DislikedBeautiful morning and evening stars on the GBP and JPY!
These are high probability trades to at least reach the 21 MA. You'll need a significant stop, but the reward possibilities are high too.
JPY Buy 101.05
GBP Sell 2.0322Ignored
- #12,822
- Mar 13, 2008 4:42pm Mar 13, 2008 4:42pm
- | Joined Apr 2007 | Status: Trader | 1,126 Posts
this is one of the few live trades here in this 855 thread, I admire your courage to post it live, but if we look at these few live trade we will find vast majority of them are losses, hind sight after the fact trades are on the other hand 95% winners
second,about the people dont post their trades live,i think people dont feel good after a loss and its natural not to tend to post them.i myself feel better when i post a winning trade than a loosing one and i think thats the reason why most of the trades wich posted with delay are winner ones.
but i tell this many times here,if people dont findout why their trades are become loss ,they never learn to how be a winner and i think there is more things to learn in a loosing trade than a winning one.
phillip is doing a big favour for us here for teaching this system and i really cant allow myself to ask him an extra thing ,but if i could ,i would ask him to post some possible trades/setups wich he saw but he didnt take because of the possible reasons wich he explain.
i think we need the reasons for not to trade and if we cannot find ,then we can say ,ok lets trade
- #12,823
- Mar 13, 2008 5:11pm Mar 13, 2008 5:11pm
Hi, well pretty much it depends on how price is acting around the moving averages,
If one wants to do a counter trend first target is 8 ema. that is high risk and should be done if R;R is begging you to take it. A pause or corection at some point is inevitible. like in the video she said that time needs to catch up with the price , if price had moved up too fast. hence the consolidation phase. how do we recognize it.. we see the price winding around the 8 and 21 ema not sure where to go . making it look like it is time for the correction or continuation,... may be or maybe not. the clear indication that price might be ready to take a correction down to 89 is when it clearly comes below the 21 pulls back to it( or smewhat above it ) and then moves away down to 89. at that point you look at the MACD and most of the time you will see a zero break, pull back to zero line, ( round bottom) and then a TC down.
that is a good set up but again at that point candle formation is important. did the price take smooth baby steps or huge tails with indecision.or a big candle which was a result of a temporary news break. so basically everything has to fall into place. before you can pull the trigger.
I really like the fact that you put into consideration all the important factors. i dont know how long you have been trading but you are on the right track. it can get frustrating because you think you are making it too complicated but in realty with time these will be second nature to you and you will be able to tell if the market is smooth or in turmoil just by looking at the chart right away.Complication for me is to have 10 diff indicators on a chart and waiting for them to fall into place to pull the trigger. what you are learning is price action, market rhythm and candle emotion. which are the main arteries of the heart of this system.
I THINK I HAD TOO MUCH COFFEE TODAY.:!!!
anyways, i hope you guys dont mind my long post , they are always open for critisism, putting thoughts into words helps me put things in perspective as well. thank you agian.
Nadia.
Have some more coffee and write us some more nice posts!http://www.forexfactory.com/images/icons/icon12.gif
- #12,828
- Edited 2:04am Mar 14, 2008 1:59am | Edited 2:04am
this is one of the few live trades here in this 855 thread, I admire your courage to post it live, but if we look at these few live trade we will find vast majority of them are losses, hind sight after the fact trades are on the other hand 95% winners
Looking back I can say, although it was one of the hardest periods I had on Forex, full of pain and frustration, it was the most productive period, and I HAVE LEARNED SO MUCH!!!!!!!!!! It took me 9 month to have a shift in my trading. Since December I started to trade consistently, although it is demo, but for the first time I see a light at the end of the tunnel and very pleased with myself. I still do mistakes, but I feel very, very confident with the system, and that is such a pleasant feeling. I also feel that I become one of those people who pointed to my mistake earlier, I see where and why people make mistakes, and why even good set up, to their mind of course
didn't work. So, that was not a trick, that was - EXPERIENCE. After trading Phillip's system for so long, in most of the cases I feel, or I know where is good setup and where is not. Guy and girls, you really have to pass through this hard period to gain experience, nobody can do that for you. I had a period when it was written in my trading journal - hay stupid maybe it's enough to take CT trades!!! After fifth such sign I stopped taking them, when I was fed up with that pain. Phillip, I or someone else can't help you to learn from your mistakes! Do it yourself.
Go through this period in a positive way, put hard work, think positivly and you will be well rewarded!
- #12,835
- Edited 6:20am Mar 14, 2008 5:07am | Edited 6:20am
- | Joined Feb 2007 | Status: Trader | 134 Posts
Hi Mike! I think you are going through a difficult stage now, actually you are at the point where some people quit our thread. Maybe I can help? I too had times when I felt anger with myself and the thread. I took nice trades, to my mind of course, but people here always found arguments why I shouldn't have taken it. And I thought to myself too, it's easy to look back and comment. Sometimes I also had an idea that people posting here only winnig trades, while I was posting only losses.
