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4 Hour Strategy (MACD)

  • #16,661
  • Aug 19, 2008 8:41am Aug 19, 2008 8:41am
Quoting bshadroo
the sHs in macd i mean .i bought after secong green macd candle
edit:took 30pips profit
Yes. A double bottom on the price with a sHs on the Macd (including divergence)with a spinner/doji it was a high probability trade to the 21ema. I said that it will probably try to retest support and forms a higher low which it did. +40pips in the bag
  • #16,662
  • Aug 19, 2008 8:44am Aug 19, 2008 8:44am
Quoting Hookem28
Sorry bout the trade. There wasn't anything wrong with it, but the SL was rather large. Playing the tails is usually the most reliable trade on the Yen. To have success, you HAVE to forget about losing trades. I had a terrible trade a few days ago. I think we were in that one together. The highlighted candles are the ones I traded. I was able to get 10 pips out of the prior candle (+20 on one lot, BE on the other).
The 110.38 area is pretty strong. My bias is that it's going to the 89, but keep in mind the 8 EMA on the daily.
One other thing is that we have an established down TL off of the tail.
Hang in there! JPY is a booger bear to learn, but it's not a bad pair once you learn it's rhythm.
Thank you very much!

I didn't even think about drawing the top trendline down when I should have re-entered this morning. Ugh.

I think I would take my trade again, though I do see the tail is VERY important on the USDJPY, and there was a small wick below the bar I went short.

I will watch more for the tails on this pair.

As for the other trade we both took (long on the EURUSD), I would take that trade again. I can't believe the USD has not given back a little. So many indicators show it should give back a little, and nada. I took that trade for many reasons, and I would take it again.

Great trading, I stand to learn a lot on the USDJPY pair from you.

  • #16,663
  • Aug 19, 2008 9:10am Aug 19, 2008 9:10am
Euro is making a nice little run now. Glad to see Phillip and Bshadroo got in on it.
  • #16,664
  • Aug 19, 2008 9:16am Aug 19, 2008 9:16am
Quoting Phillip Nel
Yes. A double bottom on the price with a sHs on the Macd (including divergence)with a spinner/doji it was a high probability trade to the 21ema. I said that it will probably try to retest support and forms a higher low which it did. +40pips in the bag
yes,and its 1.4774 when im writing this.my trade could be about +100pips if i didnt close it
  • #16,665
  • Aug 19, 2008 9:24am Aug 19, 2008 9:24am
bshadroo and Phillip...

I was expecting the EURUSD to go long, soon, but I didn't see any specific sign to get in (at least not yet) and now it has made a nice 100 pip move in about 2 hours.

What was the specific signal to enter this trade? Was it just the hSh formation on the MACD? I saw this divergence, but the 4H bars were all indecision bars.
  • #16,666
  • Aug 19, 2008 9:29am Aug 19, 2008 9:29am
Quoting Phillip Nel
Yes. A double bottom on the price with a sHs on the Macd (including divergence)with a spinner/doji it was a high probability trade to the 21ema. I said that it will probably try to retest support and forms a higher low which it did. +40pips in the bag
it seems that EURUSD has crossed the 21ema isn'it? It crossed my resistence line of 1,4668 as well. Time to enter again?
  • #16,667
  • Aug 19, 2008 9:53am Aug 19, 2008 9:53am
Quoting unlv_tj
bshadroo and Phillip...

I was expecting the EURUSD to go long, soon, but I didn't see any specific sign to get in (at least not yet) and now it has made a nice 100 pip move in about 2 hours.

What was the specific signal to enter this trade? Was it just the hSh formation on the MACD? I saw this divergence, but the 4H bars were all indecision bars.
well ,i think master phillip can explain it better but this is my reason to enter:
price made sHs pattern in macd both on the H1 and H4 time frames after it failed to break the low and the very strong weekly support
Attached Image (click to enlarge)
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  • #16,668
  • Edited 10:30am Aug 19, 2008 10:10am | Edited 10:30am
Quoting unlv_tj
bshadroo and Phillip...

I was expecting the EURUSD to go long, soon, but I didn't see any specific sign to get in (at least not yet) and now it has made a nice 100 pip move in about 2 hours.

What was the specific signal to enter this trade? Was it just the hSh formation on the MACD? I saw this divergence, but the 4H bars were all indecision bars.
I have posted graphs yesterday showing the support levels and the possible retest of the support level as discussed in the Mp3.

Post 16635
Attached Image (click to enlarge)
Click to Enlarge Name: 4 Hour Strategy.gif Size: 19 KB
  • #16,669
  • Aug 19, 2008 10:18am Aug 19, 2008 10:18am
Phillip and bshadroo...

I was ready to go long on the EURUSD, and it was in large part to the MP3 you posted Phillip (and thank you so much for all the work you put in and give to us for free, it is greatly appreciated).

I anticipated a long on the EURUSD, but I never saw a good signal to jump in. Now, there was a nice round bottom on the 4H chart, but none of the bars were bullish (indecision bars).

