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4 Hour Strategy (MACD)

  • #15,841
  • Jul 2, 2008 8:23am Jul 2, 2008 8:23am
Quoting mike1349
Anybody knows why this month NFP is on Thursday.Usually NFP is on the first Friday of each month

Mike
Friday
All Day USDhttp://www.forexfactory.com/images/m...ct_holiday.gifHoliday: Independence Day

That's why
  • #15,842
  • Jul 2, 2008 8:44am Jul 2, 2008 8:44am
Hi,
I found some e-books on torrent.Think its worth seeing.
Hope it will help.
Copino
Attached File(s)
File Type: zip FULL LENGTH TRADING BOOKS.zip   25 KB | 792 downloads
  • #15,843
  • Jul 2, 2008 9:15am Jul 2, 2008 9:15am
Hi fellows traders,

Here is my trade for today, second July'08. It is a easy trade. Follow the rule, be patience and money management. It is obvious at 4 hour chart, price is overbought but price is above 89 and 200 sma. So the trend is up at this stage. Now price retraces. At 1 hour chart, I saw price forms a double bottom and supported by 55 ema and 89 sma.
At 15 minute chart, price also forms a double bottom and found support at a central pivot point(CPP = 1.5784).

Sorry, I can not attach a graph. It is too big. I will later.

Enter a long trade at 1.5804 and close at 1.5855

Have a nice day



SRILOBA
Being a fxtrader is not easy. Ones must working hard.
  • #15,844
  • Jul 2, 2008 9:19am Jul 2, 2008 9:19am
Quoting mike1349
Anybody knows why this month NFP is on Thursday.Usually NFP is on the first Friday of each month

Mike
Because tomorrow is American Independent Day, today's ADP NFP has same effect as NFP, I entered a same trade as Phillip, what's wrong is I set sl up the resistant line which is 60pips. And I am not online when ADP released, I should got a fewer loss. I didn't prepare this trade very well.

But it doesn't matter, because I just find another reason caused falure ^_^
Plan your trades and trade your plans
  • #15,845
  • Jul 2, 2008 9:40am Jul 2, 2008 9:40am
Quoting hijackxx
Hi SRILOBA..

You can easily attach your chart by clicking "Manage Attachments" button in "Additional Options" window and upload your chart there while creating a post. Looking forward to see your post

..::hijackxx::..

Thanks Hijackxx

But I save my charts on word and when I attach them they said too big. Is there any solutions ?

Thanks
Sriloba
Being a fxtrader is not easy. Ones must working hard.
  • #15,846
  • Jul 2, 2008 10:24am Jul 2, 2008 10:24am
Quoting sriloba
Thanks Hijackxx

But I save my charts on word and when I attach them they said too big. Is there any solutions ?

Thanks
Sriloba
Try this http://tinypic.com. It will give you a tag that you copy in your post box and it will display your image. But you have to make your charts images in order to work. Maybe it helps you!
  • #15,847
  • Jul 2, 2008 10:34am Jul 2, 2008 10:34am
Hi fellows traders,

My trade for today is based only on technical analysis (4 Hour MACD strategy of master Phillip plus Pivot point system at around London Open of Peter Bain). Also, I know when is the big announcement. It is very important to do a top down analysis from a higer time frame to a lower time frame to have a big picture. From daily chart, I like to see a key levels of support and resistance. At 4 hour chart, I like see the behaviors of price around the moving averages (4 Hour MACD strategy) and I adore to trade a tc pattern as suggested by Phillip. At 1 hour chart, I will observe the previous daily high and low to see if price violates this previous range.
Finally, at 15 minute chart, I put daily pivot point calculated from a previous midnight to actual midnight at eastern time. I always pinpoint my trade at a lower time frame for small stop lost ( 20-25 pips). The best way to do that is enter a trade on retracement.
Like today, I go long when price retraces to the 21 ema ( a high probability trade as suggested by Phillip).

