Just look at trade No 8 and see the pullback of the next candle after the signal candle that was to big for a stoploss. It retraced back to the 21ema and then went up again. The 1H did give a perfect place to enter with a TC. The 4H signal candle confirmed a long position but the candle was to big. When the price went down to the 21ema and started to move up again forming a tail that was the confirmation of the upmove. The TC on the 1H was the entry point for a signal that was allready confirmed on the 4H. The odds was in your favour
Just look at trade No 8 and see the pullback of the next candle after the signal candle that was to big for a stoploss. It retraced back to the 21ema and then went up again. The 1H did give a perfect place to enter with a TC. The 4H signal candle confirmed a long position but the candle was to big. When the price went down to the 21ema and started to move up again forming a tail that was the confirmation of the upmove. The TC on the 1H was the entry point for a signal that was allready confirmed on the 4H. The odds was in your favour
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I should say my English is not good enough to express my appreciation to Philip for his thorough help. Thanks!
Just look at trade No 8 and see the pullback of the next candle after the signal candle that was to big for a stoploss. It retraced back to the 21ema and then went up again. The 1H did give a perfect place to enter with a TC. The 4H signal candle confirmed a long position but the candle was to big. When the price went down to the 21ema and started to move up again forming a tail that was the confirmation of the upmove. The TC on the 1H was the entry point for a signal that was allready confirmed on the 4H. The odds was in your favour
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Hello,
Where can i grab the template that Philip is using in his chart ?
aakif,
have u gone thru all what Philip has said?? i suggest that u would like to do that first so that u can understand what he is trying to say...once that is done, then maybe u can even set up the templates urself...
aakif,
have u gone thru all what Philip has said?? i suggest that u would like to do that first so that u can understand what he is trying to say...once that is done, then maybe u can even set up the templates urself...
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Thanks,
I gone through the strategy by Philip, still in learning mode, This learning curve will be easier if I load the template and keep watching what Philip and other senior guys coming up with.
I gone through the strategy by Philip, still in learning mode, This learning curve will be easier if I load the template and keep watching what Philip and other senior guys coming up with.
Thanks a lot. Anyway, it seems to me that the chart in "fxstreet" does not have 4H chart. The points is that we depend on 4H signal, my broker offers the chart of GMT-1, which looks different from the chart of GMT.
since April 2008, i notice the EURO DAYLIGHT time was change , u change the MIG platform , so , form now on , u will usd interbank fx platform till EURO WINTER TIME BEGINS ??
This is my take on the state of the Euro today. Two areas of support and resistance as i see it. The lower one was made from three lines i felt were important, which forms a support area rather than one tidy line drawn in the sand and is about 50 points deep. I wish i had seen that upper trendline before then!
since April 2008, i notice the EURO DAYLIGHT time was change , u change the MIG platform , so , form now on , u will usd interbank fx platform till EURO WINTER TIME BEGINS ??
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I will stay with MT4 and my original timzone. Candle close in approx. 90min
I must admit that since i have studied Phils 4hr. i have concentrated my trading efforts much more, partic. on the Euro. I used to trade the GBP and GBP.CHF but the Euro is trading much better now i feel than some years ago.
Phil has also shown me that there are 300 pips to be made from one curency pairing, and if you believe that that is true, then hunting for trades on other pairs is not necessary. Just sit back and wait.........
This is my take on the state of the Euro today. Two areas of support and resistance as i see it. The lower one was made from three lines i felt were important, which forms a support area rather than one tidy line drawn in the sand and is about 50 points deep. I wish i had seen that upper trendline before then!
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Very good observation. That S/R trendline is worth gold
Thanks.Its easy to get caried away with trendlines, but as i drew my lower one i extended it backwards and it picks up many points right back to Oct 07. Updating and extending trendlines day on day is something i forget to do, but they can still be valid if you do.
You are absolutely right. One can be carried away. i like my outer TL to be as far back as possible but the inner ones which I rather call Support and Resistance lines should represent the shortterm and current motion. I will allways look for a line that both give S/R levels. I call that an intermediate line. Just the way I do it. It is not the alpha or emage but as long as you have some S/R lines to use as a benchmark against the price motion.
Just for fun, i shall put these grabs up to show you a completely mad indicator i found years ago. Its disadvantage is immediately apparent...........!
Which lline to you select as the significant reference point? I have lengthened the parameters and this gives longer trendlines, but still has too many on it. A trained eye could however pick the best ones. Mouteki used a slightly differant method for establishing his trendlines. He took the most recent low which had several candles either side, and extended itback to the next low, in this example, which had several candles either side also. This then gave the most recent and relevant trendline, rather than just joining the dots and hoping for the best.
