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4 Hour Strategy (MACD)

  • #15,701
  • Jun 25, 2008 12:59am Jun 25, 2008 12:59am
Quoting Palmer
Dogen:

Welcome to the thread and don't worry about your writing skills. If there is patience in trading there has to be patience with everything. Read vettes post right after yours about the MACD, it's important not to specifically trade by it. Recognize the rhythm first = how price is reacting to the moving averages, channels, s/r levels...and then look at the previous set-ups how the MACD gave signals to enter.

As far as a years worth of charts to print out goes, check out http://www.fxtradeblog.com and look at the tools link. There is a years worth of EURUSD 4hr and 1hr charts that you can print out and makes notes on, this helps out a lot. Look forward to your posts...
Thanks for advice, and i try do what you told me. I try read evrything from begining and its very huge material to study. But without hard work i dont learn this. For now i must excavate this thread.
  • #15,702
  • Jun 25, 2008 2:27am Jun 25, 2008 2:27am
Quoting Hookem28
wow, I can't open it with Word, could you make another one Hookem?
Plan your trades and trade your plans
  • #15,703
  • Edited 6:05am Jun 25, 2008 2:38am | Edited 6:05am
Quoting saka
wow, I can't open it with Word, could you make another one Hookem?
try it with wordpad from windows. because i don't have word so i opened it with wordpad.


it looks like head and shoulder,
want to ask my scenario is
if it goes down i will wait for pullback from that trendline
if it goes up, with that tail and macd give tc i will enter. to take a chance of it break out to the top.

any comment or something i must consider ?

edit:
and now there is the tail to that resistance.. can i enter when that body of closing candle big enough/ make HL HH from last candle it's look nice round bottom in candle . or it is more safe to wait for breakout and pullback. i think to many tail to the up, selling presure.., let see how it close in 30 minute.

edit2:
enter with tp 1 at the trendline.., if tp1 reach will change 2nd lot SL to profit in tp 1. so if my sl is hit i will BE.. sorry bad english my sl now is 15561
edit 3:
close BE .. miss my tp for 3 pip..
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  • #15,704
  • Jun 25, 2008 3:06am Jun 25, 2008 3:06am
I have been thinking over the things you, people, wrote for some time. I want to thank you all that replied to my post. I guess that much more members that read these posts felt similar as well and also could post their own stories.
THANK YOU, PEOPLE! Now I really see that I’m not lonely and that encourages me a lot!

Quoting taboouk
I seem to be in a very similar situation if not worse! I have been following this thread for over 12 months but now seem to have a sticky patch where by I talk myself out of good setups & will take a not so good setup & end up loosing money!
Thank you for your support! Now I really feel not being solitary in this state. And see that it may be because more experienced people don’t show such things so openly, a newcomer might start thinking that he/she is facing a serious problem that few have faced…

Quoting Morelands
..I was have some of the same problems and still do…
It is the process of learning that is rewarding
Thanks, Morelands! I really try to follow the last phrase I quoted from your post Just sometimes I loose that line..

Quoting BIL2205
…It is unbelievably true that every single word that you wrote down seemed like i was writing them…
Thanks, Nadia! Your encouragement is very valuable for me.

Quoting unlv_tj
I know how it feels,..
..I think one problem is that people only post their wins here..
Thanks, unlv_tj! You might be right – about posting losses. It’s almost insufferably for a human to feel being worse than the others, and that might be the reason. So that’s either more wise, that don’t see losses as a drawback, or stronger people, that can allow themselves to show their weak moments, that can post losses.

Quoting luckytiger
What you said was most of my thinking after a loss. I made a mistake and next time I will be more picky with my trades and then I wouldn't trade for a long time because nothing will meet my criteria again. The thing is that I was afraid of loosing again and everything I did was to avoid loosing money. My main goal was not to loose money again. When you have such a beleive you will do whatever it takes to accomplish it. This is where the problem starts.
You don't have to let a loss take over your mind
Your description of how and why one can find many reasons to stay away from trades to avoid new pain is something I was feeling a long time but lacked words to describe it specifically. Thanks a lot for that.

Quoting ira
Yorik, you have got many wonderful replies , and as you can see everybody has something to say about it, as everybody was or is there.
Thank you for your support. Might do what you’ve written – refresh the basics. Besides the contents, for me the very Phillip’s voice and intonation has some calming effect

Quoting vette1974
What helped me is to not look at the MACD first but to look at the rythm of the market and to go for the rules of the system. If the price goes through the 89 it goes back to the 21 before continuing on. Print out a years worth of charts and look at it you will be pleasantly supprised on your result. Then go back and backtest it with the MACD as confirmation only.
It’s just a few weeks that I have really started to see this system trading more from that point (1st – rhythm and motion, then – MACD). I’ll continue this way. Thanks!

Quoting Happy68
wellcome in the team of the traders Don't worry. We all have/had these problems.
Thank you for encouragement!

Phillip, thanks once again for the system as well for the community that gathered around it. Thank you for your understanding for all those “childish diseases” of young traders that you face repeatedly and patience in teaching them. I don’t believe in justice in society but have noticed that people helping the others in the end really receive a lot back.
  • #15,705
  • Edited 10:27am Jun 25, 2008 5:12am | Edited 10:27am
This is a positional trade based on that tail and TC for a possible breakout to the top if it occur. Will post full details tonight.

This is a high risk trade

Entered at 1.9719
SL 1.9690
1st TP at top TL 1.9745

Closed 50% after 20 gain and set remainder at BE and 25 trailing stop.

