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4 Hour Strategy (MACD)

  • #13,141
  • Mar 25, 2008 4:55pm Mar 25, 2008 4:55pm
Hi,

I'm trying to synchronize my platform with everyone else on the thread. I'm sure this question has been asked countless of times. What time zone is everyone here synched at?

roy
  • #13,142
  • Mar 25, 2008 6:00pm Mar 25, 2008 6:00pm
Quoting Hookem28
Palmer,
Don't want to get in a broker discussion, but you might want to check out ForexBastards.com. The most recent reviews of ODL were all bad, and they were fined recently.
I've never used them though.

http://www.forexpeacearmy.com/public...securities.com
Yeah I know. But it seems like every single broker has a issues with 'something'. I was on the verge of going with an ECN broker and using a demo MT4 provider for charts but that's a lot to look at on a 12" laptop screen where the majority of my trading time is. I've never really had trading nightmares with any particular broker where my money disappeared or anything like that. Servers do go down, connections are lost, etc. but in the event there is a major malfunction that I know is not my fault, I'll be on the hunt again.

Hey, thanks for caring though !!!
  • #13,143
  • Edited Mar 26, 2008 5:16am Mar 25, 2008 7:07pm | Edited Mar 26, 2008 5:16am
CT trade:
Price: 2.0025
SL : 2.0068
BE: 2.0000
TP:1.9975

Reason: 89 MA providing resistance, 3 tails on the 1 hour at 2.0066, 2.0066, 2.0068

Raymond

rrrrats
  • #13,144
  • Mar 25, 2008 8:07pm Mar 25, 2008 8:07pm
Looks like the GBP found resistance on the .618 Fib/89 MA. There is def resistance there, but don't see a CT trade yet.
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  • #13,145
  • Mar 26, 2008 12:35am Mar 26, 2008 12:35am
Check out the beautiful bounce off the 21 and the confluence of FIB lines on the Daily, and the TC, going to look for a TC long on the 4 hour. Comments anyone?
Attached Image (click to enlarge)
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  • #13,146
  • Mar 26, 2008 1:01am Mar 26, 2008 1:01am
Hi Phillip, Palmer and the others,

I am a newbie here and have finished going through the first two parts on the first page of the thread.

I am not trading live nor am I trading on a demo account. It is paper trading the 30-50 trades that Phillip has suggested.

This is the first of them. I am wondering if somebody could help me with my rules and the thinking.

I have posted a chart here outlining the two options.

If price goes long (seems unlikely, but...): Will not do anything - wait for another opportunity - maybe when it comes back to the 21SMA and bounces back after it has crossed the 89SMA.

If price goes down (most likely with the 89SMA turning to resistance): If the opportunity presents itself through the current candle close or the next one to go short, then stop loss will be above the 89SMA and target profit1 will be 8EMA and the second target profit will be somewhere between the 8EMA and 21EMA - right?

Thank you.
Attached Image (click to enlarge)
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AFTAB Time Will Tell & Price Will Show
  • #13,147
  • Edited 1:43am Mar 26, 2008 1:40am | Edited 1:43am
Quoting yofatmamma
Check out the beautiful bounce off the 21 and the confluence of FIB lines on the Daily, and the TC, going to look for a TC long on the 4 hour. Comments anyone?
Yes, I wanted to do a little experiment there, but didn't post as it was about daily. When I saw a pin bar and evening star on daily and MACD RB from overbought area I wanted to short on demo one mini lot. SL on daily was huge (that's why I stayed out) more than 230 pips, the target was 21. Could have made easy 240 pips, as Phillip says his rhythm works on any timeframe, the key is managment.

I think it's a bit early to say that the up trend on EUR has finished, I think there was a correction and price couldn't close below the bull swing -support. The lenght of the bull swing versus bears' swings tells that the bears are not in control yet. Also waiting for a TC.
Attached Image
  • #13,148
  • Mar 26, 2008 1:54am Mar 26, 2008 1:54am
There both RT's on EUR and GBP, I took on G/U as it's from 89 here and R:R is better. Enter 2.0031 SL1 2.0056 SL2 2.0071 TP1 2.0003 TP2 between 8 and 21 or 21, will put 30 trailing stop.
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  • #13,149
  • Mar 26, 2008 3:05am Mar 26, 2008 3:05am
I was wondering anybody understand this little secret?

I didn't get it!!

http://www.forexfactory.com/showpost...&postcount=964

Thanks
Mike
Failure, is a wonderful teacher!
  • #13,150
  • Mar 26, 2008 3:08am Mar 26, 2008 3:08am
Quoting ira
There both RT's on EUR and GBP, I took on G/U as it's from 89 here and R:R is better. Enter 2.0031 SL1 2.0056 SL2 2.0071 TP1 2.0003 TP2 between 8 and 21 or 21, will put 30 trailing stop.
Hi Ira,

I am also short 20031 on the close of the 4H just 5 mins ago. As you say there is a round top at the 89 and the risk isn't bad. EUR needed a bigger stop and I also didn't take it for this reason.

