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4 Hour Strategy (MACD)

  • #15,301
  • Jun 3, 2008 9:29am Jun 3, 2008 9:29am
Quoting Phillip Nel
Took the tail on
50% close after 20pips and remainder set to -25pips
My 4H has yet to close and the tail is long but at present a tail on the downside also looks like it might form. Did you take this on candle close or was the candle still forming?

Im not taking this but I think it may retrace here perhaps to the 9690 level then have another shot down. But as I say these are just my instincts and I'm not trading here.
  • #15,302
  • Jun 3, 2008 10:15am Jun 3, 2008 10:15am
hey palmer
i stoped out at 5540,only 40pips ,i was also +130.
i think u r out either , anyway,we can try next time.
  • #15,303
  • Jun 3, 2008 1:41pm Jun 3, 2008 1:41pm
Hi to all that follow that thread.I want to ask if i have to put my stoploss 60 pips away,how to do enter.Do I have to follow the rule for 3 times enter base on previous candle retrace on 30%,45% every time I have 60 pips stoploss?Because 60 pips it is too much for me to put stoploss.
Most of the time when I see sure TP-it is on 20-30 pips from my entry and most of the time I see stoploss on 60 pips,not less?What I have to do in that situation,to not take the entry may be?
Thank you in advance
  • #15,304
  • Jun 3, 2008 5:03pm Jun 3, 2008 5:03pm
Hi. Just to say hello to everyone. I am new to this thread, and I am amazed by this strategy. It is fairly simple, yet effective. It reminds me of Ed Ponsi's book, but with a LOT more useful info...
A big thanks to Phillip Nel, for sharing this amazing strategy. I downloaded and listened all the lessons, all that remains is to study and learn...
Thanks again!
  • #15,305
  • Jun 3, 2008 8:06pm Jun 3, 2008 8:06pm
Quoting Palmer
pete:

I think there were a few problems with the v103 and there may have been more than one version that fixed the bug. I stick with v102 but maybe someone else can chime in on that one. If there is an mq4 and ex4 file for the same indicator I usually drop both of them in the folder. If you need an illustrated guide about how to load the indicators into MT4, check out http://www.fxtradeblog.com/tools.html#metatrader.
Thank you Palmer you are one of the great guy in this forum too.

Thank you,

Pete
  • #15,306
  • Jun 4, 2008 1:07am Jun 4, 2008 1:07am
Quoting fena74
Hi to all that follow that thread.I want to ask if i have to put my stoploss 60 pips away,how to do enter.Do I have to follow the rule for 3 times enter base on previous candle retrace on 30%,45% every time I have 60 pips stoploss?Because 60 pips it is too much for me to put stoploss.
Most of the time when I see sure TP-it is on 20-30 pips from my entry and most of the time I see stoploss on 60 pips,not less?What I have to do in that situation,to not take the entry may be?
Thank you in advance
Hi Fena, do you mind if I answer your question ?
I have read on this thread that positioning of SL is more like an art. It realy clicked to me with SL's, when I read Phillip's analogy with the warm, eating the grass. If you are the grass where would you like to be not to be eaten?
And Donna (pips4youandme) gave me once a very good advise, put your SL in a place where if price comes to it, you would be sure that the market would turn.
I like to hide my SL below/above some barrier - MA, price level, TL, the more barriers the better (just don't forget to add some extra pips + spread in case the price will go and retest the level). Usually if we are trading out of sup/res SL is not big, in the region of 43 - 25 pips. If SL is more than 33 pips I open one lot, if less two.
In the case of TC from 21 or 8, when the candle is big, it's better to use early entry (from 1h maybe). In many strong TC's there wouldn't be big retracment, so if I miss early entry, but I'm still sure the price will continue I just enter on the close not with big SL, just to give it a try, usually it works.
As for the retracment technique you ask about, I don't use it much, it's hard to open a position while price is runniing against of you, but it proved to be good for pound during my backtesting.
If you TP is 20 and SL is 60 it's very bad R/R (risk/reward/ratio), I don't think you should take this trade. We follow the rule when R/R must ne at least 1/1.
  • #15,307
  • Jun 4, 2008 1:47am Jun 4, 2008 1:47am
Thank you IRA for the answer you give me.I appreciate that a lot.Now I have more knolige in my head thanks to you.I will use that info you gave to me with pleasure and confidence.It is nice to mention the 1 Hour entry but i am still far from this.But I have time to practise it later when I feel free and confortable just with 4hour graphic.The time I need and more practise.I am happy to know that in every moment I could rely on everybody here.Thank you again Ira.Have a nice day and more + pips I wish for you.
  • #15,308
  • Jun 4, 2008 1:48am Jun 4, 2008 1:48am
Would a long entry at the start of the current 4hr candle have been valid with respect to this system?

I was thinking it would retrace to the 8 ema and maybe 21 ema. The previous bar seemed to be a signal to me but as it was against the trend, maybe not?

Not going my way at the moment. I put a sl just below yesterday's low.

I was looking for a move back up to the 21 ema but it's not looking too good for me just yet..

