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4 Hour Strategy (MACD)

  • #12,421
  • Mar 3, 2008 8:57am Mar 3, 2008 8:57am
Quoting Bag Lady
Thanks Everyone!

I knew the answer would be simple!! I couldn't work out if we measured the move or the retracement of the move - seems it doesn't matter either way!

Good pips on the EU Brettboz,

Rebecca,x.
Yes the jump has been quite nice. 60-70 pips and the TC now forming on the 4H. I guess waiting for a retrace beforing entering is now the way to go.
  • #12,422
  • Mar 3, 2008 8:57am Mar 3, 2008 8:57am
[quote=Bag Lady;1880934]
Quoting Bag Lady
Hi Palmer, Can't believe you do all this, update the website, and work, and dodge tornadoes!!
You must be Superman! :surprised

+500 pips in the bag in one week, Palmer you truly are a superhero!

Guess the baby'll be getting a shiny 'new' '83 engine now? You could maybe even get a hottie to help clean your room!

Aihua - great to see you getting success too, and adding constructively to the thread. I've been away for a week, it was totally unplanned, what a week to go! But, I got to see my family in England and that's worth more than a few pips to me!

Quite like the look of the tail down on the EU 4hr, formed by a nice RB on the 1hr. I don't like the bearish divergence on the MACD though, and there's no TC as yet. I shall leave it to see what it wants to do. Maybe it's waiting for the speech at 13:00 and the 3 news items at 15:00 (gmt). SL below the 21 as it stands would be too much for me at the moment. I shall wait and see, maybe get in on the 1hr if there is a definite move.

Rebecca,x.
Rebecca,
Welcome back! Miss you. Yes, familiy is much important than the pips.
My trade is risky, thanks for your viewpoint. I will grow with you experienced trader.
Have a nice day!
Cheers
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #12,423
  • Mar 3, 2008 9:10am Mar 3, 2008 9:10am
Quoting Palmer
Leroy: Welcome to the thread! It is a lot of information but the good thing about it all is that the method is exactly the same as day 1. So, post #1 is still everything you need to know. The analysis per trade with Fib#'s, trendlines, etc. will happen over time. There is a website for Phillip's method. Check out http://www.fxtradeblog.com Find the tools link and download/printout the years worth of EU chart and make notes all over them, it really helps.

The cable and euro are both stuck in 1hr ranges. I'm still in with the EU position and unless we get a large move to the upside I will exit this week. I'm looking for the euro to start ranging a few days before the fed meets anyway. I will look for a breakout, only to the upside, for a re-entry....we'll see.

Thank you Palmer
  • #12,424
  • Mar 3, 2008 9:10am Mar 3, 2008 9:10am
Quoting Bag Lady
Hi,

Can I ask a really basic question that I'm quite ashamed not to know the answer to?

When drawing fib retracements using the tool on MT4, if you are looking at a bull move, should the 0% be at the bottom of the move and the 100% be at the top? Is it then the opposite for a bear move? I know it should be obvious, but ...

I apologise for my brainlessness, maths never was my strong point!
Do not mind. We all are learning.
I think that for bull the movement is up, so 100% is the bottom and 0% is the top, the opposite is for the bear move.
Please see the current usdchf 4H picture for reference.
Hope it can help you.
Cheers,
Aihua
Attached Image (click to enlarge)
Click to Enlarge Name: fibo.gif Size: 34 KB
Rhythm, Motion, Emotion and Risk Reward.
  • #12,425
  • Mar 3, 2008 9:18am Mar 3, 2008 9:18am
Long EURUSD

Entry 1.5232
Stop 4H candle closes below 1.4530
TP1: 1.5266
  • #12,426
  • Mar 3, 2008 9:24am Mar 3, 2008 9:24am
Quoting aihua5
Do not mind. We all are learning.
I think that for bull the movement is up, so 100% is the bottom and 0% is the top, the opposite is for the bear move.
Please see the current usdchf 4H picture for reference.
Hope it can help you.
Cheers,
Aihua

AIWA 爱华 ？有QQ么？？
  • #12,427
  • Mar 3, 2008 9:33am Mar 3, 2008 9:33am
Crazy price action on the EU. I'll look to go long on this retrace if we can find support somewhere. 1hr range is 70 pips...too many for me.
  • #12,428
  • Mar 3, 2008 9:33am Mar 3, 2008 9:33am
Quoting brettboz
Yes the jump has been quite nice. 60-70 pips and the TC now forming on the 4H. I guess waiting for a retrace beforing entering is now the way to go.
On the news release I moved stop to 30 pips from the top of the move which has now been hit in profit at 5231.

Big spike forming on 4H now, TC not looking so hot here.
  • #12,429
  • Mar 3, 2008 10:07am Mar 3, 2008 10:07am
This is the 1hr channel. We're right at the daily pivot too. This may make it down to the 5160 or 5150 area if we get below the pivot. Patience...
Attached Image
  • #12,430
  • Mar 3, 2008 10:07am Mar 3, 2008 10:07am
that was a mess...
On GU, the 1hour wedgy channel didn't workout well to the top, too.
  • #12,431
  • Mar 3, 2008 10:16am Mar 3, 2008 10:16am
I went short on the USDCHF 1hr, There was a nice morning star and the price was bouncing back off the 8.

I entered at 1.0369. My 1st take profit was hit 1.0342 but since I wasn't at my computer I couldn't move my stop down so it reversed and hit my stop loss for minus a few pips. Is there anyway I can have my stop move to Break Even when my 1st take profit it hit. This was fustrating.
  • #12,432
  • Mar 3, 2008 10:19am Mar 3, 2008 10:19am
Quoting vette1974

Is there anyway I can have my stop move to Break Even when my 1st take profit it hit. This was fustrating.

