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4 Hour Strategy (MACD)

  • #13,761
  • Apr 17, 2008 2:32pm Apr 17, 2008 2:32pm
Quoting unlv_tj
How is the GBPUSD trade a TC trade?

The over all trend trend has been down since the middle of March.

The short term trend was down as well.

As far as I can tell, the only way this would have been a TC trade is if it would have CT back to the 89 and then continued on down.

Can someone point out how the GBPUSD was a TC and not a CT trade?
I also took the cable trade for TP1 = 20pip and TP2 = 70pips.

I looked at the 4h rules as explained in the chart and the MACD signal = TC signal. Please just replace the 89 with 21 on the chart explanation. Then the price continue to move upwards towards the 89. That is how I understand Phillip's explanation and the 4h rules.
Attached Image (click to enlarge)
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #13,762
  • Apr 17, 2008 2:37pm Apr 17, 2008 2:37pm
I thought Trend Continuation was when both the MACD returned in the same direction (as you pointed out) but more imporantly when the over all trend was going to continue in the same direction after taking a break (such as running long and then slowing down to touch the 21, then exploding off the 21 in the long direction again).

Am I incorrect?
  • #13,763
  • Apr 17, 2008 2:50pm Apr 17, 2008 2:50pm
Quoting saka
I have never seen a night like tonigh. All the majors are up and down, again up and down. I really thought that eu will retrace to test the triangle's horizontal line, but the true is out of my imagine. GU is about to break daily resistant line; UJ has maken two tails one is upward the other is downward.

Today's real chance is 9:00 GMT+1, which is behind the pin bar downward, whilst the price test the horzontal line and went up. What a pity is I was at bus at that time, and missed this chance.
yes .i lost 9 pips today overall(10+10-29) after about 17days without loss.eurusd didnt show respect to his breakout level ,first it breaked down and then breaked up easily.i wish i keep my usdcad TC trade today ,mike.
  • #13,764
  • Apr 17, 2008 2:58pm Apr 17, 2008 2:58pm
Quoting Pipsi cola
http://www.fxtradeblog.com/lesson.html
Thanks for the infos, i download all files one by one and it takes time.
Phillip do you think it can be easier to get some link to the differents pages from the first post you made or maybe group all the files in an unique post ?

Maybe will make the things easier for new readers.

Cheers
  • #13,765
  • Apr 17, 2008 3:06pm Apr 17, 2008 3:06pm
Info
Attached Image (click to enlarge)
Click to Enlarge Name: 4 Hour Strategy.gif Size: 26 KB
Attached File(s)
File Type: zip TC Patterns.zip   658 KB | 1,861 downloads
  • #13,766
  • Apr 17, 2008 3:18pm Apr 17, 2008 3:18pm
Phillip, thank you very much for your time in your lesson, which looks almost personally for me.

  • #13,767
  • Apr 17, 2008 3:26pm Apr 17, 2008 3:26pm
Quoting unlv_tj
Phillip, thank you very much for your time in your lesson, which looks almost personally for me.

My pleasure. I think there are other people that might have seen it the same way as you. The word countertrend or trend continue should actually be counter move and move continue indicating the current directional move.
I just dont want anyone to lose out beause they interpret it different. Hope it has helped you.
Phillip
  • #13,768
  • Apr 17, 2008 3:35pm Apr 17, 2008 3:35pm
I had always thought a TC signal, as any other signal as well, was strictly from the macd bars. Whether or not you get in is based from price action, as far as R/R goes.


Quoting unlv_tj
I thought Trend Continuation was when both the MACD returned in the same direction (as you pointed out) but more imporantly when the over all trend was going to continue in the same direction after taking a break (such as running long and then slowing down to touch the 21, then exploding off the 21 in the long direction again).

