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4 Hour Strategy (MACD)

  • #13,681
  • Apr 15, 2008 8:05pm Apr 15, 2008 8:05pm
I think I'd be looking for a long position based on the broader look at the daily trendline, looks like it might find some support. I'd steer clear of this unless you feel confident that it'll break support. Looking at those tails I'd be tempted to go long once it shows me what it's gonna do.

Happy Trades
KC




Quoting maxster
Don't know about LH but price has being trying to break the daily resistance area around 1.5900 and the corrective range is narrowing - look at the daily chart.

Jump onboard the train if price breaks the resistance area as price may form another upswing visible on the weekly chart. Or it can break to the downside - a little tough to
tell at this moment. But I may try to position a low risk trade to the long side for a possible upside breakout if price shifts momentum back to the upside on the lower timeframe.

A TC short is in the early stages for GBP .....
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  • #13,682
  • Apr 15, 2008 8:15pm Apr 15, 2008 8:15pm
itis really nice system
  • #13,683
  • Edited 9:31pm Apr 15, 2008 9:21pm | Edited 9:31pm
Quoting kc8flq
I think I'd be looking for a long position based on the broader look at the daily trendline, looks like it might find some support. I'd steer clear of this unless you feel confident that it'll break support. Looking at those tails I'd be tempted to go long once it shows me what it's gonna do.

Happy Trades
KC
You are correct that this may also be a good CT trade due to the lower 4H trendline - but I only do trending trades so I will wait for pullback. I expect price to move up to the 8 or 21 EMA with trending like 15MIN swings HHs HLs and will position a trade once the 15MIN swings shift momentum back to the downside. Or the swings will continue its up movement and end a possible TC trade.

I have also being studying recent S/R breakout entries using stop orders where price does not pullback very much and trend continuation resume quickly with a very narrow ranging channel - this appears to be playing out on the GBP but could change on a dime. These trades sometime result is a nice tail or a trending move.

The daily channel you have drawn to me is more of the monthly trend channel - I don't really look at the monthly. To me the weekly trend is down with the daily currently in a down swing of a weekly corrective cycle as in my weekly chart.

One of the most important things I have noticed with price action/movement or flow during pullbacks is that because I am trading the 4H timeframe the lower timeframe 1H/15M pullback swings simply cannot trend with HHs, HLs very much if price want to continue the previous 4H down trend move. So the lower timeframe price movement will hint what to do.
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  • #13,684
  • Apr 16, 2008 12:43am Apr 16, 2008 12:43am
Quoting Dibanos
Hello bshadroo, Which is your system ?

Regards
sorry to post a m5 chart.i just wanted to show u my EXACT entry and exit point and how it felt after i closed.
phillip:i saw that 3sisters but the very slow movment made me decide like that.but there was a crazy movment just after i closed that.
  • #13,685
  • Apr 16, 2008 2:50am Apr 16, 2008 2:50am
Quoting bshadroo
phillip:i saw that 3sisters but the very slow movment made me decide like that.but there was a crazy movment just after i closed that.
I saw the chart and I think this is a clasical issue. You entered market after a nice signal and the market went against you for some time. You didn't feel comfortable in the market, the emotion was "Ohh, I wish I could at least break even". Then the market came back to your entry point and you jumped out. I have been there a lot of times Some people according to Mike Douglas even "punish" the market by exitting at BE after the market came back from paper loss
It is hard to truly accept that you don't need to win this particular trade and that long term counts, especialy if you are experiencing a longer loosing streak. The problem is that these psychological issues make the loosing streak even longer usually. It is neccessary to follow the plan and whatever happens - happens. The emotion of unexperienced trader is like a storm. What you think is "feeling of the market" when you decide not to follow the plan and close the trade earlier or not to exit according to the plan and wait is in reality only either fear or greed.
Last week I closed one part of the position 10 pips earlier, because the position was in the paper loss for a whole day before it decided to go my way and then it stopped 2 pips bellow the PT and stalled a bit. I just couldn't handle it any more, wanted to get the pipsout of that trade And yes - for the whole day when the position was comming back to the BE and staling a bit again I was also under the temptation to close it, but I already know it makes no sence to get out of the market just because it is still deciding where to go. Our trading is ruled by our ability to handle this kind of emotions. That is the difference between success and failure.
  • #13,686
  • Apr 16, 2008 3:46am Apr 16, 2008 3:46am
Could someone please explain how the three sisters formation looks like?
I googled but haven't found anything.

Till
  • #13,687
  • Apr 16, 2008 3:53am Apr 16, 2008 3:53am
Quoting RemingtonTJ
Could someone please explain how the three sisters formation looks like?
I googled but haven't found anything.

Till
I think this formation was named by Phillip, see post
http://www.forexfactory.com/showpost...postcount=2287

How I understand it: the formation of 3 consecutive lower highs and lower lows (in a downtrend), forming round tops, preferably occuring close to S/R areas.

