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4 Hour Strategy (MACD)

  • #16,601
  • Aug 13, 2008 9:03am Aug 13, 2008 9:03am
I'm now short on EURUSD with that nice TC down on 4h, 1h, Candle berish on 4h,1h in the trend.
  • #16,602
  • Aug 13, 2008 9:07am Aug 13, 2008 9:07am
Quoting djmanu
I'm now short on EURUSD with that nice TC down on 4h, 1h, Candle berish on 4h,1h in the trend.
nice TC but stoploss is too big for me
  • #16,603
  • Aug 13, 2008 9:17am Aug 13, 2008 9:17am
Quoting bshadroo
nice TC but stoploss is too big for me
Yes a 100Pips S/L is a lot but this is a high probability trade and a R/R of 1/1 would be OK.
  • #16,604
  • Aug 13, 2008 9:20am Aug 13, 2008 9:20am
Quoting djmanu
I'm now short on EURUSD with that nice TC down on 4h, 1h, Candle berish on 4h,1h in the trend.
I'm there with you. First TP hit for 25 pips. I'm giving the rest some room to run. Nice TC.
  • #16,605
  • Aug 13, 2008 12:49pm Aug 13, 2008 12:49pm
I got stopped out on the Euro. I am getting hammered today and this month hasn't been so hot either even though both pairs I am watching have moved several hundred pips.
  • #16,606
  • Aug 13, 2008 1:07pm Aug 13, 2008 1:07pm
I just took the CT signal on the EURUSD.

Pin bar on daily, bullish outside/CT green MACD indicator on the 4H.

I believe the pin bar on daily has more to say in this move, and the CT green MACD indicator was my signal to re-enter (I traded on the Pin last night long and made 50 pips).
  • #16,607
  • Aug 13, 2008 2:22pm Aug 13, 2008 2:22pm
Hey unlv,
I'm long EURUSD too. 1.4942. To me the deciding factor (along with the MACD signal) was the second bullish engulfing candle, higher than the previous one. This is usually a pretty strong signal, but after such a strong down move, I'll make sure to take profit after 20 pips and set the rest to BE though. I'm a little uneasy with the size of my SL.
Attached Image (click to enlarge)
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  • #16,608
  • Aug 13, 2008 2:39pm Aug 13, 2008 2:39pm
Yea Hookem, the engulfing bullish candle with the MACD signal was my entry for a CT trade.

I didn't take the EURUSD TC trade (though it is a high probability of at least 15 pips), due to the pin bar on the daily. So I missed that move.
  • #16,609
  • Aug 13, 2008 9:00pm Aug 13, 2008 9:00pm
Hello im relatively new at forex and i liked very much this trade method, but i have the problem that i dont understand very much listening english, there is a written version of the spoken classes ? please i really need it, if there is a spanish version better thank you
  • #16,610
  • Aug 13, 2008 9:46pm Aug 13, 2008 9:46pm
Quoting monomonono
Hello im relatively new at forex and i liked very much this trade method, but i have the problem that i dont understand very much listening english, there is a written version of the spoken classes ? please i really need it, if there is a spanish version better thank you
There are written lessons at http://www.fxtradeblog.com (Palmer's website).
  • #16,611
  • Edited 11:51am Aug 14, 2008 11:13am | Edited 11:51am
I took the tail on from the 21ema together with the previous candle tail.
Have set both positions on a 23 trailing stop.

I entered a bit late. Was looking at a video on my PC.

Previous TC's stoploss was to big for me.

Edit 1
Nearby low was reached. Closed 50% for +40pips. Set remainder at BE

I have decided to let it run. See if 1.4800 will be reached.

What happened. Down to 1.4800 in a flash

Set trailstop to 15

Remainder closed at 1.4794

Total gain = (40+74)/2 = +57pips
Attached Image (click to enlarge)
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  • #16,612
  • Edited 12:12pm Aug 14, 2008 12:00pm | Edited 12:12pm
I just traded EU and would like to know how to setup TP1, TP2, and TP3.

May I know how do guys do TP1, TP2, TP3 in MT4?