Am I incorrect?
  • #13,769
  • Apr 17, 2008 5:46pm Apr 17, 2008 5:46pm
im having problems opening the zip file posted earlier by phil - any ideas?
  • #13,770
  • Apr 17, 2008 7:13pm Apr 17, 2008 7:13pm
Quoting bshadroo
yes .i lost 9 pips today overall(10+10-29) after about 17days without loss.eurusd didnt show respect to his breakout level ,first it breaked down and then breaked up easily.i wish i keep my usdcad TC trade today ,mike.
I wish TOO!
I told you I am not lucky in Forex.
It went up 100 pips and I only got 24. Better than nothing though!
Mike
Failure, is a wonderful teacher!
  • #13,771
  • Edited 2:40am Apr 18, 2008 1:27am | Edited 2:40am
This is another example of early entry on GU. Same happened on EU too but I only took GU. I am now following my rules. I am watching EU too for retracement so I can participate if this happen to be the begining of another run. That is what palmer did and made 900+ pips. This could be a run to 1.69 level. I want to be on board if this happen. I had already moved to BE as you can see from the chart.

Edit: Close all my position @ 1.9983.

Reasons
1. R1 at that level
2. Trendline on 1hr from 10th through 14th and intercept at R1 level.

Stupid GU can come down before the closing of 4hr to form a tail and close before 200. It has happened to me before.
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THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #13,772
  • Apr 18, 2008 1:52am Apr 18, 2008 1:52am
i agree.im looking for an early enry on eu now
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  • #13,773
  • Apr 18, 2008 2:06am Apr 18, 2008 2:06am
Quoting pockets99
im having problems opening the zip file posted earlier by phil - any ideas?
Me too. Could you please rezip it?
  • #13,774
  • Apr 18, 2008 2:09am Apr 18, 2008 2:09am
TC signal at 8:00 GMT
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_Apr_18_08_4hr_TC.GIF Size: 15 KB
  • #13,775
  • Apr 18, 2008 2:57am Apr 18, 2008 2:57am
Nice B off 21..........Huge SL
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Failure, is a wonderful teacher!
  • #13,776
  • Apr 18, 2008 3:42am Apr 18, 2008 3:42am
Hi Phillip,
I was listening to your April Trades.First thank you so much and then I was wondering why didn't you take those 2 trades (TC's) which I marked with question mark?
The only reason I could've thought was Bounce off 8 but your first trade was bounce off 8 too.

I appericiate that if you clear it for me.

Regards
Mike
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Failure, is a wonderful teacher!
  • #13,777
  • Apr 18, 2008 4:04am Apr 18, 2008 4:04am
Quoting mike1349
Nice B off 21..........Huge SL
I took the earlier 1H signal. This came 1H before the close of the 4H. The 4H was clearly setting up for TC and price would have had to reverse around 30 pips to undo the signal. Also the 1H was a big candle coming from a flat market, so for me this combined with the nearly 90% sure 4H TC was enough. Getting in early gave me a better stop.

1H just gave a doji, I used this to take half profit and set rest to BE. Perhaps Im being over cautious but EU is a bit erratic the last couple of weeks and we have 3 big drops out of almost nowhere in the last week alone.
  • #13,778
  • Apr 18, 2008 4:14am Apr 18, 2008 4:14am
Quoting brettboz
I took the earlier 1H signal. This came 1H before the close of the 4H. The 4H was clearly setting up for TC and price would have had to reverse around 30 pips to undo the signal. Also the 1H was a big candle coming from a flat market, so for me this combined with the nearly 90% sure 4H TC was enough. Getting in early gave me a better stop.

1H just gave a doji, I used this to take half profit and set rest to BE. Perhaps Im being over cautious but EU is a bit erratic the last couple of weeks and we have 3 big drops out of almost nowhere in the last week alone.
I suppose your second position is now closed out at BE....
but well done! good timing regarding taking half profit, learning a lot from your example...
  • #13,779
  • Apr 18, 2008 4:33am Apr 18, 2008 4:33am
Quoting islandtrader
I suppose your second position is now closed out at BE....
but well done! good timing regarding taking half profit, learning a lot from your example...
Yes closed at BE, evening star formed on the 1H and almost a bearish engulfing on the 4H.
  • #13,780
  • Apr 18, 2008 4:48am Apr 18, 2008 4:48am
EUR behaves very strange resently, I feel out of rhythm. It gave a TC on the 15th of April 12:00 (GMT+3) and then fell down like a rock in ten minutes, and today the same story. In both cases SL was too big, so it kept me out.
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