John
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  • #15,309
  • Jun 4, 2008 1:58am Jun 4, 2008 1:58am
I think alot of trend trader get whipsaed last nite!!

  • #15,310
  • Jun 4, 2008 2:18am Jun 4, 2008 2:18am
I just noticed that the yesterday's price low was a bounce off the daily 89 sma.

I would hope that there will be little appetite to sell at this level. I guess news might push it down and through though.. hope not

John
  • #15,311
  • Jun 4, 2008 4:55am Jun 4, 2008 4:55am
Any comments?
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  • #15,312
  • Jun 4, 2008 4:58am Jun 4, 2008 4:58am
Quoting mjolimer
Would a long entry at the start of the current 4hr candle have been valid with respect to this system?

I was thinking it would retrace to the 8 ema and maybe 21 ema. The previous bar seemed to be a signal to me but as it was against the trend, maybe not?

Not going my way at the moment. I put a sl just below yesterday's low.

I was looking for a move back up to the 21 ema but it's not looking too good for me just yet..

John
It would be valid, that is the good news. The bad news is that it is a CT trade and therefore this represents the riskier end of the systems trading spectrum. You are trading against the trend and this will always be fraught and subject to resistance. For people new to the system stick to the TC trades in which you will make pips in a more certain way and without the fear of loss and hope that you are now experiencing.



Good luck with your next trade.
  • #15,313
  • Jun 4, 2008 5:03am Jun 4, 2008 5:03am
Quoting Happy68
Any comments?
My view from the Euro's trading is that players are waiting for fresh incentives. We have interest rate news tomorrow and Non Farm Payroll on Friday.

Some weeks, certainly in years gone by, a whole week has been written off whilst they wait for news items to pan out. Consolidation is the name of the game for the moment, silly moves, silly candles, it all says stay out until the direction is clear. Then let the market come to you, then you kill it stone dead, then you are a happy trader.
  • #15,314
  • Jun 4, 2008 5:26am Jun 4, 2008 5:26am
Quoting napeharm
My view from the Euro's trading is that players are waiting for fresh incentives. We have interest rate news tomorrow and Non Farm Payroll on Friday.

Some weeks, certainly in years gone by, a whole week has been written off whilst they wait for news items to pan out. Consolidation is the name of the game for the moment, silly moves, silly candles, it all says stay out until the direction is clear. Then let the market come to you, then you kill it stone dead, then you are a happy trader.
Yes, I agree. I asked only as situation on the chart. Maybe a little try on 5 min chart? That are 2 beutifull hammers
  • #15,315
  • Jun 4, 2008 5:36am Jun 4, 2008 5:36am
i want to know your views on usdjpy....tanx...keep the good work rolling...ciao!

Sc.david
  • #15,316
  • Jun 4, 2008 7:03am Jun 4, 2008 7:03am
Quoting bshadroo
hey palmer
i stoped out at 5540,only 40pips ,i was also +130.
i think u r out either , anyway,we can try next time.
hey bsh:

I got out with just a few on that last lot. There will be another cow to milk one day I believe. I recall a conversation I had with Ryanmcd concerning when you have a position that is up say 100 pips or so, this is on the 4hr, that more than likely that position will start to come back down to even. I can't count how many times that I had a position open for 70, 80...pips thinking that this thing is going to take off when in fact it eventually comes back down to earth. That 866 pip run I had just happened to line up when oil was really starting to take off, luck was on my side. Either way, it all comes back down to the same thing, when the money is on the table, take it. If you're up 70 or 80 on a lot trail it 20 behind or something or technically trail it, just to make sure you take something home..

Charts are still digesting that move yesterday, even the 5min looks undecided. Lot's of red flags today too...
  • #15,317
  • Jun 4, 2008 8:03am Jun 4, 2008 8:03am
hello, palmer, nice to meet you
Do you ever read Yorik's statisitics of TC trade? The thing amazing is that the most profitable management of TC trade is to set both lots 20 pips gain.
Plan your trades and trade your plans
  • #15,318
  • Jun 4, 2008 8:34am Jun 4, 2008 8:34am
Quoting saka
hello, palmer, nice to meet you
Do you ever read Yorik's statisitics of TC trade? The thing amazing is that the most profitable management of TC trade is to set both lots 20 pips gain.
I did see some of that but can't remember if that was on the 5min or 4hr thread...which post # was it? How's your uncle by the way?
  • #15,319
  • Jun 4, 2008 8:46am Jun 4, 2008 8:46am
Quoting Palmer
I did see some of that but can't remember if that was on the 5min or 4hr thread...which post # was it? How's your uncle by the way?
See this pic.
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Thanks for your concerning. He is under rescued by Beijing Cancer Center which is the best in China. It seems that he still has a high probability to survive.
Plan your trades and trade your plans
  • #15,320
  • Jun 4, 2008 8:50am Jun 4, 2008 8:50am
Yes, I remember that now. And the take home message is the same that we have heard so many time...don't get too greedy.

Thanks saka.
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