Edit remainder closed at BE

Total gain =(20+0)/2 = 10

The whole purpose for me was to be in the deal should it break out to the top. The worst case I worked to was BE. 10 Pips was achieved so and it did not break through but at least I was in if it did.
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  • #15,706
  • Jun 25, 2008 5:34am Jun 25, 2008 5:34am
Quoting Phillip Nel
This is a positional trade based on that tail and TC for a possible breakout to the top if it occur. Will post full detailes tonight.

This is a high risk trade
high risk = high return
Lazy Forex
  • #15,707
  • Edited 6:02am Jun 25, 2008 5:37am | Edited 6:02am
Quoting hb2
high risk = high return

Failure, is a wonderful teacher!
  • #15,708
  • Jun 25, 2008 6:10am Jun 25, 2008 6:10am
Quoting Phillip Nel
This is a positional trade based on that tail and TC for a possible breakout to the top if it occur. Will post full detailes tonight.

This is a high risk trade

i love when Phillip say that....

we all waitin u here....

this is the best thread ever!
  • #15,709
  • Jun 25, 2008 6:48am Jun 25, 2008 6:48am
pretty good TC on EUR/USD
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  • #15,710
  • Jun 25, 2008 7:15am Jun 25, 2008 7:15am
dear phillip:
there is another strong TL up there.
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  • #15,711
  • Jun 25, 2008 7:35am Jun 25, 2008 7:35am
Quoting 4newbie
pretty good TC on EUR/USD
just watch out for that upper trenline for TP, you can draw it from that high to low, i already closed my position because the signal in my platform is not very sure, and i'm to afraid.
  • #15,712
  • Jun 25, 2008 8:01am Jun 25, 2008 8:01am
Quoting Phillip Nel
This is a positional trade based on that tail and TC for a possible breakout to the top if it occur. Will post full detailes tonight.

This is a high risk trade
True, due to this is a high risk trade and I have lost 1 trade yesterday, I decide to stay sideline to wait for a high probability trade
Plan your trades and trade your plans
  • #15,713
  • Jun 25, 2008 8:44am Jun 25, 2008 8:44am
Quoting 4newbie
pretty good TC on EUR/USD
closed with +20 pips
  • #15,714
  • Jun 25, 2008 9:05am Jun 25, 2008 9:05am
hello , i took the euro tc as well. Since i decide to take TC only and was present when the set up took place so i took it on. Already closed the trade .
enter at 1.5586 at 0800 candle. nice bounce off 8/21/ and 200 MA.
closed 1 lot at 1.5601 = +15
closed 2nd lot at 1.5611= + 25
Profits were conservative since lots of news and FOMC as well. so wanted to take my profits early.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #15,715
  • Jun 25, 2008 10:11am Jun 25, 2008 10:11am
I took some pips on the EU TC today and then entered the G/U TC. G/U then created a almost bearish engulfing candle on the 1H and this prompted me to reduce my risk by removing 2/3 of the position for a tiny loss of 1 pip. I left the rest to run but moved the stop on the rest to match the profit made on the previous E/U TC.

This way I micro managed my second trade to be covered by the profit in the first trade. And glad I did because in the end the G/U broke down leaving me where I started the day (in fact because of interest payments etc it has been the equivalent of loosing 1 pip, which I can live with).
  • #15,716
  • Jun 25, 2008 10:26am Jun 25, 2008 10:26am
Hi to all people here on this nice thread.Please could anyone tell me -where was my mistake?I have entered early with 1Hr TC,before signal candle /TC /to close on 4Hrs - 3 hours ago and I lost.I miss the news in 5 pm GMT+2 too.Is that was my mistake?I saw the tail before the signal candle too.That confirm my ..wrong desition as I see now.
Thank you.
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  • #15,717
  • Jun 25, 2008 10:41am Jun 25, 2008 10:41am
Quoting fena74
Hi to all people here on this nice thread.Please could anyone tell me -where was my mistake?I have entered early with 1Hr TC,before signal candle /TC /to close on 4Hrs - 3 hours ago and I lost.I miss the news in 5 pm GMT+2 too.Is that was my mistake?I saw the tail before the signal candle too.That confirm my ..wrong desition as I see now.
Thank you.
This TC was no good because of the spike formed on the signal candle so if you had got in early you needed to be quick on your feet. I also was in early but I also saw the early warning sign of something not being right.

The 1H gave a bearish engulfing candle although only just. This was enough to scare me out of most of my position and I re-factored risk to match profit made earlier in the day. At one point I was going to close the entire trade and in fact that would probably have been the wisest move but I couldnt make my mind up if that spike really "meant it" or not.
  • #15,718
  • Jun 25, 2008 10:46am Jun 25, 2008 10:46am
Quoting bshadroo
dear phillip:
there is another strong TL up there.
I was aware of it all. My purpose with the position was to be with it should it break upwards past the TL.
  • #15,719
  • Jun 25, 2008 10:55am Jun 25, 2008 10:55am
Thank you brettboz for the answer.I know now my mistakes.I do not mind of bearish enguilfing candle on 1 Hr and I do not mind the spike of 4Hrs signal candle.But I am happy to know and to learn from my mistakes.
Thank you.
  • #15,720
  • Jun 25, 2008 10:58am Jun 25, 2008 10:58am
Saka,
Did you get the Daily Wrapup to open?
I tried to save it in WordPad, but it converts to Microsoft Word.
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