I'm not sure if drawing of my own line is correct or not

thank you

Edit 1
Profit 70-pip
Attached Image (click to enlarge)
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  • #16,613
  • Edited Aug 15, 2008 10:26am Aug 14, 2008 12:10pm | Edited Aug 15, 2008 10:26am
Remember that I am only taking the odds on that it could be a turnaround. I am using pips that I made as a stoploss for the possibility of a turnaround based on the quick downmove below 1.4800 with high volumes. This is not something I do regularly. It is based upon years of experience.


Edit
Price only went to 1.4925. I really expected some more movement. Got 50% on +20 and remaider closed at BE
Attached Image (click to enlarge)
Click to Enlarge Name: 4 Hour Strategy.gif Size: 25 KB
Attached File(s)
File Type: zip Daily Wrapup 14 August2008.zip   821 KB | 1,249 downloads
  • #16,614
  • Edited 2:17am Aug 15, 2008 1:39am | Edited 2:17am
As previously posted, this formation could complete with a run down to the 1.4675 area. At this stage of the run I am thinking that a break below the 1.4750 area could result in about a 90 pip run down to the 1.4660 area....
Attached Image(s) (click to enlarge)
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  • #16,615
  • Aug 15, 2008 10:22am Aug 15, 2008 10:22am
Hi Phil, I would like to thank you for this strategy.
After what I've written on the 5MIN thread, that is not a strategy that fit for me, today I started the first time in real mode with 4HMACD and it is a nice 50pips with the Zero Line on EUR/CHF.
I don't post image or graph because I trade with virtual pc on a mac and everything is so slow, but it's easy to understand the trade looking at the 4HMACD of that cross.
Not too much $ because I'm trading micro-lots, but lots of fun.
thanks again
  • #16,616
  • Aug 15, 2008 10:28am Aug 15, 2008 10:28am
Target price of 1.4660 area has been reached (1.4663). Time to quite for the weekend.
Attached Image (click to enlarge)
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  • #16,617
  • Aug 15, 2008 10:42am Aug 15, 2008 10:42am
Quoting vette1974
I got stopped out on the Euro. I am getting hammered today and this month hasn't been so hot either even though both pairs I am watching have moved several hundred pips.
Are you trading in the wrong direction, at the wrong time? One thing I picked up for listening to Philip on the MP3 files was following and running with the markets emotion flow with it never fight it!

Hope you turn it around.

Good trading!
  • #16,618
  • Aug 15, 2008 12:24pm Aug 15, 2008 12:24pm
I am trading with the direction of the market. My main problem is that I keep my stops too close and/or don't wait for a retracement, 3 out of the last 5 trades I have been stopped out by 1-3 pips before the market went in the direction I have intended. However, a couple of the trades have been just stupid. Ever since I went to a live account I have not been successful. The remedy that has helped me before has been to backtest/practice more.
  • #16,619
  • Aug 16, 2008 8:00am Aug 16, 2008 8:00am
Quoting Phillip Nel
Remember that I am only taking the odds on that it could be a turnaround. I am using pips that I made as a stoploss for the possibility of a turnaround based on the quick downmove below 1.4800 with high volumes. This is not something I do regularly. It is based upon years of experience.


Edit
Price only went to 1.4925. I really expected some more movement. Got 50% on +20 and remaider closed at BE
Interesting... as far as I understood, the idea behind your actions was - the amount of buy orders triggereed at that level. I took a bit different approach, I saw it as a move out of consolidation. But your idea is very intersting, amazing how much I can learn from you. Thank you for all you do!
Attached Image
  • #16,620
  • Aug 16, 2008 8:22am Aug 16, 2008 8:22am
Quoting ira
Interesting... as far as I understood, the idea behind your actions was - the amount of buy orders triggereed at that level. I took a bit different approach, I saw it as a move out of consolidation. But your idea is very intersting, amazing how much I can learn from you. Thank you for all you do!
hi ira ,nice to have u back
phillip said in his post:"I really expected some more movement".i think he took this trade for a posible broken TL test which price failed to test it .any way ,i also think this trade was a high risk one .
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