4 Hour Strategy (MACD)

Quoting OldDog

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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due to five to ten minute pauses, waiting for the order to be accepted and then trying to cancel an order that was now outdated but being unable to do so.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.

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Quoting Palmer

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I'm wondering if everyone had issues today. I had a few freeze ups also.

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Quoting rc2008

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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.

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Quoting EricthePip

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Looks like a solid entry per the rules. I would however get protective around 9940-9950. This is the 50% fib and going back all the way to the fall of '07 looks to be a popular place for support and resistance.... (could turn on you)....

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Quoting OldDog

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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.

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Quoting pipsy_2

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I think there was no MACD signal to hit enter. Just my opinion.

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Quoting pips4uandme

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Hi Old Dog!

Don't know who your broker is, but I have this happen sometimes too. I think there are times in fast moving markets where this occurs (and it makes it very difficult to "scalp." Think it is one of those things we have to learn to account for in this environment. Best advice I know, is make sure you deal w/a broker who is accessible by phone and KNOW the dealing number by heart (or have on sticky at workstation). Call them immediately...I've also learned the importance of making sure your stop & limit are entered w/the order so they both fill together (I've had fill and not been able to add stop after for a few minutes in fast moving market...and that is scary too).

Must get back to packing....see you guys in Aprilish....

Pips

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Quoting MaxPips

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Hey guys,
I found this little strategy and i bought it because my forex trading is horrible. Has anyone ever come across this? I read the comments and it looked good. If anyone has used this can you help me out and we can be trading buddies?!
This is where i found it: ForexReview

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Quoting maxster

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You really need to be careful with the 1H MACD signals when the 1H is ranging like this. I suggest that whenever the 1H MACD get close to the zero line TCs signals are unreliable because chances are it is a long corrective cycle.
If you do take trades within these cycles you need to adjust your position size and put your stop below the low range of 1.5143 but you see the RR would filter your entry. I put my stop below the 62% retracement of 1.5132 of the last upswing or the 4H 21EMA - at the point my bias would shift to looking for shorts. If you must have the 1H MACD as trigger and still uncomfortable with price action only - apply Phillip's range trading MP3 to these 1H corrective cycles - that way you will enter on the right side - so if the 4H trend is up look for MACD round bottoms. But you must see & understand these trending/corrective price movements first.

I also took a EUR long a couple hours ago but at the right side of this corrective ranging cycle and was just alerted to take first PT and rest already sitting at BE giving price a chance to break to the upside.

Try to understand my post a few up front yours it explains the why better.

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Quoting Leroy

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Was thinking about about longing the G/U as well but was too scared to go for it. The 1.9000 resistance and the earlier tail scared me off. Hope it goes well.

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Quoting freddi

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Hi maxster,

How would you define a 'corective cycle'? Is it simply that the recent price action is not in sync with the medium term trend or the fact that the 8 and 21 are too close to each other and are not 'trending'?

Still working my way through Phillips lessons!

Thanks in advance.

freddi

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Quoting ejiexe

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I agree with you. I was looking to short GU because price had already closed below 21. I will short with a move back to 21 with a TC. The candle emotion (Rail road) is also tempting. Though, 365 on the way

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Quoting mike1349

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I am long G/U

Bounce off 21
Macd zero break
Nice RB in the chart
entry:1.9873
TP1:1.9909
TP2:1.9939
SL:1.9826

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Quoting hijackxx

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price went down to find it's support for a few minutes, by this time u should have the trade closed.. hmm

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Quoting freddi

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Hi maxster,

How would you define a 'corective cycle'? Is it simply that the recent price action is not in sync with the medium term trend or the fact that the 8 and 21 are too close to each other and are not 'trending'?

Still working my way through Phillips lessons!

Thanks in advance.

freddi

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