Hope this helps

SRILOBA
Being a fxtrader is not easy. Ones must working hard.
  • #15,848
  • Jul 2, 2008 10:43am Jul 2, 2008 10:43am
Quoting sriloba
Hi fellows traders,

Here is my trade for today, second July'08. It is a easy trade. Follow the rule, be patience and money management. It is obvious at 4 hour chart, price is overbought but price is above 89 and 200 sma. So the trend is up at this stage. Now price retraces. At 1 hour chart, I saw price forms a double bottom and supported by 55 ema and 89 sma.
At 15 minute chart, price also forms a double bottom and found support at a central pivot point(CPP = 1.5784).

Sorry, I can not attach a graph. It is too big. I will later.

Enter a long trade at 1.5804 and close at 1.5855

Have a nice day



SRILOBA
Now, you can see the attaches files.

- images002 is 1 hour char
- images004 is 15 minute char
Attached Images
Being a fxtrader is not easy. Ones must working hard.
  • #15,849
  • Jul 2, 2008 10:53am Jul 2, 2008 10:53am
What do you think about selling E/J, look at the charts attached.
There is an important fibo extension resistance at 168.50 on the 1H chart There is a 0.618 resistance in the bigger picture (4H), and a close below trendline and a round top could be possible. Also a descending triangle could be in place..
E/J could come back at least at the 21 EMA at 4 hs chart at 167.50.
My R1 pivot daily is at 168.13 but the weekly PP is at 167.99, so i prefer a close below this level.

What do you think??
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ej60.gif Size: 54 KB
Click to Enlarge Name: ej240.gif Size: 54 KB
  • #15,850
  • Jul 2, 2008 11:15am Jul 2, 2008 11:15am
Quoting Juancho
What do you think about selling E/J, look at the charts attached.
There is an important fibo extension resistance at 168.50 on the 1H chart There is a 0.618 resistance in the bigger picture (4H), and a close below trendline and a round top could be possible. Also a descending triangle could be in place..
E/J could come back at least at the 21 EMA at 4 hs chart at 167.50.
My R1 pivot daily is at 168.13 but the weekly PP is at 167.99, so i prefer a close below this level.

What do you think??
R:R looks good but I'll stay away because of NFP, perhaps I'll take some small trades tomorrow with 5 min Intraday if market shows me something.
I hope it helps.
Attached Image (click to enlarge)
Click to Enlarge Name: 4h.gif Size: 22 KB
  • #15,851
  • Jul 2, 2008 11:25am Jul 2, 2008 11:25am
Quoting Juancho
What do you think about selling E/J, look at the charts attached.
There is an important fibo extension resistance at 168.50 on the 1H chart There is a 0.618 resistance in the bigger picture (4H), and a close below trendline and a round top could be possible. Also a descending triangle could be in place..
E/J could come back at least at the 21 EMA at 4 hs chart at 167.50.
My R1 pivot daily is at 168.13 but the weekly PP is at 167.99, so i prefer a close below this level.

What do you think??
On the Daily Chart the price broke the resistance 167 marked by the red arrow and now it become support. There are two hammer (blue rectangular) that tested the bottom and the 21EMA. In conclusion the Daily looks bullish.
On the 4H Chart the price broke resistance 168 and now come back to test it. After a break out there is a pullack and a move away, which can be the case here. When the price reached the all-time high 169.44 could not be hold. It may probably test it again. But for the moment there is no signal on the MACD and the candle hasn't closed yet.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ey.gif Size: 17 KB
Click to Enlarge Name: ey1.gif Size: 22 KB
  • #15,852
  • Edited Jul 3, 2008 10:40am Jul 2, 2008 11:37am | Edited Jul 3, 2008 10:40am
Entered long after a tail indicating a short trade failed and has been turned around by an engulfing strong bullish candle.
Enter at 1.5852
SL 1.5821
TP 1.5985

Will close 50% after 25pips gain and set remainder at BE

Edit 1
Close 50% after 25pips. Set remainder at BE and 45Trailing stop.