My only real worry here is that the previous trend line down has been broken over night and this is in effect a breakout. The question is whether we pull back to the breakout point or it just blasts on up. If we get the latter then the trade is screwed. Also another risk is the MPC minutes due in an hour or so.
  • #13,151
  • Mar 26, 2008 3:10am Mar 26, 2008 3:10am
Quoting ira
There both RT's on EUR and GBP, I took on G/U as it's from 89 here and R:R is better. Enter 2.0031 SL1 2.0056 SL2 2.0071 TP1 2.0003 TP2 between 8 and 21 or 21, will put 30 trailing stop.
i'm in ur side
sold@38 sl@78 tp@9998
a holiday trade
  • #13,152
  • Mar 26, 2008 3:30am Mar 26, 2008 3:30am
Quoting Bag Lady
Hi SynWind,

Back-testing is a great way to gain confidence in a system, but if you want to get on and do it, then a demo account is probably your best option? Keep an eye on what is being discussed on this thread, and if you've been caught in a wrong position but don't know why, just ask. Someone will always be here to help! Learning styles are different for everyone, but we all seem to experience similar problems and similar learning curves, so we're all wise in the ways of the bad experiences too! Hope you stay with us for your forex journey,

Rebecca.

PS. If you are new to this or any other system, be honest with yourself. If you are trading (demo or live) but don't know why, you are gambling. You may win and you will feel good. But if you just sit back and feel like you're the King of the World, and don't analyse EVERY trade, win or lose, you will always be a gambler, not a trader. This isn't aimed at anyone in particular, just to anyone who sees the point I'm trying to make. Always be honest with yourself!

thanks for your advise! yes, has to be honest else it better go Casino to gamble.
  • #13,153
  • Mar 26, 2008 3:32am Mar 26, 2008 3:32am
Quoting brettboz
Nice post BagLady.

On another forum some time ago I also posted regarding the difference between trading demo and live. However hard you try trading live will always be different from demo.

Real money always changes things.

So when you do make the step to live do it slowly. Start a small account on OANDA (they will let you trade any lot size so start with 200$). Start with a small lot size say 4* account size (ie 800 lot size). Set a reasonable monthly target, say 2% on your account. And if you make this profit at the end of the month (not during it) then add to your account by a small amount (say another 200). As your account size increases you increase your lot size. And only increase your account size if at the end of the month you have made your 2% profit target. If you dont make it then you have to wait to the end of the next month and only if you have reached that 2%. This cuts down on you building up your account too soon (because you have to make the money and keep it during the course of the month, its easy to make 2% and then lose it again during the month) it also stops you from going in head strong (ie too large an account to start out with).

Its simple but very easy form of risk management and it will save you from blowing away accounts as many do in forex.
yeah.. start trading mini first and gain confident. then slowly move up as you win. Great Money Management! thanks!
  • #13,154
  • Mar 26, 2008 4:26am Mar 26, 2008 4:26am
Quoting brettboz
Hi Ira,

I am also short 20031 on the close of the 4H just 5 mins ago. As you say there is a round top at the 89 and the risk isn't bad. EUR needed a bigger stop and I also didn't take it for this reason.

My only real worry here is that the previous trend line down has been broken over night and this is in effect a breakout. The question is whether we pull back to the breakout point or it just blasts on up. If we get the latter then the trade is screwed. Also another risk is the MPC minutes due in an hour or so.
Our shorts guys are !
  • #13,155
  • Mar 26, 2008 4:33am Mar 26, 2008 4:33am
Quoting ira
Our shorts guys are !
Yep turns out the breakout was stronger than expected and it didnt retrace to breakout point (been doing a lot of that lately).

E/U has now formed a TC but this is way over bought and the candles are huge. No way Im getting in on that at present.
  • #13,156
  • Mar 26, 2008 4:46am Mar 26, 2008 4:46am
We had better stay out at this case. Even 5min chart is inappropriate for trade now. Big news came out
Plan your trades and trade your plans
  • #13,157
  • Mar 26, 2008 4:58am Mar 26, 2008 4:58am
Look at gu chart, price was stopped by 200 sma of daily chart! 2.0116, very accuacy! Now a pin bar is about to form. If at 11:00 GMT+1, 4h chart MACD forms a red bar, I would enter for RT, price was resistanted by 200sma by daily chart, then 89 ema 4h chart
Plan your trades and trade your plans
  • #13,158
  • Mar 26, 2008 5:09am Mar 26, 2008 5:09am
GU trade
Enter @ 2.0035
SL, 50% of the pin bar's upper shadow line(shooting star) @ 2.0070
1TP, daily pp=8ema=1.9985
2TP, week pp=21ema=1.9937

edit1, after take 25pips, make a half lots BE

It seems that price was surpoted by 2.0000, hope this time it works.
Don't let me down Pin bar~~~~~
Plan your trades and trade your plans
  • #13,159
  • Mar 26, 2008 5:14am Mar 26, 2008 5:14am
Reach 1TP, make the other half lots BE, waiting for 2TP
So quick, isn't it?
Plan your trades and trade your plans
  • #13,160
  • Mar 26, 2008 5:15am Mar 26, 2008 5:15am
Quoting saka
Look at gu chart, price was stopped by 200 sma of daily chart! 2.0116, very accuacy! Now a pin bar is about to form. If at 11:00 GMT+1, 4h chart MACD forms a red bar, I would enter for RT, price was resistanted by 200sma by daily chart, then 89 ema 4h chart
Yes 4H still looks good for the short if it hadnt have been for that spike. Trading around news is painful at times.

If you had re-entered short you would now be laughing, I wasnt so quick, the spike put me off.
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