The previous post by Phillip was an eye opener for me, as I couldn't really see the 3 sisters, but by delineating the space below the three lower highs, it looked so obvious.... but the problem now is that I see them everywhere
  • #13,688
  • Apr 16, 2008 3:58am Apr 16, 2008 3:58am
Quoting islandtrader
I think this formation was named by Phillip, see post
http://www.forexfactory.com/showpost...postcount=2287

How I understand it: the formation of 3 consecutive lower highs and lower lows (in a downtrend), forming round tops, preferably occuring close to S/R areas.
do you have a chart with example? I can't find one in Phil's attachement
  • #13,689
  • Apr 16, 2008 4:02am Apr 16, 2008 4:02am
Quoting RemingtonTJ
do you have a chart with example? I can't find one in Phil's attachement
ok listened to the file and understood it.
so it's no classical candle pattern
it's a pattern of three round tops/bottoms
  • #13,690
  • Apr 16, 2008 4:03am Apr 16, 2008 4:03am
Quoting RemingtonTJ
do you have a chart with example? I can't find one in Phil's attachement
well, the only examples I saw was in post #2287 and bshadroo's trading example commented by Phillip:
Attached Image
  • #13,691
  • Apr 16, 2008 4:05am Apr 16, 2008 4:05am
Hope some of you are onboard with a free ride.

This is my third free ride trying to break this weekly corrective top - hope it finally breaks this time.
  • #13,692
  • Apr 16, 2008 4:06am Apr 16, 2008 4:06am
well

maybe Phil could explain it again with a little more detail

Thank you Phil!!!!!
  • #13,693
  • Apr 16, 2008 4:31am Apr 16, 2008 4:31am
E/U has had a ZB this morning after forming a morning star right on the trend line. A clear signal but the price had already bolted when I started my trading day and the only possibility for entry was on a retrace. It did retrace slightly but missed by entry by a few pips and then shot up towards 5900.
  • #13,694
  • Apr 16, 2008 5:09am Apr 16, 2008 5:09am
Look at the 138% Fib Target T1 External Fib Extension.

The 15MIN swings had a very pretty nice rounding as the swings started finding support then moving to the upside.
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  • #13,695
  • Apr 16, 2008 5:12am Apr 16, 2008 5:12am
Quoting maxster
Look at the 138% Fib Target T1 External Fib Extension.

The 15MIN swings had a very pretty nice rounding as the swings started finding support then moving to the upside.
Yes EU has been very clear this morning, just too fast and too early for me
  • #13,696
  • Apr 16, 2008 5:14am Apr 16, 2008 5:14am
Quoting brettboz
E/U has had a ZB this morning after forming a morning star right on the trend line. A clear signal but the price had already bolted when I started my trading day and the only possibility for entry was on a retrace. It did retrace slightly but missed by entry by a few pips and then shot up towards 5900.
I have similar problem it seems big moves are starting 2 hours before London session open while I sleep , no trades in 4 h MACD lately for me.
  • #13,697
  • Apr 16, 2008 5:23am Apr 16, 2008 5:23am
Quoting mkain
I have similar problem it seems big moves are starting 2 hours before London session open while I sleep , no trades in 4 h MACD lately for me.
I have found that since the DST switch at the end of march I am missing more good trades. I start my trading day just before London open so it would seem this shouldn't happen, but so far this month I have definitely found it to be happening.
  • #13,698
  • Apr 16, 2008 5:48am Apr 16, 2008 5:48am
Quoting Ryanmcd
You guys know this macd stuff does not work. The market is all luck
And the more I practice the luckier I get...
  • #13,699
  • Edited 7:06am Apr 16, 2008 6:12am | Edited 7:06am
Quoting RemingtonTJ
well

maybe Phil could explain it again with a little more detail

Thank you Phil!!!!!
u can go the first page of m5 thread and find the related page and post.but i dont see phillip uses this in h4 system ,i see that only in m5 .

7. 3 little sisters



http://www.forexfactory.com/showpost.php?p=1920363&postcount=32 56

http://www.forexfactory.com/showpost.php?p=1920353&postcount=32 54

http://www.forexfactory.com/showpost.php?p=1907245&postcount=31 69

http://www.forexfactory.com/showpost.php?p=1908119&postcount=31 72

http://www.forexfactory.com/showpost.php?p=1888786&postcount=31 40

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http://www.forexfactory.com/showpost.php?p=1801269&postcount=29 28

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http://www.forexfactory.com/showpost.php?p=1784398&postcount=28 87

http://www.forexfactory.com/showpost.php?p=1778561&postcount=28 57

http://www.forexfactory.com/showpost.php?p=1776754&postcount=28 50

http://www.forexfactory.com/showpost.php?p=1746063&postcount=27 01
  • #13,700
  • Edited 10:24am Apr 16, 2008 7:13am | Edited 10:24am
well.eu finally breaked the upper resistance .i can see a TC in h4 but its too huge candle so i wanna excuse u to switching to m15.
now i can see a flag pattern going to be formed ,and now im planning to enter after it breaks up
any ideas?
edit: bought at 47 sl at 17 tp 97
edit:went BE after 20pips
edit:BE stoploss hitted ) this is 4'th time
edit:entered again at 50 sl at 17
edit:closed BE
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