4 Hour Strategy (MACD)

Sell Eur/Usd 1.5811 (Demo)
Reasons 1) RT 2) At high, possible double top 3) spinner / doji
Stop Loss: 1.5920 (91 pips). Reason, previous high of 1.5903. (A bit worried about the big stop loss).
Half position closed at 8EMA for 60 pips profit.
Two open positions remaining: SL set to breakeven
3rd TP: At 21 EMA
4th TP: At 89 EMA

[quote=Golfer;1923774]Hi Jaco

Hey Golfer

Thanks for the reply. Yes i only traded with 0.01 lot. But to have confidence first and patience is maybe the biggest gain. And like you said emotions can be crippling. At least we have a system that works. Phillip has told me about the 3% rule, will implement it as the confidence grow. Thanks again for the wisdom shared. Jaco

I did start live with a risk of 3% per trade and got burned several times because of my emosions. Then I decided to only trade micro lots (0.02) on a mini account until I feel comfortable with the system. recently I've change back to 1.5% risk per trade on Phillip's 5min system but with this 4h system, I am still on 0.02 lots per trade.

Check out the daily on the USDCHF, we hit a TC Short, going to be looking for a TC short off the MA on the 4 hour as well as the TL. Comments anyone?

Hi pip_eater, when i'm not able to watch a trade live I use this break even expert. Just input the number of pips you want it to activate on. Easy!

i was really looking fot this thing.does it work when the computer is off?

Good eye. It's always a good idea to reference the next higher timeframe other than the actual timeframe you are trading to get a general feel for the longer term trend.

I've been pretty much absent here all this week. Lots of 'stuff' going on right now. My account is good to go with ODL but after being out of the picture for a few days it always take me just as much time to get back in the swing of things, if not more. Soooo, I'll catch up on things with the charts this weekend. There just aren't enough hours in the day...

waiting for a TC

I'd really like to know that myself actually. Let me know if you find out!

anyone thinking about a bounce of the 8 EMA

Yes, it may be an anticipation, but it would be wise to wait for confirmation by MACD and a breakout from the consolidation triangle formed on the 1H.

Also, it looks like we are getting resistance with the previous high. I am not going long until it breaks that point. The R:R doesn't look good otherwise.

Hi Merrit, can you pls describe what you mean by the consolidation triangle

many thanks
c

Market is confused, coz G7 discuss $ problem. Let's see what they decide...

I just got a PM from pips4undme 'Donna' and she is settling in to her new digs. I'm hoping she'll be back 'here' sometime next month. For some of the new faces, pips adds a lot to this thread with some of the economic reasons why currencies do what they do along with valuable chart analysis. It'll be good to have her back....

Let me know if this doesn't belong in this thread and I will remove it.

This is something I found on another site. IMO an interesting read.


38 steps to becoming a trader

1. We accumulate information - buying books, going to seminars and researching.
2. We begin to trade with our 'new' knowledge.
3. We consistently 'donate' and then realize we may need more knowledge or information.
4. We accumulate more information.
5. We switch the commodities we are currently following.
6. We go back into the market and trade with our 'updated' knowledge.
7. We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in.
8. We start to listen to 'outside news' and to other traders.
9. We go back into the market and continue to 'donate'.
10. We switch commodities again.
11. We search for more information.
12. We go back into the market and start to see a little progress.
13. We get 'over-confident' and the market humbles us.
14. We start to understand that trading successfully is going to take more time and more knowledge than we anticipated.
MOST PEOPLE WILL GIVE UP AT THIS POINT, AS THEY REALIZE WORK IS INVOLVED.
15. We get serious and start concentrating on learning a 'real' methodology.
16. We trade our methodology with some success, but realize that something is missing.
17. We begin to understand the need for having rules to apply our methodology.
18. We take a sabbatical from trading to develop and research our trading rules.
19. We start trading again, this time with rules and find some success, but over all we still hesitate when it comes time to execute.
20. We add, subtract and modify rules as we see a need to be more proficient with our rules.
21. We feel we are very close to crossing that threshold of successful trading.
22. We start to take responsibility for our trading results as we understand that our success is in us, not the methodology.
23. We continue to trade and become more proficient with our methodology and our rules.
24. As we trade we still have a tendency to violate our rules and our results are still erratic.
25. We know we are close.
26. We go back and research our rules.
27. We build the confidence in our rules and go back into the market and trade.
28. Our trading results are getting better, but we are still hesitating in executing our rules.
29. We now see the importance of following our rules as we see the results of our trades when we don't follow the rules.
30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better.
31. We continue to trade and the market teaches us more and more about ourselves.
32. We master our methodology and our trading rules.
33. We begin to consistently make money.
34. We get a little over-confident and the market humbles us.
35. We continue to learn our lessons.
36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful)and our trading account continues to grow as we increase our contract size.
37. We are making more money than we ever dreamed possible.
38. We go on with our lives and accomplish many of the goals we had always dreamed of.

Look at the 1 hr. with the arrow. It will try to break out long or short. Wait til it tries to test the top (it went long) or the bottom ( it went short) to get in. You may have to try a fib retracement if the candle is too large.

Hi Palmer (and to everbody else),

demo trading this one: Palmer please comment on my analysis here.

Probable LONG: I see two things happening. The first price going straight up (seems to be happening) and on the other hand there is a probability that it would go down and then form a tail. If this happens, I will go down to the 1HR and wait for price to show me the move up - if that is what it is going to do. Similar to your last post.

If not, then look to be going short - right. Will analyse then but right now price is above the 89EMA - so think long.

As with regards to price going straight up, do you think the candles on the 1HR suggest that I should have been long already with a tighter stop loss? What would you have done? I would still like to wait for the 4:00AM candle to close to decide what I should do.

My target profits would be 2.0128 - resistance, I bring the rest of the lots to break even and then look at 2.0183 trendline.

Palmer, lets say you read this after the move, please share with me - and that includes anybody how they would trade this one.

Thank you.

Hello All,

I am also a newbie and have recently started trading and consider my self lucky that i landed up here with you guys at initial stage of my trading. I read your posts daily and am learning alot. Though, i been through lots of books and written stuff but being with experienced traders is totally a differenct experience. I wish all the forum members best of luk and happy trading. And i also appericate Phillip Nel for putting up such great trading strategy.

Looking at the Eur/Usd 4Hr chart, indicators suggest going short as a hanging man has also been formed and MACD also confirms down trend. I have gone short with T/P=40 pips,

Please analyze my analysis and suggest me on this

Hi Merrittb. Thanks for the file, however I am having trouble with it. I pasted the file into Metatrader4/experts/indicators, then in MT4: Insert-Indicators-Custom-BreakEvenExpertv1-10, but nothing happens. Any advice, or maybe a screen shot of what it should look like.
Thanks