Looking back I can say, although it was one of the hardest periods I had on Forex, full of pain and frustration, it was the most productive period, and I HAVE LEARNED SO MUCH!!!!!!!!!! It took me 9 month to have a shift in my trading. Since December I started to trade consistently, although it is demo, but for the first time I see a light at the end of the tunnel and very pleased with myself. I still do mistakes, but I feel very, very confident with the system, and that is such a pleasant feeling. I also feel that I become one of those people who pointed to my mistake earlier, I see where and why people make mistakes, and why even good set up, to their mind of course
Guy and girls, you really have to pass through this hard period to gain experience, nobody can do that for you. I had a period when it was written in my trading journal - hay stupid maybe it's enough to take CT trades!!! After fifth such sign I stopped taking them, when I was fed up with that pain. Phillip, I or someone else can't help you to learn from your mistakes! Do it yourself.
Go through this period in a positive way, put hard work, think positivly and you will be well rewarded!
P.S. A profitable strategy is not something you can simply plug-and-play. For the moment I also thought it was when I read the 1st PDF document and did a day of testing. Everything seemed to fit. But when you start out live it gets ugly. The most important part of testing is not the past but the present - trading as it happens. And it's the lack of this experience why we end up losing in the beginning. Think of the strategy as a "tool". The results depend only on you as an operator of the "tool" and there are lots of different ways how to operate it. Even Phillip was testing the "tool" he invented for a couple of years, if I am not mistaken, before generating steady income with it. However we all are in a much better position than Phillip was in his early days of testing as we have his continuous support. Let's use it wisely!
- #12,840
- Edited 7:14am Mar 14, 2008 7:04am | Edited 7:14am
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
Hi Ira
Great post - I can see you know what you are talking about. I was in the same situation.
I started looking at this 4h MACD system of Phillip and just couldn't get it right. I've struggled because I didn't understand the system. Then I've changed to his 5-minute intra-day system and I studied it for almost a year (it is almost based on the same principles - market movements and the relationship with the moving averages).
Now than I am comfortable with the five-minute system I can see and understand this 4h MACD system. Since January 2008 I am studying the 4h system again and I can tell you, I only made about four trades so far.
Nothing in Forex trading comes easy - you need to work for it.
See my other comments in your message
Can't agree with you more - I had 18 trades so far using Phillip's 5-minute system this month on my 3 pairs (that I do follow) with only one break even trade - no losses. I hope to do this same in this 4hours systemin a few months time
Enjoy the trading
Great post - I can see you know what you are talking about. I was in the same situation.
I started looking at this 4h MACD system of Phillip and just couldn't get it right. I've struggled because I didn't understand the system. Then I've changed to his 5-minute intra-day system and I studied it for almost a year (it is almost based on the same principles - market movements and the relationship with the moving averages).
Now than I am comfortable with the five-minute system I can see and understand this 4h MACD system. Since January 2008 I am studying the 4h system again and I can tell you, I only made about four trades so far.
Nothing in Forex trading comes easy - you need to work for it.
See my other comments in your message
Hi Mike! I think you are going through a difficult stage now, actually you are at the point where some people quit our thread.
If it wasn't for Phillip, I also would have stopped. Patience and the willingness to work hard to understand the system are needed.
Maybe I can help? I too had times when I felt anger with myself and the thread. I took nice trades, to my mind of course, but people here always found arguments why I shouldn't have taken it. And I thought to myself too, it's easy to look back and comment. Sometimes I also had an idea that people posting here only winnig trades, while I was posting only losses.
Looking back I can say, although it was one of the hardest periods I had on Forex, full of pain and frustration, it was the most productive period, and I HAVE LEARNED SO MUCH!!!!!!!!!!
Much more than courses and books I bought
It took me 9 month to have a shift in my trading.
It took me one year - well done Ira for doing it in just nine months. LOL
Since December I started to trade consistently, although it is demo, but for the first time I see a light at the end of the tunnel and very pleased with myself. I still do mistakes, but I feel very, very confident with the system, and that is such a pleasant feeling.
The same feeling I do have with Philip's five-minute system right now. But still I also do make mistakes.
I also feel that I become one of those people who pointed to my mistake earlier, I see where and why people make mistakes, and why even good set up, to their mind of course
Patience and experience - it goes hand-in-hand
Guy and girls, you really have to pass through this hard period to gain experience, nobody can do that for you. I had a period when it was written in my trading journal - hay stupid maybe it's enough to take CT trades!!! After fifth such sign I stopped taking them, when I was fed up with that pain. Phillip, I or someone else can't help you to learn from your mistakes! Do it yourself.
Go through this period in a positive way, put hard work, think positivly and you will be well rewarded!
Enjoy the trading
Willem
Forex recipe for success = Patience, discipline & hard work.