Attached File(s)
File Type: mq4 BreakEvenExpert_v1-10.mq4   3 KB | 770 downloads


problem solved
"The market pays you to be disciplined"
  • #12,433
  • Mar 3, 2008 10:20am Mar 3, 2008 10:20am
Quoting vette1974
I went short on the USDCHF 1hr, There was a nice morning star and the price was bouncing back off the 8.

I entered at 1.0369. My 1st take profit was hit 1.0342 but since I wasn't at my computer I couldn't move my stop down so it reversed and hit my stop loss for minus a few pips. Is there anyway I can have my stop move to Break Even when my 1st take profit it hit. This was fustrating.
Maybe you can take two different trades, set TP for the first trade, then a Trailing Stop for the other.
  • #12,434
  • Mar 3, 2008 10:23am Mar 3, 2008 10:23am
Yes, EU and GU have been dancing hard and need a bit of a rest now!

Brettboz managed his trade so got to take advantage of the spike on its way up, but I never liked the look of the bearish divergence and held off.

I don't do CT trades, but if I did I'd wonder if EU & GU have formed pin bars? I think they fit the criteria as far as left eye & nose formation, but the right eye is obviously still to emerge. Anyway, as I said, I avoid CT's like the plague, just wondering out loud & will watch out of interest without putting any money where my mouth is!!
Attached Image
May all your pips grow into great big fruitful trees
  • #12,435
  • Mar 3, 2008 10:25am Mar 3, 2008 10:25am
Quoting merrittb
Attachment

problem solved
how does the indicator differ from TS facility?
  • #12,436
  • Mar 3, 2008 10:30am Mar 3, 2008 10:30am
Info
Attached File(s)
File Type: zip Daily Wrapup 03 March2008.zip   823 KB | 1,070 downloads
  • #12,437
  • Mar 3, 2008 12:24pm Mar 3, 2008 12:24pm
I'm posting the following e-mail I sent to my dealer after a nightmarish time today with eurjpy to alert people of problems that can occur with some brokers or with their software, or whatever. The platform software is not MetaTrader and is proprietary to the website. I am not mentioning who the broker is and hope that they can solve the problem, but it is a good thing to be aware of. Here's the message I sent them:

Dear support,
I will not be able to continue trading with you if I get one more situation like today's eurjpy trade, and I definitely will not be able to add anymore to my account if I cannot trust that my orders will be filled in a timely manner.
I haven't had this problem in a long time, not since I went to DSL almost a year ago. I don't understand the system well enough to know if today's problem was with the software or at the dealing desk, but a person could lose heavily in such a situation due to five to ten minute pauses, waiting for the order to be accepted and then trying to cancel an order that was now outdated but being unable to do so.

Eurjpy short order at 15:14 GMT. Squared at 15:30 GMT. I entered a pending sell order for 157.56. My software put me on hold, while the price came to the region of my sell order. I was still on hold when price pulled back and then started to rise again. I couldn't cancel my order because I was still on hold. My sell order was accepted the second time price rose to my level. I, then tried to enter a fifteen pip stop, but my stop order was put on hold. Price spiked about five pips above my pending stop order and then started back down without my stop loss being taken. Price then moved into profit for me, and I took an early profit of +12 pips, luckily being able to use the square order without being locked out. You would think that I would be happy at not being stopped out for -15 pips, but I am very uneasy. What if price had continued up and up without my stop loss being recognized and without there even being any record of my having entered that stop?
I hope you can give me some direction for this problem because it is intolerable. You can understand that it is impossible to trade if you don't know how your entry is going to be treated. If you have to wait and wait, unable to cancel your order before it is accepted, unable to enter a stop loss because your orders are "being evaluated," unsure if you are even going to be able to close your order, you cannot concentrate on your trading. Under such circumstances, there is no reason to trade and no reason to have an account. I am trying to grow as a disciplined trader. When I think that I have reached that point, I plan to add to my account, but not if I cannot trust the trades I enter to be honored. I will send copies of this communication to several of your e-mail addresses in hopes that I may find an answer to this problem.
Thank you in advance.
  • #12,438
  • Mar 3, 2008 1:03pm Mar 3, 2008 1:03pm
Text copy of 3/3/2008 daily wrap up....
Attached File(s)
File Type: doc March 3rd 2008 Daily Update Written Copy.doc   25 KB | 557 downloads
  • #12,439
  • Edited Mar 4, 2008 9:22am Mar 3, 2008 3:35pm | Edited Mar 4, 2008 9:22am
Took a long trade at .9904 (on TC)
SL at .9857, TP at .9980 right around the vicinity of 89 SMA.
Reason: Price went above 21 EMA, came back to 21 EMA and went above 21 EMA.

I am new to this system, any critics will be accepted cordially. Thanks.

Edit: It barely hit my SL at 4:00 AM US CST and took me out for -47 pips loss. It then went back up to .9900 level. Any suggestion to avoid this kind of SL (spike hit)? Should I have put my SL further down? Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: usd-cad.GIF Size: 37 KB
Never enter a Trade without a STOP LOSS
  • #12,440
  • Mar 3, 2008 4:04pm Mar 3, 2008 4:04pm
Hi Phil,

would you consider to trade the cable for a break out trade.

From my point of view we are in on the bottom area of a consolidation
range. I took a long, expecting a breakout - hopefully to the upper range, going for 2,000 in cable.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080303_Cable_Breakout.gif Size: 21 KB
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