Edit 2
Price goes above 1.5900. Set remainder to 25 trailing stop

Edit 3
Close remainder closed by trailing stop at 1.5881

Total gain (25+29)/2 = 27
Attached Image (click to enlarge)
Click to Enlarge Name: 4 Hour Strategy.gif Size: 33 KB
Attached File(s)
File Type: zip Daily Wrapup 02 July2008.zip   820 KB | 1,183 downloads
  • #15,853
  • Jul 2, 2008 11:48am Jul 2, 2008 11:48am
Quoting don_tgomez
Hi Mr Phillip,

With all due respect sir i made another loss

I would love to see your demo live trading to see how you did up to now. If 2 losses in a row is a problem then you should stop trading right now as 3 to 4 losses in a row is most definitely going to come as well. If you however only risk 2% of your capital per trade you can have 20 wrong deals in a row and still have 50% of your account.
You should demotrade for at least 30-50 trades(done according to the system) and show a good deal of pips positive before going live.

again this morning i wonder is there any thing i really missed out.

I saw a TC pattern on the 04.00 candle,
A bullish engulfing candle or quasi tweezer bottom,
Entry at open of 08.00 candle @ 1.5759
SL below previous two candle low @ 1.5725
TP1 @ 1.5800
R:R 1:0.9

Was stopped out at SL

Kindly enlighten if i had entered too early?

I look forward to hearing from you.

Thanks a lot to Happy 68 and Scotty for there insight and may the pips be with you.

Thanks
This was one of the few TC's that got stopped out. I mentioned it as well on the mp3 that I was lucky and only looked at the 8:-12:00 candle due to working matters therefore I entered later.
  • #15,854
  • Jul 2, 2008 11:49am Jul 2, 2008 11:49am
Hi fellows traders,

If eur/usd breaks with authority 1.5843 level which is the previous resistance
then it will test the all time high, 1.6019.

I will see the behavior of price at the London open.


SRILOBA
Attached Image
Being a fxtrader is not easy. Ones must working hard.
  • #15,855
  • Jul 2, 2008 1:43pm Jul 2, 2008 1:43pm
I have done my 100th trade since posting it from Oct2007.
Only 9 losses
Attached File(s)
File Type: pdf 100 Trades.pdf   11 KB | 1,293 downloads
  • #15,856
  • Jul 2, 2008 3:05pm Jul 2, 2008 3:05pm
Quoting Phillip Nel
I have done my 100th trade since posting it from Oct2007.
Only 9 losses

Well done and keep going!!!!!!!!!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #15,857
  • Jul 2, 2008 3:10pm Jul 2, 2008 3:10pm
hi all
this is what i see in eu ,tommorow's NFP figures will show us which way.i think i'll be completely away in time of the news tommorow.there will both NFP and trichet speach at the same time and market can experice strange volatilities i think.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 21 KB
  • #15,858
  • Jul 2, 2008 5:03pm Jul 2, 2008 5:03pm
Written copy of Phillp Nel's daily wrap up for 2 July, 2008. See page 1057, post 15852 for the chart that accompanies the text. --Tony
Attached File(s)
File Type: doc PhillipNel DailyWrapUp 2July2008.doc   7 KB | 544 downloads
  • #15,859
  • Jul 2, 2008 9:23pm Jul 2, 2008 9:23pm
I did not take Phillip's trade today b/c on Interbank the candle closed at 5866 and resistance line was too close. I'm considering changing over to MIG, but it will be hard to switch to something unfamiliar. How is MIG?
Attached Image (click to enlarge)
Click to Enlarge Name: resistancect7208.gif Size: 34 KB
  • #15,860
  • Jul 2, 2008 9:30pm Jul 2, 2008 9:30pm
Quoting Phillip Nel
Entered long after a tail indicating a short trade failed and has been turned around by an engulfing strong bullish candle.
Enter at 1.5852
SL 1.5821
TP 1.5985

Will close 50% after 25pips gain and set remainder at BE

Edit 1
Close 50% after 25pips. Set remainder at BE and 45Trailing stop.
There was a TC on MIG terminal 4 hour early than metaquotes terminal,
although they have same candle open time,
there are some differences on the data,
so I took that TC.
Thanks for the explanation in mp3

Dhalsim
Success is the small sum of efforts, repeated day in and day out.
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