On the 1 hour, there was a nice move back to the 21 EMA, and then it stopped. So I was not sure if it would then go short again, or continue above the 21. It did continue above the 21, but at such a fast pace, I could not catch the move.

Did you enter at the bottom (without a true bar confirmation) and just with the knowledge it was a likely bottom, set a reasonable stop loss, and then let it ride?

I believe I need to look to play off support/resistence more, and worry less about actual bar confirmation, when dealing with the 4H on a pair I know as well as the EURUSD.

I just wanted to find out.

Thank you!

T.J.
  • #16,670
  • Aug 19, 2008 10:35am Aug 19, 2008 10:35am
Quoting unlv_tj
Phillip and bshadroo...

I was ready to go long on the EURUSD, and it was in large part to the MP3 you posted Phillip (and thank you so much for all the work you put in and give to us for free, it is greatly appreciated).

I anticipated a long on the EURUSD, but I never saw a good signal to jump in. Now, there was a nice round bottom on the 4H chart, but none of the bars were bullish (indecision bars).

On the 1 hour, there was a nice move back to the 21 EMA, and then it stopped. So I was not sure if it would then go short again, or continue above the 21. It did continue above the 21, but at such a fast pace, I could not catch the move.

Did you enter at the bottom (without a true bar confirmation) and just with the knowledge it was a likely bottom, set a reasonable stop loss, and then let it ride?

I believe I need to look to play off support/resistence more, and worry less about actual bar confirmation, when dealing with the 4H on a pair I know as well as the EURUSD.

I just wanted to find out.

Thank you!

T.J.
Those 2 tails(tweezer bottom) on the support line that was tested for the second time after such a downmove was the answer for a high probability trade. The daily also had a inverted hammer. It was about taking the odds on.
  • #16,671
  • Aug 19, 2008 10:51am Aug 19, 2008 10:51am
Inverted Hammer on the Daily...

How did I over look that?

UGH!

Great trade guys, I learn so much on this thread, thank you Phillip!

  • #16,672
  • Aug 19, 2008 12:47pm Aug 19, 2008 12:47pm
Was this the move back to the 21 and then move away? The first picture is the 4hr and the second is on the one hour.
Attached Image(s) (click to enlarge)
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  • #16,673
  • Aug 19, 2008 12:51pm Aug 19, 2008 12:51pm
Learning the price action of the candles will make you trading so much better. By learning the price action of the candles I can trade so much better, thanks James 16 and Phillip!
  • #16,674
  • Aug 19, 2008 1:09pm Aug 19, 2008 1:09pm
I enter Eur/USD this morning.

Reason for trade:

  1. 4hr Higher low
  2. 4hr double tails down
  3. 4 hr TC up
  4. Daily double bottom
  5. Weekly trend line that bshadroo point out

Enter: 1.4710
Stop loss: 1.4663
Took Profit: 19 pips 1.4729
Opened second trade: up 35 pips as of right now
Target profit: 1.4830 (the 365 on the daily)

Attached Image (click to enlarge)
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  • #16,675
  • Aug 19, 2008 3:15pm Aug 19, 2008 3:15pm
Phillip Nel - Market Rhythm, written copy.
Attached File(s)
File Type: doc PhillipNel Market Rhythm Page 1110 Post 16646.doc   12 KB | 876 downloads
  • #16,676
  • Aug 19, 2008 5:13pm Aug 19, 2008 5:13pm
thank you OLDDOG!!!

everyday i came here,want to find the script of NELL.......

today i find it !!
  • #16,677
  • Aug 19, 2008 6:12pm Aug 19, 2008 6:12pm
Quoting bshadroo
well ,i think master phillip can explain it better but this is my reason to enter:
price made sHs pattern in macd both on the H1 and H4 time frames after it failed to break the low and the very strong weekly support
Great trade. I am only taking TC for right now, but I really appreciate your trades. Keep posting
Raymond
  • #16,678
  • Aug 19, 2008 6:12pm Aug 19, 2008 6:12pm
Quoting unlv_tj
Inverted Hammer on the Daily...

How did I over look that?

UGH!

Great trade guys, I learn so much on this thread, thank you Phillip!

Me too...still getting the grease back on the wheels....
  • #16,679
  • Aug 19, 2008 6:48pm Aug 19, 2008 6:48pm
how 4 Hour Strategy (MACD) use in 1 hour good or no good Thank you sir
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  • #16,680
  • Aug 19, 2008 7:07pm Aug 19, 2008 7:07pm
Quoting mr.krai
how 4 Hour Strategy (MACD) use in 1 hour good or no good Thank you sir
Palmer's site, fxtradeblog.com, will better inform you how to use the one hour for early entry. Remember, it is based on the 4 hr rhythem. Currently, we are looking for a bounce/support off of the 21MA and then a move to the 89MA. Hope this helped
Raymond
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