 2008 12:10am
Glad to see some are studying James16group. There is much good information there on those pages.....information regarding price action that will help you no matter what trading strategy you use. Pipip........Jimdandy....

p.s. My tail on the audusd that i posted earlier turned out to be a good thing..
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This is a good example of why you place your stop below the 21ema after you take a tc.......I would have been stopped out only to watch the price go on up had i not placed my stop properly.......
  • #12,139
  • Feb 23, 2008 12:27pm Feb 23, 2008 12:27pm
21 Feb Daily WrapUp....
Attached File(s)
File Type: doc Daily Wrapup 21 Feb2008 Written Copy.doc   25 KB | 571 downloads
  • #12,140
  • Feb 23, 2008 12:48pm Feb 23, 2008 12:48pm
Thanks guys for the education on the pin body candle patterns. It's certainly something we should all be looking out for with a 4H setup. It's amazing how consistently they can react around S/R levels. Again, thanks for the heads up and reminder
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